# EDGAR Filing Document

**Accession Number:** 0001657201
**File Stem:** 0001193125-25-271073
**Filing Date:** 2025-11
**Character Count:** 3469034
**Document Hash:** 7e2eabfdeb0407d6d6ee9685e44abe66
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-271073.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001193125-25-271073

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 93

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**EFFECTIVENESS DATE**: 20251107

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23304
- **FILM NUMBER:** 251460552

**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 2025 Corporate Bond ETF (Series ID: S000060839)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000197655 | Invesco BulletShares 2025 Corporate Bond ETF | BSCP            |

### 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 BulletShares 2025 High Yield Corporate Bond ETF (Series ID: S000060842)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000197658 | Invesco BulletShares 2025 High Yield Corporate Bond ETF | BSJP            |

### 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 2025 Municipal Bond ETF (Series ID: S000062847)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000203494 | Invesco BulletShares 2025 Municipal Bond ETF | BSMP            |

### 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 |  |

?xml version='1.0' encoding='ASCII'? 6935440f-adbe-4338-9d27-a423eab5191e

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### 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, President

3500 Lacey Road

Downers Grove, IL 60515

#### 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:

#### August 31, 2025
Item 1. Reports to Stockholders.

(a) The Registrant's 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_2587.jpg)

### Invesco Bloomberg Pricing Power ETF

### POWA \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco Bloomberg Pricing Power ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 | $40 | 0.38% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the S&P 500<sup>®</sup> Index rose despite elevated geopolitical and policy uncertainty, as mega-cap technology companies and other securities tied to the artificial intelligence theme remained supportive. The Fund underperformed the S&P 500<sup>®</sup> Index primarily due to its large overweight allocation to the health care sector, which had the worst performance in the S&P 500<sup>®</sup> Index, as well as its underweight allocations to the communication services and information technology sectors.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Bloomberg Pricing Power Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 8.82%, differed from the return of the Index, 9.24%, primarily due to fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Sector Allocations** \| Industrials sector, followed by the information technology sector.

**Positions** \| Dollar Tree, Inc., a consumer staples company (no longer held at fiscal year-end), and Jabil, Inc., an information technology company.

**What detracted from performance?**

**Sector Allocations** \| Health care sector, followed by the financials sector.

**Positions \|** IQVIA Holdings, Inc., a health care company (no longer held at fiscal year-end), and Best Buy Co., Inc., a consumer discretionary company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589223.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **<br>10 Years** |
| **Invesco Bloomberg Pricing Power ETF — NAV Return** | 8.82% | 10.91% | 11.46% |
| **Blended - Invesco Bloomberg Pricing Power Benchmark** | 9.24% | 11.46% | 12.07% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on April 6, 2018, Guggenheim Defensive Equity ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim Defensive Equity ETF and the Fund.

- The Blended - Invesco Bloomberg Pricing Power Benchmark performance is comprised of the performance of the performance of the Sabrient Defensive Equity Index, a former underlying index, through October 24, 2016, followed by the performance of the Invesco Defensive Equity Index, the previous underlying index, from October 25, 2016 through August 25, 2023, followed by the performance of the Index from August 26, 2023 through August 31, 2025.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$189476125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$730659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;91% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;2.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;2.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;CoStar Group, Inc. | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Garmin Ltd. | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc. | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;2.19% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589228.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2025 Corporate Bond ETF

### BSCP \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2025 Corporate Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco BulletShares 2025 Corporate Bond ETF | $90.09%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the investment grade corporate bond market benefited from higher all-in yields, tighter credit spreads, and resilient fundamentals. Because the Fund invests in investment grade corporate debt, it benefited from this broader market environment.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> USD Corporate Bond 2025 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 4.76%, differed from the return of the Index, 4.90%, primarily due to fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Industry Allocations** \| Banks industry, followed by the consumer finance industry.

**Positions** \| Visa, Inc., 3.15% coupon, due 12/14/2025, a financial services company, followed by Microsoft Corp., 3.13% coupon, due 11/3/2025, a software company.

**What detracted from performance?**

**Industry Allocations** \| No industries detracted from the Fund's performance during the period.

**Positions \|** No positions detracted from the Fund's performance during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589079.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **Since<br>Inception<br>(10/7/15)** |
| **Invesco BulletShares 2025 Corporate Bond ETF — NAV Return** | 4.76% | 1.39% | 3.43% |
| **Invesco BulletShares<sup>®</sup> USD Corporate Bond 2025 Index** | 4.90% | 1.50% | 3.61% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.72% |
| **Bloomberg U.S. Corporate Index** | 3.91% | -0.01% | 2.96% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on April 6, 2018, Guggenheim BulletShares 2025 Corporate Bond ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim BulletShares 2025 Corporate Bond ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3033745479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3432038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., 3.15%, 12/14/2025 | &nbsp;&nbsp;&nbsp;2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp., 3.13%, 11/03/2025 | &nbsp;&nbsp;&nbsp;1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co., 4.90%, 10/15/2025 | &nbsp;&nbsp;&nbsp;1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., 3.55%, 09/29/2025 | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC, 3.38%, 11/13/2025 | &nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 4.25%, 10/21/2025 | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, 5.00%, 11/24/2025 | &nbsp;&nbsp;&nbsp;1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC, 3.38%, 11/16/2025 | &nbsp;&nbsp;&nbsp;1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis Capital Corp., 3.00%, 11/20/2025 | &nbsp;&nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc., 3.90%, 09/09/2025 | &nbsp;&nbsp;&nbsp;1.12% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589084.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_2586.jpg)

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

P-BSCP-AR **Invesco BulletShares 2025 Corporate Bond ETF**

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2025 High Yield Corporate Bond ETF

### BSJP \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2025 High Yield Corporate Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco BulletShares 2025 High Yield Corporate Bond ETF | $410.40%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the high-yield credit market benefited from tightening credit spreads, higher carry, and resilient growth. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this environment.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2025 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 5.66%, differed from the return of the Index, 6.37%, primarily due to fees and expenses incurred by the Fund during the period, as well as costs associated with portfolio rebalancing and sampling.

**What contributed to performance?**

**Industry Allocations** \| Hotels, restaurants & leisure industry followed by the pharmaceuticals industry.

**Positions** \| Bausch Health Cos., Inc., 5.50% coupon, due 11/1/2025, a pharmaceuticals company (no longer held at fiscal year-end), followed by Veritas US, Inc./Veritas Bermuda Ltd., 7.50% coupon, due 9/1/2025, a software company (no longer held at fiscal year-end).

**What detracted from performance?**

**Industry Allocations** \| No industries detracted from the Fund's performance during the period.

**Positions \|** Delek Logistics Partners L.P./Delek Logistics Finance Corp., 6.75% coupon, due 5/15/2025, an energy equipment & services company (no longer held at fiscal year-end), followed by Brink's Co. (The), 5.50% coupon, due 7/15/2025, a commercial services & supplies company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589115.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **Since<br>Inception<br>(9/27/17)** |
| **Invesco BulletShares 2025 High Yield Corporate Bond ETF — NAV Return** | 5.66% | 5.12% | 4.64% |
| **Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2025 Index** | 6.37% | 5.89% | 5.41% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.53% |
| **Bloomberg U.S. Corporate High Yield Index** | 8.26% | 5.16% | 5.00% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on May 18, 2018, Guggenheim BulletShares 2025 High Yield Corporate Bond ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim BulletShares 2025 High Yield Corporate Bond ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$713292166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3812359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Spirit AeroSystems, Inc., 9.38%, 11/30/2029 | &nbsp;&nbsp;&nbsp;4.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC, 5.50%, 11/15/2025 | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc., 3.50%, 09/01/2025 | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jones Deslauriers Insurance Management, Inc., 10.50%, 12/15/2030 | &nbsp;&nbsp;&nbsp;2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Raising Cane's Restaurants LLC, 9.38%, 05/01/2029 | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Travel + Leisure Co., 6.60%, 10/01/2025 | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltec International ApS, 8.25%, 10/15/2026 | &nbsp;&nbsp;&nbsp;1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc., 7.88%, 12/01/2028 | &nbsp;&nbsp;&nbsp;0.09% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589120.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_2586.jpg)

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

P-BSJP-AR **Invesco BulletShares 2025 High Yield Corporate Bond ETF**

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2025 Municipal Bond ETF

### BSMP \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2025 Municipal Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 2025 Municipal Bond ETF | $18 | 0.18% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the municipal bond market lagged due to elevated issuance levels, rich starting valuations, and lower spread sensitivity. Because the Fund primarily invests in municipal bonds with maturities in the year 2025, it was affected by this market environment, but this was offset by the Fund's exposure to lower short-term interest rates.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> Municipal Bond 2025 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 2.63%, differed from the return of the Index, 2.99%, primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**State Allocations** \| New York bonds, followed by California bonds.

**Positions** \| California (State of), Series 2015, Ref. GO Bonds, 5.00% coupon, due 8/1/2034, followed by Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds, 5.00% coupon, due 10/1/2025.

**What detracted from performance?**

**State Allocations** \| No states detracted from the Fund's performance during the period.

**Positions \|** San Francisco (City & County of), CA Public Utilities Commission, Series 2016 B, RB, 4.00% coupon, due 10/1/2046, followed by Hillsborough (County of), FL, Series 2015, RB, 3.75% coupon, due 10/1/2045.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589572.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **Since<br>Inception<br>(9/25/19)** |
| **Invesco BulletShares 2025 Municipal Bond ETF — NAV Return** | 2.63% | 0.81% | 1.38% |
| **Invesco BulletShares<sup>®</sup> Municipal Bond 2025 Index** | 2.99% | 1.17% | 1.69% |
| **Bloomberg Municipal Bond Index** | 0.08% | 0.40% | 1.01% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$220617113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$430725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Transitional Finance Authority, Series 2018, VRD RB, 2.45%, 08/01/2042 | &nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Los Angeles (City of), CA Department of Water & Power, Series 2023 F-2, Ref. VRD RB, 3.00%, 07/01/2047 | &nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp. (Green Bonds), Series 2023 B-2, VRD RB, 2.75%, 05/01/2054 | &nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds, 5.00%, 10/01/2025 | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority (Green Bonds), Series 2008 A-1, VRD Ref. RB, 3.90%, 11/01/2031 | &nbsp;&nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bay Area Toll Authority (San Francisco Bay Area), Series 2024, VRD RB, 1.60%, 04/01/2059 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York State Housing Finance Agency, Series 2010, VRD RB, 2.65%, 05/01/2044 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-2, RB, 5.00%, 06/15/2027 | &nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2021, GO Bonds, 4.00%, 10/01/2025 | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas (State of), Series 2014 D, VRD GO Bonds, 2.77%, 06/01/2045 | &nbsp;&nbsp;&nbsp;0.91% |

---

**Revenue type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589542.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_2586.jpg)

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

P-BSMP-AR **Invesco BulletShares 2025 Municipal Bond ETF**

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2026 Corporate Bond ETF

### BSCQ \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2026 Corporate Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 | $10 | 0.10% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the investment grade corporate bond market benefited from higher all-in yields, tighter credit spreads, and resilient fundamentals. Because the Fund invests in investment grade corporate debt, it benefited from this broader market environment.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> USD Corporate Bond 2026 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 4.69%, differed from the return of the Index, 4.82%, primarily due to fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Industry Allocations** \| Banks industry, followed by the capital markets industry.

**Positions** \| Boeing Co. (The), 2.20% coupon, due 2/4/2026, an aerospace & defense company, followed by AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45% coupon, due 10/29/2026, a financial services company.

**What detracted from performance?**

**Industry Allocations** \| No industries detracted from the Fund's performance during the period.

**Positions \|** Tapestry, Inc., 17.00% coupon, due 11/27/2026, a textiles, apparel & luxury goods company (no longer held at fiscal year-end), followed by TR Finance LLC, 3.35% coupon, due 5/15/2026, an IT services company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589151.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **Since<br>Inception<br>(9/14/16)** |
| **Invesco BulletShares 2026 Corporate Bond ETF — NAV Return** | 4.69% | 0.97% | 2.93% |
| **Invesco BulletShares<sup>®</sup> USD Corporate Bond 2026 Index** | 4.82% | 1.08% | 3.01% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.42% |
| **Bloomberg U.S. Corporate Index** | 3.91% | -0.01% | 2.49% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on April 6, 2018, Guggenheim BulletShares 2026 Corporate Bond ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim BulletShares 2026 Corporate Bond ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4245087045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4133088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;3% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. (The), 2.20%, 02/04/2026 | &nbsp;&nbsp;&nbsp;1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp., 2.40%, 08/08/2026 | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc., 2.95%, 11/21/2026 | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/2026 | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., 3.00%, 04/22/2026 | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., 3.00%, 10/23/2026 | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., 3.25%, 02/23/2026 | &nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, 3.88%, 01/27/2026 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 2.95%, 10/01/2026 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, 3.13%, 07/27/2026 | &nbsp;&nbsp;&nbsp;0.60% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589156.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2026 High Yield Corporate Bond ETF

### BSJQ \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2026 High Yield Corporate Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 High Yield Corporate Bond ETF | $43 | 0.42% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the high-yield credit market benefited from tightening credit spreads, higher carry, and resilient growth. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this environment.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2026 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 6.89%, differed from the return of the Index, 7.62%, primarily due to fees and expenses incurred by the Fund during the period, as well as costs associated with portfolio rebalancing and sampling.

**What contributed to performance?**

**Industry Allocations** \| Media industry, followed by the oil, gas & consumable fuels industry.

**Positions** \| DISH DBS Corp., 5.25% coupon, due 12/1/2026, a media company, followed by Hughes Satellite Systems Corp., 5.25% coupon, due 8/1/2026, a communications equipment company.

**What detracted from performance?**

**Industry Allocations** \| IT services industry, followed by the construction & engineering industry.

**Positions \|** Hertz Corp. (The), 4.63% coupon, due 12/1/2026, a ground transportation company, followed by Hughes Satellite Systems Corp., 6.63% coupon, due 8/1/2026, a communications equipment company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589367.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **Since<br>Inception<br>(8/9/18)** |
| **Invesco BulletShares 2026 High Yield Corporate Bond ETF — NAV Return** | 6.89% | 4.57% | 4.84% |
| **Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2026 Index** | 7.62% | 5.25% | 5.61% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.86% |
| **Bloomberg U.S. Corporate High Yield Index** | 8.26% | 5.16% | 5.30% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1141878312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3901690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;82% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Uniti Group L.P./Uniti Group Finance 2019, Inc./CSL Capital LLC, 10.50%, 02/15/2028 | &nbsp;&nbsp;&nbsp;4.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;DISH DBS Corp., 5.25%, 12/01/2026 | &nbsp;&nbsp;&nbsp;3.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 7.75%, 10/15/2031 | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;NCR Atleos Corp., 9.50%, 04/01/2029 | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Talen Energy Supply LLC, 8.63%, 06/01/2030 | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;WESCO Distribution, Inc., 7.25%, 06/15/2028 | &nbsp;&nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirit AeroSystems, Inc., 9.75%, 11/15/2030 | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC, 8.75%, 05/15/2030 | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;eG Global Finance PLC, 12.00%, 11/30/2028 | &nbsp;&nbsp;&nbsp;1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;LifePoint Health, Inc., 11.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;1.90% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589372.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2026 Municipal Bond ETF

### BSMQ \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2026 Municipal Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 | $18 | 0.18% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the municipal bond market lagged due to elevated issuance levels, rich starting valuations, and lower spread sensitivity. Because the Fund primarily invests in municipal bonds with maturities in the year 2026, it was affected by this market environment, but this was offset by the Fund's exposure to lower short-term interest rates.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> Municipal Bond 2026 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 2.53%, differed from the return of the Index, 2.91%, primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**State Allocations** \| New York bonds, followed by California bonds.

**Positions** \| California (State of), Series 2018, GO Bonds, 5.00% coupon, due 10/1/2026, followed by New York (City of), NY, Series 2017 C, Ref. GO Bonds, 5.00% coupon, due 8/1/2026.

**What detracted from performance?**

**State Allocations** \| New Hampshire bonds, followed by North Dakota bonds.

**Positions \|** California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2016 A, Ref. RB, 4.00% coupon, due 3/1/2039, followed by Palomar Health, Series 2016 B, Ref. GO Bonds, 4.00% coupon, due 8/1/2036 (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589583.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **Since<br>Inception<br>(9/25/19)** |
| **Invesco BulletShares 2026 Municipal Bond ETF — NAV Return** | 2.53% | 0.51% | 1.03% |
| **Invesco BulletShares<sup>®</sup> Municipal Bond 2026 Index** | 2.91% | 0.89% | 1.47% |
| **Bloomberg Municipal Bond Index** | 0.08% | 0.40% | 1.01% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$290009327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$456519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2018, GO Bonds, 5.00%, 10/01/2026 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY, Series 2017 C, Ref. GO Bonds, 5.00%, 08/01/2026 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Maryland (State of) Department of Transportation, Series 2019, RB, 5.00%, 10/01/2026 | &nbsp;&nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Public Works Board, Series 2022 A, Ref. RB, 5.00%, 08/01/2026 | &nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Minnesota (State of) Public Facilities Authority, Series 2016 A, RB, 5.00%, 03/01/2036 | &nbsp;&nbsp;&nbsp;0.43% |
| &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;0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of) Toll Highway Authority, Series 2015 B, RB, 5.00%, 01/01/2040 | &nbsp;&nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;North Texas Tollway Authority, Series 2016 A, Ref. RB, 5.00%, 01/01/2031 | &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;0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Series 2016, Ref. RB, 5.25%, 06/15/2046 | &nbsp;&nbsp;&nbsp;0.36% |

---

**Revenue type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589588.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2027 Corporate Bond ETF

### BSCR \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2027 Corporate Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 | $10 | 0.10% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the investment grade corporate bond market benefited from higher all-in yields, tighter credit spreads, and resilient fundamentals. Because the Fund invests in investment grade corporate debt, it benefited from this broader market environment.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> USD Corporate Bond 2027 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 4.96%, differed from the return of the Index, 5.00%, primarily due to fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Industry Allocations** \| Banks industry, followed by the consumer finance industry.

**Positions** \| WarnerMedia Holdings, Inc., 3.76% coupon, due 3/15/2027, a media company (no longer held at fiscal year-end), followed by Citigroup, Inc., 4.45% coupon, due 9/29/2027, a banks company.

**What detracted from performance?**

**Industry Allocations** \| No industries detracted from the Fund's performance during the period.

**Positions \|** No positions detracted from the Fund's performance during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589187.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **Since<br>Inception<br>(9/27/17)** |
| **Invesco BulletShares 2027 Corporate Bond ETF — NAV Return** | 4.96% | 1.02% | 3.12% |
| **Invesco BulletShares<sup>®</sup> USD Corporate Bond 2027 Index** | 5.00% | 1.09% | 3.26% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.53% |
| **Bloomberg U.S. Corporate Index** | 3.91% | -0.01% | 2.44% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on April 6, 2018, Guggenheim BulletShares 2027 Corporate Bond ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim BulletShares 2027 Corporate Bond ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3983444358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2971054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp., 3.30%, 02/06/2027 | &nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 4.45%, 09/29/2027 | &nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc., 3.15%, 08/22/2027 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 3.85%, 01/26/2027 | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, 3.63%, 01/20/2027 | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027 | &nbsp;&nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 3.25%, 11/15/2027 | &nbsp;&nbsp;&nbsp;0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 3.50%, 08/15/2027 | &nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., 4.30%, 07/22/2027 | &nbsp;&nbsp;&nbsp;0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 3.25%, 10/21/2027 | &nbsp;&nbsp;&nbsp;0.53% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589192.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2027 High Yield Corporate Bond ETF

### BSJR \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2027 High Yield Corporate Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 | $44 | 0.42% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the high-yield credit market benefited from tightening credit spreads, higher carry, and resilient growth. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this environment.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2027 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 7.90%, differed from the return of the Index, 8.23%, primarily due to fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Industry Allocations** \| Media industry, followed by the diversified telecommunication services industry.

**Positions** \| DISH Network Corp., 11.75% coupon, due 11/15/2027, a media company, followed by Altice France S.A., 8.13% coupon, due 2/1/2027, a diversified telecommunication services company (no longer held at fiscal year-end).

**What detracted from performance?**

**Industry Allocations** \| Office REITs industry.

**Positions \|** Affinity Interactive, 6.88% coupon, due 12/15/2027, a hotels, restaurants & leisure company (no longer held at fiscal year-end), followed by Scripps Escrow II, Inc., 5.88% coupon, due 7/15/2027, an interactive media & services company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589511.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **Since<br>Inception<br>(9/12/19)** |
| **Invesco BulletShares 2027 High Yield Corporate Bond ETF — NAV Return** | 7.90% | 4.04% | 4.11% |
| **Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2027 Index** | 8.23% | 4.68% | 5.03% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 0.70% |
| **Bloomberg U.S. Corporate High Yield Index** | 8.26% | 5.16% | 5.02% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$601989889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1750433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;38% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;DISH Network Corp., 11.75%, 11/15/2027 | &nbsp;&nbsp;&nbsp;3.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/2027 | &nbsp;&nbsp;&nbsp;3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mauser Packaging Solutions Holding Co., 7.88%, 04/15/2027 | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG, Inc., 9.88%, 02/01/2032 | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rakuten Group, Inc., 11.25%, 02/15/2027 | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media, Inc., 5.63%, 07/15/2027 | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;TK Elevator U.S. Newco, Inc., 5.25%, 07/15/2027 | &nbsp;&nbsp;&nbsp;1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., 6.25%, 02/01/2027 | &nbsp;&nbsp;&nbsp;1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., 5.13%, 11/01/2027 | &nbsp;&nbsp;&nbsp;1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, 5.00%, 08/01/2027 | &nbsp;&nbsp;&nbsp;1.56% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589516.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2027 Municipal Bond ETF

### BSMR \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2027 Municipal Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 | $18 | 0.18% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the municipal bond market lagged due to elevated issuance levels, rich starting valuations, and lower spread sensitivity. Because the Fund primarily invests in municipal bonds with maturities in the year 2027, it was affected by this market environment, but this was offset by the Fund's exposure to lower short-term interest rates.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> Municipal Bond 2027 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 2.31%, differed from the return of the Index, 2.74%, primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**State Allocations** \| New York bonds, followed by California bonds.

**Positions** \| Mississippi (State of), Series 2017 A, Ref. GO Bonds, 5.00% coupon, due 10/1/2030, followed by Illinois (State of), Series 2017 C, GO Bonds, 5.00% coupon, due 11/1/2029.

**What detracted from performance?**

**State Allocations** \| New Hampshire bonds, followed by South Dakota bonds.

**Positions \|** District of Columbia Water & Sewer Authority, Series 2017 B, RB, 4.00% coupon, due 10/1/2044, followed by Hamilton (County of), OH (Trihealth, Inc. Obligated Group), Series 2017 A, RB, 4.25% coupon, due 8/15/2047 (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589619.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **Since<br>Inception<br>(9/25/19)** |
| **Invesco BulletShares 2027 Municipal Bond ETF — NAV Return** | 2.31% | 0.56% | 0.98% |
| **Invesco BulletShares<sup>®</sup> Municipal Bond 2027 Index** | 2.74% | 0.80% | 1.37% |
| **Bloomberg Municipal Bond Index** | 0.08% | 0.40% | 1.01% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$268311439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$396476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**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;0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anaheim (City of), CA Housing & Public Improvements Authority, Series 2022, Ref. RB, 5.00%, 10/01/2034 | &nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2021, Ref. GO Bonds, 5.00%, 12/01/2027 | &nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mississippi (State of), Series 2017 A, Ref. GO Bonds, 5.00%, 10/01/2030 | &nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Clark (County of), NV, Series 2017, Ref. GO Bonds, 5.00%, 06/01/2030 | &nbsp;&nbsp;&nbsp;0.38% |
| &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;0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority, Series 2018 A, RB, 5.00%, 10/01/2027 | &nbsp;&nbsp;&nbsp;0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Utility Debt Securitization Authority, Series 2017, RB, 5.00%, 12/15/2041 | &nbsp;&nbsp;&nbsp;0.38% |
| &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;0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houston (City of), TX, Series 2017 B, Ref. RB, 5.00%, 11/15/2042 | &nbsp;&nbsp;&nbsp;0.38% |

---

**Revenue type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589624.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2028 Corporate Bond ETF

### BSCS \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2028 Corporate Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 | $10 | 0.10% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the investment grade corporate bond market benefited from higher all-in yields, tighter credit spreads, and resilient fundamentals. Because the Fund invests in investment grade corporate debt, it benefited from this broader market environment.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> USD Corporate Bond 2028 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 5.45%, differed from the return of the Index, 5.50%, primarily due to fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Industry Allocations** \| Banks industry, followed by the capital markets industry.

**Positions** \| CVS Health Corp., 4.30% coupon, due 3/25/2028, a health care providers & services company, followed by AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00% coupon, due 10/29/2028, a financial services company.

**What detracted from performance?**

**Industry Allocations** \| Textiles, apparel & luxury goods industry.

**Positions \|** Tapestry, Inc., 7.35% coupon, due 11/27/2028, a textiles, apparel & luxury goods company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589331.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **Since<br>Inception<br>(8/9/18)** |
| **Invesco BulletShares 2028 Corporate Bond ETF — NAV Return** | 5.45% | 0.97% | 3.84% |
| **Invesco BulletShares<sup>®</sup> USD Corporate Bond 2028 Index** | 5.50% | 1.07% | 3.98% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.86% |
| **Bloomberg U.S. Corporate Index** | 3.91% | -0.01% | 2.89% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2757399966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2355808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;3% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp., 4.30%, 03/25/2028 | &nbsp;&nbsp;&nbsp;1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc., 5.15%, 03/02/2028 | &nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cigna Group (The), 4.38%, 10/15/2028 | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/2028 | &nbsp;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;RTX Corp., 4.13%, 11/16/2028 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS AG, 7.50%, 02/15/2028 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprint Capital Corp., 6.88%, 11/15/2028 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A., 5.80%, 09/29/2028 | &nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., 1.20%, 02/08/2028 | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc., 1.65%, 05/12/2028 | &nbsp;&nbsp;&nbsp;0.55% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589336.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2028 High Yield Corporate Bond ETF

### BSJS \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2028 High Yield Corporate Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 | $44 | 0.42% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the high-yield credit market benefited from tightening credit spreads, higher carry, and resilient growth. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this environment.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2028 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 8.17%, differed from the return of the Index, 8.79%, primarily due to fees and expenses incurred by the Fund during the period, as well as costs associated with portfolio rebalancing and sampling.

**What contributed to performance?**

**Industry Allocations** \| Media industry, followed by the diversified telecommunication services industry.

**Positions** \| DISH DBS Corp., 5.75% coupon, due 12/1/2028, a media company, followed by Bausch Health Cos., Inc., 11.00% coupon, due 9/30/2028, a pharmaceuticals company.

**What detracted from performance?**

**Industry Allocations** \| Technology hardware, storage & peripherals industry.

**Positions \|** PM General Purchaser LLC, 9.50% coupon, due 10/1/2028, an automobiles company (no longer held at fiscal year-end), followed by Newfold Digital Holdings Group, Inc., 11.75% coupon, due 10/15/2028, an IT services company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589763.jpg)

---

| | | |
|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **Since<br>Inception<br>(9/16/20)** |
| **Invesco BulletShares 2028 High Yield Corporate Bond ETF — NAV Return** | 8.17% | 3.57% |
| **Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2028 Index** | 8.79% | 4.10% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.70% |
| **Bloomberg U.S. Corporate High Yield Index** | 8.26% | 5.23% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$456198029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1483136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., 6.13%, 10/01/2028 | &nbsp;&nbsp;&nbsp;1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/2028 | &nbsp;&nbsp;&nbsp;1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG, Inc., 8.13%, 06/01/2028 | &nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.75%, 08/15/2028 | &nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;DISH DBS Corp., 5.75%, 12/01/2028 | &nbsp;&nbsp;&nbsp;1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 04/30/2028 | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, 4.00%, 07/15/2028 | &nbsp;&nbsp;&nbsp;1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenneco, Inc., 8.00%, 11/17/2028 | &nbsp;&nbsp;&nbsp;1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding Corp., 9.75%, 11/15/2028 | &nbsp;&nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bausch Health Cos., Inc., 11.00%, 09/30/2028 | &nbsp;&nbsp;&nbsp;1.14% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589768.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2028 Municipal Bond ETF

### BSMS \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2028 Municipal Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 | $18 | 0.18% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the municipal bond market lagged due to elevated issuance levels, rich starting valuations, and lower spread sensitivity. Because the Fund primarily invests in municipal bonds with maturities in the year 2028, it was affected by this market environment, but this was offset by the Fund's exposure to lower short-term and intermediate-term interest rates.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> Municipal Bond 2028 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 2.15%, differed from the return of the Index, 2.53%, primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**State Allocations** \| New York bonds, followed by California bonds.

**Positions** \| University of Colorado, Series 2017 A-2, Ref. RB, 4.00% coupon, due 6/1/2038, followed by Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds, 5.00% coupon, due 7/1/2028.

**What detracted from performance?**

**State Allocations** \| Delaware bonds, followed by Montana bonds.

**Positions \|** Delaware (State of) Health Facilities Authority (Beebe Medical Center), Series 2018, RB, 5.00% coupon, due 6/1/2050, followed by West Shore School District, Series 2020, GO Bonds, 4.00% coupon, due 11/15/2045.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589655.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **Since<br>Inception<br>(9/25/19)** |
| **Invesco BulletShares 2028 Municipal Bond ETF — NAV Return** | 2.15% | 0.21% | 0.92% |
| **Invesco BulletShares<sup>®</sup> Municipal Bond 2028 Index** | 2.53% | 0.67% | 1.24% |
| **Bloomberg Municipal Bond Index** | 0.08% | 0.40% | 1.01% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$214134741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$287406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series 2025 A, RB, 5.00%, 02/01/2028 | &nbsp;&nbsp;&nbsp;0.52% |
| &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;0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB, 5.00%, 07/01/2028 | &nbsp;&nbsp;&nbsp;0.50% |
| &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;0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of), Series 2017 D, GO Bonds, 5.00%, 11/01/2028 | &nbsp;&nbsp;&nbsp;0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Long Island (City of), NY Power Authority, Series 2019 A, RB, 5.00%, 09/01/2031 | &nbsp;&nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Georgia (State of), Series 2017 C, Ref. GO Bonds, 5.00%, 07/01/2028 | &nbsp;&nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Orlando (City of), FL, Series 2018 B, RB, 5.00%, 10/01/2048 | &nbsp;&nbsp;&nbsp;0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series 2012 A, Ref. RB, 3.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of), Series 2020 A, GO Bonds, 5.00%, 06/01/2028 | &nbsp;&nbsp;&nbsp;0.34% |

---

**Revenue type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589660.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2029 Corporate Bond ETF

### BSCT \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2029 Corporate Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 | $10 | 0.10% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the investment grade corporate bond market benefited from higher all-in yields, tighter credit spreads, and resilient fundamentals. Because the Fund invests in investment grade corporate debt, it benefited from this broader market environment.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> USD Corporate Bond 2029 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 5.59%, differed from the return of the Index, 5.56%, primarily due to positive effects of the sampling approach employed by the portfolio management team, partially offset by fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Industry Allocations** \| Banks industry, followed by the oil, gas & consumable fuels industry.

**Positions** \| AbbVie, Inc., 3.20% coupon, due 11/21/2029, a biotechnology company, followed by Verizon Communications, Inc., 4.02% coupon, due 12/3/2029, a diversified telecommunication services company.

**What detracted from performance?**

**Industry Allocations** \| No industries detracted from the Fund's performance during the period.

**Positions \|** Whirlpool Corp., 4.75% coupon, due 2/26/2029, a household durables company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589475.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **Since<br>Inception<br>(9/12/19)** |
| **Invesco BulletShares 2029 Corporate Bond ETF — NAV Return** | 5.59% | 0.67% | 2.33% |
| **Invesco BulletShares<sup>®</sup> USD Corporate Bond 2029 Index** | 5.56% | 0.77% | 2.44% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 0.70% |
| **Bloomberg U.S. Corporate Index** | 3.91% | -0.01% | 1.51% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2248443814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1759389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;3% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc., 3.20%, 11/21/2029 | &nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc., 4.02%, 12/03/2029 | &nbsp;&nbsp;&nbsp;0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp., 3.50%, 05/15/2029 | &nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc., 4.75%, 01/23/2029 | &nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centene Corp., 4.63%, 12/15/2029 | &nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc., 4.35%, 03/01/2029 | &nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc., 3.50%, 07/01/2029 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc., 4.85%, 02/26/2029 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc., 4.80%, 03/15/2029 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., 4.15%, 01/24/2029 | &nbsp;&nbsp;&nbsp;0.67% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589480.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2029 High Yield Corporate Bond ETF

### BSJT \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2029 High Yield Corporate Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 | $44 | 0.42% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the high-yield credit market benefited from tightening credit spreads, higher carry, and resilient growth. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this environment.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2029 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 7.17%, differed from the return of the Index, 7.92%, primarily due to fees and expenses incurred by the Fund during the period, as well as costs associated with portfolio rebalancing and sampling.

**What contributed to performance?**

**Industry Allocations** \| Media industry, followed by the diversified telecommunication services industry.

**Positions** \| Cloud Software Group, Inc., 9.00% coupon, due 9/30/2029, a software company, followed by EchoStar Corp., 10.75% coupon, due 11/30/2029, a media company.

**What detracted from performance?**

**Industry Allocations** \| Broadline retail industry, followed by the gas utilities industry.

**Positions \|** Saks Global Enterprises LLC, 11.00% coupon, due 12/15/2029, a commercial services & supplies company (no longer held at fiscal year-end), followed by NFE Financing LLC, 12.00% coupon, due 11/15/2029, an oil, gas & consumable fuels company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589871.jpg)

---

| | | |
|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **Since<br>Inception<br>(9/15/21)** |
| **Invesco BulletShares 2029 High Yield Corporate Bond ETF — NAV Return** | 7.17% | 2.35% |
| **Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2029 Index** | 7.92% | 2.80% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.89% |
| **Bloomberg U.S. Corporate High Yield Index** | 8.26% | 3.87% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$326650248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$879162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;EchoStar Corp., 10.75%, 11/30/2029 | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medline Borrower L.P., 3.88%, 04/01/2029 | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group, Inc., 6.50%, 03/31/2029 | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group, Inc., 9.00%, 09/30/2029 | &nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG, Inc., 9.50%, 02/01/2029 | &nbsp;&nbsp;&nbsp;1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.38%, 03/01/2029 | &nbsp;&nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Neptune Bidco US, Inc., 9.29%, 04/15/2029 | &nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medline Borrower L.P., 5.25%, 10/01/2029 | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Staples, Inc., 10.75%, 09/01/2029 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rakuten Group, Inc., 9.75%, 04/15/2029 | &nbsp;&nbsp;&nbsp;0.81% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589876.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2029 Municipal Bond ETF

### BSMT \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2029 Municipal Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 | $18 | 0.18% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the municipal bond market lagged due to elevated issuance levels, rich starting valuations, and lower spread sensitivity. Because the Fund primarily invests in municipal bonds with maturities in the year 2029, it was affected by this market environment, but this was offset by the Fund's exposure to lower intermediate-term interest rates.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> Municipal Bond 2029 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 1.60%, differed from the return of the Index, 2.12%, primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**State Allocations** \| California bonds, followed by New York bonds.

**Positions** \| New York (City of), NY, Series 2019 B-1, GO Bonds, 5.00% coupon, due 10/1/2031, followed by California (State of), Series 2019, Ref. GO Bonds, 5.00% coupon, due 4/1/2029.

**What detracted from performance?**

**State Allocations** \| West Virginia bonds, followed by Arkansas bonds.

**Positions \|** Chicago (City of), IL, Series 2019 A, GO Bonds, 5.00% coupon, due 1/1/2044, followed by New York (State of) Dormitory Authority (Fordham University), Series 2020, RB, 4.00% coupon, due 7/1/2046.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589691.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **Since<br>Inception<br>(9/25/19)** |
| **Invesco BulletShares 2029 Municipal Bond ETF — NAV Return** | 1.60% | -0.13% | 0.65% |
| **Invesco BulletShares<sup>®</sup> Municipal Bond 2029 Index** | 2.12% | 0.15% | 0.88% |
| **Bloomberg Municipal Bond Index** | 0.08% | 0.40% | 1.01% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$201222828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$303275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY, Series 2019 B-1, GO Bonds, 5.00%, 10/01/2031 | &nbsp;&nbsp;&nbsp;0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of), Series 2020 A, GO Bonds, 5.00%, 06/01/2029 | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2019, Ref. GO Bonds, 5.00%, 10/01/2032 | &nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2019, Ref. GO Bonds, 5.00%, 04/01/2029 | &nbsp;&nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chicago (City of), IL, Series 2019 A, GO Bonds, 5.00%, 01/01/2044 | &nbsp;&nbsp;&nbsp;0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2019, Ref. GO Bonds, 5.00%, 10/01/2031 | &nbsp;&nbsp;&nbsp;0.45% |
| &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;0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2019, GO Bonds, 5.00%, 11/01/2029 | &nbsp;&nbsp;&nbsp;0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Connecticut (State of), Series 2019 A, GO Bonds, 5.00%, 04/15/2032 | &nbsp;&nbsp;&nbsp;0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;University of California, Series 2023 BQ, RB, 5.00%, 05/15/2029 | &nbsp;&nbsp;&nbsp;0.40% |

---

**Revenue type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589696.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2030 Corporate Bond ETF

### BSCU \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2030 Corporate Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 | $10 | 0.10% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the investment grade corporate bond market benefited from higher all-in yields, tighter credit spreads, and resilient fundamentals. Because the Fund invests in investment grade corporate debt, it benefited from this broader market environment.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> USD Corporate Bond 2030 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 5.51%, differed from the return of the Index, 5.58%, primarily due to fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Industry Allocations** \| Oil, gas & consumable fuels industry, followed by the banks industry.

**Positions** \| Boeing Co. (The), 5.15% coupon, due 5/1/2030, an aerospace & defense company, followed by Pacific Gas and Electric Co., 4.55% coupon, due 7/1/2030, an electric utilities company.

**What detracted from performance?**

**Industry Allocations** \| No industries detracted from the Fund's performance during the period.

**Positions \|** Tapestry, Inc., 7.70% coupon, due 11/27/2030, a textiles, apparel & luxury goods company (no longer held at fiscal year-end), followed by Discovery Communications LLC, 3.63% coupon, due 5/15/2030, a media company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589727.jpg)

---

| | | |
|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **Since<br>Inception<br>(9/16/20)** |
| **Invesco BulletShares 2030 Corporate Bond ETF — NAV Return** | 5.51% | 0.07% |
| **Invesco BulletShares<sup>®</sup> USD Corporate Bond 2030 Index** | 5.58% | 0.14% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.70% |
| **Bloomberg U.S. Corporate Index** | 3.91% | -0.09% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1846632158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1358728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. (The), 5.15%, 05/01/2030 | &nbsp;&nbsp;&nbsp;1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pacific Gas and Electric Co., 4.55%, 07/01/2030 | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc., 5.25%, 03/02/2030 | &nbsp;&nbsp;&nbsp;0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A., 4.91%, 05/29/2030 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc., 5.13%, 02/15/2030 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/2030 | &nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., 1.10%, 08/15/2030 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centene Corp., 3.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc., 4.85%, 04/01/2030 | &nbsp;&nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centene Corp., 3.38%, 02/15/2030 | &nbsp;&nbsp;&nbsp;0.55% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589732.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2030 High Yield Corporate Bond ETF

### BSJU \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2030 High Yield Corporate Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
 *(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 | $43 | 0.42% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended August 31, 2025, the high-yield credit market benefited from tightening credit spreads, higher carry, and resilient growth. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this environment.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2030 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 6.81%, differed from the return of the Index, 7.53%, primarily due to fees and expenses incurred by the Fund during the period, as well as costs associated with portfolio rebalancing and sampling.

 **What contributed to performance?**

 **Industry Allocations** \| Diversified telecommunication services industry, followed by the oil, gas & consumable fuels industry.

 **Positions** \| Intelsat Jackson Holdings S.A., 6.50% coupon, due 3/15/2030, a diversified telecommunication services company (no longer held at fiscal year-end), followed by HUB International Ltd., 7.25% coupon, due 6/15/2030, an insurance company.

 **What detracted from performance?**

 **Industry Allocations** \| Ground transportation industry, followed by the diversified consumer services industry.

 **Positions \|** Community Health Systems, Inc., 6.13% coupon, due 4/1/2030, a health care providers & services company (no longer held at fiscal year-end), followed by Brightline East LLC, 11.00% coupon, due 1/31/2030, a ground transportation company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589979.jpg)

---

| | | |
|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **Since<br> Inception<br> (9/8/22)** |
| **Invesco BulletShares 2030 High Yield Corporate Bond ETF — NAV Return** | 6.81% | 8.51% |
| **Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2030 Index** | 7.53% | 9.16% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | 3.34% |
| **Bloomberg U.S. Corporate High Yield Index** | 8.26% | 9.21% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$174606082 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$453341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;HUB International Ltd., 7.25%, 06/15/2030 | &nbsp;&nbsp;&nbsp;2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMRLD Borrower L.P./Emerald Co-Issuer, Inc., 6.63%, 12/15/2030 | &nbsp;&nbsp;&nbsp;1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc., 4.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;DaVita, Inc., 4.63%, 06/01/2030 | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;athenahealth Group, Inc., 6.50%, 02/15/2030 | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc., 7.00%, 02/15/2030 | &nbsp;&nbsp;&nbsp;1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., 6.13%, 06/15/2030 | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;CoreWeave, Inc., 9.25%, 06/01/2030 | &nbsp;&nbsp;&nbsp;1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;McAfee Corp., 7.38%, 02/15/2030 | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings, Inc., 7.00%, 06/15/2030 | &nbsp;&nbsp;&nbsp;1.09% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589984.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.

The Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.

### 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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2030 Municipal Bond ETF

### BSMU \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2030 Municipal Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 | $18 | 0.18% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the municipal bond market lagged due to elevated issuance levels, rich starting valuations, and lower spread sensitivity. Because the Fund primarily invests in municipal bonds with maturities in the year 2030, it was affected by this market environment, but this was offset by the Fund's exposure to lower intermediate-term interest rates.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> Municipal Bond 2030 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 1.30%, differed from the return of the Index, 1.75%, primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**State Allocations** \| California bonds, followed by New York bonds.

**Positions** \| New Jersey (State of), Series 2021, GO Bonds, 2.00% coupon, due 6/1/2030, followed by California (State of) Infrastructure & Economic Development Bank (Segerstorm Center for The Arts), Series 2023, Ref. RB, 5.00% coupon, due 7/1/2030.

**What detracted from performance?**

**State Allocations** \| Pennsylvania bonds, followed by Nebraska bonds.

**Positions \|** Ridley School District, Series 2022, GO Bonds, 4.00% coupon, due 11/15/2043, followed by Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB, 4.00% coupon, due 12/31/2038.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9590159.jpg)

---

| | | |
|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **Since<br>Inception<br>(9/16/20)** |
| **Invesco BulletShares 2030 Municipal Bond ETF — NAV Return** | 1.30% | -0.54% |
| **Invesco BulletShares<sup>®</sup> Municipal Bond 2030 Index** | 1.75% | -0.21% |
| **Bloomberg Municipal Bond Index** | 0.08% | 0.40% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$175338801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$260622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB, 5.00%, 11/15/2050 | &nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Unified School District, Series 2020 RYQ, GO Bonds, 5.00%, 07/01/2035 | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB, 5.00%, 11/15/2049 | &nbsp;&nbsp;&nbsp;0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority, Series 2020 D, Ref. RB, 5.00%, 02/15/2034 | &nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY, Series 2020 C-1, Ref. GO Bonds, 5.00%, 08/01/2030 | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York State Urban Development Corp., Series 2020 A, RB, 5.00%, 03/15/2036 | &nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Michigan (State of), Series 2020 B, RB, 5.00%, 11/15/2033 | &nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Salem-Keizer School District No. 24J, Series 2020 B, GO Bonds, 5.00%, 06/15/2032 | &nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2020, GO Bonds, 5.00%, 03/01/2035 | &nbsp;&nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Omaha (City of), NE Public Power District, Series 2021 A, RB, 5.00%, 02/01/2046 | &nbsp;&nbsp;&nbsp;0.37% |

---

**Revenue type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9590164.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2031 Corporate Bond ETF

### BSCV \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2031 Corporate Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 | $10 | 0.10% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the investment grade corporate bond market benefited from higher all-in yields, tighter credit spreads, and resilient fundamentals. Because the Fund invests in investment grade corporate debt, it benefited from this broader market environment.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> USD Corporate Bond 2031 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 6.10%, differed from the return of the Index, 6.19%, primarily due to fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Industry Allocations** \| Health care providers & services industry, followed by the oil, gas & consumable fuels industry.

**Positions** \| Orange S.A., 9.00% coupon, due 3/1/2031, a diversified telecommunication services company, followed by Verizon Communications, Inc., 2.55% coupon, due 3/21/2031, a diversified telecommunication services company.

**What detracted from performance?**

**Industry Allocations** \| Air freight & logistics industry, followed by the construction & engineering industry.

**Positions \|** FedEx Corp., 2.40% coupon, due 5/15/2031, an air freight & logistics company (no longer held at fiscal year-end), followed by MPLX L.P., 4.80% coupon, due 2/15/2031, an oil, gas & consumable fuels company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589835.jpg)

---

| | | |
|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **Since<br>Inception<br>(9/15/21)** |
| **Invesco BulletShares 2031 Corporate Bond ETF — NAV Return** | 6.10% | -0.50% |
| **Invesco BulletShares<sup>®</sup> USD Corporate Bond 2031 Index** | 6.19% | -0.39% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.89% |
| **Bloomberg U.S. Corporate Index** | 3.91% | -0.76% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1215937721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$871442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc., 2.55%, 03/21/2031 | &nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Orange S.A., 9.00%, 03/01/2031 | &nbsp;&nbsp;&nbsp;1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 2.88%, 03/25/2031 | &nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc., 2.75%, 06/01/2031 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc., 2.10%, 05/12/2031 | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc., 4.95%, 02/26/2031 | &nbsp;&nbsp;&nbsp;0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., 1.65%, 02/08/2031 | &nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The), 2.65%, 01/13/2031 | &nbsp;&nbsp;&nbsp;0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 3.50%, 04/15/2031 | &nbsp;&nbsp;&nbsp;0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc., 8.00%, 11/01/2031 | &nbsp;&nbsp;&nbsp;0.83% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589840.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2031 High Yield Corporate Bond ETF

### BSJV \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2031 High Yield Corporate Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 | $43 | 0.42% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the high-yield credit market benefited from tightening credit spreads, higher carry, and resilient growth. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this environment.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2031 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 6.64%, differed from the return of the Index, 7.25%, primarily due to fees and expenses incurred by the Fund during the period, as well as costs associated with portfolio rebalancing and sampling.

**What contributed to performance?**

**Industry Allocations** \| Media industry, followed by the insurance industry.

**Positions** \| CCO Holdings LLC/CCO Holdings Capital Corp., 4.25% coupon, due 2/1/2031, a media company, followed by Allied Universal Holdco LLC, 7.88% coupon, due 2/15/2031, a commercial services & supplies company.

**What detracted from performance?**

**Industry Allocations** \| Entertainment industry, followed by the containers & packaging industry.

**Positions \|** LABL, Inc., 8.63% coupon, due 10/1/2031, a containers & packaging company, followed by Kronos Acquisition Holdings, Inc., 8.25% coupon, due 6/30/2031, a household products company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9590087.jpg)

---

| | | |
|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **Since<br>Inception<br>(9/20/23)** |
| **Invesco BulletShares 2031 High Yield Corporate Bond ETF — NAV Return** | 6.64% | 10.31% |
| **Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2031 Index** | 7.25% | 11.01% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | 6.06% |
| **Bloomberg U.S. Corporate High Yield Index** | 8.26% | 10.86% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$39894053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$140325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Panther Escrow Issuer LLC, 7.13%, 06/01/2031 | &nbsp;&nbsp;&nbsp;2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 02/01/2031 | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;UKG, Inc., 6.88%, 02/01/2031 | &nbsp;&nbsp;&nbsp;2.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC (USAGM Holdco LLC/UNSEAM), 7.88%, 02/15/2031 | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG, Inc., 8.38%, 06/01/2031 | &nbsp;&nbsp;&nbsp;1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/2031 | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;JetBlue Airways Corp./JetBlue Loyalty L.P., 9.88%, 09/20/2031 | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate LLC, 7.00%, 01/15/2031 | &nbsp;&nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., 6.75%, 05/15/2031 | &nbsp;&nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jane Street Group/JSG Finance, Inc., 7.13%, 04/30/2031 | &nbsp;&nbsp;&nbsp;1.14% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9590092.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2031 Municipal Bond ETF

### BSMV \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2031 Municipal Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 | $18 | 0.18% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the municipal bond market lagged due to elevated issuance levels, rich starting valuations, and lower spread sensitivity. Because the Fund primarily invests in municipal bonds with maturities in the year 2031, it was affected by this market environment, but this was offset by the Fund's exposure to lower intermediate-term interest rates.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> Municipal Bond 2031 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 0.68%, differed from the return of the Index, 1.28%, primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**State Allocations** \| California bonds, followed by Texas bonds.

**Positions** \| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB, 5.00% coupon, due 3/15/2031, followed by Maryland (State of) Department of Transportation, Series 2019, RB, 2.13% coupon, due 10/1/2031.

**What detracted from performance?**

**State Allocations** \| Ohio bonds, followed by Utah bonds.

**Positions \|** New York (State of) Thruway Authority (Bidding Group 2), Series 2021 O, Ref. RB, 4.00% coupon, due 1/1/2042 (no longer held at fiscal year-end), followed by California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021, Ref. RB, 4.00% coupon, due 8/15/2048.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589907.jpg)

---

| | | |
|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **Since<br>Inception<br>(9/15/21)** |
| **Invesco BulletShares 2031 Municipal Bond ETF — NAV Return** | 0.68% | -2.10% |
| **Invesco BulletShares<sup>®</sup> Municipal Bond 2031 Index** | 1.28% | -1.97% |
| **Bloomberg Municipal Bond Index** | 0.08% | -0.35% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$113830468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$167350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**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;0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of), Series 2020 A, GO Bonds, 4.00%, 06/01/2031 | &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of) Toll Highway Authority, Series 2020 A, RB, 5.00%, 01/01/2045 | &nbsp;&nbsp;&nbsp;0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;University of California (Limited), Series 2021 Q, Ref. RB, 5.00%, 05/15/2046 | &nbsp;&nbsp;&nbsp;0.54% |
| &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;0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2021, Ref. GO Bonds, 5.00%, 09/01/2041 | &nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB, 5.00%, 11/15/2051 | &nbsp;&nbsp;&nbsp;0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. (Texas Children's Hospital), Series 2024, Ref. RB, 5.00%, 10/01/2031 | &nbsp;&nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Massachusetts (Commonwealth of) (Rail Enhancement Program) (Green Bonds), Series 2022, RB, 5.00%, 06/01/2050 | &nbsp;&nbsp;&nbsp;0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority, Series 2021 A, Ref. RB, 5.00%, 03/15/2031 | &nbsp;&nbsp;&nbsp;0.37% |

---

**Revenue type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589912.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2032 Corporate Bond ETF

### BSCW \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2032 Corporate Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(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 | $10 | 0.10% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the investment grade corporate bond market benefited from higher all-in yields, tighter credit spreads, and resilient fundamentals. Because the Fund invests in investment grade corporate debt, it benefited from this broader market environment.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> USD Corporate Bond 2032 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 5.43%, differed from the return of the Index, 5.29%, primarily due to positive effects of the sampling approach employed by the portfolio management team, partially offset by fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Industry Allocations** \| Electric utilities industry, followed by the oil, gas & consumable fuels industry.

**Positions** \| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30% coupon, due 1/30/2032, a financial services company, followed by Verizon Communications, Inc., 2.36% coupon, due 3/15/2032, a diversified telecommunication services company.

**What detracted from performance?**

**Industry Allocations** \| No industries detracted from the Fund's performance during the period.

**Positions \|** J.M. Smucker Co. (The), 2.13% coupon, due 3/15/2032, a food products company (no longer held at fiscal year-end), followed by WarnerMedia Holdings, Inc., 4.28% coupon, due 3/15/2032, a media company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589943.jpg)

---

| | | |
|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **Since<br>Inception<br>(9/8/22)** |
| **Invesco BulletShares 2032 Corporate Bond ETF — NAV Return** | 5.43% | 6.13% |
| **Invesco BulletShares<sup>®</sup> USD Corporate Bond 2032 Index** | 5.29% | 5.71% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | 3.34% |
| **Bloomberg U.S. Corporate Index** | 3.91% | 5.05% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1020767605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$769727 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc., 2.36%, 03/15/2032 | &nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 01/30/2032 | &nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 3.85%, 08/15/2032 | &nbsp;&nbsp;&nbsp;1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 6.25%, 11/09/2032 | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprint Capital Corp., 8.75%, 03/15/2032 | &nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc., 3.60%, 04/13/2032 | &nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc., 4.70%, 12/01/2032 | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc., 2.25%, 02/01/2032 | &nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co., 3.25%, 02/12/2032 | &nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Block, Inc., 6.50%, 05/15/2032 | &nbsp;&nbsp;&nbsp;0.82% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589948.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.

The Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.

### 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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2032 High Yield Corporate Bond ETF

### BSJW \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2032 High Yield Corporate Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 | $43 | 0.42% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the high-yield credit market benefited from tightening credit spreads, higher carry, and resilient growth. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this environment.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2032 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 6.71%, differed from the return of the Index, 7.22%, primarily due to fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Industry Allocations** \| Hotels, restaurants & leisure industry, followed by the oil, gas & consumable fuels industry.

**Positions** \| CCO Holdings LLC/CCO Holdings Capital Corp., 4.50% coupon, due 5/1/2032, a media company, followed by 1261229 BC Ltd., 10.00% coupon, due 4/15/2032, a pharmaceuticals company.

**What detracted from performance?**

**Industry Allocations** \| Household products industry.

**Positions \|** Kronos Acquisition Holdings, Inc., 10.75% coupon, due 6/30/2032, a household products company (no longer held at fiscal year-end), followed by Motion Finco S.a.r.l., 8.38% coupon, due 2/15/2032, a hotels, restaurants & leisure company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9590231.jpg)

---

| | | |
|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **Since<br>Inception<br>(6/12/24)** |
| **Invesco BulletShares 2032 High Yield Corporate Bond ETF — NAV Return** | 6.71% | 8.92% |
| **Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2032 Index** | 7.22% | 9.52% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | 5.61% |
| **Bloomberg U.S. Corporate High Yield Index** | 8.26% | 9.88% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$25716390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$56909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1261229 BC Ltd., 10.00%, 04/15/2032 | &nbsp;&nbsp;&nbsp;3.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc., 6.38%, 03/01/2032 | &nbsp;&nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp., 5.75%, 08/01/2032 | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 05/01/2032 | &nbsp;&nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;QXO Building Products, Inc., 6.75%, 04/30/2032 | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;WarnerMedia Holdings, Inc., 4.28%, 03/15/2032 | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.63%, 03/01/2032 | &nbsp;&nbsp;&nbsp;1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Community Health Systems, Inc., 10.88%, 01/15/2032 | &nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;IQVIA, Inc., 6.25%, 06/01/2032 | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;HUB International Ltd., 7.38%, 01/31/2032 | &nbsp;&nbsp;&nbsp;1.41% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9590236.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2032 Municipal Bond ETF

### BSMW \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2032 Municipal Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 | $18 | 0.18% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the municipal bond market lagged due to elevated issuance levels, rich starting valuations, lower spread sensitivity, and higher long-term interest rates. Because the Fund primarily invests in municipal bonds with maturities in the year 2032, it was affected more by this broader market environment.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> Municipal Bond 2032 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, -0.51%, differed from the return of the Index, -0.13%, primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**State Allocations** \| New Jersey bonds, followed by Connecticut bonds.

**Positions** \| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB, 5.00% coupon, due 5/1/2032, followed by New Jersey (State of), Series 2020 A, GO Bonds, 4.00% coupon, due 6/1/2032.

**What detracted from performance?**

**State Allocations** \| New York bonds, followed by California bonds.

**Positions \|** Duluth (City of), MN Economic Development Authority (St. Luke's Hospital of Duluth), Series 2022 B, RB, 5.25% coupon, due 6/15/2052, followed by San Joaquin Hills Transportation Corridor Agency, Series 2014 A, Ref. RB, 4.00% coupon, due 1/15/2050 (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9590015.jpg)

---

| | | |
|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **Since<br>Inception<br>(3/1/23)** |
| **Invesco BulletShares 2032 Municipal Bond ETF — NAV Return** | -0.51% | 2.42% |
| **Invesco BulletShares<sup>®</sup> Municipal Bond 2032 Index** | -0.13% | 2.87% |
| **Bloomberg Municipal Bond Index** | 0.08% | 2.86% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$114804711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$173299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority, Series 2022 A, Ref. RB, 5.00%, 03/15/2041 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2022, Ref. GO Bonds, 5.00%, 09/01/2035 | &nbsp;&nbsp;&nbsp;0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of) Toll Highway Authority, Series 2021 A, RB, 5.00%, 01/01/2046 | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority, Series 2022 A, Ref. RB, 5.00%, 03/15/2046 | &nbsp;&nbsp;&nbsp;0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade (County of), FL Transit System, Series 2022, RB, 5.00%, 07/01/2049 | &nbsp;&nbsp;&nbsp;0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Duluth (City of), MN Economic Development Authority (St. Luke's Hospital of Duluth), Series 2022 B, RB, 5.25%, 06/15/2052 | &nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 E-2B, Ref. RB, 5.00%, 11/15/2032 | &nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 A, Ref. RB, 5.00%, 05/15/2037 | &nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of), Series 2020 A, GO Bonds, 4.00%, 06/01/2032 | &nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB, 5.25%, 11/01/2037 | &nbsp;&nbsp;&nbsp;0.45% |

---

**Revenue type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9590020.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2033 Corporate Bond ETF

### BSCX \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2033 Corporate Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 | $10 | 0.10% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the investment grade corporate bond market benefited from higher all-in yields, tighter credit spreads, and resilient fundamentals. Because the Fund invests in investment grade corporate debt, it benefited from this broader market environment.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> USD Corporate Bond 2033 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 5.22%, differed from the return of the Index, 5.25%, primarily due to fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Industry Allocations** \| Oil, gas & consumable fuels industry, followed by the electric utilities industry.

**Positions** \| Amgen, Inc., 5.25% coupon, due 3/2/2033, a biotechnology company, followed by Banco Santander S.A., 6.92% coupon, due 8/8/2033, a banks company.

**What detracted from performance?**

**Industry Allocations** \| Textiles, apparel & luxury goods industry.

**Positions \|** Tapestry, Inc., 7.85% coupon, due 11/27/2033, a textiles, apparel & luxury goods company (no longer held at fiscal year-end), followed by Extra Space Storage L.P., 4.95% coupon, due 1/15/2033, a specialized REITs company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9590051.jpg)

---

| | | |
|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **Since<br>Inception<br>(9/20/23)** |
| **Invesco BulletShares 2033 Corporate Bond ETF — NAV Return** | 5.22% | 8.50% |
| **Invesco BulletShares<sup>®</sup> USD Corporate Bond 2033 Index** | 5.25% | 8.64% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | 6.06% |
| **Bloomberg U.S. Corporate Index** | 3.91% | 7.40% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$673746422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$490783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc., 5.25%, 03/02/2033 | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc., 2.55%, 12/01/2033 | &nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 5.05%, 07/15/2033 | &nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc., 5.70%, 03/08/2033 | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc., 5.38%, 02/15/2033 | &nbsp;&nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc., 4.81%, 02/13/2033 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intel Corp., 5.20%, 02/10/2033 | &nbsp;&nbsp;&nbsp;0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A., 6.92%, 08/08/2033 | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc., 4.50%, 08/10/2033 | &nbsp;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., 5.35%, 02/15/2033 | &nbsp;&nbsp;&nbsp;0.91% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9590056.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2033 High Yield Corporate Bond ETF

### BSJX \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2033 High Yield Corporate Bond ETF (the "Fund") for the period June 9, 2025 (commencement of operations) to August 31, 2025. 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 Year ?
*(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 2033 High Yield Corporate Bond ETF | $10 | 0.42% |

---

---

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

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the high-yield credit market benefited from tightening credit spreads, higher carry, and resilient growth. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this environment.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2033 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal period June 11, 2025 (Fund inception) through August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 2.86%, differed from the return of the Index, 2.93%, primarily due to fees and expenses incurred by the Fund during the period, partially offset by positive effects of the sampling approach employed by the portfolio management team.

**What contributed to performance?**

**Industry Allocations** \| Oil, gas & consumable fuels industry, followed by the hotels, restaurants & leisure industry.

**Positions** \| Cleveland-Cliffs, Inc., 7.38% coupon, due 5/1/2033, a metals & mining company, followed by Carnival Corp., 6.13% coupon, due 2/15/2033, a hotels, restaurants & leisure company.

**What detracted from performance?**

**Industry Allocations** \| Semiconductors & semiconductor equipment industry.

**Positions \|** Array Digital Infrastructure, Inc., 6.70% coupon, due 12/15/2033, a wireless telecommunication services company (no longer held at fiscal year-end), followed by Kioxia Holdings Corp., 6.63% coupon, due 7/24/2033, a semiconductors & semiconductor equipment company.

**How Has The Fund Historically Performed?**

---

| | |
|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **Since<br>Inception<br>(6/11/25)** |
| **Invesco BulletShares 2033 High Yield Corporate Bond ETF — NAV Return** | 2.86% |
| **Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2033 Index** | 2.93% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.24% |
| **Bloomberg U.S. Corporate High Yield Index** | 2.99% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5107677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.38%, 05/31/2033 | &nbsp;&nbsp;&nbsp;3.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp., 6.13%, 02/15/2033 | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., 6.88%, 06/30/2033 | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc., 8.13%, 02/15/2033 | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc., 6.75%, 03/01/2033 | &nbsp;&nbsp;&nbsp;2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 06/01/2033 | &nbsp;&nbsp;&nbsp;2.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corp., 6.00%, 05/15/2033 | &nbsp;&nbsp;&nbsp;1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Snap, Inc., 6.88%, 03/01/2033 | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jane Street Group/JSG Finance, Inc., 6.75%, 05/01/2033 | &nbsp;&nbsp;&nbsp;1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.00%, 01/15/2033 | &nbsp;&nbsp;&nbsp;1.78% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9595375.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2033 Municipal Bond ETF

### BSSX \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2033 Municipal Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 | $18 | 0.18% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the municipal bond market lagged due to elevated issuance levels, rich starting valuations, lower spread sensitivity, and higher long-term interest rates. Because the Fund primarily invests in municipal bonds with maturities in the year 2033, it was affected more by this broader market environment.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> Municipal Bond 2033 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, -1.27%, differed from the return of the Index, -0.90%, primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**State Allocations** \| Missouri bonds, followed by Maryland bonds.

**Positions** \| University of Colorado, Series 2017 A-2, Ref. RB, 3.00% coupon, due 6/1/2033, followed by New York (State of) Dormitory Authority, Series 2019, RB, 2.00% coupon, due 7/1/2033.

**What detracted from performance?**

**State Allocations** \| New York bonds, followed by Texas bonds.

**Positions \|** Massachusetts (Commonwealth of), Series 2023 A, GO Bonds, 5.00% coupon, due 5/1/2048, followed by Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) Series 2023, Ref. RB, 5.25% coupon, due 7/1/2048.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9590123.jpg)

---

| | | |
|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **Since<br>Inception<br>(9/20/23)** |
| **Invesco BulletShares 2033 Municipal Bond ETF — NAV Return** | -1.27% | 3.26% |
| **Invesco BulletShares<sup>®</sup> Municipal Bond 2033 Index** | -0.90% | 3.37% |
| **Bloomberg Municipal Bond Index** | 0.08% | 3.41% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$89749684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$122383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;3% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Massachusetts (Commonwealth of), Series 2023 A, GO Bonds, 5.00%, 05/01/2048 | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2023, GO Bonds, 5.00%, 10/01/2045 | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Series 2023 DD, Ref. RB, 5.00%, 06/15/2046 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jefferson (County of), AL, Series 2024, Ref. RB, 5.25%, 10/01/2045 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY, Subseries 2023 E-1, GO Bonds, 5.00%, 04/01/2035 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority, Series 2019, RB, 2.00%, 07/01/2033 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB, 5.00%, 12/01/2039 | &nbsp;&nbsp;&nbsp;0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Transitional Finance Authority, Series 2023, RB, 5.25%, 05/01/2048 | &nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, 5.00%, 02/15/2053 | &nbsp;&nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of), Series 2023 C, GO Bonds, 5.00%, 12/01/2048 | &nbsp;&nbsp;&nbsp;0.54% |

---

**Revenue type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9590128.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2034 Corporate Bond ETF

### BSCY \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2034 Corporate Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 | $10 | 0.10% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the investment grade corporate bond market benefited from higher all-in yields, tighter credit spreads, and resilient fundamentals. Because the Fund invests in investment grade corporate debt, it benefited from this broader market environment.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> USD Corporate Bond 2034 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 4.93%, differed from the return of the Index, 5.03%, primarily due to fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Industry Allocations** \| Oil, gas & consumable fuels industry, followed by the electric utilities industry.

**Positions** \| Boeing Co. (The), 6.53% coupon, due 5/1/2034, an aerospace & defense company, followed by AT&T, Inc., 5.40% coupon, due 2/15/2034, a diversified telecommunication services company.

**What detracted from performance?**

**Industry Allocations** \| Energy equipment & services industry.

**Positions \|** Schlumberger Investment S.A., 5.00% coupon, due 6/1/2034, an energy equipment & services company (no longer held at fiscal year-end), followed by FedEx Corp., 4.90% coupon, due 1/15/2034, an air freight & logistics company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9590195.jpg)

---

| | | |
|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **Since<br>Inception<br>(6/12/24)** |
| **Invesco BulletShares 2034 Corporate Bond ETF — NAV Return** | 4.93% | 7.36% |
| **Invesco BulletShares<sup>®</sup> USD Corporate Bond 2034 Index** | 5.03% | 7.52% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | 5.61% |
| **Bloomberg US Corporate Index** | 3.91% | 6.21% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$259082488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$148300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc., 5.05%, 03/15/2034 | &nbsp;&nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc., 5.40%, 02/15/2034 | &nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. (The), 6.53%, 05/01/2034 | &nbsp;&nbsp;&nbsp;1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc., 5.05%, 02/26/2034 | &nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co., 5.20%, 02/22/2034 | &nbsp;&nbsp;&nbsp;0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 4.75%, 08/15/2034 | &nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kroger Co. (The), 5.00%, 09/15/2034 | &nbsp;&nbsp;&nbsp;0.82% |
| &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;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc., 5.23%, 11/17/2034 | &nbsp;&nbsp;&nbsp;0.73% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9590200.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2034 Municipal Bond ETF

### BSMY \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2034 Municipal Bond ETF (the "Fund") for the period September 9, 2024 (commencement of operations) to August 31, 2025. 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 Year ?
*(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 2034 Municipal Bond ETF | $17 | 0.18% |

---

---

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

---

### How Did The Fund Perform During The Period?
**•** During the fiscal period ended August 31, 2025, the municipal bond market lagged due to elevated issuance levels, rich starting valuations, lower spread sensitivity, and higher long-term interest rates. Because the Fund primarily invests in municipal bonds with maturities in the year 2034, it was affected more by this broader market environment.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> Municipal Bond 2034 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal period September 11, 2024 (Fund inception) through August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, -2.95%, differed from the return of the Index, -2.76%, primarily due to fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**State Allocations** \| Connecticut bonds, followed by Nevada bonds.

**Positions** \| Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB, 3.00% coupon, due 11/15/2034, followed by Miami-Dade (County of), FL, Series 2017 B, Ref. RB, 3.00% coupon, due 10/1/2034.

**What detracted from performance?**

**State Allocations** \| New York bonds, followed by California bonds.

**Positions \|** New York (City of), NY, Series 2024 C-1, GO Bonds, 5.00% coupon, due 9/1/2048, followed by Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB, 5.00% coupon, due 12/1/2036.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9590267.jpg)

---

| | |
|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **Since<br>Inception<br>(9/11/24)** |
| **Invesco BulletShares 2034 Municipal Bond ETF — NAV Return** | -2.95% |
| **Invesco BulletShares<sup>®</sup> Municipal Bond 2034 Index** | -2.76% |
| **Bloomberg Municipal Bond Index** | -0.55% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$56662633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$39427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB, 3.00%, 11/15/2034 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2024, RB, 5.50%, 11/01/2047 | &nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hillsborough (County of), FL Industrial Development Authority (Baycare Health System), Series 2024 C, Ref. RB, 5.25%, 11/15/2049 | &nbsp;&nbsp;&nbsp;0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB, 5.50%, 11/01/2045 | &nbsp;&nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Massachusetts (Commonwealth of), Series 2015 D, GO Bonds, 3.13%, 09/01/2034 | &nbsp;&nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB, 5.00%, 07/01/2039 | &nbsp;&nbsp;&nbsp;0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of), Series 2024 B, RB, 5.00%, 06/15/2036 | &nbsp;&nbsp;&nbsp;0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Santa Clara (County of), CA Financing Authority, Series 2016 Q, Ref. RB, 3.00%, 05/15/2034 | &nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Massachusetts (Commonwealth of), Series 2024 A, GO Bonds, 5.00%, 01/01/2039 | &nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;University of California, Series 2024 BV, Ref. RB, 5.00%, 05/15/2034 | &nbsp;&nbsp;&nbsp;0.44% |

---

**Revenue type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9590272.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco BulletShares 2035 Corporate Bond ETF

### BSCZ \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco BulletShares 2035 Corporate Bond ETF (the "Fund") for the period June 9, 2025 (commencement of operations) to August 31, 2025. 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 Year ?
*(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 Corporate Bond ETF | $2 | 0.10% |

---

---

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

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the investment grade corporate bond market benefited from higher all-in yields, tighter credit spreads, and resilient fundamentals. Because the Fund invests in investment grade corporate debt, it benefited from this broader market environment.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares<sup>®</sup> USD Corporate Bond 2035 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal period June 11, 2025 (Fund inception) through August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 2.96%, differed from the return of the Index, 3.00%, primarily due to fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Industry Allocations** \| Oil, gas & consumable fuels industry, followed by the electric utilities industry.

**Positions** \| AT&T, Inc., 4.50% coupon, due 5/15/2035, a diversified telecommunication services company, followed by AbbVie, Inc., 4.50% coupon, due 5/14/2035, a biotechnology company.

**What detracted from performance?**

**Industry Allocations** \| Paper & forest products industry.

**Positions \|** Broadcom, Inc., 5.20% coupon, due 7/15/2035, a semiconductors & semiconductor equipment company, followed by Conagra Brands, Inc., 5.75% coupon, due 8/1/2035, a food products company.

**How Has The Fund Historically Performed?**

---

| | |
|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **Since<br>Inception<br>(6/11/25)** |
| **Invesco BulletShares 2035 Corporate Bond ETF — NAV Return** | 2.96% |
| **Invesco BulletShares<sup>®</sup> USD Corporate Bond 2035 Index** | 3.00% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.24% |
| **Bloomberg U.S. Corporate Index** | 2.52% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$15400022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc., 5.20%, 07/15/2035 | &nbsp;&nbsp;&nbsp;1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc., 5.15%, 04/01/2035 | &nbsp;&nbsp;&nbsp;1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc., 4.50%, 05/14/2035 | &nbsp;&nbsp;&nbsp;1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc., 4.50%, 05/15/2035 | &nbsp;&nbsp;&nbsp;1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc., 5.25%, 04/02/2035 | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc., 4.78%, 02/15/2035 | &nbsp;&nbsp;&nbsp;1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc., 5.00%, 03/15/2035 | &nbsp;&nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.38%, 10/23/2035 | &nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medtronic, Inc., 4.38%, 03/15/2035 | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 5.50%, 08/03/2035 | &nbsp;&nbsp;&nbsp;0.90% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9595339.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco International Developed Dynamic Multifactor ETF

### IMFL \| Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco International Developed Dynamic Multifactor ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 | $35 | 0.34% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the FTSE Developed ex US Index (Net) rose as geopolitical and policy uncertainty in the U.S. resulted in a rotation towards international equities. The Fund underperformed the FTSE Developed ex US Index (Net) primarily due to its underweight allocation to and security selection in the financials sector, as well as its overweight allocation to the health care sector and security selection in the industrials sector.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE Developed ex US Invesco Dynamic Multifactor Index (the "Index"). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 7.97%, differed from the return of the Index, 8.52%, due to foreign fair valuation, trading commissions and brokerage fees, as well as fees and expenses incurred by the Fund during the period, which were partially offset by positive differences in the tax withholding treatment of dividends between the Fund and the Index.

**What contributed to performance?**

**Sector Allocations** \| Communication services sector, followed by the industrials sector.

**Positions** \| Nintendo Co. Ltd., a communication services company, and SAP SE, an information technology company.

**What detracted from performance?**

**Sector Allocations** \| Health care sector, followed by the materials sector.

**Positions \|** Novo Nordisk A/S, a health care company, and Samsung Electronics Co. Ltd., an information technology company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589799.jpg)

---

| | | |
|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **Since<br>Inception<br>(2/24/21)** |
| **Invesco International Developed Dynamic Multifactor ETF — NAV Return** | 7.97% | 5.89% |
| **FTSE Developed ex US Invesco Dynamic Multifactor Index (Net)** | 8.52% | 6.54% |
| **MSCI EAFE<sup>®</sup> Index (Net)** | 13.87% | 7.53% |
| **FTSE Developed ex US Index (Net)** | 14.83% | 7.26% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$571417268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1744182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;65% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;4.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nintendo Co. Ltd. | &nbsp;&nbsp;&nbsp;4.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;4.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;3.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;3.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;1.82% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589804.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Investment Grade Defensive ETF

### IIGD \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco Investment Grade Defensive ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
 *(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 | $13 | 0.13% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended August 31, 2025, the investment grade corporate bond market benefited from higher all-in yields, tighter credit spreads, and resilient fundamentals. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Investment Grade Defensive Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 5.44%, differed from the return of the Index, 5.55%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Industry Allocations** \| Insurance industry, followed by capital markets industry.

 **Positions** \| Merck & Co., Inc., 2.15% coupon, due 12/10/2031, a pharmaceuticals company, followed by 3M Co., 2.38% coupon, due 8/26/2029, an industrial conglomerates company.

 **What detracted from performance?**

 **Industry Allocations** \| Electronic equipment, instruments & components industry.

 **Positions \|** MassMutual Global Funding II, 5.05% coupon, due 7/12/2027, an insurance company (no longer held at fiscal year-end), followed by Deere & Co., 3.10% coupon, due 4/15/2030, a machinery company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589259.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **Since<br> Inception<br> (7/25/18)** |
| **Invesco Investment Grade Defensive ETF — NAV Return** | 5.44% | 1.24% | 2.95% |
| **Invesco Investment Grade Defensive Index** | 5.55% | 1.44% | 3.14% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.88% |
| **iBoxx USD Liquid Investment Grade Index** | 3.41% | -0.52% | 2.95% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$27286572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$44185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;68% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis L.P., 2.25%, 04/15/2030 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC, 3.13%, 07/31/2029 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One N.A., 4.65%, 09/13/2028 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Entergy Texas, Inc., 1.75%, 03/15/2031 | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Molex Electronic Technologies LLC, 4.75%, 04/30/2028 | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway Finance Corp., 2.88%, 03/15/2032 | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;FMR LLC, 7.57%, 06/15/2029 | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic Services, Inc., 3.95%, 05/15/2028 | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc., 3.15%, 08/22/2027 | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Athene Holding Ltd., 4.13%, 01/12/2028 | &nbsp;&nbsp;&nbsp;0.69% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589264.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_2586.jpg)

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

P-IIGD-AR **Invesco Investment Grade Defensive ETF**![TSR_logo](images_2587.jpg)

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

### IUS \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco RAFI<sup>TM</sup> Strategic US ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
*(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 | $20 | 0.19% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the Russell 1000<sup>®</sup> Index rose despite elevated geopolitical and policy uncertainty, as mega-cap technology companies and other securities tied to the artificial intelligence theme remained supportive. The Fund underperformed the Russell 1000<sup>®</sup> Index primarily due to its large underweight allocation to and security selection in the information technology sector, as well as its large overweight allocation to the health care sector.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Strategic US Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 10.57%, differed from the return of the Index, 10.79%, primarily due to fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Sector Allocations** \| Communication services sector, followed by the information technology sector.

**Positions** \| Alphabet, Inc., a communication services company, and Meta Platforms, Inc., a communication services company.

**What detracted from performance?**

**Sector Allocations** \| Health care sector, followed by the materials sector.

**Positions \|** UnitedHealth Group, Inc., a health care company, followed by Centene Corp., a health care company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589295.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **Since<br>Inception<br>(9/12/18)** |
| **Invesco RAFI<sup>TM</sup> Strategic US ETF — NAV Return** | 10.57% | 15.93% | 13.62% |
| **Invesco Strategic US Index** | 10.79% | 16.15% | 13.81% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.34% |
| **Russell 1000<sup>®</sup> Index** | 16.24% | 14.34% | 13.82% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$657106023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1172891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;4.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;1.35% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589300.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

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

### OMFL \| Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
 *(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 | $31 | 0.29% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended August 31, 2025, the Russell 1000<sup>®</sup> Index rose despite elevated geopolitical and policy uncertainty, as mega-cap technology companies and other securities tied to the artificial intelligence theme remained supportive. The Fund underperformed the Russell 1000<sup>®</sup> Index primarily due to its poor security selection in the financials and information technology sectors.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 1000<sup>®</sup> Invesco Dynamic Multifactor Index (the "Index"). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 14.32%, differed from the return of the Index, 14.73%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations** \| Information technology sector, followed by the communication services sector.

 **Positions** \| NVIDIA Corp., an information technology company, and Meta Platforms, Inc., a communication services company.

 **What detracted from performance?**

 **Sector Allocations** \| Health care sector.

 **Positions \|** UnitedHealth Group, Inc., a health care company, and Eli Lilly and Co., a health care company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589403.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **Since<br> Inception<br> (11/8/17)** |
| **Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF — NAV Return** | 14.32% | 14.52% | 13.26% |
| **Russell 1000<sup>®</sup> Invesco Dynamic Multifactor Index** | 14.73% | 14.89% | 13.60% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.66% |
| **Russell 1000<sup>®</sup> Index** | 16.24% | 14.34% | 14.06% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on May 24, 2019, Oppenheimer Russell 1000<sup>®</sup> Dynamic Multifactor ETF was reorganized into the Fund. Fund returns shown are blended returns of Oppenheimer Russell 1000<sup>®</sup> Dynamic Multifactor ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4979501491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$14422218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;8.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;4.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;3.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;2.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;2.52% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589408.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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

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

### OMFS \| Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. 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 Year ?
 *(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 | $41 | 0.39% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended August 31, 2025, the Russell 2000<sup>®</sup> Index rose despite elevated geopolitical and policy uncertainty. The Fund outperformed the Russell 2000<sup>®</sup> Index primarily due to its strong security selections results in the health care and consumer staples sectors as well as its average underweight to the health care sector, which was one of the worst performing sectors in the Russell 2000<sup>®</sup> Index in the period.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 2000<sup>®</sup> Invesco Dynamic Multifactor Index (the "Index"). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

• For the fiscal year ended August 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 11.67%, differed from the return of the Index, 12.15%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations** \| Industrials sector, followed by the financials sector.

 **Positions** \| Sprouts Farmers Market, Inc., a consumer staples company (no longer held at fiscal year-end), and Corcept Therapeutics, Inc., a health care company (no longer held at fiscal year-end).

 **What detracted from performance?**

 **Sector Allocations** \| Energy sector, followed by the real estate sector.

 **Positions \|** Abercrombie & Fitch Co., a consumer discretionary company, and Innovative Industrials Properties, Inc., a real estate company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589439.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **Since<br> Inception<br> (11/8/17)** |
| **Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF — NAV Return** | 11.67% | 13.15% | 8.74% |
| **Russell 2000<sup>®</sup> Invesco Dynamic Multifactor Index** | 12.15% | 13.70% | 9.27% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 14.11% | 13.66% |
| **Russell 2000<sup>®</sup> Index** | 8.17% | 10.13% | 7.63% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on May 24, 2019, Oppenheimer Russell 2000<sup>®</sup> Dynamic Multifactor ETF was reorganized into the Fund. Fund returns shown are blended returns of Oppenheimer Russell 2000<sup>®</sup> Dynamic Multifactor ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$252629586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$954746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;65% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc. | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commvault Systems, Inc. | &nbsp;&nbsp;&nbsp;0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stride, Inc. | &nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ensign Group, Inc. (The) | &nbsp;&nbsp;&nbsp;0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc. | &nbsp;&nbsp;&nbsp;0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;0.52% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589444.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_2586.jpg)

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

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

------

(b) Not applicable.

------

Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics (the "Code") that applies to the Registrant's Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"). This Code is filed as an exhibit to this report on Form N-CSR under Item 19(a)(1). No substantive amendments to this Code were made during the reporting period. There were no waivers for the fiscal year ended August 31, 2025.

------

Item 3. Audit Committee Financial Expert.

The Registrant's Board of Trustees (the "Board") has determined that the Registrant has four "audit committee financial experts" serving on its audit committee: Mr. Marc M. Kole, Ms. Joanne Pace, Mr. Gary R. Wicker and Mr. Donald H. Wilson. Each of these audit committee members is "independent," meaning that he/she is not an "interested person" of the Registrant (as that term is defined in Section 2(a)(19) of the Act) and he/she does not accept any consulting, advisory, or other compensatory fee from the Registrant (except in his/her capacity as a Board or committee member).

An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an "audit committee financial expert." Further, the designation of a person as an "audit committee financial expert" does not mean that a person has any greater duties, obligations, or liability than those imposed on a person without the "audit committee financial expert" designation. Similarly, the designation of a person as an "audit committee financial expert" does not affect the duties, obligations, or liability of any other member of the audit committee or Board.

------

Item 4. Principal Accountant Fees and Services.

------

(a) to (d) 

#### Fees Billed by PwC to the Registrant
PricewaterhouseCoopers LLP ("PwC"), the Registrant's independent registered public accounting firm, billed the Registrant aggregate fees for pre-approved services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.

---

| | | |
|:---|:---|:---|
|  | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2025  | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2024  |
| Audit Fees  | $673090  | $655350  |
| Audit-Related Fees  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 0  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0  |
| Tax Fees<sup>(</sup><sup>1</sup><sup>)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp; 434160  | $434160  |
| All Other Fees  | $&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; 0  |
| Total Fees  | $1107250  | $1089510  |

---

<sup>(1)</sup> Tax Fees for the fiscal years ended 2025 and 2024 include fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise and year-to-date estimates for various book-to-tax differences. 

#### Fees Billed by PwC Related to Invesco and Affiliates
PwC billed Invesco Capital Management LLC ("Invesco" or "Adviser"), the Registrant's investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant ("Affiliates"), aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.

---

| | | |
|:---|:---|:---|
|  | Fees Billed for Non-Audit Services Rendered to Invesco and Affiliates for Fiscal Year Ended 2025 That Were Required to be Pre-Approved by the Registrant's Audit Committee | Fees Billed for Non-Audit Services Rendered to Invesco and Affiliates for Fiscal Year Ended 2024 That Were Required to be Pre-Approved by the Registrant's Audit Committee  |
| Audit-Related Fees<sup>(1)</sup> | $1177000 | $1121000 |
| Tax Fees | $&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 |
| All Other Fees | $&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 |
| Total Fees | $1177000 | $1121000 |

---

<sup>(1)</sup> Audit-Related Fees for the fiscal years ended 2025 and 2024 include fees billed related to reviewing controls at a service organization. 

------

(e)(1)**Audit Committee Pre-Approval Policies and Procedures**

#### Pre-Approval of Audit and Non-Audit Services Policies and Procedures

#### As Adopted by the Audit Committee of the Invesco ETFs

---

| | |
|:---|:---|
| **Applicable to**  | Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (collectively the "Funds")  |
| **Risk Addressed by Policy**  | Approval of Audit and Non-Audit Services  |
| **Relevant Law and Other Sources**  | Sarbanes-Oxley Act of 2002; Regulation S-X.  |
| **Last Reviewed by Compliance for Accuracy**  | June 15, 2018  |
| **Effective Date**  | June 26, 2009  |
| **Amended Dates**  | March 12, 2015 and June 15, 2018  |

---

#### Statement of Principles
Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission ("SEC") ("Rules"), the Audit Committee of the Funds' (the "Audit Committee") Board of Trustees (the "Board") is responsible for the appointment, compensation and oversight of the work of independent accountants (an "Auditor"). As part of this responsibility and to assure that the Auditor's independence is not impaired, the Audit Committee pre-approves the audit and non-audit services provided to the Funds by each Auditor, as well as all non-audit services provided by the Auditor to the Funds' investment adviser and to affiliates of the adviser that provide ongoing services to the Funds ("Service Affiliates") if the services directly impact the Funds' operations or financial reporting. The SEC Rules also specify the types of services that an Auditor may not provide to its audit client. The following policies and procedures comply with the requirements for pre-approval and provide a mechanism by which management of the Funds may request and secure pre-approval of audit and non-audit services in an orderly manner with minimal disruption to normal business operations.

Proposed services either may be pre-approved without consideration of specific case-by-case services by the Audit Committee ("general pre-approval") or require the specific pre-approval of the Audit Committee ("specific pre-approval"). As set forth in these policies and procedures, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee. Additionally, any fees exceeding 110% of estimated pre-approved fee levels provided at the time the service was pre-approved will also require specific approval by the Audit Committee before payment is made. The Audit Committee will also consider the impact of additional fees on the Auditor's independence when determining whether to approve any additional fees for previously pre-approved services.

------

The Audit Committee will annually review and generally pre-approve the services that may be provided by each Auditor without obtaining specific pre-approval from the Audit Committee. The term of any general pre-approval runs from the date of such pre-approval through June 30th of the following year, unless the Audit Committee considers a different period and states otherwise. The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.

The purpose of these policies and procedures is to set forth the guidelines to assist the Audit Committee in fulfilling its responsibilities.

#### Delegation
The Chairman of the Audit Committee (or, in his or her absence, any member of the Audit Committee) may grant specific pre-approval for non-prohibited services. All such delegated pre-approvals shall be presented to the Audit Committee no later than the next Audit Committee meeting.

#### Audit Services
The annual Audit services engagement terms will be subject to specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures such as tax provision work that is required to be performed by the independent auditor to be able to form an opinion on the Funds' financial statements. The Audit Committee will obtain, review and consider sufficient information concerning the proposed Auditor to make a reasonable evaluation of the Auditor's qualifications and independence.

In addition to the annual Audit services engagement, the Audit Committee may grant either general or specific pre-approval of other Audit services, which are those services that only the independent auditor reasonably can provide. Other Audit services may include services such as issuing consents for the inclusion of audited financial statements with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

#### Non-Audit Services
The Audit Committee may provide either general or specific pre-approval of any non-audit services to the Funds and its Service Affiliates if the Audit Committee believes that the provision of the service will not impair the independence of the Auditor, is consistent with the SEC's Rules on auditor independence, and otherwise conforms to the Audit Committee's general principles and policies as set forth herein.

#### Audit-Related Services
"Audit-related services" are assurance and related services that are reasonably related to the performance of the audit or review of the Funds' financial statements or that are traditionally performed by the independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as "Audit services"; and assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities.

#### Tax Services

------

"Tax services" include, but are not limited to, the review and signing of the Funds' federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will scrutinize carefully the retention of the Auditor in connection with a transaction initially recommended by the Auditor, the major business purpose of which may be tax avoidance or the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds' Treasurer (or his or her designee) and may consult with outside counsel or advisors as necessary to ensure the consistency of Tax services rendered by the Auditor with the foregoing policy.

No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in connection with seeking Audit Committee pre-approval of permissible Tax services, the Auditor shall:

---

| | | |
|:---|:---|:---|
| 1.  | Describe in writing to the Audit Committee, which writing may be in the form of the proposed engagement letter:  | Describe in writing to the Audit Committee, which writing may be in the form of the proposed engagement letter:  |
|  | a.  | The scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the Fund, relating to the service; and  |
|  | b.  | Any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor and any person (other than the Fund) with respect to the promoting, marketing, or recommending of a transaction covered by the service;  |
| 2.  | Discuss with the Audit Committee the potential effects of the services on the independence of the Auditor; and  | Discuss with the Audit Committee the potential effects of the services on the independence of the Auditor; and  |
| 3.  | Document the substance of its discussion with the Audit Committee.  | Document the substance of its discussion with the Audit Committee.  |

---

#### All Other Auditor Services
The Audit Committee may pre-approve non-audit services classified as "All other services" that are not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy.

#### Pre-Approval Fee Levels or Established Amounts
Pre-approval of estimated fees or established amounts for services to be provided by the Auditor under general or specific pre-approval policies will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum estimated pre-approved fees or established amounts for pre-approved audit and non-audit services will be reported to the Audit Committee at the quarterly Audit Committee meeting and will require specific approval by the Audit Committee before payment is made. The Audit Committee will always factor in the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximum pre-approved fees or established amounts for previously pre-approved services.

#### Procedures
On an annual basis, the Auditor will submit to the Audit Committee for general pre-approval, a list of non-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe the non-audit services in reasonable detail and will include an estimated range of fees and such other information as the Audit Committee may request.

------

Each request for services to be provided by the Auditor under the general pre-approval of the Audit Committee will be submitted to the Funds' Treasurer (or his or her designee) and must include a detailed description of the services to be rendered. The Treasurer or his or her designee will ensure that such services are included within the list of services that have received the general pre-approval of the Audit Committee.

Each request to provide services that require specific approval by the Audit Committee shall be submitted to the Audit Committee jointly by the Funds' Treasurer or his or her designee and the Auditor, and must include a joint statement that, in their view, such request is consistent with the pre-approval policies and procedures and the SEC Rules.

Each request to provide Tax services under either the general or specific pre-approval of the Audit Committee will describe in writing: (i) the scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the audit client, relating to the service; and (ii) any compensation arrangement or other agreement between the Auditor and any person (other than the audit client) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will discuss with the Audit Committee the potential effects of the services on the Auditor's independence and will document the substance of the discussion.

Non-audit services pursuant to the de minimis exception provided by the SEC Rules will be promptly brought to the attention of the Audit Committee for approval, including documentation that each of the conditions for this exception, as set forth in the SEC Rules, has been satisfied.

On at least an annual basis, the Auditor will prepare a summary of all the services provided to any entity in the investment company complex as defined in section 2-01(f)(14) of Regulation S-X in sufficient detail as to the nature of the engagement and the fees associated with those services.

The Audit Committee has designated the Funds' Treasurer to monitor the performance of all services provided by the Auditor and to ensure such services are in compliance with these policies and procedures. The Funds' Treasurer will report to the Audit Committee on a periodic basis as to the results of such monitoring. Both the Funds' Treasurer and management will immediately report to the Chairman of the Audit Committee any breach of these policies and procedures that comes to the attention of the Funds' Treasurer or senior management.

#### Exhibit 1 to Pre-Approval of Audit and Non-Audit Services Policies and Procedures
**Conditionally Prohibited Non-Audit Services (not prohibited if the Fund can reasonably conclude that the results of the service would not be subject to audit procedures in connection with the audit of the Fund's financial statements)** 

• **Bookkeeping or other services related to the accounting records or financial statements of the audit client** 

• **Financial information systems design and implementation**

• **Appraisal or valuation services, fairness opinions, or contribution-in-kind reports**

• **Actuarial services** 

• **Internal audit outsourcing services**

#### Categorically Prohibited Non-Audit Services
• **Management functions**

• **Human resources**

• **Broker-dealer, investment adviser, or investment banking services** 

• **Legal services** 

• **Expert services unrelated to the audit** 

• **Any service or product provided for a contingent fee or a commission**

• **Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance**

• **Tax services for persons in financial reporting oversight roles at the Fund**

• **Any other service that the Public Company Oversight Board determines by regulation is impermissible.**

---

| | |
|:---|:---|
| **(e)(2)** | **There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.**  |

---

(f) Not applicable. 

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Affiliates aggregate fees of $6,681,000 for the fiscal year ended August 31, 2025 and $6,608,000 for the fiscal year ended August 31, 2024 for non-audit services not required to be pre-approved by the Registrant's Audit Committee. In total, PwC billed the Registrant, Invesco and Affiliates aggregate non-audit fees of $8,292,160 for the fiscal year ended August 31, 2025 and $8,163,160 for the fiscal year ended August 31, 2024. 

(h) With respect to the non-audit services above billed to Invesco and Affiliates that were not required to be pre-approved by the Registrant's Audit Committee, the Audit Committee received information from PwC about such services, including by way of comparison, that PwC provided audit services to entities within the Investment Company Complex, as defined by Rule 2-01(f)(14) of Regulation S-X, of approximately $35 million and non-audit services of approximately $26 million for the fiscal year ended 2025. The Audit Committee considered this information in evaluating PwC's independence. 

(i) Not applicable. 

(j) Not applicable. 

------

Item 5. Audit Committee of Listed Registrants.

(a) The Registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended, which consists solely of independent trustees. The Audit Committee members are Marc M. Kole, Joanne Pace, Gary R. Wicker, and Donald H. Wilson.

(b) Not applicable.

------

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.

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| ![LOGO](g28543dsp001.jpg) | <br> **Invesco Annual Financial Statements and Other** | <br> **Invesco Annual Financial Statements and Other** |
| ![LOGO](g28543dsp001.jpg) | **Information** | **Information** |
| ![LOGO](g28543dsp001.jpg) | August 31, 2025 | August 31, 2025 |
| ![LOGO](g28543dsp001.jpg) | **BSCP**<br>| Invesco BulletShares 2025 Corporate Bond ETF<br>|
| ![LOGO](g28543dsp001.jpg) | 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 |
|  | BSJP | Invesco BulletShares 2025 High Yield Corporate Bond ETF |
|  | BSJQ | Invesco BulletShares 2026 High Yield Corporate Bond ETF |
|  | BSJR | Invesco BulletShares 2027 High Yield Corporate Bond ETF |
|  | BSJS | Invesco BulletShares 2028 High Yield Corporate Bond ETF |
|  | BSJT | Invesco BulletShares 2029 High Yield Corporate Bond ETF |
|  | BSJU | Invesco BulletShares 2030 High Yield Corporate Bond ETF |
|  | 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 |
|  | BSMP | Invesco BulletShares 2025 Municipal Bond ETF |
|  | BSMQ | Invesco BulletShares 2026 Municipal Bond ETF |
|  | BSMR | Invesco BulletShares 2027 Municipal Bond ETF |
|  | BSMS | Invesco BulletShares 2028 Municipal Bond ETF |
|  | BSMT | Invesco BulletShares 2029 Municipal Bond ETF |
|  | BSMU | Invesco BulletShares 2030 Municipal Bond ETF |
|  | BSMV | Invesco BulletShares 2031 Municipal Bond ETF |
|  | BSMW | Invesco BulletShares 2032 Municipal Bond ETF |
|  | BSSX | Invesco BulletShares 2033 Municipal Bond ETF |
|  | BSMY | Invesco BulletShares 2034 Municipal Bond ETF |

---

------

##### [**Table of Contents**](#toc)

## **Table of Contents**

---

| | |
|:---|:---|
|  [Schedules of Investments](#abcd28543_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2025 Corporate Bond ETF (BSCP)](#abcd28543_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)](#abcd28543_3) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2027 Corporate Bond ETF (BSCR)](#abcd28543_4) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2028 Corporate Bond ETF (BSCS)](#abcd28543_5) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2029 Corporate Bond ETF (BSCT)](#abcd28543_6) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2030 Corporate Bond ETF (BSCU)](#abcd28543_7) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2031 Corporate Bond ETF (BSCV)](#abcd28543_8) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2032 Corporate Bond ETF (BSCW)](#abcd28543_9) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2033 Corporate Bond ETF (BSCX)](#abcd28543_10) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2034 Corporate Bond ETF (BSCY)](#abcd28543_11) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2035 Corporate Bond ETF (BSCZ)](#abcd28543_12) | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)](#abcd28543_13) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)](#abcd28543_14) | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)](#abcd28543_15) | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)](#abcd28543_16) | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)](#abcd28543_17) | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)](#abcd28543_18) | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)](#abcd28543_19) | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)](#abcd28543_20) | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2033 High Yield Corporate Bond ETF (BSJX)](#abcd28543_21) | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2025 Municipal Bond ETF (BSMP)](#abcd28543_22) | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)](#abcd28543_23) | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2027 Municipal Bond ETF (BSMR)](#abcd28543_24) | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2028 Municipal Bond ETF (BSMS)](#abcd28543_25) | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2029 Municipal Bond ETF (BSMT)](#abcd28543_26) | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2030 Municipal Bond ETF (BSMU)](#abcd28543_27) | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2031 Municipal Bond ETF (BSMV)](#abcd28543_28) | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2032 Municipal Bond ETF (BSMW)](#abcd28543_29) | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2033 Municipal Bond ETF (BSSX)](#abcd28543_30) | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BulletShares 2034 Municipal Bond ETF (BSMY)](#abcd28543_31) | 385 |
|  [Statements of Assets and Liabilities](#abcd28543_32) | 408 |
|  [Statements of Operations](#abcd28543_33) | 414 |
|  [Statements of Changes in Net Assets](#abcd28543_34) | 420 |
|  [Financial Highlights](#abcd28543_35) | 430 |
|  [Notes to Financial Statements](#abcd28543_36) | 458 |
|  [Report of Independent Registered Public Accounting Firm](#abcd28543_37) | 477 |
|  [Tax Information](#abcd28543_38) | 479 |
|  [Approval of Investment Advisory Contracts](#abcd28543_39) | 481 |
|  [Other Information Required in Form N-CSR (Items 8-11)](#abcd28543_40) | 487 |

---

---

| |
|:---|
| 2 |
| 2 |
| 2 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  U.S. Dollar Denominated Bonds & Notes-57.10% | U.S. Dollar Denominated Bonds & Notes-57.10% | U.S. Dollar Denominated Bonds & Notes-57.10% |
|  Aerospace & Defense-0.33% |  |  |
|  Lockheed Martin Corp., 4.95%, 10/15/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9974000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9975538 |
|  Automobile Components-0.41% |  |  |
|  Magna International, Inc. (Canada), 4.15%, 10/01/2025 | 12554000 | 12549493 |
|  Automobiles-4.64% |  |  |
|  American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/10/2025 | 10334000 | 10326103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 10/03/2025<sup>(b)</sup> | 19681000 | 19701386 |
|  Ford Motor Credit Co. LLC, 3.38%, 11/13/2025 | 42245000 | 42108462 |
|  General Motors Co., 6.13%, 10/01/2025 | 24133000 | 24133000 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 09/11/2025 | 11930000 | 11933300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 10/16/2025 | 20170000 | 20085529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/10/2025 | 12552000 | 12576640 |
|  |  | 140864420 |
|  Banks-5.71% |  |  |
|  Bank of Montreal (Canada), 5.92%, 09/25/2025<sup>(b)</sup> | 23997000 | 24018350 |
|  Citigroup, Inc., 5.50%, 09/13/2025 | 26128000 | 26116966 |
|  Lloyds Banking Group PLC (United Kingdom), 4.58%, 12/10/2025 | 27508000 | 27496730 |
|  Manufacturers & Traders Trust Co., 5.40%, 11/21/2025 | 9910000 | 9921730 |
|  Truist Bank, 3.63%, 09/16/2025 | 21714000 | 21702559 |
|  UBS AG (Switzerland), 5.80%, 09/11/2025 | 19436000 | 19441601 |
|  Wells Fargo & Co., 3.55%, 09/29/2025 | 44500000 | 44466922 |
|  |  | 173164858 |
|  Beverages-1.68% |  |  |
|  Diageo Capital PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/29/2025 | 14848000 | 14813344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 10/24/2025 | 10357000 | 10366860 |
|  Keurig Dr Pepper, Inc., 3.40%, 11/15/2025 | 10329000 | 10302308 |
|  PepsiCo, Inc., 5.25%, 11/10/2025 | 15392000 | 15416256 |
|  |  | 50898768 |
|  Broadline Retail-1.41% |  |  |
|  Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 12/01/2025<sup>(b)</sup> | 25895000 | 25926236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 12/03/2025 | 16996000 | 16997425 |
|  |  | 42923661 |
|  Capital Markets-3.04% |  |  |
|  Goldman Sachs Group, Inc. (The), 4.25%, 10/21/2025 | 38999000 | 38982128 |
|  Morgan Stanley, 5.00%, 11/24/2025 | 38613000 | 38646490 |
|  Northern Trust Corp., 3.95%, 10/30/2025 | 14483000 | 14464735 |
|  |  | 92093353 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Chemicals-1.02% |  |  |  |
|  Air Products and Chemicals, Inc., 1.50%, 10/15/2025 | $| &nbsp;&nbsp;&nbsp;&nbsp;11175000 | $&nbsp;&nbsp;&nbsp;&nbsp;11136882 |
|  LYB International Finance III LLC, 1.25%, 10/01/2025 |  | 10072000 | 10043658 |
|  Nutrien Ltd. (Canada), 5.95%, 11/07/2025 |  | 9618000 | 9631546 |
|  |  |  | 30812086 |
|  Commercial Services & Supplies-0.33% | Commercial Services & Supplies-0.33% | Commercial Services & Supplies-0.33% |  |
|  Waste Management, Inc., 0.75%, 11/15/2025<sup>(b)</sup> |  | 10032000 | 9954825 |
|  Consumer Finance-2.53% |  |  |  |
|  Ally Financial, Inc., 5.75%, 11/20/2025<sup>(b)</sup> |  | 21598000 | 21632560 |
|  Capital One Financial Corp., 4.20%, 10/29/2025<sup>(b)</sup> |  | 30279000 | 30233286 |
|  General Motors Financial Co., Inc., 6.05%, 10/10/2025 |  | 24851000 | 24884853 |
|  |  |  | 76750699 |
|  Consumer Staples Distribution & Retail-1.61% | Consumer Staples Distribution & Retail-1.61% | Consumer Staples Distribution & Retail-1.61% |  |
|  Sysco Corp., 3.75%, 10/01/2025 |  | 14746000 | 14736273 |
|  Walmart, Inc., 3.90%, 09/09/2025 |  | 34017000 | 34011481 |
|  |  |  | 48747754 |
|  Diversified Telecommunication Services-0.43% | Diversified Telecommunication Services-0.43% | Diversified Telecommunication Services-0.43% |  |
|  Verizon Communications, Inc., 0.85%, 11/20/2025 |  | 13250000 | 13146464 |
|  Electric Utilities-2.54% |  |  |  |
|  Duke Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 09/15/2025 |  | 9387000 | 9374826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/08/2025 |  | 10000000 | 10014188 |
|  Entergy Corp., 0.90%, 09/15/2025 |  | 15739000 | 15718438 |
|  Florida Power & Light Co., 3.13%, 12/01/2025 |  | 11581000 | 11543476 |
|  National Rural Utilities Cooperative Finance Corp., 5.45%, 10/30/2025 |  | 10180000 | 10196121 |
|  Southern Co. (The), 5.15%, 10/06/2025 |  | 10004000 | 10007476 |
|  Southern Power Co., 4.15%, 12/01/2025 |  | 10358000 | 10344264 |
|  |  |  | 77198789 |
|  Entertainment-0.51% |  |  |  |
|  TWDC Enterprises 18 Corp., 3.15%, 09/17/2025 |  | 15425000 | 15416886 |
|  Financial Services-3.44% |  |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 4.45%, 10/01/2025 |  | 11708000 | 11705776 |
|  Blackstone Private Credit Fund, 7.05%, 09/29/2025 |  | 15280000 | 15302735 |
|  Visa, Inc., 3.15%, 12/14/2025 |  | 77468000 | 77255507 |
|  |  |  | 104264018 |
|  Food Products-0.49% |  |  |  |
|  Mead Johnson Nutrition Co. (United Kingdom), 4.13%, 11/15/2025 |  | 14823000 | 14812379 |

---

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

---

| |
|:---|
| 3 |
| 3 |
| 3 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)–(continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Ground Transportation-0.40% |  |  |  |
|  CSX Corp., 3.35%, 11/01/2025 | $| &nbsp;&nbsp;&nbsp;&nbsp;12132000 | $&nbsp;&nbsp;&nbsp;&nbsp;12108214 |
|  Health Care Equipment & Supplies-1.43% | Health Care Equipment & Supplies-1.43% | Health Care Equipment & Supplies-1.43% |  |
|  GE HealthCare Technologies, Inc., 5.60%, 11/15/2025<sup>(b)</sup> |  | 28852000 | 28893710 |
|  Stryker Corp., 3.38%, 11/01/2025 |  | 14436000 | 14404822 |
|  |  |  | 43298532 |
|  Health Care Providers & Services-1.91% | Health Care Providers & Services-1.91% | Health Care Providers & Services-1.91% |  |
|  Cardinal Health, Inc., 3.75%, 09/15/2025<sup>(b)</sup> |  | 10096000 | 10093248 |
|  Cigna Group (The), 4.13%, 11/15/2025 |  | 23484000 | 23458602 |
|  McKesson Corp., 0.90%, 12/03/2025 |  | 9618000 | 9532608 |
|  UnitedHealth Group, Inc., 5.15%, 10/15/2025 |  | 14745000 | 14757107 |
|  |  |  | 57841565 |
|  Hotels, Restaurants & Leisure-0.29% | Hotels, Restaurants & Leisure-0.29% | Hotels, Restaurants & Leisure-0.29% |  |
|  McDonald's Corp., 1.45%, 09/01/2025 |  | 8683000 | 8683000 |
|  Household Durables-0.32% |  |  |  |
|  DR Horton, Inc., 2.60%, 10/15/2025 |  | 9655000 | 9631673 |
|  Household Products-0.63% |  |  |  |
|  Procter & Gamble Co. (The), 0.55%, 10/29/2025 |  | 19243000 | 19129869 |
|  Insurance-1.17% |  |  |  |
|  Allstate Corp. (The), 0.75%, 12/15/2025 |  | 11581000 | 11458516 |
|  Aon Global Ltd., 3.88%, 12/15/2025 |  | 14481000 | 14456819 |
|  MetLife, Inc., 3.60%, 11/13/2025 |  | 9651000 | 9634521 |
|  |  |  | 35549856 |
|  IT Services-0.39% |  |  |  |
|  International Business Machines Corp., 7.00%, 10/30/2025 |  | 11833000 | 11883014 |
|  Life Sciences Tools & Services-0.54% | Life Sciences Tools & Services-0.54% | Life Sciences Tools & Services-0.54% |  |
|  Danaher Corp., 3.35%, 09/15/2025<sup>(b)</sup> |  | 9622000 | 9617513 |
|  Illumina, Inc., 5.80%, 12/12/2025 |  | 6890000 | 6912215 |
|  |  |  | 16529728 |
|  Machinery-1.37% |  |  |  |
|  Caterpillar Financial Services Corp., 0.80%, 11/13/2025 |  | 20521000 | 20381181 |
|  Cummins, Inc., 0.75%, 09/01/2025 |  | 8496000 | 8496000 |
|  John Deere Capital Corp., 4.05%, 09/08/2025 |  | 12536000 | 12534965 |
|  |  |  | 41412146 |
|  Multi-Utilities-0.81% |  |  |  |
|  Dominion Energy, Inc., 3.90%, 10/01/2025 |  | 14704000 | 14694374 |
|  WEC Energy Group, Inc., 5.00%, 09/27/2025 |  | 9995000 | 9995614 |
|  |  |  | 24689988 |
|  Oil, Gas & Consumable Fuels-2.30% | Oil, Gas & Consumable Fuels-2.30% | Oil, Gas & Consumable Fuels-2.30% |  |
|  Chevron Corp., 3.33%, 11/17/2025 |  | 14436000 | 14407340 |
|  Devon Energy Corp., 5.85%, 12/15/2025 |  | 9950000 | 9952275 |
|  Plains All American Pipeline L.P./PAA Finance Corp., 4.65%, 10/15/2025 |  | 19723000 | 19723350 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Oil, Gas & Consumable Fuels-(continued) | Oil, Gas & Consumable Fuels-(continued) | Oil, Gas & Consumable Fuels-(continued) |  |  |
|  Schlumberger Finance Canada Ltd., 1.40%, 09/17/2025<sup>(b)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;11184000 | $| &nbsp;&nbsp;&nbsp;&nbsp;11168410 |
|  Williams Cos., Inc. (The), 4.00%, 09/15/2025 |  | 14595000 |  | 14592376 |
|  |  |  |  | 69843751 |
|  Pharmaceuticals-4.74% |  |  |  |  |
|  AstraZeneca PLC (United Kingdom), 3.38%, 11/16/2025<sup>(b)</sup> |  | 38493000 |  | 38411350 |
|  Bristol-Myers Squibb Co., 0.75%, 11/13/2025 |  | 19245000 |  | 19113480 |
|  Johnson & Johnson, 0.55%, 09/01/2025 |  | 19242000 |  | 19242000 |
|  Novartis Capital Corp., 3.00%, 11/20/2025 |  | 34881000 |  | 34794008 |
|  Royalty Pharma PLC, 1.20%, 09/02/2025 |  | 19238000 |  | 19238000 |
|  Zoetis, Inc., 4.50%, 11/13/2025 |  | 13030000 |  | 13028816 |
|  |  |  |  | 143827654 |
|  Retail REITs-1.05% |  |  |  |  |
|  Realty Income Corp., 4.63%, 11/01/2025 |  | 10713000 |  | 10710850 |
|  Simon Property Group L.P., 3.50%, 09/01/2025 |  | 21169000 |  | 21169000 |
|  |  |  |  | 31879850 |
|  Semiconductors & Semiconductor Equipment-1.20% | Semiconductors & Semiconductor Equipment-1.20% | Semiconductors & Semiconductor Equipment-1.20% | Semiconductors & Semiconductor Equipment-1.20% | Semiconductors & Semiconductor Equipment-1.20% |
|  Applied Materials, Inc., 3.90%, 10/01/2025 |  | 13469000 |  | 13462323 |
|  Microchip Technology, Inc., 4.25%, 09/01/2025 |  | 23088000 |  | 23088000 |
|  |  |  |  | 36550323 |
|  Software-2.98% |  |  |  |  |
|  Microsoft Corp., 3.13%, 11/03/2025 |  | 57738000 |  | 57620356 |
|  Oracle Corp., 5.80%, 11/10/2025 |  | 19244000 |  | 19288884 |
|  Roper Technologies, Inc., 1.00%, 09/15/2025 |  | 13473000 |  | 13455324 |
|  |  |  |  | 90364564 |
|  Specialized REITs-0.78% |  |  |  |  |
|  American Tower Corp., 1.30%, 09/15/2025 |  | 9654000 |  | 9641283 |
|  Equinix, Inc., 1.00%, 09/15/2025 |  | 13918000 |  | 13898259 |
|  |  |  |  | 23539542 |
|  Specialty Retail-2.14% |  |  |  |  |
|  Home Depot, Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/15/2025 |  | 19778000 |  | 19768831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/2025 |  | 14911000 |  | 14905439 |
|  Lowe's Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/08/2025 |  | 17372000 |  | 17371480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/2025 |  | 13029000 |  | 13023525 |
|  |  |  |  | 65069275 |
|  Technology Hardware, Storage & Peripherals-1.61% | Technology Hardware, Storage & Peripherals-1.61% | Technology Hardware, Storage & Peripherals-1.61% |  |  |
|  Hewlett Packard Enterprise Co., 4.90%, 10/15/2025 |  | 48834000 |  | 48837096 |

---

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

---

| |
|:---|
| 4 |
| 4 |
| 4 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)–(continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Tobacco-0.48% |  |  |  |
|  Philip Morris International, Inc., 5.00%, 11/17/2025 | $| 14434000 | $14448728 |
|  Wireless Telecommunication Services-0.44% | Wireless Telecommunication Services-0.44% | Wireless Telecommunication Services-0.44% |  |
|  Rogers Communications, Inc. (Canada), 3.63%, 12/15/2025 |  | 13516000 | 13477597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $1,732,210,817) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $1,732,210,817) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $1,732,210,817) | 1732169956 |
|  | Shares | Shares |  |
|  Money Market Funds-42.02% | Money Market Funds-42.02% | Money Market Funds-42.02% |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.21%<sup>(c)(d)</sup><br>(Cost $1,274,791,055) |  | 1274791055 | 1274791055 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.12%<br>(Cost $3,007,001,872) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.12%<br>(Cost $3,007,001,872) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.12%<br>(Cost $3,007,001,872) | 3006961011 |

---

Investment Abbreviations:

REIT-Real Estate Investment Trust

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Investments Purchased with Cash Collateral from Securities on Loan | Investments Purchased with Cash Collateral from Securities on Loan |  |
|  Money Market Funds-0.73% |  |  |
|  Invesco Private Government Fund, 4.28%<sup>(c)(d)(e)</sup> | 6138502 | $6138502 |
|  Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup> | 15964368 | 15969157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $22,106,302) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $22,106,302) | 22107659 |
|  TOTAL INVESTMENTS IN SECURITIES-99.85%<br>(Cost $3,029,108,174) | TOTAL INVESTMENTS IN SECURITIES-99.85%<br>(Cost $3,029,108,174) | 3029068670 |
|  OTHER ASSETS LESS LIABILITIES-0.15% | OTHER ASSETS LESS LIABILITIES-0.15% | 4676809 |
|  NET ASSETS-100.00% |  | $3033745479 |

---

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 August 31, 2025.

<sup>(c)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in 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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value<br>August 31, 2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Realized<br>Gain<br>(Loss) | Value<br>August 31, 2025 | Dividend<br>Income |
| Investments in Affiliated Money Market Funds: |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $18237269 | $3168893016 | $(1912339230) | $- | $- | $1274791055 | $12278611 |
| Investments Purchased with Cash Collateral from Securities on Loan: |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 59205679 | 233212168 | (286279345) |  |  | 6138502 | 1856709 \* |
| Invesco Private Prime Fund | 169188488 | 462983117 | (616179353) | (10332) | (12763) | 15969157 | 4945007 \* |
| Total | $246631436 | $3865088301 | $(2814797928) | $(10332) | $(12763) | $1296898714 | $19080327 |

---

\* 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>(d)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<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.

---

| |
|:---|
| 5 |
| 5 |
| 5 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  U.S. Dollar Denominated Bonds & Notes-98.93% | U.S. Dollar Denominated Bonds & Notes-98.93% | U.S. Dollar Denominated Bonds & Notes-98.93% |
|  Aerospace & Defense-2.29% |  |  |
|  Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/01/2026 | $12121000 | $&nbsp;&nbsp;&nbsp;&nbsp;12029792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/04/2026 | 47345000 | 46897413 |
|  General Dynamics Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/01/2026<sup>(b)</sup> | 4280000 | 4183910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 08/15/2026 | 4284000 | 4210231 |
|  Lockheed Martin Corp., 3.55%, 01/15/2026 | 8627000 | 8602664 |
|  RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/27/2026 | 4303000 | 4313756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/01/2026 | 6209000 | 6104549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/08/2026 | 10828000 | 11011017 |
|  |  | 97353332 |
|  Air Freight & Logistics-0.25% |  |  |
|  FedEx Corp., 3.25%, 04/01/2026<sup>(b)</sup> | 6481000 | 6445246 |
|  United Parcel Service, Inc., 2.40%, 11/15/2026 | 4319000 | 4239209 |
|  |  | 10684455 |
|  Automobiles-4.33% |  |  |
|  American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/09/2026 | 7321000 | 7335837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/12/2026<sup>(b)</sup> | 4305000 | 4310380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/07/2026 | 8256000 | 8331982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/09/2026 | 6472000 | 6285882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 09/09/2026 | 4292000 | 4209835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 10/05/2026 | 5935000 | 5952271 |
|  Ford Motor Co., 4.35%, 12/08/2026<sup>(b)</sup> | 12934000 | 12870067 |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 01/08/2026 | 10352000 | 10335894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 03/06/2026 | 11212000 | 11304794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 06/10/2026 | 7714000 | 7816501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/10/2026 | 12939000 | 12683837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/05/2026<sup>(b)</sup> | 10350000 | 10371074 |
|  PACCAR Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/30/2026<sup>(b)</sup> | 4308000 | 4314521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 11/09/2026 | 4279000 | 4343736 |
|  Toyota Motor Corp. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.34%, 03/25/2026 | 8627000 | 8490385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.28%, 07/13/2026<sup>(b)</sup> | 4305000 | 4344181 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 01/05/2026<sup>(b)</sup> | 7749000 | 7762435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 01/09/2026 | 6027000 | 5955154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/15/2026<sup>(b)</sup> | 6427000 | 6476009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/18/2026 | 12008000 | 12025841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/18/2026<sup>(b)</sup> | 8629000 | 8431225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/07/2026 | 6470000 | 6499140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/14/2026<sup>(b)</sup> | 5598000 | 5645750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/20/2026<sup>(b)</sup> | 7764000 | 7894379 |
|  |  | 183991110 |
|  Banks-22.18% |  |  |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/03/2026 | 17258000 | 17268207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/19/2026 | 21574000 | 21496602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/22/2026 | 17215000 | 17228497 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Banks-(continued) |  |  |
|  Bank of America N.A., 5.53%, 08/18/2026 | $17274000 | $&nbsp;&nbsp;&nbsp;&nbsp;17494375 |
|  Bank of Montreal (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 06/05/2026<sup>(b)</sup> | 11645000 | 11732230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 12/11/2026<sup>(b)</sup> | 9923000 | 10064732 |
|  Bank of Nova Scotia (The) (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/02/2026<sup>(b)</sup> | 10782000 | 10803804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 03/02/2026<sup>(b)</sup> | 8200000 | 8069856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 06/24/2026<sup>(b)</sup> | 6475000 | 6332395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/15/2026<sup>(b)</sup> | 7763000 | 7544907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 12/07/2026<sup>(b)</sup> | 9889000 | 10031197 |
|  Barclays PLC (United Kingdom), 5.20%, 05/12/2026 | 17599000 | 17669240 |
|  BPCE S.A. (France), 3.38%, 12/02/2026 | 5105000 | 5060027 |
|  Canadian Imperial Bank of Commerce (Canada), 5.93%, 10/02/2026<sup>(b)</sup> | 7318000 | 7455341 |
|  Capital One N.A., 3.45%, 07/27/2026 | 8627000 | 8562288 |
|  Citibank N.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.44%, 04/30/2026 | 17248000 | 17370326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 08/06/2026 | 12957000 | 13046443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.49%, 12/04/2026 | 17252000 | 17531187 |
|  Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/12/2026 | 17246000 | 17204760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/09/2026 | 12941000 | 12953792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/2026<sup>(b)</sup> | 17249000 | 17147683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/21/2026 | 25880000 | 25594548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/20/2026 | 8620000 | 8624058 |
|  Cooperatieve Rabobank U.A. (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 01/09/2026<sup>(b)</sup> | 8612000 | 8625718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/21/2026 | 12936000 | 12855444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 08/28/2026 | 4241000 | 4253398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/05/2026 | 6041000 | 6139043 |
|  Fifth Third Bank N.A., 3.85%, 03/15/2026 | 6475000 | 6455002 |
|  HSBC Holdings PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/08/2026 | 15160000 | 15159872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/23/2026 | 7637000 | 7647652 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/2026 | 21997000 | 21879986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/2026 | 15094000 | 14984096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/01/2026 | 26000000 | 25711177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 10/15/2026<sup>(b)</sup> | 5362000 | 5571577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/2026 | 18264000 | 18273874 |
|  JPMorgan Chase Bank N.A., 5.11%, 12/08/2026<sup>(b)</sup> | 23976000 | 24290784 |
|  KeyBank N.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 01/26/2026 | 4282000 | 4283692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/20/2026 | 5180000 | 5142765 |
|  Lloyds Banking Group PLC (United Kingdom), 4.65%, 03/24/2026 | 12955000 | 12955026 |
|  Manufacturers & Traders Trust Co., 4.65%, 01/27/2026 | 11215000 | 11223988 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/01/2026 | 20485000 | 20429457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 09/13/2026<sup>(b)</sup> | 8487000 | 8364769 |

---

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

---

| |
|:---|
| 6 |
| 6 |
| 6 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Banks-(continued) |  |  |
|  Mizuho Financial Group, Inc. (Japan), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 09/13/2026<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;8523000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8411044 |
|  Morgan Stanley Bank N.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/21/2026 | 12957000 | 12986758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/30/2026<sup>(b)</sup> | 14228000 | 14510577 |
|  NatWest Group PLC (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/05/2026 | 12941000 | 12977452 |
|  PNC Financial Services Group, Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 08/13/2026 | 6044000 | 5875246 |
|  Royal Bank of Canada (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/12/2026 | 8628000 | 8642804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 07/14/2026 | 6444000 | 6286552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/20/2026 | 8629000 | 8703612 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/12/2026 | 8625000 | 8520801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 01/13/2026 | 15543000 | 15602681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 03/09/2026<sup>(b)</sup> | 12939000 | 12905947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/13/2026 | 7308000 | 7410052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/14/2026 | 19415000 | 19159687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/17/2026 | 17249000 | 16767255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 10/19/2026<sup>(b)</sup> | 12935000 | 12775555 |
|  Toronto-Dominion Bank (The) (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 01/09/2026<sup>(b)</sup> | 6428000 | 6442208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.53%, 07/17/2026<sup>(b)</sup> | 15543000 | 15718236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.26%, 12/11/2026 | 4320000 | 4383503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 12/17/2026 | 12069000 | 12130088 |
|  Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/2026 | 6474000 | 6426568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/30/2026 | 7336000 | 7292883 |
|  U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V, 2.38%, 07/22/2026 | 11662000 | 11489783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W, 3.10%, 04/27/2026 | 8634000 | 8567983 |
|  UBS AG (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/01/2026 | 8386000 | 8201177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/07/2026 | 14066000 | 13697931 |
|  Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/22/2026 | 30101000 | 29869569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/03/2026 | 21017000 | 20982142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/23/2026 | 30189000 | 29801301 |
|  Wells Fargo Bank N.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 01/15/2026 | 15525000 | 15544840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 08/07/2026 | 18999000 | 19202771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/11/2026<sup>(b)</sup> | 19416000 | 19691943 |
|  |  | 941512764 |
|  Beverages-1.28% |  |  |
|  Constellation Brands, Inc., 3.70%, 12/06/2026 | 5139000 | 5105062 |
|  Diageo Capital PLC (United Kingdom), 5.38%, 10/05/2026<sup>(b)</sup> | 6907000 | 6995335 |
|  Molson Coors Beverage Co., 3.00%, 07/15/2026 | 17256000 | 17060752 |
|  PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 02/13/2026<sup>(b)</sup> | 4304000 | 4307000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/24/2026<sup>(b)</sup> | 6425000 | 6384213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/06/2026<sup>(b)</sup> | 8610000 | 8472303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/10/2026 | 6050000 | 6129739 |
|  |  | 54454404 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Biotechnology-2.62% |  |  |
|  AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/14/2026 | $17248053 | $&nbsp;&nbsp;&nbsp;&nbsp;17133910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/2026 | 34408000 | 33965867 |
|  Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.51%, 03/02/2026 | 12911000 | 12912388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/19/2026 | 10795000 | 10639556 |
|  Gilead Sciences, Inc., 3.65%, 03/01/2026<sup>(b)</sup> | 23723000 | 23645395 |
|  Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/2026 | 12935000 | 12805446 |
|  |  | 111102562 |
|  Broadline Retail-0.70% |  |  |
|  Amazon.com, Inc., 1.00%, 05/12/2026<sup>(b)</sup> | 23718000 | 23226975 |
|  eBay, Inc., 1.40%, 05/10/2026<sup>(b)</sup> | 6433000 | 6308895 |
|  |  | 29535870 |
|  Building Products-0.10% |  |  |
|  Johnson Controls International PLC, 3.90%, 02/14/2026 | 4170000 | 4156131 |
|  Capital Markets-6.89% |  |  |
|  Ameriprise Financial, Inc., 2.88%, 09/15/2026 | 4323000 | 4268184 |
|  Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/2026 | 9914000 | 9885925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/15/2026 | 8575000 | 8408019 |
|  Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/28/2026 | 6040000 | 5953639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/04/2026<sup>(b)</sup> | 6475000 | 6419936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/17/2026 | 6450000 | 6355392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 10/15/2026 | 4313000 | 4175697 |
|  Blackstone Secured Lending Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/2026 | 6835000 | 6805257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/16/2026<sup>(b)</sup> | 6005000 | 5896247 |
|  Blue Owl Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/2026 | 4270000 | 4259736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/15/2026 | 8593000 | 8490813 |
|  Brookfield Finance, Inc. (Canada), 4.25%, 06/02/2026 | 4320000 | 4318099 |
|  Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/11/2026<sup>(b)</sup> | 10798000 | 10611441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/13/2026 | 8641000 | 8458703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 08/24/2026<sup>(b)</sup> | 8592000 | 8720840 |
|  Deutsche Bank AG (Germany), 1.69%, 03/19/2026 | 6914000 | 6822984 |
|  FS KKR Capital Corp., 3.40%, 01/15/2026<sup>(b)</sup> | 8613000 | 8560318 |
|  Goldman Sachs BDC, Inc., 2.88%, 01/15/2026 | 4283000 | 4252411 |
|  Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/2026 | 15093000 | 15052312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/16/2026 | 23716000 | 23525552 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/27/2026 | 25886000 | 25840408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/27/2026 | 25879000 | 25646952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/09/2026<sup>(b)</sup> | 6201000 | 6323414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/08/2026 | 19405000 | 19424147 |
|  Nasdaq, Inc., 3.85%, 06/30/2026<sup>(b)</sup> | 4301000 | 4292105 |

---

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

---

| |
|:---|
| 7 |
| 7 |
| 7 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Capital Markets-(continued) |  |  |  |
|  Nomura Holdings, Inc. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 01/09/2026 | $| &nbsp;&nbsp;&nbsp;&nbsp;5180000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5201711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/14/2026<sup>(b)</sup> |  | 10783000 | 10545599 |
|  State Street Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/19/2026 |  | 6474000 | 6408475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 08/03/2026<sup>(b)</sup> |  | 10358000 | 10452697 |
|  UBS Group AG (Switzerland), 4.55%, 04/17/2026 |  | 17094000 | 17121834 |
|  |  |  | 292498847 |
|  Chemicals-0.81% |  |  |  |
|  Ecolab, Inc., 2.70%, 11/01/2026 |  | 6482000 | 6382831 |
|  EIDP, Inc., 4.50%, 05/15/2026<sup>(b)</sup> |  | 5178000 | 5184099 |
|  FMC Corp., 3.20%, 10/01/2026 |  | 4279000 | 4223522 |
|  Linde, Inc., 3.20%, 01/30/2026<sup>(b)</sup> |  | 6240000 | 6212982 |
|  PPG Industries, Inc., 1.20%, 03/15/2026 |  | 6039000 | 5938577 |
|  Westlake Corp., 3.60%, 08/15/2026 |  | 6462000 | 6416885 |
|  |  |  | 34358896 |
|  Commercial Services & Supplies-0.44% | Commercial Services & Supplies-0.44% | Commercial Services & Supplies-0.44% |  |
|  CDW LLC/CDW Finance Corp., 2.67%, 12/01/2026<sup>(b)</sup> |  | 8639000 | 8457103 |
|  Republic Services, Inc., 2.90%, 07/01/2026<sup>(b)</sup> |  | 4316000 | 4276226 |
|  Veralto Corp., 5.50%, 09/18/2026 |  | 6036000 | 6100542 |
|  |  |  | 18833871 |
|  Communications Equipment-0.65% |  |  |  |
|  Cisco Systems, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/26/2026 |  | 8570000 | 8596641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/28/2026<sup>(b)</sup> |  | 6471000 | 6429907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/20/2026 |  | 12946300 | 12755570 |
|  |  |  | 27782118 |
|  Consumer Finance-2.16% |  |  |  |
|  American Express Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/13/2026 |  | 10346000 | 10366738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 11/04/2026 |  | 9502000 | 9240347 |
|  Capital One Financial Corp., 3.75%, 07/28/2026<sup>(b)</sup> |  | 12937000 | 12859639 |
|  General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/08/2026 |  | 12934000 | 12786325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/2026 |  | 10723650 | 10742566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 04/06/2026 |  | 14204000 | 14273213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/10/2026 |  | 10828000 | 10583552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/06/2026<sup>(b)</sup> |  | 6451000 | 6420756 |
|  Synchrony Financial, 3.70%, 08/04/2026 |  | 4318000 | 4287955 |
|  |  |  | 91561091 |
|  Consumer Staples Distribution & Retail-1.05% | Consumer Staples Distribution & Retail-1.05% | Consumer Staples Distribution & Retail-1.05% |  |
|  Kroger Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2026<sup>(b)</sup> |  | 4316000 | 4299432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/15/2026 |  | 6460000 | 6355022 |
|  Sysco Corp., 3.30%, 07/15/2026 |  | 8631000 | 8557548 |
|  Target Corp., 2.50%, 04/15/2026 |  | 8609000 | 8531225 |
|  Walmart, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/2026<sup>(b)</sup> |  | 6487000 | 6484375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 09/17/2026<sup>(b)</sup> |  | 10776000 | 10467676 |
|  |  |  | 44695278 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Containers & Packaging-0.41% |  |  |  |  |
|  Berry Global, Inc., 1.57%, 01/15/2026 | $| 13147000 | $| &nbsp;&nbsp;&nbsp;&nbsp;12993688 |
|  Sonoco Products Co., 4.45%, 09/01/2026 |  | 4314000 |  | 4314231 |
|  |  |  |  | 17307919 |
|  Diversified Telecommunication Services-0.76% | Diversified Telecommunication Services-0.76% | Diversified Telecommunication Services-0.76% |  |  |
|  AT&T, Inc., 1.70%, 03/25/2026 |  | 25739000 |  | 25367012 |
|  Verizon Communications, Inc., 1.45%, 03/20/2026<sup>(b)</sup> |  | 7101000 |  | 6991192 |
|  |  |  |  | 32358204 |
|  Electric Utilities-3.40% |  |  |  |  |
|  Commonwealth Edison Co., 2.55%, 06/15/2026<sup>(b)</sup> |  | 4242000 |  | 4192052 |
|  Duke Energy Carolinas LLC, 2.95%, 12/01/2026 |  | 5179000 |  | 5118699 |
|  Duke Energy Corp., 2.65%, 09/01/2026 |  | 12915000 |  | 12723774 |
|  Emera US Finance L.P. (Canada), 3.55%, 06/15/2026 |  | 6443000 |  | 6390693 |
|  Entergy Arkansas LLC, 3.50%, 04/01/2026 |  | 5169000 |  | 5142242 |
|  Entergy Corp., 2.95%, 09/01/2026 |  | 6476000 |  | 6387367 |
|  Exelon Corp., 3.40%, 04/15/2026 |  | 6462000 |  | 6425191 |
|  Florida Power & Light Co., 4.45%, 05/15/2026<sup>(b)</sup> |  | 4268000 |  | 4274316 |
|  Fortis, Inc. (Canada), 3.06%, 10/04/2026 |  | 9489000 |  | 9348470 |
|  National Rural Utilities Cooperative Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/13/2026<sup>(b)</sup> |  | 5173000 |  | 5174214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/15/2026 |  | 5113000 |  | 4986725 |
|  NextEra Energy Capital Holdings, Inc., 4.95%, 01/29/2026<sup>(b)</sup> |  | 8571000 |  | 8589077 |
|  Pacific Gas and Electric Co., 3.15%, 01/01/2026<sup>(b)</sup> |  | 16837575 |  | 16737834 |
|  PPL Capital Funding, Inc., 3.10%, 05/15/2026<sup>(b)</sup> |  | 5570000 |  | 5514445 |
|  San Diego Gas & Electric Co., 2.50%, 05/15/2026 |  | 4292000 |  | 4240129 |
|  Southern California Edison Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/01/2026<sup>(b)</sup> |  | 5144000 |  | 5154842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/06/2026 |  | 4322000 |  | 4326163 |
|  Southern Co. (The), 3.25%, 07/01/2026 |  | 15093000 |  | 14959640 |
|  Southwestern Electric Power Co., Series N, 1.65%, 03/15/2026 |  | 4290000 |  | 4230986 |
|  Virginia Electric & Power Co., Series A, 3.15%, 01/15/2026 |  | 6409000 |  | 6378784 |
|  Xcel Energy, Inc., 3.35%, 12/01/2026 |  | 4241000 |  | 4194680 |
|  |  |  |  | 144490323 |
|  Electrical Equipment-0.37% |  |  |  |  |
|  Emerson Electric Co., 0.88%, 10/15/2026 |  | 6429000 |  | 6217143 |
|  Regal Rexnord Corp., 6.05%, 02/15/2026 |  | 9482000 |  | 9523176 |
|  |  |  |  | 15740319 |
|  Electronic Equipment, Instruments & Components-0.55% | Electronic Equipment, Instruments & Components-0.55% | Electronic Equipment, Instruments & Components-0.55% | Electronic Equipment, Instruments & Components-0.55% | Electronic Equipment, Instruments & Components-0.55% |
|  Avnet, Inc., 4.63%, 04/15/2026 |  | 4709000 |  | 4708957 |
|  Jabil, Inc., 1.70%, 04/15/2026 |  | 4315000 |  | 4244890 |

---

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

---

| |
|:---|
| 8 |
| 8 |
| 8 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Electronic Equipment, Instruments & Components-(continued) | Electronic Equipment, Instruments & Components-(continued) | Electronic Equipment, Instruments & Components-(continued) |
|  TD SYNNEX Corp., 1.75%, 08/09/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;5994000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5846968 |
|  Tyco Electronics Group S.A. (Switzerland), 4.50%, 02/13/2026<sup>(b)</sup> | 4305000 | 4306985 |
|  Vontier Corp., 1.80%, 04/01/2026 | 4313000 | 4252877 |
|  |  | 23360677 |
|  Energy Equipment & Services-0.12% |  |  |
|  Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 2.06%, 12/15/2026<sup>(b)</sup> | 5152000 | 5016116 |
|  Entertainment-1.02% |  |  |
|  Netflix, Inc., 4.38%, 11/15/2026 | 8584000 | 8638026 |
|  Take-Two Interactive Software, Inc., 5.00%, 03/28/2026 | 4746000 | 4760385 |
|  TWDC Enterprises 18 Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/13/2026<sup>(b)</sup> | 8614000 | 8565532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 07/30/2026<sup>(b)</sup> | 8591000 | 8425517 |
|  Walt Disney Co. (The), 1.75%, 01/13/2026<sup>(b)</sup> | 12938000 | 12830599 |
|  |  | 43220059 |
|  Financial Services-3.77% |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/30/2026 | 8629000 | 8531466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/29/2026 | 32297000 | 31644028 |
|  Berkshire Hathaway, Inc., 3.13%, 03/15/2026 | 21564000 | 21443947 |
|  Blackstone Private Credit Fund, 2.63%, 12/15/2026<sup>(b)</sup> | 10708000 | 10446189 |
|  Block, Inc., 2.75%, 06/01/2026 | 8615000 | 8474546 |
|  Fidelity National Information Services, Inc., 1.15%, 03/01/2026<sup>(b)</sup> | 10794000 | 10624215 |
|  Fiserv, Inc., 3.20%, 07/01/2026 | 17239000 | 17084153 |
|  Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 03/01/2026 | 9483000 | 9332332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/01/2026 | 6448569 | 6450515 |
|  Mastercard, Inc., 2.95%, 11/21/2026 | 6479000 | 6406519 |
|  PayPal Holdings, Inc., 2.65%, 10/01/2026<sup>(b)</sup> | 10790000 | 10626945 |
|  State Street Bank and Trust Co., 4.59%, 11/25/2026 | 9920000 | 9999830 |
|  Voya Financial, Inc., 3.65%, 06/15/2026. | 3858000 | 3839724 |
|  Western Union Co. (The), 1.35%, 03/15/2026 | 5145000 | 5059166 |
|  |  | 159963575 |
|  Food Products-1.27% |  |  |
|  Archer-Daniels-Midland Co., 2.50%, 08/11/2026 | 8635000 | 8508114 |
|  Bunge Ltd. Finance Corp., 3.25%, 08/15/2026<sup>(b)</sup> | 6035000 | 5981976 |
|  Conagra Brands, Inc., 5.30%, 10/01/2026<sup>(b)</sup> | 4268000 | 4309093 |
|  Hershey Co. (The), 2.30%, 08/15/2026<sup>(b)</sup> | 4316000 | 4246294 |
|  Ingredion, Inc., 3.20%, 10/01/2026 | 4321000 | 4275765 |
|  Kellanova, 3.25%, 04/01/2026 | 6481000 | 6442457 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Food Products-(continued) |  |  |  |
|  Kraft Heinz Foods Co. (The), 3.00%, 06/01/2026 | $| 16089000 | $&nbsp;&nbsp;&nbsp;&nbsp;15915686 |
|  McCormick & Co., Inc., 0.90%, 02/15/2026 |  | 4284000 | 4215411 |
|  |  |  | 53894796 |
|  Gas Utilities-0.10% |  |  |  |
|  Southern California Gas Co., Series TT, 2.60%, 06/15/2026 |  | 4310000 | 4253509 |
|  Ground Transportation-0.79% |  |  |  |
|  Canadian National Railway Co. (Canada), 2.75%, 03/01/2026<sup>(b)</sup> |  | 4320000 | 4285650 |
|  Canadian Pacific Railway Co. (Canada), 1.75%, 12/02/2026 |  | 8622000 | 8379291 |
|  CSX Corp., 2.60%, 11/01/2026 |  | 6040000 | 5942789 |
|  Norfolk Southern Corp., 2.90%, 06/15/2026 |  | 5140000 | 5084521 |
|  Union Pacific Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/21/2026 |  | 4302000 | 4308533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/2026<sup>(b)</sup> |  | 5549000 | 5507535 |
|  |  |  | 33508319 |
|  Health Care Equipment & Supplies-0.70% | Health Care Equipment & Supplies-0.70% | Health Care Equipment & Supplies-0.70% |  |
|  Abbott Laboratories, 3.75%, 11/30/2026 |  | 14659000 | 14634497 |
|  Baxter International, Inc., 2.60%, 08/15/2026<sup>(b)</sup> |  | 6454000 | 6354165 |
|  Stryker Corp., 3.50%, 03/15/2026 |  | 8625000 | 8595024 |
|  |  |  | 29583686 |
|  Health Care Providers & Services-3.22% | Health Care Providers & Services-3.22% | Health Care Providers & Services-3.22% |  |
|  Cardinal Health, Inc., 4.70%, 11/15/2026 |  | 4305000 | 4334217 |
|  Cigna Group (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/25/2026 |  | 9050000 | 9054327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/15/2026<sup>(b)</sup> |  | 4736000 | 4658562 |
|  CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/20/2026 |  | 12940000 | 12971413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/01/2026 |  | 15060000 | 14885757 |
|  Elevance Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/08/2026 |  | 4299000 | 4299200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/15/2026<sup>(b)</sup> |  | 6480000 | 6378132 |
|  HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/2026 |  | 12948500 | 12959435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2026 |  | 12866000 | 12889503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/01/2026 |  | 8631000 | 8664432 |
|  Laboratory Corp. of America Holdings, 1.55%, 06/01/2026<sup>(b)</sup> |  | 4268000 | 4183480 |
|  McKesson Corp., 1.30%, 08/15/2026 |  | 4305000 | 4191753 |
|  Quest Diagnostics, Inc., 3.45%, 06/01/2026 |  | 4311000 | 4284219 |
|  UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/15/2026 |  | 4292000 | 4242191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/2026<sup>(b)</sup> |  | 8600000 | 8544369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/15/2026<sup>(b)</sup> |  | 8641000 | 8455705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/2026 |  | 5611000 | 5641123 |
|  Universal Health Services, Inc., 1.65%, 09/01/2026<sup>(b)</sup> |  | 6043000 | 5876519 |
|  |  |  | 136514337 |

---

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

---

| |
|:---|
| 9 |
| 9 |
| 9 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Health Care REITs-0.50% | Health Care REITs-0.50% | Health Care REITs-0.50% |
|  Healthpeak OP LLC, 3.25%, 07/15/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;5608000 | $&nbsp;&nbsp;&nbsp;&nbsp;5557341 |
|  Omega Healthcare Investors, Inc., 5.25%, 01/15/2026<sup>(b)</sup> | 5179000 | 5180356 |
|  Ventas Realty L.P., 4.13%, 01/15/2026 | 4289000 | 4281006 |
|  Welltower OP LLC, 4.25%, 04/01/2026<sup>(b)</sup> | 5977000 | 5975193 |
|  |  | 20993896 |
|  Hotels, Restaurants & Leisure-1.16% |  |  |
|  Booking Holdings, Inc., 3.60%, 06/01/2026 | 8620000 | 8587313 |
|  Expedia Group, Inc., 5.00%, 02/15/2026 | 6462029 | 6466890 |
|  Marriott International, Inc., Series R, 3.13%, 06/15/2026 | 6431000 | 6371473 |
|  McDonald's Corp., 3.70%, 01/30/2026 | 15096000 | 15055402 |
|  Starbucks Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2026<sup>(b)</sup> | 8612000 | 8624793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/15/2026<sup>(b)</sup> | 4268000 | 4212527 |
|  |  | 49318398 |
|  Household Durables-0.12% |  |  |
|  DR Horton, Inc., 1.30%, 10/15/2026<sup>(b)</sup> | 5167000 | 5010628 |
|  Household Products-0.73% |  |  |
|  Colgate-Palmolive Co., 4.80%, 03/02/2026 | 4289000 | 4303150 |
|  Procter & Gamble Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 01/26/2026 | 5581000 | 5578878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/02/2026<sup>(b)</sup> | 5177000 | 5138571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/23/2026 | 8571000 | 8405343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/03/2026 | 7552000 | 7434034 |
|  |  | 30859976 |
|  Independent Power and Renewable Electricity Producers-0.16% | Independent Power and Renewable Electricity Producers-0.16% | Independent Power and Renewable Electricity Producers-0.16% |
|  AES Corp. (The), 1.38%, 01/15/2026 | 6864000 | 6777462 |
|  Industrial Conglomerates-0.43% |  |  |
|  3M Co., 2.25%, 09/19/2026<sup>(b)</sup> | 5618000 | 5510578 |
|  Honeywell International, Inc., 2.50%, 11/01/2026<sup>(b)</sup> | 12942000 | 12717018 |
|  |  | 18227596 |
|  Insurance-1.36% |  |  |
|  Allstate Corp. (The), 3.28%, 12/15/2026 | 4713000 | 4663234 |
|  Arch Capital Finance LLC, 4.01%, 12/15/2026 | 4317000 | 4311977 |
|  Chubb INA Holdings LLC, 3.35%, 05/03/2026 | 12935000 | 12860539 |
|  CNA Financial Corp., 4.50%, 03/01/2026 | 4270000 | 4268950 |
|  Loews Corp., 3.75%, 04/01/2026 | 4264000 | 4250803 |
|  Manulife Financial Corp. (Canada), 4.15%, 03/04/2026<sup>(b)</sup> | 8611000 | 8605008 |
|  Marsh & McLennan Cos., Inc., 3.75%, 03/14/2026 | 5151000 | 5136059 |
|  Old Republic International Corp., 3.88%, 08/26/2026 | 4747000 | 4722364 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Insurance-(continued) |  |  |  |
|  Prudential Financial, Inc., 1.50%, 03/10/2026 | $| &nbsp;&nbsp;&nbsp;&nbsp;4312000 | $&nbsp;&nbsp;&nbsp;&nbsp;4249951 |
|  Trinity Acquisition PLC, 4.40%, 03/15/2026 |  | 4697000 | 4692323 |
|  |  |  | 57761208 |
|  Interactive Media & Services-0.40% |  |  |  |
|  Alphabet, Inc., 2.00%, 08/15/2026 |  | 17257000 | 16940283 |
|  IT Services-0.83% |  |  |  |
|  CGI, Inc. (Canada), 1.45%, 09/14/2026<sup>(b)</sup> |  | 5147000 | 5013497 |
|  DXC Technology Co., 1.80%, 09/15/2026<sup>(b)</sup> |  | 6049000 | 5889626 |
|  International Business Machines Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/06/2026 |  | 7339000 | 7344444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/19/2026<sup>(b)</sup> |  | 11637000 | 11592610 |
|  Kyndryl Holdings, Inc., 2.05%, 10/15/2026 |  | 5735000 | 5583344 |
|  |  |  | 35423521 |
|  Leisure Products-0.11% |  |  |  |
|  Hasbro, Inc., 3.55%, 11/19/2026 |  | 4791000 | 4744667 |
|  Life Sciences Tools & Services-0.43% | Life Sciences Tools & Services-0.43% | Life Sciences Tools & Services-0.43% |  |
|  Illumina, Inc., 4.65%, 09/09/2026 |  | 4300000 | 4312306 |
|  Thermo Fisher Scientific, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/10/2026 |  | 5172000 | 5207527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/05/2026<sup>(b)</sup> |  | 8610000 | 8708355 |
|  |  |  | 18228188 |
|  Machinery-2.87% |  |  |  |
|  Caterpillar Financial Services Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 01/06/2026 |  | 7766000 | 7777322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 02/27/2026 |  | 6889000 | 6916675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/02/2026 |  | 6425000 | 6321046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/15/2026 |  | 12478000 | 12496772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 09/14/2026 |  | 4291000 | 4170422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/16/2026 |  | 6405000 | 6439047 |
|  CNH Industrial Capital LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/15/2026 |  | 4267000 | 4221602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 07/15/2026<sup>(b)</sup> |  | 5177000 | 5049794 |
|  Fortive Corp., 3.15%, 06/15/2026 |  | 7736000 | 7663352 |
|  Illinois Tool Works, Inc., 2.65%, 11/15/2026 |  | 8622000 | 8504024 |
|  John Deere Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 01/09/2026<sup>(b)</sup> |  | 10333000 | 10351347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 01/15/2026 |  | 7710000 | 7609278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/03/2026<sup>(b)</sup> |  | 4753000 | 4774829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/08/2026 |  | 5176000 | 5205988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/10/2026<sup>(b)</sup> |  | 4317000 | 4269135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 06/17/2026<sup>(b)</sup> |  | 4720000 | 4611809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/08/2026 |  | 4740000 | 4797731 |
|  Wabtec Corp., 3.45%, 11/15/2026 |  | 6451000 | 6390408 |
|  Xylem, Inc., 3.25%, 11/01/2026<sup>(b)</sup> |  | 4264000 | 4217811 |
|  |  |  | 121788392 |
|  Media-0.93% |  |  |  |
|  Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 6.15%, 11/10/2026 |  | 9487000 | 9634306 |

---

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

---

| |
|:---|
| 10 |
| 10 |
| 10 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Media-(continued) |  |  |
|  Comcast Corp., 3.15%, 03/01/2026 | $18086000 | $&nbsp;&nbsp;&nbsp;&nbsp;17987032 |
|  Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026 | 12076000 | 12013376 |
|  |  | 39634714 |
|  Multi-Utilities-0.87% |  |  |
|  Ameren Corp., 5.70%, 12/01/2026<sup>(b)</sup> | 5172000 | 5258755 |
|  CenterPoint Energy, Inc., 1.45%, 06/01/2026 | 4314000 | 4221606 |
|  Dominion Energy, Inc., Series A, 1.45%, 04/15/2026 | 4817000 | 4733179 |
|  DTE Electric Co., 4.85%, 12/01/2026 | 4304000 | 4356399 |
|  DTE Energy Co., 2.85%, 10/01/2026 | 5153000 | 5080640 |
|  Sempra, 5.40%, 08/01/2026 | 4739000 | 4778153 |
|  WEC Energy Group, Inc., 4.75%, 01/09/2026 | 8618000 | 8624052 |
|  |  | 37052784 |
|  Office REITs-0.40% |  |  |
|  Boston Properties L.P. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/2026 | 8634000 | 8595269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/01/2026 | 8654000 | 8506076 |
|  |  | 17101345 |
|  Oil, Gas & Consumable Fuels-6.24% |  |  |
|  Boardwalk Pipelines L.P., 5.95%, 06/01/2026 | 4752000 | 4784594 |
|  Chevron Corp., 2.95%, 05/16/2026 | 19405000 | 19250883 |
|  Diamondback Energy, Inc., 3.25%, 12/01/2026 | 6476000 | 6401632 |
|  Enbridge, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 10/04/2026 | 4321000 | 4201440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/2026 | 6446000 | 6560915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/2026 | 6431000 | 6434114 |
|  Energy Transfer L.P. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2026 | 8576954 | 8579804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/15/2026 | 4696000 | 4680650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 12/01/2026 | 8625000 | 8793685 |
|  Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 01/10/2026 | 6435000 | 6445671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/15/2026<sup>(b)</sup> | 7512000 | 7488263 |
|  EOG Resources, Inc., 4.15%, 01/15/2026 | 6474000 | 6467518 |
|  Equinor ASA (Norway), 1.75%, 01/22/2026 | 6477000 | 6412258 |
|  Expand Energy Corp., 5.38%, 02/01/2029<sup>(b)</sup> | 5761000 | 5775547 |
|  Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 03/01/2026 | 21453000 | 21332642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 08/16/2026<sup>(b)</sup> | 8607000 | 8470298 |
|  Kinder Morgan, Inc., 1.75%, 11/15/2026 | 4322000 | 4199356 |
|  MPLX L.P., 1.75%, 03/01/2026 | 12910000 | 12738150 |
|  ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 01/15/2026 | 5169000 | 5188281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2026 | 5565000 | 5569534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 11/01/2026 | 6452000 | 6529911 |
|  Ovintiv, Inc., 5.38%, 01/01/2026 | 3939000 | 3940178 |
|  Phillips 66, 1.30%, 02/15/2026 | 4309000 | 4245416 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Oil, Gas & Consumable Fuels-(continued) | Oil, Gas & Consumable Fuels-(continued) | Oil, Gas & Consumable Fuels-(continued) |
|  Pioneer Natural Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/15/2026 | $6472000 | $&nbsp;&nbsp;&nbsp;&nbsp;6393761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 03/29/2026 | 9497000 | 9539944 |
|  Plains All American Pipeline L.P./PAA Finance Corp., 4.50%, 12/15/2026 | 6468000 | 6474758 |
|  Sabine Pass Liquefaction LLC, 5.88%, 06/30/2026 | 4319000 | 4336345 |
|  Shell International Finance B.V. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/10/2026 | 15015000 | 14883751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/12/2026<sup>(b)</sup> | 8623000 | 8494822 |
|  Spectra Energy Partners L.P., 3.38%, 10/15/2026 | 5181000 | 5128029 |
|  Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 6.88%, 01/15/2029 | 5857000 | 5972002 |
|  TransCanada PipeLines Ltd. (Canada), 4.88%, 01/15/2026<sup>(b)</sup> | 7330000 | 7330829 |
|  Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/2026 | 8624049 | 8678510 |
|  Valero Energy Corp., 3.40%, 09/15/2026 | 3643000 | 3611409 |
|  Williams Cos., Inc. (The), 5.40%, 03/02/2026 | 9440000 | 9485209 |
|  |  | 264820109 |
|  Passenger Airlines-0.14% |  |  |
|  Delta Air Lines, Inc., 7.38%, 01/15/2026<sup>(b)</sup> | 5947000 | 5994267 |
|  Personal Care Products-0.29% |  |  |
|  Kenvue, Inc., 5.35%, 03/22/2026<sup>(b)</sup> | 6470000 | 6501163 |
|  Unilever Capital Corp. (United Kingdom), 2.00%, 07/28/2026<sup>(b)</sup> | 6044000 | 5939967 |
|  |  | 12441130 |
|  Pharmaceuticals-2.39% |  |  |
|  AstraZeneca Finance LLC (United Kingdom), 1.20%, 05/28/2026 | 10781000 | 10552424 |
|  AstraZeneca PLC (United Kingdom), 0.70%, 04/08/2026 | 10352000 | 10137775 |
|  Bristol-Myers Squibb Co., 4.95%, 02/20/2026 | 8576000 | 8604260 |
|  Eli Lilly and Co., 5.00%, 02/27/2026<sup>(b)</sup> | 6446000 | 6446804 |
|  Johnson & Johnson, 2.45%, 03/01/2026 | 17245000 | 17106413 |
|  Merck & Co., Inc., 0.75%, 02/24/2026<sup>(b)</sup> | 8628000 | 8488136 |
|  Pfizer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/03/2026 | 10798000 | 10692786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/2026 | 15060000 | 14897701 |
|  Utah Acquisition Sub, Inc., 3.95%, 06/15/2026<sup>(b)</sup> | 14400000 | 14319216 |
|  |  | 101245515 |
|  Professional Services-0.27% |  |  |
|  Broadridge Financial Solutions, Inc., 3.40%, 06/27/2026 | 4289000 | 4251590 |
|  Concentrix Corp., 6.65%, 08/02/2026<sup>(b)</sup>  | 6904000 | 7023332 |
|  |  | 11274922 |

---

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

---

| |
|:---|
| 11 |
| 11 |
| 11 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Residential REITs-0.20% |  |  |  |  |
|  Camden Property Trust, 5.85%, 11/03/2026<sup>(b)</sup> | $| 4305000 | $| &nbsp;&nbsp;&nbsp;&nbsp;4385116 |
|  ERP Operating L.P., 2.85%, 11/01/2026 |  | 4318000 |  | 4260607 |
|  |  |  |  | 8645723 |
|  Retail REITs-0.89% |  |  |  |  |
|  Brixmor Operating Partnership L.P., 4.13%, 06/15/2026 |  | 5125000 |  | 5111617 |
|  Kimco Realty OP LLC, 2.80%, 10/01/2026 |  | 4320000 |  | 4253315 |
|  Realty Income Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 01/13/2026<sup>(b)</sup> |  | 4260000 |  | 4260393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/2026 |  | 5158000 |  | 5172915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/2026 |  | 5581000 |  | 5574858 |
|  Simon Property Group L.P. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/15/2026 |  | 6840000 |  | 6811570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/30/2026 |  | 6466000 |  | 6401667 |
|  |  |  |  | 37586335 |
|  Semiconductors & Semiconductor Equipment-1.36% | Semiconductors & Semiconductor Equipment-1.36% | Semiconductors & Semiconductor Equipment-1.36% | Semiconductors & Semiconductor Equipment-1.36% | Semiconductors & Semiconductor Equipment-1.36% |
|  Advanced Micro Devices, Inc., 4.21%, 09/24/2026 |  | 7540000 |  | 7559458 |
|  Analog Devices, Inc., 3.50%, 12/05/2026<sup>(b)</sup> |  | 7776000 |  | 7731943 |
|  Intel Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/10/2026<sup>(b)</sup> |  | 12933000 |  | 12954691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/19/2026 |  | 8575995 |  | 8469703 |
|  Marvell Technology, Inc., 1.65%, 04/15/2026 |  | 4302000 |  | 4228263 |
|  NVIDIA Corp., 3.20%, 09/16/2026 |  | 8611000 |  | 8549769 |
|  Skyworks Solutions, Inc., 1.80%, 06/01/2026<sup>(b)</sup> |  | 4316000 |  | 4227085 |
|  Texas Instruments, Inc., 1.13%, 09/15/2026<sup>(b)</sup> |  | 4285000 |  | 4166644 |
|  |  |  |  | 57887556 |
|  Software-2.64% |  |  |  |  |
|  Fortinet, Inc., 1.00%, 03/15/2026 |  | 4246000 |  | 4167720 |
|  Intuit, Inc., 5.25%, 09/15/2026 |  | 6451000 |  | 6520608 |
|  Microsoft Corp., 2.40%, 08/08/2026 |  | 34519000 |  | 34023780 |
|  Oracle Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/25/2026<sup>(b)</sup> |  | 23594000 |  | 23243848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/2026 |  | 25874000 |  | 25519194 |
|  Roper Technologies, Inc., 3.80%, 12/15/2026 |  | 6048000 |  | 6012478 |
|  VMware LLC, 1.40%, 08/15/2026 |  | 12912000 |  | 12557543 |
|  |  |  |  | 112045171 |
|  Specialized REITs-1.92% |  |  |  |  |
|  American Tower Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/15/2026 |  | 4259000 |  | 4260211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/15/2026 |  | 6011000 |  | 5907200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 09/15/2026 |  | 5169000 |  | 5021738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/15/2026 |  | 8640000 |  | 8558836 |
|  Crown Castle, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/2026<sup>(b)</sup> |  | 7757000 |  | 7742041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/15/2026 |  | 6413000 |  | 6376143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 07/15/2026<sup>(b)</sup> |  | 8640000 |  | 8397949 |
|  Equinix, Inc., 1.45%, 05/15/2026 |  | 5955000 |  | 5833457 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Specialized REITs-(continued) |  |  |  |  |
|  Extra Space Storage L.P., 3.50%, 07/01/2026 | $| 4982000 | $| &nbsp;&nbsp;&nbsp;&nbsp;4943628 |
|  GLP Capital L.P./GLP Financing II, Inc., 5.38%, 04/15/2026 |  | 8393000 |  | 8425993 |
|  Public Storage Operating Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 02/15/2026 |  | 4321000 |  | 4253178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/09/2026 |  | 5618000 |  | 5457499 |
|  Weyerhaeuser Co., 4.75%, 05/15/2026 |  | 6458000 |  | 6475744 |
|  |  |  |  | 81653617 |
|  Specialty Retail-2.81% |  |  |  |  |
|  Dell International LLC/EMC Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 06/15/2026<sup>(b)</sup> |  | 21331000 |  | 21521305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/01/2026 |  | 14781500 |  | 14846669 |
|  Home Depot, Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2026 |  | 11215000 |  | 11140803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 06/25/2026 |  | 12870000 |  | 12981664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/15/2026 |  | 8621000 |  | 8461154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/30/2026 |  | 6481500 |  | 6543952 |
|  Lowe's Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/01/2026 |  | 8606000 |  | 8625640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/2026<sup>(b)</sup> |  | 11643000 |  | 11518885 |
|  O'Reilly Automotive, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/2026<sup>(b)</sup> |  | 4299000 |  | 4284868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/20/2026 |  | 6482000 |  | 6592303 |
|  Ross Stores, Inc., 0.88%, 04/15/2026 |  | 4314000 |  | 4221613 |
|  TJX Cos., Inc. (The), 2.25%, 09/15/2026 |  | 8630000 |  | 8485635 |
|  |  |  |  | 119224491 |
|  Technology Hardware, Storage & Peripherals-2.84% | Technology Hardware, Storage & Peripherals-2.84% | Technology Hardware, Storage & Peripherals-2.84% | Technology Hardware, Storage & Peripherals-2.84% | Technology Hardware, Storage & Peripherals-2.84% |
|  Apple, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 02/08/2026 |  | 21586000 |  | 21270209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/23/2026 |  | 27883000 |  | 27753704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 05/08/2026 |  | 8580000 |  | 8580171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/04/2026<sup>(b)</sup> |  | 19310000 |  | 19046775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 09/11/2026<sup>(b)</sup> |  | 17275000 |  | 16963212 |
|  Hewlett Packard Enterprise Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/01/2026 |  | 6472000 |  | 6376138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/25/2026 |  | 10794000 |  | 10812530 |
|  HP, Inc., 1.45%, 06/17/2026 |  | 4438000 |  | 4339958 |
|  IBM International Capital Pte. Ltd., 4.70%, 02/05/2026 |  | 5179000 |  | 5187012 |
|  |  |  |  | 120329709 |
|  Textiles, Apparel & Luxury Goods-0.20% | Textiles, Apparel & Luxury Goods-0.20% | Textiles, Apparel & Luxury Goods-0.20% | Textiles, Apparel & Luxury Goods-0.20% | Textiles, Apparel & Luxury Goods-0.20% |
|  NIKE, Inc., 2.38%, 11/01/2026 |  | 8611000 |  | 8459268 |
|  Tobacco-1.25% |  |  |  |  |
|  Altria Group, Inc., 2.63%, 09/16/2026 |  | 4319000 |  | 4249088 |
|  B.A.T. Capital Corp. (United Kingdom), 3.22%, 09/06/2026<sup>(b)</sup> |  | 8608000 |  | 8517445 |
|  B.A.T. International Finance PLC (United Kingdom), 1.67%, 03/25/2026 |  | 12934000 |  | 12736928 |
|  Philip Morris International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/13/2026<sup>(b)</sup> |  | 14592000 |  | 14619895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/25/2026 |  | 6482000 |  | 6433872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/01/2026 |  | 6425000 |  | 6286732 |
|  |  |  |  | 52843960 |

---

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

---

| |
|:---|
| 12 |
| 12 |
| 12 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Trading Companies & Distributors-0.65% | Trading Companies & Distributors-0.65% | Trading Companies & Distributors-0.65% |
|  Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/2026<sup>(b)</sup> | $12442000 | $&nbsp;&nbsp;&nbsp;&nbsp;12359569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 06/25/2026 | 5251000 | 5289267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 08/15/2026 | 10350000 | 10113288 |
|  |  | 27762124 |
|  Wireless Telecommunication Services-1.31% | Wireless Telecommunication Services-1.31% | Wireless Telecommunication Services-1.31% |
|  Rogers Communications, Inc. (Canada), 2.90%, 11/15/2026 | 4322000 | 4247725 |
|  Sprint LLC, 7.63%, 03/01/2026 | 12942000 | 13006982 |
|  T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2026 | 15427000 | 15266032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/15/2026 | 10363000 | 10252255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2028<sup>(b)</sup> | 12969000 | 12998271 |
|  |  | 55771265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $4,194,585,550) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $4,194,585,550) | 4199580788 |
|  | Shares |  |
|  Money Market Funds-0.20% |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.21%<sup>(c)(d)</sup><br>(Cost $8,482,547) | 8482547 | 8482547 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.13%<br>(Cost $4,203,068,097) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.13%<br>(Cost $4,203,068,097) | 4208063335 |

---

Investment Abbreviations:

REIT-Real Estate Investment Trust

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Investments Purchased with Cash Collateral from Securities on Loan | Investments Purchased with Cash Collateral from Securities on Loan |  |
|  Money Market Funds-5.97% | Money Market Funds-5.97% |  |
|  Invesco Private Government Fund, 4.28%<sup>(c)(d)(e)</sup> | 70321420 | $70321420 |
|  Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup> | 183078927 | 183133851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $253,441,397) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $253,441,397) | 253455271 |
|  TOTAL INVESTMENTS IN SECURITIES-105.10%<br>(Cost $4,456,509,494) | TOTAL INVESTMENTS IN SECURITIES-105.10%<br>(Cost $4,456,509,494) | 4461518606 |
|  OTHER ASSETS LESS LIABILITIES-(5.10)% | OTHER ASSETS LESS LIABILITIES-(5.10)% | (216431561) |
|  NET ASSETS-100.00% |  | $4245087045 |

---

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 August 31, 2025.

<sup>(c)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in 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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value<br>August 31, 2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Realized<br>Gain<br>(Loss) | Value<br>August 31, 2025 | Dividend Income |
| Investments in Affiliated Money Market Funds: |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $&nbsp;&nbsp;&nbsp;&nbsp;3810675 | $&nbsp;&nbsp;&nbsp;&nbsp;260990698 | $(256318826) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;8482547 | $&nbsp;&nbsp;&nbsp;&nbsp;728426 |

---

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

---

| |
|:---|
| 13 |
| 13 |
| 13 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)

August 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value<br>August 31, 2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Realized<br>Gain<br>(Loss) | Value<br>August 31, 2025 | Dividend Income |
| Investments Purchased with Cash Collateral from Securities on Loan: |  |  |  |  |  |  |  |
| Invesco Private Government Fund | $100856094 | $444601840 | $(475136514) | $- | $- | $70321420 | $3815634 \* |
| Invesco Private Prime Fund | 263178826 | 1038512277 | (1118527119) | (3146) | (26987) | 183133851 | 10236981 \* |
| Total | $367845595 | $1744104815 | $(1849982459) | $(3146) | $(26987) | $261937818 | $14781041 |

---

\* 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>(d)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<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.

---

| |
|:---|
| 14 |
| 14 |
| 14 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&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-2.01% |  |  |
|  Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 05/01/2027<sup>(b)</sup> | $17108000 | $&nbsp;&nbsp;&nbsp;&nbsp;17273880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.26%, 05/01/2027<sup>(b)</sup> | 8528000 | 8779345 |
|  General Dynamics Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/2027<sup>(b)</sup> | 6396000 | 6366981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/15/2027 | 4272000 | 4160533 |
|  Howmet Aerospace, Inc., 5.90%, 02/01/2027 | 5343000 | 5462117 |
|  Huntington Ingalls Industries, Inc., 3.48%, 12/01/2027 | 5128000 | 5037559 |
|  L3Harris Technologies, Inc., 5.40%, 01/15/2027 | 10680000 | 10853089 |
|  Lockheed Martin Corp., 5.10%, 11/15/2027<sup>(b)</sup> | 6389000 | 6550077 |
|  Northrop Grumman Corp., 3.20%, 02/01/2027 | 6428000 | 6353559 |
|  RTX Corp., 3.13%, 05/04/2027 | 9409000 | 9269958 |
|  |  | 80107098 |
|  Air Freight & Logistics-0.21% |  |  |
|  United Parcel Service, Inc., 3.05%, 11/15/2027<sup>(b)</sup> | 8554000 | 8412490 |
|  Automobile Components-0.51% |  |  |
|  BorgWarner, Inc., 2.65%, 07/01/2027<sup>(b)</sup>  | 9419000 | 9168492 |
|  Lear Corp., 3.80%, 09/15/2027 | 4700000 | 4659052 |
|  United Rentals (North America), Inc., 3.88%, 11/15/2027<sup>(b)</sup> | 6397000 | 6292285 |
|  |  | 20119829 |
|  Automobiles-5.58% |  |  |
|  American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/08/2027 | 4272000 | 4173349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/12/2027 | 5991000 | 6056309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/09/2027 | 7690000 | 7749111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/09/2027<sup>(b)</sup> | 5983000 | 6066379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/22/2027<sup>(b)</sup> | 6417000 | 6468655 |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 01/09/2027 | 7696000 | 7623951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/05/2027 | 12816000 | 12920513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 05/17/2027 | 12816000 | 12949934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/2027 | 12832000 | 12810354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/17/2027 | 10691000 | 10491813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 11/02/2027 | 6396000 | 6227140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 11/04/2027 | 12816000 | 13347028 |
|  General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/01/2027 | 6418000 | 6404246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 10/01/2027<sup>(b)</sup> | 8554000 | 8932521 |
|  Honda Motor Co. Ltd. (Japan), 2.53%, 03/10/2027 | 8551000 | 8354287 |
|  PACCAR Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/13/2027<sup>(b)</sup> | 4272000 | 4350061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/06/2027<sup>(b)</sup> | 5990000 | 6066642 |
|  Toyota Motor Corp. (Japan), 4.19%, 06/30/2027 | 4272000 | 4289336 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Automobiles-(continued) |  |  |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 01/08/2027<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;5554000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5605548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/11/2027 | 6418000 | 6355352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 01/13/2027 | 6437000 | 6263757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/22/2027 | 11965000 | 11802630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/14/2027<sup>(b)</sup> | 8544000 | 8619311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 08/13/2027<sup>(b)</sup> | 5135000 | 4870148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/20/2027 | 8564000 | 8668879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/08/2027 | 10690000 | 10774483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/10/2027 | 5990000 | 6175995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 03/19/2027 | 7700000 | 7812139 |
|  |  | 222229871 |
|  Banks-12.72% |  |  |
|  Banco Santander S.A. (Spain) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/11/2027<sup>(b)</sup> | 8456000 | 8466386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 08/18/2027 | 14941000 | 15223059 |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/21/2027 | 21244000 | 20934745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 4.18%, 11/25/2027 | 17108000 | 17100822 |
|  Bank of Montreal (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/08/2027<sup>(b)</sup> | 10690000 | 10485568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.37%, 06/04/2027<sup>(b)</sup> | 6423000 | 6571213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 4.70%, 09/14/2027<sup>(b)</sup> | 8554000 | 8658579 |
|  Bank of Nova Scotia (The) (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/02/2027<sup>(b)</sup> | 6413000 | 6244830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/11/2027 | 5991000 | 5900272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/04/2027<sup>(b)</sup> | 7273000 | 7446561 |
|  Canadian Imperial Bank of Commerce (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/07/2027<sup>(b)</sup> | 8554000 | 8484319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.24%, 06/28/2027<sup>(b)</sup> | 11552000 | 11785798 |
|  Citibank N.A., 4.58%, 05/29/2027 | 19249000 | 19411008 |
|  Citigroup, Inc., 4.45%, 09/29/2027 | 32933000 | 33030147 |
|  Cooperatieve Rabobank U.A. (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 03/05/2027 | 5543000 | 5630714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37%, 05/27/2027 | 4264000 | 4299189 |
|  Fifth Third Bancorp, 2.55%, 05/05/2027 | 6417000 | 6259083 |
|  Fifth Third Bank N.A., 2.25%, 02/01/2027 | 5117000 | 4983982 |
|  HSBC USA, Inc., 5.29%, 03/04/2027 | 8544000 | 8699337 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/29/2027 | 4275000 | 4545039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/2027 | 12833000 | 12917459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/01/2027 | 9419000 | 9334926 |
|  KeyBank N.A., 5.85%, 11/15/2027<sup>(b)</sup> | 8528000 | 8798669 |
|  KeyCorp, 2.25%, 04/06/2027 | 6842000 | 6631443 |
|  Lloyds Banking Group PLC (United Kingdom), 3.75%, 01/11/2027 | 10680000 | 10627411 |
|  Manufacturers and Traders Trust Co., 3.40%, 08/17/2027 | 4265000 | 4192600 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 02/22/2027 | 8544000 | 8501378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 07/25/2027 | 8558000 | 8448058 |

---

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

---

| |
|:---|
| 15 |
| 15 |
| 15 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Banks-(continued) |  |  |
|  Mizuho Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66%, 02/28/2027<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;4272000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4249381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 09/11/2027<sup>(b)</sup> | 9380000 | 9224079 |
|  PNC Bank N.A., 3.10%, 10/25/2027 | 8544000 | 8387559 |
|  PNC Financial Services Group, Inc. (The), 3.15%, 05/19/2027 | 6427000 | 6333870 |
|  Royal Bank of Canada (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/19/2027<sup>(b)</sup> | 10685000 | 10817006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/21/2027<sup>(b)</sup> | 4272000 | 4159751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/04/2027<sup>(b)</sup> | 10258000 | 10199941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 08/03/2027<sup>(b)</sup> | 10700000 | 10755435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/2027<sup>(b)</sup> | 11552000 | 12023510 |
|  Santander Holdings USA, Inc., 4.40%, 07/13/2027 | 8973000 | 8998128 |
|  Standard Chartered Bank of New York (United Kingdom), 4.85%, 12/03/2027<sup>(b)</sup> | 4249000 | 4328764 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/11/2027 | 10690000 | 10603595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 01/14/2027<sup>(b)</sup> | 4272000 | 4164386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 07/12/2027<sup>(b)</sup> | 14972000 | 14805833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 10/18/2027 | 6412000 | 6330120 |
|  Toronto-Dominion Bank (The) (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/12/2027<sup>(b)</sup> | 6428000 | 6248895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/10/2027<sup>(b)</sup> | 9409000 | 9237378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 04/05/2027<sup>(b)</sup> | 7273000 | 7370562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 06/08/2027 | 12826000 | 12840090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 09/15/2027 | 12826000 | 12980065 |
|  Truist Financial Corp., 1.13%, 08/03/2027 | 6417000 | 6074608 |
|  U.S. Bancorp, Series X, 3.15%, 04/27/2027 | 11127000 | 10981180 |
|  UBS AG (Switzerland), 5.00%, 07/09/2027 | 10189000 | 10362998 |
|  Wells Fargo & Co., 4.30%, 07/22/2027 | 21401000 | 21489171 |
|  |  | 506578900 |
|  Beverages-1.72% |  |  |
|  Coca-Cola Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/25/2027<sup>(b)</sup> | 8554000 | 8499497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/25/2027<sup>(b)</sup> | 4272000 | 4212026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/01/2027 | 12826000 | 12328711 |
|  Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/09/2027 | 4272000 | 4227454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/09/2027 | 5147000 | 5162261 |
|  Diageo Capital PLC (United Kingdom), 5.30%, 10/24/2027 | 6397000 | 6567743 |
|  Keurig Dr Pepper, Inc., 5.10%, 03/15/2027 | 6418000 | 6480901 |
|  PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/07/2027 | 4275000 | 4307567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/19/2027 | 4272000 | 4193247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/2027<sup>(b)</sup> | 12816000 | 12600973 |
|  |  | 68580380 |
|  Biotechnology-1.48% |  |  |
|  AbbVie, Inc., 4.80%, 03/15/2027 | 19244000 | 19449625 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Biotechnology-(continued) |  |  |
|  Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/21/2027 | $14747000 | $&nbsp;&nbsp;&nbsp;&nbsp;14358795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/02/2027<sup>(b)</sup> | 8554000 | 8395816 |
|  Gilead Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/2027<sup>(b)</sup> | 10693000 | 10531308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/01/2027<sup>(b)</sup> | 6417000 | 6068376 |
|  |  | 58803920 |
|  Broadline Retail-2.04% |  |  |
|  Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/13/2027 | 17128000 | 16994352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 06/03/2027<sup>(b)</sup> | 10700000 | 10240654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/22/2027<sup>(b)</sup> | 29936000 | 29563774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 12/01/2027 | 17088000 | 17336518 |
|  eBay, Inc., 3.60%, 06/05/2027<sup>(b)</sup> | 7273000 | 7217719 |
|  |  | 81353017 |
|  Building Products-0.24% |  |  |
|  Carlisle Cos., Inc., 3.75%, 12/01/2027 | 5136000 | 5092212 |
|  Owens Corning, 5.50%, 06/15/2027<sup>(b)</sup> | 4272000 | 4368807 |
|  |  | 9461019 |
|  Capital Markets-5.70% |  |  |
|  Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/2027 | 7700000 | 7937069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/2027<sup>(b)</sup> | 4272000 | 4166314 |
|  Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/26/2027<sup>(b)</sup> | 7283000 | 7101699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/16/2027 | 6408000 | 6344761 |
|  BlackRock, Inc., 3.20%, 03/15/2027 | 5991000 | 5933830 |
|  Blackstone Secured Lending Fund, 2.13%, 02/15/2027 | 5282000 | 5096947 |
|  Blue Owl Capital Corp., 2.63%, 01/15/2027 | 4274000 | 4145998 |
|  Blue Owl Credit Income Corp., 7.75%, 09/16/2027 | 5126000 | 5384285 |
|  Cboe Global Markets, Inc., 3.65%, 01/12/2027 | 5543000 | 5514604 |
|  Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/02/2027 | 5571000 | 5503463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/03/2027 | 12826000 | 12541305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/2027 | 6367000 | 6299731 |
|  FactSet Research Systems, Inc., 2.90%, 03/01/2027 | 4264000 | 4185543 |
|  FS KKR Capital Corp., 3.25%, 07/15/2027 | 4265000 | 4108891 |
|  Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/15/2027 | 6905000 | 7077582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/26/2027 | 25674000 | 25561492 |
|  Jefferies Financial Group, Inc., 4.85%, 01/15/2027<sup>(b)</sup> | 6418000 | 6466901 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/20/2027 | 25663000 | 25533173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/23/2027 | 17108000 | 17052582 |
|  Nomura Holdings, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.33%, 01/22/2027 | 10680000 | 10397561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 07/02/2027 | 4265000 | 4365330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 07/06/2027<sup>(b)</sup> | 4264000 | 4349435 |
|  Northern Trust Corp., 4.00%, 05/10/2027 | 8564000 | 8570524 |

---

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

---

| |
|:---|
| 16 |
| 16 |
| 16 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Capital Markets-(continued) |  |  |  |  |
|  S&P Global, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/22/2027 | $| &nbsp;&nbsp;&nbsp;&nbsp;4267000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4201887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/2027 |  | 10576000 |  | 10332786 |
|  State Street Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 03/18/2027<sup>(b)</sup> |  | 8549000 |  | 8683884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 10/22/2027<sup>(b)</sup> |  | 10263000 |  | 10353861 |
|  |  |  |  | 227211438 |
|  Chemicals-1.41% |  |  |  |  |
|  Air Products and Chemicals, Inc., 1.85%, 05/15/2027 |  | 5564000 |  | 5377899 |
|  Albemarle Corp., 4.65%, 06/01/2027<sup>(b)</sup> |  | 5564000 |  | 5567534 |
|  Celanese US Holdings LLC, 6.67%, 07/15/2027<sup>(b)</sup> |  | 12749000 |  | 13127301 |
|  Ecolab, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 02/01/2027 |  | 4265000 |  | 4131305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/2027<sup>(b)</sup> |  | 4255000 |  | 4196791 |
|  LYB International Finance II B.V., 3.50%, 03/02/2027 |  | 5068000 |  | 5006872 |
|  Mosaic Co. (The), 4.05%, 11/15/2027<sup>(b)</sup>  |  | 5989000 |  | 5960989 |
|  Sherwin-Williams Co. (The), 3.45%, 06/01/2027 |  | 12826000 |  | 12681619 |
|  |  |  |  | 56050310 |
|  Commercial Services & Supplies-0.68% | Commercial Services & Supplies-0.68% | Commercial Services & Supplies-0.68% | Commercial Services & Supplies-0.68% | Commercial Services & Supplies-0.68% |
|  Cintas Corp. No. 2, 3.70%, 04/01/2027 |  | 8596000 |  | 8554444 |
|  Republic Services, Inc., 3.38%, 11/15/2027 |  | 5561000 |  | 5501752 |
|  Waste Management, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/03/2027<sup>(b)</sup> |  | 6418000 |  | 6535030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 11/15/2027 |  | 6396000 |  | 6291318 |
|  |  |  |  | 26882544 |
|  Communications Equipment-0.54% | Communications Equipment-0.54% | Communications Equipment-0.54% | Communications Equipment-0.54% | Communications Equipment-0.54% |
|  Cisco Systems, Inc., 4.80%, 02/26/2027 |  | 17108000 |  | 17328228 |
|  Nokia OYJ (Finland), 4.38%, 06/12/2027 |  | 4271000 |  | 4249498 |
|  |  |  |  | 21577726 |
|  Construction & Engineering-0.13% | Construction & Engineering-0.13% | Construction & Engineering-0.13% | Construction & Engineering-0.13% | Construction & Engineering-0.13% |
|  Quanta Services, Inc., 4.75%, 08/09/2027 |  | 5204000 |  | 5264380 |
|  Construction Materials-0.10% | Construction Materials-0.10% | Construction Materials-0.10% | Construction Materials-0.10% | Construction Materials-0.10% |
|  Martin Marietta Materials, Inc., 3.50%, 12/15/2027 |  | 4226000 |  | 4172420 |
|  Consumer Finance-3.86% | Consumer Finance-3.86% | Consumer Finance-3.86% | Consumer Finance-3.86% | Consumer Finance-3.86% |
|  Ally Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/09/2027 |  | 6408000 |  | 6441858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.10%, 11/15/2027<sup>(b)</sup> |  | 6396000 |  | 6751509 |
|  American Express Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/04/2027 |  | 14980000 |  | 14657642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/03/2027 |  | 14127500 |  | 13973324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/05/2027<sup>(b)</sup> |  | 12820000 |  | 13306039 |
|  Capital One Financial Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/09/2027 |  | 8554000 |  | 8536952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/09/2027 |  | 11540000 |  | 11473220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/11/2027<sup>(b)</sup> |  | 8558000 |  | 8484535 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Consumer Finance-(continued) |  |  |  |  |
|  General Motors Financial Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/17/2027 | $| 10687000 | $| &nbsp;&nbsp;&nbsp;&nbsp;10680783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/26/2027 |  | 8554000 |  | 8311955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/09/2027 |  | 10690000 |  | 10781552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 05/08/2027<sup>(b)</sup> |  | 10263000 |  | 10439605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2027<sup>(b)</sup> |  | 4272000 |  | 4321495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 07/15/2027<sup>(b)</sup> |  | 9409000 |  | 9588418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/20/2027 |  | 7700000 |  | 7474629 |
|  Synchrony Financial, 3.95%, 12/01/2027 |  | 8529000 |  | 8417365 |
|  |  |  |  | 153640881 |
|  Consumer Staples Distribution & Retail-1.59% | Consumer Staples Distribution & Retail-1.59% | Consumer Staples Distribution & Retail-1.59% | Consumer Staples Distribution & Retail-1.59% | Consumer Staples Distribution & Retail-1.59% |
|  Costco Wholesale Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/18/2027<sup>(b)</sup> |  | 8554540 |  | 8446586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/20/2027 |  | 10690000 |  | 10236975 |
|  Dollar General Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/2027<sup>(b)</sup> |  | 5156000 |  | 5127589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/01/2027 |  | 4690000 |  | 4725059 |
|  Kroger Co. (The), 3.70%, 08/01/2027 |  | 5127000 |  | 5093030 |
|  Sysco Corp., 3.25%, 07/15/2027 |  | 6418000 |  | 6333529 |
|  Target Corp., 1.95%, 01/15/2027<sup>(b)</sup> |  | 8554000 |  | 8334540 |
|  Walmart, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/28/2027 |  | 6408000 |  | 6440849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/09/2027<sup>(b)</sup> |  | 8500000 |  | 8526581 |
|  |  |  |  | 63264738 |
|  Containers & Packaging-0.11% |  |  |  |  |
|  Packaging Corp. of America, 3.40%, 12/15/2027 |  | 4275000 |  | 4199732 |
|  Diversified REITs-0.21% |  |  |  |  |
|  Digital Realty Trust L.P., 3.70%, 08/15/2027 |  | 8549000 |  | 8486123 |
|  Diversified Telecommunication Services-1.95% | Diversified Telecommunication Services-1.95% | Diversified Telecommunication Services-1.95% | Diversified Telecommunication Services-1.95% | Diversified Telecommunication Services-1.95% |
|  AT&T, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/2027 |  | 12740000 |  | 12760301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/2027<sup>(b)</sup> |  | 21381000 |  | 20717496 |
|  Telefonica Emisiones S.A. (Spain), 4.10%, 03/08/2027 |  | 10677000 |  | 10650648 |
|  TELUS Corp. (Canada) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/16/2027 |  | 5136000 |  | 5032655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/2027 |  | 4264000 |  | 4227253 |
|  Verizon Communications, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/16/2027 |  | 20289000 |  | 20318662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/22/2027 |  | 4000000 |  | 3933003 |
|  |  |  |  | 77640018 |
|  Electric Utilities-4.09% |  |  |  |  |
|  Alabama Power Co., 3.75%, 09/01/2027 |  | 4690000 |  | 4677138 |
|  American Electric Power Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/2027 |  | 4272000 |  | 4408275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/13/2027 |  | 4264000 |  | 4181779 |
|  Duke Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 01/05/2027<sup>(b)</sup> |  | 5137000 |  | 5184394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/2027<sup>(b)</sup> |  | 6418000 |  | 6308025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/08/2027 |  | 4292000 |  | 4374269 |
|  Duke Energy Florida LLC, 3.20%, 01/15/2027<sup>(b)</sup> |  | 5564000 |  | 5508437 |

---

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

---

| |
|:---|
| 17 |
| 17 |
| 17 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Electric Utilities-(continued) |  |  |  |  |
|  Duke Energy Progress LLC, 4.35%, 03/06/2027 | $| &nbsp;&nbsp;&nbsp;&nbsp;4272000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300559 |
|  Edison International, 5.75%, 06/15/2027<sup>(b)</sup> |  | 5137000 |  | 5232409 |
|  Eversource Energy |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/2027 |  | 5554000 |  | 5457533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 07/01/2027 |  | 5137000 |  | 5174198 |
|  Exelon Corp., 2.75%, 03/15/2027 |  | 5522000 |  | 5413372 |
|  FirstEnergy Corp., Series B, 3.90%, 07/15/2027 |  | 12826000 |  | 12737999 |
|  Georgia Power Co., 5.00%, 02/23/2027<sup>(b)</sup> |  | 4272000 |  | 4333590 |
|  ITC Holdings Corp., 3.35%, 11/15/2027 |  | 4264000 |  | 4183156 |
|  National Rural Utilities Cooperative Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/05/2027 |  | 5157000 |  | 5208948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 09/16/2027 |  | 4700000 |  | 4713541 |
|  NextEra Energy Capital Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/15/2027<sup>(b)</sup> |  | 8557000 |  | 8296578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/01/2027 |  | 12751000 |  | 12625079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/2027 |  | 10690000 |  | 10786488 |
|  Pacific Gas and Electric Co., 2.10%, 08/01/2027 |  | 8554000 |  | 8202425 |
|  Southern California Edison Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/01/2027 |  | 4270000 |  | 4308577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/01/2027<sup>(b)</sup> |  | 6416000 |  | 6616205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.70%, 06/01/2027 |  | 5136000 |  | 5166377 |
|  Virginia Electric & Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.50%, 03/15/2027 |  | 6417000 |  | 6369920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.75%, 05/15/2027<sup>(b)</sup> |  | 5137000 |  | 5114022 |
|  Xcel Energy, Inc., 1.75%, 03/15/2027<sup>(b)</sup> |  | 4265000 |  | 4114224 |
|  |  |  |  | 162997517 |
|  Electrical Equipment-0.10% |  |  |  |  |
|  Emerson Electric Co., 1.80%, 10/15/2027<sup>(b)</sup> |  | 4265000 |  | 4087064 |
|  Electronic Equipment, Instruments & Components-0.41% | Electronic Equipment, Instruments & Components-0.41% | Electronic Equipment, Instruments & Components-0.41% | Electronic Equipment, Instruments & Components-0.41% | Electronic Equipment, Instruments & Components-0.41% |
|  Amphenol Corp., 5.05%, 04/05/2027 |  | 5981000 |  | 6074592 |
|  Jabil, Inc., 4.25%, 05/15/2027 |  | 4272000 |  | 4274482 |
|  Keysight Technologies, Inc., 4.60%, 04/06/2027 |  | 5984000 |  | 6013775 |
|  |  |  |  | 16362849 |
|  Energy Equipment & Services-0.28% |  |  |  |  |
|  Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027 |  | 11500000 |  | 11324165 |
|  Entertainment-0.45% |  |  |  |  |
|  Take-Two Interactive Software, Inc., 3.70%, 04/14/2027 |  | 5118000 |  | 5083592 |
|  TWDC Enterprises 18 Corp., 2.95%, 06/15/2027<sup>(b)</sup> |  | 8558000 |  | 8433357 |
|  Walt Disney Co. (The), 3.70%, 03/23/2027 |  | 4272000 |  | 4262310 |
|  |  |  |  | 17779259 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Financial Services-3.37% |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 01/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;7690000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7860932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 04/15/2027<sup>(b)</sup> | 12809000 | 13228677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 07/21/2027 | 8544000 | 8462267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2027 | 5127000 | 5165270 |
|  BlackRock Funding, Inc., 4.60%, 07/26/2027 | 6845000 | 6934255 |
|  Blackstone Private Credit Fund, 3.25%, 03/15/2027 | 8505000 | 8330365 |
|  Corebridge Financial, Inc., 3.65%, 04/05/2027<sup>(b)</sup> | 10607000 | 10513442 |
|  Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/2027 | 6417000 | 6500913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/2027<sup>(b)</sup> | 8554000 | 8291785 |
|  Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 01/15/2027 | 6428000 | 6250989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/15/2027<sup>(b)</sup> | 4272000 | 4321207 |
|  LPL Holdings, Inc., 5.70%, 05/20/2027 | 4272000 | 4356329 |
|  Mastercard, Inc., 3.30%, 03/26/2027 | 8554000 | 8479937 |
|  ORIX Corp. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/18/2027 | 4265000 | 4230169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/13/2027 | 4255000 | 4325033 |
|  PayPal Holdings, Inc., 3.90%, 06/01/2027 | 4264000 | 4261638 |
|  Visa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/15/2027<sup>(b)</sup> | 12826000 | 12428923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/15/2027<sup>(b)</sup> | 4272000 | 4036941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/2027<sup>(b)</sup> | 6408000 | 6272630 |
|  |  | 134251702 |
|  Food Products-1.94% |  |  |
|  Bunge Ltd. Finance Corp., 3.75%, 09/25/2027 | 5132000 | 5097699 |
|  Conagra Brands, Inc., 1.38%, 11/01/2027 | 8544000 | 8015422 |
|  General Mills, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 01/30/2027 | 4272000 | 4299411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/10/2027 | 6418000 | 6333953 |
|  Hormel Foods Corp., 4.80%, 03/30/2027 | 4275000 | 4323602 |
|  JM Smucker Co. (The), 3.38%, 12/15/2027 | 4265000 | 4207462 |
|  Kellanova, 3.40%, 11/15/2027<sup>(b)</sup> | 5117000 | 5049535 |
|  Kraft Heinz Foods Co. (The), 3.88%, 05/15/2027 | 11539000 | 11468569 |
|  McCormick & Co., Inc., 3.40%, 08/15/2027 | 6418000 | 6340675 |
|  Mondelez International, Inc., 2.63%, 03/17/2027 | 6417000 | 6275536 |
|  The Campbell's Company, 5.20%, 03/19/2027 | 4274000 | 4342224 |
|  Tyson Foods, Inc., 3.55%, 06/02/2027 | 11547000 | 11431664 |
|  |  | 77185752 |

---

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

---

| |
|:---|
| 18 |
| 18 |
| 18 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Gas Utilities-0.25% |  |  |  |  |
|  Atmos Energy Corp., 3.00%, 06/15/2027 | $| &nbsp;&nbsp;&nbsp;&nbsp;4272000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4209326 |
|  Southern California Gas Co., 2.95%, 04/15/2027 |  | 5970000 |  | 5866001 |
|  |  |  |  | 10075327 |
|  Ground Transportation-0.50% |  |  |  |  |
|  Burlington Northern Santa Fe LLC, 3.25%, 06/15/2027 |  | 4272000 |  | 4225229 |
|  CSX Corp., 3.25%, 06/01/2027 |  | 7283000 |  | 7188301 |
|  Union Pacific Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/05/2027 |  | 4275000 |  | 4169216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/15/2027 |  | 4272000 |  | 4204736 |
|  |  |  |  | 19787482 |
|  Health Care Equipment & Supplies-1.51% | Health Care Equipment & Supplies-1.51% | Health Care Equipment & Supplies-1.51% | Health Care Equipment & Supplies-1.51% | Health Care Equipment & Supplies-1.51% |
|  Baxter International, Inc., 1.92%, 02/01/2027 |  | 12304000 |  | 11906657 |
|  Becton, Dickinson and Co., 3.70%, 06/06/2027 |  | 14759000 |  | 14662390 |
|  GE HealthCare Technologies, Inc., 5.65%, 11/15/2027 |  | 14952000 |  | 15422997 |
|  Solventum Corp., 5.45%, 02/25/2027<sup>(b)</sup> |  | 8552000 |  | 8718551 |
|  Stryker Corp., 4.55%, 02/10/2027<sup>(b)</sup> |  | 4285000 |  | 4322996 |
|  Zimmer Biomet Holdings, Inc., 4.70%, 02/19/2027 |  | 5116000 |  | 5154629 |
|  |  |  |  | 60188220 |
|  Health Care Providers & Services-4.43% | Health Care Providers & Services-4.43% | Health Care Providers & Services-4.43% | Health Care Providers & Services-4.43% | Health Care Providers & Services-4.43% |
|  Cardinal Health, Inc., 3.41%, 06/15/2027 |  | 10453000 |  | 10326106 |
|  Cencora, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/2027 |  | 6428000 |  | 6335549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/2027 |  | 4284000 |  | 4326938 |
|  Centene Corp., 4.25%, 12/15/2027 |  | 20491000 |  | 20023377 |
|  Cigna Group (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/2027 |  | 11338000 |  | 11220678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/15/2027 |  | 4654000 |  | 4560084 |
|  CommonSpirit Health, 6.07%, 11/01/2027 |  | 4335000 |  | 4489006 |
|  CVS Health Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/2027<sup>(b)</sup> |  | 6408000 |  | 6349734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/21/2027 |  | 19244000 |  | 18180073 |
|  Elevance Health, Inc., 3.65%, 12/01/2027<sup>(b)</sup> |  | 13685000 |  | 13572017 |
|  HCA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2027<sup>(b)</sup> |  | 10273000 |  | 10284308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/2027<sup>(b)</sup> |  | 8558000 |  | 8423115 |
|  Humana, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 02/03/2027<sup>(b)</sup> |  | 4799000 |  | 4611371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/2027<sup>(b)</sup> |  | 4117000 |  | 4106565 |
|  Icon Investments Six DAC, 5.81%, 05/08/2027 |  | 6397000 |  | 6532855 |
|  Kaiser Foundation Hospitals, 3.15%, 05/01/2027 |  | 4891000 |  | 4832082 |
|  Laboratory Corp. of America Holdings, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/01/2027 |  | 5157000 |  | 5116451 |
|  SSM Health Care Corp., Series A, 3.82%, 06/01/2027 |  | 4254000 |  | 4234549 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Health Care Providers & Services-(continued) | 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;&nbsp; 3.45%, 01/15/2027 | $| &nbsp;&nbsp;&nbsp;&nbsp;6417000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6365969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/2027 |  | 5341000 |  | 5285919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/15/2027 |  | 4274000 |  | 4310739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/15/2027<sup>(b)</sup> |  | 5136000 |  | 5109185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/15/2027<sup>(b)</sup> |  | 8121000 |  | 7943141 |
|  |  |  |  | 176539811 |
|  Health Care REITs-0.36% |  |  |  |  |
|  Healthcare Realty Holdings L.P., 3.75%, 07/01/2027<sup>(b)</sup> |  | 4264000 |  | 4229906 |
|  Omega Healthcare Investors, Inc., 4.50%, 04/01/2027<sup>(b)</sup> |  | 5970000 |  | 5979357 |
|  Welltower OP LLC, 2.70%, 02/15/2027 |  | 4272000 |  | 4192395 |
|  |  |  |  | 14401658 |
|  Hotels, Restaurants & Leisure-1.50% |  |  |  |  |
|  Darden Restaurants, Inc., 3.85%, 05/01/2027<sup>(b)</sup> |  | 4274000 |  | 4243654 |
|  Expedia Group, Inc., 4.63%, 08/01/2027 |  | 6393000 |  | 6438157 |
|  Hyatt Hotels Corp., 5.75%, 01/30/2027<sup>(b)</sup> |  | 5129000 |  | 5223814 |
|  Las Vegas Sands Corp., 5.90%, 06/01/2027 |  | 6417000 |  | 6546148 |
|  Marriott International, Inc., 5.00%, 10/15/2027 |  | 8559000 |  | 8698636 |
|  McDonald's Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2027 |  | 7273000 |  | 7214971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2027 |  | 8556000 |  | 8484011 |
|  Starbucks Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 02/08/2027<sup>(b)</sup> |  | 8554000 |  | 8643121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/12/2027<sup>(b)</sup> |  | 4275000 |  | 4144604 |
|  |  |  |  | 59637116 |
|  Household Durables-0.36% |  |  |  |  |
|  D.R. Horton, Inc., 1.40%, 10/15/2027<sup>(b)</sup> |  | 4281000 |  | 4056016 |
|  Leggett & Platt, Inc., 3.50%, 11/15/2027<sup>(b)</sup> |  | 4273000 |  | 4176758 |
|  Lennar Corp., 4.75%, 11/29/2027 |  | 5988000 |  | 6036242 |
|  |  |  |  | 14269016 |
|  Household Products-0.70% |  |  |  |  |
|  Colgate-Palmolive Co., 3.10%, 08/15/2027<sup>(b)</sup> |  | 4272000 |  | 4222912 |
|  Kimberly-Clark Corp., 1.05%, 09/15/2027<sup>(b)</sup> |  | 5137000 |  | 4859889 |
|  Procter & Gamble Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/01/2027 |  | 8544000 |  | 8326444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/25/2027 |  | 4269000 |  | 4201958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/11/2027 |  | 6418000 |  | 6311760 |
|  |  |  |  | 27922963 |
|  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% | Independent Power and Renewable Electricity Producers-0.15% |
|  NSTAR Electric Co., 3.20%, 05/15/2027 |  | 5991000 |  | 5913225 |
|  Industrial Conglomerates-0.78% |  |  |  |  |
|  3M Co., 2.88%, 10/15/2027<sup>(b)</sup> |  | 7268000 |  | 7102678 |
|  Eaton Corp., 3.10%, 09/15/2027 |  | 5970000 |  | 5873015 |

---

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

---

| |
|:---|
| 19 |
| 19 |
| 19 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Industrial Conglomerates-(continued) | Industrial Conglomerates-(continued) | Industrial Conglomerates-(continued) | Industrial Conglomerates-(continued) |
|  Honeywell International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 03/01/2027 | $| &nbsp;&nbsp;&nbsp;&nbsp;8558000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8191490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/30/2027<sup>(b)</sup> |  | 9836000 | 9960234 |
|  |  |  | 31127417 |
|  Insurance-1.75% |  |  |  |
|  American National Group, Inc., 5.00%, 06/15/2027 |  | 4253000 | 4288983 |
|  Aon Corp., 8.21%, 01/01/2027<sup>(b)</sup> |  | 4480000 | 4693165 |
|  Aon Corp./Aon Global Holdings PLC, 2.85%, 05/28/2027 |  | 5136000 | 5034060 |
|  Aon North America, Inc., 5.13%, 03/01/2027<sup>(b)</sup> |  | 5137000 | 5209677 |
|  Arthur J. Gallagher & Co., 4.60%, 12/15/2027 |  | 6416000 | 6477278 |
|  Berkshire Hathaway Finance Corp., 2.30%, 03/15/2027 |  | 6417000 | 6279125 |
|  Brighthouse Financial, Inc., 3.70%, 06/22/2027 |  | 6472000 | 6385639 |
|  CNA Financial Corp., 3.45%, 08/15/2027<sup>(b)</sup> |  | 4279000 | 4223958 |
|  Manulife Financial Corp. (Canada), 2.48%, 05/19/2027<sup>(b)</sup> |  | 4274000 | 4162062 |
|  Marsh & McLennan Cos., Inc., 4.55%, 11/08/2027<sup>(b)</sup> |  | 8121000 | 8220346 |
|  Progressive Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/15/2027 |  | 4280000 | 4190564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/2027 |  | 4275000 | 4178367 |
|  Willis North America, Inc., 4.65%, 06/15/2027 |  | 6401000 | 6446277 |
|  |  |  | 69789501 |
|  Interactive Media & Services-0.77% |  |  |  |
|  Alphabet, Inc., 0.80%, 08/15/2027<sup>(b)</sup> |  | 8554000 | 8095346 |
|  Meta Platforms, Inc., 3.50%, 08/15/2027<sup>(b)</sup> |  | 22731000 | 22607450 |
|  |  |  | 30702796 |
|  IT Services-0.78% |  |  |  |
|  International Business Machines Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/27/2027 |  | 4265000 | 4223573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/09/2027 |  | 5554000 | 5414729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/15/2027<sup>(b)</sup> |  | 10680000 | 10282082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/27/2027<sup>(b)</sup> |  | 6408000 | 6430416 |
|  VeriSign, Inc., 4.75%, 07/15/2027<sup>(b)</sup> |  | 4709000 | 4709295 |
|  |  |  | 31060095 |
|  Leisure Products-0.10% |  |  |  |
|  Hasbro, Inc., 3.50%, 09/15/2027<sup>(b)</sup> |  | 4059000 | 3994767 |
|  Life Sciences Tools & Services-0.37% | Life Sciences Tools & Services-0.37% | Life Sciences Tools & Services-0.37% |  |
|  Agilent Technologies, Inc., 4.20%, 09/09/2027 |  | 5117000 | 5121800 |
|  Illumina, Inc., 5.75%, 12/13/2027 |  | 4278000 | 4403276 |
|  Thermo Fisher Scientific, Inc., 4.80%, 11/21/2027<sup>(b)</sup> |  | 5147000 | 5235274 |
|  |  |  | 14760350 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Machinery-3.15% |  |  |
|  Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 01/08/2027 | $4272000 | $4150981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/08/2027 | 4281000 | 4315206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/14/2027<sup>(b)</sup> | 7273000 | 7402697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/12/2027<sup>(b)</sup> | 5991000 | 5958791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 09/14/2027<sup>(b)</sup> | 6420000 | 6081635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 10/15/2027 | 5564000 | 5621821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/15/2027 | 8122000 | 8243898 |
|  CNH Industrial Capital LLC, 4.50%, 10/08/2027 | 4278000 | 4303834 |
|  CNH Industrial N.V., 3.85%, 11/15/2027<sup>(b)</sup> | 4251000 | 4233075 |
|  Ingersoll Rand, Inc., 5.20%, 06/15/2027 | 5981000 | 6086209 |
|  John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/08/2027<sup>(b)</sup> | 6417000 | 6467652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 01/11/2027 | 4275000 | 4154991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/05/2027 | 4808000 | 4875240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 03/08/2027 | 4274000 | 4178523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/09/2027 | 4275000 | 4136837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/11/2027<sup>(b)</sup> | 5989000 | 6099512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/15/2027<sup>(b)</sup> | 6843000 | 6888248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/08/2027 | 4265000 | 4178062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/15/2027<sup>(b)</sup> | 7675000 | 7716823 |
|  Otis Worldwide Corp., 2.29%, 04/05/2027 | 4278000 | 4167875 |
|  Parker-Hannifin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/2027 | 5991000 | 5925790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/2027 | 10253000 | 10294062 |
|  |  | 125481762 |
|  Media-1.02% |  |  |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/2027 | 11977000 | 11711198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/01/2027 | 10690400 | 10574461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/2027<sup>(b)</sup> | 6846000 | 6772366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/2027<sup>(b)</sup> | 6428000 | 6607141 |
|  Paramount Global, 2.90%, 01/15/2027<sup>(b)</sup> | 4996000 | 4888744 |
|  |  | 40553910 |
|  Metals & Mining-0.38% |  |  |
|  ArcelorMittal S.A. (Luxembourg), 6.55%, 11/29/2027 | 10264000 | 10713511 |
|  Nucor Corp., 4.30%, 05/23/2027 | 4272000 | 4284906 |
|  |  | 14998417 |
|  Multi-Utilities-0.99% |  |  |
|  Ameren Corp., 1.95%, 03/15/2027 | 4264000 | 4123127 |
|  DTE Energy Co., 4.95%, 07/01/2027 | 10263000 | 10406482 |
|  NiSource, Inc., 3.49%, 05/15/2027<sup>(b)</sup> | 8554000 | 8467829 |
|  Public Service Enterprise Group, Inc., 5.85%, 11/15/2027<sup>(b)</sup> | 5991000 | 6213602 |
|  Sempra, 3.25%, 06/15/2027 | 6397000 | 6292254 |
|  WEC Energy Group, Inc., 1.38%, 10/15/2027 | 4272000 | 4046417 |
|  |  | 39549711 |
|  Office REITs-0.17% |  |  |
|  Boston Properties L.P., 6.75%, 12/01/2027 | 6408000 | 6745741 |

---

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

---

| |
|:---|
| 20 |
| 20 |
| 20 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Oil, Gas & Consumable Fuels-6.43% |  |  |
|  Boardwalk Pipelines L.P., 4.45%, 07/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;4272000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4283640 |
|  BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 04/06/2027<sup>(b)</sup> | 4265000 | 4237914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 11/17/2027<sup>(b)</sup> | 9846000 | 10048206 |
|  BP Capital Markets PLC, 3.28%, 09/19/2027 | 12826000 | 12649174 |
|  Canadian Natural Resources Ltd. (Canada), 3.85%, 06/01/2027<sup>(b)</sup> | 10690000 | 10614264 |
|  Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027 | 10274000 | 10387510 |
|  Chevron Corp., 2.00%, 05/11/2027 | 8554000 | 8305251 |
|  Chevron USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 02/26/2027 | 6418000 | 6472107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%, 08/12/2027<sup>(b)</sup> | 6428000 | 6100656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/13/2027 | 4200000 | 4214202 |
|  Coterra Energy, Inc., 3.90%, 05/15/2027 | 5881000 | 5844377 |
|  DCP Midstream Operating L.P., 5.63%, 07/15/2027 | 4284000 | 4375926 |
|  Diamondback Energy, Inc., 5.20%, 04/18/2027<sup>(b)</sup> | 7273000 | 7385640 |
|  Enbridge, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/05/2027<sup>(b)</sup> | 6408000 | 6514291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/15/2027<sup>(b)</sup> | 5991000 | 5942105 |
|  Energy Transfer L.P. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/2027 | 5991000 | 6006437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/2027 | 5137000 | 5134457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2027 | 6418000 | 6385206 |
|  Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 01/11/2027 | 8564000 | 8619325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/15/2027 | 4913000 | 4905804 |
|  EQT Corp., 3.90%, 10/01/2027 | 8007000 | 7934770 |
|  Equinor ASA (Norway), 3.00%, 04/06/2027<sup>(b)</sup> | 4265000 | 4209729 |
|  Exxon Mobil Corp., 3.29%, 03/19/2027<sup>(b)</sup> | 8564000 | 8506757 |
|  Hess Corp., 4.30%, 04/01/2027 | 8554000 | 8577070 |
|  MPLX L.P., 4.13%, 03/01/2027 | 10682000 | 10664739 |
|  Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 07/15/2027 | 4172000 | 4412737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 5137000 | 5191057 |
|  ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/13/2027 | 4274500 | 4261085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/24/2027 | 10690000 | 10703115 |
|  Phillips 66 Co., 4.95%, 12/01/2027 | 6397000 | 6500529 |
|  Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027 | 12825000 | 12901590 |
|  South Bow USA Infrastructure Holdings LLC (Canada), 4.91%, 09/01/2027 | 5990000 | 6044016 |
|  Targa Resources Corp., 5.20%, 07/01/2027<sup>(b)</sup> | 6410000 | 6520016 |
|  TC PipeLines L.P., 3.90%, 05/25/2027 | 4284000 | 4262753 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Oil, Gas & Consumable Fuels-(continued) |  |  |
|  Valero Energy Corp., 2.15%, 09/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;4813000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4617980 |
|  Williams Cos., Inc. (The), 3.75%, 06/15/2027 | 12406000 | 12312966 |
|  |  | 256047401 |
|  Passenger Airlines-0.38% |  |  |
|  Southwest Airlines Co., 5.13%, 06/15/2027<sup>(b)</sup> | 14779000 | 14953034 |
|  Personal Care Products-0.48% |  |  |
|  Estee Lauder Cos., Inc. (The), 3.15%, 03/15/2027 | 4274000 | 4219045 |
|  Unilever Capital Corp. (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/05/2027 | 8544000 | 8419467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/12/2027 | 6396000 | 6445004 |
|  |  | 19083516 |
|  Pharmaceuticals-3.82% |  |  |
|  AstraZeneca Finance LLC (United Kingdom), 4.80%, 02/26/2027<sup>(b)</sup> | 10690000 | 10820786 |
|  AstraZeneca PLC (United Kingdom), 3.13%, 06/12/2027 | 6418000 | 6343929 |
|  Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/22/2027 | 8555000 | 8664514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/27/2027 | 4377000 | 4333120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 11/13/2027<sup>(b)</sup> | 8554000 | 8066307 |
|  Eli Lilly and Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/09/2027 | 8554000 | 8628120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/15/2027 | 3428000 | 3385166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/14/2027 | 6418000 | 6458207 |
|  Haleon US Capital LLC, 3.38%, 03/24/2027 | 16814000 | 16624579 |
|  Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/2027 | 6418000 | 6483497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/03/2027 | 8554000 | 8451753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 09/01/2027<sup>(b)</sup> | 12836000 | 12172258 |
|  Merck & Co., Inc., 1.70%, 06/10/2027<sup>(b)</sup>  | 12822000 | 12358693 |
|  Novartis Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/14/2027 | 10690000 | 10423682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/17/2027 | 8554000 | 8455900 |
|  Royalty Pharma PLC, 1.75%, 09/02/2027 | 8554000 | 8139572 |
|  Viatris, Inc., 2.30%, 06/22/2027 | 6388000 | 6133819 |
|  Zoetis, Inc., 3.00%, 09/12/2027 | 6408000 | 6281420 |
|  |  | 152225322 |
|  Professional Services-0.16% |  |  |
|  Equifax, Inc., 5.10%, 12/15/2027<sup>(b)</sup> | 6418000 | 6542305 |
|  Residential REITs-0.13% |  |  |
|  Mid-America Apartments L.P., 3.60%, 06/01/2027 | 5127000 | 5094246 |
|  Retail REITs-0.80% |  |  |
|  Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/2027 | 5137000 | 5059464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/2027<sup>(b)</sup> | 5095000 | 5087370 |
|  Regency Centers L.P., 3.60%, 02/01/2027 | 4488000 | 4454802 |

---

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

---

| |
|:---|
| 21 |
| 21 |
| 21 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br>Amount | Principal<br>Amount | Value |
|  Retail REITs-(continued) |  |  |  |
|  Simon Property Group L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/15/2027<sup>(b)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;4706000 | $&nbsp;&nbsp;&nbsp;&nbsp;4539014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/2027 |  | 6418000 | 6355256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/01/2027 |  | 6408000 | 6330175 |
|  |  |  | 31826081 |
|  Semiconductors & Semiconductor Equipment-2.51% | Semiconductors & Semiconductor Equipment-2.51% | Semiconductors & Semiconductor Equipment-2.51% |  |
|  Applied Materials, Inc., 3.30%, 04/01/2027<sup>(b)</sup> |  | 10253000 | 10166462 |
|  Broadcom Corp./Broadcom Cayman |  |  |  |
|  Finance Ltd., 3.88%, 01/15/2027 |  | 24959000 | 24860644 |
|  Broadcom, Inc., 5.05%, 07/12/2027<sup>(b)</sup> |  | 10690000 | 10860403 |
|  Intel Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/25/2027 |  | 8555000 | 8477940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/11/2027<sup>(b)</sup> |  | 8554000 | 8392786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/05/2027 |  | 10690000 | 10582412 |
|  QUALCOMM, Inc., 3.25%, 05/20/2027<sup>(b)</sup>  |  | 17108000 | 16943195 |
|  Texas Instruments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/08/2027 |  | 5535000 | 5592599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/03/2027 |  | 4264000 | 4179292 |
|  |  |  | 100055733 |
|  Software-3.69% |  |  |  |
|  Accenture Capital, Inc., 3.90%, 10/04/2027 |  | 9409000 | 9420256 |
|  Adobe, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/01/2027<sup>(b)</sup> |  | 7273000 | 7104133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/04/2027<sup>(b)</sup> |  | 4274000 | 4339416 |
|  Autodesk, Inc., 3.50%, 06/15/2027 |  | 4272000 | 4226255 |
|  Cadence Design Systems, Inc., 4.20%, 09/10/2027 |  | 4272000 | 4291113 |
|  Intuit, Inc., 1.35%, 07/15/2027<sup>(b)</sup> |  | 4272000 | 4079217 |
|  Microsoft Corp., 3.30%, 02/06/2027 |  | 34217000 | 33979873 |
|  Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/01/2027 |  | 19244000 | 18848728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/2027 |  | 23523000 | 23077266 |
|  Roper Technologies, Inc., 1.40%, 09/15/2027 |  | 5989000 | 5676879 |
|  Synopsys, Inc., 4.55%, 04/01/2027 |  | 8569000 | 8623561 |
|  VMware LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 05/15/2027 |  | 4270000 | 4299360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/21/2027 |  | 10690000 | 10635065 |
|  Workday, Inc., 3.50%, 04/01/2027<sup>(b)</sup> |  | 8564000 | 8486137 |
|  |  |  | 147087259 |
|  Specialized REITs-1.04% |  |  |  |
|  American Tower Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/2027 |  | 6418000 | 6291985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/2027 |  | 5564000 | 5523249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 07/15/2027 |  | 6418000 | 6352098 |
|  Crown Castle, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2027 |  | 4280000 | 4259689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/2027 |  | 6418000 | 6289330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/2027<sup>(b)</sup> |  | 8559000 | 8455990 |
|  Public Storage Operating Co., 3.09%, 09/15/2027 |  | 4272000 | 4200214 |
|  |  |  | 41372555 |
|  Specialty Retail-1.51% |  |  |  |
|  AutoZone, Inc., 3.75%, 06/01/2027 |  | 5137000 | 5102541 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br>Amount | Principal<br>Amount | Value | Value |
|  Specialty Retail-(continued) |  |  |  |  |
|  Home Depot, Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/2027 | $| &nbsp;&nbsp;&nbsp;&nbsp;6416000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6279737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/15/2027<sup>(b)</sup> |  | 6418000 |  | 6317417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/25/2027<sup>(b)</sup> |  | 8554000 |  | 8694854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/14/2027 |  | 8544000 |  | 8368260 |
|  Lowe's Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/01/2027 |  | 6418000 |  | 6346747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/03/2027 |  | 12826000 |  | 12622688 |
|  O'Reilly Automotive, Inc., 3.60%, 09/01/2027 |  | 6411000 |  | 6353178 |
|  |  |  |  | 60085422 |
|  Technology Hardware, Storage & Peripherals-2.35% | Technology Hardware, Storage & Peripherals-2.35% | Technology Hardware, Storage & Peripherals-2.35% | Technology Hardware, Storage & Peripherals-2.35% | Technology Hardware, Storage & Peripherals-2.35% |
|  Apple, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/09/2027 |  | 19244500 |  | 19117063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/11/2027 |  | 17108000 |  | 16940728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/2027 |  | 8554000 |  | 8451779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/12/2027<sup>(b)</sup> |  | 17108000 |  | 16840285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/13/2027<sup>(b)</sup> |  | 12826000 |  | 12648918 |
|  Hewlett Packard Enterprise Co., 4.40%, 09/25/2027 |  | 10690000 |  | 10747246 |
|  IBM International Capital Pte. Ltd., 4.60%, 02/05/2027<sup>(b)</sup> |  | 4264000 |  | 4294855 |
|  NetApp, Inc., 2.38%, 06/22/2027<sup>(b)</sup> |  | 4701000 |  | 4551549 |
|  |  |  |  | 93592423 |
|  Textiles, Apparel & Luxury Goods-0.21% |  |  |  |  |
|  NIKE, Inc., 2.75%, 03/27/2027<sup>(b)</sup> |  | 8549000 |  | 8395825 |
|  Tobacco-0.95% |  |  |  |  |
|  B.A.T. Capital Corp. (United Kingdom), 4.70%, 04/02/2027 |  | 7710000 |  | 7754331 |
|  Philip Morris International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/12/2027<sup>(b)</sup> |  | 6428000 |  | 6488654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/17/2027<sup>(b)</sup> |  | 4250000 |  | 4177856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/01/2027 |  | 6428000 |  | 6477493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/17/2027 |  | 12818000 |  | 13094798 |
|  |  |  |  | 37993132 |
|  Trading Companies & Distributors-0.52% |  |  |  |  |
|  Air Lease Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 01/15/2027<sup>(b)</sup> |  | 6408000 |  | 6238937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/2027<sup>(b)</sup> |  | 4246000 |  | 4200263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/01/2027 |  | 4272000 |  | 4225983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 12/15/2027<sup>(b)</sup> |  | 5991000 |  | 6206042 |
|  |  |  |  | 20871225 |
|  Water Utilities-0.23% |  |  |  |  |
|  American Water Capital Corp., 2.95%, 09/01/2027<sup>(b)</sup> |  | 5137000 |  | 5035271 |
|  Essential Utilities, Inc., 4.80%, 08/15/2027 |  | 4272000 |  | 4319873 |
|  |  |  |  | 9355144 |

---

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

---

| |
|:---|
| 22 |
| 22 |
| 22 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
|  Wireless Telecommunication Services-0.38% | Wireless Telecommunication Services-0.38% | Wireless Telecommunication Services-0.38% |
|  Rogers Communications, Inc. (Canada), 3.20%, 03/15/2027<sup>(b)</sup> | $11013000 | $10840510 |
|  T-Mobile USA, Inc., 5.38%, 04/15/2027<sup>(b)</sup> | 4277000 | 4277000 |
|  |  | 15117510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $3,917,456,719) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $3,917,456,719) | 3945222560 |
|  | Shares |  |
|  Money Market Funds-0.03% |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.21%<sup>(c)(d)</sup><br>(Cost $1,145,113) | 1145113 | 1145113 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.07%<br>(Cost $3,918,601,832) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.07%<br>(Cost $3,918,601,832) | 3946367673 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Investments Purchased with Cash Collateral from Securities on Loan | Investments Purchased with Cash Collateral from Securities on Loan |  |
|  Money Market Funds-9.59% |  |  |
|  Invesco Private Government Fund, 4.28%<sup>(c)(d)(e)</sup> | 106041096 | $106041096 |
|  Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup> | 275834606 | 275917356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $381,938,766) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $381,938,766) | 381958452 |
|  TOTAL INVESTMENTS IN SECURITIES-108.66% (Cost $4,300,540,598) |  | 4328326125 |
|  OTHER ASSETS LESS LIABILITIES-(8.66)% |  | (344881767) |
|  NET ASSETS-100.00% |  | $3983444358 |

---

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

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 August 31, 2025.

<sup>(c)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in 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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value<br>August 31, 2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Realized<br>Gain<br>(Loss) | Value<br>August 31, 2025 | Dividend Income |
| Investments in Affiliated Money Market Funds: |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $772736 | $164154843 | $(163782466) | $- | $- | $1145113 | $342854 |
| Investments Purchased with Cash Collateral from Securities on Loan: |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 113845544 | 434851420 | (442655868) |  |  | 106041096 | 4446971 \* |
| Invesco Private Prime Fund | 303382614 | 1028925667 | (1056362445) | (3028) | (25452) | 275917356 | 11895818 \* |
| Total | $418000894 | $1627931930 | $(1662800779) | $(3028) | $(25452) | $383103565 | $16685643 |

---

\* 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>(d)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<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.

---

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| 23 |
| 23 |
| 23 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  U.S. Dollar Denominated Bonds & Notes-98.86% | U.S. Dollar Denominated Bonds & Notes-98.86% | U.S. Dollar Denominated Bonds & Notes-98.86% |
|  Aerospace & Defense-2.47% | Aerospace & Defense-2.47% | Aerospace & Defense-2.47% |
|  Boeing Co. (The), 3.25%, 02/01/2028<sup>(b)</sup>  | $7817500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7637838 |
|  General Dynamics Corp., 3.75%, 05/15/2028<sup>(b)</sup> | 7101000 | 7088194 |
|  HEICO Corp., 5.25%, 08/01/2028 | 4257000 | 4378767 |
|  Huntington Ingalls Industries, Inc., 2.04%, 08/16/2028<sup>(b)</sup> | 4242000 | 3975177 |
|  L3Harris Technologies, Inc., 4.40%, 06/15/2028<sup>(b)</sup> | 6040000 | 6075807 |
|  Lockheed Martin Corp., 4.45%, 05/15/2028 | 3545000 | 3589028 |
|  Northrop Grumman Corp., 3.25%, 01/15/2028 | 14212000 | 13960728 |
|  RTX Corp., 4.13%, 11/16/2028 | 21312000 | 21339292 |
|  |  | 68044831 |
|  Air Freight & Logistics-0.15% | Air Freight & Logistics-0.15% | Air Freight & Logistics-0.15% |
|  C.H. Robinson Worldwide, Inc., 4.20%, 04/15/2028<sup>(b)</sup> | 4250000 | 4256871 |
|  Automobiles-4.05% | Automobiles-4.05% | Automobiles-4.05% |
|  American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 01/12/2028 | 3555000 | 3605068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2028<sup>(b)</sup> | 3545000 | 3500247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/03/2028<sup>(b)</sup> | 4620000 | 4663179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/24/2028 | 5323000 | 5049053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/07/2028<sup>(b)</sup> | 5687000 | 5836451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 11/15/2028<sup>(b)</sup> | 5687000 | 5934541 |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/16/2028 | 5318000 | 5046399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.92%, 03/20/2028 | 7140000 | 7248428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 05/12/2028 | 10658000 | 11071694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 11/07/2028 | 10675000 | 11114067 |
|  General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 04/15/2028<sup>(b)</sup> | 5330000 | 5451183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 5323000 | 5412575 |
|  Honda Motor Co. Ltd. (Japan), 4.44%, 07/08/2028 | 5000000 | 5032724 |
|  PACCAR Financial Corp., 4.55%, 03/03/2028 | 4260000 | 4331951 |
|  Toyota Motor Corp. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.12%, 07/13/2028<sup>(b)</sup> | 3555000 | 3669552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 07/20/2028<sup>(b)</sup> | 3545000 | 3539235 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/11/2028 | 3545000 | 3475647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/12/2028<sup>(b)</sup> | 7131000 | 7236635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/06/2028 | 5323000 | 5066231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/11/2028 | 5323000 | 5513656 |
|  |  | 111798516 |
|  Banks-12.63% | Banks-12.63% | Banks-12.63% |
|  Banco Santander S.A. (Spain) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/12/2028 | 8881000 | 8922959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 08/08/2028 | 10689000 | 11117418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.61%, 11/07/2028<sup>(b)</sup> | 8900000 | 9528286 |
|  Bank of Montreal (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 02/01/2028<sup>(b)</sup> | 8525000 | 8752604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 09/25/2028<sup>(b)</sup> | 7101000 | 7424252 |

---

---

| | | |
|:---|:---|:---|
|  | Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Banks-(continued) | Banks-(continued) | Banks-(continued) |
|  Bank of Nova Scotia (The) (Canada), 5.25%, 06/12/2028<sup>(b)</sup> | $5323000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5495009 |
|  Barclays PLC (United Kingdom), 4.84%, 05/09/2028 | 14205000 | 14278450 |
|  Canadian Imperial Bank of Commerce (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/28/2028<sup>(b)</sup> | 7101000 | 7268629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.99%, 10/03/2028 | 4970000 | 5235229 |
|  Capital One N.A., 4.65%, 09/13/2028 | 6400000 | 6480149 |
|  Citibank N.A., 5.80%, 09/29/2028<sup>(b)</sup> | 17759000 | 18617491 |
|  Citigroup, Inc., 4.13%, 07/25/2028 | 14914000 | 14898665 |
|  Cooperatieve Rabobank U.A. (Netherlands), 4.88%, 01/21/2028<sup>(b)</sup> | 4962000 | 5074717 |
|  Fifth Third Bancorp, 3.95%, 03/14/2028 | 4616000 | 4595241 |
|  HSBC USA, Inc., 4.65%, 06/03/2028<sup>(b)</sup> | 6405000 | 6496925 |
|  KeyCorp, 4.10%, 04/30/2028 | 5324000 | 5316614 |
|  Lloyds Banking Group PLC (United Kingdom), 4.38%, 03/22/2028 | 10654000 | 10701104 |
|  Manufacturers & Traders Trust Co., 4.70%, 01/27/2028<sup>(b)</sup> | 8528000 | 8636752 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 03/02/2028<sup>(b)</sup> | 9232000 | 9217185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 09/11/2028<sup>(b)</sup> | 7101000 | 7113892 |
|  Mizuho Financial Group, Inc. (Japan), 4.02%, 03/05/2028 | 9230000 | 9224000 |
|  National Bank of Canada (Canada), 5.60%, 12/18/2028 | 7108000 | 7401691 |
|  PNC Bank N.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/22/2028<sup>(b)</sup> | 4962000 | 4885565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 07/26/2028 | 8870000 | 8843470 |
|  Regions Financial Corp., 1.80%, 08/12/2028<sup>(b)</sup> | 4616000 | 4315773 |
|  Royal Bank of Canada (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/12/2028 | 5323000 | 5435995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 08/01/2028 | 7107000 | 7343020 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 01/13/2028 | 13495000 | 13948769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 01/17/2028 | 5268000 | 5204776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 07/13/2028<sup>(b)</sup> | 5325000 | 5569376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 07/19/2028 | 5273000 | 5255423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 09/14/2028 | 7810000 | 8163299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/17/2028 | 14010000 | 13119700 |
|  Synovus Bank, 5.63%, 02/15/2028 | 3525000 | 3599240 |
|  Toronto-Dominion Bank (The) (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.16%, 01/10/2028 | 8879000 | 9090362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 01/31/2028<sup>(b)</sup> | 8880000 | 9031862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 06/02/2028<sup>(b)</sup> | 7100000 | 7184404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 07/17/2028<sup>(b)</sup> | 8878000 | 9217255 |
|  U.S. Bancorp, 3.90%, 04/26/2028 | 6033000 | 6026503 |
|  UBS AG (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/15/2028 | 17759000 | 19169504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 09/11/2028 | 10658000 | 11140142 |
|  |  | 348341700 |

---

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

---

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| 24 |
| 24 |
| 24 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Beverages-1.49% | Beverages-1.49% | Beverages-1.49% |
|  Coca-Cola Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/05/2028<sup>(b)</sup> | $5323000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5044519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/15/2028<sup>(b)</sup> | 9222000 | 8615712 |
|  Constellation Brands, Inc., 3.60%, 02/15/2028<sup>(b)</sup> | 4960000 | 4897230 |
|  Diageo Capital PLC (United Kingdom), 3.88%, 05/18/2028 | 3550000 | 3546600 |
|  Keurig Dr Pepper, Inc., 4.35%, 05/15/2028 | 3550000 | 3547125 |
|  PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/07/2028 | 5330000 | 5404930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/18/2028 | 5323000 | 5299069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/15/2028<sup>(b)</sup> | 4616000 | 4691060 |
|  |  | 41046245 |
|  Biotechnology-1.61% | Biotechnology-1.61% | Biotechnology-1.61% |
|  AbbVie, Inc., 4.65%, 03/15/2028 | 8882000 | 9030149 |
|  Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/02/2028<sup>(b)</sup> | 26655000 | 27281130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 08/15/2028 | 8756000 | 8184720 |
|  |  | 44495999 |
|  Broadline Retail-0.55% | Broadline Retail-0.55% | Broadline Retail-0.55% |
|  Amazon.com, Inc., 1.65%, 05/12/2028 | 16011000 | 15134542 |
|  Building Products-0.28% | Building Products-0.28% | Building Products-0.28% |
|  Lennox International, Inc., 5.50%, 09/15/2028 | 3545000 | 3674293 |
|  Masco Corp., 1.50%, 02/15/2028 | 4252000 | 3981801 |
|  |  | 7656094 |
|  Capital Markets-5.25% | Capital Markets-5.25% | Capital Markets-5.25% |
|  Ameriprise Financial, Inc., 5.70%, 12/15/2028 | 4262000 | 4468753 |
|  Ares Capital Corp., 2.88%, 06/15/2028<sup>(b)</sup> | 8898000 | 8495465 |
|  Ares Management Corp., 6.38%, 11/10/2028 | 3551000 | 3765092 |
|  Ares Strategic Income Fund, 5.70%, 03/15/2028 | 7100000 | 7199514 |
|  Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/29/2028<sup>(b)</sup> | 5323041 | 5263007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/28/2028<sup>(b)</sup> | 6396000 | 6406985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/14/2028 | 3545000 | 3342080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/30/2028 | 3546000 | 3431179 |
|  Blackstone Secured Lending Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 04/13/2028<sup>(b)</sup> | 5000000 | 5074479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 09/30/2028 | 4535666 | 4287317 |
|  Blue Owl Credit Income Corp., 7.95%, 06/13/2028 | 4616000 | 4945134 |
|  Brookfield Finance, Inc. (Canada), 3.90%, 01/25/2028 | 7444000 | 7393914 |
|  Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/25/2028 | 4960000 | 4870516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/2028<sup>(b)</sup> | 8866000 | 8453320 |
|  CME Group, Inc., 3.75%, 06/15/2028 | 3546000 | 3534432 |
|  FS KKR Capital Corp., 3.13%, 10/12/2028 | 5323000 | 4894950 |
|  HPS Corporate Lending Fund, 5.45%, 01/14/2028<sup>(b)</sup> | 5320000 | 5371725 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount | Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Capital Markets-(continued) | Capital Markets-(continued) | Capital Markets-(continued) | Capital Markets-(continued) | Capital Markets-(continued) |
|  Jefferies Financial Group, Inc., 5.88%, 07/21/2028 | $| 7105000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7409102 |
|  Marex Group PLC (United Kingdom), 5.83%, 05/08/2028 |  | 3550000 |  | 3599629 |
|  Nasdaq, Inc., 5.35%, 06/28/2028 |  | 6508000 |  | 6717540 |
|  Nomura Holdings, Inc. (Japan) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.84%, 01/18/2028 |  | 3904000 |  | 4040305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07%, 07/12/2028<sup>(b)</sup> |  | 6390000 |  | 6696066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 07/14/2028<sup>(b)</sup> |  | 7108000 |  | 6717802 |
|  Northern Trust Corp., 3.65%, 08/03/2028 |  | 3545000 |  | 3521817 |
|  S&P Global, Inc., 4.75%, 08/01/2028<sup>(b)</sup> |  | 4968000 |  | 5069040 |
|  State Street Corp., 4.54%, 02/28/2028<sup>(b)</sup> |  | 9586000 |  | 9723556 |
|  |  |  |  | 144692719 |
|  Chemicals-1.09% | Chemicals-1.09% | Chemicals-1.09% | Chemicals-1.09% | Chemicals-1.09% |
|  Air Products and Chemicals, Inc., 4.30%, 06/11/2028 |  | 4267000 |  | 4305845 |
|  Celanese US Holdings LLC, 6.85%, 11/15/2028<sup>(b)</sup> |  | 7096000 |  | 7400354 |
|  Ecolab, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/2028<sup>(b)</sup> |  | 3556000 |  | 3664358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/2028 |  | 3550000 |  | 3581928 |
|  Nutrien Ltd. (Canada), 4.90%, 03/27/2028 |  | 5365000 |  | 5459072 |
|  PPG Industries, Inc., 3.75%, 03/15/2028 |  | 5685000 |  | 5642841 |
|  |  |  |  | 30054398 |
|  Commercial Services & Supplies-0.90% | Commercial Services & Supplies-0.90% | Commercial Services & Supplies-0.90% | Commercial Services & Supplies-0.90% | Commercial Services & Supplies-0.90% |
|  CDW LLC/CDW Finance Corp., 3.28%, 12/01/2028 |  | 3546000 |  | 3415161 |
|  Republic Services, Inc., 3.95%, 05/15/2028 |  | 5699018 |  | 5699079 |
|  Veralto Corp., 5.35%, 09/18/2028 |  | 4957000 |  | 5121754 |
|  Waste Management, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 03/15/2028<sup>(b)</sup> |  | 3545000 |  | 3311563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/2028 |  | 7101000 |  | 7191822 |
|  |  |  |  | 24739379 |
|  Communications Equipment-0.44% | Communications Equipment-0.44% | Communications Equipment-0.44% | Communications Equipment-0.44% | Communications Equipment-0.44% |
|  Cisco Systems, Inc., 4.55%, 02/24/2028<sup>(b)</sup> |  | 7103000 |  | 7212825 |
|  Motorola Solutions, Inc., 4.60%, 02/23/2028 |  | 4970000 |  | 5026033 |
|  |  |  |  | 12238858 |
|  Construction & Engineering-0.01% | Construction & Engineering-0.01% | Construction & Engineering-0.01% | Construction & Engineering-0.01% | Construction & Engineering-0.01% |
|  Quanta Services, Inc., 4.30%, 08/09/2028 |  | 225000 |  | 225723 |
|  Consumer Finance-1.96% | Consumer Finance-1.96% | Consumer Finance-1.96% | Consumer Finance-1.96% | Consumer Finance-1.96% |
|  Ally Financial, Inc., 2.20%, 11/02/2028 |  | 5323000 |  | 4973897 |
|  Capital One Financial Corp., 3.80%, 01/31/2028 |  | 9949000 |  | 9862264 |

---

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

---

| |
|:---|
| 25 |
| 25 |
| 25 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount | Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Consumer Finance-(continued) | Consumer Finance-(continued) | Consumer Finance-(continued) | Consumer Finance-(continued) | Consumer Finance-(continued) |
|  General Motors Financial Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/09/2028<sup>(b)</sup> | $| 7001000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7255459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/04/2028 |  | 8562000 |  | 8705403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/10/2028 |  | 7031000 |  | 6701568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 06/23/2028 |  | 9596000 |  | 9935969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/15/2028<sup>(b)</sup> |  | 7091000 |  | 6683677 |
|  |  |  |  | 54118237 |
|  Consumer Staples Distribution & Retail-1.59% | Consumer Staples Distribution & Retail-1.59% | Consumer Staples Distribution & Retail-1.59% | Consumer Staples Distribution & Retail-1.59% | Consumer Staples Distribution & Retail-1.59% |
|  Dollar General Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/01/2028 |  | 3555000 |  | 3540452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/05/2028 |  | 3555000 |  | 3645809 |
|  Dollar Tree, Inc., 4.20%, 05/15/2028 |  | 8898000 |  | 8877847 |
|  Target Corp., 4.35%, 06/15/2028 |  | 3550000 |  | 3588151 |
|  Walmart, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/15/2028 |  | 5323000 |  | 5346004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/26/2028 |  | 10510000 |  | 10499017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/22/2028<sup>(b)</sup> |  | 8868000 |  | 8291531 |
|  |  |  |  | 43788811 |
|  Containers & Packaging-0.15% | Containers & Packaging-0.15% | Containers & Packaging-0.15% | Containers & Packaging-0.15% | Containers & Packaging-0.15% |
|  WRKCo, Inc., 4.00%, 03/15/2028 |  | 4184000 |  | 4166286 |
|  Distributors-0.21% | Distributors-0.21% | Distributors-0.21% | Distributors-0.21% | Distributors-0.21% |
|  LKQ Corp., 5.75%, 06/15/2028<sup>(b)</sup> |  | 5682000 |  | 5874558 |
|  Diversified REITs-0.87% | Diversified REITs-0.87% | Diversified REITs-0.87% | Diversified REITs-0.87% | Diversified REITs-0.87% |
|  CubeSmart L.P., 2.25%, 12/15/2028 |  | 3889000 |  | 3662607 |
|  Digital Realty Trust L.P. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 01/15/2028 |  | 6389000 |  | 6583697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 07/15/2028 |  | 4614000 |  | 4652420 |
|  VICI Properties L.P., 4.75%, 02/15/2028 |  | 8888000 |  | 8961839 |
|  |  |  |  | 23860563 |
|  Diversified Telecommunication Services-1.07% | Diversified Telecommunication Services-1.07% | Diversified Telecommunication Services-1.07% | Diversified Telecommunication Services-1.07% | Diversified Telecommunication Services-1.07% |
|  AT&T, Inc., 1.65%, 02/01/2028 |  | 15979000 |  | 15082456 |
|  Verizon Communications, Inc., 2.10%, 03/22/2028 |  | 15204000 |  | 14478605 |
|  |  |  |  | 29561061 |
|  Electric Utilities-6.07% | Electric Utilities-6.07% | Electric Utilities-6.07% | Electric Utilities-6.07% | Electric Utilities-6.07% |
|  Berkshire Hathaway Energy Co., 3.25%, 04/15/2028 |  | 4251000 |  | 4174234 |
|  CenterPoint Energy Houston Electric LLC, 5.20%, 10/01/2028<sup>(b)</sup> |  | 3552000 |  | 3667254 |
|  Commonwealth Edison Co., 3.70%, 08/15/2028 |  | 3899000 |  | 3872123 |
|  Constellation Energy Generation LLC, 5.60%, 03/01/2028<sup>(b)</sup> |  | 5323000 |  | 5520905 |
|  Duke Energy Corp., 4.30%, 03/15/2028 |  | 6395000 |  | 6430281 |
|  Duke Energy Florida LLC, 3.80%, 07/15/2028<sup>(b)</sup> |  | 4252000 |  | 4239130 |
|  Duke Energy Progress LLC, 3.70%, 09/01/2028 |  | 3555000 |  | 3526423 |
|  Edison International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/2028<sup>(b)</sup> |  | 3899000 |  | 3837392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/2028<sup>(b)</sup> |  | 4262000 |  | 4304961 |
|  Entergy Corp., 1.90%, 06/15/2028 |  | 4606000 |  | 4338083 |
|  Eversource Energy, 5.45%, 03/01/2028 |  | 9235000 |  | 9505041 |
|  Exelon Corp., 5.15%, 03/15/2028 |  | 7101000 |  | 7266136 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount | Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Electric Utilities-(continued) | Electric Utilities-(continued) | Electric Utilities-(continued) | Electric Utilities-(continued) | Electric Utilities-(continued) |
|  Florida Power & Light Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/01/2028 | $| 7101000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7293487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/15/2028 |  | 5337000 |  | 5388942 |
|  Georgia Power Co., 4.65%, 05/16/2028 |  | 5323000 |  | 5403575 |
|  National Rural Utilities Cooperative Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/07/2028<sup>(b)</sup> |  | 4977000 |  | 4904905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/07/2028<sup>(b)</sup> |  | 4270000 |  | 4339048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/15/2028 |  | 4300000 |  | 4386764 |
|  NextEra Energy Capital Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 02/04/2028<sup>(b)</sup> |  | 7100000 |  | 7220629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/28/2028<sup>(b)</sup> |  | 8878000 |  | 9032850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/15/2028 |  | 10656000 |  | 10053821 |
|  Oncor Electric Delivery Co. LLC, 4.30%, 05/15/2028 |  | 4262000 |  | 4297142 |
|  Pacific Gas and Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/2028 |  | 5677000 |  | 5473904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/2028 |  | 6206000 |  | 6095923 |
|  San Diego Gas & Electric Co., 4.95%, 08/15/2028 |  | 4252000 |  | 4366204 |
|  Southern California Edison Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/01/2028 |  | 5363000 |  | 5486137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 10/01/2028 |  | 3912000 |  | 4052683 |
|  Southern Co. (The), 4.85%, 06/15/2028 |  | 5323000 |  | 5432021 |
|  Southwestern Electric Power Co., Series M, 4.10%, 09/15/2028 |  | 4086000 |  | 4080722 |
|  Virginia Electric & Power Co., Series A, 3.80%, 04/01/2028 |  | 4965000 |  | 4952238 |
|  Xcel Energy, Inc., 4.00%, 06/15/2028<sup>(b)</sup>  |  | 4505000 |  | 4498902 |
|  |  |  |  | 167441860 |
|  Electrical Equipment-0.57% | Electrical Equipment-0.57% | Electrical Equipment-0.57% | Electrical Equipment-0.57% | Electrical Equipment-0.57% |
|  Emerson Electric Co., 2.00%, 12/21/2028<sup>(b)</sup> |  | 7101000 |  | 6685753 |
|  Regal Rexnord Corp., 6.05%, 04/15/2028 |  | 8830000 |  | 9145454 |
|  |  |  |  | 15831207 |
|  Electronic Equipment, Instruments & Components-1.20% | Electronic Equipment, Instruments & Components-1.20% | Electronic Equipment, Instruments & Components-1.20% | Electronic Equipment, Instruments & Components-1.20% | Electronic Equipment, Instruments & Components-1.20% |
|  Amphenol Corp., 4.38%, 06/12/2028 |  | 5329000 |  | 5381004 |
|  Arrow Electronics, Inc., 3.88%, 01/12/2028 |  | 3545000 |  | 3500174 |
|  Avnet, Inc., 6.25%, 03/15/2028<sup>(b)</sup> |  | 3565000 |  | 3715773 |
|  Jabil, Inc., 3.95%, 01/12/2028<sup>(b)</sup> |  | 3546000 |  | 3517186 |
|  TD SYNNEX Corp., 2.38%, 08/09/2028<sup>(b)</sup> |  | 4242000 |  | 4021672 |
|  Teledyne Technologies, Inc., 2.25%, 04/01/2028 |  | 4960000 |  | 4727562 |
|  Trane Technologies Holdco, Inc., 3.75%, 08/21/2028 |  | 3899000 |  | 3887118 |
|  Trimble, Inc., 4.90%, 06/15/2028 |  | 4262000 |  | 4324697 |
|  |  |  |  | 33075186 |
|  Energy Equipment & Services-0.12% | Energy Equipment & Services-0.12% | Energy Equipment & Services-0.12% | Energy Equipment & Services-0.12% | Energy Equipment & Services-0.12% |
|  Patterson-UTI Energy, Inc., 3.95%, 02/01/2028 |  | 3431000 |  | 3348451 |
|  Entertainment-0.98% | Entertainment-0.98% | Entertainment-0.98% | Entertainment-0.98% | Entertainment-0.98% |
|  Netflix, Inc., 5.88%, 11/15/2028 |  | 13514000 |  | 14276159 |

---

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

---

| |
|:---|
| 26 |
| 26 |
| 26 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount | Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Entertainment-(continued) | Entertainment-(continued) | Entertainment-(continued) | Entertainment-(continued) | Entertainment-(continued) |
|  Take-Two Interactive Software, Inc., 4.95%, 03/28/2028 | $| 5680000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5791943 |
|  Walt Disney Co. (The), 2.20%, 01/13/2028<sup>(b)</sup> |  | 7089000 |  | 6832402 |
|  |  |  |  | 26900504 |
|  Financial Services-3.44% | Financial Services-3.44% | Financial Services-3.44% | Financial Services-3.44% | Financial Services-3.44% |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/23/2028<sup>(b)</sup> |  | 3846000 |  | 3819573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/2028<sup>(b)</sup> |  | 5205000 |  | 5284076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/06/2028<sup>(b)</sup> |  | 6970000 |  | 7233883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/29/2028<sup>(b)</sup> |  | 26342000 |  | 25350238 |
|  Blackstone Private Credit Fund, 7.30%, 11/27/2028 |  | 4600000 |  | 4919016 |
|  Block Financial LLC, 2.50%, 07/15/2028<sup>(b)</sup> |  | 3545000 |  | 3358458 |
|  Fidelity National Information Services, Inc., 1.65%, 03/01/2028<sup>(b)</sup> |  | 5323000 |  | 5016650 |
|  Fiserv, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/02/2028 |  | 6394000 |  | 6578772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/21/2028 |  | 4970000 |  | 5128957 |
|  LPL Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/03/2028 |  | 3550000 |  | 3597077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/17/2028 |  | 5323000 |  | 5699902 |
|  Mastercard, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 01/15/2028 |  | 5323000 |  | 5357679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/26/2028 |  | 3555000 |  | 3527067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/09/2028<sup>(b)</sup> |  | 5323000 |  | 5452202 |
|  MGIC Investment Corp., 5.25%, 08/15/2028 |  | 4614000 |  | 4615873 |
|  |  |  |  | 94939423 |
|  Food Products-1.72% | Food Products-1.72% | Food Products-1.72% | Food Products-1.72% | Food Products-1.72% |
|  General Mills, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/17/2028<sup>(b)</sup> |  | 9949000 |  | 9958992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/17/2028<sup>(b)</sup> |  | 3556000 |  | 3700319 |
|  Hershey Co. (The), 4.55%, 02/24/2028 |  | 3550000 |  | 3609452 |
|  Hormel Foods Corp., 1.70%, 06/03/2028<sup>(b)</sup> |  | 5323000 |  | 5003326 |
|  J.M. Smucker Co. (The), 5.90%, 11/15/2028<sup>(b)</sup> |  | 5323000 |  | 5590664 |
|  Kellanova, 4.30%, 05/15/2028 |  | 4253000 |  | 4281825 |
|  Mondelez International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/06/2028 |  | 4977000 |  | 4994305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/07/2028 |  | 3273000 |  | 3282035 |
|  The Campbell's Company, 4.15%, 03/15/2028 |  | 7119552 |  | 7121085 |
|  |  |  |  | 47542003 |
|  Gas Utilities-0.24% | Gas Utilities-0.24% | Gas Utilities-0.24% | Gas Utilities-0.24% | Gas Utilities-0.24% |
|  CenterPoint Energy Resources Corp., 5.25%, 03/01/2028<sup>(b)</sup> |  | 6394000 |  | 6566752 |
|  Ground Transportation-0.91% | Ground Transportation-0.91% | Ground Transportation-0.91% | Ground Transportation-0.91% | Ground Transportation-0.91% |
|  Canadian Pacific Railway Co. (Canada), 4.00%, 06/01/2028 |  | 3605000 |  | 3604997 |
|  CSX Corp., 3.80%, 03/01/2028 |  | 5679000 |  | 5652889 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount | Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Ground Transportation-(continued) | Ground Transportation-(continued) | Ground Transportation-(continued) | Ground Transportation-(continued) | Ground Transportation-(continued) |
|  Ryder System, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 03/01/2028<sup>(b)</sup> | $| 3597000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3725900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2028 |  | 4613000 |  | 4739463 |
|  Union Pacific Corp., 3.95%, 09/10/2028 |  | 7488300 |  | 7488250 |
|  |  |  |  | 25211499 |
|  Health Care Equipment & Supplies-1.71% | Health Care Equipment & Supplies-1.71% | Health Care Equipment & Supplies-1.71% | Health Care Equipment & Supplies-1.71% | Health Care Equipment & Supplies-1.71% |
|  Abbott Laboratories, 1.15%, 01/30/2028<sup>(b)</sup> |  | 4622000 |  | 4347864 |
|  Baxter International, Inc., 2.27%, 12/01/2028<sup>(b)</sup> |  | 8861000 |  | 8317279 |
|  Becton, Dickinson and Co., 4.69%, 02/13/2028<sup>(b)</sup> |  | 5687000 |  | 5768013 |
|  Edwards Lifesciences Corp., 4.30%, 06/15/2028 |  | 4252000 |  | 4279072 |
|  Medtronic Global Holdings S.C.A., 4.25%, 03/30/2028<sup>(b)</sup> |  | 7101000 |  | 7156190 |
|  Stryker Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/10/2028 |  | 4972000 |  | 5047312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/07/2028 |  | 4262000 |  | 4231535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 12/08/2028 |  | 4262000 |  | 4368425 |
|  Zimmer Biomet Holdings, Inc., 5.35%, 12/01/2028 |  | 3555000 |  | 3682733 |
|  |  |  |  | 47198423 |
|  Health Care Providers & Services-4.92% | Health Care Providers & Services-4.92% | Health Care Providers & Services-4.92% | Health Care Providers & Services-4.92% | Health Care Providers & Services-4.92% |
|  Centene Corp., 2.45%, 07/15/2028 |  | 16363000 |  | 15127698 |
|  Cigna Group (The), 4.38%, 10/15/2028 |  | 26600177 |  | 26748638 |
|  CVS Health Corp., 4.30%, 03/25/2028 |  | 35099000 |  | 35086643 |
|  Elevance Health, Inc., 4.10%, 03/01/2028 |  | 8901990 |  | 8897350 |
|  HCA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028<sup>(b)</sup> |  | 4970000 |  | 5061021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/01/2028<sup>(b)</sup> |  | 7101000 |  | 7274874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/2028 |  | 10656000 |  | 10992441 |
|  Humana, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2028 |  | 3509000 |  | 3632657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028 |  | 3555000 |  | 3707146 |
|  UnitedHealth Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/2028<sup>(b)</sup> |  | 7131000 |  | 7333959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/2028<sup>(b)</sup> |  | 8155000 |  | 8122468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/15/2028 |  | 3550000 |  | 3585147 |
|  |  |  |  | 135570042 |
|  Health Care REITs-0.63% | Health Care REITs-0.63% | Health Care REITs-0.63% | Health Care REITs-0.63% | Health Care REITs-0.63% |
|  Healthpeak OP LLC, 2.13%, 12/01/2028 |  | 3545000 |  | 3318431 |
|  Omega Healthcare Investors, Inc., 4.75%, 01/15/2028<sup>(b)</sup> |  | 3911000 |  | 3944887 |
|  Ventas Realty L.P., 4.00%, 03/01/2028 |  | 4622000 |  | 4601471 |
|  Welltower OP LLC, 4.25%, 04/15/2028 |  | 5323000 |  | 5355197 |
|  |  |  |  | 17219986 |
|  Hotels, Restaurants & Leisure-1.94% | Hotels, Restaurants & Leisure-1.94% | Hotels, Restaurants & Leisure-1.94% | Hotels, Restaurants & Leisure-1.94% | Hotels, Restaurants & Leisure-1.94% |
|  Booking Holdings, Inc., 3.55%, 03/15/2028 |  | 3555000 |  | 3515822 |
|  Expedia Group, Inc., 3.80%, 02/15/2028<sup>(b)</sup> |  | 7160750 |  | 7094713 |
|  Hyatt Hotels Corp., 5.05%, 03/30/2028 |  | 3550000 |  | 3612052 |

---

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

---

| |
|:---|
| 27 |
| 27 |
| 27 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount | Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Hotels, Restaurants & Leisure-(continued) | Hotels, Restaurants & Leisure-(continued) | Hotels, Restaurants & Leisure-(continued) | Hotels, Restaurants & Leisure-(continued) | Hotels, Restaurants & Leisure-(continued) |
|  Las Vegas Sands Corp., 5.63%, 06/15/2028 | $| 7130000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7301762 |
|  Marriott International, Inc., 5.55%, 10/15/2028 |  | 5000000 |  | 5198168 |
|  McDonald's Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/01/2028 |  | 7454514 |  | 7418598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 08/14/2028<sup>(b)</sup> |  | 4282000 |  | 4379684 |
|  Starbucks Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2028 |  | 4282000 |  | 4233661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/2028 |  | 5330000 |  | 5387045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2028<sup>(b)</sup> |  | 5328000 |  | 5327082 |
|  |  |  |  | 53468587 |
|  Household Durables-0.16% | Household Durables-0.16% | Household Durables-0.16% | Household Durables-0.16% | Household Durables-0.16% |
|  Mohawk Industries, Inc., 5.85%, 09/18/2028<sup>(b)</sup> |  | 4256000 |  | 4450255 |
|  Household Products-0.42% | Household Products-0.42% | Household Products-0.42% | Household Products-0.42% | Household Products-0.42% |
|  Clorox Co. (The), 3.90%, 05/15/2028<sup>(b)</sup>  |  | 3545000 |  | 3534211 |
|  Colgate-Palmolive Co., 4.60%, 03/01/2028 |  | 3555000 |  | 3624125 |
|  Procter & Gamble Co. (The), 3.95%, 01/26/2028<sup>(b)</sup> |  | 4260000 |  | 4287216 |
|  |  |  |  | 11445552 |
|  Independent Power and Renewable Electricity Producers-0.24% | Independent Power and Renewable Electricity Producers-0.24% | Independent Power and Renewable Electricity Producers-0.24% | Independent Power and Renewable Electricity Producers-0.24% | Independent Power and Renewable Electricity Producers-0.24% |
|  AES Corp. (The), 5.45%, 06/01/2028<sup>(b)</sup> |  | 6419000 |  | 6571946 |
|  Industrial Conglomerates-0.41% | Industrial Conglomerates-0.41% | Industrial Conglomerates-0.41% | Industrial Conglomerates-0.41% | Industrial Conglomerates-0.41% |
|  3M Co., 3.63%, 09/14/2028 |  | 4252000 |  | 4205652 |
|  Eaton Corp., 4.35%, 05/18/2028<sup>(b)</sup> |  | 3555000 |  | 3590718 |
|  Honeywell International, Inc., 4.95%, 02/15/2028<sup>(b)</sup> |  | 3545000 |  | 3629584 |
|  |  |  |  | 11425954 |
|  Insurance-0.41% | Insurance-0.41% | Insurance-0.41% | Insurance-0.41% | Insurance-0.41% |
|  Brown & Brown, Inc., 4.70%, 06/23/2028 |  | 3548000 |  | 3583743 |
|  Lincoln National Corp., 3.80%, 03/01/2028<sup>(b)</sup> |  | 3545000 |  | 3505677 |
|  Willis North America, Inc., 4.50%, 09/15/2028 |  | 4258000 |  | 4297969 |
|  |  |  |  | 11387389 |
|  Interactive Media & Services-0.39% | Interactive Media & Services-0.39% | Interactive Media & Services-0.39% | Interactive Media & Services-0.39% | Interactive Media & Services-0.39% |
|  Meta Platforms, Inc., 4.60%, 05/15/2028 |  | 10656000 |  | 10866210 |
|  IT Services-0.68% | IT Services-0.68% | IT Services-0.68% | IT Services-0.68% | IT Services-0.68% |
|  DXC Technology Co., 2.38%, 09/15/2028<sup>(b)</sup> |  | 4606000 |  | 4330813 |
|  International Business Machines Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/06/2028<sup>(b)</sup> |  | 7105000 |  | 7184979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 02/10/2028<sup>(b)</sup> |  | 7104000 |  | 7212596 |
|  |  |  |  | 18728388 |
|  Life Sciences Tools & Services-0.29% | Life Sciences Tools & Services-0.29% | Life Sciences Tools & Services-0.29% | Life Sciences Tools & Services-0.29% | Life Sciences Tools & Services-0.29% |
|  Revvity, Inc., 1.90%, 09/15/2028 |  | 3545000 |  | 3299231 |
|  Thermo Fisher Scientific, Inc., 1.75%, 10/15/2028<sup>(b)</sup> |  | 4960000 |  | 4638800 |
|  |  |  |  | 7938031 |

---

---

| | | |
|:---|:---|:---|
|  | Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Machinery-2.40% | Machinery-2.40% | Machinery-2.40% |
|  Caterpillar Financial Services Corp., Series K, 4.10%, 08/15/2028 | $1200000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204312 |
|  CNH Industrial Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/21/2028 | 3550000 | 3590801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/10/2028 | 4252000 | 4292400 |
|  Ingersoll Rand, Inc., 5.40%, 08/14/2028 | 3555000 | 3678808 |
|  John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/07/2028 | 3555000 | 3616122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/20/2028<sup>(b)</sup> | 7818000 | 7967698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/03/2028<sup>(b)</sup> | 4616000 | 4726151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/06/2028 | 3545000 | 3343109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/14/2028 | 10656000 | 10951703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 4.25%, 06/05/2028<sup>(b)</sup> | 4972000 | 5015295 |
|  Otis Worldwide Corp., 5.25%, 08/16/2028 | 5323000 | 5490214 |
|  Wabtec Corp., 4.70%, 09/15/2028 | 8898000 | 9016758 |
|  Xylem, Inc., 1.95%, 01/30/2028 | 3545000 | 3388126 |
|  |  | 66281497 |
|  Marine Transportation-0.13% | Marine Transportation-0.13% | Marine Transportation-0.13% |
|  Kirby Corp., 4.20%, 03/01/2028 | 3495000 | 3486585 |
|  Media-1.37% | Media-1.37% | Media-1.37% |
|  Charter Communications Operating LLC/Charter Communications Operating Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2028 | 7101000 | 6998693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/2028 | 8878000 | 8827148 |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/15/2028<sup>(b)</sup> | 11722000 | 11496642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/01/2028<sup>(b)</sup> | 7101000 | 7017272 |
|  Paramount Global, 3.38%, 02/15/2028 | 3598000 | 3511715 |
|  |  | 37851470 |
|  Metals & Mining-0.37% | Metals & Mining-0.37% | Metals & Mining-0.37% |
|  Freeport-McMoRan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/2028 | 3458000 | 3448368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/01/2028 | 3073000 | 3081067 |
|  Nucor Corp., 3.95%, 05/01/2028 | 3555000 | 3551008 |
|  |  | 10080443 |
|  Multi-Utilities-1.61% | Multi-Utilities-1.61% | Multi-Utilities-1.61% |
|  Dominion Energy, Inc., 4.60%, 05/15/2028 | 7100000 | 7180750 |
|  DTE Electric Co., Series A, 1.90%, 04/01/2028<sup>(b)</sup> | 4076000 | 3869337 |
|  DTE Energy Co., 4.88%, 06/01/2028<sup>(b)</sup> | 5687000 | 5788727 |
|  National Grid PLC (United Kingdom), 5.60%, 06/12/2028 | 5000000 | 5177436 |
|  NiSource, Inc., 5.25%, 03/30/2028<sup>(b)</sup> | 7504000 | 7712672 |
|  Public Service Enterprise Group, Inc., 5.88%, 10/15/2028 | 4281000 | 4484496 |
|  Sempra, 3.40%, 02/01/2028 | 7090609 | 6947273 |
|  WEC Energy Group, Inc., 2.20%, 12/15/2028<sup>(b)</sup> | 3545000 | 3333343 |
|  |  | 44494034 |
|  Oil, Gas & Consumable Fuels-5.58% | Oil, Gas & Consumable Fuels-5.58% | Oil, Gas & Consumable Fuels-5.58% |
|  BP Capital Markets PLC, 3.72%, 11/28/2028 | 5677000 | 5619373 |

---

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

---

| |
|:---|
| 28 |
| 28 |
| 28 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount | Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Oil, Gas & Consumable Fuels-(continued) | Oil, Gas & Consumable Fuels-(continued) | Oil, Gas & Consumable Fuels-(continued) | Oil, Gas & Consumable Fuels-(continued) | Oil, Gas & Consumable Fuels-(continued) |
|  Chevron USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/15/2028 | $| 4253000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4262416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 02/26/2028 |  | 7100000 |  | 7214644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/13/2028 |  | 500000 |  | 503032 |
|  Continental Resources, Inc., 4.38%, 01/15/2028 |  | 7092000 |  | 7051654 |
|  Enbridge, Inc. (Canada), 6.00%, 11/15/2028 |  | 5323000 |  | 5611527 |
|  Energy Transfer L.P. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 02/15/2028 |  | 7101000 |  | 7310770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/2028 |  | 5678500 |  | 5776109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/2028 |  | 7101028 |  | 7213170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 12/01/2028 |  | 3555000 |  | 3740927 |
|  Enterprise Products Operating LLC, 4.30%, 06/20/2028 |  | 3551000 |  | 3579134 |
|  EOG Resources, Inc., 4.40%, 07/15/2028 |  | 3572000 |  | 3607646 |
|  EQT Corp., 5.70%, 04/01/2028 |  | 3555000 |  | 3675481 |
|  Equinor ASA (Norway) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/02/2028<sup>(b)</sup> |  | 3899000 |  | 3932108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/10/2028 |  | 7089000 |  | 7034592 |
|  Kinder Morgan, Inc., 4.30%, 03/01/2028 |  | 8883750 |  | 8919020 |
|  MPLX L.P., 4.00%, 03/15/2028 |  | 8878000 |  | 8839753 |
|  Occidental Petroleum Corp., 6.38%, 09/01/2028 |  | 4105000 |  | 4286084 |
|  ONEOK, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/15/2028 |  | 5687000 |  | 5729494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 11/01/2028 |  | 5323000 |  | 5531818 |
|  Ovintiv, Inc., 5.65%, 05/15/2028 |  | 5000000 |  | 5148129 |
|  Phillips 66, 3.90%, 03/15/2028<sup>(b)</sup> |  | 5678000 |  | 5644678 |
|  Sabine Pass Liquefaction LLC, 4.20%, 03/15/2028 |  | 9591000 |  | 9590582 |
|  TransCanada PipeLines Ltd. (Canada), 4.25%, 05/15/2028 |  | 9949000 |  | 9960888 |
|  Valero Energy Corp., 4.35%, 06/01/2028 |  | 4202000 |  | 4222276 |
|  Valero Energy Partners L.P., 4.50%, 03/15/2028 |  | 3235000 |  | 3259972 |
|  Williams Cos., Inc. (The), 5.30%, 08/15/2028 |  | 6399000 |  | 6603740 |
|  |  |  |  | 153869017 |
|  Passenger Airlines-0.37% | Passenger Airlines-0.37% | Passenger Airlines-0.37% | Passenger Airlines-0.37% | Passenger Airlines-0.37% |
|  Delta Air Lines, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/19/2028 |  | 2934000 |  | 2939328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/10/2028 |  | 7100000 |  | 7191732 |
|  |  |  |  | 10131060 |
|  Personal Care Products-0.97% | Personal Care Products-0.97% | Personal Care Products-0.97% | Personal Care Products-0.97% | Personal Care Products-0.97% |
|  Estee Lauder Cos., Inc. (The), 4.38%, 05/15/2028 |  | 4970000 |  | 5005524 |
|  Kenvue, Inc., 5.05%, 03/22/2028<sup>(b)</sup> |  | 7106000 |  | 7287795 |
|  Unilever Capital Corp. (United Kingdom) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/22/2028<sup>(b)</sup> |  | 9331000 |  | 9254963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/08/2028 |  | 4971000 |  | 5104910 |
|  |  |  |  | 26653192 |

---

---

| | | |
|:---|:---|:---|
|  | Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Pharmaceuticals-3.94% | Pharmaceuticals-3.94% | Pharmaceuticals-3.94% |
|  AstraZeneca Finance LLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/03/2028<sup>(b)</sup> | $7818000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7995910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/28/2028<sup>(b)</sup> | 8868000 | 8389428 |
|  Bristol-Myers Squibb Co., 3.90%, 02/20/2028<sup>(b)</sup> | 10303000 | 10302734 |
|  Eli Lilly and Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 02/12/2028 | 7100000 | 7212342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2028 | 3000000 | 3007663 |
|  GlaxoSmithKline Capital, Inc. (United Kingdom), 3.88%, 05/15/2028<sup>(b)</sup> | 12433786 | 12431142 |
|  Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/15/2028 | 10656000 | 10464379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/01/2028<sup>(b)</sup> | 5330000 | 5436190 |
|  Merck & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/17/2028 | 3556000 | 3577407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 12/10/2028 | 7091000 | 6659025 |
|  Pfizer, Inc., 3.60%, 09/15/2028<sup>(b)</sup> | 7100441 | 7070757 |
|  Sanofi S.A., 3.63%, 06/19/2028<sup>(b)</sup> | 7080842 | 7046757 |
|  Takeda Pharmaceutical Co. Ltd. (Japan), 5.00%, 11/26/2028 | 12270000 | 12560838 |
|  Zoetis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/17/2028 | 2850000 | 2857683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/20/2028 | 3545000 | 3541529 |
|  |  | 108553784 |
|  Professional Services-0.81% | Professional Services-0.81% | Professional Services-0.81% |
|  Automatic Data Processing, Inc., 1.70%, 05/15/2028 | 7091000 | 6713790 |
|  Concentrix Corp., 6.60%, 08/02/2028<sup>(b)</sup>  | 5657000 | 5990078 |
|  Equifax, Inc., 5.10%, 06/01/2028 | 4960000 | 5075359 |
|  Jacobs Engineering Group, Inc., 6.35%, 08/18/2028 | 4258000 | 4491289 |
|  |  | 22270516 |
|  Real Estate Management & Development-0.15% | Real Estate Management & Development-0.15% | Real Estate Management & Development-0.15% |
|  Piedmont Operating Partnership L.P., 9.25%, 07/20/2028 | 3702000 | 4116344 |
|  Residential REITs-0.40% | Residential REITs-0.40% | Residential REITs-0.40% |
|  American Homes 4 Rent L.P., 4.25%, 02/15/2028 | 3545000 | 3537076 |
|  ERP Operating L.P., 3.50%, 03/01/2028 | 3465000 | 3418373 |
|  Invitation Homes Operating Partnership L.P., 2.30%, 11/15/2028 | 4262000 | 4024356 |
|  |  | 10979805 |
|  Retail REITs-0.49% | Retail REITs-0.49% | Retail REITs-0.49% |
|  Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/2028<sup>(b)</sup> | 4230000 | 4178130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/15/2028 | 3899000 | 3869217 |
|  Simon Property Group L.P., 1.75%, 02/01/2028 | 5687000 | 5399456 |
|  |  | 13446803 |
|  Semiconductors & Semiconductor Equipment-3.05% | Semiconductors & Semiconductor Equipment-3.05% | Semiconductors & Semiconductor Equipment-3.05% |
|  Advanced Micro Devices, Inc., 4.32%, 03/24/2028 | 4437000 | 4481854 |
|  Analog Devices, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/2028 | 6035000 | 6085007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 10/01/2028<sup>(b)</sup> | 5323000 | 4975425 |

---

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

---

| |
|:---|
| 29 |
| 29 |
| 29 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount | Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Semiconductors & Semiconductor Equipment-(continued) | Semiconductors & Semiconductor Equipment-(continued) | Semiconductors & Semiconductor Equipment-(continued) | Semiconductors & Semiconductor Equipment-(continued) | Semiconductors & Semiconductor Equipment-(continued) |
|  Broadcom Corp./Broadcom Cayman Finance Ltd., 3.50%, 01/15/2028<sup>(b)</sup> | $| 5511000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5438960 |
|  Broadcom, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/15/2028 |  | 6207000 |  | 6215954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/15/2028<sup>(b)</sup> |  | 7818000 |  | 7961248 |
|  Intel Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/10/2028<sup>(b)</sup> |  | 12454000 |  | 12621800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 08/12/2028 |  | 7101000 |  | 6591909 |
|  Marvell Technology, Inc., 2.45%, 04/15/2028 |  | 5323000 |  | 5097580 |
|  Microchip Technology, Inc., 4.90%, 03/15/2028 |  | 7101000 |  | 7203061 |
|  Micron Technology, Inc., 5.38%, 04/15/2028<sup>(b)</sup> |  | 3802000 |  | 3920982 |
|  NVIDIA Corp., 1.55%, 06/15/2028 |  | 8868000 |  | 8358479 |
|  Texas Instruments, Inc., 4.60%, 02/15/2028 |  | 4974000 |  | 5060380 |
|  |  |  |  | 84012639 |
|  Software-2.77% | Software-2.77% | Software-2.77% | Software-2.77% | Software-2.77% |
|  Adobe, Inc., 4.75%, 01/17/2028<sup>(b)</sup> |  | 5682000 |  | 5796412 |
|  Intuit, Inc., 5.13%, 09/15/2028<sup>(b)</sup> |  | 5323000 |  | 5501150 |
|  Oracle Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/25/2028 |  | 14212000 |  | 13585287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/06/2028 |  | 5323000 |  | 5371674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 08/03/2028 |  | 10670000 |  | 10876835 |
|  Roper Technologies, Inc., 4.20%, 09/15/2028 |  | 5687000 |  | 5692416 |
|  Salesforce, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/11/2028 |  | 10656000 |  | 10625727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/15/2028<sup>(b)</sup> |  | 7091000 |  | 6648975 |
|  Synopsys, Inc., 4.65%, 04/01/2028 |  | 7100000 |  | 7197322 |
|  VMware LLC, 1.80%, 08/15/2028 |  | 5323000 |  | 4980121 |
|  |  |  |  | 76275919 |
|  Specialized REITs-2.56% | Specialized REITs-2.56% | Specialized REITs-2.56% | Specialized REITs-2.56% | Specialized REITs-2.56% |
|  American Tower Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/15/2028 |  | 4974000 |  | 4909200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/31/2028 |  | 4618000 |  | 4334466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/2028<sup>(b)</sup> |  | 5040000 |  | 5194581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2028<sup>(b)</sup> |  | 4617000 |  | 4750838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 11/15/2028 |  | 5353000 |  | 5597344 |
|  Crown Castle, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/11/2028 |  | 7101000 |  | 7200477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/2028<sup>(b)</sup> |  | 7101000 |  | 7011743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 09/01/2028 |  | 4263000 |  | 4315294 |
|  Equinix, Inc., 1.55%, 03/15/2028 |  | 4606000 |  | 4320833 |
|  Extra Space Storage L.P., 5.70%, 04/01/2028 |  | 5687000 |  | 5876967 |
|  GLP Capital L.P./GLP Financing II, Inc., 5.75%, 06/01/2028 |  | 3565000 |  | 3661833 |
|  Prologis L.P., 4.88%, 06/15/2028<sup>(b)</sup> |  | 5323000 |  | 5445973 |
|  Public Storage Operating Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/01/2028<sup>(b)</sup> |  | 4617000 |  | 4367741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 11/09/2028 |  | 3899000 |  | 3660231 |
|  |  |  |  | 70647521 |
|  Specialty Retail-1.75% | Specialty Retail-1.75% | Specialty Retail-1.75% | Specialty Retail-1.75% | Specialty Retail-1.75% |
|  AutoZone, Inc., 6.25%, 11/01/2028 |  | 3545000 |  | 3766880 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount | Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Specialty Retail-(continued) | Specialty Retail-(continued) | Specialty Retail-(continued) | Specialty Retail-(continued) | Specialty Retail-(continued) |
|  Dell International LLC/EMC Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/2028<sup>(b)</sup> | $| 7100000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7286299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/01/2028 |  | 7115000 |  | 7216829 |
|  Home Depot, Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/15/2028 |  | 3545000 |  | 3296453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/15/2028<sup>(b)</sup> |  | 7091000 |  | 6612682 |
|  Lowe's Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 04/15/2028 |  | 7160490 |  | 6684444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 09/15/2028 |  | 7091000 |  | 6611398 |
|  O'Reilly Automotive, Inc., 4.35%, 06/01/2028 |  | 3556000 |  | 3572143 |
|  TJX Cos., Inc. (The), 1.15%, 05/15/2028 |  | 3545000 |  | 3298650 |
|  |  |  |  | 48345778 |
|  Technology Hardware, Storage & Peripherals-2.30% | Technology Hardware, Storage & Peripherals-2.30% | Technology Hardware, Storage & Peripherals-2.30% | Technology Hardware, Storage & Peripherals-2.30% | Technology Hardware, Storage & Peripherals-2.30% |
|  Apple, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 02/08/2028<sup>(b)</sup> |  | 17557000 |  | 16518144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/10/2028<sup>(b)</sup> |  | 10556000 |  | 10629537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/12/2028 |  | 10510000 |  | 10588798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/05/2028<sup>(b)</sup> |  | 16143000 |  | 15114577 |
|  Hewlett Packard Enterprise Co., 5.25%, 07/01/2028 |  | 3909000 |  | 4023867 |
|  HP, Inc., 4.75%, 01/15/2028<sup>(b)</sup> |  | 6395000 |  | 6480450 |
|  |  |  |  | 63355373 |
|  Tobacco-1.85% | Tobacco-1.85% | Tobacco-1.85% | Tobacco-1.85% | Tobacco-1.85% |
|  Altria Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/04/2028 |  | 3550000 |  | 3605185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 11/01/2028 |  | 3545000 |  | 3749504 |
|  B.A.T. Capital Corp. (United Kingdom), 2.26%, 03/25/2028<sup>(b)</sup> |  | 12433500 |  | 11848013 |
|  B.A.T. International Finance PLC (United Kingdom), 4.45%, 03/16/2028 |  | 7101000 |  | 7128186 |
|  Philip Morris International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/2028<sup>(b)</sup> |  | 11010000 |  | 11223604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/02/2028 |  | 3544950 |  | 3468857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/28/2028<sup>(b)</sup> |  | 5326000 |  | 5339271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/07/2028 |  | 4616000 |  | 4770909 |
|  |  |  |  | 51133529 |
|  Trading Companies & Distributors-0.31% | Trading Companies & Distributors-0.31% | Trading Companies & Distributors-0.31% | Trading Companies & Distributors-0.31% | Trading Companies & Distributors-0.31% |
|  Air Lease Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/01/2028<sup>(b)</sup> |  | 5000000 |  | 5120512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/01/2028 |  | 3545750 |  | 3337876 |
|  |  |  |  | 8458388 |
|  Water Utilities-0.16% | Water Utilities-0.16% | Water Utilities-0.16% | Water Utilities-0.16% | Water Utilities-0.16% |
|  American Water Capital Corp., 3.75%, 09/01/2028 |  | 4484000 |  | 4457592 |
|  Wireless Telecommunication Services-1.30% | Wireless Telecommunication Services-1.30% | Wireless Telecommunication Services-1.30% | Wireless Telecommunication Services-1.30% | Wireless Telecommunication Services-1.30% |
|  Sprint Capital Corp., 6.88%, 11/15/2028 |  | 17580000 |  | 18915729 |

---

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

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount | Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Wireless Telecommunication Services-(continued) | Wireless Telecommunication Services-(continued) | Wireless Telecommunication Services-(continued) | Wireless Telecommunication Services-(continued) | Wireless Telecommunication Services-(continued) |
|  T-Mobile USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/15/2028<sup>(b)</sup> | $| 7101000 | $| 7235858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/15/2028<sup>(b)</sup> |  | 6394000 |  | 6514717 |
|  Vodafone Group PLC (United Kingdom),<br>4.38%, 05/30/2028 |  | 3040000 |  | 3099144 |
|  |  |  |  | 35765448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $2,684,975,653) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $2,684,975,653) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $2,684,975,653) |  | 2725889776 |
|  | Shares | Shares |  |  |
|  Money Market Funds-0.04% | Money Market Funds-0.04% | Money Market Funds-0.04% | Money Market Funds-0.04% | Money Market Funds-0.04% |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.21%<sup>(c)(d)</sup><br>(Cost $1,132,936) |  | 1132936 |  | 1132936 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.90%<br>(Cost $2,686,108,589) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.90%<br>(Cost $2,686,108,589) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.90%<br>(Cost $2,686,108,589) |  | 2727022712 |
|  Investment Abbreviations: |  |  |  |  |
|  REIT-Real Estate Investment Trust |  |  |  |  |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Investments Purchased with Cash Collateral from Securities on Loan | Investments Purchased with Cash Collateral from Securities on Loan |  |
|  Money Market Funds-14.50% | Money Market Funds-14.50% | Money Market Funds-14.50% |
|  Invesco Private Government Fund, 4.28%<sup>(c)(d)(e)</sup> | 109653873 | $109653873 |
|  Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup> | 290043434 | 290130447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $399,763,750) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $399,763,750) | 399784320 |
|  TOTAL INVESTMENTS IN SECURITIES-113.40%<br>(Cost $3,085,872,339) |  | 3126807032 |
|  OTHER ASSETS LESS LIABILITIES-(13.40)% |  | (369407066) |
|  NET ASSETS-100.00% |  | $2757399966 |

---

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 August 31, 2025.

<sup>(c)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in 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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value<br>August 31, 2024 | Purchases<br>at Cost | Proceeds from<br>Sales | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Realized<br>Gain<br>(Loss) | Value<br>August 31, 2025 | Dividend Income |
| Investments in Affiliated Money Market Funds: |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $74172 | $149249710 | $(148190946) | $- | $- | $1132936 | $267357 |
| Investments Purchased with Cash Collateral from Securities on Loan: |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 115834395 | 458096712 | (464277234) |  |  | 109653873 | 4811292 \* |
| Invesco Private Prime Fund | 301952584 | 1033116743 | (1044904461) | (1373) | (33046) | 290130447 | 12910697 \* |
|  Total | $417861151 | $1640463165 | $(1657372641) | $(1373) | $(33046) | $400917256 | $17989346 |

---

\* 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>(d)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<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.

---

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | 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-1.65% |  |  |
|  Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/01/2029<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;6028000 | $5799357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 05/01/2029 | 9068000 | 9633548 |
|  Howmet Aerospace, Inc., 3.00%, 01/15/2029 | 4215000 | 4057755 |
|  L3Harris Technologies, Inc., 5.05%, 06/01/2029 | 4527000 | 4650880 |
|  Lockheed Martin Corp., 4.50%, 02/15/2029 | 3922000 | 3979503 |
|  Northrop Grumman Corp., 4.60%, 02/01/2029<sup>(b)</sup> | 2995000 | 3043602 |
|  RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2029 | 3013000 | 3164422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/2029 | 2495000 | 2798728 |
|  |  | 37127795 |
|  Air Freight & Logistics-0.37% | Air Freight & Logistics-0.37% |  |
|  GXO Logistics, Inc., 6.25%, 05/06/2029<sup>(b)</sup> | 3617000 | 3795193 |
|  United Parcel Service, Inc., 3.40%, 03/15/2029<sup>(b)</sup> | 4526000 | 4446792 |
|  |  | 8241985 |
|  Automobile Components-0.28% | Automobile Components-0.28% |  |
|  Aptiv Swiss Holdings Ltd., 4.65%, 09/13/2029 | 3314000 | 3329409 |
|  BorgWarner, Inc., 4.95%, 08/15/2029<sup>(b)</sup>  | 2985000 | 3046306 |
|  |  | 6375715 |
|  Automobiles-3.85% |  |  |
|  American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/12/2029 | 3850000 | 3615762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/13/2029<sup>(b)</sup> | 4536000 | 4641954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/05/2029<sup>(b)</sup> | 4544000 | 4573671 |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/10/2029 | 4520000 | 4162447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/08/2029 | 9674000 | 9784939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 05/03/2029 | 8962000 | 8841743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 09/06/2029 | 5438000 | 5401535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/07/2029 | 7540000 | 7624420 |
|  General Motors Co., 5.40%, 10/15/2029<sup>(b)</sup> | 6048000 | 6242899 |
|  PACCAR Financial Corp., 4.60%, 01/31/2029<sup>(b)</sup> | 3618000 | 3689506 |
|  Toyota Motor Corp. (Japan), 2.76%, 07/02/2029 | 2982000 | 2850359 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/05/2029 | 4819000 | 4909717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/08/2029 | 3015000 | 2981102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 05/16/2029 | 6049000 | 6251517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/29/2029 | 4818000 | 4879682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/09/2029 | 6048000 | 6154237 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;86605490 |
|  Banks-6.28% |  |  |
|  Banco Bilbao Vizcaya Argentaria S.A. (Spain), 5.38%, 03/13/2029<sup>(b)</sup> | 5930000 | 6136404 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
|  Banks-(continued) |  |  |
|  Bank of Nova Scotia (The) (Canada), 5.45%, 08/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;4140000 | $4319705 |
|  Canadian Imperial Bank of Commerce (Canada), 5.26%, 04/08/2029<sup>(b)</sup> | 6925000 | 7170951 |
|  Citibank N.A., 4.84%, 08/06/2029<sup>(b)</sup> | 9038000 | 9266839 |
|  Cooperatieve Rabobank U.A. (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 01/09/2029<sup>(b)</sup> | 3014000 | 3085275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 10/17/2029<sup>(b)</sup> | 4524000 | 4596694 |
|  KeyCorp, 2.55%, 10/01/2029<sup>(b)</sup> | 4527000 | 4235560 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 03/07/2029<sup>(b)</sup> | 9033000 | 8935623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/18/2029 | 10556000 | 10170029 |
|  National Bank of Canada (Canada), 4.50%, 10/10/2029<sup>(b)</sup> | 5915000 | 5952644 |
|  PNC Bank N.A., 2.70%, 10/22/2029<sup>(b)</sup> | 4509000 | 4244700 |
|  PNC Financial Services Group, Inc. (The), 3.45%, 04/23/2029<sup>(b)</sup> | 9042000 | 8850328 |
|  Royal Bank of Canada (Canada), 4.95%, 02/01/2029<sup>(b)</sup> | 6013000 | 6191326 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.47%, 01/14/2029<sup>(b)</sup> | 2911000 | 2759673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 07/09/2029<sup>(b)</sup> | 4525000 | 4691402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 07/16/2029 | 15068000 | 14398944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 09/27/2029<sup>(b)</sup> | 3015000 | 2845223 |
|  Toronto-Dominion Bank (The) (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 04/05/2029<sup>(b)</sup> | 5404000 | 5544489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 12/17/2029<sup>(b)</sup> | 6028000 | 6162380 |
|  Truist Financial Corp., 3.88%, 03/19/2029 | 3921000 | 3864905 |
|  Wells Fargo & Co., 4.15%, 01/24/2029 | 15081000 | 15073775 |
|  Zions Bancorporation N.A., 3.25%, 10/29/2029<sup>(b)</sup> | 2983000 | 2768947 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;141265816 |
|  Beverages-2.60% |  |  |
|  Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.75%, 01/23/2029 | 18794000 | 19210973 |
|  Coca-Cola Co. (The), 2.13%, 09/06/2029<sup>(b)</sup> | 6029000 | 5633580 |
|  Coca-Cola Consolidated, Inc., 5.25%, 06/01/2029 | 4218000 | 4358246 |
|  Diageo Capital PLC (United Kingdom), 2.38%, 10/24/2029 | 6028000 | 5640574 |
|  Keurig Dr Pepper, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/2029 | 4527000 | 4610888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/15/2029<sup>(b)</sup> | 6026000 | 5927542 |
|  PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 01/15/2029 | 4554000 | 4566055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/01/2029 | 3071000 | 3377335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/17/2029 | 5084000 | 5182963 |
|  |  | 58508156 |

---

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

---

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|:---|
| 32 |
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| 32 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
|  Biotechnology-2.82% | Biotechnology-2.82% |  |
|  AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/15/2029<sup>(b)</sup> | $15054000 | $15416313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/21/2029 | 32754000 | 31570048 |
|  Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/22/2029 | 4527000 | 4358238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/18/2029 | 7540000 | 7506628 |
|  Gilead Sciences, Inc., 4.80%, 11/15/2029<sup>(b)</sup> | 4515000 | 4637100 |
|  |  | 63488327 |
|  Broadline Retail-0.81% | Broadline Retail-0.81% |  |
|  Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/13/2029<sup>(b)</sup> | 9072000 | 8949491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 12/01/2029<sup>(b)</sup> | 9073000 | 9324990 |
|  |  | 18274481 |
|  Building Products-0.58% | Building Products-0.58% |  |
|  CRH SMW Finance DAC, 5.20%, 05/21/2029 | 4520000 | 4668523 |
|  Fortune Brands Innovations, Inc., 3.25%, 09/15/2029 | 4169000 | 3986392 |
|  Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 5.50%, 04/19/2029 | 4187000 | 4366785 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13021700 |
|  Capital Markets-5.05% | Capital Markets-5.05% |  |
|  Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/01/2029<sup>(b)</sup> | 6050000 | 6228217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 07/15/2029 | 5148000 | 5325776 |
|  Ares Strategic Income Fund, 6.35%, 08/15/2029 | 4250000 | 4396690 |
|  Bank of New York Mellon Corp. (The), 3.30%, 08/23/2029 | 4528000 | 4386505 |
|  BlackRock, Inc., 3.25%, 04/30/2029 | 6028000 | 5904538 |
|  Blue Owl Capital Corp., 5.95%, 03/15/2029<sup>(b)</sup> | 6026000 | 6121732 |
|  Blue Owl Credit Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 01/15/2029 | 3317000 | 3553056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 09/15/2029<sup>(b)</sup> | 5451000 | 5671397 |
|  Blue Owl Technology Finance Corp., 6.75%, 04/04/2029 | 4239000 | 4389946 |
|  Brookfield Finance, Inc. (Canada), 4.85%, 03/29/2029 | 6026000 | 6128114 |
|  Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2029<sup>(b)</sup> | 3642000 | 3643105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/22/2029 | 3599000 | 3502461 |
|  Deutsche Bank AG (Germany), 5.41%, 05/10/2029<sup>(b)</sup> | 6028000 | 6279396 |
|  FS KKR Capital Corp., 6.88%, 08/15/2029<sup>(b)</sup> | 3621000 | 3698200 |
|  Golub Capital BDC, Inc., 6.00%, 07/15/2029 | 4518000 | 4624688 |
|  HPS Corporate Lending Fund, 6.75%, 01/30/2029<sup>(b)</sup> | 3280000 | 3426537 |
|  Lazard Group LLC, 4.38%, 03/11/2029 | 3013000 | 3010837 |
|  Marex Group PLC (United Kingdom), 6.40%, 11/04/2029 | 3614000 | 3726919 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br>Amount | Principal<br>Amount | Value |
|  Capital Markets-(continued) |  |  |  |
|  Nomura Holdings, Inc. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.71%, 01/22/2029 | $| &nbsp;&nbsp;&nbsp;&nbsp;2944000 | $2786892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 07/06/2029 |  | 3619000 | 3774260 |
|  Northern Trust Corp., 3.15%, 05/03/2029 |  | 3005000 | 2917777 |
|  S&P Global, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/01/2029 |  | 7392000 | 7077029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/2029<sup>(b)</sup> |  | 5547000 | 5588613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/2029 |  | 2996000 | 2811893 |
|  Sixth Street Lending Partners, 6.50%, 03/11/2029 |  | 4395000 | 4564460 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;113539038 |
|  Chemicals-1.72% |  |  |  |
|  Air Products and Chemicals, Inc., 4.60%, 02/08/2029 |  | 4542000 | 4628147 |
|  Celanese US Holdings LLC, 6.83%, 07/15/2029<sup>(b)</sup> |  | 4517000 | 4705693 |
|  Dow Chemical Co. (The), 7.38%, 11/01/2029 |  | 3901000 | 4329004 |
|  Eastman Chemical Co., 5.00%, 08/01/2029<sup>(b)</sup> |  | 4537000 | 4624640 |
|  FMC Corp., 3.45%, 10/01/2029 |  | 3011000 | 2852699 |
|  Huntsman International LLC, 4.50%, 05/01/2029<sup>(b)</sup> |  | 4523000 | 4353394 |
|  Nutrien Ltd. (Canada), 4.20%, 04/01/2029 |  | 4544000 | 4537080 |
|  Olin Corp., 5.63%, 08/01/2029<sup>(b)</sup> |  | 4029000 | 4022773 |
|  Sherwin-Williams Co. (The), 2.95%, 08/15/2029 |  | 4837000 | 4601669 |
|  |  |  | 38655099 |
|  Commercial Services & Supplies-0.52% | Commercial Services & Supplies-0.52% | Commercial Services & Supplies-0.52% |  |
|  CDW LLC/CDW Finance Corp., 3.25%, 02/15/2029 |  | 4213000 | 4034943 |
|  Waste Connections, Inc., 3.50%, 05/01/2029 |  | 3002000 | 2956270 |
|  Waste Management, Inc., 4.88%, 02/15/2029 |  | 4543000 | 4675111 |
|  |  |  | 11666324 |
|  Communications Equipment-1.04% | Communications Equipment-1.04% | Communications Equipment-1.04% |  |
|  Cisco Systems, Inc., 4.85%, 02/26/2029<sup>(b)</sup> |  | 15074000 | 15486238 |
|  Juniper Networks, Inc., 3.75%, 08/15/2029 |  | 3014000 | 2946069 |
|  Motorola Solutions, Inc., 4.60%, 05/23/2029 |  | 4826000 | 4880041 |
|  |  |  | 23312348 |
|  Construction & Engineering-0.16% | Construction & Engineering-0.16% | Construction & Engineering-0.16% |  |
|  MasTec, Inc., 5.90%, 06/15/2029 |  | 3347000 | 3498525 |
|  Construction Materials-0.28% | Construction Materials-0.28% | Construction Materials-0.28% |  |
|  Amcor Group Finance PLC, 5.45%, 05/23/2029 |  | 3039000 | 3149036 |
|  Vulcan Materials Co., 4.95%, 12/01/2029 |  | 3033000 | 3114772 |
|  |  |  | 6263808 |

---

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

---

| |
|:---|
| 33 |
| 33 |
| 33 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
|  Consumer Finance-1.91% | Consumer Finance-1.91% |  |
|  American Express Co., 4.05%, 05/03/2029<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;6029000 | $6045614 |
|  General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 01/07/2029 | 9072000 | 9423571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/17/2029<sup>(b)</sup> | 3016000 | 3111368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/06/2029 | 6653000 | 6586497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 07/15/2029 | 7561000 | 7798241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/06/2029<sup>(b)</sup> | 6049000 | 6096787 |
|  Synchrony Financial, 5.15%, 03/19/2029 | 3906000 | 3955778 |
|  |  | 43017856 |
|  Consumer Staples Distribution & Retail-0.91% | Consumer Staples Distribution & Retail-0.91% |  |
|  Ahold Finance USA LLC (Netherlands), 6.88%, 05/01/2029 | 3010000 | 3283261 |
|  Kroger Co. (The), 4.50%, 01/15/2029 | 3617000 | 3663341 |
|  Sysco Corp., 5.75%, 01/17/2029 | 3011000 | 3157253 |
|  Target Corp., 3.38%, 04/15/2029 | 6027000 | 5907175 |
|  Walmart, Inc., 3.25%, 07/08/2029 | 4418000 | 4324177 |
|  |  | 20335207 |
|  Containers & Packaging-0.50% | Containers & Packaging-0.50% |  |
|  Packaging Corp. of America, 3.00%, 12/15/2029<sup>(b)</sup> | 3009000 | 2872052 |
|  Sonoco Products Co., 4.60%, 09/01/2029 | 3620000 | 3639774 |
|  WRKCo, Inc., 4.90%, 03/15/2029<sup>(b)</sup> | 4523000 | 4621742 |
|  |  | 11133568 |
|  Distributors-0.21% | Distributors-0.21% |  |
|  Genuine Parts Co., 4.95%, 08/15/2029 | 4539000 | 4635195 |
|  Diversified REITs-0.24% | Diversified REITs-0.24% |  |
|  Digital Realty Trust L.P., 3.60%, 07/01/2029 | 5420000 | 5291056 |
|  Diversified Telecommunication Services-1.97% | Diversified Telecommunication Services-1.97% |  |
|  AT&T, Inc., 4.35%, 03/01/2029 | 18146000 | 18226726 |
|  Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/08/2029<sup>(b)</sup> | 6058000 | 6017330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 12/03/2029 | 20300000 | 20146998 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;44391054 |
|  Electric Utilities-5.37% | Electric Utilities-5.37% |  |
|  AEP Texas, Inc., 5.45%, 05/15/2029 | 3045000 | 3162409 |
|  American Electric Power Co., Inc., 5.20%, 01/15/2029 | 6049000 | 6241527 |
|  Avangrid, Inc., 3.80%, 06/01/2029 | 4523000 | 4448794 |
|  Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 01/05/2029 | 3916000 | 3992267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/15/2029 | 3548000 | 3446060 |
|  Duke Energy Florida LLC, 2.50%, 12/01/2029<sup>(b)</sup> | 4219000 | 3963698 |
|  Duke Energy Progress LLC, 3.45%, 03/15/2029<sup>(b)</sup> | 3616000 | 3543585 |
|  Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/15/2029 | 3031000 | 3066358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 11/15/2029<sup>(b)</sup> | 3335000 | 3541214 |
|  Evergy, Inc., 2.90%, 09/15/2029 | 4819000 | 4568527 |
|  Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/01/2029<sup>(b)</sup> | 4844000 | 5084818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, 4.25%, 04/01/2029 | 3012000 | 3004610 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br>Amount | Principal<br>Amount | Value |
|  Electric Utilities-(continued) | Electric Utilities-(continued) | Electric Utilities-(continued) |  |
|  Exelon Corp., 5.15%, 03/15/2029 | $| &nbsp;&nbsp;&nbsp;&nbsp;3921000 | $4037101 |
|  Florida Power & Light Co., 5.15%, 06/15/2029 |  | 4516000 | 4688629 |
|  MidAmerican Energy Co., 3.65%, 04/15/2029 |  | 5142000 | 5075357 |
|  National Rural Utilities Cooperative Finance Corp., 4.85%, 02/07/2029 |  | 3014000 | 3087257 |
|  Nevada Power Co., Series CC, 3.70%, 05/01/2029 |  | 3012000 | 2966597 |
|  NextEra Energy Capital Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/2029 |  | 5453000 | 5572666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/2029 |  | 2939000 | 2873549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/01/2029 |  | 5993000 | 5663433 |
|  Oncor Electric Delivery Co. LLC, 4.65%, 11/01/2029 |  | 3315000 | 3373454 |
|  Pacific Gas and Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 01/15/2029 |  | 5119000 | 5345247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 05/15/2029 |  | 5131000 | 5278041 |
|  PacifiCorp, 5.10%, 02/15/2029 |  | 3013000 | 3087830 |
|  Southern California Edison Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 06/01/2029 |  | 3617000 | 3694976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.20%, 03/01/2029 |  | 3033000 | 3009618 |
|  Southern Co. (The), 5.50%, 03/15/2029 |  | 6048000 | 6308075 |
|  Tampa Electric Co., 4.90%, 03/01/2029 |  | 2983000 | 3055476 |
|  Virginia Electric & Power Co., Series A, 2.88%, 07/15/2029 |  | 2942000 | 2817982 |
|  Xcel Energy, Inc., 2.60%, 12/01/2029<sup>(b)</sup>  |  | 3010000 | 2809359 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;120808514 |
|  Electronic Equipment, Instruments & Components-0.40% | Electronic Equipment, Instruments & Components-0.40% | Electronic Equipment, Instruments & Components-0.40% |  |
|  Amphenol Corp., 4.35%, 06/01/2029<sup>(b)</sup> |  | 3013000 | 3043263 |
|  Arrow Electronics, Inc., 5.15%, 08/21/2029 |  | 3012000 | 3082364 |
|  Keysight Technologies, Inc., 3.00%, 10/30/2029<sup>(b)</sup> |  | 3013000 | 2861909 |
|  |  |  | 8987536 |
|  Energy Equipment & Services-0.27% | Energy Equipment & Services-0.27% | Energy Equipment & Services-0.27% |  |
|  Baker Hughes Holdings LLC/Baker Hughes<br>Co-Obligor, Inc., 3.14%, 11/07/2029 |  | 3169000 | 3048709 |
|  NOV, Inc., 3.60%, 12/01/2029<sup>(b)</sup> |  | 3020000 | 2921890 |
|  |  |  | 5970599 |
|  Entertainment-0.73% | Entertainment-0.73% | Entertainment-0.73% |  |
|  Netflix, Inc., 6.38%, 05/15/2029 |  | 4850000 | 5236476 |
|  Walt Disney Co. (The), 2.00%, 09/01/2029<sup>(b)</sup> |  | 12102000 | 11213793 |
|  |  |  | 16450269 |
|  Financial Services-4.15% | Financial Services-4.15% | Financial Services-4.15% |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 01/19/2029 |  | 4814000 | 4929419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/10/2029 |  | 7833000 | 7900589 |
|  Apollo Debt Solutions BDC, 6.90%, 04/13/2029 |  | 6036000 | 6353491 |
|  BlackRock Funding, Inc., 4.70%, 03/14/2029 |  | 3016000 | 3093446 |

---

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

---

| |
|:---|
| 34 |
| 34 |
| 34 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)–(continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br>Amount | Principal<br>Amount | Value |
|  Financial Services-(continued) |  |  |  |
|  Blackstone Private Credit Fund, 4.00%, 01/15/2029<sup>(b)</sup> | $| 3873000 | $3783630 |
|  Corebridge Financial, Inc., 3.85%, 04/05/2029 |  | 6048000 | 5965766 |
|  Enact Holdings, Inc., 6.25%, 05/28/2029 |  | 4526000 | 4727051 |
|  Fidelity National Information Services, Inc., 3.75%, 05/21/2029 |  | 2790000 | 2737296 |
|  Fiserv, Inc., 3.50%, 07/01/2029<sup>(b)</sup> |  | 18097000 | 17577067 |
|  Global Payments, Inc., 5.30%, 08/15/2029 |  | 3011000 | 3086132 |
|  Mastercard, Inc., 2.95%, 06/01/2029<sup>(b)</sup> |  | 6022000 | 5830362 |
|  ORIX Corp. (Japan), 4.65%, 09/10/2029. |  | 4121000 | 4176477 |
|  PayPal Holdings, Inc., 2.85%, 10/01/2029<sup>(b)</sup> |  | 9042000 | 8625824 |
|  Radian Group, Inc., 6.20%, 05/15/2029<sup>(b)</sup> |  | 3766000 | 3946876 |
|  RELX Capital, Inc. (United Kingdom), 4.00%, 03/18/2029 |  | 5722000 | 5705090 |
|  State Street Bank and Trust Co., 4.78%, 11/23/2029<sup>(b)</sup> |  | 4827000 | 4966253 |
|  |  |  | 93404769 |
|  Food Products-1.12% |  |  |  |
|  Bunge Ltd. Finance Corp., 4.20%, 09/17/2029<sup>(b)</sup> |  | 4829000 | 4807451 |
|  Campbell's Co. (The), 5.20%, 03/21/2029 |  | 3615000 | 3714090 |
|  JBS USA Holding Lux S.a.r.l./JBS USA Food Co./JBS Lux Co. S.a.r.l., 3.00%, 02/02/2029 |  | 3602000 | 3447608 |
|  Mondelez International, Inc., 4.75%, 02/20/2029<sup>(b)</sup> |  | 3320000 | 3397931 |
|  Tyson Foods, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/01/2029 |  | 6035000 | 6040200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/15/2029 |  | 3584000 | 3715139 |
|  |  |  | 25122419 |
|  Gas Utilities-0.16% |  |  |  |
|  Piedmont Natural Gas Co., Inc., 3.50%, 06/01/2029 |  | 3648000 | 3557868 |
|  Ground Transportation-0.61% |  |  |  |
|  CSX Corp., 4.25%, 03/15/2029 |  | 5762000 | 5786769 |
|  Ryder System, Inc., 5.38%, 03/15/2029<sup>(b)</sup> |  | 3256000 | 3368785 |
|  Union Pacific Corp., 3.70%, 03/01/2029 |  | 4691000 | 4642994 |
|  |  |  | 13798548 |
|  Health Care Equipment & Supplies-1.43% | Health Care Equipment & Supplies-1.43% | Health Care Equipment & Supplies-1.43% |  |
|  Becton, Dickinson and Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 02/08/2029<sup>(b)</sup> |  | 3774000 | 3851737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.08%, 06/07/2029 |  | 3622000 | 3724588 |
|  DH Europe Finance II S.a.r.l., 2.60%, 11/15/2029<sup>(b)</sup> |  | 4810000 | 4529104 |
|  GE HealthCare Technologies, Inc., 4.80%, 08/14/2029 |  | 5959000 | 6085414 |
|  Solventum Corp., 5.40%, 03/01/2029<sup>(b)</sup>  |  | 9044000 | 9431849 |
|  Stryker Corp., 4.25%, 09/11/2029 |  | 4519000 | 4535697 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;32158389 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
|  Health Care Providers & Services-5.45% | Health Care Providers & Services-5.45% |  |
|  Cardinal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/2029<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;3885000 | $3999805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029 | 4510000 | 4624538 |
|  Cencora, Inc., 4.85%, 12/15/2029 | 3562000 | 3644611 |
|  Centene Corp., 4.63%, 12/15/2029 | 19815000 | 19096572 |
|  Cigna Group (The), 5.00%, 05/15/2029<sup>(b)</sup> | 6036000 | 6203220 |
|  CommonSpirit Health, 3.35%, 10/01/2029<sup>(b)</sup> | 5478000 | 5286316 |
|  CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/30/2029 | 6036000 | 6152834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/01/2029<sup>(b)</sup> | 6029000 | 6233389 |
|  Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 06/15/2029 | 3638000 | 3747978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/15/2029 | 4972000 | 4716492 |
|  HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/2029<sup>(b)</sup> | 6010000 | 6265676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/2029 | 3038000 | 2941716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/2029 | 12051000 | 11938812 |
|  Humana, Inc., 3.70%, 03/23/2029<sup>(b)</sup> | 3555000 | 3485449 |
|  Icon Investments Six DAC, 5.85%, 05/08/2029 | 4528000 | 4737088 |
|  Laboratory Corp. of America Holdings, 2.95%, 12/01/2029 | 3911000 | 3705562 |
|  McKesson Corp., 4.25%, 09/15/2029 | 3036000 | 3053729 |
|  Quest Diagnostics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/30/2029 | 3008000 | 3012800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/2029 | 3564000 | 3620321 |
|  UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/2029 | 7561000 | 7593098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2029<sup>(b)</sup> | 5443000 | 5416045 |
|  Universal Health Services, Inc., 4.63%, 10/15/2029 | 3000000 | 2995617 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;122471668 |
|  Health Care REITs-0.77% |  |  |
|  Healthpeak OP LLC, 3.50%, 07/15/2029 | 3919000 | 3811581 |
|  Omega Healthcare Investors, Inc., 3.63%, 10/01/2029 | 3013000 | 2887082 |
|  Ventas Realty L.P., 4.40%, 01/15/2029 | 4537000 | 4553204 |
|  Welltower OP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/15/2029<sup>(b)</sup> | 3013000 | 2818918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/2029<sup>(b)</sup> | 3315000 | 3317204 |
|  |  | 17387989 |
|  Hotels, Restaurants & Leisure-1.07% |  |  |
|  Hyatt Hotels Corp., 5.25%, 06/30/2029 | 3649000 | 3749044 |
|  Las Vegas Sands Corp., 6.00%, 08/15/2029 | 3022000 | 3140453 |
|  Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/15/2029 | 4840000 | 4938976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/2029 | 3008000 | 3065858 |
|  McDonald's Corp., 5.00%, 05/17/2029 | 3034000 | 3129823 |
|  Starbucks Corp., 3.55%, 08/15/2029 | 6054000 | 5939815 |
|  |  | 23963969 |
|  Household Durables-0.13% |  |  |
|  Leggett & Platt, Inc., 4.40%, 03/15/2029<sup>(b)</sup> | 3014000 | 2964268 |

---

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

---

| |
|:---|
| 35 |
| 35 |
| 35 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Household Products-0.62% | Household Products-0.62% | Household Products-0.62% |
|  Clorox Co. (The), 4.40%, 05/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;2995000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3021215 |
|  Kimberly-Clark Corp., 3.20%, 04/25/2029 | 4254000 | 4145765 |
|  Procter & Gamble Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/29/2029 | 3612000 | 3666870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/24/2029<sup>(b)</sup> | 3007000 | 3040325 |
|  |  | 13874175 |
|  Industrial Conglomerates-0.80% | Industrial Conglomerates-0.80% | Industrial Conglomerates-0.80% |
|  3M Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/2029<sup>(b)</sup> | 4835000 | 4724019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/26/2029<sup>(b)</sup> | 6060000 | 5679004 |
|  Honeywell International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/2029<sup>(b)</sup> | 4536000 | 4566684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/01/2029<sup>(b)</sup> | 3014000 | 3106512 |
|  |  | 18076219 |
|  Insurance-2.73% |  |  |
|  Allstate Corp. (The), 5.05%, 06/24/2029 | 2984000 | 3074442 |
|  American National Group, Inc., 5.75%, 10/01/2029 | 3633000 | 3753731 |
|  Aon Corp., 3.75%, 05/02/2029 | 4514000 | 4453577 |
|  Aon North America, Inc., 5.15%, 03/01/2029 | 6054000 | 6234085 |
|  Arthur J. Gallagher & Co., 4.85%, 12/15/2029<sup>(b)</sup> | 4544000 | 4634494 |
|  Chubb INA Holdings LLC, 4.65%, 08/15/2029 | 4226000 | 4311620 |
|  CNA Financial Corp., 3.90%, 05/01/2029 | 3002000 | 2961329 |
|  CNO Financial Group, Inc., 5.25%, 05/30/2029 | 3010000 | 3072248 |
|  F&G Annuities & Life, Inc., 6.50%, 06/04/2029 | 3335000 | 3478552 |
|  Hartford Insurance Group, Inc. (The), 2.80%, 08/19/2029<sup>(b)</sup> | 3615000 | 3432597 |
|  Marsh & McLennan Cos., Inc., 4.38%, 03/15/2029 | 9072000 | 9155600 |
|  PartnerRe Finance B LLC, 3.70%, 07/02/2029 | 3012000 | 2949795 |
|  Principal Financial Group, Inc., 3.70%, 05/15/2029 | 3018000 | 2964634 |
|  Progressive Corp. (The), 4.00%, 03/01/2029 | 3281000 | 3283204 |
|  Reinsurance Group of America, Inc., 3.90%, 05/15/2029 | 3637000 | 3592468 |
|  |  | 61352376 |
| Interactive Media & Services-0.27% | Interactive Media & Services-0.27% | Interactive Media & Services-0.27% |
|  Meta Platforms, Inc., 4.30%, 08/15/2029<sup>(b)</sup> | 6058000 | 6139710 |
|  IT Services-0.86% |  |  |
|  International Business Machines Corp., 3.50%, 05/15/2029<sup>(b)</sup> | 19600000 | 19219926 |
| Leisure Products-0.38% | Leisure Products-0.38% | Leisure Products-0.38% |
|  Hasbro, Inc., 3.90%, 11/19/2029<sup>(b)</sup> | 5461000 | 5332247 |
|  Polaris, Inc., 6.95%, 03/15/2029 | 3016000 | 3194761 |
|  |  | 8527008 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Life Sciences Tools & Services-1.07% | Life Sciences Tools & Services-1.07% | Life Sciences Tools & Services-1.07% |
|  IQVIA, Inc., 6.25%, 02/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;7536000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7938121 |
|  Revvity, Inc., 3.30%, 09/15/2029 | 5122000 | 4895724 |
|  Thermo Fisher Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/31/2029<sup>(b)</sup> | 6027000 | 6208492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/01/2029 | 5385000 | 5103965 |
|  |  | 24146302 |
|  Machinery-3.34% |  |  |
|  Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 02/27/2029 | 3634000 | 3734815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/16/2029<sup>(b)</sup> | 3618000 | 3670380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 11/15/2029 | 5444000 | 5579639 |
|  Caterpillar, Inc., 2.60%, 09/19/2029 | 2955000 | 2797972 |
|  CNH Industrial Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/12/2029 | 2984000 | 3095617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 04/20/2029<sup>(b)</sup> | 3577000 | 3670923 |
|  Cummins, Inc., 4.90%, 02/20/2029 | 3033000 | 3118740 |
|  Deere & Co., 5.38%, 10/16/2029<sup>(b)</sup> | 2958000 | 3110094 |
|  IDEX Corp., 4.95%, 09/01/2029 | 3042000 | 3110718 |
|  Ingersoll Rand, Inc., 5.18%, 06/15/2029<sup>(b)</sup> | 4547000 | 4698524 |
|  John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/16/2029<sup>(b)</sup> | 6055000 | 6153008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/07/2029 | 3548000 | 3484540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/18/2029 | 3617000 | 3539143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 06/11/2029 | 5122000 | 5271922 |
|  Nordson Corp., 4.50%, 12/15/2029 | 3618000 | 3651337 |
|  Parker-Hannifin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/14/2029 | 6028000 | 5847356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2029 | 6046000 | 6132694 |
|  Trane Technologies Financing Ltd., 3.80%, 03/21/2029<sup>(b)</sup> | 4524000 | 4482302 |
|  |  | 75149724 |
|  Media-1.69% |  |  |
|  Charter Communications Operating LLC/ Charter Communications Operating Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/2029<sup>(b)</sup> | 7572000 | 7046805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/30/2029<sup>(b)</sup> | 7562000 | 7682181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 06/01/2029<sup>(b)</sup> | 9076000 | 9542962 |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 01/15/2029 | 6056000 | 6146875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/01/2029 | 4549000 | 4703884 |
|  Paramount Global, 4.20%, 06/01/2029<sup>(b)</sup> | 2944000 | 2902521 |
|  |  | 38025228 |
|  Metals & Mining-0.14% |  |  |
|  ArcelorMittal S.A. (Luxembourg), 4.25%, 07/16/2029 | 3033000 | 3023445 |
|  Multi-Utilities-1.63% |  |  |
|  Ameren Corp., 5.00%, 01/15/2029 | 4223000 | 4319263 |
|  CenterPoint Energy, Inc., 5.40%, 06/01/2029 | 3978000 | 4123979 |
|  Consumers Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/15/2029<sup>(b)</sup> | 3015000 | 3094936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/30/2029 | 3613000 | 3677481 |

---

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

---

| |
|:---|
| 36 |
| 36 |
| 36 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Multi-Utilities-(continued) | Multi-Utilities-(continued) | Multi-Utilities-(continued) | Multi-Utilities-(continued) | Multi-Utilities-(continued) |
|  DTE Energy Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 03/01/2029 | $| &nbsp;&nbsp;&nbsp;&nbsp;7258000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7447967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.40%, 06/15/2029 |  | 2802000 |  | 2712493 |
|  NiSource, Inc., 5.20%, 07/01/2029 |  | 3578000 |  | 3694281 |
|  Public Service Enterprise Group, Inc., 5.20%, 04/01/2029 |  | 4537000 |  | 4682222 |
|  Sempra, 3.70%, 04/01/2029 |  | 3016000 |  | 2958879 |
|  |  |  |  | 36711501 |
|  Office REITs-0.22% | Office REITs-0.22% | Office REITs-0.22% | Office REITs-0.22% | Office REITs-0.22% |
|  Boston Properties L.P., 3.40%, 06/21/2029 |  | 5104000 |  | 4893941 |
|  Oil, Gas & Consumable Fuels-7.31% | Oil, Gas & Consumable Fuels-7.31% | Oil, Gas & Consumable Fuels-7.31% | Oil, Gas & Consumable Fuels-7.31% | Oil, Gas & Consumable Fuels-7.31% |
|  Boardwalk Pipelines L.P., 4.80%, 05/03/2029 |  | 3011000 |  | 3056545 |
|  BP Capital Markets America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/10/2029 |  | 7557000 |  | 7700640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 10/17/2029<sup>(b)</sup> |  | 4556000 |  | 4693846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 11/25/2029 |  | 3852000 |  | 3959591 |
|  Cheniere Energy Partners L.P., 4.50%, 10/01/2029 |  | 9072000 |  | 9056364 |
|  Chevron USA, Inc., 3.25%, 10/15/2029 |  | 3030000 |  | 2950192 |
|  ConocoPhillips Co., 6.95%, 04/15/2029 |  | 4239000 |  | 4638986 |
|  DCP Midstream Operating L.P., 5.13%, 05/15/2029 |  | 3615000 |  | 3695756 |
|  Diamondback Energy, Inc., 3.50%, 12/01/2029 |  | 5519000 |  | 5322027 |
|  Enbridge, Inc. (Canada) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/05/2029 |  | 4540000 |  | 4688256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/2029<sup>(b)</sup> |  | 6055000 |  | 5776596 |
|  Energy Transfer L.P. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/2029 |  | 9072000 |  | 9334358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2029 |  | 6053000 |  | 6248405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/15/2029 |  | 3328000 |  | 3302107 |
|  Enterprise Products Operating LLC, 3.13%, 07/31/2029 |  | 7538000 |  | 7266175 |
|  Exxon Mobil Corp., 2.44%, 08/16/2029<sup>(b)</sup> |  | 7529000 |  | 7160706 |
|  Kinder Morgan, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029<sup>(b)</sup> |  | 7557000 |  | 7718196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 08/01/2029 |  | 3031000 |  | 3116224 |
|  MPLX L.P., 4.80%, 02/15/2029 |  | 4543000 |  | 4603675 |
|  Occidental Petroleum Corp., 5.20%, 08/01/2029 |  | 7262000 |  | 7360132 |
|  ONEOK, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/15/2029 |  | 4219000 |  | 4212830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 10/15/2029 |  | 3623000 |  | 3619798 |
|  Phillips 66 Co., 3.15%, 12/15/2029 |  | 3424000 |  | 3279969 |
|  Shell Finance US, Inc., 2.38%, 11/07/2029 |  | 6506000 |  | 6101431 |
|  Shell International Finance B.V., 2.38%, 11/07/2029<sup>(b)</sup> |  | 2561000 |  | 2434442 |
|  South Bow USA Infrastructure Holdings LLC (Canada), 5.03%, 10/01/2029 |  | 6025000 |  | 6102175 |
|  Targa Resources Corp., 6.15%, 03/01/2029 |  | 5990000 |  | 6324134 |
|  TotalEnergies Capital International S.A. (France), 3.46%, 02/19/2029 |  | 7561000 |  | 7449048 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Oil, Gas & Consumable Fuels-(continued) | Oil, Gas & Consumable Fuels-(continued) | Oil, Gas & Consumable Fuels-(continued) | Oil, Gas & Consumable Fuels-(continued) | Oil, Gas & Consumable Fuels-(continued) |
|  Valero Energy Corp., 4.00%, 04/01/2029 | $| &nbsp;&nbsp;&nbsp;&nbsp;2651000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2622456 |
|  Western Midstream Operating L.P., 6.35%, 01/15/2029 |  | 3589000 |  | 3779931 |
|  Williams Cos., Inc. (The), 4.90%, 03/15/2029 |  | 6653000 |  | 6780423 |
|  |  |  |  | 164355414 |
|  Paper & Forest Products-0.15% | 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> |  | 2988000 |  | 3400829 |
|  Passenger Airlines-0.12% |  |  |  |  |
|  Delta Air Lines, Inc., 3.75%, 10/28/2029<sup>(b)</sup> |  | 2861000 |  | 2776096 |
|  Personal Care Products-0.37% | 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> |  | 3911000 |  | 3630340 |
|  Unilever Capital Corp. (United Kingdom), 2.13%, 09/06/2029<sup>(b)</sup> |  | 5123000 |  | 4773760 |
|  |  |  |  | 8404100 |
|  Pharmaceuticals-4.05% |  |  |  |  |
|  AstraZeneca Finance LLC (United Kingdom), 4.85%, 02/26/2029<sup>(b)</sup> |  | 7527000 |  | 7731508 |
|  AstraZeneca PLC (United Kingdom), 4.00%, 01/17/2029<sup>(b)</sup> |  | 6030000 |  | 6032796 |
|  Bristol-Myers Squibb Co., 4.90%, 02/22/2029<sup>(b)</sup> |  | 10557000 |  | 10846170 |
|  Eli Lilly and Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/09/2029 |  | 6027000 |  | 6129207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/2029<sup>(b)</sup> |  | 5610000 |  | 5506755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/14/2029<sup>(b)</sup> |  | 6029000 |  | 6084308 |
|  GlaxoSmithKline Capital PLC (United Kingdom), 3.38%, 06/01/2029 |  | 6024000 |  | 5879473 |
|  Haleon US Capital LLC, 3.38%, 03/24/2029 |  | 6015000 |  | 5878298 |
|  Johnson & Johnson, 4.80%, 06/01/2029 |  | 6899000 |  | 7123630 |
|  Merck & Co., Inc., 3.40%, 03/07/2029 |  | 10556000 |  | 10361479 |
|  Novartis Capital Corp., 3.80%, 09/18/2029 |  | 5994000 |  | 5970770 |
|  Pfizer, Inc., 3.45%, 03/15/2029<sup>(b)</sup> |  | 10555000 |  | 10393502 |
|  Royalty Pharma PLC, 5.15%, 09/02/2029 |  | 3014000 |  | 3097323 |
|  |  |  |  | 91035219 |
|  Professional Services-0.37% |  |  |  |  |
|  Broadridge Financial Solutions, Inc., 2.90%, 12/01/2029<sup>(b)</sup> |  | 4477000 |  | 4241562 |
|  Equifax, Inc., 4.80%, 09/15/2029 |  | 3916000 |  | 3982818 |
|  |  |  |  | 8224380 |
|  Real Estate Management & Development-0.14% | 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> |  | 3018000 |  | 3131481 |
|  Residential REITs-0.44% |  |  |  |  |
|  Camden Property Trust, 3.15%, 07/01/2029 |  | 3612000 |  | 3473633 |

---

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

---

| |
|:---|
| 37 |
| 37 |
| 37 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Residential REITs-(continued) |  |  |  |  |
|  ERP Operating L.P., 3.00%, 07/01/2029 | $| &nbsp;&nbsp;&nbsp;&nbsp;3608000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3463751 |
|  Essex Portfolio L.P., 4.00%, 03/01/2029 |  | 3009000 |  | 2978028 |
|  |  |  |  | 9915412 |
|  Retail REITs-0.60% |  |  |  |  |
|  Realty Income Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/2029 |  | 3013000 |  | 2920866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/15/2029 |  | 3588000 |  | 3435247 |
|  Simon Property Group L.P., 2.45%, 09/13/2029 |  | 7537000 |  | 7073922 |
|  |  |  |  | 13430035 |
|  Semiconductors & Semiconductor Equipment-3.56% | Semiconductors & Semiconductor Equipment-3.56% | Semiconductors & Semiconductor Equipment-3.56% | Semiconductors & Semiconductor Equipment-3.56% | Semiconductors & Semiconductor Equipment-3.56% |
|  Applied Materials, Inc., 4.80%, 06/15/2029 |  | 4221000 |  | 4339098 |
|  Broadcom, Inc., 5.05%, 07/12/2029 |  | 13572000 |  | 13958296 |
|  Intel Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/05/2029 |  | 5033000 |  | 4957753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/15/2029 |  | 12055000 |  | 11123533 |
|  KLA Corp., 4.10%, 03/15/2029 |  | 4826000 |  | 4841630 |
|  Lam Research Corp., 4.00%, 03/15/2029<sup>(b)</sup> |  | 6026000 |  | 6025729 |
|  Marvell Technology, Inc., 5.75%, 02/15/2029 |  | 3015000 |  | 3147020 |
|  Microchip Technology, Inc., 5.05%, 03/15/2029 |  | 6006000 |  | 6126076 |
|  Micron Technology, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33%, 02/06/2029 |  | 4218000 |  | 4337792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/01/2029 |  | 7306000 |  | 7934695 |
|  Qorvo, Inc., 4.38%, 10/15/2029 |  | 5077000 |  | 4977369 |
|  Texas Instruments, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/08/2029<sup>(b)</sup> |  | 3919000 |  | 4006125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/04/2029<sup>(b)</sup> |  | 4523000 |  | 4235484 |
|  |  |  |  | 80010600 |
|  Software-2.67% |  |  |  |  |
|  Accenture Capital, Inc., 4.05%, 10/04/2029 |  | 7235000 |  | 7228270 |
|  Adobe, Inc., 4.80%, 04/04/2029<sup>(b)</sup> |  | 4521000 |  | 4650036 |
|  AppLovin Corp., 5.13%, 12/01/2029 |  | 5988000 |  | 6126052 |
|  Atlassian Corp., 5.25%, 05/15/2029 |  | 3015000 |  | 3106388 |
|  Cadence Design Systems, Inc., 4.30%, 09/10/2029 |  | 6022000 |  | 6067634 |
|  CrowdStrike Holdings, Inc., 3.00%, 02/15/2029<sup>(b)</sup> |  | 4519000 |  | 4262551 |
|  Oracle Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/27/2029 |  | 9050000 |  | 9028608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/09/2029<sup>(b)</sup> |  | 7537000 |  | 8058960 |
|  Roper Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/2029 |  | 4218000 |  | 4025697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/15/2029 |  | 3016000 |  | 3041917 |
|  Workday, Inc., 3.70%, 04/01/2029<sup>(b)</sup> |  | 4523000 |  | 4454452 |
|  |  |  |  | 60050565 |
|  Specialized REITs-1.97% |  |  |  |  |
|  American Tower Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 02/15/2029 |  | 3949000 |  | 4062438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/2029 |  | 3643000 |  | 3607312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/2029 |  | 9980000 |  | 9783482 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Specialized REITs-(continued) |  |  |  |  |
|  Crown Castle, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/2029<sup>(b)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;3649000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3630763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 06/01/2029 |  | 4550000 |  | 4729866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 09/01/2029 |  | 3343000 |  | 3386343 |
|  GLP Capital L.P./GLP Financing II, Inc., 5.30%, 01/15/2029 |  | 4537000 |  | 4622110 |
|  Public Storage Operating Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/2029<sup>(b)</sup> |  | 3035000 |  | 3143034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 05/01/2029<sup>(b)</sup> |  | 3012000 |  | 2941401 |
|  Weyerhaeuser Co., 4.00%, 11/15/2029 |  | 4517000 |  | 4467248 |
|  |  |  |  | 44373997 |
|  Specialty Retail-2.19% |  |  |  |  |
|  AutoZone, Inc., 5.10%, 07/15/2029 |  | 3646000 |  | 3758777 |
|  Dell International LLC/EMC Corp., 5.30%, 10/01/2029 |  | 10522000 |  | 10896680 |
|  Home Depot, Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/15/2029 |  | 4484000 |  | 4622062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/2029<sup>(b)</sup> |  | 10577000 |  | 10197386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/25/2029 |  | 7560000 |  | 7741698 |
|  Lowe's Cos., Inc., 3.65%, 04/05/2029<sup>(b)</sup> |  | 9068000 |  | 8905654 |
|  O'Reilly Automotive, Inc., 3.90%, 06/01/2029 |  | 3019000 |  | 2991268 |
|  |  |  |  | 49113525 |
|  Technology Hardware, Storage & Peripherals-1.70% | Technology Hardware, Storage & Peripherals-1.70% | Technology Hardware, Storage & Peripherals-1.70% | Technology Hardware, Storage & Peripherals-1.70% | Technology Hardware, Storage & Peripherals-1.70% |
|  Apple, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/08/2029<sup>(b)</sup> |  | 5980000 |  | 5855184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/11/2029 |  | 10553000 |  | 9887230 |
|  Hewlett Packard Enterprise Co., 4.55%, 10/15/2029 |  | 10551000 |  | 10617837 |
|  HP, Inc., 4.00%, 04/15/2029 |  | 6027000 |  | 5954790 |
|  IBM International Capital Pte. Ltd., 4.60%, 02/05/2029 |  | 3010000 |  | 3056152 |
|  Western Digital Corp., 2.85%, 02/01/2029 |  | 2992000 |  | 2813248 |
|  |  |  |  | 38184441 |
|  Tobacco-1.68% |  |  |  |  |
|  Altria Group, Inc., 4.80%, 02/14/2029 |  | 11498000 |  | 11684087 |
|  B.A.T. Capital Corp. (United Kingdom), 3.46%, 09/06/2029 |  | 3019000 |  | 2927359 |
|  B.A.T. International Finance PLC (United Kingdom), 5.93%, 02/02/2029<sup>(b)</sup> |  | 6028000 |  | 6337976 |
|  Philip Morris International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/2029 |  | 4520000 |  | 4393277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/01/2029 |  | 4528000 |  | 4601398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/17/2029<sup>(b)</sup> |  | 7476000 |  | 7871847 |
|  |  |  |  | 37815944 |
|  Trading Companies & Distributors-0.27% | Trading Companies & Distributors-0.27% | Trading Companies & Distributors-0.27% | Trading Companies & Distributors-0.27% | Trading Companies & Distributors-0.27% |
|  Air Lease Corp., 5.10%, 03/01/2029<sup>(b)</sup> |  | 3044000 |  | 3126616 |
|  GATX Corp., 4.70%, 04/01/2029 |  | 3001000 |  | 3038945 |
|  |  |  |  | 6165561 |
|  Water Utilities-0.14% |  |  |  |  |
|  American Water Capital Corp., 3.45%, 06/01/2029 |  | 3317000 |  | 3243187 |

---

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

---

| |
|:---|
| 38 |
| 38 |
| 38 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Wireless Telecommunication Services-1.80% | Wireless Telecommunication Services-1.80% | Wireless Telecommunication Services-1.80% |
|  Rogers Communications, Inc. (Canada), 5.00%, 02/15/2029<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;7560000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7722493 |
|  T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 01/15/2029 | 6055000 | 6180123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/2029<sup>(b)</sup> | 6035000 | 5717722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/2029<sup>(b)</sup> | 3042000 | 2862347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/2029 | 14217000 | 13776171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/01/2029 | 4250000 | 4249802 |
|  |  | 40508658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes (Cost $2,180,297,156) |  | 2218974347 |
|  | Shares |  |
|  Money Market Funds-0.15% |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.21%<sup>(c)(d)</sup> (Cost $3,388,830) | 3388830 | 3388830 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.84%<br>(Cost $2,183,685,986) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.84%<br>(Cost $2,183,685,986) | 2222363177 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Investments Purchased with Cash Collateral from Securities on Loan | Investments Purchased with Cash Collateral from Securities on Loan |  |
|  Money Market Funds-13.63% |  |  |
|  Invesco Private Government Fund, 4.28%<sup>(c)(d)(e)</sup> | 85111069 | $85111069 |
|  Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup> | 221272210 | 221338592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $306,434,591) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $306,434,591) | 306449661 |
|  TOTAL INVESTMENTS IN SECURITIES-112.47%<br>(Cost $2,490,120,577) | TOTAL INVESTMENTS IN SECURITIES-112.47%<br>(Cost $2,490,120,577) | 2528812838 |
|  OTHER ASSETS LESS LIABILITIES-(12.47)% | OTHER ASSETS LESS LIABILITIES-(12.47)% | (280369024) |
|  NET ASSETS-100.00% |  | $2248443814 |

---

Investment Abbreviations:

REIT-Real Estate Investment Trust

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 August 31, 2025.

<sup>(c)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in 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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value<br>August 31, 2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Change in<br>Unrealized<br>Appreciation | Realized<br>Gain<br>(Loss) | Value<br>August 31, 2025 | Dividend Income |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $390604 | $116204491 | $(113206265) | $- | $- | $3388830 | $257046 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 55029258 | 334125242 | (304043431) |  |  | 85111069 | 3459261 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 143491168 | 818290664 | (740420485) | 5334 | (28089) | 221338592 | 9274627 \* |
| &nbsp;&nbsp; Total | $198911030 | $1268620397 | $(1157670181) | $5334 | $(28089) | $309838491 | $12990934 |

---

\* 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.

---

| |
|:---|
| 39 |
| 39 |
| 39 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)–(continued)

August 31, 2025

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<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.

---

| |
|:---|
| 40 |
| 40 |
| 40 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  U.S. Dollar Denominated Bonds & Notes-98.40% | U.S. Dollar Denominated Bonds & Notes-98.40% | U.S. Dollar Denominated Bonds & Notes-98.40% |
|  Aerospace & Defense-2.43% |  |  |
|  Boeing Co. (The), 5.15%, 05/01/2030<sup>(b)</sup> | $23599000 | $&nbsp;&nbsp;&nbsp;&nbsp;24214757 |
|  General Electric Co., 4.30%, 07/29/2030 | 4400000 | 4420603 |
|  Huntington Ingalls Industries, Inc., 5.35%, 01/15/2030 | 2828000 | 2916357 |
|  Lockheed Martin Corp., 4.40%, 08/15/2030 | 2450000 | 2470609 |
|  Northrop Grumman Corp., 4.65%, 07/15/2030<sup>(b)</sup> | 1870000 | 1902992 |
|  RTX Corp., 2.25%, 07/01/2030<sup>(b)</sup> | 5875000 | 5374366 |
|  Textron, Inc., 3.00%, 06/01/2030 | 3801000 | 3573536 |
|  |  | 44873220 |
|  Air Freight & Logistics-0.15% |  |  |
|  United Parcel Service, Inc., 4.65%, 10/15/2030<sup>(b)</sup> | 2756000 | 2817921 |
|  Automobile Components-0.22% |  |  |
|  Magna International, Inc. (Canada), 2.45%, 06/15/2030<sup>(b)</sup> | 4393000 | 4045202 |
|  Automobiles-3.25% |  |  |
|  American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/05/2030<sup>(b)</sup> | 2315000 | 2363552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/17/2030 | 4122000 | 4162027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 10/04/2030 | 2945000 | 3140567 |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 03/06/2030 | 6400000 | 6817211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 06/10/2030<sup>(b)</sup> | 4868000 | 5174379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/13/2030 | 8999000 | 8370694 |
|  General Motors Co., 5.63%, 04/15/2030 | 4105000 | 4241384 |
|  Honda Motor Co. Ltd. (Japan), 4.69%, 07/08/2030 | 6528000 | 6590887 |
|  Toyota Motor Corp. (Japan), 4.45%, 06/30/2030<sup>(b)</sup> | 2500000 | 2529620 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/09/2030 | 4118000 | 4247073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/15/2030 | 1774000 | 1815904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 05/17/2030 | 4000000 | 4061909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 11/20/2030 | 6095000 | 6458036 |
|  |  | 59973243 |
|  Banks-5.82% |  |  |
|  Banco Santander S.A. (Spain) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.57%, 01/17/2030 | 5673000 | 5923340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 05/28/2030<sup>(b)</sup> | 5600000 | 5383992 |
|  Bank of Nova Scotia (The) (Canada), 4.85%, 02/01/2030 | 6610000 | 6773189 |
|  Citibank N.A., 4.91%, 05/29/2030 | 13805000 | 14170731 |
|  Citizens Financial Group, Inc., 3.25%, 04/30/2030 | 4391000 | 4153733 |
|  Huntington National Bank (The), 5.65%, 01/10/2030<sup>(b)</sup> | 5151000 | 5400670 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 02/25/2030 | 6294000 | 5863900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 07/17/2030 | 6839000 | 6157614 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Banks-(continued) |  |  |
|  Sumitomo Mitsui Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 01/13/2030<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;7457000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7871298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/2030 | 6876000 | 6438118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.24%, 04/15/2030 | 4398000 | 4556760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 07/08/2030 | 8285000 | 7483767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 07/13/2030<sup>(b)</sup> | 3588000 | 3825125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.14%, 09/23/2030 | 3462000 | 3108742 |
|  Toronto-Dominion Bank (The) (Canada), 4.81%, 06/03/2030 | 3749000 | 3830577 |
|  Truist Bank, 2.25%, 03/11/2030 | 7195000 | 6560314 |
|  Truist Financial Corp., 1.95%, 06/05/2030 | 4289000 | 3858954 |
|  U.S. Bancorp, 1.38%, 07/22/2030<sup>(b)</sup> | 7052000 | 6166645 |
|  |  | 107527469 |
|  Beverages-2.11% |  |  |
|  Coca-Cola Co. (The), 1.65%, 06/01/2030<sup>(b)</sup> | 8241000 | 7398891 |
|  Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/01/2030 | 3512000 | 3286808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/01/2030<sup>(b)</sup> | 997000 | 1012755 |
|  Diageo Capital PLC (United Kingdom), 2.00%, 04/29/2030 | 5905000 | 5372931 |
|  Diageo Investment Corp. (United Kingdom), 5.13%, 08/15/2030 | 4043000 | 4195744 |
|  Keurig Dr Pepper, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/01/2030 | 4389500 | 4138061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/2030 | 2733000 | 2734663 |
|  PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/07/2030<sup>(b)</sup> | 5450000 | 5580393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/01/2030 | 5852000 | 5248890 |
|  |  | 38969136 |
|  Biotechnology-2.52% |  |  |
|  AbbVie, Inc., 4.88%, 03/15/2030 | 5486000 | 5653400 |
|  Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/21/2030 | 6897000 | 6382622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/02/2030 | 15024000 | 15567081 |
|  Biogen, Inc., 2.25%, 05/01/2030 | 8025000 | 7308730 |
|  Gilead Sciences, Inc., 1.65%, 10/01/2030<sup>(b)</sup> | 5850000 | 5170071 |
|  Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030 | 7311000 | 6437524 |
|  |  | 46519428 |
|  Broadline Retail-0.81% |  |  |
|  Amazon.com, Inc., 1.50%, 06/03/2030<sup>(b)</sup> | 11049000 | 9872256 |
|  eBay, Inc., 2.70%, 03/11/2030<sup>(b)</sup> | 5458000 | 5107827 |
|  |  | 14980083 |

---

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

---

| |
|:---|
| 41 |
| 41 |
| 41 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Building Products-0.59% |  |  |
|  CRH SMW Finance DAC, 5.13%, 01/09/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;7340000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7555433 |
|  Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 1.75%, 09/15/2030 | 3662000 | 3245719 |
|  |  | 10801152 |
|  Capital Markets-4.15% |  |  |
|  Ares Capital Corp., 5.50%, 09/01/2030<sup>(b)</sup> | 4080000 | 4133989 |
|  Ares Strategic Income Fund, 5.60%, 02/15/2030 | 4115000 | 4167722 |
|  Blackstone Secured Lending Fund, 5.30%, 06/30/2030 | 2727000 | 2752502 |
|  Blue Owl Capital Corp., 6.20%, 07/15/2030 | 2750000 | 2822180 |
|  Blue Owl Credit Income Corp., 5.80%, 03/15/2030 | 5343000 | 5416737 |
|  Brookfield Finance, Inc. (Canada), 4.35%, 04/15/2030 | 4386000 | 4384772 |
|  Cboe Global Markets, Inc., 1.63%, 12/15/2030 | 2930000 | 2581973 |
|  CI Financial Corp. (Canada), 3.20%, 12/17/2030 | 5313000 | 4776975 |
|  CME Group, Inc., 4.40%, 03/15/2030 | 3980000 | 4022388 |
|  Franklin Resources, Inc., 1.60%, 10/30/2030<sup>(b)</sup> | 4970000 | 4366700 |
|  FS KKR Capital Corp., 6.13%, 01/15/2030<sup>(b)</sup> | 4100000 | 4073619 |
|  Golub Capital Private Credit Fund, 5.88%, 05/01/2030 | 2667000 | 2706659 |
|  Nomura Holdings, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/01/2030 | 3980000 | 4038639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 07/16/2030 | 5896000 | 5411634 |
|  Northern Trust Corp., 1.95%, 05/01/2030<sup>(b)</sup> | 5745000 | 5226715 |
|  S&P Global, Inc., 1.25%, 08/15/2030<sup>(b)</sup> | 3513000 | 3057458 |
|  Sixth Street Lending Partners, 5.75%, 01/15/2030 | 3390000 | 3443335 |
|  State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73%, 02/28/2030 | 3555000 | 3635843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 04/24/2030 | 5468000 | 5617312 |
|  |  | 76637152 |
|  Chemicals-1.79% |  |  |
|  Air Products and Chemicals, Inc., 2.05%, 05/15/2030<sup>(b)</sup> | 5279000 | 4818762 |
|  Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/2030<sup>(b)</sup> | 3818000 | 3855565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 11/15/2030 | 5602000 | 5828948 |
|  Dow Chemical Co. (The), 2.10%, 11/15/2030 | 4800000 | 4241855 |
|  EIDP, Inc., 2.30%, 07/15/2030<sup>(b)</sup> | 2930000 | 2692406 |
|  Linde, Inc., 1.10%, 08/10/2030 | 4093000 | 3553776 |
|  LYB International Finance III LLC, 2.25%, 10/01/2030<sup>(b)</sup> | 2824000 | 2526972 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Chemicals-(continued) |  |  |  |  |
|  Nutrien Ltd. (Canada), 2.95%, 05/13/2030 | $| &nbsp;&nbsp;&nbsp;&nbsp;2927000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2756009 |
|  Sherwin-Williams Co. (The), 2.30%, 05/15/2030<sup>(b)</sup> |  | 2928000 |  | 2682893 |
|  |  |  |  | 32957186 |
|  Commercial Services & Supplies-0.98% | 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., 5.10%, 03/01/2030 |  | 3515000 |  | 3576234 |
|  Republic Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/01/2030<sup>(b)</sup> |  | 3515000 |  | 3251436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/2030<sup>(b)</sup> |  | 2751000 |  | 2826911 |
|  Waste Management, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/2030 |  | 4285000 |  | 4366574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/2030<sup>(b)</sup> |  | 4032000 |  | 4114070 |
|  |  |  |  | 18135225 |
|  Communications Equipment-0.72% |  |  |  |  |
|  Cisco Systems, Inc., 4.75%, 02/24/2030<sup>(b)</sup> |  | 5471000 |  | 5626065 |
|  Motorola Solutions, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 08/15/2030<sup>(b)</sup> |  | 2860000 |  | 2914536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/2030 |  | 5261000 |  | 4735865 |
|  |  |  |  | 13276466 |
|  Construction & Engineering-0.30% |  |  |  |  |
|  Quanta Services, Inc., 2.90%, 10/01/2030<sup>(b)</sup> |  | 5850000 |  | 5454333 |
|  Construction Materials-0.37% |  |  |  |  |
|  Martin Marietta Materials, Inc., Series CB, 2.50%, 03/15/2030 |  | 2800000 |  | 2599450 |
|  Vulcan Materials Co., 3.50%, 06/01/2030 |  | 4385000 |  | 4231733 |
|  |  |  |  | 6831183 |
|  Consumer Finance-1.31% |  |  |  |  |
|  General Motors Financial Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 01/07/2030<sup>(b)</sup> |  | 6564000 |  | 6715843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 04/06/2030 |  | 5775000 |  | 6040236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/21/2030 |  | 6103000 |  | 5801581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 07/15/2030<sup>(b)</sup> |  | 5475000 |  | 5623313 |
|  |  |  |  | 24180973 |
|  Consumer Staples Distribution & Retail-1.28% | Consumer Staples Distribution & Retail-1.28% | Consumer Staples Distribution & Retail-1.28% | Consumer Staples Distribution & Retail-1.28% | Consumer Staples Distribution & Retail-1.28% |
|  Costco Wholesale Corp., 1.60%, 04/20/2030 |  | 9370000 |  | 8432846 |
|  Kroger Co. (The), 2.20%, 05/01/2030 |  | 2929000 |  | 2680956 |
|  Sysco Corp., 5.10%, 09/23/2030 |  | 3820000 |  | 3940588 |
|  Walmart, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/2030 |  | 2950000 |  | 2974879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/28/2030<sup>(b)</sup> |  | 5494000 |  | 5579145 |
|  |  |  |  | 23608414 |
|  Containers & Packaging-0.70% |  |  |  |  |
|  Amcor Flexibles North America, Inc., 2.63%, 06/19/2030 |  | 2923000 |  | 2688655 |
|  Avery Dennison Corp., 2.65%, 04/30/2030 |  | 2928000 |  | 2720349 |

---

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

---

| |
|:---|
| 42 |
| 42 |
| 42 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Containers & Packaging-(continued) |  |  |  |  |
|  Smurfit Kappa Treasury Unlimited Co. (Ireland), 5.20%, 01/15/2030 | $| &nbsp;&nbsp;&nbsp;&nbsp;4096000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4244193 |
|  Sonoco Products Co., 3.13%, 05/01/2030<sup>(b)</sup> |  | 3516000 |  | 3311316 |
|  |  |  |  | 12964513 |
|  Distributors-0.14% |  |  |  |  |
|  Genuine Parts Co., 1.88%, 11/01/2030 |  | 2927000 |  | 2575261 |
|  Diversified Consumer Services-0.13% | Diversified Consumer Services-0.13% | Diversified Consumer Services-0.13% | Diversified Consumer Services-0.13% | Diversified Consumer Services-0.13% |
|  Yale University, Series 2020, 1.48%, 04/15/2030 |  | 2755000 |  | 2458428 |
|  Diversified REITs-0.32% |  |  |  |  |
|  VICI Properties L.P., 4.95%, 02/15/2030 |  | 5763000 |  | 5829839 |
|  Diversified Telecommunication Services-0.78% | Diversified Telecommunication Services-0.78% | Diversified Telecommunication Services-0.78% | Diversified Telecommunication Services-0.78% | Diversified Telecommunication Services-0.78% |
|  AT&T, Inc., 4.70%, 08/15/2030<sup>(b)</sup> |  | 5470000 |  | 5555147 |
|  Verizon Communications, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/18/2030<sup>(b)</sup> |  | 5534000 |  | 4826177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 10/30/2030 |  | 4483000 |  | 3935335 |
|  |  |  |  | 14316659 |
|  Electric Utilities-4.87% |  |  |  |  |
|  AEP Texas, Inc., Series I, 2.10%, 07/01/2030<sup>(b)</sup> |  | 3506000 |  | 3162063 |
|  Alabama Power Co., Series 20-A, 1.45%, 09/15/2030 |  | 3507000 |  | 3078095 |
|  Berkshire Hathaway Energy Co., 3.70%, 07/15/2030<sup>(b)</sup> |  | 6012000 |  | 5891333 |
|  CenterPoint Energy Houston Electric LLC, 4.80%, 03/15/2030 |  | 2730000 |  | 2797713 |
|  Duke Energy Carolinas LLC, 2.45%, 02/01/2030 |  | 2924000 |  | 2733760 |
|  Duke Energy Corp., 2.45%, 06/01/2030 |  | 4972000 |  | 4573934 |
|  Duke Energy Florida LLC, 1.75%, 06/15/2030 |  | 2923000 |  | 2612985 |
|  Edison International, 6.25%, 03/15/2030<sup>(b)</sup> |  | 2461000 |  | 2561795 |
|  Entergy Corp., 2.80%, 06/15/2030 |  | 3516000 |  | 3276650 |
|  Eversource Energy, Series R, 1.65%, 08/15/2030<sup>(b)</sup> |  | 3513000 |  | 3083978 |
|  FirstEnergy Corp., 2.65%, 03/01/2030 |  | 3514000 |  | 3261704 |
|  Florida Power & Light Co., 4.63%, 05/15/2030 |  | 2932000 |  | 2990096 |
|  Georgia Power Co., 4.55%, 03/15/2030<sup>(b)</sup> |  | 3520000 |  | 3578052 |
|  National Rural Utilities Cooperative Finance Corp., 4.95%, 02/07/2030 |  | 2960000 |  | 3053487 |
|  NextEra Energy Capital Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/28/2030<sup>(b)</sup> |  | 3529000 |  | 3641200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/2030 |  | 5460000 |  | 5622980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/2030 |  | 9589000 |  | 8745554 |
|  Pacific Gas and Electric Co., 4.55%, 07/01/2030 |  | 17044000 |  | 16888658 |
|  San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/2030 |  | 4682000 |  | 4121563 |
|  Southern California Edison Co., 5.25%, 03/15/2030 |  | 4226000 |  | 4326701 |
|  |  |  |  | 90002301 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Electrical Equipment-0.65% |  |  |  |  |
|  Acuity Brands Lighting, Inc., 2.15%, 12/15/2030 | $| &nbsp;&nbsp;&nbsp;&nbsp;2822000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2524811 |
|  Emerson Electric Co., 1.95%, 10/15/2030 |  | 2930000 |  | 2644919 |
|  Regal Rexnord Corp., 6.30%, 02/15/2030 |  | 6450000 |  | 6836814 |
|  |  |  |  | 12006544 |
| Electronic Equipment, Instruments & Components-0.52% | Electronic Equipment, Instruments & Components-0.52% | Electronic Equipment, Instruments & Components-0.52% | Electronic Equipment, Instruments & Components-0.52% | Electronic Equipment, Instruments & Components-0.52% |
|  Jabil, Inc., 3.60%, 01/15/2030 |  | 2930000 |  | 2816105 |
|  Keysight Technologies, Inc., 5.35%, 07/30/2030 |  | 4018000 |  | 4175744 |
|  Teledyne FLIR LLC, 2.50%, 08/01/2030 |  | 2843000 |  | 2599713 |
|  |  |  |  | 9591562 |
|  Energy Equipment & Services-0.58% |  |  |  |  |
|  Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 4.49%, 05/01/2030 |  | 2936000 |  | 2961021 |
|  Halliburton Co., 2.92%, 03/01/2030<sup>(b)</sup> |  | 5851000 |  | 5505108 |
|  Schlumberger Investment S.A., 2.65%, 06/26/2030 |  | 2508000 |  | 2331322 |
|  |  |  |  | 10797451 |
|  Financial Services-2.44% |  |  |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 6.15%, 09/30/2030 |  | 5005000 |  | 5368663 |
|  Block Financial LLC, 3.88%, 08/15/2030<sup>(b)</sup> |  | 3807000 |  | 3656494 |
|  Fiserv, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/2030<sup>(b)</sup> |  | 4970000 |  | 5044303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/01/2030 |  | 5851000 |  | 5408460 |
|  Global Payments, Inc., 2.90%, 05/15/2030 |  | 5849000 |  | 5401497 |
|  LPL Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/15/2030 |  | 3989000 |  | 4083441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 06/15/2030 |  | 2622000 |  | 2680061 |
|  PayPal Holdings, Inc., 2.30%, 06/01/2030<sup>(b)</sup> |  | 5600000 |  | 5143016 |
|  RELX Capital, Inc. (United Kingdom) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/27/2030 |  | 4047000 |  | 4136154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/22/2030<sup>(b)</sup> |  | 4385000 |  | 4163425 |
|  |  |  |  | 45085514 |
|  Food Products-2.04% |  |  |  |  |
|  Conagra Brands, Inc., 5.00%, 08/01/2030<sup>(b)</sup> |  | 2739000 |  | 2763297 |
|  General Mills, Inc., 4.88%, 01/30/2030 |  | 4410000 |  | 4513172 |
|  Hershey Co. (The), 4.75%, 02/24/2030 |  | 1764000 |  | 1811238 |
|  Hormel Foods Corp., 1.80%, 06/11/2030 |  | 5864000 |  | 5254609 |
|  Ingredion, Inc., 2.90%, 06/01/2030 |  | 3508000 |  | 3284720 |
|  JM Smucker Co. (The), 2.38%, 03/15/2030 |  | 2928000 |  | 2697131 |
|  Kellanova, 2.10%, 06/01/2030 |  | 2932000 |  | 2661276 |
|  Kraft Heinz Foods Co. (The), 3.75%, 04/01/2030 |  | 4330000 |  | 4202700 |
|  McCormick & Co., Inc., 2.50%, 04/15/2030 |  | 2930000 |  | 2705091 |

---

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

---

| |
|:---|
| 43 |
| 43 |
| 43 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Food Products-(continued) | Food Products-(continued) | Food Products-(continued) | Food Products-(continued) | Food Products-(continued) |
|  Mondelez International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/13/2030<sup>(b)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;4393000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4115001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/06/2030 |  | 925000 |  | 931947 |
|  The Campbell's Company, 2.38%, 04/24/2030<sup>(b)</sup> |  | 2923000 |  | 2670967 |
|  |  |  |  | 37611149 |
| Gas Utilities-0.48% | Gas Utilities-0.48% | Gas Utilities-0.48% | Gas Utilities-0.48% | Gas Utilities-0.48% |
|  CenterPoint Energy Resources Corp., 1.75%, 10/01/2030 |  | 2877000 |  | 2537481 |
|  National Fuel Gas Co., 5.50%, 03/15/2030 |  | 2710000 |  | 2801977 |
|  Southern California Gas Co., Series XX, 2.55%, 02/01/2030 |  | 3806000 |  | 3550593 |
|  |  |  |  | 8890051 |
| Ground Transportation-1.14% | Ground Transportation-1.14% | Ground Transportation-1.14% | Ground Transportation-1.14% | Ground Transportation-1.14% |
|  Canadian Pacific Railway Co. (Canada) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/05/2030 |  | 2932000 |  | 2669581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/30/2030<sup>(b)</sup> |  | 3257000 |  | 3337366 |
|  J.B. Hunt Transport Services, Inc., 4.90%, 03/15/2030 |  | 4064000 |  | 4160689 |
|  Norfolk Southern Corp., 5.05%, 08/01/2030 |  | 3520000 |  | 3646149 |
|  Uber Technologies, Inc., 4.30%, 01/15/2030<sup>(b)</sup> |  | 7280000 |  | 7304439 |
|  |  |  |  | 21118224 |
| Health Care Equipment & Supplies-2.37% | Health Care Equipment & Supplies-2.37% | Health Care Equipment & Supplies-2.37% | Health Care Equipment & Supplies-2.37% | Health Care Equipment & Supplies-2.37% |
|  Abbott Laboratories, 1.40%, 06/30/2030 |  | 3799000 |  | 3379328 |
|  Becton, Dickinson and Co., 2.82%, 05/20/2030 |  | 4386000 |  | 4104312 |
|  Boston Scientific Corp., 2.65%, 06/01/2030<sup>(b)</sup> |  | 7038000 |  | 6572720 |
|  DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030<sup>(b)</sup> |  | 4387000 |  | 4031076 |
|  GE HealthCare Technologies, Inc., 5.86%, 03/15/2030 |  | 6838000 |  | 7264080 |
|  Smith & Nephew PLC (United Kingdom), 2.03%, 10/14/2030 |  | 5850000 |  | 5220012 |
|  Stryker Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 02/10/2030 |  | 4690000 |  | 4813964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 06/15/2030 |  | 5851000 |  | 5283064 |
|  Zimmer Biomet Holdings, Inc., 5.05%, 02/19/2030 |  | 2970000 |  | 3057802 |
|  |  |  |  | 43726358 |
| Health Care Providers & Services-5.29% | Health Care Providers & Services-5.29% | Health Care Providers & Services-5.29% | Health Care Providers & Services-5.29% | Health Care Providers & Services-5.29% |
|  Cencora, Inc., 2.80%, 05/15/2030<sup>(b)</sup> |  | 2936000 |  | 2755567 |
|  Centene Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/2030<sup>(b)</sup> |  | 11071000 |  | 10096458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/2030 |  | 12201000 |  | 10789982 |
|  Cigna Group (The), 2.40%, 03/15/2030 |  | 7319000 |  | 6748327 |
|  CommonSpirit Health, 2.78%, 10/01/2030<sup>(b)</sup> |  | 3224000 |  | 2986266 |
|  CVS Health Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/21/2030<sup>(b)</sup> |  | 8180000 |  | 8383482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/21/2030<sup>(b)</sup> |  | 7358000 |  | 6432405 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Health Care Providers & Services-(continued) | Health Care Providers & Services-(continued) | Health Care Providers & Services-(continued) | Health Care Providers & Services-(continued) | Health Care Providers & Services-(continued) |
|  Elevance Health, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2030<sup>(b)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;4277000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4348086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/2030 |  | 6351000 |  | 5794063 |
|  HCA, Inc., 5.25%, 03/01/2030<sup>(b)</sup> |  | 4124000 |  | 4262773 |
|  Laboratory Corp. of America Holdings, 4.35%, 04/01/2030 |  | 3814000 |  | 3817472 |
|  McKesson Corp., 4.65%, 05/30/2030 |  | 2680000 |  | 2727080 |
|  Sutter Health, Series 20-A, 2.29%, 08/15/2030 |  | 4093000 |  | 3742534 |
|  UnitedHealth Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 01/15/2030 |  | 6811000 |  | 6960976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/15/2030<sup>(b)</sup> |  | 6825000 |  | 7104344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/2030 |  | 7233000 |  | 6548037 |
|  Universal Health Services, Inc., 2.65%, 10/15/2030 |  | 4683000 |  | 4204440 |
|  |  |  |  | 97702292 |
|  Health Care REITs-0.36% |  |  |  |  |
|  Omega Healthcare Investors, Inc., 5.20%, 07/01/2030 |  | 3249000 |  | 3297329 |
|  Welltower OP LLC, 4.50%, 07/01/2030<sup>(b)</sup> |  | 3355000 |  | 3387448 |
|  |  |  |  | 6684777 |
| Hotel & Resort REITs-0.21% | Hotel & Resort REITs-0.21% | Hotel & Resort REITs-0.21% | Hotel & Resort REITs-0.21% | Hotel & Resort REITs-0.21% |
|  Host Hotels & Resorts L.P., Series I, 3.50%, 09/15/2030 |  | 4142000 |  | 3896832 |
| Hotels, Restaurants & Leisure-1.65% | Hotels, Restaurants & Leisure-1.65% | Hotels, Restaurants & Leisure-1.65% | Hotels, Restaurants & Leisure-1.65% | Hotels, Restaurants & Leisure-1.65% |
|  Las Vegas Sands Corp., 6.00%, 06/14/2030 |  | 2731000 |  | 2848523 |
|  Marriott International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/15/2030 |  | 2824000 |  | 2871739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF, 4.63%, 06/15/2030<sup>(b)</sup> |  | 5776000 |  | 5818310 |
|  McDonald's Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/01/2030<sup>(b)</sup> |  | 4390000 |  | 4021459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/2030 |  | 3186000 |  | 3242885 |
|  Starbucks Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/12/2030 |  | 4385000 |  | 4032797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/15/2030 |  | 1190000 |  | 1216430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/15/2030<sup>(b)</sup> |  | 6900000 |  | 6331295 |
|  |  |  |  | 30383438 |
| Household Durables-0.79% | Household Durables-0.79% | Household Durables-0.79% | Household Durables-0.79% | Household Durables-0.79% |
|  D.R. Horton, Inc., 4.85%, 10/15/2030<sup>(b)</sup>  |  | 2740000 |  | 2799804 |
|  Lennar Corp., 5.20%, 07/30/2030<sup>(b)</sup> |  | 3831000 |  | 3957625 |
|  Mohawk Industries, Inc., 3.63%, 05/15/2030<sup>(b)</sup> |  | 2932000 |  | 2827682 |
|  NVR, Inc., 3.00%, 05/15/2030 |  | 5289000 |  | 4995852 |
|  |  |  |  | 14580963 |
| Household Products-0.77% | Household Products-0.77% | Household Products-0.77% | Household Products-0.77% | Household Products-0.77% |
|  Clorox Co. (The), 1.80%, 05/15/2030 |  | 2930000 |  | 2618378 |
|  Colgate-Palmolive Co., 4.20%, 05/01/2030 |  | 2730000 |  | 2758489 |
|  Procter & Gamble Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/01/2030 |  | 2485000 |  | 2498473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/29/2030 |  | 7355000 |  | 6421924 |
|  |  |  |  | 14297264 |

---

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

---

| |
|:---|
| 44 |
| 44 |
| 44 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Industrial Conglomerates-0.83% | Industrial Conglomerates-0.83% | Industrial Conglomerates-0.83% |
|  3M Co., 4.80%, 03/15/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;2372000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2426918 |
|  Eaton Capital Unlimited Co., 4.45%, 05/09/2030 | 1594000 | 1610492 |
|  Honeywell International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/2030 | 5877000 | 5990895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 06/01/2030 | 5863000 | 5304199 |
|  |  | 15332504 |
| Insurance-3.19% | Insurance-3.19% | Insurance-3.19% |
|  Alleghany Corp., 3.63%, 05/15/2030 | 2773000 | 2705946 |
|  Allstate Corp. (The), 1.45%, 12/15/2030 | 3454000 | 2976188 |
|  American International Group, Inc., 4.85%, 05/07/2030<sup>(b)</sup> | 1858000 | 1902245 |
|  Aon Corp., 2.80%, 05/15/2030<sup>(b)</sup> | 5515000 | 5175606 |
|  Berkshire Hathaway Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 03/12/2030<sup>(b)</sup> | 2757000 | 2519598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 10/15/2030 | 4140000 | 3658412 |
|  Brighthouse Financial, Inc., 5.63%, 05/15/2030<sup>(b)</sup> | 3603000 | 3688520 |
|  Brown & Brown, Inc., 4.90%, 06/23/2030 | 3500000 | 3545553 |
|  CNA Financial Corp., 2.05%, 08/15/2030 | 2755000 | 2452093 |
|  Fidelity National Financial, Inc., 3.40%, 06/15/2030 | 3754000 | 3566642 |
|  Loews Corp., 3.20%, 05/15/2030 | 2924000 | 2795448 |
|  Marsh & McLennan Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/2030 | 5810000 | 5916982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2030 | 4286000 | 3890334 |
|  Principal Financial Group, Inc., 2.13%, 06/15/2030 | 3308000 | 2998507 |
|  Prudential Financial, Inc., 2.10%, 03/10/2030 | 2762000 | 2547018 |
|  Prudential Funding (Asia) PLC (Hong Kong), 3.13%, 04/14/2030<sup>(b)</sup> | 5752000 | 5500136 |
|  Reinsurance Group of America, Inc., 3.15%, 06/15/2030<sup>(b)</sup> | 3312000 | 3139205 |
|  |  | 58978433 |
| Interactive Media & Services-1.16% | Interactive Media & Services-1.16% | Interactive Media & Services-1.16% |
|  Alphabet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2030<sup>(b)</sup> | 4125000 | 4152603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 08/15/2030 | 12860000 | 11245528 |
|  Meta Platforms, Inc., 4.80%, 05/15/2030 | 5822000 | 6011424 |
|  |  | 21409555 |
| IT Services-0.68% | IT Services-0.68% | IT Services-0.68% |
|  International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/10/2030<sup>(b)</sup> | 5840000 | 5987615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 05/15/2030<sup>(b)</sup> | 7361000 | 6650924 |
|  |  | 12638539 |
| Life Sciences Tools & Services-0.39% | Life Sciences Tools & Services-0.39% | Life Sciences Tools & Services-0.39% |
|  Agilent Technologies, Inc., 2.10%, 06/04/2030 | 2921000 | 2647429 |
|  Thermo Fisher Scientific, Inc., 4.98%, 08/10/2030 | 4410000 | 4565442 |
|  |  | 7212871 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Machinery-1.94% | Machinery-1.94% | Machinery-1.94% |
|  Cummins, Inc., 1.50%, 09/01/2030<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;4987000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400436 |
|  Flowserve Corp., 3.50%, 10/01/2030 | 2927000 | 2787784 |
|  IDEX Corp., 3.00%, 05/01/2030 | 2928000 | 2756098 |
|  John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/09/2030<sup>(b)</sup> | 3221000 | 3013140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/10/2030 | 5865000 | 6021371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/15/2030 | 2000000 | 2016957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 4.55%, 06/05/2030<sup>(b)</sup> | 4390000 | 4461002 |
|  Otis Worldwide Corp., 2.57%, 02/15/2030 | 8658000 | 8074852 |
|  Westinghouse Air Brake Technologies Corp., 4.90%, 05/29/2030 | 2223000 | 2274934 |
|  |  | 35806574 |
| Media-0.17% | Media-0.17% | Media-0.17% |
|  Omnicom Group, Inc., 2.45%, 04/30/2030<sup>(b)</sup> | 3505000 | 3220058 |
| Metals & Mining-1.01% | Metals & Mining-1.01% | Metals & Mining-1.01% |
|  Freeport-McMoRan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/2030 | 2638000 | 2607791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/2030 | 3473000 | 3483273 |
|  Newmont Corp., 2.25%, 10/01/2030 | 2328000 | 2115970 |
|  Newmont Corp./Newcrest Finance Pty Ltd., 3.25%, 05/13/2030 | 2730000 | 2614681 |
|  Nucor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/01/2030<sup>(b)</sup> | 2926000 | 2732390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/01/2030<sup>(b)</sup> | 2410000 | 2447398 |
|  Reliance, Inc., 2.15%, 08/15/2030 | 2924000 | 2622430 |
|  |  | 18623933 |
| Mortgage REITs-0.15% | Mortgage REITs-0.15% | Mortgage REITs-0.15% |
|  Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp., 5.50%, 08/01/2030 | 2770000 | 2824209 |
| Multi-Utilities-1.41% | Multi-Utilities-1.41% | Multi-Utilities-1.41% |
|  Consumers Energy Co., 4.70%, 01/15/2030 | 4093000 | 4181275 |
|  Dominion Energy, Inc., 5.00%, 06/15/2030 | 3704000 | 3806550 |
|  DTE Energy Co., 5.20%, 04/01/2030 | 6075000 | 6264881 |
|  NiSource, Inc., 3.60%, 05/01/2030 | 5900000 | 5720556 |
|  Public Service Enterprise Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/2030 | 3157000 | 3229730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 08/15/2030 | 3216000 | 2810631 |
|  |  | 26013623 |
| Office REITs-0.13% | Office REITs-0.13% | Office REITs-0.13% |
|  Cousins Properties L.P., 5.25%, 07/15/2030 | 2344000 | 2407579 |
| Oil, Gas & Consumable Fuels-10.19% | Oil, Gas & Consumable Fuels-10.19% | Oil, Gas & Consumable Fuels-10.19% |
|  BP Capital Markets America, Inc., 1.75%, 08/10/2030 | 5850000 | 5200117 |
|  Canadian Natural Resources Ltd. (Canada), 2.95%, 07/15/2030<sup>(b)</sup> | 2928000 | 2731997 |
|  Chevron Corp., 2.24%, 05/11/2030 | 8801000 | 8118447 |
|  Chevron USA, Inc., 4.69%, 04/15/2030 | 4161000 | 4254715 |
|  ConocoPhillips Co., 4.70%, 01/15/2030<sup>(b)</sup> | 7941000 | 8094418 |

---

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

---

| |
|:---|
| 45 |
| 45 |
| 45 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Oil, Gas & Consumable Fuels-(continued) | Oil, Gas & Consumable Fuels-(continued) | Oil, Gas & Consumable Fuels-(continued) | Oil, Gas & Consumable Fuels-(continued) | Oil, Gas & Consumable Fuels-(continued) |
|  Devon Energy Corp., 4.50%, 01/15/2030<sup>(b)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;3256000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3258393 |
|  Diamondback Energy, Inc., 5.15%, 01/30/2030<sup>(b)</sup> |  | 5003000 |  | 5141401 |
|  Enbridge, Inc. (Canada) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/20/2030<sup>(b)</sup> |  | 3165000 |  | 3232532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 11/15/2030 |  | 4388000 |  | 4731187 |
|  Energy Transfer L.P. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/2030<sup>(b)</sup> |  | 2189000 |  | 2252326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 12/01/2030 |  | 5875000 |  | 6359289 |
|  Enterprise Products Operating LLC, 2.80%, 01/31/2030<sup>(b)</sup> |  | 7234000 |  | 6835878 |
|  EOG Resources, Inc., 4.38%, 04/15/2030<sup>(b)</sup> |  | 4302000 |  | 4328886 |
|  Equinor ASA (Norway), 2.38%, 05/22/2030 |  | 4164000 |  | 3853142 |
|  Expand Energy Corp., 5.38%, 03/15/2030 |  | 6939000 |  | 7013331 |
|  Exxon Mobil Corp., 2.61%, 10/15/2030<sup>(b)</sup> |  | 10792000 |  | 10070292 |
|  Kinder Morgan, Inc., 5.15%, 06/01/2030 |  | 5907000 |  | 6076511 |
|  Marathon Petroleum Corp., 5.15%, 03/01/2030 |  | 6000000 |  | 6172849 |
|  MPLX L.P., 2.65%, 08/15/2030 |  | 8139000 |  | 7444166 |
|  Occidental Petroleum Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 07/15/2030 |  | 5865000 |  | 6753448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/01/2030 |  | 7903000 |  | 8403797 |
|  ONEOK, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/2030<sup>(b)</sup> |  | 4564000 |  | 4300436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/2030 |  | 2932000 |  | 2770819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 11/01/2030 |  | 2926000 |  | 3082016 |
|  Phillips 66, 2.15%, 12/15/2030 |  | 4975000 |  | 4432349 |
|  Pioneer Natural Resources Co., 1.90%, 08/15/2030 |  | 6331000 |  | 5662166 |
|  Plains All American Pipeline L.P./PAA Finance Corp., 3.80%, 09/15/2030 |  | 4390000 |  | 4237725 |
|  Shell Finance US, Inc., 2.75%, 04/06/2030<sup>(b)</sup> |  | 7973000 |  | 7547881 |
|  Targa Resources Corp., 4.90%, 09/15/2030 |  | 3677000 |  | 3734821 |
|  Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.50%, 03/01/2030 |  | 5579000 |  | 5686771 |
|  Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/2030 |  | 4095000 |  | 3897350 |
|  Valero Energy Corp., 5.15%, 02/15/2030 |  | 3830000 |  | 3947328 |
|  Viper Energy Partners LLC, 4.90%, 08/01/2030 |  | 2740000 |  | 2763523 |
|  Western Midstream Operating L.P., 4.05%, 02/01/2030 |  | 6217000 |  | 6046550 |
|  Williams Cos., Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/30/2030 |  | 4038000 |  | 4060910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/2030 |  | 5850000 |  | 5583757 |
|  |  |  |  | 188081524 |
| Passenger Airlines-0.30% | Passenger Airlines-0.30% | Passenger Airlines-0.30% | Passenger Airlines-0.30% | Passenger Airlines-0.30% |
|  Delta Air Lines, Inc., 5.25%, 07/10/2030 |  | 5500000 |  | 5612387 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Personal Care Products-0.68% | Personal Care Products-0.68% | Personal Care Products-0.68% |
|  Estee Lauder Cos., Inc. (The), 2.60%, 04/15/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;4095000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3807108 |
|  Kenvue, Inc., 5.00%, 03/22/2030 | 5900000 | 6103973 |
|  Unilever Capital Corp. (United Kingdom), 1.38%, 09/14/2030 | 2928000 | 2582179 |
|  |  | 12493260 |
| Pharmaceuticals-4.72% | Pharmaceuticals-4.72% | Pharmaceuticals-4.72% |
|  AstraZeneca Finance LLC (United Kingdom), 4.90%, 03/03/2030 | 3821000 | 3947436 |
|  AstraZeneca PLC (United Kingdom), 1.38%, 08/06/2030 | 7089000 | 6222720 |
|  Bristol-Myers Squibb Co., 1.45%, 11/13/2030<sup>(b)</sup> | 7332000 | 6402465 |
|  Eli Lilly and Co., 4.75%, 02/12/2030 | 6542000 | 6727729 |
|  GlaxoSmithKline Capital, Inc. (United Kingdom), 4.50%, 04/15/2030 | 4694000 | 4753047 |
|  Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/01/2030<sup>(b)</sup> | 5489000 | 5655477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/01/2030<sup>(b)</sup> | 9614000 | 8479996 |
|  Merck & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/17/2030<sup>(b)</sup> | 4416000 | 4458158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/24/2030 | 6816000 | 6023688 |
|  Pfizer, Inc., 1.70%, 05/28/2030<sup>(b)</sup> | 5849000 | 5238188 |
|  Royalty Pharma PLC, 2.20%, 09/02/2030 | 5845000 | 5241630 |
|  Takeda Pharmaceutical Co. Ltd. (Japan), 2.05%, 03/31/2030 | 13652000 | 12394479 |
|  Viatris, Inc., 2.70%, 06/22/2030 | 8480000 | 7627247 |
|  Zoetis, Inc., 2.00%, 05/15/2030<sup>(b)</sup> | 4388000 | 3978075 |
|  |  | 87150335 |
| Professional Services-0.92% | Professional Services-0.92% | Professional Services-0.92% |
|  Automatic Data Processing, Inc., 1.25%, 09/01/2030 | 5850000 | 5109924 |
|  Equifax, Inc., 3.10%, 05/15/2030 | 3515000 | 3323363 |
|  Paychex, Inc., 5.10%, 04/15/2030 | 8250000 | 8493751 |
|  |  | 16927038 |
| Real Estate Management & Development-0.18% | Real Estate Management & Development-0.18% | Real Estate Management & Development-0.18% |
|  CBRE Services, Inc., 4.80%, 06/15/2030 | 3201000 | 3248498 |
| Residential REITs-0.40% | Residential REITs-0.40% | Residential REITs-0.40% |
|  American Homes 4 Rent L.P., 4.95%, 06/15/2030 | 3190000 | 3254278 |
|  Camden Property Trust, 2.80%, 05/15/2030<sup>(b)</sup> | 4384000 | 4114310 |
|  |  | 7368588 |
| Retail REITs-0.97% | Retail REITs-0.97% | Retail REITs-0.97% |
|  Brixmor Operating Partnership L.P., 4.05%, 07/01/2030 | 4576000 | 4486098 |
|  Kimco Realty OP LLC, 2.70%, 10/01/2030 | 2759000 | 2547907 |
|  Realty Income Corp., 4.85%, 03/15/2030<sup>(b)</sup> | 3540000 | 3633304 |
|  Regency Centers L.P., 3.70%, 06/15/2030 | 3414000 | 3329907 |
|  Simon Property Group L.P., 2.65%, 07/15/2030 | 4192000 | 3899764 |
|  |  | 17896980 |

---

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

---

| |
|:---|
| 46 |
| 46 |
| 46 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Semiconductors & Semiconductor Equipment-3.66% | Semiconductors & Semiconductor Equipment-3.66% | Semiconductors & Semiconductor Equipment-3.66% |
|  Analog Devices, Inc., 4.50%, 06/15/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;3554000 | $&nbsp;&nbsp;&nbsp;&nbsp;3602959 |
|  Applied Materials, Inc., 1.75%, 06/01/2030 | 4390000 | 3941383 |
|  Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 02/15/2030 | 8197000 | 8222430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/15/2030 | 4679000 | 4825605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 07/15/2030 | 9420000 | 9513386 |
|  Intel Corp., 5.13%, 02/10/2030<sup>(b)</sup> | 7311000 | 7490548 |
|  Lam Research Corp., 1.90%, 06/15/2030<sup>(b)</sup> | 4390000 | 3966068 |
|  Marvell Technology, Inc., 4.75%, 07/15/2030 | 2660000 | 2685135 |
|  Microchip Technology, Inc., 5.05%, 02/15/2030<sup>(b)</sup> | 5602000 | 5717595 |
|  QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 05/20/2030<sup>(b)</sup> | 7018000 | 6443946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/20/2030 | 1763000 | 1793122 |
|  Texas Instruments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/04/2030 | 4392000 | 3957172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/23/2030 | 1370000 | 1391939 |
|  Xilinx, Inc., 2.38%, 06/01/2030 | 4392000 | 4060716 |
|  |  | 67612004 |
| Software-1.72% | Software-1.72% | Software-1.72% |
|  Adobe, Inc., 4.95%, 01/17/2030<sup>(b)</sup> | 3865000 | 4016068 |
|  Autodesk, Inc., 2.85%, 01/15/2030 | 2930000 | 2766909 |
|  Intuit, Inc., 1.65%, 07/15/2030<sup>(b)</sup> | 2929000 | 2606205 |
|  Oracle Corp., 4.65%, 05/06/2030<sup>(b)</sup> | 4390000 | 4454590 |
|  ServiceNow, Inc., 1.40%, 09/01/2030 | 8767000 | 7688430 |
|  Synopsys, Inc., 4.85%, 04/01/2030<sup>(b)</sup> | 10097000 | 10301990 |
|  |  | 31834192 |
| Specialized REITs-1.44% | Specialized REITs-1.44% | Specialized REITs-1.44% |
|  American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/15/2030 | 4315000 | 4052469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/31/2030 | 3505000 | 3588811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/2030 | 2665000 | 2717611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/15/2030 | 4314000 | 3882406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/15/2030 | 4591000 | 4049184 |
|  Extra Space Storage L.P., 5.50%, 07/01/2030<sup>(b)</sup> | 4310000 | 4504932 |
|  Prologis L.P., 1.25%, 10/15/2030 | 4419000 | 3827495 |
|  |  | 26622908 |
| Specialty Retail-1.99% | Specialty Retail-1.99% | Specialty Retail-1.99% |
|  AutoNation, Inc., 4.75%, 06/01/2030 | 2930000 | 2942135 |
|  AutoZone, Inc., 5.13%, 06/15/2030 | 2730000 | 2819111 |
|  Best Buy Co., Inc., 1.95%, 10/01/2030 | 3808000 | 3383955 |
|  Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 02/01/2030 | 4099000 | 4092169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 | 4642000 | 4758908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 07/15/2030 | 4382000 | 4713060 |
|  Leidos, Inc., 4.38%, 05/15/2030 | 4386000 | 4365824 |
|  Lowe's Cos., Inc., 1.70%, 10/15/2030 | 7333000 | 6449560 |
|  Tractor Supply Co., 1.75%, 11/01/2030 | 3705000 | 3249375 |
|  |  | 36774097 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Technology Hardware, Storage & Peripherals-1.56% | Technology Hardware, Storage & Peripherals-1.56% | Technology Hardware, Storage & Peripherals-1.56% |
|  Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/10/2030<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;2928000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/11/2030<sup>(b)</sup> | 9669000 | 8720755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/12/2030 | 5100000 | 5170379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/20/2030<sup>(b)</sup> | 6842000 | 6007476 |
|  HP, Inc., 5.40%, 04/25/2030<sup>(b)</sup> | 2123000 | 2205987 |
|  NetApp, Inc., 2.70%, 06/22/2030 | 4096000 | 3776213 |
|  |  | 28848629 |
| Textiles, Apparel & Luxury Goods-0.62% | Textiles, Apparel & Luxury Goods-0.62% | Textiles, Apparel & Luxury Goods-0.62% |
|  PVH Corp., 5.50%, 06/13/2030 | 2750000 | 2804993 |
|  Ralph Lauren Corp., 2.95%, 06/15/2030<sup>(b)</sup> | 4284000 | 4046272 |
|  Tapestry, Inc., 5.10%, 03/11/2030 | 4410000 | 4509190 |
|  |  | 11360455 |
| Tobacco-2.09% | Tobacco-2.09% | Tobacco-2.09% |
|  Altria Group, Inc., 3.40%, 05/06/2030 | 4401000 | 4221131 |
|  B.A.T. Capital Corp. (United Kingdom), 6.34%, 08/02/2030 | 5850000 | 6314842 |
|  Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/2030 | 12111000 | 12538046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/30/2030 | 4035000 | 4059164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 05/01/2030 | 4126000 | 3755550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/07/2030<sup>(b)</sup> | 3866000 | 4068451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/01/2030<sup>(b)</sup> | 4128000 | 3649366 |
|  |  | 38606550 |
| Trading Companies & Distributors-0.57% | Trading Companies & Distributors-0.57% | Trading Companies & Distributors-0.57% |
|  Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2030 | 3800000 | 3592451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/2030 | 4383000 | 4094167 |
|  GATX Corp., 4.00%, 06/30/2030<sup>(b)</sup> | 2924000 | 2875521 |
|  |  | 10562139 |
| Water Utilities-0.30% | Water Utilities-0.30% | Water Utilities-0.30% |
|  American Water Capital Corp., 2.80%, 05/01/2030 | 2917000 | 2740760 |
|  Essential Utilities, Inc., 2.70%, 04/15/2030 | 2930000 | 2722003 |
|  |  | 5462763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes (Cost $1,777,743,907) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes (Cost $1,777,743,907) | 1817037431 |
|  | Shares |  |
| Money Market Funds-0.59% | Money Market Funds-0.59% | Money Market Funds-0.59% |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.21%<sup>(c)(d)</sup> (Cost $10,858,849) | 10858849 | 10858849 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.99%<br>(Cost $1,788,602,756) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.99%<br>(Cost $1,788,602,756) | 1827896280 |
| Investments Purchased with Cash Collateral from Securities on Loan | Investments Purchased with Cash Collateral from Securities on Loan |  |
| Money Market Funds-11.40% | Money Market Funds-11.40% | Money Market Funds-11.40% |
|  Invesco Private Government Fund, 4.28%<sup>(c)(d)(e)</sup> | 58435667 | 58435667 |

---

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

---

| |
|:---|
| 47 |
| 47 |
| 47 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Money Market Funds-(continued) | Money Market Funds-(continued) | Money Market Funds-(continued) |
|  Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup> | 152101855 | $152147486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $210,570,329) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $210,570,329) | 210583153 |
|  TOTAL INVESTMENTS IN SECURITIES-110.39%<br>(Cost $1,999,173,085) | TOTAL INVESTMENTS IN SECURITIES-110.39%<br>(Cost $1,999,173,085) | 2038479433 |
|  OTHER ASSETS LESS LIABILITIES-(10.39)% | OTHER ASSETS LESS LIABILITIES-(10.39)% | (191847275) |
|  NET ASSETS-100.00% |  | $1846632158 |

---

Investment Abbreviations:

REIT-Real Estate Investment Trust

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 August 31, 2025.

<sup>(c)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in 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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value<br>August 31, 2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Change in<br>Unrealized<br>Appreciation | Realized<br>Gain<br>(Loss) | Value<br>August 31, 2025 | Dividend Income |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $446802 | $79219946 | $(68807899) | $- | $- | $10858849 | $142438 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 29502257 | 296504889 | (267571479) |  |  | 58435667 | 2105367 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 77390647 | 700626569 | (625861132) | 6977 | (15575) | 152147486 | 5656054 \* |
| &nbsp;&nbsp; Total | $107339706 | $1076351404 | $(962240510) | $6977 | $(15575) | $221442002 | $7903859 |

---

\* 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>(d)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<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.

---

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|:---|
| 48 |
| 48 |
| 48 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | Value |
|  U.S. Dollar Denominated Bonds & Notes-99.01% | U.S. Dollar Denominated Bonds & Notes-99.01% | U.S. Dollar Denominated Bonds & Notes-99.01% |
|  Aerospace & Defense-2.81% |  |  |
|  Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/01/2031 | $6171000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5894612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.39%, 05/01/2031 | 4405000 | 4786665 |
|  General Dynamics Corp., 2.25%, 06/01/2031 | 2215000 | 2000090 |
|  Howmet Aerospace, Inc., 4.85%, 10/15/2031 | 2207000 | 2261526 |
|  L3Harris Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 01/15/2031 | 2861000 | 2505359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2031 | 3309000 | 3436964 |
|  Lockheed Martin Corp., 4.70%, 12/15/2031 | 2651000 | 2708281 |
|  RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/15/2031 | 4417000 | 4772356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/01/2031 | 4396000 | 3811682 |
|  Textron, Inc., 2.45%, 03/15/2031 | 2201000 | 1982747 |
|  |  | 34160282 |
|  Automobiles-4.05% |  |  |
|  American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 01/13/2031 | 2434000 | 2125396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 07/10/2031 | 3300000 | 3386923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 10/23/2031 | 3083000 | 3125515 |
|  Ford Motor Co., 7.45%, 07/16/2031 | 4709000 | 5190471 |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/05/2031 | 4406000 | 4478074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/17/2031 | 4405000 | 3967862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 11/05/2031 | 5503000 | 5571359 |
|  Mercedes-Benz Finance North America LLC (Germany), 8.50%, 01/18/2031 | 6602000 | 7896209 |
|  Toyota Motor Corp. (Japan), 2.36%, 03/25/2031 | 2201000 | 1998005 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/10/2031 | 2423000 | 2115905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 03/21/2031 | 3964000 | 4111976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/12/2031 | 2201000 | 1917480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 10/10/2031 | 3300000 | 3333002 |
|  |  | 49218177 |
|  Banks-2.49% |  |  |
|  Banco Santander S.A. (Spain), 5.44%, 07/15/2031 | 6551000 | 6860624 |
|  Bank of Montreal (Canada), 5.51%, 06/04/2031 | 3524000 | 3708222 |
|  Mizuho Financial Group, Inc. (Japan), 2.56%, 09/13/2031 | 4402000 | 3895851 |
|  Royal Bank of Canada (Canada), 2.30%, 11/03/2031 | 6609000 | 5897336 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.71%, 01/12/2031 | 2200000 | 1920120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 07/09/2031 | 3961000 | 4147572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 09/17/2031 | 4405000 | 3889125 |
|  |  | 30318850 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | Value |
|  Beverages-2.23% |  |  |
|  Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.90%, 01/23/2031 | $3310000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3431892 |
|  Coca-Cola Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/05/2031 | 3307000 | 2969790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/15/2031 | 5725000 | 4961337 |
|  Constellation Brands, Inc., 2.25%, 08/01/2031 | 4408000 | 3873720 |
|  Keurig Dr Pepper, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/15/2031 | 2215000 | 1953024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 10, 5.20%, 03/15/2031 | 2194000 | 2244588 |
|  PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 02/25/2031<sup>(b)</sup> | 3303000 | 2862010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/21/2031 | 5508000 | 4844747 |
|  |  | 27141108 |
|  Biotechnology-1.16% |  |  |
|  AbbVie, Inc., 4.95%, 03/15/2031 | 8805000 | 9094223 |
|  Amgen, Inc., 2.30%, 02/25/2031 | 5507000 | 4951118 |
|  |  | 14045341 |
|  Broadline Retail-1.22% |  |  |
|  Amazon.com, Inc., 2.10%, 05/12/2031 | 13209000 | 11851479 |
|  eBay, Inc., 2.60%, 05/10/2031 | 3303000 | 3002742 |
|  |  | 14854221 |
|  Building Products-0.60% |  |  |
|  Carrier Global Corp., 2.70%, 02/15/2031 | 3301000 | 3035814 |
|  Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 2.00%, 09/16/2031 | 2206000 | 1910065 |
|  Masco Corp., 2.00%, 02/15/2031 | 2644000 | 2314424 |
|  |  | 7260303 |
|  Capital Markets-3.47% |  |  |
|  Ares Capital Corp., 3.20%, 11/15/2031 | 3145000 | 2803386 |
|  Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/28/2031 | 2212000 | 1944398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 07/28/2031<sup>(b)</sup> | 2204000 | 1932883 |
|  BlackRock, Inc., 1.90%, 01/28/2031 | 5498000 | 4900019 |
|  Blue Owl Credit Income Corp., 6.65%, 03/15/2031 | 3298000 | 3447027 |
|  Brookfield Finance, Inc. (Canada), 2.72%, 04/15/2031 | 2208000 | 2017588 |
|  Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/11/2031 | 3267000 | 2838154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/13/2031 | 3362000 | 3023412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 12/01/2031 | 3743000 | 3238419 |
|  Jefferies Financial Group, Inc., 2.63%, 10/15/2031 | 4355000 | 3859860 |
|  Moody's Corp., 2.00%, 08/19/2031 | 2646000 | 2325836 |
|  Nasdaq, Inc., 1.65%, 01/15/2031 | 2925000 | 2560901 |
|  Nomura Holdings, Inc. (Japan), 2.61%, 07/14/2031 | 4384000 | 3931855 |
|  State Street Corp., 2.20%, 03/03/2031 | 3748000 | 3343910 |
|  |  | 42167648 |

---

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

---

| |
|:---|
| 49 |
| 49 |
| 49 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | Value |
|  Chemicals-0.41% |  |  |  |
|  Air Products and Chemicals, Inc., 4.75%, 02/08/2031 | $| 2702000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2769848 |
|  Ecolab, Inc., 1.30%, 01/30/2031 |  | 2610000 | 2245253 |
|  |  |  | 5015101 |
|  Commercial Services & Supplies-1.14% |  |  |  |
|  CDW LLC/CDW Finance Corp., 3.57%, 12/01/2031 |  | 4400000 | 4098740 |
|  Republic Services, Inc., 1.45%, 02/15/2031 |  | 2869000 | 2471261 |
|  Waste Management, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/15/2031 |  | 4407000 | 3816843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/03/2031 |  | 3301000 | 3417056 |
|  |  |  | 13803900 |
|  Communications Equipment-1.22% |  |  |  |
|  Cisco Systems, Inc., 4.95%, 02/26/2031 |  | 11014000 | 11405622 |
|  Motorola Solutions, Inc., 2.75%, 05/24/2031 |  | 3742000 | 3413187 |
|  |  |  | 14818809 |
|  Construction & Engineering-0.08% |  |  |  |
|  Quanta Services, Inc., 4.50%, 01/15/2031 |  | 1000000 | 999324 |
|  Construction Materials-0.53% |  |  |  |
|  Eagle Materials, Inc., 2.50%, 07/01/2031 |  | 3289000 | 2943396 |
|  Martin Marietta Materials, Inc., 2.40%, 07/15/2031 |  | 3944000 | 3518576 |
|  |  |  | 6461972 |
|  Consumer Finance-2.67% |  |  |  |
|  Ally Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/2031 |  | 8790000 | 10064665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/2031 |  | 2185000 | 2492893 |
|  General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/08/2031 |  | 4400000 | 3879083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/08/2031 |  | 4406000 | 4574013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/10/2031 |  | 4406000 | 3912932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 06/18/2031 |  | 4404000 | 4550715 |
|  Synchrony Financial, 2.88%, 10/28/2031 |  | 3301000 | 2928183 |
|  |  |  | 32402484 |
|  Consumer Staples Distribution & Retail-1.06% | Consumer Staples Distribution & Retail-1.06% | Consumer Staples Distribution & Retail-1.06% |  |
|  Dollar Tree, Inc., 2.65%, 12/01/2031 |  | 3526000 | 3141720 |
|  Kroger Co. (The), 1.70%, 01/15/2031 |  | 2210000 | 1928807 |
|  Walmart, Inc., 1.80%, 09/22/2031 |  | 8806000 | 7772654 |
|  |  |  | 12843181 |
|  Containers & Packaging-0.57% |  |  |  |
|  Amcor Flexibles North America, Inc., 2.69%, 05/25/2031 |  | 3525000 | 3193158 |
|  Berry Global, Inc., 5.80%, 06/15/2031 |  | 3526000 | 3735713 |
|  |  |  | 6928871 |
|  Diversified REITs-0.96% |  |  |  |
|  American Assets Trust L.P., 3.38%, 02/01/2031 |  | 2209000 | 1993687 |
|  COPT Defense Properties L.P., 2.75%, 04/15/2031 |  | 2640000 | 2383095 |
|  DOC DR LLC, 2.63%, 11/01/2031 |  | 2202000 | 1964671 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | Value | Value |
|  Diversified REITs-(continued) |  |  |  |  |
|  VICI Properties L.P., 5.13%, 11/15/2031 | $| 3308000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350993 |
|  W.P. Carey, Inc., 2.40%, 02/01/2031 |  | 2206000 |  | 1967131 |
|  |  |  |  | 11659577 |
|  Diversified Telecommunication Services-3.99% | Diversified Telecommunication Services-3.99% | Diversified Telecommunication Services-3.99% |  |  |
|  AT&T, Inc., 2.75%, 06/01/2031 |  | 13214000 |  | 12092672 |
|  Orange S.A. (France), 9.00%, 03/01/2031 |  | 10834000 |  | 13217472 |
|  Verizon Communications, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/20/2031 |  | 9796000 |  | 8548263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/21/2031 |  | 16217000 |  | 14712054 |
|  |  |  |  | 48570461 |
|  Electric Utilities-5.05% |  |  |  |  |
|  Appalachian Power Co., Series AA, 2.70%, 04/01/2031 |  | 2215000 |  | 2018695 |
|  Baltimore Gas and Electric Co., 2.25%, 06/15/2031 |  | 2639000 |  | 2366080 |
|  Berkshire Hathaway Energy Co., 1.65%, 05/15/2031 |  | 2198000 |  | 1904781 |
|  Consolidated Edison Co. of New York, Inc., 2.40%, 06/15/2031<sup>(b)</sup> |  | 3966000 |  | 3596521 |
|  Duke Energy Carolinas LLC, 2.55%, 04/15/2031 |  | 2427000 |  | 2218470 |
|  Duke Energy Corp., 2.55%, 06/15/2031 |  | 4401000 |  | 3962959 |
|  Duke Energy Florida LLC, 2.40%, 12/15/2031 |  | 2865000 |  | 2566265 |
|  Duke Energy Progress LLC, 2.00%, 08/15/2031 |  | 2867000 |  | 2521254 |
|  Entergy Corp., 2.40%, 06/15/2031 |  | 2864000 |  | 2557046 |
|  Entergy Texas, Inc., 1.75%, 03/15/2031 |  | 2643000 |  | 2308684 |
|  Eversource Energy, 5.85%, 04/15/2031 |  | 3086000 |  | 3267789 |
|  Exelon Corp., 5.13%, 03/15/2031 |  | 2200000 |  | 2272739 |
|  Georgia Power Co., 4.85%, 03/15/2031 |  | 2210000 |  | 2265640 |
|  Pacific Gas and Electric Co., 2.50%, 02/01/2031 |  | 8825000 |  | 7830167 |
|  PacifiCorp, 5.30%, 02/15/2031 |  | 3085000 |  | 3203558 |
|  PG&E Wildfire Recovery Funding LLC, Series A-1, 4.02%, 06/01/2031 |  | 1172515 |  | 1167217 |
|  Progress Energy, Inc., 7.75%, 03/01/2031 |  | 2859000 |  | 3314726 |
|  Public Service Co. of Colorado, 1.88%, 06/15/2031 |  | 3306000 |  | 2887668 |
|  Southern California Edison Co., 5.45%, 06/01/2031 |  | 3306000 |  | 3421443 |
|  Virginia Electric & Power Co., 2.30%, 11/15/2031 |  | 2199000 |  | 1944472 |
|  Virginia Power Fuel Securitization LLC, Series A-2, 4.88%, 05/01/2031 |  | 3710000 |  | 3784464 |
|  |  |  |  | 61380638 |
|  Electrical Equipment-0.32% |  |  |  |  |
|  Emerson Electric Co., 2.20%, 12/21/2031 |  | 4403000 |  | 3917432 |
|  Electronic Equipment, Instruments & Components-0.97% | Electronic Equipment, Instruments & Components-0.97% | Electronic Equipment, Instruments & Components-0.97% | Electronic Equipment, Instruments & Components-0.97% | Electronic Equipment, Instruments & Components-0.97% |
|  Amphenol Corp., 2.20%, 09/15/2031 |  | 3307000 |  | 2927728 |
|  Jabil, Inc., 3.00%, 01/15/2031 |  | 2648000 |  | 2431731 |

---

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

---

| |
|:---|
| 50 |
| 50 |
| 50 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | Value |
|  Electronic Equipment, Instruments & Components-(continued) | Electronic Equipment, Instruments & Components-(continued) | Electronic Equipment, Instruments & Components-(continued) |
|  Teledyne Technologies, Inc., 2.75%, 04/01/2031 | $4392000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4025438 |
|  Vontier Corp., 2.95%, 04/01/2031 | 2637000 | 2397599 |
|  |  | 11782496 |
|  Energy Equipment & Services-0.17% |  |  |
|  Helmerich & Payne, Inc., 2.90%, 09/29/2031<sup>(b)</sup> | 2418000 | 2108668 |
|  Entertainment-1.08% |  |  |
|  Electronic Arts, Inc., 1.85%, 02/15/2031 | 3302000 | 2902995 |
|  Walt Disney Co. (The), 2.65%, 01/13/2031 | 11017000 | 10245146 |
|  |  | 13148141 |
|  Financial Services-3.47% |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 5.38%, 12/15/2031 | 3290000 | 3398061 |
|  Apollo Debt Solutions BDC, 6.70%, 07/29/2031 | 4464000 | 4726623 |
|  Blackstone Private Credit Fund, 6.25%, 01/25/2031 | 2181000 | 2277285 |
|  Block, Inc., 3.50%, 06/01/2031 | 4403000 | 4070265 |
|  Blue Owl Finance LLC, 3.13%, 06/10/2031 | 3075000 | 2789561 |
|  Fidelity National Information Services, Inc., 2.25%, 03/01/2031 | 3607000 | 3202286 |
|  Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 02/15/2031 | 2660000 | 2660547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/15/2031 | 2203000 | 2294906 |
|  Global Payments, Inc., 2.90%, 11/15/2031 | 3302000 | 2953409 |
|  HA Sustainable Infrastructure Capital, Inc., 6.15%, 01/15/2031 | 2697000 | 2751174 |
|  Mastercard, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/15/2031 | 2645000 | 2356616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/18/2031 | 3308000 | 2910133 |
|  ORIX Corp. (Japan), 2.25%, 03/09/2031 | 2180000 | 1948608 |
|  Visa, Inc., 1.10%, 02/15/2031 | 4401000 | 3789196 |
|  |  | 42128670 |
|  Food Products-1.50% |  |  |
|  Bunge Ltd. Finance Corp., 2.75%, 05/14/2031 | 4403000 | 4024737 |
|  Flowers Foods, Inc., 2.40%, 03/15/2031 | 2211000 | 1951602 |
|  General Mills, Inc., 2.25%, 10/14/2031<sup>(b)</sup>  | 2210000 | 1944075 |
|  Kellanova, Series B, 7.45%, 04/01/2031 | 2755000 | 3162258 |
|  McCormick & Co., Inc., 1.85%, 02/15/2031 | 2207000 | 1929755 |
|  Mondelez International, Inc., 1.50%, 02/04/2031 | 2202000 | 1904065 |
|  Pilgrim's Pride Corp., 4.25%, 04/15/2031 | 3505000 | 3377859 |
|  |  | 18294351 |
|  Gas Utilities-0.51% |  |  |
|  Atmos Energy Corp., 1.50%, 01/15/2031 | 2657000 | 2299011 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | Value |
|  Gas Utilities-(continued) |  |  |  |
|  National Fuel Gas Co., 2.95%, 03/01/2031 | $| 2208000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010751 |
|  Southern Co. Gas Capital Corp., Series 20-A, 1.75%, 01/15/2031 |  | 2203000 | 1918476 |
|  |  |  | 6228238 |
|  Ground Transportation-0.94% |  |  |  |
|  Canadian Pacific Railway Co. (Canada), 2.45%, 12/02/2031 |  | 6203000 | 5498595 |
|  Norfolk Southern Corp., 2.30%, 05/15/2031 |  | 2204000 | 1985239 |
|  Union Pacific Corp., 2.38%, 05/20/2031 |  | 4383000 | 3984693 |
|  |  |  | 11468527 |
|  Health Care Equipment & Supplies-1.60% | Health Care Equipment & Supplies-1.60% | Health Care Equipment & Supplies-1.60% |  |
|  Baxter International, Inc., 1.73%, 04/01/2031 |  | 2861000 | 2449515 |
|  Becton, Dickinson and Co., 1.96%, 02/11/2031 |  | 4406000 | 3875175 |
|  GE HealthCare Technologies, Inc., 4.80%, 01/15/2031 |  | 2870000 | 2919020 |
|  Solventum Corp., 5.45%, 03/13/2031 |  | 4400000 | 4607186 |
|  STERIS Irish FinCo Unlimited Co., 2.70%, 03/15/2031 |  | 2965000 | 2695269 |
|  Zimmer Biomet Holdings, Inc., 2.60%, 11/24/2031 |  | 3302000 | 2962613 |
|  |  |  | 19508778 |
|  Health Care Providers & Services-7.41% |  |  |  |
|  Cencora, Inc., 2.70%, 03/15/2031 |  | 4405000 | 4038676 |
|  Centene Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/2031 |  | 9687000 | 8260421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/01/2031 |  | 5725000 | 4855380 |
|  Cigna Group (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/2031 |  | 6616000 | 5934627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/2031<sup>(b)</sup> |  | 3304000 | 3423149 |
|  CommonSpirit Health, 5.21%, 12/01/2031 |  | 3410000 | 3527350 |
|  CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/30/2031 |  | 3305000 | 3400022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/2031 |  | 5505500 | 4768470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 06/01/2031 |  | 4409000 | 4608657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/15/2031 |  | 4400000 | 3800244 |
|  Elevance Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/15/2031 |  | 4400000 | 3987540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 11/01/2031 |  | 3302000 | 3361766 |
|  HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 04/01/2031 |  | 7710000 | 8005106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/15/2031 |  | 3748000 | 3305265 |
|  Humana, Inc., 5.38%, 04/15/2031 |  | 6607000 | 6821623 |
|  Laboratory Corp. of America Holdings, 2.70%, 06/01/2031 |  | 2203000 | 1999325 |
|  Quest Diagnostics, Inc., 2.80%, 06/30/2031 |  | 2425000 | 2221379 |
|  UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/15/2031 |  | 3300000 | 3345628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/15/2031 |  | 4406000 | 4508242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/15/2031 |  | 6604000 | 5900275 |
|  |  |  | 90073145 |

---

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

---

| |
|:---|
| 51 |
| 51 |
| 51 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | Value | Value |
|  Health Care REITs-1.82% |  |  |  |  |
|  Alexandria Real Estate Equities, Inc., 3.38%, 08/15/2031 | $| 3299000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3091014 |
|  Healthcare Realty Holdings L.P., 2.00%, 03/15/2031 |  | 3525000 |  | 3060016 |
|  Healthpeak OP LLC, 2.88%, 01/15/2031 |  | 2642000 |  | 2434328 |
|  Omega Healthcare Investors, Inc., 3.38%, 02/01/2031 |  | 3089000 |  | 2858026 |
|  Sabra Health Care L.P., 3.20%, 12/01/2031 |  | 3525000 |  | 3188804 |
|  Ventas Realty L.P., 2.50%, 09/01/2031 |  | 2208000 |  | 1967378 |
|  Welltower OP LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/2031 |  | 2641000 |  | 2434359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/01/2031 |  | 3307000 |  | 3036274 |
|  |  |  |  | 22070199 |
|  Hotels, Restaurants & Leisure-0.90% |  |  |  |  |
|  Expedia Group, Inc., 2.95%, 03/15/2031 |  | 2200000 |  | 2035819 |
|  Marriott International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/15/2031 |  | 2180000 |  | 2162746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series HH, 2.85%, 04/15/2031 |  | 4841000 |  | 4446129 |
|  Starbucks Corp., 4.90%, 02/15/2031<sup>(b)</sup> |  | 2205000 |  | 2270578 |
|  |  |  |  | 10915272 |
|  Household Products-0.52% |  |  |  |  |
|  Kimberly-Clark Corp., 2.00%, 11/02/2031<sup>(b)</sup> |  | 2641000 |  | 2350854 |
|  Procter & Gamble Co. (The), 1.95%, 04/23/2031 |  | 4406000 |  | 3960054 |
|  |  |  |  | 6310908 |
|  Independent Power and Renewable Electricity Producers-0.32% | Independent Power and Renewable Electricity Producers-0.32% | Independent Power and Renewable Electricity Producers-0.32% | Independent Power and Renewable Electricity Producers-0.32% | Independent Power and Renewable Electricity Producers-0.32% |
|  AES Corp. (The), 2.45%, 01/15/2031<sup>(b)</sup> |  | 4390000 |  | 3934863 |
|  Industrial Conglomerates-0.65% |  |  |  |  |
|  Honeywell International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/01/2031 |  | 6603000 |  | 5691026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/01/2031 |  | 2199000 |  | 2268853 |
|  |  |  |  | 7959879 |
|  Insurance-1.94% |  |  |  |  |
|  Aon Corp./Aon Global Holdings PLC, 2.60%, 12/02/2031 |  | 2201000 |  | 1969835 |
|  Aon North America, Inc., 5.30%, 03/01/2031 |  | 2860000 |  | 2984357 |
|  Assured Guaranty US Holdings, Inc., 3.15%, 06/15/2031 |  | 2211000 |  | 2072601 |
|  Brown & Brown, Inc., 2.38%, 03/15/2031 |  | 3088000 |  | 2745645 |
|  Fidelity National Financial, Inc., 2.45%, 03/15/2031 |  | 2647000 |  | 2334544 |
|  First American Financial Corp., 2.40%, 08/15/2031 |  | 2867000 |  | 2486566 |
|  Lincoln National Corp., 3.40%, 01/15/2031 |  | 2205000 |  | 2074757 |
|  Marsh & McLennan Cos., Inc., 4.85%, 11/15/2031 |  | 4401000 |  | 4507066 |
|  Primerica, Inc., 2.80%, 11/19/2031 |  | 2643000 |  | 2387029 |
|  |  |  |  | 23562400 |
|  Interactive Media & Services-0.37% |  |  |  |  |
|  Meta Platforms, Inc., 4.55%, 08/15/2031 |  | 4400000 |  | 4487152 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | Value |
|  IT Services-0.46% |  |  |
|  Kyndryl Holdings, Inc., 3.15%, 10/15/2031 | $2855000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590395 |
|  VeriSign, Inc., 2.70%, 06/15/2031 | 3306000 | 2981933 |
|  |  | 5572328 |
|  Leisure Products-0.17% |  |  |
|  Brunswick Corp., 2.40%, 08/18/2031<sup>(b)</sup> | 2419000 | 2091969 |
|  Life Sciences Tools & Services-0.98% |  |  |
|  Agilent Technologies, Inc., 2.30%, 03/12/2031 | 3740000 | 3359279 |
|  Illumina, Inc., 2.55%, 03/23/2031 | 2209000 | 1968703 |
|  Revvity, Inc., 2.25%, 09/15/2031 | 2208000 | 1910963 |
|  Thermo Fisher Scientific, Inc., 2.00%, 10/15/2031 | 5285000 | 4664060 |
|  |  | 11903005 |
|  Machinery-2.30% |  |  |
|  Caterpillar, Inc., 1.90%, 03/12/2031 | 2205000 | 1967096 |
|  Cummins, Inc., 4.70%, 02/15/2031 | 3080000 | 3130727 |
|  IDEX Corp., 2.63%, 06/15/2031 | 2198000 | 1990360 |
|  Ingersoll Rand, Inc., 5.31%, 06/15/2031 | 2206000 | 2305283 |
|  John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/15/2031 | 2647000 | 2310077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/07/2031 | 3744000 | 3861023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/17/2031 | 2642000 | 2344067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/08/2031 | 5290000 | 5321103 |
|  Otis Worldwide Corp., 5.13%, 11/19/2031 | 2639000 | 2733322 |
|  Xylem, Inc., 2.25%, 01/30/2031 | 2209000 | 1985976 |
|  |  | 27949034 |
|  Media-2.42% |  |  |
|  Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 2.80%, 04/01/2031 | 7043000 | 6339272 |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/15/2031 | 6605000 | 5854412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/2031<sup>(b)</sup> | 7705000 | 6646189 |
|  Interpublic Group of Cos., Inc. (The), 2.40%, 03/01/2031 | 2190000 | 1961538 |
|  Omnicom Group, Inc., 2.60%, 08/01/2031 | 3520000 | 3170607 |
|  Paramount Global, 4.95%, 01/15/2031 | 5507000 | 5474443 |
|  |  | 29446461 |
|  Metals & Mining-0.17% |  |  |
|  Steel Dynamics, Inc., 3.25%, 01/15/2031 | 2176000 | 2048118 |
|  Multi-Utilities-1.57% |  |  |
|  Ameren Corp., 3.50%, 01/15/2031 | 3524000 | 3369399 |
|  CenterPoint Energy, Inc., 2.65%, 06/01/2031 | 2207000 | 2002662 |
|  Consumers Energy Co., 4.50%, 01/15/2031 | 2204000 | 2226412 |
|  Dominion Energy, Inc., Series C, 2.25%, 08/15/2031 | 3766000 | 3321071 |
|  DTE Electric Co., Series C, 2.63%, 03/01/2031 | 2644000 | 2427304 |

---

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

---

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| 52 |
| 52 |
| 52 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | Value |
|  Multi-Utilities-(continued) |  |  |
|  NiSource, Inc., 1.70%, 02/15/2031 | $3300000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2859959 |
|  Public Service Enterprise Group, Inc., 2.45%, 11/15/2031 | 3308000 | 2938766 |
|  |  | 19145573 |
|  Office REITs-0.42% |  |  |
|  Boston Properties L.P., 3.25%, 01/30/2031 | 5510000 | 5123129 |
|  Oil, Gas & Consumable Fuels-6.38% |  |  |
|  Boardwalk Pipelines L.P., 3.40%, 02/15/2031 | 2202000 | 2054337 |
|  Burlington Resources LLC, 7.20%, 08/15/2031 | 1966000 | 2248257 |
|  Cheniere Energy Partners L.P., 4.00%, 03/01/2031 | 6605000 | 6367297 |
|  Devon Energy Corp., 7.88%, 09/30/2031 | 2972000 | 3440141 |
|  Diamondback Energy, Inc., 3.13%, 03/24/2031 | 3259000 | 3019598 |
|  Enterprise Products Operating LLC, 4.60%, 01/15/2031 | 3310000 | 3341289 |
|  Hess Corp., 7.30%, 08/15/2031 | 2782000 | 3209085 |
|  HF Sinclair Corp., 5.75%, 01/15/2031 | 2860000 | 2954922 |
|  Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/2031<sup>(b)</sup> | 3303000 | 2914326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80%, 08/01/2031 | 2377000 | 2753721 |
|  MPLX L.P., 4.80%, 02/15/2031 | 3283000 | 3286460 |
|  Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/01/2031 | 5032000 | 5262768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/01/2031 | 3827000 | 4275111 |
|  ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 01/15/2031 | 2646000 | 2845256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2031 | 5502000 | 5505036 |
|  Ovintiv, Inc., 7.38%, 11/01/2031 | 2213000 | 2451734 |
|  Phillips 66 Co., 5.25%, 06/15/2031 | 5289000 | 5481034 |
|  Pioneer Natural Resources Co., 2.15%, 01/15/2031 | 4409000 | 3957309 |
|  Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 4.88%, 02/01/2031 | 4406000 | 4391115 |
|  Valero Energy Corp., 2.80%, 12/01/2031 | 2039000 | 1843190 |
|  Williams Cos., Inc. (The), 2.60%, 03/15/2031 | 6611000 | 5984649 |
|  |  | 77586635 |
|  Personal Care Products-0.46% |  |  |
|  Estee Lauder Cos., Inc. (The), 1.95%, 03/15/2031<sup>(b)</sup> | 2649000 | 2337417 |
|  Unilever Capital Corp. (United Kingdom), 1.75%, 08/12/2031 | 3740000 | 3266115 |
|  |  | 5603532 |
|  Pharmaceuticals-3.64% |  |  |
|  AstraZeneca Finance LLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/26/2031 | 4417000 | 4570634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/28/2031 | 3306000 | 2989778 |
|  Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/2031 | 4370000 | 4676177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 02/22/2031 | 5617000 | 5845608 |
|  Eli Lilly and Co., 4.25%, 03/15/2031 | 3290000 | 3298541 |
|  Johnson & Johnson, 4.90%, 06/01/2031 | 5064000 | 5290134 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | Value | Value |
|  Pharmaceuticals-(continued) |  |  |  |  |
|  Merck & Co., Inc., 2.15%, 12/10/2031 | $| 8806000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7755836 |
|  Novartis Capital Corp., 4.00%, 09/18/2031 |  | 3740000 |  | 3716135 |
|  Pfizer, Inc., 1.75%, 08/18/2031<sup>(b)</sup> |  | 4400000 |  | 3842502 |
|  Royalty Pharma PLC, 2.15%, 09/02/2031 |  | 2647000 |  | 2306358 |
|  |  |  |  | 44291703 |
|  Professional Services-0.65% |  |  |  |  |
|  Broadridge Financial Solutions, Inc., 2.60%, 05/01/2031 |  | 4409000 |  | 3974279 |
|  Equifax, Inc., 2.35%, 09/15/2031 |  | 4409000 |  | 3890125 |
|  |  |  |  | 7864404 |
|  Real Estate Management & Development-0.16% | Real Estate Management & Development-0.16% | Real Estate Management & Development-0.16% | Real Estate Management & Development-0.16% | Real Estate Management & Development-0.16% |
|  CBRE Services, Inc., 2.50%, 04/01/2031 |  | 2209000 |  | 1986766 |
|  Residential REITs-0.81% |  |  |  |  |
|  AvalonBay Communities, Inc., 2.45%, 01/15/2031 |  | 2642000 |  | 2404380 |
|  ERP Operating L.P., 1.85%, 08/01/2031 |  | 2201000 |  | 1925230 |
|  Invitation Homes Operating Partnership L.P., 2.00%, 08/15/2031 |  | 2870000 |  | 2466491 |
|  Sun Communities Operating L.P., 2.70%, 07/15/2031 |  | 3306000 |  | 2994265 |
|  |  |  |  | 9790366 |
|  Retail REITs-1.06% |  |  |  |  |
|  Brixmor Operating Partnership L.P., 2.50%, 08/16/2031 |  | 2210000 |  | 1959214 |
|  Kimco Realty OP LLC, 2.25%, 12/01/2031 |  | 2203000 |  | 1938095 |
|  NNN REIT, Inc., 4.60%, 02/15/2031 |  | 2200000 |  | 2207698 |
|  Realty Income Corp., 3.25%, 01/15/2031 |  | 4188000 |  | 3960997 |
|  Simon Property Group L.P., 2.20%, 02/01/2031 |  | 3085000 |  | 2763144 |
|  |  |  |  | 12829148 |
|  Semiconductors & Semiconductor Equipment-2.81% | Semiconductors & Semiconductor Equipment-2.81% | Semiconductors & Semiconductor Equipment-2.81% | Semiconductors & Semiconductor Equipment-2.81% | Semiconductors & Semiconductor Equipment-2.81% |
|  Analog Devices, Inc., 2.10%, 10/01/2031 |  | 4403000 |  | 3893267 |
|  Broadcom, Inc., 5.15%, 11/15/2031 |  | 6603000 |  | 6829402 |
|  Intel Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/21/2031 |  | 2205000 |  | 2247442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/12/2031 |  | 5493000 |  | 4762833 |
|  Marvell Technology, Inc., 2.95%, 04/15/2031 |  | 3307000 |  | 3042416 |
|  Micron Technology, Inc., 5.30%, 01/15/2031 |  | 4405000 |  | 4547043 |
|  NVIDIA Corp., 2.00%, 06/15/2031 |  | 5507000 |  | 4929285 |
|  Skyworks Solutions, Inc., 3.00%, 06/01/2031 |  | 2206000 |  | 1989715 |
|  Texas Instruments, Inc., 1.90%, 09/15/2031<sup>(b)</sup> |  | 2208000 |  | 1945160 |
|  |  |  |  | 34186563 |
|  Software-3.64% |  |  |  |  |
|  Accenture Capital, Inc., 4.25%, 10/04/2031 |  | 5290000 |  | 5275383 |
|  AppLovin Corp., 5.38%, 12/01/2031 |  | 4406000 |  | 4541680 |
|  Autodesk, Inc., 2.40%, 12/15/2031 |  | 4402000 |  | 3876248 |
|  Fortinet, Inc., 2.20%, 03/15/2031 |  | 2195000 |  | 1956850 |
|  Oracle Corp., 2.88%, 03/25/2031 |  | 14311000 |  | 13126540 |

---

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

---

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| 53 |
| 53 |
| 53 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | Value |
|  Software-(continued) |  |  |  |
|  Roper Technologies, Inc., 1.75%, 02/15/2031 | $| 4409000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3824642 |
|  Salesforce, Inc., 1.95%, 07/15/2031 |  | 6606000 | 5852973 |
|  VMware LLC, 2.20%, 08/15/2031 |  | 6608000 | 5799410 |
|  |  |  | 44253726 |
|  Specialized REITs-2.93% |  |  |  |
|  American Tower Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/2031 |  | 3081000 | 2796073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 09/15/2031 |  | 3087000 | 2719431 |
|  Crown Castle, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/2031 |  | 4846000 | 4294365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 04/01/2031 |  | 4408000 | 3847442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/15/2031 |  | 3304000 | 2930417 |
|  Equinix, Inc., 2.50%, 05/15/2031 |  | 4409000 | 3957078 |
|  Extra Space Storage L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 01/15/2031 |  | 2650000 | 2814775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/15/2031 |  | 2636000 | 2317257 |
|  GLP Capital L.P./GLP Financing II, Inc., 4.00%, 01/15/2031 |  | 3086000 | 2939851 |
|  Prologis L.P., 4.75%, 01/15/2031 |  | 2214000 | 2260219 |
|  Public Storage Operating Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/01/2031 |  | 2904000 | 2609245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/09/2031<sup>(b)</sup> |  | 2391000 | 2118418 |
|  |  |  | 35604571 |
|  Specialty Retail-2.56% |  |  |  |
|  AutoZone, Inc., 1.65%, 01/15/2031 |  | 2653000 | 2299551 |
|  Home Depot, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/15/2031 |  | 5505000 | 4731953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 06/25/2031 |  | 4404000 | 4549202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/15/2031 |  | 4407000 | 3841006 |
|  Leidos, Inc., 2.30%, 02/15/2031 |  | 4399000 | 3913246 |
|  Lowe's Cos., Inc., 2.63%, 04/01/2031 |  | 6611000 | 6028710 |
|  O'Reilly Automotive, Inc., 1.75%, 03/15/2031 |  | 2205000 | 1918182 |
|  Ross Stores, Inc., 1.88%, 04/15/2031 |  | 2210000 | 1922483 |
|  TJX Cos., Inc. (The), 1.60%, 05/15/2031 |  | 2200000 | 1925465 |
|  |  |  | 31129798 |
|  Technology Hardware, Storage & Peripherals-2.17% | Technology Hardware, Storage & Peripherals-2.17% | Technology Hardware, Storage & Peripherals-2.17% |  |
|  Apple, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 02/08/2031 |  | 12114000 | 10707079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 08/05/2031 |  | 4403000 | 3870617 |
|  Hewlett Packard Enterprise Co., 4.85%, 10/15/2031 |  | 5510000 | 5559237 |
|  HP, Inc., 2.65%, 06/17/2031 |  | 4403000 | 3957578 |
|  IBM International Capital Pte. Ltd., 4.75%, 02/05/2031 |  | 2198000 | 2242922 |
|  |  |  | 26337433 |
| Investment Abbreviations: |  |  |  |
| REIT-Real Estate Investment Trust |  |  |  |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | Value |
|  Tobacco-1.48% |  |  |
|  B.A.T. Capital Corp. (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83%, 02/20/2031 | 3746000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3964018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 03/25/2031 | 5507000 | 5012546 |
|  Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/13/2031 | 5518000 | 5704246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/01/2031 | 3306000 | 3355385 |
|  |  | 18036195 |
|  Trading Companies & Distributors-0.22% | Trading Companies & Distributors-0.22% |  |
|  Air Lease Corp., 5.20%, 07/15/2031 | 2627000 | 2706083 |
|  Water Utilities-0.18% |  |  |
|  American Water Capital Corp., 2.30%, 06/01/2031 | 2420000 | 2160399 |
|  Wireless Telecommunication Services-1.17% | Wireless Telecommunication Services-1.17% |  |
|  T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/15/2031 | 4401000 | 4043077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/2031 | 10788000 | 10206593 |
|  |  | 14249670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $1,175,210,996) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $1,175,210,996) | 1203845976 |
|  | Shares |  |
|  Money Market Funds-0.05% |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.21%<sup>(c)(d)</sup><br>(Cost $671,730) | 671730 | 671730 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.06%<br>(Cost $1,175,882,726) | TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.06%<br>(Cost $1,175,882,726) | 1204517706 |
| Investments Purchased with Cash Collateral from Securities on Loan | Investments Purchased with Cash Collateral from Securities on Loan |  |
|  Money Market Funds-1.22% | Money Market Funds-1.22% |  |
|  Invesco Private Government Fund, 4.28%<sup>(c)(d)(e)</sup> | 4130631 | 4130631 |
|  Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup>  | 10737158 | 10740379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $14,870,537) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $14,870,537) | 14871010 |
|  TOTAL INVESTMENTS IN SECURITIES-100.28%<br>(Cost $1,190,753,263) | TOTAL INVESTMENTS IN SECURITIES-100.28%<br>(Cost $1,190,753,263) | 1219388716 |
|  OTHER ASSETS LESS LIABILITIES-(0.28)% | OTHER ASSETS LESS LIABILITIES-(0.28)% | (3450995) |
|  NET ASSETS-100.00% |  | $1215937721 |

---

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

---

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|:---|
| 54 |
| 54 |
| 54 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)

August 31, 2025

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 August 31, 2025.

<sup>(c)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in 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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value<br>August 31, 2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Realized<br>Gain<br>(Loss) | Value<br>August 31, 2025 | Dividend Income |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $45840 | $42988434 | $(42362544) | $- | $- | $671730 | $87463 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 3527136 | 51058489 | (50454994) |  |  | 4130631 | 170426 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 9205772 | 110673072 | (109137597) | (58) | (810) | 10740379 | 453936 \* |
| &nbsp;&nbsp; Total | $12778748 | $204719995 | $(201955135) | $(58) | $(810) | $15542740 | $711825 |

---

\* 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>(d)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<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.

---

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| 55 |
| 55 |
| 55 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | 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-1.25% |  |  |
|  General Electric Co., 6.75%, 03/15/2032 | $5364000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6073409 |
|  Lockheed Martin Corp., 3.90%, 06/15/2032 | 3244000 | 3149793 |
|  RTX Corp., 2.38%, 03/15/2032 | 4056000 | 3556116 |
|  |  | 12779318 |
|  Automobiles-2.93% |  |  |
|  American Honda Finance Corp., 5.15%, 07/09/2032 | 3024000 | 3082266 |
|  Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/12/2032 | 10124500 | 8682945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 08/19/2032 | 7078000 | 7154344 |
|  Ford Motor Credit Co. LLC, 6.53%, 03/19/2032 | 3024000 | 3109408 |
|  General Motors Co., 5.60%, 10/15/2032 | 5047000 | 5187763 |
|  Honda Motor Co. Ltd. (Japan), 2.97%, 03/10/2032 | 3024000 | 2733328 |
|  |  | 29950054 |
|  Banks-4.09% |  |  |
|  Bank of Nova Scotia (The) (Canada), 2.45%, 02/02/2032 | 3446000 | 3030365 |
|  Canadian Imperial Bank of Commerce (Canada), 3.60%, 04/07/2032 | 4067000 | 3831589 |
|  Citigroup, Inc., 6.63%, 06/15/2032 | 4067000 | 4486238 |
|  Citizens Financial Group, Inc., 2.64%, 09/30/2032 | 2506000 | 2118751 |
|  KeyBank N.A., 4.90%, 08/08/2032 | 3025000 | 2967210 |
|  Royal Bank of Canada (Canada), 3.88%, 05/04/2032 | 4056000 | 3906841 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan), 5.45%, 01/15/2032 | 2424000 | 2540514 |
|  Toronto-Dominion Bank (The) (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/12/2032 | 2417000 | 2138809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/30/2032 | 3035000 | 3157571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/10/2032 | 6069000 | 5582964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 06/08/2032 | 8062000 | 7983585 |
|  |  | 41744437 |
|  Beverages-1.39% |  |  |
|  Constellation Brands, Inc., 4.75%, 05/09/2032 | 2845000 | 2846117 |
|  Diageo Capital PLC (United Kingdom), 2.13%, 04/29/2032 | 3025000 | 2605647 |
|  Keurig Dr Pepper, Inc., 4.05%, 04/15/2032 | 3446000 | 3286533 |
|  PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/18/2032<sup>(b)</sup> | 5048000 | 4907202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/23/2032 | 500000 | 505937 |
|  |  | 14151436 |
|  Biotechnology-0.71% |  |  |
|  Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/15/2032 | 4013000 | 3450612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/22/2032 | 4056000 | 3784021 |
|  |  | 7234633 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | Value |
|  Broadline Retail-1.87% |  |  |
|  Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/13/2032 | $10126000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9751376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 12/01/2032 | 9103000 | 9309677 |
|  |  | 19061053 |
|  Building Products-0.18% |  |  |
|  Carlisle Cos., Inc., 2.20%, 03/01/2032 | 2204000 | 1886450 |
|  Capital Markets-4.65% |  |  |
|  Ameriprise Financial, Inc., 4.50%, 05/13/2032 | 2013000 | 2012616 |
|  Ares Capital Corp., 5.80%, 03/08/2032 | 4067000 | 4137355 |
|  Ares Strategic Income Fund, 6.20%, 03/21/2032 | 3005000 | 3092746 |
|  BlackRock, Inc., 2.10%, 02/25/2032 | 4023000 | 3509114 |
|  Brookfield Finance I (UK) PLC/Brookfield Finance, Inc. (Canada), 2.34%, 01/30/2032 | 2403000 | 2081672 |
|  Charles Schwab Corp. (The), 2.90%, 03/03/2032 | 4037000 | 3661968 |
|  CME Group, Inc., 2.65%, 03/15/2032 | 3045000 | 2747214 |
|  Credit Suisse (USA) LLC (Switzerland), 7.13%, 07/15/2032 | 3003000 | 3433567 |
|  FactSet Research Systems, Inc., 3.45%, 03/01/2032 | 2013000 | 1854801 |
|  Jefferies Financial Group, Inc., 2.75%, 10/15/2032 | 2013000 | 1736734 |
|  Moody's Corp., 4.25%, 08/08/2032 | 2014000 | 1983141 |
|  Morgan Stanley, 7.25%, 04/01/2032 | 3954000 | 4557359 |
|  Nomura Holdings, Inc. (Japan), 3.00%, 01/22/2032 | 3034000 | 2730040 |
|  Northern Trust Corp., 6.13%, 11/02/2032 | 4056000 | 4418690 |
|  S&P Global, Inc., 2.90%, 03/01/2032 | 6036000 | 5517285 |
|  |  | 47474302 |
|  Chemicals-1.68% |  |  |
|  Air Products and Chemicals, Inc., 4.90%, 10/11/2032 | 2024000 | 2066500 |
|  Albemarle Corp., 5.05%, 06/01/2032<sup>(b)</sup> | 2424000 | 2374350 |
|  Celanese US Holdings LLC, 6.88%, 07/15/2032<sup>(b)</sup> | 4032000 | 4167645 |
|  Ecolab, Inc., 2.13%, 02/01/2032 | 2616000 | 2277419 |
|  EIDP, Inc., 5.13%, 05/15/2032 | 2014000 | 2067870 |
|  Nutrien Ltd. (Canada), 5.25%, 03/12/2032 | 2424000 | 2492634 |
|  Sherwin-Williams Co. (The), 2.20%, 03/15/2032 | 2024000 | 1752880 |
|  |  | 17199298 |
|  Commercial Services & Supplies-1.66% |  |  |
|  Cintas Corp. No. 2, 4.00%, 05/01/2032 | 3224000 | 3138263 |
|  Republic Services, Inc., 1.75%, 02/15/2032 | 3025000 | 2573238 |
|  Waste Connections, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 01/15/2032 | 2643000 | 2309275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/01/2032 | 2013000 | 1857297 |

---

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

---

| |
|:---|
| 56 |
| 56 |
| 56 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)–(continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | Value |
|  Commercial Services & Supplies-(continued) | Commercial Services & Supplies-(continued) | Commercial Services & Supplies-(continued) |  |
|  Waste Management, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/15/2032 | $| 3025000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/2032 |  | 4056000 | 3991994 |
|  |  |  | 16957732 |
|  Communications Equipment-0.86% |  |  |  |
|  Cisco Systems, Inc., 4.95%, 02/24/2032 |  | 4056000 | 4191329 |
|  Motorola Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 06/01/2032 |  | 2424000 | 2533887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 08/15/2032 |  | 2014000 | 2065624 |
|  |  |  | 8790840 |
|  Construction & Engineering-0.17% |  |  |  |
|  Quanta Services, Inc., 2.35%, 01/15/2032 |  | 2016000 | 1748979 |
|  Consumer Finance-1.07% |  |  |  |
|  Capital One Financial Corp., 6.70%, 11/29/2032 |  | 3035000 | 3341681 |
|  General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/12/2032 |  | 5048000 | 4490537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/04/2032<sup>(b)</sup> |  | 3034000 | 3106512 |
|  |  |  | 10938730 |
|  Consumer Staples Distribution & Retail-1.51% | Consumer Staples Distribution & Retail-1.51% | Consumer Staples Distribution & Retail-1.51% |  |
|  Costco Wholesale Corp., 1.75%, 04/20/2032 |  | 4036000 | 3468623 |
|  Dollar General Corp., 5.00%, 11/01/2032<sup>(b)</sup> |  | 2834000 | 2859488 |
|  Target Corp., 4.50%, 09/15/2032<sup>(b)</sup> |  | 4046000 | 4049884 |
|  Walmart, Inc., 4.15%, 09/09/2032 |  | 5047000 | 5009706 |
|  |  |  | 15387701 |
|  Containers & Packaging-0.54% |  |  |  |
|  Avery Dennison Corp., 2.25%, 02/15/2032 |  | 2023000 | 1737314 |
|  Sonoco Products Co., 2.85%, 02/01/2032<sup>(b)</sup> |  | 2024000 | 1804926 |
|  WRKCo, Inc., 4.20%, 06/01/2032 |  | 2023000 | 1952429 |
|  |  |  | 5494669 |
|  Distributors-0.17% |  |  |  |
|  Genuine Parts Co., 2.75%, 02/01/2032 |  | 2014000 | 1780539 |
|  Diversified REITs-0.77% |  |  |  |
|  CubeSmart L.P., 2.50%, 02/15/2032 |  | 2006000 | 1749569 |
|  VICI Properties L.P., 5.13%, 05/15/2032 |  | 6070000 | 6093739 |
|  |  |  | 7843308 |
|  Diversified Telecommunication Services-3.07% | Diversified Telecommunication Services-3.07% | Diversified Telecommunication Services-3.07% |  |
|  AT&T, Inc., 2.25%, 02/01/2032 |  | 10125000 | 8771873 |
|  Bell Canada (Canada), Series US-5, 2.15%, 02/15/2032 |  | 1671000 | 1428523 |
|  Deutsche Telekom International Finance B.V. (Germany), 9.25%, 06/01/2032 |  | 2023000 | 2538856 |
|  TELUS Corp. (Canada), 3.40%, 05/13/2032 |  | 3635000 | 3333450 |
|  Verizon Communications, Inc., 2.36%, 03/15/2032 |  | 17634000 | 15314104 |
|  |  |  | 31386806 |
|  Electric Utilities-7.61% |  |  |  |
|  AEP Texas, Inc., 4.70%, 05/15/2032 |  | 2014000 | 2000834 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | Value | Value |
|  Electric Utilities-(continued) |  |  |  |  |
|  Alabama Power Co., 3.05%, 03/15/2032 | $| 2804000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2573727 |
|  American Electric Power Co., Inc., 5.95%, 11/01/2032 |  | 2004000 |  | 2140470 |
|  Appalachian Power Co., Series BB, 4.50%, 08/01/2032 |  | 2014000 |  | 1989255 |
|  CenterPoint Energy Houston Electric LLC, Series AI, 4.45%, 10/01/2032 |  | 2004000 |  | 1982703 |
|  Duke Energy Carolinas LLC, 2.85%, 03/15/2032 |  | 2017000 |  | 1827635 |
|  Duke Energy Corp., 4.50%, 08/15/2032 |  | 4636000 |  | 4578059 |
|  Duke Energy Progress LLC, 3.40%, 04/01/2032 |  | 2024000 |  | 1904161 |
|  Edison International, 5.25%, 03/15/2032<sup>(b)</sup> |  | 2224000 |  | 2189223 |
|  Entergy Louisiana LLC, 2.35%, 06/15/2032 |  | 2014000 |  | 1756781 |
|  Eversource Energy, 3.38%, 03/01/2032 |  | 2584000 |  | 2370132 |
|  Exelon Corp., 3.35%, 03/15/2032 |  | 2315000 |  | 2150896 |
|  Florida Power & Light Co., 2.45%, 02/03/2032 |  | 6070000 |  | 5416238 |
|  Georgia Power Co., 4.70%, 05/15/2032 |  | 2824000 |  | 2837410 |
|  National Rural Utilities Cooperative Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/2032 |  | 2014000 |  | 1811607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 11/01/2032 |  | 2415000 |  | 2322534 |
|  NextEra Energy Capital Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 01/15/2032 |  | 3801000 |  | 3334972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/15/2032 |  | 3044000 |  | 3149714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032 |  | 4042000 |  | 4111231 |
|  Oncor Electric Delivery Co. LLC, 4.55%, 09/15/2032 |  | 2820000 |  | 2803396 |
|  Pacific Gas and Electric Co., 5.90%, 06/15/2032 |  | 2430000 |  | 2529272 |
|  Public Service Electric and Gas Co., 3.10%, 03/15/2032 |  | 2023000 |  | 1860543 |
|  San Diego Gas & Electric Co., Series XXX, 3.00%, 03/15/2032 |  | 2024000 |  | 1841033 |
|  Southern California Edison Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/01/2032 |  | 2018000 |  | 1774011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/01/2032 |  | 3050000 |  | 3210566 |
|  Southern Co. (The), 5.70%, 10/15/2032 |  | 2004000 |  | 2114124 |
|  Union Electric Co., 2.15%, 03/15/2032 |  | 2113000 |  | 1830985 |
|  Virginia Electric & Power Co., 2.40%, 03/30/2032 |  | 2444000 |  | 2148503 |
|  Wisconsin Electric Power Co., 4.75%, 09/30/2032 |  | 2004000 |  | 2045460 |
|  Wisconsin Power and Light Co., 3.95%, 09/01/2032 |  | 2417000 |  | 2316186 |
|  Xcel Energy, Inc., 4.60%, 06/01/2032 |  | 2829000 |  | 2787840 |
|  |  |  |  | 77709501 |
|  Electrical Equipment-0.24% |  |  |  |  |
|  Allegion US Holding Co., Inc., 5.41%, 07/01/2032 |  | 2404000 |  | 2492594 |
|  Electronic Equipment, Instruments & Components-0.59% | Electronic Equipment, Instruments & Components-0.59% | Electronic Equipment, Instruments & Components-0.59% | Electronic Equipment, Instruments & Components-0.59% | Electronic Equipment, Instruments & Components-0.59% |
|  Arrow Electronics, Inc., 2.95%, 02/15/2032 |  | 2016000 |  | 1781157 |

---

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

---

| |
|:---|
| 57 |
| 57 |
| 57 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | Value |
|  Electronic Equipment, Instruments & Components-(continued) | Electronic Equipment, Instruments & Components-(continued) | Electronic Equipment, Instruments & Components-(continued) |
|  Flex Ltd., 5.25%, 01/15/2032 | $2016000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058416 |
|  Tyco Electronics Group S.A. (Switzerland), 2.50%, 02/04/2032 | 2423000 | 2155473 |
|  |  | 5995046 |
|  Entertainment-0.41% |  |  |
|  Take-Two Interactive Software, Inc., 4.00%, 04/14/2032 | 2013000 | 1916129 |
|  TWDC Enterprises 18 Corp., 7.00%, 03/01/2032 | 2013000 | 2296883 |
|  |  | 4213012 |
|  Financial Services-5.50% |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.30%, 01/30/2032 | 16231000 | 14866763 |
|  Blackstone Private Credit Fund, 6.00%, 01/29/2032 | 4056000 | 4166086 |
|  Block, Inc., 6.50%, 05/15/2032 | 8065000 | 8361420 |
|  Corebridge Financial, Inc., 3.90%, 04/05/2032 | 6049000 | 5725702 |
|  Fidelity National Information Services, Inc., 5.10%, 07/15/2032 | 3024000 | 3089327 |
|  Global Payments, Inc., 5.40%, 08/15/2032 | 3025000 | 3080566 |
|  Mastercard, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/15/2032 | 4667000 | 4671926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/15/2032 | 2013000 | 2088514 |
|  ORIX Corp. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/13/2032 | 2003000 | 1928173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/13/2032 | 2003000 | 2064597 |
|  PayPal Holdings, Inc., 4.40%, 06/01/2032 | 4067000 | 4044260 |
|  RELX Capital, Inc. (United Kingdom), 4.75%, 05/20/2032 | 2014000 | 2037621 |
|  |  | 56124955 |
|  Food Products-1.48% |  |  |
|  Archer-Daniels-Midland Co., 2.90%, 03/01/2032 | 3014000 | 2744751 |
|  Hershey Co. (The), 4.95%, 02/24/2032 | 2017000 | 2075744 |
|  Kraft Heinz Foods Co. (The), 5.20%, 03/15/2032 | 2013000 | 2057387 |
|  Mondelez International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/17/2032 | 3045000 | 2778087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/15/2032<sup>(b)</sup> | 2534000 | 2144030 |
|  Pilgrim's Pride Corp., 3.50%, 03/01/2032 | 3604000 | 3258877 |
|  |  | 15058876 |
|  Gas Utilities-0.62% |  |  |
|  CenterPoint Energy Resources Corp., 4.40%, 07/01/2032 | 2014000 | 1975893 |
|  Southern Co. Gas Capital Corp., 5.15%, 09/15/2032 | 2013000 | 2053468 |
|  Southwest Gas Corp., 4.05%, 03/15/2032 | 2423000 | 2317241 |
|  |  | 6346602 |
|  Ground Transportation-1.34% |  |  |
|  Canadian National Railway Co. (Canada), 3.85%, 08/05/2032 | 3235000 | 3094407 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | Value |
|  Ground Transportation-(continued) |  |  |
|  CSX Corp., 4.10%, 11/15/2032 | $3856000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3754195 |
|  Norfolk Southern Corp., 3.00%, 03/15/2032 | 2444000 | 2225935 |
|  Union Pacific Corp., 2.80%, 02/14/2032 | 5048000 | 4581775 |
|  |  | 13656312 |
|  Health Care Equipment & Supplies-1.46% |  |  |
|  Baxter International, Inc., 2.54%, 02/01/2032 | 6229000 | 5420906 |
|  Becton, Dickinson and Co., 4.30%, 08/22/2032 | 2024000 | 1975104 |
|  GE HealthCare Technologies, Inc., 5.91%, 11/22/2032 | 7070000 | 7557572 |
|  |  | 14953582 |
|  Health Care Providers & Services-3.65% |  |  |
|  Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/15/2032 | 2424000 | 2334382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2032 | 2633000 | 2741617 |
|  HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/2032 | 3024000 | 3135327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/2032 | 8082000 | 7518784 |
|  Humana, Inc., 2.15%, 02/03/2032 | 3035000 | 2574610 |
|  Laboratory Corp. of America Holdings, 4.55%, 04/01/2032 | 2024000 | 2008077 |
|  McKesson Corp., 4.95%, 05/30/2032 | 2624000 | 2677112 |
|  Sutter Health, Series 2025, 5.21%, 08/15/2032 | 2046000 | 2119462 |
|  UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/2032 | 6070000 | 6196126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/2032 | 6070000 | 5921282 |
|  |  | 37226779 |
|  Health Care REITs-0.88% |  |  |
|  Alexandria Real Estate Equities, Inc., 2.00%, 05/18/2032 | 3615000 | 3029551 |
|  Ventas Realty L.P., 5.10%, 07/15/2032 | 2004000 | 2051790 |
|  Welltower OP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/2032 | 2013000 | 1812340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/2032 | 2223000 | 2124398 |
|  |  | 9018079 |
|  Hotel & Resort REITs-0.20% |  |  |
|  Host Hotels & Resorts L.P., 5.70%, 06/15/2032 | 2014000 | 2069638 |
|  Hotels, Restaurants & Leisure-1.44% |  |  |
|  Hyatt Hotels Corp., 5.75%, 03/30/2032 | 2024000 | 2097808 |
|  Marriott International, Inc. 5.10%, 04/15/2032 | 2023000 | 2065033 |
|  Series GG, 3.50%, 10/15/2032 | 4067000 | 3730848 |
|  McDonald's Corp., 4.60%, 09/09/2032 | 3024000 | 3056962 |
|  Starbucks Corp., 3.00%, 02/14/2032 | 4046000 | 3701842 |
|  |  | 14652493 |
|  Household Products-0.93% |  |  |
|  Church & Dwight Co., Inc., 5.60%, 11/15/2032 | 2014000 | 2131703 |
|  Clorox Co. (The), 4.60%, 05/01/2032 | 2414000 | 2423162 |

---

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

---

| |
|:---|
| 58 |
| 58 |
| 58 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | Value | Value |
|  Household Products-(continued) |  |  |  |  |
|  Colgate-Palmolive Co., 3.25%, 08/15/2032 | $| 2007000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876233 |
|  Procter & Gamble Co. (The), 2.30%, 02/01/2032 |  | 3446000 |  | 3114052 |
|  |  |  |  | 9545150 |
|  Independent Power and Renewable Electricity Producers-0.33% | Independent Power and Renewable Electricity Producers-0.33% | Independent Power and Renewable Electricity Producers-0.33% | Independent Power and Renewable Electricity Producers-0.33% | Independent Power and Renewable Electricity Producers-0.33% |
|  AES Corp. (The), 5.80%, 03/15/2032 |  | 3240000 |  | 3335289 |
|  Industrial Conglomerates-0.72% |  |  |  |  |
|  Eaton Corp., 4.00%, 11/02/2032 |  | 2834000 |  | 2752884 |
|  GE Capital Funding LLC, 4.55%, 05/15/2032 |  | 1912000 |  | 1922532 |
|  Honeywell International, Inc., 4.75%, 02/01/2032 |  | 2633000 |  | 2674837 |
|  |  |  |  | 7350253 |
|  Insurance-2.44% |  |  |  |  |
|  Aon Corp./Aon Global Holdings PLC, 5.00%, 09/12/2032 |  | 2023000 |  | 2071912 |
|  Arthur J. Gallagher & Co., 5.00%, 02/15/2032 |  | 2004000 |  | 2041925 |
|  Berkshire Hathaway Finance Corp., 2.88%, 03/15/2032 |  | 4036000 |  | 3752313 |
|  Brown & Brown, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/17/2032 |  | 2424000 |  | 2324425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/23/2032 |  | 2022000 |  | 2068567 |
|  Fairfax Financial Holdings Ltd. (Canada), 5.63%, 08/16/2032 |  | 2970000 |  | 3066185 |
|  Manulife Financial Corp. (Canada), 3.70%, 03/16/2032 |  | 3025000 |  | 2892490 |
|  Marsh & McLennan Cos., Inc., 5.75%, 11/01/2032 |  | 2023000 |  | 2166369 |
|  MetLife, Inc., 6.50%, 12/15/2032 |  | 2403000 |  | 2701729 |
|  Progressive Corp. (The), 3.00%, 03/15/2032 |  | 2004000 |  | 1843210 |
|  |  |  |  | 24929125 |
|  Interactive Media & Services-1.14% |  |  |  |  |
|  Meta Platforms, Inc., 3.85%, 08/15/2032 |  | 12054000 |  | 11654228 |
|  IT Services-1.28% |  |  |  |  |
|  International Business Machines Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 02/09/2032 |  | 2023000 |  | 1820260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/10/2032 |  | 3446000 |  | 3534814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/27/2032 |  | 3024000 |  | 3006237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/29/2032 |  | 2423000 |  | 2607967 |
|  VeriSign, Inc., 5.25%, 06/01/2032 |  | 2014000 |  | 2054830 |
|  |  |  |  | 13024108 |
|  Life Sciences Tools & Services-0.54% |  |  |  |  |
|  Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032 |  | 3234000 |  | 3016636 |
|  Thermo Fisher Scientific, Inc., 4.95%, 11/21/2032 |  | 2423000 |  | 2489233 |
|  |  |  |  | 5505869 |
|  Machinery-0.78% |  |  |  |  |
|  Flowserve Corp., 2.80%, 01/15/2032 |  | 2014000 |  | 1766989 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | Value |
|  Machinery-(continued) |  |  |
|  John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/07/2032 | $2014000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/15/2032 | 2433000 | 2409040 |
|  Stanley Black & Decker, Inc., 3.00%, 05/15/2032 | 2012000 | 1804241 |
|  |  | 7934391 |
|  Media-1.39% |  |  |
|  Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 2.30%, 02/01/2032 | 4067000 | 3447129 |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/2032 | 2633000 | 2689106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2032 | 4056000 | 4277204 |
|  Paramount Global, 4.20%, 05/19/2032 | 4036000 | 3769356 |
|  |  | 14182795 |
|  Metals & Mining-0.92% |  |  |
|  ArcelorMittal S.A. (Luxembourg), 6.80%, 11/29/2032<sup>(b)</sup> | 4046000 | 4482790 |
|  Newmont Corp., 2.60%, 07/15/2032<sup>(b)</sup> | 3186000 | 2850002 |
|  Nucor Corp., 3.13%, 04/01/2032 | 2214000 | 2026693 |
|  |  | 9359485 |
|  Multi-Utilities-0.72% |  |  |
|  Ameren Illinois Co., 3.85%, 09/01/2032 | 2014000 | 1919150 |
|  Dominion Energy, Inc., 5.38%, 11/15/2032 | 3446000 | 3559097 |
|  DTE Electric Co., Series A, 3.00%, 03/01/2032 | 2013000 | 1855453 |
|  |  | 7333700 |
|  Office REITs-0.29% |  |  |
|  Boston Properties L.P., 2.55%, 04/01/2032 | 3416000 | 2934354 |
|  Oil, Gas & Consumable Fuels-6.07% |  |  |
|  Boardwalk Pipelines L.P., 3.60%, 09/01/2032 | 2023000 | 1855203 |
|  BP Capital Markets America, Inc., 2.72%, 01/12/2032 | 8082000 | 7289573 |
|  Cenovus Energy, Inc. (Canada), 2.65%, 01/15/2032 | 2003000 | 1759278 |
|  Cheniere Energy Partners L.P., 3.25%, 01/31/2032 | 4829000 | 4374164 |
|  Chevron USA, Inc., 4.82%, 04/15/2032 | 2634000 | 2699260 |
|  ConocoPhillips, 5.90%, 10/15/2032 | 2031000 | 2205572 |
|  ConocoPhillips Co., 4.85%, 01/15/2032 | 2634000 | 2680680 |
|  EOG Resources, Inc., 5.00%, 07/15/2032 | 5048000 | 5142387 |
|  Expand Energy Corp., 4.75%, 02/01/2032 | 4637000 | 4516246 |
|  Kinder Morgan, Inc., 7.75%, 01/15/2032 | 4027000 | 4664106 |
|  MPLX L.P., 4.95%, 09/01/2032 | 4036000 | 4014149 |
|  Occidental Petroleum Corp., 5.38%, 01/01/2032 | 4037000 | 4063204 |
|  ONEOK, Inc., 6.10%, 11/15/2032 | 3024000 | 3211676 |
|  Suncor Energy, Inc. (Canada), 7.15%, 02/01/2032 | 2024000 | 2263860 |
|  Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 4.00%, 01/15/2032 | 4046000 | 3806065 |

---

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

---

| |
|:---|
| 59 |
| 59 |
| 59 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | Value | Value |
|  Oil, Gas & Consumable Fuels-(continued) | Oil, Gas & Consumable Fuels-(continued) | Oil, Gas & Consumable Fuels-(continued) |  |  |
|  Valero Energy Corp., 7.50%, 04/15/2032 | $| 2929000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3379567 |
|  Williams Cos., Inc. (The), 4.65%, 08/15/2032 |  | 4056000 |  | 4007098 |
|  |  |  |  | 61932088 |
|  Personal Care Products-0.74% |  |  |  |  |
|  Kenvue, Inc., 4.85%, 05/22/2032 |  | 3034000 |  | 3091185 |
|  Unilever Capital Corp. (United Kingdom), 5.90%, 11/15/2032 |  | 4066000 |  | 4429868 |
|  |  |  |  | 7521053 |
|  Pharmaceuticals-2.92% |  |  |  |  |
|  Bristol-Myers Squibb Co., 2.95%, 03/15/2032 |  | 7091000 |  | 6471826 |
|  Eli Lilly and Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/12/2032 |  | 4036000 |  | 4169280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/15/2032 |  | 3100000 |  | 3116559 |
|  Haleon US Capital LLC, 3.63%, 03/24/2032 |  | 8035000 |  | 7580233 |
|  Johnson & Johnson, 4.85%, 03/01/2032 |  | 5048000 |  | 5233034 |
|  Zoetis, Inc., 5.60%, 11/16/2032 |  | 3024000 |  | 3200627 |
|  |  |  |  | 29771559 |
|  Professional Services-1.02% |  |  |  |  |
|  Automatic Data Processing, Inc., 4.75%, 05/08/2032 |  | 4067000 |  | 4155662 |
|  Paychex, Inc., 5.35%, 04/15/2032 |  | 6070000 |  | 6281692 |
|  |  |  |  | 10437354 |
|  Residential REITs-1.35% |  |  |  |  |
|  American Homes 4 Rent L.P., 3.63%, 04/15/2032 |  | 2424000 |  | 2256502 |
|  AvalonBay Communities, Inc., 2.05%, 01/15/2032 |  | 2845000 |  | 2472436 |
|  ERP Operating L.P., 4.95%, 06/15/2032 |  | 2016000 |  | 2060191 |
|  Essex Portfolio L.P., 2.65%, 03/15/2032 |  | 2624000 |  | 2320925 |
|  Invitation Homes Operating Partnership L.P., 4.15%, 04/15/2032 |  | 2434000 |  | 2329863 |
|  Sun Communities Operating L.P., 4.20%, 04/15/2032 |  | 2404000 |  | 2313840 |
|  |  |  |  | 13753757 |
|  Retail REITs-1.26% |  |  |  |  |
|  Kimco Realty OP LLC, 3.20%, 04/01/2032 |  | 2417000 |  | 2212320 |
|  Realty Income Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/13/2032 |  | 3025000 |  | 3184505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 12/15/2032 |  | 2821000 |  | 2510213 |
|  Simon Property Group L.P. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/2032 |  | 2805000 |  | 2449316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/01/2032 |  | 2824000 |  | 2519208 |
|  |  |  |  | 12875562 |
|  Semiconductors & Semiconductor Equipment-4.77% | Semiconductors & Semiconductor Equipment-4.77% | Semiconductors & Semiconductor Equipment-4.77% | Semiconductors & Semiconductor Equipment-4.77% | Semiconductors & Semiconductor Equipment-4.77% |
|  Advanced Micro Devices, Inc., 3.92%, 06/01/2032 |  | 2014000 |  | 1959041 |
|  Broadcom, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 02/15/2032 |  | 3525000 |  | 3510626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/15/2032 |  | 4436000 |  | 4580640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/15/2032 |  | 7090000 |  | 7179875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/2032 |  | 8060000 |  | 7858244 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | Value | Value |
|  Semiconductors & Semiconductor Equipment-(continued) | Semiconductors & Semiconductor Equipment-(continued) | Semiconductors & Semiconductor Equipment-(continued) | Semiconductors & Semiconductor Equipment-(continued) | Semiconductors & Semiconductor Equipment-(continued) |
|  Intel Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/05/2032 | $| 5037000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4795639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/2032 |  | 3024000 |  | 2844629 |
|  KLA Corp., 4.65%, 07/15/2032 |  | 4037000 |  | 4075270 |
|  Micron Technology, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/2032 |  | 4033000 |  | 3551048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 11/01/2032 |  | 2024000 |  | 2117120 |
|  QUALCOMM, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/20/2032 |  | 4984000 |  | 4194543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/20/2032 |  | 2013000 |  | 2002759 |
|  |  |  |  | 48669434 |
|  Software-2.75% |  |  |  |  |
|  Oracle Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/03/2032 |  | 5037000 |  | 5180428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/09/2032 |  | 9134000 |  | 9874225 |
|  Roper Technologies, Inc., 4.75%, 02/15/2032 |  | 2004000 |  | 2019182 |
|  Synopsys, Inc., 5.00%, 04/01/2032 |  | 6069000 |  | 6194239 |
|  Workday, Inc., 3.80%, 04/01/2032 |  | 5038000 |  | 4777119 |
|  |  |  |  | 28045193 |
|  Specialized REITs-1.65% |  |  |  |  |
|  American Tower Corp., 4.05%, 03/15/2032 |  | 2623000 |  | 2528721 |
|  Equinix, Inc., 3.90%, 04/15/2032 |  | 4837000 |  | 4607002 |
|  Extra Space Storage L.P., 2.35%, 03/15/2032 |  | 2452000 |  | 2104630 |
|  GLP Capital L.P./GLP Financing II, Inc., 3.25%, 01/15/2032 |  | 3230000 |  | 2884741 |
|  Prologis L.P., 2.25%, 01/15/2032 |  | 1954000 |  | 1712481 |
|  Weyerhaeuser Co., 7.38%, 03/15/2032 |  | 2637000 |  | 3010034 |
|  |  |  |  | 16847609 |
|  Specialty Retail-3.31% |  |  |  |  |
|  AutoNation, Inc., 3.85%, 03/01/2032 |  | 2824000 |  | 2630668 |
|  AutoZone, Inc., 4.75%, 08/01/2032 |  | 3035000 |  | 3041605 |
|  Dell International LLC/EMC Corp., 5.30%, 04/01/2032 |  | 4067000 |  | 4192627 |
|  Dick's Sporting Goods, Inc., 3.15%, 01/15/2032<sup>(b)</sup> |  | 3035000 |  | 2760025 |
|  Home Depot, Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/2032 |  | 5067000 |  | 4720986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2032 |  | 5068000 |  | 5120056 |
|  Leidos, Inc., 5.40%, 03/15/2032 |  | 2014000 |  | 2081806 |
|  Lowe's Cos., Inc., 3.75%, 04/01/2032 |  | 6090000 |  | 5785982 |
|  O'Reilly Automotive, Inc., 4.70%, 06/15/2032 |  | 3435000 |  | 3441483 |
|  |  |  |  | 33775238 |
|  Technology Hardware, Storage & Peripherals-1.66% | Technology Hardware, Storage & Peripherals-1.66% | Technology Hardware, Storage & Peripherals-1.66% | Technology Hardware, Storage & Peripherals-1.66% | Technology Hardware, Storage & Peripherals-1.66% |
|  Apple, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/12/2032 |  | 4056000 |  | 4136111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 08/08/2032 |  | 6085000 |  | 5773044 |
|  HP, Inc., 4.20%, 04/15/2032 |  | 2719000 |  | 2622755 |
|  NetApp, Inc., 5.50%, 03/17/2032 |  | 2524000 |  | 2614543 |
|  Western Digital Corp., 3.10%, 02/01/2032 |  | 2016000 |  | 1797636 |
|  |  |  |  | 16944089 |

---

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

---

| |
|:---|
| 60 |
| 60 |
| 60 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | Value |
|  Textiles, Apparel & Luxury Goods-0.38% | Textiles, Apparel & Luxury Goods-0.38% |  |
|  Ralph Lauren Corp., 5.00%, 06/15/2032 | $2014000 | $2056493 |
|  Tapestry, Inc., 3.05%, 03/15/2032 | 2014000 | 1804583 |
|  |  | 3861076 |
|  Tobacco-2.27% |  |  |
|  Altria Group, Inc., 2.45%, 02/04/2032 | 7060000 | 6150304 |
|  B.A.T. Capital Corp. (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74%, 03/16/2032 | 3665000 | 3658834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 08/15/2032 | 4037000 | 4158090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/19/2032 | 2423000 | 2808940 |
|  Philip Morris International, Inc., 5.75%, 11/17/2032 | 6040000 | 6398412 |
|  |  | 23174580 |
|  Trading Companies & Distributors-0.27% | Trading Companies & Distributors-0.27% |  |
|  Air Lease Corp., 2.88%, 01/15/2032 | 3035000 | 2720524 |
|  Water Utilities-0.32% |  |  |
|  American Water Capital Corp., 4.45%, 06/01/2032 | 3244000 | 3228719 |
|  Wireless Telecommunication Services-2.54% | Wireless Telecommunication Services-2.54% |  |
|  Rogers Communications, Inc. (Canada), 3.80%, 03/15/2032 | 7888000 | 7404465 |
|  Sprint Capital Corp., 8.75%, 03/15/2032 | 8075000 | 9795628 |
|  T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/15/2032 | 4046000 | 3586080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/2032 | 5048000 | 5173838 |
|  |  | 25960011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $982,586,847) |  | 1007934347 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Money Market Funds-0.05% | Money Market Funds-0.05% |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.21%<sup>(c)(d)</sup><br>(Cost $516,420) | 516420 | $516420 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.80%<br>(Cost $983,103,267) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.80%<br>(Cost $983,103,267) | 1008450767 |
| Investments Purchased with Cash Collateral from Securities on Loan | Investments Purchased with Cash Collateral from Securities on Loan |  |
|  Money Market Funds-2.42% |  |  |
|  Invesco Private Government Fund, 4.28%<sup>(c)(d)(e)</sup> | 6856492 | 6856492 |
|  Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup>  | 17868165 | 17873525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $24,729,647) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $24,729,647) | 24730017 |
|  TOTAL INVESTMENTS IN SECURITIES-101.22%<br>(Cost $1,007,832,914) | TOTAL INVESTMENTS IN SECURITIES-101.22%<br>(Cost $1,007,832,914) | 1033180784 |
|  OTHER ASSETS LESS LIABILITIES-(1.22)% | OTHER ASSETS LESS LIABILITIES-(1.22)% | (12413179) |
|  NET ASSETS-100.00% |  | $1020767605 |

---

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a</sup><sup>)</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><sup>)</sup> All or a portion of this security was out on loan at August 31, 2025.

---

| | |
|:---|:---|
| <sup>(c</sup><sup>)</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 fiscal year ended August 31, 2025.  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value<br>August 31, 2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Realized<br>Gain<br>(Loss) | Value<br>August 31, 2025 | Dividend Income |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $52309 | $47756669 | $(47292558) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;516420 | $&nbsp;&nbsp;&nbsp;&nbsp;65162 |

---

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

---

| |
|:---|
| 61 |
| 61 |
| 61 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)–(continued)

August 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value<br>August 31, 2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Realized<br>Gain<br>(Loss) | Value<br>August 31, 2025 | Dividend Income |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | $6907673 | $105923439 | $(105974620) | $- | $- | $6856492 | $358737 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 13011726 | 195700721 | (190835901) | (401) | (2620) | 17873525 | 949647 \* |
| &nbsp;&nbsp; Total | $19971708 | $349380829 | $(344103079) | $(401) | $(2620) | $25246437 | $1373546 |

---

\* 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>(d</sup><sup>)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<sup>(e</sup><sup>)</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.

---

| |
|:---|
| 62 |
| 62 |
| 62 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Corporate Bond ETF (BSCX)

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  U.S. Dollar Denominated Bonds & Notes-98.58% | U.S. Dollar Denominated Bonds & Notes-98.58% | U.S. Dollar Denominated Bonds & Notes-98.58% |
|  Aerospace & Defense-2.42% |  |  |
|  HEICO Corp., 5.35%, 08/01/2033 | $1778000 | $&nbsp;&nbsp;&nbsp;&nbsp;1829097 |
|  L3Harris Technologies, Inc., 5.40%, 07/31/2033 | 4460000 | 4609210 |
|  Lockheed Martin Corp., 5.25%, 01/15/2033 | 2967000 | 3093318 |
|  Northrop Grumman Corp., 4.70%, 03/15/2033 | 2971000 | 2974370 |
|  RTX Corp., 5.15%, 02/27/2033 | 3711000 | 3813801 |
|  |  | 16319796 |
|  Air Freight & Logistics-0.41% |  |  |
|  United Parcel Service, Inc., 4.88%, 03/03/2033 | 2675000 | 2733929 |
|  Automobile Components-0.23% |  |  |
|  Magna International, Inc. (Canada), 5.50%, 03/21/2033<sup>(b)</sup> | 1486000 | 1533138 |
|  Automobiles-1.02% |  |  |
|  Ford Motor Credit Co. LLC, 7.12%, 11/07/2033 | 3715000 | 3885983 |
|  Toyota Motor Corp. (Japan), 5.12%, 07/13/2033 | 1482000 | 1533659 |
|  Toyota Motor Credit Corp., 4.70%, 01/12/2033 | 1474000 | 1483142 |
|  |  | 6902784 |
|  Banks-5.71% |  |  |
|  Banco Santander S.A. (Spain) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.92%, 08/08/2033 | 5952000 | 6561623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.94%, 11/07/2033 | 4391000 | 4985856 |
|  Canadian Imperial Bank of Commerce (Canada), 6.09%, 10/03/2033 | 3264000 | 3524969 |
|  Citigroup, Inc., 6.00%, 10/31/2033 | 1944000 | 2073919 |
|  KeyBank N.A., 5.00%, 01/26/2033 | 2962000 | 2958488 |
|  Royal Bank of Canada (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2033 | 5030000 | 5158461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/02/2033 | 2673000 | 2738402 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.77%, 01/13/2033 | 5203000 | 5524703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.78%, 07/13/2033 | 1930000 | 2050388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 09/14/2033 | 2675000 | 2862545 |
|  |  | 38439354 |
|  Beverages-1.83% |  |  |
|  Brown-Forman Corp., 4.75%, 04/15/2033 | 1936000 | 1948395 |
|  Constellation Brands, Inc., 4.90%, 05/01/2033 | 2225000 | 2220789 |
|  Diageo Capital PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/24/2033 | 2216000 | 2324615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/05/2033 | 2675000 | 2835729 |
|  PepsiCo, Inc., 4.45%, 02/15/2033 | 2967000 | 2976978 |
|  |  | 12306506 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Biotechnology-2.70% |  |  |
|  Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/2033 | $2230000 | $&nbsp;&nbsp;&nbsp;&nbsp;2155971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/02/2033 | 12631000 | 12971090 |
|  Gilead Sciences, Inc., 5.25%, 10/15/2033<sup>(b)</sup>  | 2971000 | 3087402 |
|  |  | 18214463 |
|  Building Products-0.28% |  |  |
|  Fortune Brands Innovations, Inc., 5.88%, 06/01/2033<sup>(b)</sup> | 1781000 | 1880777 |
|  Capital Markets-2.38% |  |  |
|  Ameriprise Financial, Inc., 5.15%, 05/15/2033 | 2227000 | 2290423 |
|  BlackRock, Inc., 4.75%, 05/25/2033 | 3710000 | 3768058 |
|  Goldman Sachs Group, Inc. (The), 6.13%, 02/15/2033 | 3062000 | 3356036 |
|  Nomura Holdings, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.18%, 01/18/2033 | 2230000 | 2400444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.09%, 07/12/2033 | 1775000 | 1911667 |
|  S&P Global, Inc., 5.25%, 09/15/2033 | 2215000 | 2312749 |
|  |  | 16039377 |
|  Chemicals-2.67% |  |  |
|  Air Products and Chemicals, Inc., 4.80%, 03/03/2033 | 1786000 | 1801034 |
|  Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/2033<sup>(b)</sup> | 3270000 | 3295486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 11/15/2033 | 2969000 | 3091186 |
|  Dow Chemical Co. (The), 6.30%, 03/15/2033 | 1788000 | 1918139 |
|  Eastman Chemical Co., 5.75%, 03/08/2033 | 1488000 | 1549207 |
|  EIDP, Inc., 4.80%, 05/15/2033 | 1783000 | 1784809 |
|  FMC Corp., 5.65%, 05/18/2033 | 1490000 | 1486414 |
|  LYB International Finance III LLC, 5.63%, 05/15/2033<sup>(b)</sup> | 1475000 | 1510778 |
|  Mosaic Co. (The), 5.45%, 11/15/2033<sup>(b)</sup> | 1478000 | 1519387 |
|  |  | 17956440 |
|  Commercial Services & Supplies-1.42% |  |  |
|  Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/2033<sup>(b)</sup> | 2081000 | 1795436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2033 | 1935000 | 1982010 |
|  Veralto Corp., 5.45%, 09/18/2033 | 2082000 | 2152004 |
|  Waste Connections, Inc., 4.20%, 01/15/2033 | 2224000 | 2162445 |
|  Waste Management, Inc., 4.63%, 02/15/2033 | 1489000 | 1498304 |
|  |  | 9590199 |
|  Consumer Finance-1.05% |  |  |
|  Ally Financial, Inc., 6.70%, 02/14/2033 | 1483000 | 1540981 |
|  General Motors Financial Co., Inc., 6.40%, 01/09/2033 | 2976000 | 3160293 |
|  Synchrony Financial, 7.25%, 02/02/2033 | 2230000 | 2351138 |
|  |  | 7052412 |
|  Consumer Staples Distribution & Retail-1.32% |  |  |
|  Dollar General Corp., 5.45%, 07/05/2033 | 2974000 | 3073110 |

---

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

---

| |
|:---|
| 63 |
| 63 |
| 63 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Corporate Bond ETF (BSCX)–(continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Consumer Staples Distribution & Retail-(continued) | Consumer Staples Distribution & Retail-(continued) | Consumer Staples Distribution & Retail-(continued) |  |
|  Target Corp., 4.40%, 01/15/2033 | $| 1478000 | $1466366 |
|  Walmart, Inc., 4.10%, 04/15/2033<sup>(b)</sup> |  | 4457000 | 4380905 |
|  |  |  | 8920381 |
|  Containers & Packaging-0.46% |  |  |  |
|  Amcor Finance (USA), Inc., 5.63%, 05/26/2033 |  | 1474000 | 1533223 |
|  WRKCo, Inc., 3.00%, 06/15/2033 |  | 1786000 | 1573900 |
|  |  |  | 3107123 |
|  Distributors-0.28% |  |  |  |
|  LKQ Corp., 6.25%, 06/15/2033<sup>(b)</sup> |  | 1785000 | 1888720 |
|  Diversified Telecommunication Services-3.14% | Diversified Telecommunication Services-3.14% | Diversified Telecommunication Services-3.14% |  |
|  AT&T, Inc., 2.55%, 12/01/2033 |  | 11127000 | 9369333 |
|  Bell Canada (Canada), 5.10%, 05/11/2033 |  | 2525000 | 2555980 |
|  Verizon Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 05/09/2033 |  | 2975000 | 3030671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/10/2033 |  | 6349000 | 6213128 |
|  |  |  | 21169112 |
|  Electric Utilities-8.95% |  |  |  |
|  American Electric Power Co., Inc., 5.63%, 03/01/2033 |  | 2515000 | 2636003 |
|  Arizona Public Service Co., 5.55%, 08/01/2033 |  | 1480000 | 1536803 |
|  CenterPoint Energy Houston Electric LLC, 4.95%, 04/01/2033 |  | 1785000 | 1807785 |
|  Consolidated Edison Co. of New York, Inc., 5.20%, 03/01/2033 |  | 1488000 | 1538356 |
|  Constellation Energy Generation LLC, 5.80%, 03/01/2033 |  | 1787000 | 1903208 |
|  Duke Energy Carolinas LLC, 4.95%, 01/15/2033 |  | 3711000 | 3795943 |
|  Duke Energy Corp., 5.75%, 09/15/2033 |  | 1785000 | 1884457 |
|  Duke Energy Florida LLC, 5.88%, 11/15/2033 |  | 1777000 | 1901486 |
|  Duke Energy Progress LLC, 5.25%, 03/15/2033 |  | 1483000 | 1533632 |
|  Entergy Louisiana LLC, 4.00%, 03/15/2033 |  | 2224000 | 2112973 |
|  Eversource Energy, 5.13%, 05/15/2033 |  | 2377000 | 2386311 |
|  Exelon Corp., 5.30%, 03/15/2033 |  | 2530000 | 2613208 |
|  Florida Power & Light Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 04/01/2033 |  | 2230000 | 2288245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/15/2033 |  | 2230000 | 2252420 |
|  Georgia Power Co., 4.95%, 05/17/2033 |  | 2970000 | 3007529 |
|  National Rural Utilities Cooperative Finance Corp., 5.80%, 01/15/2033 |  | 1928000 | 2055245 |
|  NextEra Energy Capital Holdings, Inc., 5.05%, 02/28/2033 |  | 2969000 | 3013966 |
|  Oncor Electric Delivery Co. LLC, 5.65%, 11/15/2033 |  | 2366000 | 2506171 |
|  Pacific Gas and Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 01/15/2033 |  | 2232000 | 2346649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 06/15/2033 |  | 3413000 | 3628189 |
|  PECO Energy Co., 4.90%, 06/15/2033 |  | 1707000 | 1737062 |
|  PPL Electric Utilities Corp., 5.00%, 05/15/2033 |  | 1774000 | 1813007 |
|  Public Service Electric and Gas Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/2033 |  | 1489000 | 1488440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 08/01/2033 |  | 1478000 | 1530167 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Electric Utilities-(continued) |  |  |  |
|  Southern Co. (The), 5.20%, 06/15/2033 | $| 2230000 | $2279962 |
|  Virginia Electric & Power Co., 5.00%, 04/01/2033 |  | 2225000 | 2257170 |
|  Xcel Energy, Inc., 5.45%, 08/15/2033 |  | 2376000 | 2429784 |
|  |  |  | 60284171 |
|  Electrical Equipment-0.59% |  |  |  |
|  Regal Rexnord Corp., 6.40%, 04/15/2033 |  | 3717000 | 3956636 |
|  Electronic Equipment, Instruments & Components-0.37% | Electronic Equipment, Instruments & Components-0.37% | Electronic Equipment, Instruments & Components-0.37% |  |
|  Trimble, Inc., 6.10%, 03/15/2033 |  | 2371000 | 2522163 |
|  Financial Services-2.65% |  |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.40%, 10/29/2033 |  | 4436000 | 3946041 |
|  Apollo Global Management, Inc., 6.38%, 11/15/2033 |  | 1483000 | 1636168 |
|  Brookfield Capital Finance LLC (Canada), 6.09%, 06/14/2033 |  | 1638000 | 1745092 |
|  Equitable Holdings, Inc., 5.59%, 01/11/2033 |  | 1483000 | 1544089 |
|  Fiserv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 03/02/2033 |  | 2620000 | 2719706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/21/2033 |  | 3865000 | 4012490 |
|  Mastercard, Inc., 4.85%, 03/09/2033 |  | 2232000 | 2283006 |
|  |  |  | 17886592 |
|  Food Products-2.54% |  |  |  |
|  Archer-Daniels-Midland Co., 4.50%, 08/15/2033 |  | 1478000 | 1461507 |
|  General Mills, Inc., 4.95%, 03/29/2033 |  | 2972000 | 2994026 |
|  J.M. Smucker Co. (The), 6.20%, 11/15/2033 |  | 2975000 | 3200979 |
|  JBS USA Holding Lux S.a.r.l./JBS USA Food Co./JBS Lux Co. S.a.r.l., 5.75%, 04/01/2033 |  | 4935000 | 5115300 |
|  McCormick & Co., Inc., 4.95%, 04/15/2033 |  | 1478000 | 1490800 |
|  Pilgrim's Pride Corp., 6.25%, 07/01/2033 |  | 2725000 | 2875262 |
|  |  |  | 17137874 |
|  Gas Utilities-0.81% |  |  |  |
|  Atmos Energy Corp., 5.90%, 11/15/2033 |  | 2148000 | 2314367 |
|  Southern California Gas Co., 5.20%, 06/01/2033 |  | 1482000 | 1514441 |
|  Southern Co. Gas Capital Corp., 5.75%, 09/15/2033 |  | 1519000 | 1600430 |
|  |  |  | 5429238 |
|  Ground Transportation-1.18% |  |  |  |
|  CSX Corp., 5.20%, 11/15/2033 |  | 1786000 | 1849553 |
|  Norfolk Southern Corp., 4.45%, 03/01/2033 |  | 1478000 | 1453395 |
|  Ryder System, Inc., 6.60%, 12/01/2033<sup>(b)</sup> |  | 1776000 | 1967896 |
|  Union Pacific Corp., 4.50%, 01/20/2033 |  | 2678000 | 2664341 |
|  |  |  | 7935185 |
|  Health Care Equipment & Supplies-0.44% |  |  |  |
|  Medtronic Global Holdings S.C.A., 4.50%, 03/30/2033 |  | 2970000 | 2951838 |
|  Health Care Providers & Services-5.73% |  |  |  |
|  Cigna Group (The), 5.40%, 03/15/ 2033 |  | 2363000 | 2448981 |

---

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

---

| |
|:---|
| 64 |
| 64 |
| 64 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Corporate Bond ETF (BSCX)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Health Care Providers & Services-(continued) | Health Care Providers & Services-(continued) | Health Care Providers & Services-(continued) |
|  CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/21/2033 | $5198000 | $5260507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 06/01/2033 | 3717000 | 3768356 |
|  Elevance Health, Inc., 4.75%, 02/15/2033 | 2970000 | 2958678 |
|  HCA, Inc., 5.50%, 06/01/2033 | 3710000 | 3813713 |
|  Humana, Inc., 5.88%, 03/01/2033 | 2229000 | 2331231 |
|  McKesson Corp., 5.10%, 07/15/2033 | 1788000 | 1832913 |
|  Providence St. Joseph Health Obligated |  |  |
|  Group, 5.40%, 10/01/2033 | 1702000 | 1735789 |
|  Quest Diagnostics, Inc., 6.40%, 11/30/2033 | 2227000 | 2454842 |
|  UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 02/15/2033 | 5943000 | 6149623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/2033 | 4455000 | 4368123 |
|  UPMC, 5.04%, 05/15/2033 | 1490000 | 1510284 |
|  |  | 38633040 |
|  Health Care REITs-0.71% |  |  |
|  Alexandria Real Estate Equities, Inc., 1.88%, 02/01/2033 | 2954000 | 2396950 |
|  Healthpeak OP LLC, 4.75%, 01/15/2033 | 550000 | 546517 |
|  Omega Healthcare Investors, Inc., 3.25%, 04/15/2033 | 2075000 | 1807068 |
|  |  | 4750535 |
|  Hotels, Restaurants & Leisure-1.00% |  |  |
|  Darden Restaurants, Inc., 6.30%, 10/10/2033 | 1487000 | 1597579 |
|  Marriott International, Inc., Series II, 2.75%, 10/15/2033<sup>(b)</sup> | 2084000 | 1786044 |
|  McDonald's Corp., 4.95%, 08/14/2033 | 1786000 | 1833769 |
|  Starbucks Corp., 4.80%, 02/15/2033 | 1488000 | 1500494 |
|  |  | 6717886 |
|  Household Products-0.60% |  |  |
|  Colgate-Palmolive Co., 4.60%, 03/01/2033 | 1483000 | 1506078 |
|  Procter & Gamble Co. (The), 4.05%, 01/26/2033 | 2530000 | 2509623 |
|  |  | 4015701 |
|  Industrial Conglomerates-1.06% |  |  |
|  Eaton Corp., 4.15%, 03/15/2033 | 3867000 | 3778382 |
|  Honeywell International, Inc., 5.00%, 02/15/2033 | 3265000 | 3331634 |
|  |  | 7110016 |
|  Insurance-2.92% |  |  |
|  Allstate Corp. (The), 5.25%, 03/30/2033 | 2232000 | 2299314 |
|  American International Group, Inc., 5.13%, 03/27/2033 | 2225000 | 2272453 |
|  Aon Corp./Aon Global Holdings PLC, 5.35%, 02/28/2033 | 2232000 | 2314372 |
|  Fairfax Financial Holdings Ltd. (Canada), 6.00%, 12/07/2033 | 2223000 | 2342868 |
|  Marsh & McLennan Cos., Inc., 5.40%, 09/15/2033<sup>(b)</sup> | 1787000 | 1861763 |
|  MetLife, Inc., 5.38%, 07/15/2033 | 2969000 | 3109102 |
|  Progressive Corp. (The), 4.95%, 06/15/2033 | 1488000 | 1519486 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Insurance-(continued) |  |  |
|  Travelers Property Casualty Corp., 6.38%, 03/15/2033 | $1482000 | $1661855 |
|  Willis North America, Inc., 5.35%, 05/15/2033 | 2224000 | 2289068 |
|  |  | 19670281 |
|  Interactive Media & Services-0.79% |  |  |
|  Meta Platforms, Inc., 4.95%, 05/15/2033 | 5199000 | 5346116 |
|  IT Services-0.33% |  |  |
|  International Business Machines Corp., 4.75%, 02/06/2033 | 2233000 | 2251561 |
|  Life Sciences Tools & Services-0.45% |  |  |
|  Thermo Fisher Scientific, Inc., 5.09%, 08/10/2033 | 2967000 | 3053927 |
|  Machinery-1.70% |  |  |
|  Ingersoll Rand, Inc., 5.70%, 08/14/2033 | 2967000 | 3129022 |
|  John Deere Capital Corp., Series I, 5.15%, 09/08/2033 | 2957000 | 3067670 |
|  Nordson Corp., 5.80%, 09/15/2033 | 1488000 | 1581171 |
|  nVent Finance S.a.r.l. (United Kingdom), 5.65%, 05/15/2033 | 1488000 | 1531774 |
|  Trane Technologies Financing Ltd., 5.25%, 03/03/2033 | 2084000 | 2157527 |
|  |  | 11467164 |
|  Media-3.52% |  |  |
|  Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.40%, 04/01/2033 | 2970000 | 2793827 |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/2033 | 5050000 | 4908762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 02/15/2033<sup>(b)</sup> | 2962000 | 2963588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 03/15/2033 | 2232000 | 2553510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/15/2033 | 2967000 | 2974944 |
|  Fox Corp., 6.50%, 10/13/2033 | 3710000 | 4039771 |
|  Time Warner Cable Enterprises LLC, 8.38%, 07/15/2033 | 2972000 | 3468138 |
|  |  | 23702540 |
|  Metals & Mining-0.36% |  |  |
|  Rio Tinto Alcan, Inc. (Canada), 6.13%, 12/15/2033 | 2226000 | 2423449 |
|  Multi-Utilities-1.72% |  |  |
|  Ameren Illinois Co., 4.95%, 06/01/2033 | 1478000 | 1505939 |
|  Consumers Energy Co., 4.63%, 05/15/2033. | 2080000 | 2065892 |
|  Dominion Energy, Inc., Series F, 5.25%, 08/01/2033 | 1515000 | 1535225 |
|  DTE Electric Co., 5.20%, 04/01/2033 | 1780000 | 1845555 |
|  National Grid PLC (United Kingdom), 5.81%, 06/12/2033 | 2382000 | 2525275 |
|  Sempra, 5.50%, 08/01/2033 | 2070000 | 2127893 |
|  |  | 11605779 |
|  Office REITs-0.31% |  |  |
|  Boston Properties L.P., 2.45%, 10/01/2033. | 2530000 | 2054636 |
|  Oil, Gas & Consumable Fuels-11.86% |  |  |
|  BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 02/13/2033 | 6690000 | 6713545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 09/11/2033 | 4456000 | 4483265 |

---

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

---

| |
|:---|
| 65 |
| 65 |
| 65 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Corporate Bond ETF (BSCX)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Oil, Gas & Consumable Fuels-(continued) |  |  |
|  Cheniere Energy Partners L.P., 5.95%, 06/30/2033 | $4157000 | $&nbsp;&nbsp;&nbsp;&nbsp;4354377 |
|  ConocoPhillips Co., 5.05%, 09/15/2033<sup>(b)</sup> | 2967000 | 3031738 |
|  Diamondback Energy, Inc., 6.25%, 03/15/2033 | 3264000 | 3490237 |
|  Enbridge, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/08/2033 | 6835000 | 7132896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/2033 | 2966000 | 2498492 |
|  Energy Transfer L.P. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/15/2033 | 4446000 | 4623652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 12/01/2033 | 4445000 | 4817683 |
|  Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 01/31/2033 | 2962000 | 3072693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 6.88%, 03/01/2033 | 1489000 | 1676956 |
|  Hess Corp., 7.13%, 03/15/2033 | 1601000 | 1843954 |
|  Kinder Morgan Energy Partners L.P., 7.30%, 08/15/2033 | 1481000 | 1672904 |
|  Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/2033 | 2218000 | 2193825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/01/2033 | 4437000 | 4490016 |
|  MPLX L.P. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2033 | 1770000 | 1755098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2033 | 3264000 | 3234842 |
|  ONEOK, Inc., 6.05%, 09/01/2033 | 4453000 | 4687227 |
|  Ovintiv, Inc., 6.25%, 07/15/2033 | 1786000 | 1859458 |
|  Phillips 66 Co., 5.30%, 06/30/2033 | 2679000 | 2740588 |
|  Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/01/2033 | 2189000 | 2064460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/2033 | 2677000 | 2832598 |
|  Western Midstream Operating L.P., 6.15%, 04/01/2033 | 2229000 | 2329835 |
|  Williams Cos., Inc. (The), 5.65%, 03/15/2033 | 2223000 | 2315127 |
|  |  | 79915466 |
|  Personal Care Products-1.23% |  |  |
|  Estee Lauder Cos., Inc. (The), 4.65%, 05/15/2033 | 2084000 | 2071436 |
|  Kenvue, Inc., 4.90%, 03/22/2033 | 3712000 | 3772358 |
|  Unilever Capital Corp. (United Kingdom), 5.00%, 12/08/2033 | 2375000 | 2460461 |
|  |  | 8304255 |
|  Pharmaceuticals-2.74% |  |  |
|  AstraZeneca Finance LLC (United Kingdom), 4.88%, 03/03/2033 | 1483000 | 1514538 |
|  Bristol-Myers Squibb Co., 5.90%, 11/15/2033 | 2967000 | 3197099 |
|  Eli Lilly and Co., 4.70%, 02/27/2033 | 2972000 | 3014093 |
|  Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/2033 | 1478000 | 1542897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/05/2033 | 2525000 | 2536655 |
|  Merck & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/17/2033<sup>(b)</sup> | 4455000 | 4458698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/01/2033 | 1932000 | 2186090 |
|  |  | 18450070 |
|  Professional Services-0.72% |  |  |
|  Concentrix Corp., 6.85%, 08/02/2033<sup>(b)</sup> | 1627000 | 1711693 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Professional Services-(continued) |  |  |  |
|  Jacobs Engineering Group, Inc., 5.90%, 03/01/2033 | $| 1483000 | $&nbsp;&nbsp;&nbsp;&nbsp;1552332 |
|  Verisk Analytics, Inc., 5.75%, 04/01/2033 |  | 1478000 | 1562811 |
|  |  |  | 4826836 |
|  Residential REITs-0.26% |  |  |  |
|  Invitation Homes Operating Partnership L.P., 4.95%, 01/15/2033 |  | 1780000 | 1777135 |
|  Retail REITs-1.09% |  |  |  |
|  Kimco Realty OP LLC, 4.60%, 02/01/2033 |  | 1928000 | 1899284 |
|  NNN REIT, Inc., 5.60%, 10/15/2033 |  | 1537000 | 1601033 |
|  Realty Income Corp., 4.90%, 07/15/2033 |  | 1784000 | 1795722 |
|  Simon Property Group L.P., 5.50%, 03/08/2033 |  | 1935000 | 2031460 |
|  |  |  | 7327499 |
|  Semiconductors & Semiconductor Equipment-2.78% | Semiconductors & Semiconductor Equipment-2.78% | Semiconductors & Semiconductor Equipment-2.78% |  |
|  Intel Corp., 5.20%, 02/10/2033<sup>(b)</sup> |  | 6557000 | 6606060 |
|  Marvell Technology, Inc., 5.95%, 09/15/2033 |  | 1486000 | 1574359 |
|  Micron Technology, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/09/2033 |  | 2863000 | 3007039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/15/2033 |  | 2299000 | 2418743 |
|  QUALCOMM, Inc., 5.40%, 05/20/2033 |  | 2085000 | 2204188 |
|  Texas Instruments, Inc., 4.90%, 03/14/2033 |  | 2820000 | 2899602 |
|  |  |  | 18709991 |
|  Software-1.23% |  |  |  |
|  Intuit, Inc., 5.20%, 09/15/2033 |  | 3717000 | 3856299 |
|  Oracle Corp., 4.90%, 02/06/2033 |  | 4455000 | 4458129 |
|  |  |  | 8314428 |
|  Specialized REITs-2.68% |  |  |  |
|  American Tower Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 03/15/2033 |  | 2373000 | 2479767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 07/15/2033 |  | 2527000 | 2625571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/2033 |  | 2233000 | 2374038 |
|  Crown Castle, Inc., 5.10%, 05/01/2033 |  | 2224000 | 2231196 |
|  Extra Space Storage L.P., 4.95%, 01/15/2033 |  | 2041000 | 2048436 |
|  Prologis L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/2033 |  | 1934000 | 1929799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/2033 |  | 2232000 | 2238538 |
|  Public Storage Operating Co., 5.10%, 08/01/2033 |  | 2079000 | 2144401 |
|  |  |  | 18071746 |
|  Specialty Retail-2.94% |  |  |  |
|  AutoZone, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2033 |  | 1639000 | 1630701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 11/01/2033 |  | 1475000 | 1635826 |
|  Booz Allen Hamilton, Inc., 5.95%, 08/04/2033 |  | 1919000 | 2006203 |
|  Dell International LLC/EMC Corp., 5.75%, 02/01/2033 |  | 2962000 | 3126828 |
|  Leidos, Inc., 5.75%, 03/15/2033 |  | 2232000 | 2340508 |

---

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

---

| |
|:---|
| 66 |
| 66 |
| 66 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Corporate Bond ETF (BSCX)–(continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Specialty Retail-(continued) |  |  |  |
|  Lowe's Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2033 | $| 3717000 | $3782938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 07/01/2033 |  | 2967000 | 3039917 |
|  Tractor Supply Co., 5.25%, 05/15/2033 |  | 2219000 | 2277307 |
|  |  |  | 19840228 |
|  Technology Hardware, Storage & Peripherals-0.94% | Technology Hardware, Storage & Peripherals-0.94% | Technology Hardware, Storage & Peripherals-0.94% |  |
|  Apple, Inc., 4.30%, 05/10/2033<sup>(b)</sup> |  | 2958000 | 2981587 |
|  HP, Inc., 5.50%, 01/15/2033 |  | 3264000 | 3354114 |
|  |  |  | 6335701 |
|  Tobacco-2.34% |  |  |  |
|  Altria Group, Inc., 6.88%, 11/01/2033 |  | 1488000 | 1664736 |
|  B.A.T. Capital Corp. (United Kingdom), 6.42%, 08/02/2033 |  | 3710000 | 4046525 |
|  Philip Morris International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/15/2033 |  | 6683000 | 6921338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/07/2033 |  | 2971000 | 3119955 |
|  |  |  | 15752554 |
|  Wireless Telecommunication Services-1.72% |  |  |  |
|  T-Mobile USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 01/15/2033 |  | 3711000 | 3779340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 07/15/2033 |  | 7729000 | 7810734 |
|  |  |  | 11590074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $650,403,525) |  |  | 664176822 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Money Market Funds-0.10% |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.21%<sup>(c)(d)</sup><br>(Cost $647,772) | 647772 | $647772 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.68%<br>(Cost $651,051,297) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.68%<br>(Cost $651,051,297) | 664824594 |
| Investments Purchased with Cash Collateral from Securities on Loan | Investments Purchased with Cash Collateral from Securities on Loan |  |
|  Money Market Funds-4.03% | Money Market Funds-4.03% |  |
|  Invesco Private Government Fund, 4.28%<sup>(c)(d)(e)</sup> | 7554853 | 7554853 |
|  Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup> | 19619814 | 19625700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $27,179,443) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $27,179,443) | 27180553 |
|  TOTAL INVESTMENTS IN SECURITIES-102.71% (Cost $678,230,740) |  | 692005147 |
|  OTHER ASSETS LESS LIABILITIES-(2.71)% |  | (18258725) |
|  NET ASSETS-100.00%. |  | $673746422 |

---

Investment Abbreviations:

REIT-Real Estate Investment Trust

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 August 31, 2025.

<sup>(c)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in 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 period ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value<br>August 31, 2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Change in<br>Unrealized<br>Appreciation | Realized<br>Gain<br>(Loss) | Value<br>August 31, 2025 | Dividend Income |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $774511 | $30349398 | $(30476137) | $- | $- | $647772 | $63577 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 7549325 | 50849255 | (50843727) |  |  | 7554853 | 283759 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 19690344 | 105440298 | (105504024) | 384 | (1302) | 19625700 | 760801 \* |
| &nbsp;&nbsp; Total | $28014180 | $186638951 | $(186823888) | $384 | $(1302) | $27828325 | $1108137 |

---

\* 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.

---

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|:---|
| 67 |
| 67 |
| 67 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Corporate Bond ETF (BSCX)–(continued)

August 31, 2025

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<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.

---

| |
|:---|
| 68 |
| 68 |
| 68 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Corporate Bond ETF (BSCY)

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  U.S. Dollar Denominated Bonds & Notes-98.44% | U.S. Dollar Denominated Bonds & Notes-98.44% | U.S. Dollar Denominated Bonds & Notes-98.44% |
|  Aerospace & Defense-3.01% |  |  |
|  Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/01/2034 | $815000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.53%, 05/01/2034 | 2387000 | 2615609 |
|  L3Harris Technologies, Inc., 5.35%, 06/01/2034 | 712000 | 730024 |
|  Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2034 | 805000 | 805834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 08/15/2034 | 571000 | 573131 |
|  Northrop Grumman Corp., 4.90%, 06/01/2034 | 806000 | 807826 |
|  RTX Corp., 6.10%, 03/15/2034 | 1424000 | 1546515 |
|  |  | 7805773 |
|  Air Freight & Logistics-0.53% |  |  |
|  GXO Logistics, Inc., 6.50%, 05/06/2034 | 476000 | 503786 |
|  United Parcel Service, Inc., 5.15%, 05/22/2034 | 852000 | 878310 |
|  |  | 1382096 |
|  Automobile Components-0.39% |  |  |
|  Aptiv Swiss Holdings Ltd., 5.15%, 09/13/2034 | 524000 | 512877 |
|  BorgWarner, Inc., 5.40%, 08/15/2034<sup>(b)</sup> | 478000 | 486630 |
|  |  | 999507 |
|  Automobiles-1.16% |  |  |
|  American Honda Finance Corp., 4.90%, 01/10/2034<sup>(b)</sup> | 711000 | 709848 |
|  Ford Motor Credit Co. LLC, 6.13%, 03/08/2034 | 1567000 | 1541391 |
|  Toyota Motor Credit Corp., 4.80%, 01/05/2034 | 758000 | 763972 |
|  |  | 3015211 |
|  Banks-2.58% |  |  |
|  Banco Santander S.A. (Spain), 6.35%, 03/14/2034 | 1265000 | 1342375 |
|  Bank of Nova Scotia (The) (Canada), 5.65%, 02/01/2034 | 781000 | 823097 |
|  Citibank N.A., 5.57%, 04/30/2034 | 1872000 | 1961109 |
|  Royal Bank of Canada (Canada), 5.15%, 02/01/2034 | 1169000 | 1208671 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan), 5.56%, 07/09/2034 | 1294000 | 1354337 |
|  |  | 6689589 |
|  Beverages-1.70% |  |  |
|  Anheuser-Busch InBev Worldwide, Inc. (Belgium), 5.00%, 06/15/2034 | 953000 | 975005 |
|  Coca-Cola Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/13/2034 | 945000 | 976718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/14/2034<sup>(b)</sup> | 712000 | 720657 |
|  Coca-Cola Consolidated, Inc., 5.45%, 06/01/2034 | 467000 | 484868 |
|  Keurig Dr Pepper, Inc., 5.30%, 03/15/2034 | 624000 | 630092 |
|  PepsiCo, Inc., 4.80%, 07/17/2034 | 618000 | 623207 |
|  |  | 4410547 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Biotechnology-1.12% |  |  |
|  AbbVie, Inc., 5.05%, 03/15/2034 | $2846000 | $&nbsp;&nbsp;&nbsp;&nbsp;2900423 |
|  Broadline Retail-0.47% |  |  |
|  Amazon.com, Inc., 4.80%, 12/05/2034 | 1179000 | 1207946 |
|  Building Products-0.65% |  |  |
|  Carrier Global Corp., 5.90%, 03/15/2034 | 826000 | 881026 |
|  Owens Corning, 5.70%, 06/15/2034 | 760000 | 795294 |
|  |  | 1676320 |
|  Capital Markets-2.13% |  |  |
|  Blackstone Reg Finance Co. LLC, 5.00%, 12/06/2034 | 694000 | 693258 |
|  Brookfield Finance, Inc. (Canada), 6.35%, 01/05/2034 | 654000 | 707454 |
|  Jefferies Financial Group, Inc., 6.20%, 04/14/2034 | 1420000 | 1498960 |
|  Moody's Corp., 5.00%, 08/05/2034 | 478000 | 484685 |
|  Nasdaq, Inc., 5.55%, 02/15/2034 | 1077000 | 1123616 |
|  Nomura Holdings, Inc. (Japan), 5.78%, 07/03/2034 | 955000 | 1001386 |
|  |  | 5509359 |
|  Chemicals-1.86% |  |  |
|  Air Products and Chemicals, Inc., 4.85%, 02/08/2034<sup>(b)</sup> | 1085000 | 1092342 |
|  CF Industries, Inc., 5.15%, 03/15/2034 | 721000 | 720791 |
|  Dow Chemical Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 02/15/2034 | 572000 | 568930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/2034 | 450000 | 411302 |
|  Eastman Chemical Co., 5.63%, 02/20/2034 | 720000 | 732292 |
|  LYB International Finance III LLC, 5.50%, 03/01/2034 | 712000 | 708925 |
|  Nutrien Ltd. (Canada), 5.40%, 06/21/2034 | 572000 | 583119 |
|  |  | 4817701 |
|  Commercial Services & Supplies-1.44% |  |  |
|  CDW LLC/CDW Finance Corp., 5.55%, 08/22/2034 | 557000 | 564514 |
|  Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 | 758000 | 771796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 11/15/2034 | 468000 | 480530 |
|  Waste Connections, Inc., 5.00%, 03/01/2034 | 714000 | 724881 |
|  Waste Management, Inc., 4.88%, 02/15/2034 | 1179000 | 1198093 |
|  |  | 3739814 |
|  Communications Equipment-1.29% |  |  |
|  Cisco Systems, Inc., 5.05%, 02/26/2034 | 2389000 | 2456553 |
|  Motorola Solutions, Inc., 5.40%, 04/15/2034 | 863000 | 886776 |
|  |  | 3343329 |
|  Construction & Engineering-0.24% |  |  |
|  Quanta Services, Inc., 5.25%, 08/09/2034 | 618000 | 626003 |
|  Construction Materials-0.84% |  |  |
|  CRH America Finance, Inc., 5.40%, 05/21/2034 | 702000 | 721347 |

---

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

---

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| 69 |
| 69 |
| 69 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Corporate Bond ETF (BSCY)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Construction Materials-(continued) |  |  |
|  Martin Marietta Materials, Inc., 5.15%, 12/01/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;721000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725754 |
|  Vulcan Materials Co., 5.35%, 12/01/2034 | 712000 | 729819 |
|  |  | 2176920 |
|  Consumer Finance-1.31% |  |  |
|  General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 01/07/2034 | 1434000 | 1487562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/04/2034 | 1179000 | 1209076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 09/06/2034 | 712000 | 705594 |
|  |  | 3402232 |
|  Consumer Staples Distribution & Retail-1.28% |  |  |
|  Kroger Co. (The), 5.00%, 09/15/2034 | 2118000 | 2112151 |
|  Sysco Corp., 6.00%, 01/17/2034 | 477000 | 514130 |
|  Target Corp., 4.50%, 09/15/2034 | 712000 | 696395 |
|  |  | 3322676 |
|  Containers & Packaging-0.94% |  |  |
|  Berry Global, Inc., 5.65%, 01/15/2034 | 756000 | 786033 |
|  Smurfit Kappa Treasury Unlimited Co. (Ireland), 5.44%, 04/03/2034 | 952000 | 977928 |
|  Sonoco Products Co., 5.00%, 09/01/2034<sup>(b)</sup> | 674000 | 660044 |
|  |  | 2424005 |
|  Diversified REITs-0.40% |  |  |
|  American Assets Trust L.P., 6.15%, 10/01/2034 | 502000 | 504468 |
|  VICI Properties L.P., 5.75%, 04/01/2034 | 523000 | 538234 |
|  |  | 1042702 |
|  Diversified Telecommunication Services-1.98% |  |  |
|  AT&T, Inc., 5.40%, 02/15/2034 | 2632000 | 2714212 |
|  Bell Canada (Canada), 5.20%, 02/15/2034 | 674000 | 677226 |
|  Verizon Communications, Inc., 4.40%, 11/01/2034 | 1807000 | 1726417 |
|  |  | 5117855 |
|  Electric Utilities-7.95% |  |  |
|  Arizona Public Service Co., 5.70%, 08/15/2034 | 326000 | 337980 |
|  Consolidated Edison Co. of New York, Inc., 5.50%, 03/15/2034 | 568000 | 593232 |
|  Constellation Energy Generation LLC, 6.13%, 01/15/2034 | 477000 | 517784 |
|  Duke Energy Carolinas LLC, 4.85%, 01/15/2034 | 554000 | 557577 |
|  Duke Energy Corp., 5.45%, 06/15/2034 | 712000 | 735428 |
|  Duke Energy Progress LLC, 5.10%, 03/15/2034 | 476000 | 486024 |
|  Entergy Arkansas LLC, 5.45%, 06/01/2034 | 664000 | 689011 |
|  Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/15/2034 | 477000 | 491714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/15/2034 | 664000 | 672448 |
|  Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2034 | 625000 | 639391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 07/15/2034 | 659000 | 691746 |
|  Exelon Corp., 5.45%, 03/15/2034 | 614000 | 633296 |
|  Florida Power & Light Co., 5.30%, 06/15/2034 | 1045000 | 1081212 |
|  Georgia Power Co., 5.25%, 03/15/2034 | 863000 | 884994 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Electric Utilities-(continued) |  |  |  |
|  NextEra Energy Capital Holdings, Inc., 5.25%, 03/15/2034 | $| 1040000 | $&nbsp;&nbsp;&nbsp;&nbsp;1058515 |
|  Pacific Gas and Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 03/15/2034 |  | 758000 | 830874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 05/15/2034 |  | 1050000 | 1074230 |
|  PacifiCorp, 5.45%, 02/15/2034 |  | 1050000 | 1067946 |
|  PPL Capital Funding, Inc., 5.25%, 09/01/2034 |  | 721000 | 732745 |
|  PPL Electric Utilities Corp., 4.85%, 02/15/2034 |  | 619000 | 624441 |
|  Public Service Co. of Colorado, 5.35%, 05/15/2034 |  | 820000 | 834906 |
|  Public Service Electric and Gas Co., 4.85%, 08/01/2034 |  | 572000 | 574001 |
|  Southern California Edison Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2034 |  | 502000 | 523884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/01/2034 |  | 863000 | 859014 |
|  Southern Co. (The), 5.70%, 03/15/2034 |  | 1040000 | 1089670 |
|  Union Electric Co., 5.20%, 04/01/2034 |  | 472000 | 483651 |
|  Virginia Electric & Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2034 |  | 478000 | 480577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 08/15/2034 |  | 571000 | 576419 |
|  Xcel Energy, Inc., 5.50%, 03/15/2034 |  | 768000 | 786049 |
|  |  |  | 20608759 |
|  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 |  | 571000 | 590385 |
|  Arrow Electronics, Inc., 5.88%, 04/10/2034 |  | 466000 | 483549 |
|  Keysight Technologies, Inc., 4.95%, 10/15/2034 |  | 572000 | 567774 |
|  TD SYNNEX Corp., 6.10%, 04/12/2034 |  | 562000 | 589533 |
|  |  |  | 2231241 |
|  Entertainment-0.78% |  |  |  |
|  Netflix, Inc., 4.90%, 08/15/2034<sup>(b)</sup> |  | 955000 | 976554 |
|  Walt Disney Co. (The), 6.20%, 12/15/2034 |  | 939000 | 1053631 |
|  |  |  | 2030185 |
|  Financial Services-4.28% |  |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/19/2034 |  | 674000 | 683875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/10/2034 |  | 1050000 | 1036470 |
|  BlackRock Funding, Inc., 5.00%, 03/14/2034 |  | 943000 | 969109 |
|  Blackstone Private Credit Fund, 6.00%, 11/22/2034<sup>(b)</sup> |  | 764000 | 769876 |
|  Blue Owl Finance LLC, 6.25%, 04/18/2034 |  | 953000 | 995678 |
|  Corebridge Financial, Inc., 5.75%, 01/15/2034 |  | 694000 | 725549 |
|  Fiserv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/15/2034 |  | 711000 | 728850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 08/12/2034 |  | 863000 | 865683 |
|  HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/2034 |  | 954000 | 946412 |
|  LPL Holdings, Inc., 6.00%, 05/20/2034 |  | 932000 | 964336 |
|  Mastercard, Inc., 4.88%, 05/09/2034 |  | 956000 | 974296 |
|  PayPal Holdings, Inc., 5.15%, 06/01/2034 |  | 815000 | 833884 |
|  TPG Operating Group II L.P., 5.88%, 03/05/2034 |  | 558000 | 584901 |
|  |  |  | 11078919 |

---

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

---

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|:---|
| 70 |
| 70 |
| 70 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Corporate Bond ETF (BSCY)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Food Products-2.37% |  |  |
|  Bunge Ltd. Finance Corp., 4.65%, 09/17/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;758000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738689 |
|  Campbell's Co. (The), 5.40%, 03/21/2034 | 956000 | 970967 |
|  JBS USA Holding Lux S.a.r.l./JBS USA Food Co./JBS Lux Co. S.a.r.l., 6.75%, 03/15/2034 | 1435000 | 1574574 |
|  McCormick & Co., Inc., 4.70%, 10/15/2034 | 478000 | 464461 |
|  Mondelez International, Inc., 4.75%, 08/28/2034 | 505000 | 501215 |
|  Pilgrim's Pride Corp., 6.88%, 05/15/2034 | 477000 | 522894 |
|  Tyson Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/15/2034 | 861000 | 897722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 08/15/2034 | 477000 | 469151 |
|  |  | 6139673 |
|  Gas Utilities-0.22% |  |  |
|  Southern California Gas Co., 5.05%, 09/01/2034 | 558000 | 563333 |
|  Ground Transportation-1.02% |  |  |
|  Canadian National Railway Co. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/01/2034 | 478000 | 529481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/18/2034 | 714000 | 694714 |
|  Uber Technologies, Inc., 4.80%, 09/15/2034 | 1424000 | 1408608 |
|  |  | 2632803 |
|  Health Care Equipment & Supplies-1.61% |  |  |
|  Becton, Dickinson and Co., 5.11%, 02/08/2034 | 522000 | 528816 |
|  Smith & Nephew PLC (United Kingdom), 5.40%, 03/20/2034 | 619000 | 634100 |
|  Solventum Corp., 5.60%, 03/23/2034 | 1565000 | 1626021 |
|  Stryker Corp., 4.63%, 09/11/2034 | 702000 | 692645 |
|  Zimmer Biomet Holdings, Inc., 5.20%, 09/15/2034 | 669000 | 678135 |
|  |  | 4159717 |
|  Health Care Providers & Services-5.83% |  |  |
|  Cardinal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 02/15/2034 | 478000 | 491159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/2034 | 956000 | 971431 |
|  Cencora, Inc., 5.13%, 02/15/2034 | 468000 | 473387 |
|  Cigna Group (The), 5.25%, 02/15/2034<sup>(b)</sup> | 1190000 | 1215390 |
|  CommonSpirit Health, 5.32%, 12/01/2034 | 688000 | 695538 |
|  CVS Health Corp., 5.70%, 06/01/2034 | 1199000 | 1237307 |
|  Elevance Health, Inc., 5.38%, 06/15/2034 | 945000 | 966447 |
|  HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 04/01/2034 | 1247000 | 1282285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 09/15/2034 | 1179000 | 1194521 |
|  Humana, Inc., 5.95%, 03/15/2034 | 815000 | 853759 |
|  Icon Investments Six DAC, 6.00%, 05/08/2034 | 478000 | 497121 |
|  Laboratory Corp. of America Holdings, 4.80%, 10/01/2034 | 806000 | 791529 |
|  Quest Diagnostics, Inc., 5.00%, 12/15/2034 | 815000 | 816556 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Health Care Providers & Services-(continued) |  |  |  |  |
|  UnitedHealth Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2034 | $| 1199000 | $| &nbsp;&nbsp;&nbsp;&nbsp;1203772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 07/15/2034 |  | 1911000 |  | 1942335 |
|  Universal Health Services, Inc., 5.05%, 10/15/2034 |  | 487000 |  | 469766 |
|  |  |  |  | 15102303 |
|  Health Care REITs-0.44% |  |  |  |  |
|  Alexandria Real Estate Equities, Inc., 2.95%, 03/15/2034 |  | 769000 |  | 657908 |
|  Ventas Realty L.P., 5.63%, 07/01/2034 |  | 477000 |  | 494147 |
|  |  |  |  | 1152055 |
|  Hotel & Resort REITs-0.22% |  |  |  |  |
|  Host Hotels & Resorts L.P., 5.70%, 07/01/2034 |  | 562000 |  | 571893 |
|  Hotels, Restaurants & Leisure-1.16% |  |  |  |  |
|  Choice Hotels International, Inc., 5.85%, 08/01/2034 |  | 572000 |  | 578946 |
|  Las Vegas Sands Corp., 6.20%, 08/15/2034 |  | 478000 |  | 494764 |
|  Marriott International, Inc., 5.30%, 05/15/2034 |  | 952000 |  | 966314 |
|  McDonald's Corp., 5.20%, 05/17/2034<sup>(b)</sup> |  | 468000 |  | 482797 |
|  Starbucks Corp., 5.00%, 02/15/2034 |  | 478000 |  | 483999 |
|  |  |  |  | 3006820 |
|  Household Durables-0.26% |  |  |  |  |
|  D.R. Horton, Inc., 5.00%, 10/15/2034 |  | 668000 |  | 668510 |
|  Household Products-0.47% |  |  |  |  |
|  Procter & Gamble Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 01/29/2034 |  | 720000 |  | 726570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/24/2034 |  | 477000 |  | 479797 |
|  |  |  |  | 1206367 |
|  Independent Power and Renewable Electricity Producers-0.23% | Independent Power and Renewable Electricity Producers-0.23% | Independent Power and Renewable Electricity Producers-0.23% | Independent Power and Renewable Electricity Producers-0.23% | Independent Power and Renewable Electricity Producers-0.23% |
|  NSTAR Electric Co., 5.40%, 06/01/2034 |  | 577000 |  | 597453 |
|  Industrial Conglomerates-0.36% |  |  |  |  |
|  Honeywell International, Inc., 4.50%, 01/15/2034 |  | 956000 |  | 938402 |
|  Insurance-3.61% |  |  |  |  |
|  Aon North America, Inc., 5.45%, 03/01/2034. |  | 1657000 |  | 1711742 |
|  Arthur J. Gallagher & Co., 5.45%, 07/15/2034 |  | 468000 |  | 481884 |
|  Brown & Brown, Inc., 5.65%, 06/11/2034 |  | 561000 |  | 575771 |
|  Chubb INA Holdings LLC, 5.00%, 03/15/2034 |  | 1517000 |  | 1541672 |
|  CNA Financial Corp., 5.13%, 02/15/2034 |  | 478000 |  | 478536 |
|  CNO Financial Group, Inc., 6.45%, 06/15/2034 |  | 674000 |  | 709921 |
|  Equinix Europe 2 Financing Corp. LLC, 5.50%, 06/15/2034 |  | 702000 |  | 719985 |
|  F&G Annuities & Life, Inc., 6.25%, 10/04/2034 |  | 478000 |  | 481588 |
|  Marsh & McLennan Cos., Inc., 5.15%, 03/15/2034 |  | 478000 |  | 491980 |

---

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

---

| |
|:---|
| 71 |
| 71 |
| 71 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Corporate Bond ETF (BSCY)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Insurance-(continued) |  |  |
|  MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;714000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/15/2034 | 712000 | 733258 |
|  Reinsurance Group of America, Inc., 5.75%, 09/15/2034 | 609000 | 628243 |
|  |  | 9347095 |
|  Interactive Media & Services-0.93% |  |  |
|  Meta Platforms, Inc., 4.75%, 08/15/2034 | 2390000 | 2403081 |
|  IT Services-0.73% |  |  |
|  Accenture Capital, Inc., 4.50%, 10/04/2034 | 1424000 | 1391483 |
|  Kyndryl Holdings, Inc., 6.35%, 02/20/2034 | 478000 | 506305 |
|  |  | 1897788 |
|  Leisure Products-0.19% |  |  |
|  Hasbro, Inc., 6.05%, 05/14/2034 | 478000 | 497738 |
|  Life Sciences Tools & Services-0.40% |  |  |
|  Agilent Technologies, Inc., 4.75%, 09/09/2034 | 561000 | 553376 |
|  Thermo Fisher Scientific, Inc., 5.20%, 01/31/2034<sup>(b)</sup> | 476000 | 491259 |
|  |  | 1044635 |
|  Machinery-2.08% |  |  |
|  AGCO Corp., 5.80%, 03/21/2034 | 674000 | 694352 |
|  Cummins, Inc., 5.15%, 02/20/2034 | 724000 | 742619 |
|  Ingersoll Rand, Inc., 5.45%, 06/15/2034 | 712000 | 737026 |
|  John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 04/11/2034 | 965000 | 989734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 06/12/2034 | 768000 | 784384 |
|  Parker-Hannifin Corp., 4.20%, 11/21/2034 | 477000 | 459049 |
|  Trane Technologies Financing Ltd., 5.10%, 06/13/2034 | 478000 | 488025 |
|  Wabtec Corp., 5.61%, 03/11/2034 | 476000 | 494343 |
|  |  | 5389532 |
|  Media-2.01% |  |  |
|  Charter Communications Operating LLC/ Charter Communications Operating Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 02/01/2034<sup>(b)</sup> | 861000 | 918743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 06/01/2034 | 1434000 | 1521824 |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 06/01/2034<sup>(b)</sup> | 1236000 | 1272759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/2034 | 955000 | 907455 |
|  Omnicom Group, Inc., 5.30%, 11/01/2034 | 578000 | 587022 |
|  |  | 5207803 |
|  Metals & Mining-1.07% |  |  |
|  ArcelorMittal S.A. (Luxembourg), 6.00%, 06/17/2034<sup>(b)</sup> | 478000 | 505143 |
|  Freeport-McMoRan, Inc., 5.40%, 11/14/2034. | 694000 | 707283 |
|  Newmont Corp./Newcrest Finance Pty Ltd., 5.35%, 03/15/2034 | 945000 | 974719 |
|  Steel Dynamics, Inc., 5.38%, 08/15/2034 | 567000 | 579863 |
|  |  | 2767008 |
|  Multi-Utilities-1.24% |  |  |
|  DTE Electric Co., 5.20%, 03/01/2034 | 478000 | 492585 |
|  DTE Energy Co., 5.85%, 06/01/2034 | 815000 | 856627 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Multi-Utilities-(continued) |  |  |
|  National Grid PLC (United Kingdom), 5.42%, 01/11/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;712000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733278 |
|  NiSource, Inc., 5.35%, 04/01/2034 | 618000 | 632596 |
|  Public Service Enterprise Group, Inc., 5.45%, 04/01/2034 | 476000 | 489611 |
|  |  | 3204697 |
|  Office REITs-0.49% |  |  |
|  Boston Properties L.P., 6.50%, 01/15/2034 | 712000 | 764504 |
|  Cousins Properties L.P., 5.88%, 10/01/2034 | 478000 | 494625 |
|  |  | 1259129 |
|  Oil, Gas & Consumable Fuels-11.81% |  |  |
|  Boardwalk Pipelines L.P., 5.63%, 08/01/2034 | 572000 | 587628 |
|  BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 04/10/2034 | 945000 | 954754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.23%, 11/17/2034 | 1844000 | 1884429 |
|  Cheniere Energy Partners L.P., 5.75%, 08/15/2034 | 1140000 | 1171422 |
|  Cheniere Energy, Inc., 5.65%, 04/15/2034 | 1444000 | 1474602 |
|  Coterra Energy, Inc., 5.60%, 03/15/2034 | 477000 | 483728 |
|  Devon Energy Corp., 5.20%, 09/15/2034<sup>(b)</sup> | 1190000 | 1166557 |
|  Diamondback Energy, Inc., 5.40%, 04/18/2034 | 1227000 | 1239901 |
|  Enbridge, Inc. (Canada), 5.63%, 04/05/2034 | 1142000 | 1179710 |
|  Energy Transfer L.P. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 05/15/2034 | 1199000 | 1218141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 09/01/2034 | 1199000 | 1219342 |
|  Enterprise Products Operating LLC, 4.85%, 01/31/2034 | 955000 | 955272 |
|  EQT Corp., 5.75%, 02/01/2034 | 712000 | 737405 |
|  Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 02/01/2034 | 956000 | 973919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/01/2034 | 712000 | 716896 |
|  MPLX L.P., 5.50%, 06/01/2034 | 1573000 | 1586929 |
|  Occidental Petroleum Corp., 5.55%, 10/01/2034<sup>(b)</sup> | 1135000 | 1130142 |
|  ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 09/01/2034 | 478000 | 486441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 11/01/2034 | 1518000 | 1480767 |
|  Ovintiv, Inc., 6.50%, 08/15/2034 | 566000 | 596278 |
|  Phillips 66, 4.65%, 11/15/2034 | 956000 | 922632 |
|  Plains All American Pipeline L.P./PAA Finance Corp., 5.70%, 09/15/2034 | 619000 | 631858 |
|  South Bow USA Infrastructure Holdings LLC (Canada), 5.58%, 10/01/2034 | 1190000 | 1180975 |
|  Suncor Energy, Inc. (Canada), 5.95%, 12/01/2034 | 476000 | 496131 |
|  Targa Resources Corp., 6.50%, 03/30/2034 | 955000 | 1032553 |
|  TotalEnergies Capital S.A. (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 04/05/2034 | 1194000 | 1231117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72%, 09/10/2034 | 702000 | 701939 |
|  TransCanada PipeLines Ltd. (Canada), 4.63%, 03/01/2034 | 1190000 | 1147773 |
|  Western Midstream Operating L.P., 5.45%, 11/15/2034 | 769000 | 759983 |
|  Williams Cos., Inc. (The), 5.15%, 03/15/2034 | 1236000 | 1239786 |
|  |  | 30589010 |

---

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

---

| |
|:---|
| 72 |
| 72 |
| 72 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Corporate Bond ETF (BSCY)–(continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Passenger Airlines-0.21% |  |  |  |
|  American Airlines Pass-Through Trust, Series 2021-1, Class A, 2.88%, 07/11/2034 | $| &nbsp;&nbsp;&nbsp;&nbsp;595783 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537461 |
|  Personal Care Products-0.61% |  |  |  |
|  Estee Lauder Cos., Inc. (The), 5.00%, 02/14/2034 |  | 624000 | 630107 |
|  Unilever Capital Corp. (United Kingdom), 4.63%, 08/12/2034 |  | 953000 | 953393 |
|  |  |  | 1583500 |
|  Pharmaceuticals-4.32% |  |  |  |
|  AstraZeneca Finance LLC (United Kingdom), 5.00%, 02/26/2034 |  | 1440000 | 1471632 |
|  Bristol-Myers Squibb Co., 5.20%, 02/22/2034 |  | 2370000 | 2434156 |
|  Eli Lilly and Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/09/2034 |  | 1434000 | 1437339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 08/14/2034 |  | 1179000 | 1172715 |
|  GlaxoSmithKline Capital, Inc. (United Kingdom), 5.38%, 04/15/2034 |  | 467000 | 489178 |
|  Johnson & Johnson, 4.95%, 06/01/2034<sup>(b)</sup> |  | 805000 | 841873 |
|  Novartis Capital Corp., 4.20%, 09/18/2034<sup>(b)</sup>  |  | 1040000 | 1007985 |
|  Royalty Pharma PLC, 5.40%, 09/02/2034 |  | 477000 | 483322 |
|  Takeda Pharmaceutical Co. Ltd. (Japan), 5.30%, 07/05/2034 |  | 1039000 | 1061948 |
|  Wyeth LLC, 6.50%, 02/01/2034 |  | 702000 | 786477 |
|  |  |  | 11186625 |
|  Professional Services-0.58% |  |  |  |
|  Automatic Data Processing, Inc., 4.45%, 09/09/2034 |  | 938000 | 922319 |
|  Verisk Analytics, Inc., 5.25%, 06/05/2034 |  | 562000 | 574021 |
|  |  |  | 1496340 |
|  Real Estate Management & Development-0.39% |  |  |  |
|  CBRE Services, Inc., 5.95%, 08/15/2034 |  | 956000 | 1016324 |
|  Residential REITs-0.63% |  |  |  |
|  American Homes 4 Rent L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2034 |  | 577000 | 592968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/2034 |  | 477000 | 488588 |
|  ERP Operating L.P., 4.65%, 09/15/2034 |  | 572000 | 559384 |
|  |  |  | 1640940 |
|  Retail REITs-1.26% |  |  |  |
|  Kimco Realty OP LLC, 6.40%, 03/01/2034 |  | 477000 | 522223 |
|  NNN REIT, Inc., 5.50%, 06/15/2034 |  | 478000 | 492679 |
|  Realty Income Corp., 5.13%, 02/15/2034 |  | 768000 | 781900 |
|  Simon Property Group L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/2034 |  | 477000 | 522225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/26/2034 |  | 956000 | 940281 |
|  |  |  | 3259308 |
|  Semiconductors & Semiconductor Equipment-1.58% | Semiconductors & Semiconductor Equipment-1.58% | Semiconductors & Semiconductor Equipment-1.58% |  |
|  Analog Devices, Inc., 5.05%, 04/01/2034 |  | 525000 | 540335 |
|  Broadcom, Inc., 4.80%, 10/15/2034 |  | 1668000 | 1650305 |
|  Intel Corp., 5.15%, 02/21/2034 |  | 853000 | 852282 |
|  KLA Corp., 4.70%, 02/01/2034 |  | 477000 | 475806 |
|  Texas Instruments, Inc., 4.85%, 02/08/2034 |  | 561000 | 572217 |
|  |  |  | 4090945 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Software-2.81% |  |  |  |
|  Adobe, Inc., 4.95%, 04/04/2034 | $| &nbsp;&nbsp;&nbsp;&nbsp;721000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738725 |
|  AppLovin Corp., 5.50%, 12/01/2034 |  | 952000 | 972079 |
|  Atlassian Corp., 5.50%, 05/15/2034 |  | 478000 | 488740 |
|  Cadence Design Systems, Inc., 4.70%, 09/10/2034 |  | 956000 | 946799 |
|  Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/08/2034 |  | 1668000 | 1585481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 09/27/2034 |  | 1668000 | 1613083 |
|  Roper Technologies, Inc., 4.90%, 10/15/2034 |  | 956000 | 946750 |
|  |  |  | 7291657 |
|  Specialized REITs-2.07% |  |  |  |
|  American Tower Corp., 5.45%, 02/15/2034 |  | 618000 | 638125 |
|  Americold Realty Operating Partnership L.P., 5.41%, 09/12/2034<sup>(b)</sup> |  | 478000 | 469881 |
|  Crown Castle, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/01/2034 |  | 715000 | 745896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/01/2034 |  | 674000 | 673882 |
|  Extra Space Storage L.P., 5.40%, 02/01/2034 |  | 571000 | 582845 |
|  GLP Capital L.P./GLP Financing II, Inc., 5.63%, 09/15/2034 |  | 760000 | 762924 |
|  Prologis L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/2034 |  | 700000 | 715646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2034 |  | 769000 | 777297 |
|  |  |  | 5366496 |
|  Specialty Retail-1.47% |  |  |  |
|  AutoZone, Inc., 5.40%, 07/15/2034 |  | 655000 | 673510 |
|  Dell International LLC/EMC Corp., 5.40%, 04/15/2034 |  | 952000 | 973262 |
|  Home Depot, Inc. (The), 4.95%, 06/25/2034 |  | 1668000 | 1697405 |
|  O'Reilly Automotive, Inc., 5.00%, 08/19/2034 |  | 477000 | 477514 |
|  |  |  | 3821691 |
|  Technology Hardware, Storage & Peripherals-1.09% | Technology Hardware, Storage & Peripherals-1.09% | Technology Hardware, Storage & Peripherals-1.09% |  |
|  Hewlett Packard Enterprise Co., 5.00%, 10/15/2034 |  | 1891000 | 1859800 |
|  IBM International Capital Pte. Ltd., 4.90%, 02/05/2034 |  | 955000 | 957390 |
|  |  |  | 2817190 |
|  Tobacco-1.27% |  |  |  |
|  B.A.T. Capital Corp. (United Kingdom), 6.00%, 02/20/2034 |  | 816000 | 866515 |
|  Philip Morris International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/13/2034 |  | 1668000 | 1705097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/01/2034 |  | 714000 | 711222 |
|  |  |  | 3282834 |
|  Trading Companies & Distributors-0.45% |  |  |  |
|  Ferguson Enterprises, Inc., 5.00%, 10/03/2034 |  | 706000 | 699392 |
|  W.W. Grainger, Inc., 4.45%, 09/15/2034 |  | 466000 | 456247 |
|  |  |  | 1155639 |

---

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

---

| |
|:---|
| 73 |
| 73 |
| 73 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Corporate Bond ETF (BSCY)–(continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Water Utilities-0.45% |  |  |  |
|  American Water Capital Corp., 5.15%, 03/01/2034 | $| 674000 | $690429 |
|  Essential Utilities, Inc., 5.38%, 01/15/2034 |  | 478000 | 487350 |
|  |  |  | 1177779 |
|  Wireless Telecommunication Services-1.31% |  |  |  |
|  Rogers Communications, Inc. (Canada), 5.30%, 02/15/2034 |  | 1179000 | 1187826 |
|  T-Mobile USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2034 |  | 956000 | 1004244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 04/15/2034 |  | 1199000 | 1213076 |
|  |  |  | 3405146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $251,272,586) |  |  | 255035832 |
|  | Shares | Shares |  |
|  Money Market Funds-0.13% |  |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.21%<sup>(c)(d)</sup>(Cost $333,554) |  | 333554 | 333554 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.57%<br>(Cost $251,606,140) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.57%<br>(Cost $251,606,140) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.57%<br>(Cost $251,606,140) | 255369386 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Investments Purchased with Cash Collateral from Securities on Loan | Investments Purchased with Cash Collateral from Securities on Loan |  |
|  Money Market Funds-3.89% | Money Market Funds-3.89% |  |
|  Invesco Private Government Fund, 4.28%<sup>(c)(d)(e)</sup> | 2798090 | $2798090 |
|  Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup> | 7274091 | 7276273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $10,074,081) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $10,074,081) | 10074363 |
|  TOTAL INVESTMENTS IN SECURITIES-102.46%<br>(Cost $261,680,221) |  | 265443749 |
|  OTHER ASSETS LESS LIABILITIES-(2.46)% |  | (6361261) |
|  NET ASSETS-100.00%. |  | $259082488 |

---

Investment Abbreviations:

REIT-Real Estate Investment Trust

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 August 31, 2025.

<sup>(c)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in 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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value<br>August 31, 2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Change in<br>Unrealized<br>Appreciation | Realized<br>Gain<br>(Loss) | Value<br>August 31, 2025 | Dividend Income |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $148045 | $16661437 | $(16475928) | $- | $- | $333554 | $23204 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 187415 | 20432478 | (17821803) |  |  | 2798090 | 59338 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 679604 | 45973897 | (39377172) | 265 | (321) | 7276273 | 159678 \* |
| &nbsp;&nbsp; Total | $1015064 | $83067812 | $(73674903) | $265 | $(321) | $10407917 | $242220 |

---

\* 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>(d)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<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.

---

| |
|:---|
| 74 |
| 74 |
| 74 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2035 Corporate Bond ETF (BSCZ)

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | Value |
|  U.S. Dollar Denominated Bonds & Notes-98.00% | U.S. Dollar Denominated Bonds & Notes-98.00% | U.S. Dollar Denominated Bonds & Notes-98.00% |
|  Aerospace & Defense-1.72% |  |  |
|  Boeing Co. (The), 3.25%, 02/01/2035 | $57000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48679 |
|  General Dynamics Corp., 4.95%, 08/15/2035 | 57000 | 57628 |
|  Huntington Ingalls Industries, Inc., 5.75%, 01/15/2035 | 44000 | 45667 |
|  Lockheed Martin Corp., 3.60%, 03/01/2035 | 35000 | 31926 |
|  Northrop Grumman Corp., 5.25%, 07/15/2035 | 44000 | 45011 |
|  Textron, Inc., 5.50%, 05/15/2035 | 35000 | 35663 |
|  |  | 264574 |
|  Air Freight & Logistics-0.67% |  |  |
|  United Parcel Service, Inc., 5.25%, 05/14/2035 | 101000 | 103587 |
|  Automobiles-2.48% |  |  |
|  American Honda Finance Corp., 5.20%, 03/05/2035 | 35000 | 35232 |
|  Ford Motor Credit Co. LLC, 6.50%, 02/07/2035 | 71000 | 71595 |
|  General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2035 | 47000 | 44874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/2035 | 44000 | 45632 |
|  Honda Motor Co. Ltd. (Japan), 5.34%, 07/08/2035 | 80000 | 80469 |
|  Toyota Motor Corp. (Japan), 5.05%, 06/30/2035 | 40000 | 40414 |
|  Toyota Motor Credit Corp., 5.35%, 01/09/2035 | 62000 | 64054 |
|  |  | 382270 |
|  Banks-0.96% |  |  |
|  Banco Santander S.A. (Spain), 6.03%, 01/17/2035 | 35000 | 37173 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan), 5.63%, 01/15/2035 | 59000 | 61956 |
|  Wachovia Corp., 5.50%, 08/01/2035 | 48000 | 49008 |
|  |  | 148137 |
|  Beverages-1.21% |  |  |
|  Diageo Investment Corp. (United Kingdom), 5.63%, 04/15/2035 | 47000 | 49505 |
|  Keurig Dr Pepper, Inc., 5.15%, 05/15/2035 | 35000 | 34582 |
|  PepsiCo, Inc., 5.00%, 02/07/2035 | 101000 | 102853 |
|  |  | 186940 |
|  Biotechnology-3.74% |  |  |
|  AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/15/2035 | 102000 | 99905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/15/2035 | 79000 | 80896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/14/2035 | 191000 | 185152 |
|  Biogen, Inc., 5.75%, 05/15/2035 | 51000 | 52662 |
|  Gilead Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/15/2035 | 79000 | 80146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 09/01/2035 | 79000 | 77118 |
|  |  | 575879 |
|  Capital Markets-0.62% |  |  |
|  Ameriprise Financial, Inc., 5.20%, 04/15/2035<sup>(b)</sup>  | 57000 | 57703 |
|  Brookfield Asset Management Ltd. (Canada), 5.80%, 04/24/2035 | 37000 | 38364 |
|  |  | 96067 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | Value |
|  Chemicals-0.24% |  |  |
|  LYB International Finance III LLC, 6.15%, 05/15/2035 | $35000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36154 |
|  Commercial Services & Supplies-1.53% |  |  |
|  Republic Services, Inc., 5.15%, 03/15/2035 | 65000 | 66395 |
|  Waste Connections, Inc., 5.25%, 09/01/2035 | 54000 | 55247 |
|  Waste Management, Inc., 4.95%, 03/15/2035 | 113000 | 113622 |
|  |  | 235264 |
|  Communications Equipment-1.17% |  |  |
|  Cisco Systems, Inc., 5.10%, 02/24/2035<sup>(b)</sup> | 101000 | 103396 |
|  Motorola Solutions, Inc., 5.55%, 08/15/2035 | 74000 | 76348 |
|  |  | 179744 |
|  Construction Materials-0.48% |  |  |
|  CRH America Finance, Inc., 5.50%, 01/09/2035 | 71000 | 73300 |
|  Consumer Finance-0.96% |  |  |
|  General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 01/07/2035<sup>(b)</sup> | 79000 | 80266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 07/15/2035 | 66000 | 67830 |
|  |  | 148096 |
|  Consumer Staples Distribution & Retail-2.21% |  |  |
|  Sysco Corp., 5.40%, 03/23/2035 | 36000 | 36756 |
|  Target Corp., 5.00%, 04/15/2035 | 89000 | 89284 |
|  Walmart, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/28/2035 | 123000 | 124996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/2035 | 85000 | 88952 |
|  |  | 339988 |
|  Containers & Packaging-0.33% |  |  |
|  Smurfit Westrock Financing DAC (Ireland), 5.42%, 01/15/2035 | 50000 | 50939 |
|  Diversified REITs-0.55% |  |  |
|  VICI Properties L.P., 5.63%, 04/01/2035 | 84000 | 85004 |
|  Diversified Telecommunication Services-4.14% |  |  |
|  AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/2035 | 192000 | 183782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/15/2035 | 100000 | 101939 |
|  Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 02/15/2035 | 175000 | 170727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/02/2035 | 180000 | 181778 |
|  |  | 638226 |
|  Electric Utilities-8.01% |  |  |
|  Alabama Power Co., 5.10%, 04/02/2035 | 54000 | 54705 |
|  Baltimore Gas and Electric Co., 5.45%, 06/01/2035<sup>(b)</sup> | 61000 | 62895 |
|  CenterPoint Energy Houston Electric LLC, 5.05%, 03/01/2035 | 45000 | 45240 |
|  Duke Energy Carolinas LLC, 5.25%, 03/15/2035 | 55000 | 56606 |
|  Duke Energy Progress LLC, 5.05%, 03/15/2035 | 62000 | 62610 |
|  Entergy Texas, Inc., 5.25%, 04/15/2035 | 35000 | 35645 |
|  Exelon Corp., 5.63%, 06/15/2035 | 35000 | 36228 |
|  Georgia Power Co., 5.20%, 03/15/2035 | 45000 | 45706 |
|  Interstate Power and Light Co., 5.60%, 06/29/2035 | 50000 | 51776 |
|  Jersey Central Power & Light Co., 5.10%, 01/15/2035 | 55000 | 54990 |

---

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

---

| |
|:---|
| 75 |
| 75 |
| 75 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2035 Corporate Bond ETF (BSCZ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | Value | Value |
|  Electric Utilities-(continued) |  |  |  |  |
|  NextEra Energy Capital Holdings, Inc., 5.45%, 03/15/2035 | $| 89000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91034 |
|  Northern States Power Co., 5.05%, 05/15/2035 |  | 50000 |  | 50571 |
|  Pacific Gas and Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/01/2035 |  | 79000 |  | 80131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/15/2035 |  | 62000 |  | 64166 |
|  Public Service Co. of Oklahoma, 5.20%, 01/15/2035 |  | 40000 |  | 40145 |
|  San Diego Gas & Electric Co., 5.40%, 04/15/2035 |  | 72000 |  | 73846 |
|  Southern California Edison Co., 5.45%, 03/01/2035 |  | 62000 |  | 62483 |
|  Southern Co. (The), 4.85%, 03/15/2035 |  | 47000 |  | 46184 |
|  Southwestern Public Service Co., 5.30%, 05/15/2035 |  | 34000 |  | 34314 |
|  Tampa Electric Co., 5.15%, 03/01/2035 |  | 50000 |  | 50477 |
|  Union Electric Co., 5.25%, 04/15/2035 |  | 34000 |  | 34753 |
|  Virginia Electric & Power Co., 5.15%, 03/15/2035 |  | 50000 |  | 50443 |
|  Xcel Energy, Inc., 5.60%, 04/15/2035 |  | 47000 |  | 48083 |
|  |  |  |  | 1233031 |
|  Electrical Equipment-0.23% |  |  |  |  |
|  Emerson Electric Co., 5.00%, 03/15/2035 |  | 34000 |  | 34650 |
|  Electronic Equipment, Instruments & Components-0.37% | Electronic Equipment, Instruments & Components-0.37% | Electronic Equipment, Instruments & Components-0.37% | Electronic Equipment, Instruments & Components-0.37% | Electronic Equipment, Instruments & Components-0.37% |
|  Amphenol Corp., 5.00%, 01/15/2035 |  | 57000 |  | 57509 |
|  Energy Equipment & Services-0.37% |  |  |  |  |
|  Halliburton Co., 4.85%, 11/15/2035 |  | 59000 |  | 57528 |
|  Entertainment-0.56% |  |  |  |  |
|  Walt Disney Co. (The), 6.40%, 12/15/2035 |  | 77000 |  | 86841 |
|  Financial Services-2.92% |  |  |  |  |
|  BlackRock Funding, Inc., 4.90%, 01/08/2035 |  | 44000 |  | 44802 |
|  LPL Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 03/15/2035 |  | 35000 |  | 35398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/2035 |  | 34000 |  | 34543 |
|  Mastercard, Inc., 4.55%, 01/15/2035 |  | 94000 |  | 92877 |
|  ORIX Corp. (Japan), 5.40%, 02/25/2035 |  | 25000 |  | 25586 |
|  PayPal Holdings, Inc., 5.10%, 04/01/2035 |  | 50000 |  | 50585 |
|  RELX Capital, Inc. (United Kingdom), 5.25%, 03/27/2035 |  | 57000 |  | 58262 |
|  Visa, Inc., 4.15%, 12/14/2035 |  | 113000 |  | 108100 |
|  |  |  |  | 450153 |
|  Food Products-2.26% |  |  |  |  |
|  Conagra Brands, Inc., 5.75%, 08/01/2035 |  | 50000 |  | 50272 |
|  Flowers Foods, Inc., 5.75%, 03/15/2035 |  | 44000 |  | 44845 |
|  General Mills, Inc., 5.25%, 01/30/2035 |  | 57000 |  | 57342 |
|  Hershey Co. (The), 5.10%, 02/24/2035 |  | 35000 |  | 35726 |
| J. M. Smucker Co. (The), 4.25%, 03/15/2035 |  | 41000 |  | 38166 |
|  Kraft Heinz Foods Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/15/2035 |  | 35000 |  | 35229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2035 |  | 41000 |  | 40191 |
|  The Campbell's Company, 4.75%, 03/23/2035 |  | 48000 |  | 45987 |
|  |  |  |  | 347758 |
|  Gas Utilities-0.77% |  |  |  |  |
|  Atmos Energy Corp., 5.20%, 08/15/2035 |  | 40000 |  | 40559 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | Value |
|  Gas Utilities-(continued) |  |  |
|  National Fuel Gas Co., 5.95%, 03/15/2035 | $35000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36161 |
|  Southern California Gas Co., 5.45%, 06/15/2035 | 40000 | 41067 |
|  |  | 117787 |
|  Ground Transportation-1.18% |  |  |
|  Canadian Pacific Railway Co. (Canada), 5.20%, 03/30/2035 | 50000 | 50970 |
|  CSX Corp., 5.05%, 06/15/2035 | 50000 | 50507 |
|  Union Pacific Corp., 5.10%, 02/20/2035 | 79000 | 80410 |
|  |  | 181887 |
|  Health Care Equipment & Supplies-2.38% |  |  |
|  GE HealthCare Technologies, Inc., 5.50%, 06/15/2035 | 72000 | 73960 |
|  Medtronic, Inc., 4.38%, 03/15/2035 | 154000 | 149866 |
|  Stryker Corp., 5.20%, 02/10/2035 | 89000 | 91072 |
|  Zimmer Biomet Holdings, Inc., 5.50%, 02/19/2035 | 50000 | 51619 |
|  |  | 366517 |
|  Health Care Providers & Services-3.89% |  |  |
|  Cencora, Inc., 5.15%, 02/15/2035 | 45000 | 45361 |
|  CVS Health Corp., 4.88%, 07/20/2035 | 41000 | 39339 |
|  Elevance Health, Inc., 5.20%, 02/15/2035 | 98000 | 98640 |
|  HCA, Inc., 5.75%, 03/01/2035 | 113000 | 116295 |
|  Humana, Inc., 5.55%, 05/01/2035 | 57000 | 57658 |
|  McKesson Corp., 5.25%, 05/30/2035 | 44000 | 44863 |
|  Sutter Health, Series 2025, 5.54%, 08/15/2035 | 38000 | 39628 |
|  UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 06/15/2035 | 78000 | 79763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/2035 | 79000 | 76751 |
|  |  | 598298 |
|  Health Care REITs-1.25% |  |  |
|  Alexandria Real Estate Equities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/2035 | 35000 | 33810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2035 | 36000 | 36514 |
|  Healthpeak OP LLC, 5.38%, 02/15/2035 | 35000 | 35404 |
|  Ventas Realty L.P., 5.00%, 01/15/2035 | 36000 | 35658 |
|  Welltower OP LLC, 5.13%, 07/01/2035 | 50000 | 50323 |
|  |  | 191709 |
|  Hotel & Resort REITs-0.29% |  |  |
|  Host Hotels & Resorts L.P., 5.50%, 04/15/2035 | 45000 | 44817 |
|  Hotels, Restaurants & Leisure-2.06% |  |  |
|  Expedia Group, Inc., 5.40%, 02/15/2035 | 79000 | 80314 |
|  Marriott International, Inc., 5.35%, 03/15/2035 | 79000 | 79796 |
|  McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/03/2035 | 74000 | 74520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 12/09/2035 | 47000 | 46309 |
|  Starbucks Corp., 5.40%, 05/15/2035 | 35000 | 35835 |
|  |  | 316774 |
|  Household Durables-0.89% |  |  |
|  D.R. Horton, Inc., 5.50%, 10/15/2035 | 55000 | 56361 |
|  Meritage Homes Corp., 5.65%, 03/15/2035 | 25000 | 25256 |
|  Toll Brothers Finance Corp., 5.60%, 06/15/2035 | 54000 | 54859 |
|  |  | 136476 |

---

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

---

| |
|:---|
| 76 |
| 76 |
| 76 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2035 Corporate Bond ETF (BSCZ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | Value | Value |
|  Household Products-0.17% |  |  |  |  |
|  Procter & Gamble Co. (The), 4.60%, 05/01/2035 | $| 26000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26223 |
|  Independent Power and Renewable Electricity Producers-0.26% | Independent Power and Renewable Electricity Producers-0.26% | Independent Power and Renewable Electricity Producers-0.26% | Independent Power and Renewable Electricity Producers-0.26% | Independent Power and Renewable Electricity Producers-0.26% |
|  Puget Energy, Inc., 5.73%, 03/15/2035 |  | 40000 |  | 40728 |
|  Industrial Conglomerates-1.29% |  |  |  |  |
|  3M Co., 5.15%, 03/15/2035 |  | 37000 |  | 37613 |
|  GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/2035 |  | 52000 |  | 50349 |
|  Honeywell International, Inc., 5.00%, 03/01/2035 |  | 110000 |  | 110786 |
|  |  |  |  | 198748 |
|  Insurance-4.46% |  |  |  |  |
|  Allstate Corp. (The), 5.55%, 05/09/2035 |  | 36000 |  | 37467 |
|  American International Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/2035 |  | 34000 |  | 31420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 05/07/2035 |  | 50000 |  | 51594 |
|  American National Group, Inc., 6.00%, 07/15/2035 |  | 50000 |  | 50576 |
|  Arthur J. Gallagher & Co., 5.15%, 02/15/2035 |  | 113000 |  | 113382 |
|  Brown & Brown, Inc., 5.55%, 06/23/2035 |  | 80000 |  | 81587 |
|  Marsh & McLennan Cos., Inc., 5.00%, 03/15/2035 |  | 168000 |  | 168779 |
|  MetLife, Inc., 5.70%, 06/15/2035 |  | 89000 |  | 94359 |
|  Prudential Financial, Inc., 5.20%, 03/14/2035 |  | 57000 |  | 58033 |
|  |  |  |  | 687197 |
|  Interactive Media & Services-0.65% |  |  |  |  |
|  Alphabet, Inc., 4.50%, 05/15/2035 |  | 101000 |  | 100220 |
|  IT Services-0.36% |  |  |  |  |
|  International Business Machines Corp., 5.20%, 02/10/2035 |  | 54000 |  | 54886 |
|  Machinery-2.59% |  |  |  |  |
|  Caterpillar, Inc., 5.20%, 05/15/2035 |  | 132000 |  | 135319 |
|  Cummins, Inc., 5.30%, 05/09/2035<sup>(b)</sup> |  | 89000 |  | 90979 |
|  Deere & Co., 5.45%, 01/16/2035 |  | 111000 |  | 115790 |
|  Westinghouse Air Brake Technologies Corp., 5.50%, 05/29/2035 |  | 56000 |  | 57481 |
|  |  |  |  | 399569 |
|  Media-2.46% |  |  |  |  |
|  Charter Communications Operating LLC/Charter |  |  |  |  |
|  Communications Operating Capital Corp., 6.38%, 10/23/2035 |  | 158000 |  | 164718 |
|  Comcast Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/2035<sup>(b)</sup> |  | 62000 |  | 63281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/15/2035 |  | 57000 |  | 59802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 08/15/2035 |  | 48000 |  | 45729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/15/2035 |  | 40000 |  | 44585 |
|  |  |  |  | 378115 |
|  Metals & Mining-0.72% |  |  |  |  |
|  Newmont Corp., 5.88%, 04/01/2035 |  | 23000 |  | 24593 |
|  Nucor Corp., 5.10%, 06/01/2035 |  | 35000 |  | 35268 |
|  Steel Dynamics, Inc., 5.25%, 05/15/2035 |  | 50000 |  | 50665 |
|  |  |  |  | 110526 |
|  Multi-Utilities-2.12% |  |  |  |  |
|  Ameren Corp., 5.38%, 03/15/2035 |  | 57000 |  | 57960 |
|  Consumers Energy Co., 5.05%, 05/15/2035 |  | 50000 |  | 50428 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | Value |
|  Multi-Utilities-(continued) |  |  |
|  Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/15/2035 | $65000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.95%, 06/15/2035 | 44000 | 46348 |
|  DTE Electric Co., 5.25%, 05/15/2035 | 35000 | 35749 |
|  NiSource, Inc., 5.35%, 07/15/2035 | 70000 | 70728 |
|  |  | 327096 |
|  Office REITs-0.41% |  |  |
|  Boston Properties L.P., 5.75%, 01/15/2035 | 62000 | 62882 |
|  Oil, Gas & Consumable Fuels-11.30% |  |  |
|  Chevron USA, Inc., 4.98%, 04/15/2035 | 57000 | 57971 |
|  ConocoPhillips Co., 5.00%, 01/15/2035 | 101000 | 101042 |
|  Coterra Energy, Inc., 5.40%, 02/15/2035 | 47000 | 46834 |
|  Diamondback Energy, Inc., 5.55%, 04/01/2035 | 108000 | 109262 |
|  Eastern Energy Gas Holdings LLC, 5.80%, 01/15/2035 | 65000 | 67802 |
|  Enbridge, Inc. (Canada), 5.55%, 06/20/2035 | 84000 | 85583 |
|  Energy Transfer L.P. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/2035 | 35000 | 33703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 04/01/2035 | 101000 | 102868 |
|  Enterprise Products Operating LLC, 4.95%, 02/15/2035 | 84000 | 83871 |
|  EOG Resources, Inc., 3.90%, 04/01/2035 | 35000 | 32035 |
|  Equinor ASA (Norway), 5.13%, 06/03/2035 | 48000 | 48909 |
|  Expand Energy Corp., 5.70%, 01/15/2035 | 57000 | 57863 |
|  HF Sinclair Corp., 6.25%, 01/15/2035 | 67000 | 68978 |
|  Kinder Morgan Energy Partners L.P., 5.80%, 03/15/2035 | 24000 | 24823 |
|  Kinder Morgan, Inc., 5.85%, 06/01/2035 | 57000 | 59248 |
|  Marathon Petroleum Corp., 5.70%, 03/01/2035 | 74000 | 75611 |
|  MPLX L.P., 5.40%, 04/01/2035 | 79000 | 78477 |
|  Phillips 66 Co., 4.95%, 03/15/2035 | 40000 | 39219 |
|  Plains All American Pipeline L.P., 5.95%, 06/15/2035 | 79000 | 81419 |
|  Shell Finance US, Inc., 4.13%, 05/11/2035 | 98000 | 93137 |
|  Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/2035 | 79000 | 79716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 08/15/2035 | 79000 | 79612 |
|  Viper Energy Partners LLC, 5.70%, 08/01/2035 | 90000 | 90297 |
|  Williams Cos., Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 03/15/2035 | 79000 | 81111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 09/30/2035 | 60000 | 60082 |
|  |  | 1739473 |
|  Pharmaceuticals-2.37% |  |  |
|  Eli Lilly and Co., 5.10%, 02/12/2035 | 111000 | 113808 |
|  GlaxoSmithKline Capital, Inc. (United Kingdom), 4.88%, 04/15/2035 | 37000 | 37057 |
|  Johnson & Johnson, 5.00%, 03/01/2035 | 111000 | 114201 |
|  Takeda U.S. Financing, Inc., 5.20%, 07/07/2035 | 100000 | 100498 |
|  |  | 365564 |
|  Professional Services-1.09% |  |  |
|  Paychex, Inc., 5.60%, 04/15/2035 | 98000 | 101476 |
|  Verisk Analytics, Inc., 5.25%, 03/15/2035 | 65000 | 65592 |
|  |  | 167068 |
|  Real Estate Management & Development-0.23% |  |  |
|  CBRE Services, Inc., 5.50%, 06/15/2035 | 35000 | 35716 |

---

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

---

| |
|:---|
| 77 |
| 77 |
| 77 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2035 Corporate Bond ETF (BSCZ)–(continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | Value |
|  Residential REITs-0.39% |  |  |  |
|  American Homes 4 Rent L.P., 5.25%, 03/15/2035 | $| 35000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35165 |
|  Invitation Homes Operating Partnership L.P., 4.88%, 02/01/2035 |  | 25000 | 24438 |
|  |  |  | 59603 |
|  Retail REITs-0.55% |  |  |  |
|  Kimco Realty OP LLC, 4.85%, 03/01/2035 |  | 35000 | 34529 |
|  Realty Income Corp., 5.13%, 04/15/2035<sup>(b)</sup> |  | 50000 | 50394 |
|  |  |  | 84923 |
|  Semiconductors & Semiconductor Equipment-4.02% | Semiconductors & Semiconductor Equipment-4.02% | Semiconductors & Semiconductor Equipment-4.02% |  |
|  Applied Materials, Inc., 5.10%, 10/01/2035 |  | 25000 | 25737 |
|  Broadcom, Inc., 5.20%, 07/15/2035 |  | 200000 | 201899 |
|  Marvell Technology, Inc., 5.45%, 07/15/2035 |  | 40000 | 40698 |
|  Micron Technology, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 01/15/2035 |  | 79000 | 81696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 11/01/2035 |  | 111000 | 116676 |
|  QUALCOMM, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 05/20/2035 |  | 59000 | 58812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/20/2035<sup>(b)</sup> |  | 50000 | 50525 |
|  Texas Instruments, Inc., 5.10%, 05/23/2035 |  | 42000 | 42967 |
|  |  |  | 619010 |
|  Software-4.15% |  |  |  |
|  Adobe, Inc., 5.30%, 01/17/2035 |  | 34000 | 35580 |
|  Autodesk, Inc., 5.30%, 06/15/2035 |  | 34000 | 34619 |
|  Microsoft Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/12/2035 |  | 113000 | 106262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/03/2035 |  | 45000 | 44613 |
|  Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/2035 |  | 101000 | 91135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/03/2035<sup>(b)</sup> |  | 136000 | 138677 |
|  Synopsys, Inc., 5.15%, 04/01/2035 |  | 187000 | 188702 |
|  |  |  | 639588 |
|  Specialized REITs-1.30% |  |  |  |
|  American Tower Corp., 5.40%, 01/31/2035 |  | 50000 | 51356 |
|  Extra Space Storage L.P., 5.40%, 06/15/2035 |  | 35000 | 35348 |
|  Prologis L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/31/2035<sup>(b)</sup> |  | 55000 | 55322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2035 |  | 57000 | 58148 |
|  |  |  | 200174 |
|  Specialty Retail-1.63% |  |  |  |
|  AutoNation, Inc., 5.89%, 03/15/2035 |  | 35000 | 35788 |
|  Booz Allen Hamilton, Inc., 5.95%, 04/15/2035 |  | 41000 | 42296 |
|  Dell International LLC/EMC Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 02/01/2035 |  | 48000 | 46704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2035 |  | 89000 | 90697 |
|  Leidos, Inc., 5.50%, 03/15/2035 |  | 35000 | 35844 |
|  |  |  | 251329 |
|  Technology Hardware, Storage & Peripherals-1.42% |  |  |  |
|  Apple, Inc., 4.75%, 05/12/2035 |  | 89000 | 90432 |
|  Hewlett Packard Enterprise Co., 6.20%, 10/15/2035<sup>(b)</sup> |  | 47000 | 50405 |

---

Investment Abbreviations:

DAC -Designated Activity Co.

REIT-Real Estate Investment Trust

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | Value |
|  Technology Hardware, Storage & Peripherals-(continued) | Technology Hardware, Storage & Peripherals-(continued) | Technology Hardware, Storage & Peripherals-(continued) | Technology Hardware, Storage & Peripherals-(continued) |
|  HP, Inc., 6.10%, 04/25/2035 | $| 35000 | $36613 |
|  NetApp, Inc., 5.70%, 03/17/2035 |  | 40000 | 41247 |
|  |  |  | 218697 |
|  Textiles, Apparel & Luxury Goods-0.44% |  |  |  |
|  Tapestry, Inc., 5.50%, 03/11/2035 |  | 67000 | 67761 |
|  Tobacco-1.72% |  |  |  |
|  Altria Group, Inc., 5.63%, 02/06/2035 |  | 54000 | 55486 |
|  B.A.T. Capital Corp. (United Kingdom), 5.63%, 08/15/2035 |  | 79000 | 81094 |
|  Philip Morris International, Inc., 4.88%, 04/30/2035 |  | 60000 | 59474 |
|  Reynolds American, Inc. (United Kingdom), 5.70%, 08/15/2035 |  | 67000 | 68983 |
|  |  |  | 265037 |
|  Trading Companies & Distributors-0.23% |  |  |  |
|  GATX Corp., 5.50%, 06/15/2035 |  | 35000 | 35658 |
|  Water Utilities-0.25% |  |  |  |
|  American Water Capital Corp., 5.25%, 03/01/2035 |  | 38000 | 38682 |
|  Wireless Telecommunication Services-0.98% |  |  |  |
|  T-Mobile USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 01/15/2035<sup>(b)</sup> |  | 74000 | 71761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/2035 |  | 79000 | 79810 |
|  |  |  | 151571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $14,917,246) |  |  | 15091948 |
|  | Shares | Shares |  |
|  Money Market Funds-0.52% |  |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.21%<sup>(c)(d)</sup><br>(Cost $79,351) |  | 79351 | 79351 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.52%<br>(Cost $14,996,597) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.52%<br>(Cost $14,996,597) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.52%<br>(Cost $14,996,597) | 15171299 |
| Investments Purchased with Cash Collateral from Securities on Loan | Investments Purchased with Cash Collateral from Securities on Loan | Investments Purchased with Cash Collateral from Securities on Loan |  |
|  Money Market Funds-3.45% |  |  |  |
|  Invesco Private Government Fund, 4.28%<sup>(c)(d)(e)</sup> |  | 147715 | 147715 |
|  Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup> |  | 383814 | 383929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $531,619) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $531,619) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $531,619) | 531644 |
|  TOTAL INVESTMENTS IN SECURITIES-101.97%<br>(Cost $15,528,216) |  |  | 15702943 |
|  OTHER ASSETS LESS LIABILITIES-(1.97)% |  |  | (302921) |
|  NET ASSETS-100.00% |  |  | $15400022 |

---

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

---

| |
|:---|
| 78 |
| 78 |
| 78 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2035 Corporate Bond ETF (BSCZ)–(continued)

August 31, 2025

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 August 31, 2025.

<sup>(c)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in 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 period ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value<br>August 31, 2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Change in<br>Unrealized<br>Appreciation | Realized<br>Gain<br>(Loss) | Value<br>August 31, 2025 | Dividend Income |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $- | $176317 | $(96966) | $- | $- | $79351 | $494 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund |  | 832562 | (684847) |  |  | 147715 | 517 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund |  | 845104 | (461194) | 25 | (6) | 383929 | 1235 \* |
| &nbsp;&nbsp; Total | $- | $1853983 | $(1243007) | $25 | $(6) | $610995 | $2246 |

---

\* 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>(d)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<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 |
| 79 |
| 79 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  U.S. Dollar Denominated Bonds & Notes-18.79% | U.S. Dollar Denominated Bonds & Notes-18.79% | U.S. Dollar Denominated Bonds & Notes-18.79% |
|  Aerospace & Defense-4.50% |  |  |
|  Spirit AeroSystems, Inc., 9.38%, 11/30/2029<sup>(b)</sup> | $30290000 | $32073112 |
|  Energy Equipment & Services-1.11% |  |  |
|  Welltec International ApS (Denmark), 8.25%, 10/15/2026<sup>(b)</sup> | 7902000 | 7886700 |
|  Financial Services-3.78% |  |  |
|  United Wholesale Mortgage LLC, 5.50%, 11/15/2025<sup>(b)</sup> | 26932000 | 26960691 |
|  Hotels, Restaurants & Leisure-4.21% |  |  |
|  Raising Cane's Restaurants LLC, 9.38%, 05/01/2029<sup>(b)</sup> | 16832000 | 17763853 |
|  Travel + Leisure Co., 6.60%, 10/01/2025 | 12263000 | 12270701 |
|  |  | 30034554 |
|  Insurance-2.51% |  |  |
|  Jones Deslauriers Insurance Management, Inc. (Canada), 10.50%, 12/15/2030<sup>(b)</sup> | 16830000 | 17883962 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Metals & Mining-0.09% |  |  |  |
|  Warrior Met Coal, Inc., 7.88%, 12/01/2028<sup>(b)</sup> | $| 666000 | $681757 |
|  Specialty Retail-2.59% |  |  |  |
|  Penske Automotive Group, Inc., 3.50%, 09/01/2025 |  | 18509000 | 18509000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $133,807,289) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $133,807,289) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $133,807,289) | 134029776 |
|  | Shares | Shares |  |
|  Money Market Funds-80.58% |  |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.21%<sup>(c)(d)</sup><br>(Cost $574,745,041) |  | 574745041 | 574745041 |
|  TOTAL INVESTMENTS IN SECURITIES-99.37%<br>(Cost $708,552,330) | TOTAL INVESTMENTS IN SECURITIES-99.37%<br>(Cost $708,552,330) | TOTAL INVESTMENTS IN SECURITIES-99.37%<br>(Cost $708,552,330) | 708774817 |
|  OTHER ASSETS LESS LIABILITIES-0.63% |  |  | 4517349 |
|  NET ASSETS-100.00%. |  |  | $713292166 |

---

Investment Abbreviations:

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 August 31, 2025 was $103,250,075, which represented 14.48% of the Fund's Net Assets. 

<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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value<br>August 31, 2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Realized<br>Gain<br>(Loss) | Value<br>August 31, 2025 | Dividend Income |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $51739099 | $1400508147 | $(877502205) | $- | $- | $574745041 | $8025746 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 26335623 | 101326602 | (127662225) |  |  |  | 777797 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 68703804 | 228220182 | (296911282) | (3676) | (9028) |  | 2070138 \* |
| &nbsp;&nbsp; Total | $146778526 | $1730054931 | $(1302075712) | $(3676) | $(9028) | $574745041 | $10873681 |

---

\* 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.

---

| |
|:---|
| 80 |
| 80 |
| 80 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)–(continued)

August 31, 2025

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

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

---

| |
|:---|
| 81 |
| 81 |
| 81 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  U.S. Dollar Denominated Bonds & Notes-94.37% | U.S. Dollar Denominated Bonds & Notes-94.37% | U.S. Dollar Denominated Bonds & Notes-94.37% |
|  Aerospace & Defense-3.77% |  |  |
|  Bombardier, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/2026<sup>(b)</sup> | $2976000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2992329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/15/2030<sup>(b)(c)</sup> | 14792000 | 15959636 |
|  Spirit AeroSystems, Inc., 9.75%, 11/15/2030<sup>(b)</sup> | 21850000 | 24091155 |
|  |  | 43043120 |
|  Automobile Components-0.63% |  |  |
|  FXI Holdings, Inc., 12.25%, 11/15/2026<sup>(b)</sup> | 7980000 | 7143058 |
|  Banks-0.96% |  |  |
|  Freedom Mortgage Corp., 12.25%, 10/01/2030<sup>(b)</sup> | 9860000 | 10942263 |
|  Capital Markets-2.45% |  |  |
|  Aretec Group, Inc., 10.00%, 08/15/2030<sup>(b)</sup> | 13812000 | 15093339 |
|  Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.25%, 05/15/2026 | 12866000 | 12874247 |
|  |  | 27967586 |
|  Chemicals-2.92% |  |  |
|  Calderys Financing LLC (France), 11.25%, 06/01/2028<sup>(b)</sup> | 10846000 | 11492476 |
|  Consolidated Energy Finance S.A. (Switzerland), 6.50%, 05/15/2026<sup>(b)</sup> | 3969000 | 3873864 |
|  SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/2026<sup>(b)</sup> | 13597000 | 13520084 |
|  Scotts Miracle-Gro Co. (The), 5.25%, 12/15/2026 | 4473000 | 4470810 |
|  |  | 33357234 |
|  Commercial Services & Supplies-2.63% |  |  |
|  Crown Americas LLC/Crown Americas |  |  |
|  Capital Corp. V, 4.25%, 09/30/2026 | 7892000 | 7861406 |
|  Matthews International Corp., 8.63%, 10/01/2027<sup>(b)(c)</sup> | 5370000 | 5569657 |
|  RB Global Holdings, Inc. (Canada), 7.75%, 03/15/2031<sup>(b)(c)</sup> | 15777000 | 16576010 |
|  |  | 30007073 |
|  Communications Equipment-1.06% |  |  |
|  Hughes Satellite Systems Corp., 5.25%, 08/01/2026<sup>(c)</sup> | 12521000 | 12145173 |
|  Construction & Engineering-0.47% |  |  |
|  INNOVATE Corp., 10.50%, 02/01/2027<sup>(b)</sup>  | 6070350 | 5334320 |
|  Consumer Finance-3.80% |  |  |
|  Bread Financial Holdings, Inc., 9.75%, 03/15/2029<sup>(b)</sup> | 14235000 | 15221884 |
|  Navient Corp., 6.75%, 06/15/2026<sup>(c)</sup> | 9868000 | 9982074 |
|  OneMain Finance Corp., 7.13%, 03/15/2026<sup>(c)</sup> | 8366000 | 8463406 |
|  SLM Corp., 3.13%, 11/02/2026<sup>(c)</sup> | 9867000 | 9680333 |
|  |  | 43347697 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Consumer Staples Distribution & Retail-1.29% | Consumer Staples Distribution & Retail-1.29% |  |
|  Albertson's Cos., Inc./Safeway, Inc./New Albertson's L.P./Albertson's LLC, 3.25%, 03/15/2026<sup>(b)</sup> | $14791000 | $&nbsp;&nbsp;&nbsp;&nbsp;14695181 |
|  Containers & Packaging-1.31% |  |  |
|  Ball Corp., 4.88%, 03/15/2026 | 5024000 | 5016733 |
|  Crown Cork & Seal Co., Inc., 7.38%, 12/15/2026 | 6900000 | 7107110 |
|  Mauser Packaging Solutions Holding Co., 7.88%, 08/15/2026<sup>(b)</sup> | 2791000 | 2787129 |
|  |  | 14910972 |
|  Distributors-2.19% |  |  |
|  Evergreen Acqco 1 L.P./TVI, Inc., 9.75%, 04/26/2028<sup>(b)</sup> | 7914000 | 8253400 |
|  Windsor Holdings III LLC, 8.50%, 06/15/2030<sup>(b)(c)</sup> | 15780000 | 16788784 |
|  |  | 25042184 |
|  Diversified Consumer Services-0.62% |  |  |
|  Graham Holdings Co., 5.75%, 06/01/2026<sup>(b)</sup> | 7153000 | 7126310 |
|  Diversified REITs-4.14% |  |  |
|  Uniti Group L.P./Uniti Group Finance 2019, |  |  |
|  Inc./CSL Capital LLC, 10.50%, 02/15/2028<sup>(b)</sup> | 44876000 | 47249492 |
|  Diversified Telecommunication Services-4.89% | Diversified Telecommunication Services-4.89% |  |
|  Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/2029<sup>(b)</sup> | 18573000 | 18766475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/15/2030<sup>(b)(c)</sup> | 21321000 | 22300274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 03/15/2031<sup>(b)</sup> | 13932000 | 14798612 |
|  |  | 55865361 |
|  Electric Utilities-7.50% |  |  |
|  Talen Energy Supply LLC, 8.63%, 06/01/2030<sup>(b)</sup> | 23675000 | 25297543 |
|  Terraform Global Operating L.P., 6.13%, 03/01/2026<sup>(b)</sup> | 2425000 | 2420454 |
|  Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2026<sup>(b)</sup> | 17886000 | 17871044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/2031<sup>(b)(c)</sup> | 28601000 | 30405895 |
|  XPLR Infrastructure Operating Partners L.P., 3.88%, 10/15/2026<sup>(b)(c)</sup> | 9867000 | 9674675 |
|  |  | 85669611 |
|  Electrical Equipment-2.15% |  |  |
|  WESCO Distribution, Inc., 7.25%, 06/15/2028<sup>(b)(c)</sup> | 24116000 | 24504316 |
|  Energy Equipment & Services-1.45% |  |  |
|  Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/15/2027<sup>(b)</sup> | 9997000 | 10190332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 07/15/2031<sup>(b)(c)</sup> | 5906000 | 6430252 |
|  |  | 16620584 |
|  Entertainment-0.48% |  |  |
|  Live Nation Entertainment, Inc., 5.63%, 03/15/2026<sup>(b)</sup> | 5458000 | 5473992 |

---

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

---

| |
|:---|
| 82 |
| 82 |
| 82 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Financial Services-7.72% |  |  |
|  Burford Capital Global Finance LLC, 9.25%, 07/01/2031<sup>(b)</sup> | $13320000 | $&nbsp;&nbsp;&nbsp;&nbsp;14195963 |
|  eG Global Finance PLC (United Kingdom), 12.00%, 11/30/2028<sup>(b)</sup> | 19677000 | 21754124 |
|  GGAM Finance Ltd. (Ireland), 7.75%, 05/15/2026<sup>(b)</sup> | 7895000 | 7928333 |
|  Jefferson Capital Holdings LLC, 6.00%, 08/15/2026<sup>(b)</sup> | 5461000 | 5467608 |
|  Nationstar Mortgage Holdings, Inc., 5.00%, 02/01/2026<sup>(b)</sup> | 9868000 | 9852929 |
|  NCR Atleos Corp., 9.50%, 04/01/2029<sup>(b)</sup> | 26640000 | 28903388 |
|  |  | 88102345 |
|  Gas Utilities-1.11% |  |  |
|  Ferrellgas L.P./Ferrellgas Finance Corp., 5.38%, 04/01/2026<sup>(b)</sup> | 12825000 | 12664949 |
|  Ground Transportation-0.80% |  |  |
|  Hertz Corp. (The), 4.63%, 12/01/2026<sup>(b)</sup>  | 9860000 | 9148763 |
|  Health Care Providers & Services-4.83% |  |  |
|  Heartland Dental LLC/Heartland Dental Finance Corp., 10.50%, 04/30/2028<sup>(b)(c)</sup> | 14810000 | 15739539 |
|  LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 08/15/2030<sup>(b)(c)</sup> | 14315000 | 15517761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 10/15/2030<sup>(b)(c)</sup> | 19676000 | 21714925 |
|  Team Health Holdings, Inc., 8.38%, 06/30/2028<sup>(b)</sup> | 2154000 | 2182250 |
|  |  | 55154475 |
|  Hotel & Resort REITs-0.85% |  |  |
|  RLJ Lodging Trust L.P., 3.75%, 07/01/2026<sup>(b)(c)</sup> | 9863000 | 9744903 |
|  Hotels, Restaurants & Leisure-5.70% |  |  |
|  Brinker International, Inc., 8.25%, 07/15/2030<sup>(b)(c)</sup> | 6446000 | 6858247 |
|  CCM Merger, Inc., 6.38%, 05/01/2026<sup>(b)</sup> | 4689000 | 4696409 |
|  CEC Entertainment LLC, 6.75%, 05/01/2026<sup>(b)(c)</sup> | 12825000 | 12790207 |
|  Empire Resorts, Inc., 7.75%, 11/01/2026<sup>(b)</sup> | 5296000 | 5296280 |
|  MGM Resorts International, 4.63%, 09/01/2026<sup>(c)</sup> | 7281000 | 7237669 |
|  Travel + Leisure Co., 6.63%, 07/31/2026<sup>(b)</sup> | 12826000 | 12941229 |
|  Viking Cruises Ltd., 9.13%, 07/15/2031<sup>(b)</sup>  | 14205000 | 15313445 |
|  |  | 65133486 |
|  Household Durables-1.28% |  |  |
|  WASH Multifamily Acquisition, Inc., 5.75%, 04/15/2026<sup>(b)(c)</sup> | 14583000 | 14588176 |
|  Insurance-1.33% |  |  |
|  Jones Deslauriers Insurance Management, Inc. (Canada), 8.50%, 03/15/2030<sup>(b)</sup> | 14305000 | 15140614 |
|  Life Sciences Tools & Services-1.71% |  |  |
|  IQVIA, Inc., 5.00%, 10/15/2026(b)(c) | 19533000 | 19527750 |
|  Machinery-0.94% |  |  |
|  Chart Industries, Inc., 9.50%, 01/01/2031<sup>(b)(c)</sup> | 10018000 | 10736311 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Marine Transportation-1.44% |  |  |  |
|  NCL Corp. Ltd., 8.13%, 01/15/2029<sup>(b)</sup> | $| 15580000 | $&nbsp;&nbsp;&nbsp;&nbsp;16393650 |
|  Media-7.70% |  |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/2026<sup>(b)</sup> |  | 13916000 | 13938975 |
|  DISH DBS Corp., 5.25%, 12/01/2026<sup>(b)</sup> |  | 43369000 | 42105346 |
|  Radiate Holdco LLC/Radiate Finance, Inc., 6.25%, 09/25/2029<sup>(b)(c)(d)</sup> |  | 9903880 | 8853160 |
|  Sirius XM Radio LLC, 3.13%, 09/01/2026<sup>(b)</sup> |  | 17942000 | 17842334 |
|  TEGNA, Inc., 4.75%, 03/15/2026<sup>(b)</sup> |  | 5242000 | 5247834 |
|  |  |  | 87987649 |
|  Metals & Mining-0.93% |  |  |  |
|  Baffinland Iron Mines Corp./Baffinland Iron Mines L.P. (Canada), 8.75%, 07/15/2026<sup>(b)</sup> |  | 11347000 | 10637239 |
|  Mortgage REITs-0.68% |  |  |  |
|  Starwood Property Trust, Inc., 3.63%, 07/15/2026<sup>(b)</sup> |  | 7890000 | 7775459 |
|  Oil, Gas & Consumable Fuels-5.83% |  |  |  |
|  Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, 07/15/2026<sup>(b)</sup> |  | 5436000 | 5440492 |
|  Buckeye Partners L.P., 3.95%, 12/01/2026 |  | 11834000 | 11699207 |
|  CITGO Petroleum Corp., 6.38%, 06/15/2026<sup>(b)</sup> |  | 11213000 | 11231990 |
|  Civitas Resources, Inc., 5.00%, 10/15/2026<sup>(b)(c)</sup> |  | 7894000 | 7877517 |
|  Range Resources Corp., 8.25%, 01/15/2029 |  | 11833000 | 12151107 |
|  SM Energy Co., 6.75%, 09/15/2026 |  | 8275000 | 8265292 |
|  Strathcona Resources Ltd. (Canada), 6.88%, 08/01/2026<sup>(b)(c)</sup> |  | 9859000 | 9864173 |
|  |  |  | 66529778 |
|  Real Estate Management & Development-1.47% | Real Estate Management & Development-1.47% | Real Estate Management & Development-1.47% |  |
|  Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/2031<sup>(b)(c)</sup> |  | 7890000 | 8466018 |
|  Greystar Real Estate Partners LLC, 7.75%, 09/01/2030<sup>(b)</sup> |  | 7886000 | 8356100 |
|  |  |  | 16822118 |
|  Software-1.65% |  |  |  |
|  Consensus Cloud Solutions, Inc., 6.00%, 10/15/2026<sup>(b)</sup> |  | 4180000 | 4184974 |
|  Fair Isaac Corp., 5.25%, 05/15/2026<sup>(b)</sup> |  | 7276000 | 7289598 |
|  RingCentral, Inc., 8.50%, 08/15/2030<sup>(b)</sup> |  | 6908000 | 7378083 |
|  |  |  | 18852655 |
|  Specialty Retail-0.85% |  |  |  |
|  Bath & Body Works, Inc., 7.50%, 06/15/2029<sup>(c)</sup> |  | 9470000 | 9760795 |
|  Technology Hardware, Storage & Peripherals-0.86% | Technology Hardware, Storage & Peripherals-0.86% | Technology Hardware, Storage & Peripherals-0.86% |  |
|  Western Digital Corp., 4.75%, 02/15/2026 |  | 9821000 | 9811275 |

---

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

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)–(continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Textiles, Apparel & Luxury Goods-1.98% |  |  |  |
|  Hanesbrands, Inc., 9.00%, 02/15/2031<sup>(b)(c)</sup> | $| 11783000 | $12538514 |
|  Under Armour, Inc., 3.25%, 06/15/2026 |  | 10189000 | 10063333 |
|  |  |  | 22601847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $1,071,861,474) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $1,071,861,474) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $1,071,861,474) | 1077559764 |
|  | Shares | Shares |  |
|  Money Market Funds-7.52% |  |  |  |
|  Invesco Government & Agency Portfolio, |  |  |  |
|  Institutional Class, 4.21%<sup>(e)(f)</sup><br>(Cost $85,881,696) |  | 85881696 | 85881696 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-101.89%<br>(Cost $1,157,743,170) | TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-101.89%<br>(Cost $1,157,743,170) | TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-101.89%<br>(Cost $1,157,743,170) | 1163441460 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Investments Purchased with Cash Collateral from Securities on Loan | Investments Purchased with Cash Collateral from Securities on Loan |  |
|  Money Market Funds-10.10% |  |  |
|  Invesco Private Government Fund, 4.28%<sup>(e)(f)(g)</sup> | 32048627 | $32048627 |
|  Invesco Private Prime Fund, 4.46%<sup>(e)(f)(g)</sup> | 83327267 | 83352265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $115,395,077) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $115,395,077) | 115400892 |
|  TOTAL INVESTMENTS IN SECURITIES-111.99%<br>(Cost $1,273,138,247) |  | 1278842352 |
|  OTHER ASSETS LESS LIABILITIES-(11.99)% |  | (136964040) |
|  NET ASSETS-100.00% |  | $1141878312 |

---

Investment Abbreviations:

REIT-Real Estate Investment Trust

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 August 31, 2025 was $930,969,794, which represented 81.53% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at August 31, 2025.

<sup>(d)</sup> All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

<sup>(e)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in 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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value<br>August 31, 2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Realized<br>Gain<br>(Loss) | Value<br>August 31, 2025 | Dividend Income |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $9201671 | $577813576 | $(501133551) | $- | $- | $85881696 | $1337059 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 39509241 | 225452575 | (232913189) |  |  | 32048627 | 1668484 \* |
|  Invesco Private Prime Fund | 103085105 | 512340223 | (532056662) | (2863) | (13538) | 83352265 | 4482643 \* |
| &nbsp;&nbsp; Total | $151796017 | $1315606374 | $(1266103402) | $(2863) | $(13538) | $201282588 | $7488186 |

---

\* 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.

---

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)–(continued)

August 31, 2025

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<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.

---

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| 85 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  U.S. Dollar Denominated Bonds & Notes-97.34% | U.S. Dollar Denominated Bonds & Notes-97.34% | U.S. Dollar Denominated Bonds & Notes-97.34% |
|  Aerospace & Defense-0.51% |  |  |
|  Moog, Inc., 4.25%, 12/15/2027<sup>(b)(c)</sup> | $3138000 | $&nbsp;&nbsp;&nbsp;&nbsp;3091212 |
|  Automobile Components-3.57% |  |  |
|  American Axle & Manufacturing, Inc., 6.50%, 04/01/2027<sup>(c)</sup> | 3118000 | 3140871 |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2027<sup>(b)(c)</sup> | 2165000 | 2157585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2027<sup>(b)(c)</sup> | 1762000 | 1753793 |
|  Cougar JV Subsidiary LLC, 8.00%, 05/15/2032<sup>(b)</sup> | 4230000 | 4487768 |
|  Dana, Inc., 5.38%, 11/15/2027 | 2495000 | 2492718 |
|  Goodyear Tire & Rubber Co. (The), 4.88%, 03/15/2027<sup>(c)</sup> | 4370000 | 4341904 |
|  United Rentals (North America), Inc., 5.50%, 05/15/2027 | 3132000 | 3131658 |
|  |  | 21506297 |
|  Automobiles-0.41% |  |  |
|  Allison Transmission, Inc., 4.75%, 10/01/2027<sup>(b)</sup> | 2505000 | 2485163 |
|  Banks-0.56% |  |  |
|  Freedom Mortgage Corp., 6.63%, 01/15/2027<sup>(b)</sup> | 3353000 | 3363877 |
|  Broadline Retail-2.03% |  |  |
|  Rakuten Group, Inc. (Japan), 11.25%, 02/15/2027<sup>(b)</sup> | 11293000 | 12220664 |
|  Building Products-0.77% |  |  |
|  Advanced Drainage Systems, Inc., 5.00%, 09/30/2027<sup>(b)</sup> | 2195000 | 2180983 |
|  JELD-WEN, Inc., 4.88%, 12/15/2027<sup>(b)(c)</sup> | 2506000 | 2467462 |
|  |  | 4648445 |
|  Capital Markets-1.48% |  |  |
|  Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 5.25%, 05/15/2027 | 9111000 | 8894202 |
|  Chemicals-3.05% |  |  |
|  Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V., 4.75%, 06/15/2027<sup>(b)</sup> | 3138000 | 3126090 |
|  Chemours Co. (The), 5.38%, 05/15/2027<sup>(c)</sup> | 3104000 | 3094829 |
|  HB Fuller Co., 4.00%, 02/15/2027 | 1739000 | 1720961 |
|  Methanex Corp. (Canada), 5.13%, 10/15/2027 | 4390000 | 4373231 |
|  Olympus Water US Holding Corp., 7.13%, 10/01/2027<sup>(b)(c)</sup> | 2036000 | 2074358 |
|  SNF Group SACA (France), 3.13%, 03/15/2027<sup>(b)</sup> | 2023000 | 1966031 |
|  Suburban Propane Partners L.P./Suburban Energy Finance Corp., 5.88%, 03/01/2027 | 2032000 | 2022967 |
|  |  | 18378467 |
|  Commercial Services & Supplies-4.95% |  |  |
|  Brink's Co. (The), 4.63%, 10/15/2027<sup>(b)</sup> | 3762000 | 3732329 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Commercial Services & Supplies-(continued) |  |  |
|  Clean Harbors, Inc., 4.88%, 07/15/2027<sup>(b)(c)</sup> | $3421000 | $&nbsp;&nbsp;&nbsp;&nbsp;3407303 |
|  CoreCivic, Inc., 4.75%, 10/15/2027 | 1383000 | 1360210 |
|  Enviri Corp., 5.75%, 07/31/2027<sup>(b)(c)</sup> | 2977000 | 2945751 |
|  Garda World Security Corp. (Canada), 4.63%, 02/15/2027<sup>(b)(c)</sup> | 3573000 | 3549994 |
|  GEO Group, Inc. (The), 10.25%, 04/15/2031 | 3920000 | 4323968 |
|  Pitney Bowes, Inc., 6.88%, 03/15/2027<sup>(b)</sup> | 2299000 | 2308543 |
|  Prime Security Services Borrower LLC/ Prime Finance, Inc., 3.38%, 08/31/2027<sup>(b)(c)</sup> | 6274000 | 6083634 |
|  Sabre GLBL, Inc., 8.63%, 06/01/2027<sup>(b)(c)</sup> | 2081000 | 2107786 |
|  |  | 29819518 |
|  Communications Equipment-0.77% |  |  |
|  CommScope Technologies LLC, 5.00%, 03/15/2027<sup>(b)</sup> | 4700000 | 4655504 |
|  Construction & Engineering-0.45% |  |  |
|  Pike Corp., 8.63%, 01/31/2031<sup>(b)</sup> | 2512000 | 2691274 |
|  Consumer Finance-2.08% |  |  |
|  Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2027<sup>(c)</sup> | 4390000 | 4360913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 03/15/2031 | 3138000 | 3544340 |
|  OneMain Finance Corp., 3.50%, 01/15/2027<sup>(c)</sup> | 4699000 | 4601656 |
|  |  | 12506909 |
|  Consumer Staples Distribution & Retail-3.06% |  |  |
|  Albertson's Cos., Inc./Safeway, Inc./New Albertson's L.P./Albertson's LLC, 4.63%, 01/15/2027<sup>(b)</sup> | 8463000 | 8418376 |
|  Fiesta Purchaser, Inc., 7.88%, 03/01/2031<sup>(b)</sup> | 3137000 | 3332670 |
|  Performance Food Group, Inc., 5.50%, 10/15/2027<sup>(b)</sup> | 6644000 | 6639155 |
|  |  | 18390201 |
|  Containers & Packaging-6.86% |  |  |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/2027<sup>(b)</sup> | 3762000 | 3765117 |
|  Graphic Packaging International LLC, 4.75%, 07/15/2027<sup>(b)(c)</sup> | 1744000 | 1724829 |
|  LABL, Inc., 10.50%, 07/15/2027<sup>(b)(c)</sup> | 4324000 | 3855762 |
|  Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 04/15/2027<sup>(b)(c)</sup> | 16900000 | 17122286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/15/2027<sup>(b)</sup> | 8422000 | 8391603 |
|  Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027<sup>(b)(c)</sup> | 3835000 | 3835013 |
|  Sealed Air Corp., 4.00%, 12/01/2027<sup>(b)</sup> | 2669075 | 2614913 |
|  |  | 41309523 |

---

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

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Diversified Consumer Services-1.36% |  |  |
|  Service Corp. International, 4.63%, 12/15/2027 | $3448000 | $&nbsp;&nbsp;&nbsp;&nbsp;3432795 |
|  Sotheby's, 7.38%, 10/15/2027<sup>(b)(c)</sup> | 4798000 | 4769177 |
|  |  | 8201972 |
|  Diversified Telecommunication Services-4.19% |  |  |
|  Frontier Communications Holdings LLC, 5.88%, 10/15/2027<sup>(b)</sup> | 7207000 | 7209879 |
|  Level 3 Financing, Inc., 10.75%, 12/15/2030<sup>(b)(c)</sup> | 2340350 | 2647474 |
|  Maya S.A.S. (France), 8.50%, 04/15/2031<sup>(b)(c)</sup> | 5954000 | 6410346 |
|  Zayo Group Holdings, Inc., 4.00%, 03/01/2027<sup>(b)</sup> | 9266000 | 8970773 |
|  |  | 25238472 |
|  Electric Utilities-1.91% |  |  |
|  Vistra Operations Co. LLC, 5.00%, 07/31/2027<sup>(b)</sup> | 8147000 | 8130094 |
|  XPLR Infrastructure Operating Partners L.P., 4.50%, 09/15/2027<sup>(b)(c)</sup> | 3452000 | 3387962 |
|  |  | 11518056 |
|  Electrical Equipment-0.70% |  |  |
|  EnerSys, 4.38%, 12/15/2027<sup>(b)(c)</sup> | 1737000 | 1708047 |
|  Nissan Motor Acceptance Co. LLC, 5.30%, 09/13/2027<sup>(b)(c)</sup> | 2505000 | 2494140 |
|  |  | 4202187 |
|  Energy Equipment & Services-2.12% |  |  |
|  Enerflex Ltd. (Canada), 9.00%, 10/15/2027<sup>(b)</sup> | 3523000 | 3628468 |
|  Nabors Industries, Inc., 7.38%, 05/15/2027<sup>(b)(c)</sup> | 4360000 | 4435524 |
|  USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027 | 4700000 | 4703939 |
|  |  | 12767931 |
|  Entertainment-2.68% |  |  |
|  Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/2027<sup>(b)</sup> | 7523000 | 7606610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027<sup>(b)(c)</sup> | 5938000 | 5892271 |
|  Odeon Finco PLC (United Kingdom), 12.75%, 11/01/2027<sup>(b)</sup> | 2508000 | 2601689 |
|  |  | 16100570 |
|  Financial Services-2.65% |  |  |
|  GGAM Finance Ltd. (Ireland), 8.00%, 02/15/2027<sup>(b)</sup> | 4380000 | 4496017 |
|  LD Holdings Group LLC, 8.75%, 11/01/2027<sup>(b)</sup> | 2140000 | 2045458 |
|  Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/2027<sup>(b)</sup> | 3758000 | 3753450 |
|  Oxford Finance LLC/Oxford Finance Co.-Issuer II, Inc., 6.38%, 02/01/2027<sup>(b)</sup>  | 2505000 | 2504691 |
|  United Wholesale Mortgage LLC, 5.75%, 06/15/2027<sup>(b)</sup> | 3137000 | 3135683 |
|  |  | 15935299 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Gas Utilities-0.53% |  |  |
|  AmeriGas Partners L.P./AmeriGas Finance Corp., 5.75%, 05/20/2027 | $3210000 | $&nbsp;&nbsp;&nbsp;&nbsp;3205481 |
|  Health Care Equipment & Supplies-0.88% |  |  |
|  Teleflex, Inc., 4.63%, 11/15/2027 | 3137000 | 3105286 |
|  Varex Imaging Corp., 7.88%, 10/15/2027<sup>(b)(c)</sup> | 2134000 | 2177585 |
|  |  | 5282871 |
|  Health Care Providers & Services-3.12% |  |  |
|  Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/2027 | 9372000 | 9383996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/01/2027 | 9405000 | 9383794 |
|  |  | 18767790 |
|  Health Care REITs-1.38% |  |  |
|  MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027 | 8782000 | 8325007 |
|  Health Care Technology-0.31% |  |  |
|  Cogent Communications Group, Inc./Cogent Communications Finance, Inc., 7.00%, 06/15/2027<sup>(b)(c)</sup> | 1880000 | 1873160 |
|  Hotel & Resort REITs-1.19% |  |  |
|  RHP Hotel Properties L.P./RHP Finance Corp., 4.75%, 10/15/2027 | 4374000 | 4365886 |
|  Service Properties Trust, 5.50%, 12/15/2027 | 2821000 | 2786228 |
|  |  | 7152114 |
|  Hotels, Restaurants & Leisure-5.60% |  |  |
|  Academy Ltd., 6.00%, 11/15/2027<sup>(b)(c)</sup> | 2400000 | 2404966 |
|  Boyd Gaming Corp., 4.75%, 12/01/2027 | 6270000 | 6224783 |
|  Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/2027 | 3759000 | 3751366 |
|  KFC Holding Co./Pizza Hut Holdings LLC/ Taco Bell of America LLC, 4.75%, 06/01/2027<sup>(b)</sup> | 4705000 | 4701201 |
|  PENN Entertainment, Inc., 5.63%, 01/15/2027<sup>(b)(c)</sup> | 2505000 | 2504094 |
|  Six Flags Entertainment Corp., 5.50%,<br>04/15/2027<sup>(b)(c)</sup> | 3022000 | 3015861 |
|  Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp., 5.38%, 04/15/2027 | 3126000 | 3112992 |
|  Travel + Leisure Co., Series J, 6.00%, 04/01/2027<sup>(c)</sup> | 2326000 | 2357889 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/2027<sup>(b)</sup> | 5624000 | 5631266 |
|  |  | 33704418 |
|  Household Durables-1.71% |  |  |
|  Beazer Homes USA, Inc., 5.88%, 10/15/2027<sup>(c)</sup> | 2244000 | 2241358 |
|  Mattamy Group Corp. (Canada), 5.25%, 12/15/2027<sup>(b)</sup> | 3127000 | 3118587 |
|  Newell Brands, Inc., 6.38%, 09/15/2027<sup>(c)</sup>  | 3127000 | 3171344 |
|  Tri Pointe Homes, Inc., 5.25%, 06/01/2027 | 1734000 | 1734439 |
|  |  | 10265728 |

---

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

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Household Products-0.30% |  |  |
|  Energizer Holdings, Inc., 6.50%, 12/31/2027<sup>(b)</sup> | $1784000 | $&nbsp;&nbsp;&nbsp;&nbsp;1801546 |
|  Insurance-2.86% |  |  |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/2027<sup>(b)</sup> | 4697000 | 4633294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/2027<sup>(b)</sup> | 8405000 | 8430417 |
|  USI, Inc., 7.50%, 01/15/2032<sup>(b)</sup> | 3885000 | 4121177 |
|  |  | 17184888 |
|  Interactive Media & Services-3.48% |  |  |
|  Match Group Holdings II LLC, 5.00%, 12/15/2027<sup>(b)</sup> | 2821000 | 2807843 |
|  Nexstar Media, Inc., 5.63%, 07/15/2027<sup>(b)(c)</sup> | 10747000 | 10742066 |
|  WarnerMedia Holdings, Inc., 3.76%, 03/15/2027<sup>(c)</sup> | 7490000 | 7382706 |
|  |  | 20932615 |
|  IT Services-1.60% |  |  |
|  Cablevision Lightpath LLC, 3.88%, 09/15/2027<sup>(b)</sup> | 2819000 | 2783626 |
|  Cogent Communications Group, Inc., 7.00%, 06/15/2027<sup>(b)(c)</sup> | 2817000 | 2809202 |
|  EquipmentShare.com, Inc., 8.63%, 05/15/2032<sup>(b)(c)</sup> | 3760000 | 4054630 |
|  |  | 9647458 |
|  Machinery-1.62% |  |  |
|  TK Elevator U.S. Newco, Inc. (Germany), 5.25%, 07/15/2027<sup>(b)</sup> | 9780000 | 9758903 |
|  Media-10.42% |  |  |
|  Altice Financing S.A. (Luxembourg), 9.63%, 07/15/2027<sup>(b)</sup> | 1850000 | 1722424 |
|  Belo Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 06/01/2027 | 1112000 | 1158765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 09/15/2027 | 1508000 | 1566349 |
|  CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/2027<sup>(b)(c)</sup> | 20376000 | 20286046 |
|  CSC Holdings LLC, 5.50%, 04/15/2027<sup>(b)</sup> | 7448000 | 7168371 |
|  DISH Network Corp., 11.75%, 11/15/2027<sup>(b)</sup> | 20282000 | 21456197 |
|  Sirius XM Radio LLC, 5.00%, 08/01/2027<sup>(b)</sup> | 9405000 | 9368429 |
|  |  | 62726581 |
|  Metals & Mining-0.14% |  |  |
|  Compass Minerals International, Inc., 6.75%, 12/01/2027<sup>(b)(c)</sup> | 867000 | 867998 |
|  Mortgage REITs-0.86% |  |  |
|  Blackstone Mortgage Trust, Inc., 3.75%, 01/15/2027<sup>(b)</sup> | 2104000 | 2058717 |
|  Starwood Property Trust, Inc., 4.38%, 01/15/2027<sup>(b)(c)</sup> | 3137000 | 3103365 |
|  |  | 5162082 |
|  Office REITs-0.37% |  |  |
|  Office Properties Income Trust, 3.25%, 03/15/2027<sup>(b)</sup> | 2678654 | 2229874 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Oil, Gas & Consumable Fuels-6.24% |  |  |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp., 9.00%, 11/01/2027<sup>(b)</sup> | $1979000 | $&nbsp;&nbsp;&nbsp;&nbsp;2393403 |
|  Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.25%, 07/15/2032<sup>(b)</sup> | 3120000 | 3313103 |
|  Calumet Specialty Products Partners L.P./Calumet Finance Corp., 8.13%, 01/15/2027<sup>(b)</sup> | 2035000 | 2031494 |
|  EnQuest PLC (United Kingdom), 11.63%, 11/01/2027<sup>(b)(c)</sup> | 2596000 | 2686603 |
|  Murphy Oil USA, Inc., 5.63%, 05/01/2027 | 1744000 | 1747365 |
|  NuStar Logistics L.P., 5.63%, 04/28/2027 | 3452000 | 3472612 |
|  Parkland Corp. (Canada), 5.88%, 07/15/2027<sup>(b)</sup> | 3118000 | 3117978 |
|  SM Energy Co., 6.63%, 01/15/2027 | 2611000 | 2614572 |
|  Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 03/01/2027<sup>(b)</sup> | 2495000 | 2493509 |
|  Venture Global LNG, Inc., 9.88%, 02/01/2032<sup>(b)(c)</sup> | 12540000 | 13662380 |
|  |  | 37533019 |
|  Passenger Airlines-0.58% |  |  |
|  Allegiant Travel Co., 7.25%, 08/15/2027<sup>(b)(c)</sup> | 3427000 | 3488672 |
|  Personal Care Products-0.89% |  |  |
|  BellRing Brands, Inc., 7.00%, 03/15/2030<sup>(b)(c)</sup> | 5168000 | 5348782 |
|  Professional Services-0.92% |  |  |
|  AMN Healthcare, Inc., 4.63%, 10/01/2027<sup>(b)(c)</sup> | 3137000 | 3088709 |
|  Korn Ferry, 4.63%, 12/15/2027<sup>(b)(c)</sup> | 2504000 | 2464341 |
|  |  | 5553050 |
|  Retail REITs-0.51% |  |  |
|  Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/2027<sup>(b)</sup> | 3120000 | 3068458 |
|  Software-0.95% |  |  |
|  Gen Digital, Inc., 6.75%, 09/30/2027<sup>(b)(c)</sup> | 5640000 | 5744853 |
|  Specialized REITs-2.56% |  |  |
|  Iron Mountain, Inc., 4.88%, 09/15/2027<sup>(b)</sup>  | 6245000 | 6209017 |
|  SBA Communications Corp., 3.88%, 02/15/2027<sup>(c)</sup> | 9376000 | 9222454 |
|  |  | 15431471 |
|  Specialty Retail-0.41% |  |  |
|  Lithia Motors, Inc., 4.63%, 12/15/2027<sup>(b)</sup> | 2505000 | 2483847 |
|  Textiles, Apparel & Luxury Goods-0.50% |  |  |
|  VF Corp., 2.80%, 04/23/2027<sup>(c)</sup> | 3130000 | 3024337 |
|  Trading Companies & Distributors-1.25% |  |  |
|  Herc Holdings, Inc., 5.50%, 07/15/2027<sup>(b)(c)</sup> | 7524000 | 7520546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes (Cost $580,003,700) |  | 586011292 |

---

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

---

| |
|:---|
| 88 |
| 88 |
| 88 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Money Market Funds-6.39% |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.21%<sup>(d)(e)</sup><br>(Cost $38,465,155) | 38465155 | $38465155 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-103.73%<br>(Cost $618,468,855) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-103.73%<br>(Cost $618,468,855) | 624476447 |
| Investments Purchased with Cash Collateral from Securities on Loan | Investments Purchased with Cash Collateral from Securities on Loan |  |
|  Money Market Funds-17.25% |  |  |
|  Invesco Private Government Fund, 4.28%<sup>(d)(e)(f)</sup> | 28838314 | 28838314 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Money Market Funds-(continued) | Money Market Funds-(continued) |  |
|  Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 74961594 | $74984082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $103,816,688) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $103,816,688) | 103822396 |
|  TOTAL INVESTMENTS IN SECURITIES-120.98% (Cost $722,285,543) | TOTAL INVESTMENTS IN SECURITIES-120.98% (Cost $722,285,543) | 728298843 |
|  OTHER ASSETS LESS LIABILITIES-(20.98)% | OTHER ASSETS LESS LIABILITIES-(20.98)% | (126308954) |
|  NET ASSETS-100.00% |  | $601989889 |

---

Investment Abbreviations:

REIT-Real Estate Investment Trust

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 August 31, 2025 was $433,131,121, which represented 71.95% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at August 31, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in 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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value<br>August 31, 2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Change in<br>Unrealized<br>Appreciation | Realized<br>Gain<br>(Loss) | Value<br>August 31, 2025 | Dividend Income |
| Investments in Affiliated Money Market Funds: |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $1229587 | $143684056 | $(106448488) | $- | $- | $38465155 | $307509 |
| Investments Purchased with Cash Collateral from Securities on Loan: |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 19664998 | 142568066 | (133394750) |  |  | 28838314 | 1033075 \* |
| Invesco Private Prime Fund | 51316130 | 333176011 | (309503131) | 1507 | (6435) | 74984082 | 2785346 \* |
| Total | $72210715 | $619428133 | $(549346369) | $1507 | $(6435) | $142287551 | $4125930 |

---

\* 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 August 31, 2025.

<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.

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| 89 |
| 89 |
| 89 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  U.S. Dollar Denominated Bonds & Notes-98.04% | U.S. Dollar Denominated Bonds & Notes-98.04% | U.S. Dollar Denominated Bonds & Notes-98.04% |
|  Aerospace & Defense-2.57% |  |  |
|  Bombardier, Inc. (Canada), 6.00%, 02/15/2028<sup>(b)(c)</sup> | $2196000 | $&nbsp;&nbsp;&nbsp;&nbsp;2199929 |
|  BWX Technologies, Inc., 4.13%, 06/30/2028<sup>(b)</sup> | 1177000 | 1150690 |
|  Spirit AeroSystems, Inc., 4.60%, 06/15/2028 | 2049000 | 2045118 |
|  TransDigm, Inc., 6.75%, 08/15/2028<sup>(b)</sup> | 6163000 | 6343498 |
|  |  | 11739235 |
|  Automobile Components-4.61% |  |  |
|  American Axle & Manufacturing, Inc., 6.88%, 07/01/2028<sup>(c)</sup> | 1137000 | 1138212 |
|  ANGI Group LLC, 3.88%, 08/15/2028<sup>(b)(c)</sup> | 1467000 | 1382692 |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 4.75%, 04/01/2028<sup>(b)</sup> | 1467000 | 1422432 |
|  Clarios Global L.P./Clarios US Finance Co., 6.75%, 05/15/2028<sup>(b)</sup> | 2199000 | 2249456 |
|  Dana, Inc., 5.63%, 06/15/2028 | 1172000 | 1172144 |
|  Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/2028<sup>(b)</sup> | 1467000 | 1423670 |
|  Tenneco, Inc., 8.00%, 11/17/2028<sup>(b)</sup> | 5573000 | 5576697 |
|  United Rentals (North America), Inc., 4.88%, 01/15/2028<sup>(c)</sup> | 4898000 | 4874041 |
|  ZF North America Capital, Inc. (Germany), 6.88%, 04/14/2028<sup>(b)</sup> | 1760000 | 1783998 |
|  |  | 21023342 |
|  Automobiles-0.12% |  |  |
|  Winnebago Industries, Inc., 6.25%, 07/15/2028<sup>(b)</sup> | 570000 | 569376 |
|  Banks-0.55% |  |  |
|  Freedom Mortgage Corp., 12.00%, 10/01/2028<sup>(b)(c)</sup> | 2343000 | 2507162 |
|  Biotechnology-0.67% |  |  |
|  Emergent BioSolutions, Inc., 3.88%, 08/15/2028<sup>(b)</sup> | 1279000 | 1072123 |
|  Grifols S.A. (Spain), 4.75%, 10/15/2028<sup>(b)(c)</sup> | 2064000 | 2001859 |
|  |  | 3073982 |
|  Building Products-1.01% |  |  |
|  Adams Homes, Inc., 9.25%, 10/15/2028<sup>(b)</sup> | 1141000 | 1187682 |
|  New Enterprise Stone & Lime Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2028<sup>(b)</sup> | 1719000 | 1700646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/2028<sup>(b)</sup> | 430000 | 432962 |
|  Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 02/15/2028 | 1316000 | 1299287 |
|  |  | 4620577 |
|  Capital Markets-0.61% |  |  |
|  Coinbase Global, Inc., 3.38%, 10/01/2028<sup>(b)</sup> | 2935000 | 2786810 |
|  Chemicals-5.75% |  |  |
|  Chemours Co. (The), 5.75%, 11/15/2028<sup>(b)(c)</sup> | 2295000 | 2212134 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Chemicals-(continued) |  |  |
|  Consolidated Energy Finance S.A. (Switzerland), 5.63%, 10/15/2028<sup>(b)(c)</sup> | $1543000 | $&nbsp;&nbsp;&nbsp;&nbsp;1301976 |
|  CVR Partners L.P./CVR Nitrogen Finance Corp., 6.13%, 06/15/2028<sup>(b)</sup> | 1616000 | 1615191 |
|  Element Solutions, Inc., 3.88%, 09/01/2028<sup>(b)(c)</sup> | 2343000 | 2272738 |
|  HB Fuller Co., 4.25%, 10/15/2028 | 851000 | 827180 |
|  Herens Holdco S.a.r.l. (Luxembourg), 4.75%, 05/15/2028<sup>(b)</sup> | 995000 | 856944 |
|  Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/2028<sup>(b)</sup> | 1305000 | 1308260 |
|  Ingevity Corp., 3.88%, 11/01/2028<sup>(b)(c)</sup> | 1616000 | 1549436 |
|  LSB Industries, Inc., 6.25%, 10/15/2028<sup>(b)</sup> | 1308000 | 1299067 |
|  Minerals Technologies, Inc., 5.00%, 07/01/2028<sup>(b)</sup> | 1141000 | 1126612 |
|  Olympus Water US Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/2028<sup>(b)(c)</sup> | 2396000 | 2298228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 11/15/2028<sup>(b)</sup> | 4986000 | 5233320 |
|  SCIH Salt Holdings, Inc., 4.88%, 05/01/2028<sup>(b)</sup> | 3230000 | 3158769 |
|  Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/2028<sup>(b)</sup> | 1177000 | 1149982 |
|  |  | 26209837 |
|  Commercial Services & Supplies-3.45% |  |  |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/2028<sup>(b)</sup> | 2274000 | 2224470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/2028<sup>(b)</sup> | 3598000 | 3514129 |
|  Garda World Security Corp. (Canada), 7.75%, 02/15/2028<sup>(b)</sup> | 1141000 | 1177877 |
|  GFL Environmental, Inc., 4.00%, 08/01/2028<sup>(b)(c)</sup> | 2205000 | 2151208 |
|  Interface, Inc., 5.50%, 12/01/2028<sup>(b)</sup> | 856000 | 852816 |
|  Madison IAQ LLC, 4.13%, 06/30/2028<sup>(b)</sup> | 2055000 | 1999519 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/2028<sup>(b)(c)</sup> | 3811000 | 3813360 |
|  |  | 15733379 |
|  Communications Equipment-0.25% |  |  |
|  Viasat, Inc., 6.50%, 07/15/2028<sup>(b)</sup> | 1177000 | 1146774 |
|  Construction & Engineering-1.00% |  |  |
|  Fluor Corp., 4.25%, 09/15/2028<sup>(c)</sup> | 1488000 | 1465110 |
|  Pike Corp., 5.50%, 09/01/2028<sup>(b)(c)</sup> | 2130000 | 2132205 |
|  Railworks Holdings L.P./Railworks Rally, Inc., 8.25%, 11/15/2028<sup>(b)(c)</sup> | 923000 | 944358 |
|  |  | 4541673 |
|  Construction Materials-0.76% |  |  |
|  Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028<sup>(b)</sup> | 2087000 | 2010057 |
|  Williams Scotsman, Inc., 4.63%, 08/15/2028<sup>(b)</sup> | 1467000 | 1444561 |
|  |  | 3454618 |
|  Consumer Finance-2.31% |  |  |
|  Credit Acceptance Corp., 9.25%, 12/15/2028<sup>(b)</sup> | 1762000 | 1862320 |

---

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

---

| |
|:---|
| 90 |
| 90 |
| 90 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)–(continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Consumer Finance-(continued) |  |  |  |
|  Enova International, Inc., 11.25%, 12/15/2028<sup>(b)</sup> | $| 1177000 | $&nbsp;&nbsp;&nbsp;&nbsp;1255780 |
|  FirstCash, Inc., 4.63%, 09/01/2028<sup>(b)</sup> |  | 1467000 | 1441489 |
|  goeasy Ltd. (Canada), 9.25%, 12/01/2028<sup>(b)(c)</sup> |  | 1616000 | 1701793 |
|  Navient Corp., 4.88%, 03/15/2028 |  | 1467000 | 1439779 |
|  OneMain Finance Corp., 3.88%, 09/15/2028<sup>(c)</sup> |  | 1762000 | 1690364 |
|  PRA Group, Inc., 8.38%, 02/01/2028<sup>(b)</sup> |  | 1134000 | 1168916 |
|  |  |  | 10560441 |
|  Consumer Staples Distribution & Retail-2.12% | Consumer Staples Distribution & Retail-2.12% | Consumer Staples Distribution & Retail-2.12% |  |
|  Albertson's Cos., Inc./Safeway, Inc./New Albertson's L.P./Albertson's LLC, 6.50%, 02/15/2028<sup>(b)</sup> |  | 2200000 | 2243912 |
|  Aramark Services, Inc., 5.00%, 02/01/2028<sup>(b)</sup> |  | 3379000 | 3357250 |
|  C&S Group Enterprises LLC, 5.00%, 12/15/2028<sup>(b)</sup> |  | 1177000 | 1071450 |
|  United Natural Foods, Inc., 6.75%, 10/15/2028<sup>(b)</sup> |  | 1467000 | 1465828 |
|  US Foods, Inc., 6.88%, 09/15/2028<sup>(b)</sup> |  | 1467000 | 1513294 |
|  |  |  | 9651734 |
|  Containers & Packaging-3.69% | Containers & Packaging-3.69% | Containers & Packaging-3.69% |  |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/2028<sup>(b)</sup> |  | 1761000 | 1665742 |
|  Ball Corp., 6.88%, 03/15/2028 |  | 2197000 | 2244156 |
|  Cascades, Inc./Cascades USA, Inc. (Canada), 5.38%, 01/15/2028<sup>(b)</sup> |  | 1307000 | 1288750 |
|  Graham Packaging Co., Inc., 7.13%, 08/15/2028<sup>(b)</sup> |  | 1495000 | 1498687 |
|  Graphic Packaging International LLC, 3.50%, 03/15/2028<sup>(b)(c)</sup> |  | 1317000 | 1268829 |
|  Iris Holding, Inc., 10.00%, 12/15/2028<sup>(b)</sup> |  | 1177000 | 1081125 |
|  LABL, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/2028<sup>(b)</sup> |  | 1467000 | 1166196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/01/2028<sup>(b)</sup> |  | 856000 | 714520 |
|  Sealed Air Corp., 6.13%, 02/01/2028<sup>(b)</sup> |  | 2273000 | 2307227 |
|  Silgan Holdings, Inc., 4.13%, 02/01/2028 |  | 1672000 | 1628326 |
|  Trident TPI Holdings, Inc., 12.75%, 12/31/2028<sup>(b)</sup> |  | 1822000 | 1950613 |
|  |  |  | 16814171 |
|  Diversified Consumer Services-0.26% | Diversified Consumer Services-0.26% | Diversified Consumer Services-0.26% |  |
|  Adtalem Global Education, Inc., 5.50%, 03/01/2028<sup>(b)</sup> |  | 1189000 | 1184984 |
|  Diversified REITs-0.36% | Diversified REITs-0.36% | Diversified REITs-0.36% |  |
|  Uniti Group L.P./Uniti Group Finance 2019, Inc./CSL Capital LLC, 4.75%, 04/15/2028<sup>(b)</sup> |  | 1672000 | 1632756 |
|  Diversified Telecommunication Services-2.72% | Diversified Telecommunication Services-2.72% | Diversified Telecommunication Services-2.72% |  |
|  CommScope LLC, 7.13%, 07/01/2028<sup>(b)</sup> |  | 1880000 | 1887520 |
|  Frontier Communications Holdings LLC, 5.00%, 05/01/2028<sup>(b)</sup> |  | 4551000 | 4542227 |
|  Level 3 Financing, Inc., 4.25%, 07/01/2028<sup>(b)</sup> |  | 510000 | 470475 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Diversified Telecommunication Services-(continued) | Diversified Telecommunication Services-(continued) | Diversified Telecommunication Services-(continued) |
|  Maya S.A.S. (France), 7.00%, 10/15/2028<sup>(b)(c)</sup> | $2502000 | $&nbsp;&nbsp;&nbsp;&nbsp;2547914 |
|  Zayo Group Holdings, Inc., 6.13%, 03/01/2028<sup>(b)</sup> | 3173000 | 2950258 |
|  |  | 12398394 |
|  Electric Utilities-1.04% |  |  |
|  Pattern Energy Operations L.P./Pattern Energy Operations, Inc., 4.50%, 08/15/2028<sup>(b)</sup> | 1876000 | 1829529 |
|  PG&E Corp., 5.00%, 07/01/2028 | 2933000 | 2901430 |
|  |  | 4730959 |
|  Electrical Equipment-0.47% |  |  |
|  Nissan Motor Acceptance Co. LLC, 7.05%, 09/15/2028<sup>(b)</sup> | 2050000 | 2122521 |
|  Energy Equipment & Services-1.59% |  |  |
|  Archrock Partners L.P./Archrock Partners Finance Corp., 6.25%, 04/01/2028<sup>(b)</sup> | 2344000 | 2353315 |
|  Bristow Group, Inc., 6.88%, 03/01/2028<sup>(b)</sup> | 1177000 | 1179800 |
|  Harvest Midstream I L.P., 7.50%, 09/01/2028<sup>(b)</sup> | 2344000 | 2370642 |
|  Oceaneering International, Inc., 6.00%, 02/01/2028 | 571000 | 577270 |
|  Transocean Aquila Ltd., 8.00%, 09/30/2028<sup>(b)</sup> | 752708 | 774411 |
|  |  | 7255438 |
|  Entertainment-0.80% |  |  |
|  Cinemark USA, Inc., 5.25%, 07/15/2028<sup>(b)(c)</sup> | 2242000 | 2229728 |
|  Live Nation Entertainment, Inc., 3.75%, 01/15/2028<sup>(b)(c)</sup> | 1467000 | 1430502 |
|  |  | 3660230 |
|  Financial Services-3.08% |  |  |
|  AG Issuer LLC, 6.25%, 03/01/2028<sup>(b)</sup> | 1467000 | 1470967 |
|  Burford Capital Global Finance LLC, 6.25%, 04/15/2028<sup>(b)(c)</sup> | 1172000 | 1171089 |
|  GGAM Finance Ltd. (Ireland), 8.00%,<br>06/15/2028<sup>(b)(c)</sup> | 1762000 | 1870758 |
|  Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028<sup>(b)</sup> | 2910000 | 2825972 |
|  LD Holdings Group LLC, 6.13%, 04/01/2028<sup>(b)</sup> | 1470000 | 1295677 |
|  Midcap Financial Issuer Trust, 6.50%, 05/01/2028<sup>(b)</sup> | 2932000 | 2925515 |
|  Nationstar Mortgage Holdings, Inc., 5.50%, 08/15/2028<sup>(b)</sup> | 2494000 | 2490540 |
|  |  | 14050518 |
|  Food Products-1.67% |  |  |
|  B&G Foods, Inc., 8.00%, 09/15/2028<sup>(b)(c)</sup> | 2343000 | 2305792 |
|  Chobani LLC/Chobani Finance Corp., Inc., 4.63%, 11/15/2028<sup>(b)(c)</sup> | 1250000 | 1233428 |
|  Lamb Weston Holdings, Inc., 4.88%, 05/15/2028<sup>(b)</sup> | 1467000 | 1462273 |
|  TKC Holdings, Inc., 6.88%, 05/15/2028<sup>(b)</sup> | 1252000 | 1259577 |
|  TreeHouse Foods, Inc., 4.00%, 09/01/2028 | 1467000 | 1364411 |
|  |  | 7625481 |

---

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

---

| |
|:---|
| 91 |
| 91 |
| 91 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)–(continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Gas Utilities-0.33% |  |  |  |
|  AmeriGas Partners L.P./AmeriGas Finance Corp., 9.38%, 06/01/2028<sup>(b)</sup> | $| 1448000 | $1495519 |
| Health Care Equipment & Supplies-1.48% | Health Care Equipment & Supplies-1.48% | Health Care Equipment & Supplies-1.48% |  |
|  Bausch & Lomb Corp., 8.38%, 10/01/2028<sup>(b)</sup> |  | 3980000 | 4150742 |
|  Hologic, Inc., 4.63%, 02/01/2028<sup>(b)</sup> |  | 1177000 | 1166412 |
|  Teleflex, Inc., 4.25%, 06/01/2028<sup>(b)</sup> |  | 1467000 | 1438281 |
|  |  |  | 6755435 |
| Health Care Providers & Services-4.24% | Health Care Providers & Services-4.24% | Health Care Providers & Services-4.24% |  |
|  Acadia Healthcare Co., Inc., 5.50%,<br>07/01/2028<sup>(b)(c)</sup> |  | 1317000 | 1311373 |
|  Avantor Funding, Inc., 4.63%, 07/15/2028<sup>(b)(c)</sup> |  | 4551000 | 4481879 |
|  Cano Health LLC, 6.25%, 10/01/2028<sup>(b)(d)(e)(f)</sup> |  | 100000 | 425 |
|  LifePoint Health, Inc., 8.38%, 02/15/2032<sup>(b)</sup> |  | 2050000 | 2174107 |
|  Molina Healthcare, Inc., 4.38%, 06/15/2028<sup>(b)</sup> |  | 2343000 | 2284997 |
|  Tenet Healthcare Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/2028 |  | 1763000 | 1744386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/2028 |  | 7339000 | 7348885 |
|  |  |  | 19346052 |
|  Health Care REITs-0.30% |  |  |  |
|  Diversified Healthcare Trust, 4.75%, 02/15/2028 |  | 1467000 | 1383249 |
|  Hotel & Resort REITs-0.73% |  |  |  |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, 10/01/2028<sup>(b)</sup> |  | 2130000 | 2129472 |
|  RHP Hotel Properties L.P./RHP Finance Corp., 7.25%, 07/15/2028<sup>(b)</sup> |  | 1172000 | 1207087 |
|  |  |  | 3336559 |
|  Hotels, Restaurants & Leisure-3.79% |  |  |  |
|  1011778 BC ULC/New Red Finance, Inc. (Canada), 4.38%, 01/15/2028<sup>(b)</sup> |  | 2197000 | 2162782 |
|  Acushnet Co., 7.38%, 10/15/2028<sup>(b)</sup> |  | 994000 | 1041614 |
|  Churchill Downs, Inc., 4.75%, 01/15/2028<sup>(b)</sup> |  | 2055000 | 2034186 |
|  Full House Resorts, Inc., 8.25%, 02/15/2028<sup>(b)(c)</sup> |  | 1205000 | 1154560 |
|  Hilton Domestic Operating Co., Inc., 5.75%, 05/01/2028<sup>(b)</sup> |  | 1467000 | 1470610 |
|  Light & Wonder International, Inc., 7.00%, 05/15/2028<sup>(b)(c)</sup> |  | 1986000 | 1993940 |
|  Marriott Ownership Resorts, Inc., 4.75%, 01/15/2028<sup>(c)</sup> |  | 994000 | 975832 |
|  MGM Resorts International, 4.75%, 10/15/2028<sup>(c)</sup> |  | 2197000 | 2188205 |
|  Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp., 6.50%, 10/01/2028 |  | 848000 | 853604 |
|  Station Casinos LLC, 4.50%, 02/15/2028<sup>(b)</sup>  |  | 2023000 | 1995256 |
|  Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028<sup>(b)</sup> |  | 1467000 | 1433212 |
|  |  |  | 17303801 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Household Durables-1.97% |  |  |  |  |
|  Dream Finders Homes, Inc., 8.25%, 08/15/2028<sup>(b)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;851000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884364 |
|  Installed Building Products, Inc., 5.75%, 02/01/2028<sup>(b)</sup> |  | 856000 |  | 857087 |
|  LGI Homes, Inc., 8.75%, 12/15/2028<sup>(b)(c)</sup> |  | 1141000 |  | 1195886 |
|  M/I Homes, Inc., 4.95%, 02/01/2028 |  | 1175000 |  | 1163543 |
|  Newell Brands, Inc., 8.50%, 06/01/2028<sup>(b)</sup> |  | 3664000 |  | 3877336 |
|  Tri Pointe Homes, Inc., 5.70%, 06/15/2028 |  | 999000 |  | 1018792 |
|  |  |  |  | 8997008 |
|  Household Products-0.80% |  |  |  |  |
|  Central Garden & Pet Co., 5.13%, 02/01/2028 |  | 848000 |  | 846720 |
|  Energizer Holdings, Inc., 4.75%, 06/15/2028<sup>(b)(c)</sup> |  | 1708000 |  | 1681452 |
|  Prestige Brands, Inc., 5.13%, 01/15/2028<sup>(b)</sup>  |  | 1139000 |  | 1132512 |
|  |  |  |  | 3660684 |
|  Independent Power and Renewable Electricity Producers-2.93% | Independent Power and Renewable Electricity Producers-2.93% | Independent Power and Renewable Electricity Producers-2.93% | Independent Power and Renewable Electricity Producers-2.93% | Independent Power and Renewable Electricity Producers-2.93% |
|  Atlantica Sustainable Infrastructure Ltd. (Spain), 4.13%, 06/15/2028<sup>(b)</sup> |  | 1176000 |  | 1141799 |
|  Calpine Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2028<sup>(b)</sup> |  | 3663000 |  | 3630165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/15/2028<sup>(b)</sup> |  | 4107000 |  | 4106555 |
|  Clearway Energy Operating LLC, 4.75%, 03/15/2028<sup>(b)</sup> |  | 2494000 |  | 2467771 |
|  TerraForm Power Operating LLC, 5.00%, 01/31/2028<sup>(b)</sup> |  | 2055000 |  | 2038792 |
|  |  |  |  | 13385082 |
|  Insurance-0.82% |  |  |  |  |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 04/15/2028<sup>(b)(c)</sup> |  | 3670000 |  | 3746439 |
|  Interactive Media & Services-1.21% |  |  |  |  |
|  Cars.com, Inc., 6.38%, 11/01/2028<sup>(b)(c)</sup> |  | 1174000 |  | 1176959 |
|  Match Group Holdings II LLC, 4.63%,<br>06/01/2028<sup>(b)(c)</sup> |  | 1467000 |  | 1445805 |
|  Nexstar Media, Inc., 4.75%, 11/01/2028<sup>(b)(c)</sup> |  | 2935000 |  | 2882887 |
|  |  |  |  | 5505651 |
|  IT Services-2.87% |  |  |  |  |
|  Acuris Finance US, Inc./Acuris Finance S.a.r.l., 5.00%, 05/01/2028<sup>(b)(c)</sup> |  | 994000 |  | 969882 |
|  Ahead DB Holdings LLC, 6.63%, 05/01/2028<sup>(b)</sup> |  | 1177000 |  | 1180868 |
|  Arches Buyer, Inc., 4.25%, 06/01/2028<sup>(b)</sup> |  | 2784000 |  | 2709490 |
|  ASGN, Inc., 4.63%, 05/15/2028<sup>(b)</sup> |  | 1616000 |  | 1582767 |
|  Cablevision Lightpath LLC, 5.63%, 09/15/2028<sup>(b)</sup> |  | 1220000 |  | 1210116 |
|  EquipmentShare.com, Inc., 9.00%, 05/15/2028<sup>(b)</sup> |  | 3020000 |  | 3202245 |
|  ION Trading Technologies S.a.r.l. (Luxembourg), 5.75%, 05/15/2028<sup>(b)</sup> |  | 1320000 |  | 1281476 |
|  Virtusa Corp., 7.13%, 12/15/2028<sup>(b)(c)</sup> |  | 998000 |  | 974918 |
|  |  |  |  | 13111762 |

---

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

---

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| 92 |
| 92 |
| 92 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Machinery-1.44% |  |  |
|  ATS Corp. (Canada), 4.13%, 12/15/2028<sup>(b)(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;998000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955466 |
|  Maxim Crane Works Holdings Capital LLC, 11.50%, 09/01/2028<sup>(b)</sup> | 1468000 | 1553071 |
|  Titan International, Inc., 7.00%, 04/30/2028<sup>(c)</sup> | 1170000 | 1173448 |
|  Trinity Industries, Inc., 7.75%, 07/15/2028<sup>(b)</sup> | 1756000 | 1816951 |
|  Wabash National Corp., 4.50%, 10/15/2028<sup>(b)(c)</sup> | 1141000 | 1048612 |
|  |  | 6547548 |
|  Media-10.70% |  |  |
|  Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028<sup>(b)(c)</sup> | 1749000 | 1453443 |
|  CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/2028<sup>(b)</sup> | 7337000 | 7281829 |
|  Clear Channel Outdoor Holdings, Inc., 7.75%, 04/15/2028<sup>(b)</sup> | 2935000 | 2857397 |
|  CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/2028<sup>(b)</sup> | 2810000 | 2581423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 05/15/2028<sup>(b)(c)</sup> | 2763000 | 2763887 |
|  Discovery Communications LLC, 3.95%, 03/20/2028 | 3662000 | 3542289 |
|  DISH DBS Corp., 5.75%, 12/01/2028<sup>(b)</sup> | 6572000 | 6190292 |
|  GCI LLC, 4.75%, 10/15/2028<sup>(b)</sup> | 1762000 | 1717554 |
|  iHeartCommunications, Inc., 4.75%, 01/15/2028<sup>(b)</sup> | 810000 | 697106 |
|  Lamar Media Corp., 3.75%, 02/15/2028<sup>(c)</sup> | 1749000 | 1701859 |
|  McGraw-Hill Education, Inc., 5.75%, 08/01/2028<sup>(b)</sup> | 2426000 | 2440252 |
|  Sirius XM Radio LLC, 4.00%, 07/15/2028<sup>(b)</sup>  | 5869000 | 5668007 |
|  Sunrise HoldCo IV B.V. (Netherlands), 5.50%, 01/15/2028<sup>(b)(c)</sup> | 1160000 | 1158206 |
|  TEGNA, Inc., 4.63%, 03/15/2028<sup>(c)</sup> | 2935000 | 2921682 |
|  Univision Communications, Inc., 8.00%, 08/15/2028<sup>(b)(c)</sup> | 4225000 | 4388495 |
|  Virgin Media Vendor Financing Notes IV DAC (United Kingdom), 5.00%, 07/15/2028<sup>(b)</sup>  | 1468000 | 1438370 |
|  |  | 48802091 |
|  Metals & Mining-0.52% |  |  |
|  Constellium SE, 5.63%, 06/15/2028<sup>(b)</sup> | 924000 | 919420 |
|  Kaiser Aluminum Corp., 4.63%, 03/01/2028<sup>(b)(c)</sup> | 1467000 | 1443123 |
|  |  | 2362543 |
|  Oil, Gas & Consumable Fuels-6.82% |  |  |
|  Calumet Specialty Products Partners L.P./Calumet Finance Corp., 9.75%, 07/15/2028<sup>(b)</sup> | 913000 | 896880 |
|  Civitas Resources, Inc., 8.38%, 07/01/2028<sup>(b)</sup> | 3959000 | 4116438 |
|  Conuma Resources Ltd. (Canada), 13.13%, 05/01/2028<sup>(b)</sup> | 608000 | 602680 |
|  CQP Holdco L.P./BIP-V Chinook Holdco LLC, 7.50%, 12/15/2033<sup>(b)</sup> | 1468000 | 1575437 |
|  Crescent Energy Finance LLC, 9.25%, 02/15/2028<sup>(b)</sup> | 1076000 | 1120368 |
|  CVR Energy, Inc., 5.75%, 02/15/2028<sup>(b)</sup> | 1177000 | 1147945 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Oil, Gas & Consumable Fuels-(continued) |  |  |
|  Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028<sup>(b)</sup> | $1177000 | $&nbsp;&nbsp;&nbsp;&nbsp;1182551 |
|  Global Marine, Inc., 7.00%, 06/01/2028 | 738000 | 688185 |
|  Greenfire Resources Ltd. (Canada), 12.00%, 10/01/2028<sup>(b)</sup> | 678000 | 718312 |
|  Hess Midstream Operations L.P., 5.13%, 06/15/2028<sup>(b)</sup> | 1566000 | 1563513 |
|  Kinetik Holdings L.P., 6.63%, 12/15/2028<sup>(b)</sup> | 3083000 | 3173770 |
|  Martin Midstream Partners L.P./Martin Midstream Finance Corp., 11.50%, 02/15/2028<sup>(b)</sup> | 1176000 | 1244855 |
|  Matador Resources Co., 6.88%, 04/15/2028<sup>(b)(c)</sup> | 1467000 | 1501969 |
|  Northern Oil and Gas, Inc., 8.13%, 03/01/2028<sup>(b)</sup> | 2072000 | 2088995 |
|  SM Energy Co., 6.50%, 07/15/2028 | 1141000 | 1152599 |
|  Sunoco L.P./Sunoco Finance Corp., 7.00%, 09/15/2028<sup>(b)(c)</sup> | 1467000 | 1516527 |
|  Venture Global LNG, Inc., 8.13%, 06/01/2028<sup>(b)(c)</sup> | 6599000 | 6842028 |
|  |  | 31133052 |
|  Paper & Forest Products-0.95% |  |  |
|  Ahlstrom Holding 3 Oy (Finland), 4.88%, 02/04/2028<sup>(b)(c)</sup> | 891000 | 856698 |
|  Clearwater Paper Corp., 4.75%, 08/15/2028<sup>(b)</sup> | 778000 | 737241 |
|  Domtar Corp., 6.75%, 10/01/2028<sup>(b)</sup> | 1880000 | 1610062 |
|  Mercer International, Inc. (Germany), 12.88%, 10/01/2028<sup>(b)</sup> | 1141000 | 1109901 |
|  |  | 4313902 |
|  Passenger Airlines-1.20% |  |  |
|  American Airlines, Inc., 7.25%, 02/15/2028<sup>(b)(c)</sup> | 2196000 | 2254330 |
|  Avianca Midco 2 PLC, 9.00%, 12/01/2028<sup>(b)</sup> | 3250000 | 3206548 |
|  |  | 5460878 |
|  Personal Care Products-0.48% |  |  |
|  Edgewell Personal Care Co., 5.50%, 06/01/2028<sup>(b)(c)</sup> | 2205000 | 2196071 |
|  Pharmaceuticals-4.18% |  |  |
|  AdaptHealth LLC, 6.13%, 08/01/2028<sup>(b)</sup> | 994000 | 990730 |
|  Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/2028<sup>(b)</sup> | 4242000 | 3832584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 09/30/2028<sup>(b)</sup> | 4937000 | 5182295 |
|  Cheplapharm Arzneimittel GmbH (Germany), 5.50%, 01/15/2028<sup>(b)</sup> | 940000 | 916063 |
|  Elanco Animal Health, Inc., 6.65%, 08/28/2028<sup>(c)</sup> | 2146000 | 2239585 |
|  Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 04/30/2028<sup>(b)</sup> | 6165000 | 5908419 |
|  |  | 19069676 |
|  Professional Services-1.44% |  |  |
|  Clarivate Science Holdings Corp., 3.88%, 07/01/2028<sup>(b)</sup> | 2698000 | 2604766 |
|  CoreLogic, Inc., 4.50%, 05/01/2028<sup>(b)(c)</sup> | 2196000 | 2108691 |

---

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

---

| |
|:---|
| 93 |
| 93 |
| 93 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)–(continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Professional Services-(continued) |  |  |  |
|  KBR, Inc., 4.75%, 09/30/2028<sup>(b)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;708000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685818 |
|  Science Applications International Corp., 4.88%, 04/01/2028<sup>(b)</sup> |  | 1177000 | 1164785 |
|  |  |  | 6564060 |
|  Real Estate Management & Development-1.09% | Real Estate Management & Development-1.09% | Real Estate Management & Development-1.09% |  |
|  Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/2028<sup>(b)</sup> |  | 1908000 | 1928017 |
|  Forestar Group, Inc., 5.00%, 03/01/2028<sup>(b)</sup>  |  | 856000 | 851484 |
|  Howard Hughes Corp. (The), 5.38%, 08/01/2028<sup>(b)</sup> |  | 2196000 | 2195437 |
|  |  |  | 4974938 |
|  Semiconductors & Semiconductor Equipment-0.69% | Semiconductors & Semiconductor Equipment-0.69% | Semiconductors & Semiconductor Equipment-0.69% |  |
|  Entegris, Inc., 4.38%, 04/15/2028<sup>(b)</sup> |  | 1172000 | 1140662 |
|  ON Semiconductor Corp., 3.88%, 09/01/2028<sup>(b)(c)</sup> |  | 2055000 | 1998810 |
|  |  |  | 3139472 |
|  Software-2.43% |  |  |  |
|  Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028<sup>(b)(c)</sup> |  | 990000 | 994742 |
|  Fair Isaac Corp., 4.00%, 06/15/2028<sup>(b)</sup> |  | 2637000 | 2571145 |
|  GoTo Group, Inc., 5.50%, 05/01/2028<sup>(b)</sup> |  | 1027000 | 856528 |
|  Helios Software Holdings, Inc./ION Corporate Solutions Finance S.a.r.l., 4.63%, 05/01/2028<sup>(b)</sup> |  | 990000 | 937037 |
|  NCR Voyix Corp., 5.00%, 10/01/2028<sup>(b)</sup> |  | 1910000 | 1884766 |
|  PTC, Inc., 4.00%, 02/15/2028<sup>(b)</sup> |  | 1468000 | 1440042 |
|  Rocket Software, Inc., 9.00%, 11/28/2028<sup>(b)</sup> |  | 2343000 | 2414403 |
|  |  |  | 11098663 |
|  Specialized REITs-0.85% |  |  |  |
|  Iron Mountain, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/15/2028<sup>(b)</sup> |  | 2422000 | 2417775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2028<sup>(b)(c)</sup> |  | 1467000 | 1456964 |
|  |  |  | 3874739 |
|  Specialty Retail-1.68% |  |  |  |
|  Asbury Automotive Group, Inc., 4.50%, 03/01/2028 |  | 1186000 | 1172867 |
|  Bath & Body Works, Inc., 5.25%, 02/01/2028 |  | 1305000 | 1312792 |
|  Investment Abbreviations: | Investment Abbreviations: | Investment Abbreviations: | Investment Abbreviations: |
|  REIT-Real Estate Investment Trust | REIT-Real Estate Investment Trust | REIT-Real Estate Investment Trust | REIT-Real Estate Investment Trust |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Specialty Retail-(continued) |  |  |  |
|  Group 1 Automotive, Inc., 4.00%, 08/15/2028<sup>(b)</sup> | $| 2205000 | $&nbsp;&nbsp;&nbsp;&nbsp;2141054 |
|  Ken Garff Automotive LLC, 4.88%, 09/15/2028<sup>(b)</sup> |  | 1177000 | 1158239 |
|  White Cap Buyer LLC, 6.88%, 10/15/2028<sup>(b)</sup> |  | 1878000 | 1877796 |
|  |  |  | 7662748 |
| Trading Companies & Distributors-0.64% | Trading Companies & Distributors-0.64% | Trading Companies & Distributors-0.64% |  |
|  FTAI Aviation Investors LLC, 5.50%,<br>05/01/2028<sup>(b)(c)</sup> |  | 2935000 | 2935796 |
|  Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $439,128,571) |  |  | 447257810 |
|  | Shares | Shares |  |
|  Money Market Funds-2.76% |  |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.21%<sup>(g)(h)</sup><br>(Cost $12,584,704) |  | 12584704 | 12584704 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.80%<br>(Cost $451,713,275) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.80%<br>(Cost $451,713,275) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.80%<br>(Cost $451,713,275) | 459842514 |
| Investments Purchased with Cash Collateral from Securities on Loan | Investments Purchased with Cash Collateral from Securities on Loan | Investments Purchased with Cash Collateral from Securities on Loan |  |
|  Money Market Funds-14.97% |  |  |  |
|  Invesco Private Government Fund, 4.28%<sup>(g)(h)(i)</sup> |  | 18953069 | 18953069 |
|  Invesco Private Prime Fund, 4.46%<sup>(g)(h)(i)</sup> |  | 49328949 | 49343748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $68,293,582) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $68,293,582) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $68,293,582) | 68296817 |
|  TOTAL INVESTMENTS IN SECURITIES-115.77% (Cost $520,006,857) |  |  | 528139331 |
|  OTHER ASSETS LESS LIABILITIES-(15.77)% |  |  | (71941302) |
|  NET ASSETS-100.00% |  |  | $456198029 |

---

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

---

| |
|:---|
| 94 |
| 94 |
| 94 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)–(continued)

August 31, 2025

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 August 31, 2025 was $389,162,460, which represented 85.31% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at August 31, 2025.

<sup>(d)</sup> The borrower has filed for protection in federal bankruptcy court.

<sup>(e)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at August 31, 2025 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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value<br>August 31, 2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Change in<br>Unrealized<br>Appreciation | Realized<br>Gain<br>(Loss) | Value<br>August 31, 2025 | Dividend Income |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $1875763 | $81811907 | $(71102966) | $- | $- | $12584704 | $160539 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 9786911 | 115383944 | (106217786) |  |  | 18953069 | 766369 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 25546789 | 224942546 | (201140695) | 828 | (5720) | 49343748 | 2065538 \* |
| &nbsp;&nbsp; Total | $37209463 | $422138397 | $(378461447) | $828 | $(5720) | $80881521 | $2992446 |

---

\* 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>(h)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<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.

---

| |
|:---|
| 95 |
| 95 |
| 95 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  U.S. Dollar Denominated Bonds & Notes-97.43% | U.S. Dollar Denominated Bonds & Notes-97.43% | U.S. Dollar Denominated Bonds & Notes-97.43% |
|  Aerospace & Defense-3.36% |  |  |
|  AAR Escrow Issuer LLC, 6.75%, 03/15/2029<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855754 |
|  Bombardier, Inc. (Canada), 7.50%, 02/01/2029<sup>(b)</sup> | 880000 | 918927 |
|  BWX Technologies, Inc., 4.13%, 04/15/2029<sup>(b)</sup> | 468000 | 450762 |
|  Neptune Bidco US, Inc., 9.29%, 04/15/2029<sup>(b)</sup> | 3113800 | 3098636 |
|  TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/2029 | 1433000 | 1403301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/2029<sup>(b)</sup> | 3277000 | 3359197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/2029<sup>(c)</sup> | 899000 | 883374 |
|  |  | 10969951 |
|  Automobile Components-1.77% |  |  |
|  American Axle & Manufacturing, Inc., 5.00%, 10/01/2029<sup>(c)</sup> | 707000 | 667968 |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/2029<sup>(b)</sup> | 706000 | 685525 |
|  Belron UK Finance PLC (United Kingdom), 5.75%, 10/15/2029<sup>(b)</sup> | 1310000 | 1327586 |
|  Champions Financing, Inc., 8.75%,<br>02/15/2029<sup>(b)(c)</sup> | 710000 | 679901 |
|  Goodyear Tire & Rubber Co. (The), 5.00%, 07/15/2029<sup>(c)</sup> | 994000 | 964479 |
|  NESCO Holdings II, Inc., 5.50%, 04/15/2029<sup>(b)</sup> | 1076000 | 1050476 |
|  Patrick Industries, Inc., 4.75%, 05/01/2029<sup>(b)</sup> | 413000 | 405434 |
|  |  | 5781369 |
|  Automobiles-0.55% |  |  |
|  Allison Transmission, Inc., 5.88%, 06/01/2029<sup>(b)</sup> | 587000 | 591950 |
|  Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/2029<sup>(b)</sup> | 762000 | 662274 |
|  Thor Industries, Inc., 4.00%, 10/15/2029<sup>(b)</sup>  | 587000 | 555031 |
|  |  | 1809255 |
|  Banks-0.29% |  |  |
|  APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, 11/01/2029<sup>(b)</sup> | 897000 | 931451 |
|  Beverages-0.52% |  |  |
|  Primo Water Holdings, Inc./Triton Water Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/01/2029<sup>(b)</sup> | 834000 | 840551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/30/2029<sup>(b)</sup> | 886000 | 857557 |
|  |  | 1698108 |
|  Broadline Retail-0.81% |  |  |
|  Rakuten Group, Inc. (Japan), 9.75%, 04/15/2029<sup>(b)</sup> | 2375000 | 2652028 |
|  Building Products-0.89% |  |  |
|  Cornerstone Building Brands, Inc., 9.50%, 08/15/2029<sup>(b)</sup> | 586000 | 564537 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Building Products-(continued) | Building Products-(continued) |  |
|  GYP Holdings III Corp., 4.63%, 05/01/2029<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384151 |
|  Park River Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/01/2029<sup>(b)</sup> | 402000 | 376299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/01/2029<sup>(b)</sup> | 340000 | 321884 |
|  Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 04/01/2029 | 354000 | 345885 |
|  Specialty Building Products Holdings LLC/ SBP Finance Corp., 7.75%, 10/15/2029<sup>(b)</sup> | 587000 | 589613 |
|  STL Holding Co. LLC, 8.75%, 02/15/2029<sup>(b)</sup>  | 305000 | 320394 |
|  |  | 2902763 |
|  Capital Markets-1.10% |  |  |
|  Aretec Group, Inc., 7.50%, 04/01/2029<sup>(b)</sup> | 472000 | 474072 |
|  Armor Holdco, Inc., 8.50%, 11/15/2029<sup>(b)</sup> | 412000 | 403356 |
|  Icahn Enterprises L.P./Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 01/15/2029 | 821000 | 817182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/2029 | 837000 | 705218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 11/15/2029<sup>(b)</sup> | 1196000 | 1185396 |
|  |  | 3585224 |
|  Chemicals-3.53% |  |  |
|  Axalta Coating Systems LLC, 3.38%,<br>02/15/2029<sup>(b)(c)</sup> | 826000 | 780971 |
|  Chemours Co. (The), 4.63%, 11/15/2029<sup>(b)</sup>  | 728000 | 650833 |
|  INEOS Finance PLC (Luxembourg), 7.50%, 04/15/2029<sup>(b)(c)</sup> | 857000 | 860053 |
|  INEOS Quattro Finance 2 PLC (United Kingdom), 9.63%, 03/15/2029<sup>(b)(c)</sup> | 468000 | 469672 |
|  Innophos Holdings, Inc., 11.50%, 06/15/2029<sup>(b)</sup> | 544000 | 540779 |
|  Mativ Holdings, Inc., 8.00%, 10/01/2029<sup>(b)(c)</sup> | 468000 | 463804 |
|  Methanex Corp. (Canada), 5.25%, 12/15/2029 | 826000 | 821149 |
|  NOVA Chemicals Corp. (Canada), 4.25%, 05/15/2029<sup>(b)(c)</sup> | 689000 | 662010 |
|  Olympus Water US Holding Corp., 6.25%, 10/01/2029<sup>(b)</sup> | 477000 | 465724 |
|  Rain Carbon, Inc., 12.25%, 09/01/2029<sup>(b)</sup> | 532000 | 571825 |
|  SCIH Salt Holdings, Inc., 6.63%, 05/01/2029<sup>(b)</sup> | 816000 | 820162 |
|  Scotts Miracle-Gro Co. (The), 4.50%, 10/15/2029 | 491000 | 474810 |
|  SK Invictus Intermediate II S.a.r.l., 5.00%, 10/30/2029<sup>(b)</sup> | 798000 | 782595 |
|  Tronox, Inc., 4.63%, 03/15/2029<sup>(b)(c)</sup> | 1263000 | 933606 |
|  Wayfair LLC, 7.25%, 10/31/2029<sup>(b)</sup> | 944000 | 964890 |
|  WR Grace Holdings LLC, 5.63%, 08/15/2029<sup>(b)</sup> | 1355000 | 1269175 |
|  |  | 11532058 |
|  Commercial Services & Supplies-4.86% |  |  |
|  ACCO Brands Corp., 4.25%, 03/15/2029<sup>(b)</sup>  | 678000 | 609149 |
|  ADT Security Corp. (The), 4.13%, 08/01/2029<sup>(b)(c)</sup> | 1183000 | 1144609 |

---

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

---

| |
|:---|
| 96 |
| 96 |
| 96 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Commercial Services & Supplies-(continued) | Commercial Services & Supplies-(continued) |  |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 06/01/2029<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;1149000 | $&nbsp;&nbsp;&nbsp;&nbsp;1137152 |
|  APi Group DE, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/15/2029<sup>(b)</sup> | 394000 | 378503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2029<sup>(b)</sup> | 323000 | 318869 |
|  Brink's Co. (The), 6.50%, 06/15/2029<sup>(b)</sup> | 467000 | 480591 |
|  Clean Harbors, Inc., 5.13%, 07/15/2029<sup>(b)</sup> | 348000 | 345064 |
|  CoreCivic, Inc., 8.25%, 04/15/2029 | 596000 | 631193 |
|  CPI CG, Inc., 10.00% CPI, 07/15/2029<sup>(b)</sup> | 310000 | 324754 |
|  Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(b)</sup> | 596000 | 611215 |
|  Deluxe Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 06/01/2029<sup>(b)</sup> | 560000 | 555040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 09/15/2029<sup>(b)</sup> | 532000 | 554882 |
|  First Student Bidco, Inc./First Transit Parent, Inc., 4.00%, 07/31/2029<sup>(b)(c)</sup> | 734000 | 696948 |
|  Garda World Security Corp. (Canada), 6.00%, 06/01/2029<sup>(b)</sup> | 595000 | 590610 |
|  GEO Group, Inc. (The), 8.63%, 04/15/2029 | 771000 | 815896 |
|  GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/2029<sup>(b)</sup> | 880000 | 866499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/15/2029<sup>(b)</sup> | 641000 | 623956 |
|  Madison IAQ LLC, 5.88%, 06/30/2029<sup>(b)</sup> | 1212000 | 1200873 |
|  Pitney Bowes, Inc., 7.25%, 03/15/2029<sup>(b)</sup> | 377000 | 380705 |
|  R.R. Donnelley & Sons Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 08/01/2029<sup>(b)</sup> | 1245000 | 1264255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 08/01/2029<sup>(b)</sup> | 560000 | 540621 |
|  Reworld Holding Corp., 4.88%, 12/01/2029<sup>(b)</sup> | 896000 | 867011 |
|  Sabre GLBL, Inc., 10.75%, 11/15/2029<sup>(b)</sup> | 962000 | 933614 |
|  |  | 15872009 |
|  Communications Equipment-0.13% |  |  |
|  Viavi Solutions, Inc., 3.75%, 10/01/2029<sup>(b)</sup> | 467000 | 436862 |
|  Construction & Engineering-0.83% |  |  |
|  Arcosa, Inc., 4.38%, 04/15/2029<sup>(b)</sup> | 468000 | 454752 |
|  Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC (Canada), 5.00%, 06/15/2029<sup>(b)</sup> | 412000 | 386577 |
|  Dycom Industries, Inc., 4.50%, 04/15/2029<sup>(b)</sup> | 587000 | 573066 |
|  Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029<sup>(b)</sup> | 383000 | 368457 |
|  Tutor Perini Corp., 11.88%, 04/30/2029<sup>(b)</sup> | 468000 | 525779 |
|  VM Consolidated, Inc., 5.50%, 04/15/2029<sup>(b)</sup> | 407000 | 403715 |
|  |  | 2712346 |
|  Construction Materials-0.33% |  |  |
|  Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029<sup>(b)</sup> | 468000 | 471020 |
|  Williams Scotsman, Inc., 6.63%, 06/15/2029<sup>(b)</sup> | 587000 | 601817 |
|  |  | 1072837 |
|  Consumer Finance-1.91% |  |  |
|  Encore Capital Group, Inc., 9.25%, 04/01/2029<sup>(b)</sup> | 596000 | 630055 |
|  Enova International, Inc., 9.13%, 08/01/2029<sup>(b)</sup> | 587000 | 619432 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Consumer Finance-(continued) |  |  |  |
|  goeasy Ltd. (Canada), 7.63%, 07/01/2029<sup>(b)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732643 |
|  Navient Corp., 5.50%, 03/15/2029<sup>(c)</sup> |  | 890000 | 880558 |
|  OneMain Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/15/2029 |  | 1064000 | 1095427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2029 |  | 880000 | 870664 |
|  Paysafe Finance PLC/Paysafe Holdings US Corp., 4.00%, 06/15/2029<sup>(b)</sup> |  | 368000 | 342910 |
|  PRA Group, Inc., 5.00%, 10/01/2029<sup>(b)(c)</sup> |  | 412000 | 387497 |
|  PROG Holdings, Inc., 6.00%, 11/15/2029<sup>(b)</sup>  |  | 707000 | 687225 |
|  |  |  | 6246411 |
|  Consumer Staples Distribution & Retail-1.95% | Consumer Staples Distribution & Retail-1.95% | Consumer Staples Distribution & Retail-1.95% |  |
|  Albertson's Cos., Inc./Safeway, Inc./New Albertson's L.P./Albertson's LLC, 3.50%, 03/15/2029<sup>(b)</sup> |  | 1606000 | 1528429 |
|  American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/2029<sup>(b)</sup> |  | 468000 | 444240 |
|  KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00%, 02/15/2029<sup>(b)</sup> |  | 1183000 | 1246845 |
|  Performance Food Group, Inc., 4.25%, 08/01/2029<sup>(b)</sup> |  | 1184000 | 1147425 |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc., 4.63%, 03/01/2029<sup>(b)</sup> |  | 1000000 | 961370 |
|  US Foods, Inc., 4.75%, 02/15/2029<sup>(b)</sup> |  | 1064000 | 1048769 |
|  |  |  | 6377078 |
|  Containers & Packaging-1.45% |  |  |  |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/2029<sup>(b)</sup> |  | 1249000 | 1147130 |
|  Ball Corp., 6.00%, 06/15/2029 |  | 1194000 | 1226318 |
|  Clydesdale Acquisition Holdings, Inc., 6.63%, 04/15/2029<sup>(b)</sup> |  | 586000 | 594834 |
|  GrafTech Global Enterprises, Inc., 9.88%, 12/23/2029<sup>(b)</sup> |  | 527000 | 450585 |
|  Graphic Packaging International LLC, 3.50%, 03/01/2029<sup>(b)</sup> |  | 408000 | 386896 |
|  Sealed Air Corp., 5.00%, 04/15/2029<sup>(b)</sup> |  | 495000 | 491359 |
|  TriMas Corp., 4.13%, 04/15/2029<sup>(b)</sup> |  | 468000 | 450748 |
|  |  |  | 4747870 |
|  Distributors-0.29% |  |  |  |
|  Gates Corp., 6.88%, 07/01/2029<sup>(b)</sup> |  | 587000 | 611063 |
|  Resideo Funding, Inc., 4.00%, 09/01/2029<sup>(b)</sup> |  | 340000 | 326289 |
|  |  |  | 937352 |
|  Diversified Consumer Services-0.50% |  |  |  |
|  Carriage Services, Inc., 4.25%, 05/15/2029<sup>(b)</sup> |  | 468000 | 441940 |
|  Service Corp. International, 5.13%, 06/01/2029<sup>(c)</sup> |  | 891000 | 886526 |
|  Sotheby's/Bidfair Holdings, Inc., 5.88%, 06/01/2029<sup>(b)</sup> |  | 347000 | 317706 |
|  |  |  | 1646172 |

---

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

---

| |
|:---|
| 97 |
| 97 |
| 97 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Diversified REITs-0.73% | Diversified REITs-0.73% |  |  |
|  Hudson Pacific Properties L.P., 4.65%, 04/01/2029<sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541003 |
|  Kraken Oil & Gas Partners LLC, 7.63%, 08/15/2029<sup>(b)</sup> | 587000 |  | 584639 |
|  Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/2029<sup>(b)</sup> | 1314000 |  | 1252696 |
|  |  |  | 2378338 |
|  Diversified Telecommunication Services-2.34% | Diversified Telecommunication Services-2.34% |  |  |
|  CommScope LLC, 4.75%, 09/01/2029<sup>(b)</sup> | 1129000 |  | 1116863 |
|  Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 9.00%, 09/15/2029<sup>(b)</sup>  | 2360000 |  | 2461667 |
|  Frontier Communications Holdings LLC, 5.88%, 11/01/2029 | 880000 |  | 888263 |
|  Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/2029<sup>(b)</sup> | 944000 |  | 895111 |
|  Level 3 Financing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/2029<sup>(b)</sup> | 348000 |  | 297540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/2029<sup>(b)</sup> | 714000 |  | 669375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/2029<sup>(b)</sup> | 426000 |  | 357840 |
|  Lumen Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/2029<sup>(b)</sup> | 348000 |  | 317074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/2029<sup>(b)</sup> | 392000 |  | 386120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/2029<sup>(b)</sup> | 266000 |  | 239921 |
|  |  |  | 7629774 |
|  Electric Utilities-1.72% |  |  |  |
|  DPL, Inc., 4.35%, 04/15/2029 | 466000 |  | 461524 |
|  Leeward Renewable Energy Operations LLC, 4.25%, 07/01/2029<sup>(b)</sup> | 440000 |  | 415125 |
|  NRG Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/2029<sup>(b)</sup> | 596000 |  | 565092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2029<sup>(b)</sup> | 871000 |  | 868969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2029<sup>(b)</sup> | 943000 |  | 947349 |
|  Vistra Operations Co. LLC, 4.38%, 05/01/2029<sup>(b)</sup> | 1468000 |  | 1435752 |
|  XPLR Infrastructure Operating Partners L.P., 7.25%, 01/15/2029<sup>(b)(c)</sup> | 890000 |  | 909607 |
|  |  |  | 5603418 |
|  Electrical Equipment-0.33% |  |  |  |
|  WESCO Distribution, Inc., 6.38%, 03/15/2029<sup>(b)</sup> | 1055000 |  | 1087523 |
|  Electronic Equipment, Instruments & Components-1.23% | Electronic Equipment, Instruments & Components-1.23% | Electronic Equipment, Instruments & Components-1.23% | Electronic Equipment, Instruments & Components-1.23% |
|  Coherent Corp., 5.00%, 12/15/2029<sup>(b)</sup> | 1173000 |  | 1153662 |
|  Imola Merger Corp., 4.75%, 05/15/2029<sup>(b)</sup> | 2368000 |  | 2310090 |
|  TTM Technologies, Inc., 4.00%, 03/01/2029<sup>(b)</sup> | 586000 |  | 561170 |
|  |  |  | 4024922 |
|  Energy Equipment & Services-1.30% |  |  |  |
|  Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029<sup>(b)</sup> | 350000 |  | 364554 |
|  Precision Drilling Corp. (Canada), 6.88%, 01/15/2029<sup>(b)</sup> | 468000 |  | 472299 |
|  Summit Midstream Holdings LLC, 8.63%, 10/31/2029<sup>(b)</sup> | 972000 |  | 970165 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Energy Equipment & Services-(continued) | Energy Equipment & Services-(continued) | Energy Equipment & Services-(continued) |  |
|  U.S. Acute Care Solutions LLC, 9.75%, 05/15/2029<sup>(b)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;1183000 | $&nbsp;&nbsp;&nbsp;&nbsp;1215503 |
|  USA Compression Partners L.P./USA Compression Finance Corp., 7.13%, 03/15/2029<sup>(b)</sup> |  | 1184000 | 1214501 |
|  |  |  | 4237022 |
|  Entertainment-0.82% |  |  |  |
|  AMC Entertainment Holdings, Inc., 7.50%, 02/15/2029<sup>(b)</sup> |  | 1198000 | 968505 |
|  Banijay Entertainment S.A.S. (France), 8.13%, 05/01/2029<sup>(b)</sup> |  | 468000 | 487212 |
|  Jacobs Entertainment, Inc., 6.75%, 02/15/2029<sup>(b)</sup> |  | 586000 | 568694 |
|  Playtika Holding Corp., 4.25%, 03/15/2029<sup>(b)</sup> |  | 707000 | 651338 |
|  |  |  | 2675749 |
|  Financial Services-3.66% |  |  |  |
|  CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50%, 10/15/2029<sup>(b)</sup> |  | 915000 | 698209 |
|  Cobra AcquisitionCo LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/01/2029<sup>(b)</sup> |  | 470000 | 409034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 11/01/2029<sup>(b)</sup> |  | 280000 | 290393 |
|  Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029<sup>(b)</sup> |  | 1184000 | 1093326 |
|  Freedom Mortgage Holdings LLC, 9.25%, 02/01/2029<sup>(b)</sup> |  | 1331000 | 1392040 |
|  GGAM Finance Ltd. (Ireland), 6.88%, 04/15/2029<sup>(b)</sup> |  | 468000 | 485552 |
|  Hightower Holding LLC, 6.75%, 04/15/2029<sup>(b)</sup> |  | 359000 | 358118 |
|  Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029<sup>(b)(c)</sup> |  | 714000 | 690083 |
|  Jefferson Capital Holdings LLC, 9.50%, 02/15/2029<sup>(b)</sup> |  | 468000 | 497554 |
|  Nationstar Mortgage Holdings, Inc., 6.50%, 08/01/2029<sup>(b)</sup> |  | 813000 | 834859 |
|  PennyMac Financial Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2029<sup>(b)</sup> |  | 771000 | 744198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 12/15/2029<sup>(b)</sup> |  | 891000 | 947595 |
|  PHH Escrow Issuer LLC/PHH Corp., 9.88%, 11/01/2029<sup>(b)</sup> |  | 587000 | 589334 |
|  Planet Financial Group LLC, 10.50%, 12/15/2029<sup>(b)</sup> |  | 755000 | 781686 |
|  Provident Funding Associates L.P./PFG Finance Corp., 9.75%, 09/15/2029<sup>(b)</sup> |  | 620000 | 652188 |
|  Superior Plus L.P./Superior General Partner, Inc. (Canada), 4.50%, 03/15/2029<sup>(b)</sup> |  | 706000 | 678847 |
|  United Wholesale Mortgage LLC, 5.50%, 04/15/2029<sup>(b)</sup> |  | 826000 | 814102 |
|  |  |  | 11957118 |
|  Food Products-0.88% | Food Products-0.88% | Food Products-0.88% |  |
|  Chobani LLC/Chobani Finance Corp., Inc., 7.63%, 07/01/2029<sup>(b)</sup> |  | 587000 | 613573 |
|  Post Holdings, Inc., 5.50%, 12/15/2029<sup>(b)</sup> |  | 1461000 | 1457501 |
|  TKC Holdings, Inc., 10.50%, 05/15/2029<sup>(b)</sup>  |  | 799000 | 816830 |
|  |  |  | 2887904 |

---

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

---

| |
|:---|
| 98 |
| 98 |
| 98 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Gas Utilities-0.28% |  |  |  |
|  Ferrellgas L.P./Ferrellgas Finance Corp., 5.88%, 04/01/2029<sup>(b)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907003 |
|  Ground Transportation-0.83% |  |  |  |
|  Carriage Purchaser, Inc., 7.88%, 10/15/2029<sup>(b)</sup> |  | 359000 | 332886 |
|  Hertz Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.63%, 07/15/2029<sup>(b)(c)</sup> |  | 1492000 | 1551686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029<sup>(b)</sup> |  | 1153000 | 831333 |
|  |  |  | 2715905 |
|  Health Care Equipment & Supplies-3.38% | Health Care Equipment & Supplies-3.38% | Health Care Equipment & Supplies-3.38% |  |
|  Hologic, Inc., 3.25%, 02/15/2029<sup>(b)</sup> |  | 1119000 | 1069799 |
|  Medline Borrower L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/01/2029<sup>(b)</sup> |  | 5372000 | 5161803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2029<sup>(b)</sup> |  | 2985000 | 2957965 |
|  Medline Borrower L.P./Medline Co-Issuer, Inc., 6.25%, 04/01/2029<sup>(b)</sup> |  | 1790000 | 1841095 |
|  |  |  | 11030662 |
|  Health Care Providers & Services-2.53% | Health Care Providers & Services-2.53% | Health Care Providers & Services-2.53% |  |
|  Acadia Healthcare Co., Inc., 5.00%, 04/15/2029<sup>(b)</sup> |  | 560000 | 547811 |
|  AHP Health Partners, Inc., 5.75%, 07/15/2029<sup>(b)</sup> |  | 356000 | 354638 |
|  Avantor Funding, Inc., 3.88%, 11/01/2029<sup>(b)</sup> |  | 944000 | 897532 |
|  Community Health Systems, Inc., 6.00%, 01/15/2029<sup>(b)</sup> |  | 755000 | 728623 |
|  HealthEquity, Inc., 4.50%, 10/01/2029<sup>(b)</sup> |  | 707000 | 684332 |
|  LifePoint Health, Inc., 5.38%, 01/15/2029<sup>(b)</sup> |  | 582000 | 553563 |
|  Option Care Health, Inc., 4.38%, 10/31/2029<sup>(b)</sup> |  | 596000 | 575207 |
|  Owens & Minor, Inc., 4.50%, 03/31/2029<sup>(b)(c)</sup> |  | 564000 | 479566 |
|  Prime Healthcare Services, Inc., 9.38%, 09/01/2029<sup>(b)</sup> |  | 1760000 | 1817781 |
|  Tenet Healthcare Corp., 4.25%, 06/01/2029 |  | 1651000 | 1608459 |
|  |  |  | 8247512 |
|  Hotel & Resort REITs-1.23% |  |  |  |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/2029<sup>(b)</sup> |  | 878000 | 855160 |
|  Pebblebrook Hotel L.P./PEB Finance Corp., 6.38%, 10/15/2029<sup>(b)</sup> |  | 470000 | 476503 |
|  RHP Hotel Properties L.P./RHP Finance Corp., 4.50%, 02/15/2029<sup>(b)</sup> |  | 708000 | 692398 |
|  RLJ Lodging Trust L.P., 4.00%, 09/15/2029<sup>(b)</sup> |  | 587000 | 551264 |
|  Service Properties Trust, 8.38%, 06/15/2029 |  | 823000 | 849854 |
|  XHR L.P., 4.88%, 06/01/2029<sup>(b)</sup> |  | 595000 | 580168 |
|  |  |  | 4005347 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Hotels, Restaurants & Leisure-5.72% |  |  |
|  1011778 BC ULC/New Red Finance, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2029<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/15/2029<sup>(b)</sup> | 1423000 | 1458938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/2029<sup>(b)</sup> | 596000 | 603838 |
|  Bloomin' Brands, Inc./OSI Restaurant Partners LLC, 5.13%, 04/15/2029<sup>(b)</sup> | 354000 | 308548 |
|  Boyne USA, Inc., 4.75%, 05/15/2029<sup>(b)</sup> | 824000 | 809534 |
|  Caesars Entertainment, Inc., 4.63%, 10/15/2029<sup>(b)(c)</sup> | 1422000 | 1356968 |
|  Carnival Corp., 6.00%, 05/01/2029<sup>(b)</sup> | 2387000 | 2419444 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.63%, 01/15/2029<sup>(b)</sup> | 1183000 | 1131664 |
|  Great Canadian Gaming Corp. (Canada), 8.75%, 11/15/2029<sup>(b)</sup> | 630000 | 601767 |
|  Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/2029<sup>(b)</sup> | 652000 | 664362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/2029<sup>(b)</sup> | 944000 | 905925 |
|  Hilton Grand Vacations Borrower LLC, 5.00%, 06/01/2029<sup>(b)</sup> | 1000000 | 967806 |
|  Light & Wonder International, Inc., 7.25%, 11/15/2029<sup>(b)</sup> | 596000 | 611809 |
|  MajorDrive Holdings IV LLC, 6.38%, 06/01/2029<sup>(b)</sup> | 599000 | 484707 |
|  Marriott Ownership Resorts, Inc., 4.50%, 06/15/2029<sup>(b)(c)</sup> | 586000 | 566708 |
|  MGM Resorts International, 6.13%, 09/15/2029<sup>(c)</sup> | 1000000 | 1021984 |
|  Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/2029<sup>(b)</sup> | 890000 | 861567 |
|  Papa John's International, Inc., 3.88%, 09/15/2029<sup>(b)</sup> | 468000 | 451614 |
|  PENN Entertainment, Inc., 4.13%, 07/01/2029<sup>(b)</sup> | 477000 | 444945 |
|  SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029<sup>(b)(c)</sup> | 862000 | 846731 |
|  Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp., 5.25%, 07/15/2029 | 596000 | 577467 |
|  Travel + Leisure Co., 4.50%, 12/01/2029<sup>(b)</sup>  | 770000 | 746402 |
|  |  | 18690298 |
|  Household Durables-1.19% |  |  |
|  Century Communities, Inc., 3.88%, 08/15/2029<sup>(b)</sup> | 590000 | 550040 |
|  LGI Homes, Inc., 4.00%, 07/15/2029<sup>(b)</sup> | 358000 | 327603 |
|  New Home Co., Inc. (The), 9.25%, 10/01/2029<sup>(b)</sup> | 441000 | 466265 |
|  Newell Brands, Inc., 6.63%, 09/15/2029 | 587000 | 590954 |
|  Sensata Technologies B.V., 4.00%, 04/15/2029<sup>(b)(c)</sup> | 1184000 | 1135179 |
|  Whirlpool Corp., 4.75%, 02/26/2029 | 823000 | 813155 |
|  |  | 3883196 |
|  Household Products-0.27% |  |  |
|  Energizer Holdings, Inc., 4.38%, 03/31/2029<sup>(b)</sup> | 935000 | 896055 |

---

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

---

| |
|:---|
| 99 |
| 99 |
| 99 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Independent Power and Renewable Electricity Producers-0.38% | Independent Power and Renewable Electricity Producers-0.38% | Independent Power and Renewable Electricity Producers-0.38% |
|  Calpine Corp., 4.63%, 02/01/2029<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752412 |
|  TransAlta Corp. (Canada), 7.75%, 11/15/2029 | 477000 | 496237 |
|  |  | 1248649 |
|  Insurance-2.29% |  |  |
|  Acrisure LLC/Acrisure Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 02/01/2029<sup>(b)</sup> | 1101000 | 1145730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2029<sup>(b)</sup> | 825000 | 796737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 06/15/2029<sup>(b)</sup> | 587000 | 617663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/2029<sup>(b)</sup> | 587000 | 575862 |
|  Alliance Resource Operating Partners L.P./Alliance Resource Finance Corp., 8.63%, 06/15/2029<sup>(b)</sup> | 477000 | 504389 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.88%, 11/01/2029<sup>(b)</sup> | 533000 | 527055 |
|  AmWINS Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 02/15/2029<sup>(b)</sup> | 891000 | 913731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/30/2029<sup>(b)</sup> | 934000 | 911853 |
|  BroadStreet Partners, Inc., 5.88%, 04/15/2029<sup>(b)</sup> | 853000 | 848989 |
|  HUB International Ltd., 5.63%, 12/01/2029<sup>(b)</sup> | 651000 | 653682 |
|  |  | 7495691 |
|  Interactive Media & Services-0.59% |  |  |
|  Match Group Holdings II LLC, 5.63%, 02/15/2029<sup>(b)</sup> | 412000 | 412670 |
|  WarnerMedia Holdings, Inc., 4.05%, 03/15/2029 | 1606000 | 1526961 |
|  |  | 1939631 |
|  IT Services-1.27% |  |  |
|  Acuris Finance US, Inc./Acuris Finance S.a.r.l., 9.00%, 08/01/2029<sup>(b)</sup> | 586000 | 604093 |
|  Conduent Business Services LLC/Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029<sup>(b)</sup> | 608000 | 582299 |
|  ION Trading Technologies S.a.r.l. (Luxembourg), 9.50%, 05/30/2029<sup>(b)</sup> | 917000 | 959744 |
|  Twilio, Inc., 3.63%, 03/15/2029 | 587000 | 560863 |
|  Wildfire Intermediate Holdings LLC, 7.50%, 10/15/2029<sup>(b)</sup> | 706000 | 717688 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/2029<sup>(b)</sup> | 770000 | 723623 |
|  |  | 4148310 |
|  Leisure Products-0.09% |  |  |
|  Universal Entertainment Corp. (Japan), 9.88%, 08/01/2029<sup>(b)(c)</sup> | 310000 | 305361 |
|  Machinery-1.49% |  |  |
|  ESAB Corp., 6.25%, 04/15/2029<sup>(b)</sup> | 816000 | 840043 |
|  GrafTech Finance, Inc., 4.63%, 12/23/2029<sup>(b)</sup> | 594000 | 424710 |
|  Hillenbrand, Inc., 6.25%, 02/15/2029 | 596000 | 609585 |
|  Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (Canada), 9.00%, 02/15/2029<sup>(b)</sup> | 1173000 | 1232340 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Machinery-(continued) |  |  |
|  Mueller Water Products, Inc., 4.00%, 06/15/2029<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503679 |
|  Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029<sup>(b)</sup> | 587000 | 571760 |
|  Terex Corp., 5.00%, 05/15/2029<sup>(b)</sup> | 707000 | 695955 |
|  |  | 4878072 |
|  Media-9.69% |  |  |
|  Altice Financing S.A. (Altice-Int'l) (Luxembourg), 5.75%, 08/15/2029<sup>(b)</sup> | 2275000 | 1805554 |
|  AMC Networks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 01/15/2029<sup>(b)</sup> | 970000 | 1010352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2029<sup>(c)</sup> | 457000 | 376621 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/2029<sup>(b)</sup> | 1791000 | 1778211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/01/2029<sup>(b)</sup> | 1790000 | 1818463 |
|  Clear Channel Outdoor Holdings, Inc., 7.50%, 06/01/2029<sup>(b)(c)</sup> | 1228000 | 1142657 |
|  CMG Media Corp., 8.88%, 06/18/2029<sup>(b)</sup> | 670000 | 624909 |
|  CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 01/31/2029<sup>(b)</sup> | 2320000 | 2129443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/2029<sup>(b)</sup> | 2053000 | 1619957 |
|  Discovery Communications LLC, 4.13%, 05/15/2029 | 784000 | 743185 |
|  EchoStar Corp., 10.75%, 11/30/2029 | 6572000 | 7079128 |
|  Gray Media, Inc., 10.50%, 07/15/2029<sup>(b)(c)</sup> | 1478000 | 1609891 |
|  iHeartCommunications, Inc., 9.13%, 05/01/2029<sup>(b)</sup> | 844000 | 726293 |
|  Lamar Media Corp., 4.88%, 01/15/2029 | 477000 | 470929 |
|  McGraw-Hill Education, Inc., 8.00%, 08/01/2029<sup>(b)</sup> | 759000 | 774939 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp., 4.25%, 01/15/2029<sup>(b)</sup> | 587000 | 564620 |
|  Scripps Escrow II, Inc., 3.88%, 01/15/2029<sup>(b)</sup> | 584000 | 517760 |
|  Sirius XM Radio LLC, 5.50%, 07/01/2029<sup>(b)</sup>  | 1478000 | 1476814 |
|  Stagwell Global LLC, 5.63%, 08/15/2029<sup>(b)</sup>  | 1304000 | 1258788 |
|  TEGNA, Inc., 5.00%, 09/15/2029 | 1284000 | 1286135 |
|  Univision Communications, Inc., 4.50%, 05/01/2029<sup>(b)</sup> | 1239000 | 1163044 |
|  Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029<sup>(b)</sup> | 1689000 | 1664194 |
|  |  | 31641887 |
|  Metals & Mining-1.60% |  |  |
|  ATI, Inc., 4.88%, 10/01/2029 | 385000 | 377468 |
|  Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/2029<sup>(b)</sup> | 848000 | 850205 |
|  Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/2029<sup>(b)</sup> | 433000 | 411807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/01/2029<sup>(b)</sup> | 1064000 | 1081395 |
|  Coeur Mining, Inc., 5.13%, 02/15/2029<sup>(b)</sup> | 350000 | 341821 |
|  Constellium SE, 3.75%, 04/15/2029<sup>(b)</sup> | 586000 | 555956 |
|  Hudbay Minerals, Inc. (Canada), 6.13%, 04/01/2029<sup>(b)</sup> | 640000 | 647487 |

---

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

---

| |
|:---|
| 100 |
| 100 |
| 100 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount |<br>&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Metals & Mining-(continued) | Metals & Mining-(continued) | Metals & Mining-(continued) |
|  SunCoke Energy, Inc., 4.88%, 06/30/2029<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544742 |
|  TMS International Corp., 6.25%, 04/15/2029<sup>(b)</sup> | 412000 | 398827 |
|  |  | 5209708 |
|  Mortgage REITs-0.86% |  |  |
|  Apollo Commercial Real Estate Finance, Inc., 4.63%, 06/15/2029<sup>(b)</sup> | 590000 | 567695 |
|  Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029<sup>(b)</sup> | 532000 | 567692 |
|  Rithm Capital Corp., 8.00%, 04/01/2029<sup>(b)</sup> | 917000 | 939572 |
|  Starwood Property Trust, Inc., 7.25%, 04/01/2029<sup>(b)</sup> | 714000 | 749132 |
|  |  | 2824091 |
|  Office REITs-0.34% |  |  |
|  Brandywine Operating Partnership L.P., 8.88%, 04/12/2029 | 695000 | 756139 |
|  Office Properties Income Trust, 9.00%, 03/31/2029<sup>(b)</sup> | 351000 | 350095 |
|  |  | 1106234 |
|  Oil, Gas & Consumable Fuels-9.49% |  |  |
|  Aethon United BR L.P./Aethon United Finance Corp., 7.50%, 10/01/2029<sup>(b)</sup> | 1183000 | 1234783 |
|  Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.38%, 06/15/2029<sup>(b)</sup> | 891000 | 886242 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, 06/30/2029<sup>(b)</sup> | 467000 | 466217 |
|  Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.00%, 07/15/2029<sup>(b)</sup> | 587000 | 612784 |
|  Buckeye Partners L.P., 6.88%, 07/01/2029<sup>(b)</sup> | 706000 | 732142 |
|  California Resources Corp., 8.25%, 06/15/2029<sup>(b)</sup> | 1074000 | 1110544 |
|  Calumet Specialty Products Partners L.P./Calumet Finance Corp., 9.25%, 07/15/2029<sup>(b)</sup> | 20000 | 20500 |
|  CITGO Petroleum Corp., 8.38%, 01/15/2029<sup>(b)</sup> | 1304000 | 1363220 |
|  CNX Resources Corp., 6.00%, 01/15/2029<sup>(b)</sup> | 587000 | 588662 |
|  Comstock Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/2029<sup>(b)</sup> | 1449000 | 1429693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/2029<sup>(b)</sup> | 477000 | 469920 |
|  CVR Energy, Inc., 8.50%, 01/15/2029<sup>(b)</sup> | 706000 | 714135 |
|  Delek Logistics Partners L.P./Delek Logistics Finance Corp., 8.63%, 03/15/2029<sup>(b)</sup> | 1239000 | 1296065 |
|  Genesis Energy L.P./Genesis Energy Finance Corp., 8.25%, 01/15/2029 | 706000 | 737570 |
|  Global Partners L.P./GLP Finance Corp., 6.88%, 01/15/2029 | 413000 | 418824 |
|  Gulfport Energy Operating Corp., 6.75%, 09/01/2029<sup>(b)</sup> | 770000 | 788725 |
|  Hilcorp Energy I L.P./Hilcorp Finance Co., 5.75%, 02/01/2029<sup>(b)</sup> | 706000 | 697364 |
|  Ithaca Energy (North Sea) PLC (United Kingdom), 8.13%, 10/15/2029<sup>(b)</sup> | 881000 | 919109 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount |<br>&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Oil, Gas & Consumable Fuels-(continued) | Oil, Gas & Consumable Fuels-(continued) | Oil, Gas & Consumable Fuels-(continued) |
|  ITT Holdings LLC, 6.50%, 08/01/2029<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;1445000 | $&nbsp;&nbsp;&nbsp;&nbsp;1417868 |
|  Kodiak Gas Services LLC, 7.25%, 02/15/2029<sup>(b)</sup> | 890000 | 921137 |
|  MEG Energy Corp. (Canada), 5.88%, 02/01/2029<sup>(b)</sup> | 707000 | 711874 |
|  Murphy Oil USA, Inc., 4.75%, 09/15/2029 | 587000 | 577813 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp., 8.13%, 02/15/2029<sup>(b)</sup> | 1064000 | 1086234 |
|  Parkland Corp. (Canada), 4.50%, 10/01/2029<sup>(b)</sup> | 944000 | 917334 |
|  Prairie Acquiror L.P., 9.00%, 08/01/2029<sup>(b)</sup>  | 474000 | 494583 |
|  SM Energy Co., 6.75%, 08/01/2029<sup>(b)</sup> | 890000 | 899438 |
|  Sunoco L.P., 7.00%, 05/01/2029<sup>(b)</sup> | 890000 | 924811 |
|  Sunoco L.P./Sunoco Finance Corp., 4.50%, 05/15/2029<sup>(c)</sup> | 945000 | 921723 |
|  Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 7.38%, 02/15/2029<sup>(b)</sup> | 945000 | 974270 |
|  Talos Production, Inc., 9.00%, 02/01/2029<sup>(b)</sup> | 734000 | 756165 |
|  Teine Energy Ltd. (Canada), 6.88%, 04/15/2029<sup>(b)</sup> | 475000 | 469100 |
|  TGNR Intermediate Holdings LLC, 5.50%, 10/15/2029<sup>(b)</sup> | 826000 | 806949 |
|  Venture Global LNG, Inc., 9.50%, 02/01/2029<sup>(b)</sup> | 3551000 | 3906239 |
|  Vital Energy, Inc., 7.75%, 07/31/2029<sup>(b)</sup> | 346000 | 346272 |
|  W&T Offshore, Inc., 10.75%, 02/01/2029<sup>(b)</sup>  | 408000 | 384350 |
|  |  | 31002659 |
|  Paper & Forest Products-0.41% |  |  |
|  Magnera Corp., 4.75%, 11/15/2029<sup>(b)</sup> | 596000 | 526793 |
|  Mercer International, Inc. (Germany), 5.13%, 02/01/2029 | 1024000 | 808505 |
|  |  | 1335298 |
|  Passenger Airlines-0.59% |  |  |
|  American Airlines, Inc., 8.50%, 05/15/2029<sup>(b)(c)</sup> | 1183000 | 1240460 |
|  OneSky Flight LLC, 8.88%, 12/15/2029<sup>(b)</sup> | 652000 | 685632 |
|  |  | 1926092 |
|  Personal Care Products-0.17% |  |  |
|  Edgewell Personal Care Co., 4.13%, 04/01/2029<sup>(b)</sup> | 596000 | 567802 |
|  Pharmaceuticals-0.96% |  |  |
|  AdaptHealth LLC, 4.63%, 08/01/2029<sup>(b)</sup> | 596000 | 564037 |
|  HLF Financing S.a.r.l. LLC/Herbalife International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 04/15/2029<sup>(b)</sup> | 945000 | 1030077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/2029<sup>(b)(c)</sup> | 710000 | 625212 |
|  Kedrion S.p.A. (Italy), 6.50%, 09/01/2029<sup>(b)</sup> | 933000 | 916995 |
|  |  | 3136321 |
|  Professional Services-0.60% |  |  |
|  AMN Healthcare, Inc., 4.00%, 04/15/2029<sup>(b)</sup> | 415000 | 388107 |

---

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

---

| |
|:---|
| 101 |
| 101 |
| 101 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal | Principal | | |
|  | Amount | Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Professional Services-(continued) |  |  |  |  |
|  Clarivate Science Holdings Corp., 4.88%, 07/01/2029<sup>(b)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;1088000 | $| &nbsp;&nbsp;&nbsp;&nbsp;1028792 |
|  TriNet Group, Inc., 3.50%, 03/01/2029<sup>(b)</sup> |  | 596000 |  | 558506 |
|  |  |  |  | 1975405 |
|  Real Estate Management & Development-0.84% | Real Estate Management & Development-0.84% | Real Estate Management & Development-0.84% | Real Estate Management & Development-0.84% | Real Estate Management & Development-0.84% |
|  Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 5.75%, 01/15/2029<sup>(b)</sup> |  | 651000 |  | 605605 |
|  Howard Hughes Corp. (The), 4.13%, 02/01/2029<sup>(b)</sup> |  | 771000 |  | 738079 |
|  Hunt Cos., Inc., 5.25%, 04/15/2029<sup>(b)</sup> |  | 755000 |  | 739802 |
|  Kennedy-Wilson, Inc., 4.75%, 03/01/2029 |  | 707000 |  | 673862 |
|  |  |  |  | 2757348 |
|  Residential REITs-0.12% |  |  |  |  |
|  Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 08/01/2029<sup>(b)</sup> |  | 411000 |  | 394343 |
|  Semiconductors & Semiconductor Equipment-0.57% | Semiconductors & Semiconductor Equipment-0.57% | Semiconductors & Semiconductor Equipment-0.57% | Semiconductors & Semiconductor Equipment-0.57% | Semiconductors & Semiconductor Equipment-0.57% |
|  ams-OSRAM AG (Austria), 12.25%,<br>03/30/2029<sup>(b)(c)</sup> |  | 900000 |  | 979133 |
|  Entegris, Inc., 3.63%, 05/01/2029<sup>(b)</sup> |  | 467000 |  | 440678 |
|  Synaptics, Inc., 4.00%, 06/15/2029<sup>(b)</sup> |  | 468000 |  | 447162 |
|  |  |  |  | 1866973 |
|  Software-4.97% |  |  |  |  |
|  Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/2029<sup>(b)</sup>  |  | 896000 |  | 779803 |
|  Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/2029<sup>(b)</sup> |  | 890000 |  | 752910 |
|  Cloud Software Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/31/2029<sup>(b)</sup> |  | 4775000 |  | 4831307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 09/30/2029<sup>(b)</sup> |  | 4578000 |  | 4777188 |
|  Dye & Durham Ltd. (Canada), 8.63%, 04/15/2029<sup>(b)</sup> |  | 646000 |  | 675688 |
|  Elastic N.V., 4.13%, 07/15/2029<sup>(b)</sup> |  | 678000 |  | 653153 |
|  Ellucian Holdings, Inc., 6.50%, 12/01/2029<sup>(b)</sup> |  | 825000 |  | 841324 |
|  Helios Software Holdings, Inc./ION Corporate Solutions Finance S.a.r.l., 8.75%, 05/01/2029<sup>(b)</sup> |  | 815000 |  | 837103 |
|  NCR Voyix Corp., 5.13%, 04/15/2029<sup>(b)</sup> |  | 481000 |  | 475429 |
|  Open Text Corp. (Canada), 3.88%, 12/01/2029<sup>(b)</sup> |  | 1000000 |  | 943408 |
|  Rocket Software, Inc., 6.50%, 02/15/2029<sup>(b)</sup> |  | 679000 |  | 653878 |
|  |  |  |  | 16221191 |
|  Specialized REITs-1.24% |  |  |  |  |
|  Iron Mountain, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/15/2029<sup>(b)</sup> |  | 1184000 |  | 1220353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/2029<sup>(b)</sup> |  | 1184000 |  | 1164553 |
|  SBA Communications Corp., 3.13%, 02/01/2029 |  | 1771000 |  | 1665688 |
|  |  |  |  | 4050594 |
|  Specialty Retail-4.02% |  |  |  |  |
|  Arko Corp., 5.13%, 11/15/2029<sup>(b)</sup> |  | 533000 |  | 451058 |
|  Asbury Automotive Group, Inc., 4.63%, 11/15/2029<sup>(b)(c)</sup> |  | 944000 |  | 918977 |
|  At Home Group, Inc., 7.13%, 07/15/2029<sup>(b)</sup>  |  | 20000 |  | 250 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Principal | Principal | |
|  | Amount | Amount |<br>&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Specialty Retail-(continued) |  |  |  |
|  Foot Locker, Inc., 4.00%, 10/01/2029<sup>(b)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365101 |
|  Gap, Inc. (The), 3.63%, 10/01/2029<sup>(b)</sup> |  | 880000 | 826078 |
|  Global Auto Holdings Ltd./AAG FH UK Ltd. (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 01/15/2029<sup>(b)</sup> |  | 624000 | 580146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 08/15/2029<sup>(b)</sup> |  | 631000 | 626064 |
|  LBM Acquisition LLC, 6.25%, 01/15/2029<sup>(b)</sup>  |  | 854000 | 784342 |
|  LCM Investments Holdings II LLC, 4.88%, 05/01/2029<sup>(b)</sup> |  | 1184000 | 1163448 |
|  Lithia Motors, Inc., 3.88%, 06/01/2029<sup>(b)</sup> |  | 944000 | 905780 |
|  Penske Automotive Group, Inc., 3.75%, 06/15/2029<sup>(c)</sup> |  | 587000 | 560139 |
|  Sonic Automotive, Inc., 4.63%, 11/15/2029<sup>(b)(c)</sup> |  | 770000 | 749044 |
|  Staples, Inc., 10.75%, 09/01/2029<sup>(b)</sup> |  | 2957000 | 2846113 |
|  Upbound Group, Inc., 6.38%, 02/15/2029<sup>(b)</sup>  |  | 532000 | 522175 |
|  Velocity Vehicle Group LLC, 8.00%, 06/01/2029<sup>(b)</sup> |  | 587000 | 595493 |
|  Victoria's Secret & Co., 4.63%, 07/15/2029<sup>(b)</sup> |  | 707000 | 671693 |
|  Victra Holdings LLC/Victra Finance Corp., 8.75%, 09/15/2029<sup>(b)(c)</sup> |  | 523000 | 548413 |
|  |  |  | 13114314 |
|  Technology Hardware, Storage & Peripherals-0.18% | Technology Hardware, Storage & Peripherals-0.18% | Technology Hardware, Storage & Peripherals-0.18% |  |
|  Empire Communities Corp. (Canada), 9.75%, 05/01/2029<sup>(b)</sup> |  | 560000 | 571900 |
|  Textiles, Apparel & Luxury Goods-0.44% | Textiles, Apparel & Luxury Goods-0.44% | Textiles, Apparel & Luxury Goods-0.44% |  |
|  Crocs, Inc., 4.25%, 03/15/2029<sup>(b)</sup> |  | 415000 | 395731 |
|  Kontoor Brands, Inc., 4.13%, 11/15/2029<sup>(b)</sup> |  | 467000 | 440675 |
|  Wolverine World Wide, Inc., 4.00%, 08/15/2029<sup>(b)(c)</sup> |  | 652000 | 600387 |
|  |  |  | 1436793 |
|  Trading Companies & Distributors-0.72% | Trading Companies & Distributors-0.72% | Trading Companies & Distributors-0.72% |  |
|  Alta Equipment Group, Inc., 9.00%, 06/01/2029<sup>(b)(c)</sup> |  | 587000 | 558992 |
|  BlueLinx Holdings, Inc., 6.00%, 11/15/2029<sup>(b)</sup> |  | 349000 | 342264 |
|  Foundation Building Materials, Inc., 6.00%, 03/01/2029<sup>(b)</sup> |  | 468000 | 473543 |
|  Herc Holdings, Inc., 6.63%, 06/15/2029<sup>(b)</sup> |  | 934000 | 962677 |
|  |  |  | 2337476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $312,910,727) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $312,910,727) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $312,910,727) | 318261033 |
|  | Shares | Shares |  |
|  Money Market Funds-0.95% |  |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.21%<sup>(d)(e)</sup><br>(Cost $3,104,479) |  | 3104479 | 3104479 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.38%<br>(Cost $316,015,206) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.38%<br>(Cost $316,015,206) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.38%<br>(Cost $316,015,206) | 321365512 |

---

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

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| 102 |
| 102 |
| 102 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Value |
| Investments Purchased with Cash Collateral from Securities on Loan | Investments Purchased with Cash Collateral from Securities on Loan |  |
|  Money Market Funds-6.67% | Money Market Funds-6.67% |  |
|  Invesco Private Government Fund, 4.28%<sup>(d)(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6046254 | $&nbsp;&nbsp;&nbsp;&nbsp;6046254 |
|  Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 15735547 | 15740268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $21,785,669) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $21,785,669) | 21786522 |
|  TOTAL INVESTMENTS IN SECURITIES-105.05%<br>(Cost $337,800,875) | TOTAL INVESTMENTS IN SECURITIES-105.05%<br>(Cost $337,800,875) | 343152034 |
|  OTHER ASSETS LESS LIABILITIES-(5.05)% | OTHER ASSETS LESS LIABILITIES-(5.05)% | (16501786) |
|  NET ASSETS-100.00% |  | $326650248 |

---

Investment Abbreviations:

CPI-Consumer Price Index

REIT-Real Estate Investment Trust

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 August 31, 2025 was $276,771,047, which represented 84.73% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at August 31, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in 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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value<br>August 31, 2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Change in<br>Unrealized<br>Appreciation | Realized<br>Gain<br>(Loss) | Value<br>August 31, 2025 | Dividend Income |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $526231 | $34427619 | $(31849371) | $- | $- | $3104479 | $82588 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 1739880 | 48967807 | (44661433) |  |  | 6046254 | 237526 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 4543965 | 98678483 | (87480553) | 617 | (2244) | 15740268 | 639208 \* |
| &nbsp;&nbsp; Total | $6810076 | $182073909 | $(163991357) | $617 | $(2244) | $24891001 | $959322 |

---

\* 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 August 31, 2025.

<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.

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| 103 |
| 103 |
| 103 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  U.S. Dollar Denominated Bonds & Notes-98.09% | U.S. Dollar Denominated Bonds & Notes-98.09% | U.S. Dollar Denominated Bonds & Notes-98.09% |
|  Aerospace & Defense-1.61% |  |  |
|  Axon Enterprise, Inc., 6.13%, 03/15/2030<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;1110000 | $&nbsp;&nbsp;&nbsp;&nbsp;1143212 |
|  TransDigm, Inc., 6.88%, 12/15/2030<sup>(b)</sup> | 1610000 | 1670705 |
|  |  | 2813917 |
|  Air Freight & Logistics-1.00% |  |  |
|  Rand Parent LLC, 8.50%, 02/15/2030<sup>(b)</sup> | 943000 | 978123 |
|  Star Leasing Co. LLC, 7.63%, 02/15/2030<sup>(b)</sup> | 775000 | 767256 |
|  |  | 1745379 |
|  Automobile Components-2.90% |  |  |
|  Avis Budget Car Rental LLC/Avis Budget |  |  |
|  Finance, Inc., 8.25%, 01/15/2030<sup>(b)(c)</sup> | 780000 | 808116 |
|  Clarios Global L.P./Clarios US Finance Co., 6.75%, 02/15/2030<sup>(b)</sup> | 1110000 | 1150898 |
|  Dana, Inc., 4.25%, 09/01/2030 | 448000 | 443212 |
|  Forvia SE (France), 8.00%, 06/15/2030<sup>(b)(c)</sup> | 540000 | 570122 |
|  Goodyear Tire & Rubber Co. (The), 6.63%, 07/15/2030<sup>(c)</sup> | 550000 | 559966 |
|  ZF North America Capital, Inc. (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 04/14/2030<sup>(b)</sup> | 665000 | 662584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/23/2030<sup>(b)</sup> | 885000 | 863764 |
|  |  | 5058662 |
|  Automobiles-0.66% |  |  |
|  Nissan Motor Co. Ltd. (Japan), 7.50%, 07/17/2030<sup>(b)</sup> | 1110000 | 1160497 |
|  Banks-0.72% |  |  |
|  Veritiv Operating Co., 10.50%, 11/30/2030<sup>(b)</sup> | 1160000 | 1257113 |
|  Broadline Retail-0.25% |  |  |
|  Kohl's Corp., 10.00%, 06/01/2030<sup>(b)(c)</sup> | 400000 | 430039 |
|  Building Products-0.63% |  |  |
|  Advanced Drainage Systems, Inc., 6.38%, 06/15/2030<sup>(b)</sup> | 551000 | 563715 |
|  MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/2030<sup>(b)(c)</sup> | 551000 | 543032 |
|  |  | 1106747 |
|  Capital Markets-0.45% |  |  |
|  Icahn Enterprises L.P./Icahn Enterprises |  |  |
|  Finance Corp., 9.00%, 06/15/2030<sup>(c)</sup> | 830000 | 791434 |
|  Chemicals-1.89% |  |  |
|  Avient Corp., 7.13%, 08/01/2030<sup>(b)</sup> | 803000 | 830224 |
|  Maxam Prill S.a.r.l. (Luxembourg), 7.75%, 07/15/2030<sup>(b)</sup> | 530000 | 517393 |
|  NOVA Chemicals Corp. (Canada), 9.00%, 02/15/2030<sup>(b)</sup> | 724000 | 778572 |
|  SNF Group SACA (France), 3.38%, 03/15/2030<sup>(b)</sup> | 390000 | 360295 |
|  Wayfair LLC, 7.75%, 09/15/2030<sup>(b)</sup> | 780000 | 807810 |
|  |  | 3294294 |
|  Commercial Services & Supplies-2.09% | Commercial Services & Supplies-2.09% | Commercial Services & Supplies-2.09% |
|  Allied Universal Holdco LLC (USAGM Holdco LLC/UNSEAM), 6.88%, 06/15/2030<sup>(b)</sup> | 1160000 | 1195527 |
|  Reworld Holding Corp., 5.00%, 09/01/2030 | 435000 | 420752 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Commercial Services & Supplies-(continued) | Commercial Services & Supplies-(continued) | Commercial Services & Supplies-(continued) | Commercial Services & Supplies-(continued) |
|  Sabre GLBL, Inc., 11.13%, 07/15/2030<sup>(b)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;1470000 | $&nbsp;&nbsp;&nbsp;&nbsp;1442584 |
|  VT Topco, Inc., 8.50%, 08/15/2030<sup>(b)</sup> |  | 558000 | 595885 |
|  |  |  | 3654748 |
|  Communications Equipment-0.24% |  |  |  |
|  Ciena Corp., 4.00%, 01/31/2030<sup>(b)</sup> |  | 448000 | 425974 |
|  Construction & Engineering-0.88% |  |  |  |
|  Brand Industrial Services, Inc., 10.38%, 08/01/2030<sup>(b)(c)</sup> |  | 1555000 | 1528620 |
|  Construction Materials-0.65% |  |  |  |
|  CP Atlas Buyer, Inc., 9.75%, 07/15/2030<sup>(b)</sup> |  | 550000 | 567952 |
|  Williams Scotsman, Inc., 6.63%, 04/15/2030<sup>(b)</sup> |  | 550000 | 569718 |
|  |  |  | 1137670 |
|  Consumer Finance-4.84% |  |  |  |
|  Atlanticus Holdings Corp., 9.75%, 09/01/2030<sup>(b)</sup> |  | 440000 | 438023 |
|  Credit Acceptance Corp., 6.63%, 03/15/2030<sup>(b)</sup> |  | 550000 | 558146 |
|  Encore Capital Group, Inc., 8.50%, 05/15/2030<sup>(b)</sup> |  | 554000 | 585857 |
|  FirstCash, Inc., 5.63%, 01/01/2030<sup>(b)</sup> |  | 611000 | 610418 |
|  goeasy Ltd. (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/15/2030<sup>(b)</sup> |  | 448000 | 455211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/01/2030<sup>(b)</sup> |  | 440000 | 453746 |
|  LFS Topco LLC, 8.75%, 07/15/2030<sup>(b)</sup> |  | 448000 | 438626 |
|  Navient Corp., 9.38%, 07/25/2030 |  | 552000 | 610160 |
|  OneMain Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 03/15/2030 |  | 775000 | 820498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 05/15/2030 |  | 830000 | 843464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/2030 |  | 929000 | 859340 |
|  PRA Group, Inc., 8.88%, 01/31/2030<sup>(b)</sup> |  | 608000 | 639377 |
|  RFNA L.P., 7.88%, 02/15/2030<sup>(b)</sup> |  | 550000 | 569663 |
|  SLM Corp., 6.50%, 01/31/2030 |  | 550000 | 576047 |
|  |  |  | 8458576 |
|  Consumer Staples Distribution & Retail-0.31% | Consumer Staples Distribution & Retail-0.31% | Consumer Staples Distribution & Retail-0.31% |  |
|  US Foods, Inc., 4.63%, 06/01/2030<sup>(b)</sup> |  | 551000 | 538984 |
|  Containers & Packaging-3.87% |  |  |  |
|  Ball Corp., 2.88%, 08/15/2030 |  | 1438000 | 1301887 |
|  Cascades, Inc./Cascades USA, Inc. (Canada), 6.75%, 07/15/2030<sup>(b)</sup> |  | 430000 | 437183 |
|  Clydesdale Acquisition Holdings, Inc., 8.75%, 04/15/2030<sup>(b)</sup> |  | 1231000 | 1269566 |
|  Crown Americas LLC, 5.25%, 04/01/2030 |  | 550000 | 557640 |
|  Flex Acquisition Co., Inc., 6.88%, 01/15/2030<sup>(b)</sup> |  | 536000 | 551732 |
|  Graphic Packaging International LLC, 3.75%, 02/01/2030<sup>(b)</sup> |  | 443000 | 416286 |
|  OI European Group B.V., 4.75%, 02/15/2030<sup>(b)(c)</sup> |  | 448000 | 424088 |

---

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

---

| |
|:---|
| 104 |
| 104 |
| 104 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Containers & Packaging-(continued) |  |  |  |  |
|  Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo US LLC (Canada), 9.50%, 05/15/2030<sup>(b)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;1080000 | $| &nbsp;&nbsp;&nbsp;&nbsp;1080200 |
|  Trivium Packaging Finance B.V. (Netherlands), 8.25%, 07/15/2030<sup>(b)</sup> |  | 670000 |  | 712261 |
|  |  |  |  | 6750843 |
|  Diversified Consumer Services-0.50% |  |  |  |  |
|  Service Corp. International, 3.38%, 08/15/2030 |  | 943000 |  | 871950 |
|  Diversified REITs-0.41% |  |  |  |  |
|  Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/2030<sup>(b)</sup> |  | 780000 |  | 717730 |
|  Diversified Telecommunication Services-1.50% | Diversified Telecommunication Services-1.50% | Diversified Telecommunication Services-1.50% |  |  |
|  Frontier Communications Holdings LLC, 6.00%, 01/15/2030<sup>(b)</sup> |  | 1107000 |  | 1120031 |
|  Level 3 Financing, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/2030<sup>(b)</sup> |  | 788000 |  | 711170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2030<sup>(b)</sup> |  | 505000 |  | 431775 |
|  Lumen Technologies, Inc., 4.13%, 04/15/2030<sup>(b)</sup> |  | 370000 |  | 364450 |
|  |  |  |  | 2627426 |
|  Electric Utilities-0.96% |  |  |  |  |
|  ContourGlobal Power Holdings S.A. (United Kingdom), 6.75%, 02/28/2030<sup>(b)</sup> |  | 570000 |  | 589237 |
|  PG&E Corp., 5.25%, 07/01/2030 |  | 1111000 |  | 1083441 |
|  |  |  |  | 1672678 |
|  Electronic Equipment, Instruments & Components-1.81% | Electronic Equipment, Instruments & Components-1.81% | Electronic Equipment, Instruments & Components-1.81% | Electronic Equipment, Instruments & Components-1.81% | Electronic Equipment, Instruments & Components-1.81% |
|  EMRLD Borrower L.P./Emerald Co-Issuer, Inc., 6.63%, 12/15/2030<sup>(b)</sup> |  | 3081000 |  | 3168118 |
|  Energy Equipment & Services-4.35% |  |  |  |  |
|  Nabors Industries, Inc., 9.13%, 01/31/2030<sup>(b)</sup> |  | 719000 |  | 737306 |
|  Noble Finance II LLC, 8.00%, 04/15/2030<sup>(b)</sup> |  | 1550000 |  | 1606147 |
|  Solaris Midstream Holdings LLC, 7.25%, 04/01/2030<sup>(b)</sup> |  | 550000 |  | 580731 |
|  TGS ASA (Norway), 8.50%, 01/15/2030<sup>(b)</sup> |  | 610000 |  | 624871 |
|  Tidewater, Inc., 9.13%, 07/15/2030<sup>(b)</sup> |  | 720000 |  | 768786 |
|  Transocean, Inc., 8.75%, 02/15/2030<sup>(b)</sup> |  | 980250 |  | 1038390 |
|  Viridien (France), 10.00%, 10/15/2030<sup>(b)(c)</sup> |  | 500000 |  | 500038 |
|  Weatherford International Ltd., 8.63%, 04/30/2030<sup>(b)</sup> |  | 1704000 |  | 1747508 |
|  |  |  |  | 7603777 |
|  Financial Services-4.13% |  |  |  |  |
|  Burford Capital Global Finance LLC, 6.88%, 04/15/2030<sup>(b)</sup> |  | 400000 |  | 401761 |
|  GGAM Finance Ltd. (Ireland), 5.88%, 03/15/2030<sup>(b)</sup> |  | 445000 |  | 450546 |
|  Hightower Holding LLC, 9.13%, 01/31/2030<sup>(b)</sup> |  | 443000 |  | 477925 |
|  Jefferson Capital Holdings LLC, 8.25%, 05/15/2030<sup>(b)</sup> |  | 550000 |  | 576360 |
|  Midcap Financial Issuer Trust, 5.63%, 01/15/2030<sup>(b)</sup> |  | 445000 |  | 423711 |
|  Mobius Merger Sub, Inc., 9.00%, 06/01/2030<sup>(b)</sup> |  | 555000 |  | 490898 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Financial Services-(continued) |  |  |  |
|  Nationstar Mortgage Holdings, Inc., 5.13%, 12/15/2030<sup>(b)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709400 |
|  PennyMac Financial Services, Inc., 7.13%, 11/15/2030<sup>(b)</sup> |  | 720000 | 746317 |
|  Phoenix Aviation Capital Ltd. (Ireland), 9.25%, 07/15/2030<sup>(b)</sup> |  | 670000 | 710685 |
|  Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030<sup>(b)</sup> |  | 887000 | 851897 |
|  TrueNoord Capital DAC (Ireland), 8.75%, 03/01/2030<sup>(b)</sup> |  | 443000 | 471042 |
|  UWM Holdings LLC, 6.63%, 02/01/2030<sup>(b)</sup> |  | 885000 | 899626 |
|  |  |  | 7210168 |
|  Food Products-1.24% |  |  |  |
|  Darling Ingredients, Inc., 6.00%, 06/15/2030<sup>(b)</sup> |  | 1111000 | 1123974 |
|  Lamb Weston Holdings, Inc., 4.13%, 01/31/2030<sup>(b)</sup> |  | 1080000 | 1036225 |
|  |  |  | 2160199 |
|  Gas Utilities-0.37% |  |  |  |
|  AmeriGas Partners L.P./AmeriGas Finance Corp., 9.50%, 06/01/2030<sup>(b)</sup> |  | 610000 | 639422 |
|  Ground Transportation-0.36% |  |  |  |
|  Beacon Mobility Corp., 7.25%, 08/01/2030<sup>(b)</sup>  |  | 610000 | 632702 |
|  Health Care Equipment & Supplies-0.62% | Health Care Equipment & Supplies-0.62% | Health Care Equipment & Supplies-0.62% |  |
|  Embecta Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030<sup>(b)(c)</sup> |  | 551000 | 516927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/2030<sup>(b)</sup> |  | 169000 | 163391 |
|  Neogen Food Safety Corp., 8.63%, 07/20/2030<sup>(b)</sup> |  | 385000 | 403631 |
|  |  |  | 1083949 |
|  Health Care Providers & Services-6.76% | Health Care Providers & Services-6.76% | Health Care Providers & Services-6.76% |  |
|  Community Health Systems, Inc., 5.25%, 05/15/2030<sup>(b)</sup> |  | 1662000 | 1491263 |
|  DaVita, Inc., 4.63%, 06/01/2030<sup>(b)</sup> |  | 3053000 | 2941487 |
|  Molina Healthcare, Inc., 3.88%, 11/15/2030<sup>(b)</sup> |  | 724000 | 665533 |
|  MPH Acquisition Holdings LLC, 5.75%, 12/31/2030<sup>(b)(c)</sup> |  | 850000 | 744247 |
|  Owens & Minor, Inc., 6.63%, 04/01/2030<sup>(b)(c)</sup>  |  | 610000 | 529670 |
|  Pediatrix Medical Group, Inc., 5.38%, 02/15/2030<sup>(b)</sup> |  | 443000 | 438550 |
|  Star Parent, Inc., 9.00%, 10/01/2030<sup>(b)</sup> |  | 1105000 | 1171184 |
|  Tenet Healthcare Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/2030 |  | 1606000 | 1560623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/15/2030 |  | 2222000 | 2258790 |
|  |  |  | 11801347 |
|  Health Care Technology-1.47% |  |  |  |
|  athenahealth Group, Inc., 6.50%, 02/15/2030<sup>(b)</sup> |  | 2610000 | 2562647 |

---

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

---

| |
|:---|
| 105 |
| 105 |
| 105 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Hotel & Resort REITs-0.62% |  |  |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/2030<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630332 |
|  XHR L.P., 6.63%, 05/15/2030<sup>(b)</sup> | 440000 | 452176 |
|  |  | 1082508 |
|  Hotels, Restaurants & Leisure-6.45% |  |  |
|  1011778 BC ULC/New Red Finance, Inc. (Canada), 4.00%, 10/15/2030<sup>(b)</sup> | 3212000 | 3006203 |
|  Caesars Entertainment, Inc., 7.00%, 02/15/2030<sup>(b)</sup> | 2217000 | 2294025 |
|  Carnival Corp., 5.75%, 03/15/2030<sup>(b)</sup> | 1110000 | 1138668 |
|  Churchill Downs, Inc., 5.75%, 04/01/2030<sup>(b)</sup> | 1330000 | 1331041 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/2030<sup>(b)</sup> | 1382000 | 1300849 |
|  Lindblad Expeditions LLC, 7.00%, 09/15/2030<sup>(b)</sup> | 750000 | 768631 |
|  Mohegan Tribal Gaming Authority/MS Digital |  |  |
|  Entertainment Holdings LLC, 8.25%, 04/15/2030<sup>(b)</sup> | 830000 | 858299 |
|  Vail Resorts, Inc., 5.63%, 07/15/2030<sup>(b)</sup> | 552000 | 559703 |
|  |  | 11257419 |
|  Household Durables-2.47% |  |  |
|  KB Home, 7.25%, 07/15/2030 | 392000 | 403829 |
|  M/I Homes, Inc., 3.95%, 02/15/2030 | 330000 | 310637 |
|  Mattamy Group Corp. (Canada), 4.63%, 03/01/2030<sup>(b)</sup> | 665000 | 637484 |
|  New Home Co., Inc. (The), 8.50%, 11/01/2030<sup>(b)</sup> | 330000 | 342677 |
|  Newell Brands, Inc., 6.38%, 05/15/2030 | 830000 | 820645 |
|  Sensata Technologies B.V., 5.88%,<br>09/01/2030<sup>(b)(c)</sup> | 550000 | 555267 |
|  Taylor Morrison Communities, Inc., 5.13%, 08/01/2030<sup>(b)</sup> | 559000 | 557774 |
|  Whirlpool Corp., 6.13%, 06/15/2030 | 670000 | 677974 |
|  |  | 4306287 |
|  Household Products-0.30% |  |  |
|  Central Garden & Pet Co., 4.13%, 10/15/2030<sup>(c)</sup> | 551000 | 521633 |
|  Insurance-3.18% |  |  |
|  Acrisure LLC, 7.50%, 11/06/2030<sup>(b)</sup> | 1220000 | 1265148 |
|  HUB International Ltd., 7.25%, 06/15/2030<sup>(b)</sup> | 3631000 | 3800310 |
|  Nassau Cos. of New York (The), 7.88%, 07/15/2030<sup>(b)</sup> | 474000 | 481455 |
|  |  | 5546913 |
|  Interactive Media & Services-0.56% |  |  |
|  Ziff Davis, Inc., 4.63%, 10/15/2030<sup>(b)</sup> | 510000 | 481267 |
|  ZipRecruiter, Inc., 5.00%, 01/15/2030<sup>(b)</sup> | 612000 | 496368 |
|  |  | 977635 |
|  IT Services-1.28% |  |  |
|  CoreWeave, Inc., 9.25%, 06/01/2030<sup>(b)</sup> | 2220000 | 2230301 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Life Sciences Tools & Services-0.67% |  |  |
|  Fortrea Holdings, Inc., 7.50%, 07/01/2030<sup>(b)(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601959 |
|  IQVIA, Inc., 6.50%, 05/15/2030<sup>(b)</sup> | 555000 | 575926 |
|  |  | 1177885 |
|  Machinery-1.94% |  |  |
|  Chart Industries, Inc., 7.50%, 01/01/2030<sup>(b)</sup> | 1613000 | 1692584 |
|  New Flyer Holdings, Inc. (Canada), 9.25%, 07/01/2030<sup>(b)</sup> | 670000 | 719222 |
|  Park-Ohio Industries, Inc., 8.50%, 08/01/2030<sup>(b)</sup> | 390000 | 396956 |
|  SPX FLOW, Inc., 8.75%, 04/01/2030<sup>(b)</sup> | 551000 | 572975 |
|  |  | 3381737 |
|  Marine Transportation-0.20% |  |  |
|  NCL Corp. Ltd., 6.25%, 03/01/2030<sup>(b)(c)</sup> | 345000 | 350351 |
|  Media-5.07% |  |  |
|  Cable One, Inc., 4.00%, 11/15/2030<sup>(b)(c)</sup> | 699000 | 578807 |
|  Clear Channel Outdoor Holdings, Inc., 7.88%, 04/01/2030<sup>(b)</sup> | 959000 | 999681 |
|  Discovery Communications LLC, 3.63%, 05/15/2030 | 1018000 | 919020 |
|  E.W. Scripps Co. (The), 9.88%, 08/15/2030<sup>(b)</sup> | 800000 | 752807 |
|  iHeartCommunications, Inc., 7.75%, 08/15/2030<sup>(b)</sup> | 730000 | 581960 |
|  Lamar Media Corp., 4.00%, 02/15/2030 | 607000 | 577492 |
|  Sirius XM Radio LLC, 4.13%, 07/01/2030<sup>(b)</sup> | 1662000 | 1546425 |
|  Univision Communications, Inc., 7.38%, 06/30/2030<sup>(b)</sup> | 999000 | 1005249 |
|  Virgin Media Finance PLC (United Kingdom), 5.00%, 07/15/2030<sup>(b)</sup> | 1030000 | 943039 |
|  Virgin Media Secured Finance PLC (United Kingdom), 4.50%, 08/15/2030<sup>(b)</sup> | 1010000 | 948812 |
|  |  | 8853292 |
|  Metals & Mining-3.09% |  |  |
|  Arsenal AIC Parent LLC, 8.00%, 10/01/2030<sup>(b)</sup> | 775000 | 821838 |
|  ATI, Inc., 7.25%, 08/15/2030 | 467000 | 492297 |
|  Carpenter Technology Corp., 7.63%, 03/15/2030 | 330000 | 340025 |
|  Cleveland-Cliffs, Inc., 6.75%, 04/15/2030<sup>(b)(c)</sup> | 825000 | 835226 |
|  Commercial Metals Co., 4.13%, 01/15/2030 | 336000 | 321520 |
|  Compass Minerals International, Inc., 8.00%, 07/01/2030<sup>(b)</sup> | 718000 | 751681 |
|  JW Aluminum Continuous Cast Co., 10.25%, 04/01/2030<sup>(b)</sup> | 380000 | 394114 |
|  Novelis Corp., 6.88%, 01/30/2030<sup>(b)(c)</sup> | 830000 | 861750 |
|  Taseko Mines Ltd. (Canada), 8.25%, 05/01/2030<sup>(b)</sup> | 550000 | 578944 |
|  |  | 5397395 |
|  Mortgage REITs-1.35% |  |  |
|  Arbor Realty SR, Inc., 7.88%, 07/15/2030<sup>(b)</sup>  | 200000 | 208310 |
|  Rithm Capital Corp., 8.00%, 07/15/2030<sup>(b)</sup> | 550000 | 561954 |

---

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

---

| |
|:---|
| 106 |
| 106 |
| 106 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)–(continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Mortgage REITs-(continued) |  |  |  |
|  Starwood Property Trust, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/2030<sup>(b)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2030<sup>(b)</sup> |  | 550000 | 571213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/2030<sup>(b)</sup> |  | 550000 | 569132 |
|  |  |  | 2358055 |
|  Oil, Gas & Consumable Fuels-9.18% |  |  |  |
|  Baytex Energy Corp. (Canada), 8.50%, 04/30/2030<sup>(b)</sup> |  | 837000 | 855104 |
|  Buckeye Partners L.P., 6.75%, 02/01/2030<sup>(b)</sup> |  | 554000 | 575774 |
|  Caturus Energy LLC, 8.50%, 02/15/2030<sup>(b)</sup> |  | 545000 | 565905 |
|  Civitas Resources, Inc., 8.63%, 11/01/2030<sup>(b)</sup> |  | 1113000 | 1159443 |
|  CNX Midstream Partners L.P., 4.75%, 04/15/2030<sup>(b)</sup> |  | 445000 | 422431 |
|  Comstock Resources, Inc., 5.88%, 01/15/2030<sup>(b)</sup> |  | 1066000 | 1001246 |
|  Excelerate Energy L.P., 8.00%, 05/15/2030<sup>(b)</sup> |  | 890000 | 948306 |
|  Genesis Energy L.P./Genesis Energy Finance Corp., 8.88%, 04/15/2030 |  | 551000 | 583523 |
|  Hilcorp Energy I L.P./Hilcorp Finance Co., 6.00%, 04/15/2030<sup>(b)</sup> |  | 551000 | 545644 |
|  Kinetik Holdings L.P., 5.88%, 06/15/2030<sup>(b)</sup> |  | 1111000 | 1121210 |
|  NuStar Logistics L.P., 6.38%, 10/01/2030 |  | 668000 | 692063 |
|  Parkland Corp. (Canada), 4.63%, 05/01/2030<sup>(b)</sup> |  | 887000 | 859121 |
|  PBF Holding Co. LLC/PBF Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 03/15/2030<sup>(b)</sup> |  | 890000 | 919597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 09/15/2030<sup>(b)</sup> |  | 557000 | 539730 |
|  Range Resources Corp., 4.75%, 02/15/2030<sup>(b)</sup> |  | 554000 | 540787 |
|  Sunoco L.P./Sunoco Finance Corp., 4.50%, 04/30/2030 |  | 887000 | 857724 |
|  Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 12/31/2030<sup>(b)</sup> |  | 803000 | 791616 |
|  TransMontaigne Partners LLC, 8.50%, 06/15/2030<sup>(b)</sup> |  | 550000 | 578947 |
|  Venture Global LNG, Inc., 7.00%, 01/15/2030<sup>(b)(c)</sup> |  | 1660000 | 1711653 |
|  Vermilion Energy, Inc. (Canada), 6.88%, 05/01/2030<sup>(b)</sup> |  | 429000 | 415180 |
|  Vital Energy, Inc., 9.75%, 10/15/2030 |  | 337000 | 350997 |
|  |  |  | 16036001 |
|  Passenger Airlines-0.61% |  |  |  |
|  Avianca Midco 2 PLC, 9.63%, 02/14/2030<sup>(b)</sup>  |  | 1110000 | 1068225 |
|  Pharmaceuticals-0.99% |  |  |  |
|  AdaptHealth LLC, 5.13%, 03/01/2030<sup>(b)</sup> |  | 668000 | 637734 |
|  Bausch Health Cos., Inc., 14.00%, 10/15/2030<sup>(b)</sup> |  | 280000 | 269037 |
|  Perrigo Finance Unlimited Co., 4.90%, 06/15/2030 |  | 835000 | 817695 |
|  |  |  | 1724466 |
|  Real Estate Management & Development-1.36% | Real Estate Management & Development-1.36% | Real Estate Management & Development-1.36% |  |
|  Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp., 7.00%, 04/15/2030<sup>(b)(c)</sup> |  | 688000 | 677916 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Real Estate Management & Development-(continued) | Real Estate Management & Development-(continued) | Real Estate Management & Development-(continued) | Real Estate Management & Development-(continued) | Real Estate Management & Development-(continued) |
|  Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/2030<sup>(b)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 04/15/2030<sup>(b)</sup> |  | 600000 |  | 637878 |
|  Kennedy-Wilson, Inc., 4.75%, 02/01/2030 |  | 670000 |  | 628581 |
|  |  |  |  | 2370717 |
|  Residential REITs-0.24% |  |  |  |  |
|  Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/2030<sup>(b)</sup> |  | 447000 |  | 422104 |
|  Semiconductors & Semiconductor Equipment-1.28% | Semiconductors & Semiconductor Equipment-1.28% | Semiconductors & Semiconductor Equipment-1.28% | Semiconductors & Semiconductor Equipment-1.28% | Semiconductors & Semiconductor Equipment-1.28% |
|  Entegris, Inc., 5.95%, 06/15/2030<sup>(b)</sup> |  | 991000 |  | 1004585 |
|  Kioxia Holdings Corp. (Japan), 6.25%, 07/24/2030<sup>(b)</sup> |  | 1220000 |  | 1222030 |
|  |  |  |  | 2226615 |
|  Software-2.44% |  |  |  |  |
|  Capstone Borrower, Inc., 8.00%, 06/15/2030<sup>(b)</sup> |  | 915000 |  | 958844 |
|  Gen Digital, Inc., 7.13%, 09/30/2030<sup>(b)(c)</sup> |  | 663000 |  | 686837 |
|  McAfee Corp., 7.38%, 02/15/2030<sup>(b)</sup> |  | 2238000 |  | 2069312 |
|  Pagaya US Holding Co. LLC, 8.88%, 08/01/2030<sup>(b)</sup> |  | 550000 |  | 552790 |
|  |  |  |  | 4267783 |
|  Specialized REITs-0.82% |  |  |  |  |
|  Iron Mountain, Inc., 5.25%, 07/15/2030<sup>(b)</sup> |  | 1438000 |  | 1424004 |
|  Specialty Retail-2.71% |  |  |  |  |
|  Advance Auto Parts, Inc., 7.00%, 08/01/2030<sup>(b)</sup> |  | 1080000 |  | 1108974 |
|  Albion Financing 1 S.a.r.l /Aggreko Holdings, Inc. (Luxembourg), 7.00%, 05/21/2030<sup>(b)</sup> |  | 1548000 |  | 1601256 |
|  Asbury Automotive Group, Inc., 4.75%, 03/01/2030 |  | 495000 |  | 483790 |
|  Bath & Body Works, Inc., 6.63%, 10/01/2030<sup>(b)</sup> |  | 939000 |  | 964917 |
|  Group 1 Automotive, Inc., 6.38%, 01/15/2030<sup>(b)</sup> |  | 550000 |  | 564571 |
|  |  |  |  | 4723508 |
|  Technology Hardware, Storage & Peripherals-0.89% | Technology Hardware, Storage & Peripherals-0.89% | Technology Hardware, Storage & Peripherals-0.89% | Technology Hardware, Storage & Peripherals-0.89% | Technology Hardware, Storage & Peripherals-0.89% |
|  Diebold Nixdorf, Inc., 7.75%, 03/31/2030<sup>(b)</sup> |  | 1050000 |  | 1113507 |
|  Xerox Corp., 10.25%, 10/15/2030<sup>(b)</sup> |  | 430000 |  | 446707 |
|  |  |  |  | 1560214 |
|  Textiles, Apparel & Luxury Goods-0.67% | Textiles, Apparel & Luxury Goods-0.67% | Textiles, Apparel & Luxury Goods-0.67% |  |  |
|  Under Armour, Inc., 7.25%, 07/15/2030<sup>(b)</sup> |  | 440000 |  | 440417 |
|  VF Corp., 2.95%, 04/23/2030<sup>(c)</sup> |  | 831000 |  | 725588 |
|  |  |  |  | 1166005 |
|  Trading Companies & Distributors-1.68% | Trading Companies & Distributors-1.68% | Trading Companies & Distributors-1.68% |  |  |
|  Boise Cascade Co., 4.88%, 07/01/2030<sup>(b)</sup> |  | 448000 |  | 438391 |
|  FTAI Aviation Investors LLC, 7.88%, 12/01/2030<sup>(b)</sup> |  | 552000 |  | 587149 |
|  Herc Holdings, Inc., 7.00%, 06/15/2030<sup>(b)</sup> |  | 1830000 |  | 1905797 |
|  |  |  |  | 2931337 |

---

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

---

| |
|:---|
| 107 |
| 107 |
| 107 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)–(continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Wireless Telecommunication Services-0.57% |  |  |  |
|  Getty Images, Inc., 11.25%, 02/21/2030<sup>(b)</sup> | $| 600000 | $549477 |
|  Ontario Gaming GTA L.P./OTG Co-Issuer, Inc. (Canada), 8.00%, 08/01/2030<sup>(b)</sup> |  | 448000 | 451602 |
|  |  |  | 1001079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $167,774,265) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $167,774,265) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $167,774,265) | 171269079 |
|  | Shares | Shares |  |
|  Money Market Funds-0.35% |  |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.21%<sup>(d)(e)</sup><br>(Cost $615,775) |  | 615775 | 615775 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.44%<br>(Cost $168,390,040) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.44%<br>(Cost $168,390,040) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.44%<br>(Cost $168,390,040) | 171884854 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Investments Purchased with Cash Collateral from Securities on Loan | Investments Purchased with Cash Collateral from Securities on Loan |  |
|  Money Market Funds-6.51% | Money Market Funds-6.51% |  |
|  Invesco Private Government Fund, 4.28%<sup>(d)(e)(f)</sup> | 3153934 | $3153934 |
|  Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 8208330 | 8210793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $11,364,210) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $11,364,210) | 11364727 |
|  TOTAL INVESTMENTS IN SECURITIES-104.95%<br>(Cost $179,754,250) | TOTAL INVESTMENTS IN SECURITIES-104.95%<br>(Cost $179,754,250) | 183249581 |
|  OTHER ASSETS LESS LIABILITIES-(4.95)% | OTHER ASSETS LESS LIABILITIES-(4.95)% | (8643499) |
|  NET ASSETS-100.00% |  | $174606082 |

---

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 August 31, 2025 was $147,184,842, which represented 84.30% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at August 31, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in 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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value<br>August 31, 2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Change in<br>Unrealized<br>Appreciation | Realized<br>Gain<br>(Loss) | Value<br>August 31, 2025 | Dividend Income |
| Investments in Affiliated Money Market Funds: |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $&nbsp;&nbsp;&nbsp;&nbsp;239390 | $19941979 | $(19565594) | $- | $- | $615775 | $28386 |
| Investments Purchased with Cash Collateral from Securities on Loan: |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 927063 | 34519513 | (32292642) |  |  | 3153934 | 113813 \* |
| Invesco Private Prime Fund | 2416855 | 75389369 | (69594822) | 362 | (971) | 8210793 | 306737 \* |
| Total | $3583308 | $129850861 | $(121453058) | $362 | $(971) | $11980502 | $448936 |

---

\* 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 August 31, 2025.

<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.

---

| |
|:---|
| 108 |
| 108 |
| 108 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
|  U.S. Dollar Denominated Bonds & Notes-98.35% | U.S. Dollar Denominated Bonds & Notes-98.35% | U.S. Dollar Denominated Bonds & Notes-98.35% |
|  Aerospace & Defense-1.50% |  |  |
|  Bombardier, Inc. (Canada), 7.25%, 07/01/2031<sup>(b)</sup> | $240000 | $253329 |
|  TransDigm, Inc., 7.13%, 12/01/2031<sup>(b)</sup> | 330000 | 344391 |
|  |  | 597720 |
|  Air Freight & Logistics-0.55% |  |  |
|  Clue Opco LLC, 9.50%, 10/15/2031<sup>(b)</sup> | 205000 | &nbsp;&nbsp;&nbsp;&nbsp;218427 |
|  Automobile Components-2.15% |  |  |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.00%, 02/15/2031<sup>(b)</sup> | 160000 | 165230 |
|  Goodyear Tire & Rubber Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/30/2031 | 181000 | 171909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2031 | 200000 | 190052 |
|  United Rentals (North America), Inc., 3.88%, 02/15/2031 | 353000 | 332375 |
|  |  | 859566 |
|  Automobiles-0.76% |  |  |
|  Allison Transmission, Inc., 3.75%, 01/30/2031<sup>(b)</sup>  | 330000 | 304775 |
|  Broadline Retail-0.32% |  |  |
|  Kohl's Corp., 5.13%, 05/01/2031 | 160000 | 126689 |
|  Capital Markets-1.01% |  |  |
|  Coinbase Global, Inc., 3.63%, 10/01/2031<sup>(b)</sup> | 235000 | 210500 |
|  StoneX Group, Inc., 7.88%, 03/01/2031<sup>(b)</sup> | 180000 | 190402 |
|  |  | 400902 |
|  Chemicals-4.65% |  |  |
|  Ashland, Inc., 3.38%, 09/01/2031<sup>(b)</sup> | 150000 | 133929 |
|  Avient Corp., 6.25%, 11/01/2031<sup>(b)</sup> | 210000 | 214051 |
|  Axalta Coating Systems Dutch Holding B B.V., 7.25%, 02/15/2031<sup>(b)</sup> | 160000 | 168585 |
|  Cerdia Finanz GmbH (Germany), 9.38%, 10/03/2031<sup>(b)</sup> | 285000 | 302322 |
|  Consolidated Energy Finance S.A. (Switzerland), 12.00%, 02/15/2031<sup>(b)</sup> | 200000 | 184067 |
|  NOVA Chemicals Corp. (Canada), 7.00%, 12/01/2031<sup>(b)</sup> | 130000 | 136847 |
|  Olympus Water US Holding Corp., 7.25%, 06/15/2031<sup>(b)</sup> | 260000 | 265715 |
|  Scotts Miracle-Gro Co. (The), 4.00%, 04/01/2031 | 150000 | 138152 |
|  Suburban Propane Partners L.P./Suburban Energy Finance Corp., 5.00%, 06/01/2031<sup>(b)</sup> | 210000 | 198828 |
| W. R. Grace Holdings LLC, 7.38%, 03/01/2031<sup>(b)</sup> | 110000 | 112071 |
|  |  | 1854567 |
|  Commercial Services & Supplies-4.18% |  |  |
|  Allied Universal Holdco LLC (USAGM Holdco LLC/UNSEAM), 7.88%, 02/15/2031<sup>(b)</sup>  | 740000 | 778225 |
|  Clean Harbors, Inc., 6.38%, 02/01/2031<sup>(b)</sup> | 160000 | 164075 |
|  GFL Environmental, Inc., 6.75%, 01/15/2031<sup>(b)</sup> | 300000 | 313555 |
|  Raven Acquisition Holdings LLC, 6.88%, 11/15/2031<sup>(b)</sup> | 405000 | 413592 |
|  |  | 1669447 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
|  Communications Equipment-0.57% |  |  |
|  Viasat, Inc., 7.50%, 05/30/2031<sup>(b)</sup> | $240000 | $225596 |
|  Construction & Engineering-0.93% |  |  |
|  Artera Services LLC, 8.50%, 02/15/2031<sup>(b)</sup> | 200000 | 174927 |
|  Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/2031<sup>(b)</sup> | 190000 | 197350 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;372277 |
|  Construction Materials-1.75% |  |  |
|  Knife River Corp., 7.75%, 05/01/2031<sup>(b)</sup> | 140000 | 146942 |
|  Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/2031<sup>(b)</sup> | 361000 | 385348 |
|  Williams Scotsman, Inc., 7.38%, 10/01/2031<sup>(b)</sup> | 160000 | 167457 |
|  |  | 699747 |
|  Consumer Finance-1.26% |  |  |
|  OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/15/2031 | 240000 | 251738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 11/15/2031 | 240000 | 249464 |
|  |  | 501202 |
|  Consumer Staples Distribution & Retail-0.45% |  |  |
|  Ingles Markets, Inc., 4.00%, 06/15/2031<sup>(b)</sup> | 100000 | 93792 |
|  Safeway, Inc., 7.25%, 02/01/2031 | 80000 | 86387 |
|  |  | 180179 |
|  Containers & Packaging-2.95% |  |  |
|  Ball Corp., 3.13%, 09/15/2031 | 280000 | 252561 |
|  Fortress Intermediate 3, Inc., 7.50%, 06/01/2031<sup>(b)</sup> | 210000 | 221126 |
|  LABL, Inc., 8.63%, 10/01/2031<sup>(b)</sup> | 305000 | 225442 |
|  Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031<sup>(b)</sup> | 220000 | 224124 |
|  Sealed Air Corp., 7.25%, 02/15/2031<sup>(b)</sup> | 140000 | 147567 |
|  Trivium Packaging Finance B.V. (Netherlands), 12.25%, 01/15/2031<sup>(b)</sup> | 100000 | 107320 |
|  |  | 1178140 |
|  Diversified Consumer Services-0.61% |  |  |
|  Service Corp. International, 4.00%, 05/15/2031 | 260000 | 244605 |
|  Diversified Telecommunication Services-2.20% |  |  |
|  Level 3 Financing, Inc., 4.00%, 04/15/2031<sup>(b)</sup> | 150000 | 126375 |
|  Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/2031<sup>(b)</sup> | 720000 | 749554 |
|  |  | 875929 |
|  Electric Utilities-2.05% |  |  |
|  NRG Energy, Inc., 3.63%, 02/15/2031<sup>(b)</sup> | 340000 | 313832 |
|  Sotera Health Holdings LLC, 7.38%, 06/01/2031<sup>(b)</sup> | 210000 | 221002 |
|  XPLR Infrastructure Operating Partners L.P., 8.38%, 01/15/2031<sup>(b)</sup> | 270000 | 282537 |
|  |  | 817371 |

---

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

---

| |
|:---|
| 109 |
| 109 |
| 109 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
|  Electronic Equipment, Instruments & Components-0.98% | Electronic Equipment, Instruments & Components-0.98% | Electronic Equipment, Instruments & Components-0.98% |
|  EMRLD Borrower L.P./Emerald Co-Issuer, Inc., 6.75%, 07/15/2031<sup>(b)</sup> | $160000 | $165654 |
|  Sensata Technologies, Inc., 3.75%, 02/15/2031<sup>(b)</sup> | 245000 | 225386 |
|  |  | 391040 |
|  Energy Equipment & Services-0.41% |  |  |
|  Nabors Industries, Inc., 8.88%, 08/15/2031<sup>(b)</sup> | 180000 | &nbsp;&nbsp;&nbsp;&nbsp;162257 |
|  Entertainment-1.23% |  |  |
|  Light and Wonder International, Inc., 7.50%, 09/01/2031<sup>(b)</sup> | 180000 | 188014 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.13%, 02/15/2031<sup>(b)</sup> | 280000 | 301572 |
|  |  | 489586 |
|  Financial Services-3.49% |  |  |
|  Focus Financial Partners LLC, 6.75%, 09/15/2031<sup>(b)</sup> | 325000 | 336117 |
|  Freedom Mortgage Holdings LLC, 9.13%, 05/15/2031<sup>(b)</sup> | 240000 | 252757 |
|  Jane Street Group/JSG Finance, Inc., 7.13%, 04/30/2031<sup>(b)</sup> | 435000 | 454761 |
|  Nationstar Mortgage Holdings, Inc., 5.75%, 11/15/2031<sup>(b)</sup> | 190000 | 192396 |
|  PennyMac Financial Services, Inc., 5.75%, 09/15/2031<sup>(b)</sup> | 160000 | 157096 |
|  |  | 1393127 |
|  Food Products-1.47% |  |  |
|  Post Holdings, Inc., 4.50%, 09/15/2031<sup>(b)</sup> | 320000 | 298705 |
|  Viking Baked Goods Acquisition Corp., 8.63%, 11/01/2031<sup>(b)</sup> | 290000 | 287935 |
|  |  | 586640 |
|  Ground Transportation-0.34% |  |  |
|  XPO, Inc., 7.13%, 06/01/2031<sup>(b)</sup> | 130000 | 135413 |
|  Health Care Equipment & Supplies-0.51% |  |  |
|  HAH Group Holding Co. LLC, 9.75%, 10/01/2031<sup>(b)</sup> | 220000 | 203553 |
|  Health Care Providers & Services-3.48% |  |  |
|  Community Health Systems, Inc., 4.75%, 02/15/2031<sup>(b)</sup> | 330000 | 281597 |
|  DaVita, Inc., 3.75%, 02/15/2031<sup>(b)</sup> | 430000 | 392645 |
|  Encompass Health Corp., 4.63%, 04/01/2031 | 130000 | 126127 |
|  Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/15/2031 | 440000 | 457617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/2031 | 120000 | 128935 |
|  |  | 1386921 |
|  Health Care REITs-1.08% |  |  |
|  Diversified Healthcare Trust, 4.38%, 03/01/2031 | 160000 | 135996 |
|  MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 03/15/2031 | 419900 | 295893 |
|  |  | 431889 |
|  Hotel & Resort REITs-0.88% |  |  |
|  Service Properties Trust, 8.63%, 11/15/2031<sup>(b)</sup>  | 330000 | 351945 |
|  Hotels, Restaurants & Leisure-6.82% |  |  |
|  Boyd Gaming Corp., 4.75%, 06/15/2031<sup>(b)</sup> | 290000 | 279299 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | Value |
|  Hotels, Restaurants & Leisure-(continued) |  |  |  |
|  Carnival Corp., 5.88%, 06/15/2031<sup>(b)</sup> | $| 330000 | $338504 |
|  Churchill Downs, Inc., 6.75%, 05/01/2031<sup>(b)</sup> |  | 200000 | 205805 |
|  Hilton Domestic Operating Co., Inc., 4.00%, 05/01/2031<sup>(b)</sup> |  | 360000 | 339359 |
|  Hilton Grand Vacations Borrower LLC, 4.88%, 07/01/2031<sup>(b)</sup> |  | 160000 | &nbsp;&nbsp;&nbsp;&nbsp;149082 |
|  Life Time, Inc., 6.00%, 11/15/2031<sup>(b)</sup> |  | 160000 | 161802 |
|  Merlin Entertainments Group U.S. Holdings, Inc. (United Kingdom), 7.38%, 02/15/2031<sup>(b)</sup> |  | 160000 | 136910 |
|  Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 11.88%, 04/15/2031<sup>(b)</sup> |  | 230000 | 242473 |
|  Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.88%, 09/01/2031<sup>(b)</sup> |  | 240000 | 139500 |
|  Six Flags Entertainment Corp., 7.25%, 05/15/2031<sup>(b)</sup> |  | 260000 | 261443 |
|  Station Casinos LLC, 4.63%, 12/01/2031<sup>(b)</sup> |  | 160000 | 151508 |
|  Yum! Brands, Inc., 3.63%, 03/15/2031 |  | 340000 | 316477 |
|  |  |  | 2722162 |
|  Household Durables-1.10% |  |  |  |
|  Beazer Homes USA, Inc., 7.50%, 03/15/2031<sup>(b)</sup>  |  | 80000 | 81408 |
|  KB Home, 4.00%, 06/15/2031 |  | 130000 | 121046 |
|  Somnigroup International, Inc., 3.88%, 10/15/2031<sup>(b)</sup> |  | 260000 | 238044 |
|  |  |  | 440498 |
|  Household Products-1.10% |  |  |  |
|  Central Garden & Pet Co., 4.13%, 04/30/2031<sup>(b)</sup>  |  | 130000 | 121257 |
|  Kronos Acquisition Holdings, Inc. (Canada), 8.25%, 06/30/2031<sup>(b)</sup> |  | 180000 | 134550 |
|  Prestige Brands, Inc., 3.75%, 04/01/2031<sup>(b)</sup> |  | 200000 | 184444 |
|  |  |  | 440251 |
|  Independent Power and Renewable Electricity Producers-2.08% | Independent Power and Renewable Electricity Producers-2.08% | Independent Power and Renewable Electricity Producers-2.08% |  |
|  Calpine Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031<sup>(b)</sup> |  | 280000 | 277890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/01/2031<sup>(b)</sup> |  | 290000 | 275725 |
|  Clearway Energy Operating LLC, 3.75%, 02/15/2031<sup>(b)</sup> |  | 300000 | 276129 |
|  |  |  | 829744 |
|  Insurance-6.43% |  |  |  |
|  Alliant Holdings Intermediate LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/2031<sup>(b)</sup> |  | 475000 | 491655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2031<sup>(b)</sup> |  | 320000 | 327512 |
|  Ardonagh Finco Ltd. (United Kingdom), 7.75%, 02/15/2031<sup>(b)</sup> |  | 410000 | 429357 |
|  Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC (United Kingdom), 7.25%, 02/15/2031<sup>(b)</sup> |  | 320000 | 330753 |
|  Panther Escrow Issuer LLC, 7.13%, 06/01/2031<sup>(b)</sup> |  | 950000 | 986494 |
|  |  |  | 2565771 |
|  Interactive Media & Services-0.36% |  |  |  |
|  Match Group Holdings II LLC, 3.63%, 10/01/2031<sup>(b)</sup> |  | 160000 | 144517 |

---

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

---

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|:---|
| 110 |
| 110 |
| 110 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
|  IT Services-1.77% |  |  |
|  CoreWeave, Inc., 9.00%, 02/01/2031<sup>(b)</sup> | $240000 | $237899 |
|  Star Holding LLC, 8.75%, 08/01/2031<sup>(b)</sup> | 110000 | 109733 |
|  Twilio, Inc., 3.88%, 03/15/2031 | 160000 | 149599 |
|  Unisys Corp., 10.63%, 01/15/2031<sup>(b)</sup> | 200000 | 208732 |
|  |  | 705963 |
|  Machinery-0.96% |  |  |
|  Hillenbrand, Inc., 3.75%, 03/01/2031 | 110000 | &nbsp;&nbsp;&nbsp;&nbsp;101215 |
|  J.B. Poindexter & Co., Inc., 8.75%, 12/15/2031<sup>(b)</sup> | 190000 | 196468 |
|  Manitowoc Co., Inc. (The), 9.25%, 10/01/2031<sup>(b)</sup> | 80000 | 84301 |
|  |  | 381984 |
|  Marine Transportation-1.06% |  |  |
|  Stena International S.A. (Sweden) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 01/15/2031<sup>(b)</sup> | 281000 | 286852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/15/2031<sup>(b)</sup> | 130000 | 134224 |
|  |  | 421076 |
|  Media-8.93% |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/2031<sup>(b)</sup> | 980000 | 904579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 03/01/2031<sup>(b)</sup> | 350000 | 362363 |
|  CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/2031<sup>(b)</sup> | 320000 | 204912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2031<sup>(b)</sup> | 490000 | 318238 |
|  Lamar Media Corp., 3.63%, 01/15/2031 | 180000 | 166796 |
|  McGraw-Hill Education, Inc., 7.38%, 09/01/2031<sup>(b)</sup> | 210000 | 220641 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp., 7.38%, 02/15/2031<sup>(b)</sup> | 150000 | 158385 |
|  Sirius XM Radio LLC, 3.88%, 09/01/2031<sup>(b)</sup> | 490000 | 440978 |
|  Sunrise FinCo I B.V. (Netherlands), 4.88%, 07/15/2031<sup>(b)</sup> | 390000 | 372873 |
|  Univision Communications, Inc., 8.50%, 07/31/2031<sup>(b)</sup> | 400000 | 412540 |
|  |  | 3562305 |
|  Metals & Mining-2.96% |  |  |
|  Alcoa Nederland Holding B.V., 7.13%, 03/15/2031<sup>(b)</sup> | 240000 | 253308 |
|  ATI, Inc., 5.13%, 10/01/2031 | 110000 | 107445 |
|  Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/2031<sup>(b)</sup> | 110000 | 100676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/2031<sup>(b)</sup> | 280000 | 284124 |
|  Commercial Metals Co., 3.88%, 02/15/2031 | 100000 | 93235 |
|  Kaiser Aluminum Corp., 4.50%, 06/01/2031<sup>(b)</sup> | 160000 | 150229 |
|  Novelis Corp., 3.88%, 08/15/2031<sup>(b)</sup> | 210000 | 190583 |
|  |  | 1179600 |
|  Oil, Gas & Consumable Fuels-7.56% |  |  |
|  Civitas Resources, Inc., 8.75%, 07/01/2031<sup>(b)</sup> | 389000 | 400659 |
|  CNX Resources Corp., 7.38%, 01/15/2031<sup>(b)</sup> | 160000 | 166043 |
|  CQP Holdco L.P./BIP-V Chinook Holdco LLC, 5.50%, 06/15/2031<sup>(b)</sup> | 460000 | 453966 |
|  Hilcorp Energy I L.P./Hilcorp Finance Co., 6.00%, 02/01/2031<sup>(b)</sup> | 199000 | 192232 |
|  Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031<sup>(b)</sup> | 240000 | 237544 |
|  Murphy Oil USA, Inc., 3.75%, 02/15/2031<sup>(b)</sup> | 160000 | 148280 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
|  Oil, Gas & Consumable Fuels-(continued) |  |  |
|  Northern Oil and Gas, Inc., 8.75%, 06/15/2031<sup>(b)</sup> | $140000 | $144002 |
|  Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 09/01/2031<sup>(b)</sup> | 150000 | 147465 |
|  Talos Production, Inc., 9.38%, 02/01/2031<sup>(b)</sup> | 180000 | 186665 |
|  Venture Global LNG, Inc., 8.38%, 06/01/2031<sup>(b)</sup>  | 730000 | &nbsp;&nbsp;&nbsp;&nbsp;766356 |
|  VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%, 06/15/2031<sup>(b)</sup> | 165000 | 173765 |
|  |  | 3016977 |
|  Paper & Forest Products-0.55% |  |  |
|  Magnera Corp., 7.25%, 11/15/2031<sup>(b)</sup> | 230000 | 217873 |
|  Passenger Airlines-1.57% |  |  |
|  JetBlue Airways Corp./JetBlue Loyalty L.P., 9.88%, 09/20/2031<sup>(b)</sup> | 630000 | 626512 |
|  Pharmaceuticals-1.94% |  |  |
|  Endo Finance Holdings, Inc., 8.50%, 04/15/2031<sup>(b)</sup> | 298000 | 317626 |
|  Organon & Co./Organon Foreign Debt Co-Issuer B.V., 5.13%, 04/30/2031<sup>(b)</sup> | 530000 | 454551 |
|  |  | 772177 |
|  Professional Services-0.34% |  |  |
|  TriNet Group, Inc., 7.13%, 08/15/2031<sup>(b)</sup> | 130000 | 135275 |
|  Real Estate Management & Development-0.95% |  |  |
|  Howard Hughes Corp. (The), 4.38%, 02/01/2031<sup>(b)</sup> | 208000 | 193876 |
|  Kennedy-Wilson, Inc., 5.00%, 03/01/2031 | 200000 | 186871 |
|  |  | 380747 |
|  Software-2.59% |  |  |
|  Open Text Holdings, Inc. (Canada), 4.13%, 12/01/2031<sup>(b)</sup> | 210000 | 193402 |
|  UKG, Inc., 6.88%, 02/01/2031<sup>(b)</sup> | 810000 | 838131 |
|  |  | 1031533 |
|  Specialized REITs-0.84% |  |  |
|  Iron Mountain, Inc., 4.50%, 02/15/2031<sup>(b)</sup> | 350000 | 333186 |
|  Specialty Retail-2.48% |  |  |
|  Gap, Inc. (The), 3.88%, 10/01/2031<sup>(b)</sup> | 240000 | 217517 |
|  LCM Investments Holdings II LLC, 8.25%, 08/01/2031<sup>(b)</sup> | 280000 | 297068 |
|  Lithia Motors, Inc., 4.38%, 01/15/2031<sup>(b)</sup> | 175000 | 166436 |
|  Sonic Automotive, Inc., 4.88%, 11/15/2031<sup>(b)</sup> | 160000 | 153004 |
|  Valvoline, Inc., 3.63%, 06/15/2031<sup>(b)</sup> | 170000 | 155190 |
|  |  | 989215 |
|  Technology Hardware, Storage & Peripherals-0.40% |  |  |
|  Xerox Corp., 13.50%, 04/15/2031<sup>(b)</sup> | 160000 | 160702 |
|  Textiles, Apparel & Luxury Goods-0.68% |  |  |
|  Champ Acquisition Corp., 8.38%, 12/01/2031<sup>(b)</sup>  | 160000 | 170484 |
|  Crocs, Inc., 4.13%, 08/15/2031<sup>(b)</sup> | 110000 | 98963 |
|  |  | 269447 |
|  Trading Companies & Distributors-0.60% |  |  |
|  FTAI Aviation Investors LLC, 7.00%, 05/01/2031<sup>(b)</sup> | 230000 | 240714 |
|  Water Utilities-0.47% |  |  |
|  S&S Holdings LLC, 8.38%, 10/01/2031<sup>(b)</sup> | 200000 | 188015 |

---

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

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| 111 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
|  Wireless Telecommunication Services-2.05% | Wireless Telecommunication Services-2.05% |  |
|  VMED O2 UK Financing I PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/31/2031<sup>(b)</sup> | $421000 | $388908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/2031<sup>(b)</sup> | 460000 | 430439 |
|  |  | 819347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes (Cost $38,564,922) |  | 39235101 |
|  | Shares |  |
|  Money Market Funds-0.03% |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.21%<sup>(c)(d)</sup><br>(Cost $11,009) | 11009 | 11009 |
|  TOTAL INVESTMENTS IN SECURITIES-98.38% (Cost $38,575,931) |  | 39246110 |
|  OTHER ASSETS LESS LIABILITIES-1.62% |  | 647943 |
|  NET ASSETS-100.00% |  | $39894053 |

---

Investment Abbreviations:

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 August 31, 2025 was $34,803,917, which represented 87.24% of the Fund's Net Assets. 

<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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value<br>August 31, 2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Change in<br>Unrealized<br>Appreciation | Realized<br>Gain | Value<br>August 31, 2025 | Dividend Income |
|  Investments in Affiliated Money Market Funds: |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $62297 | $4630407 | $(4681695) | $- | $- | $11009 | $7941 |

---

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

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

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | Value |
|  U.S. Dollar Denominated Bonds & Notes-98.21% | U.S. Dollar Denominated Bonds & Notes-98.21% | U.S. Dollar Denominated Bonds & Notes-98.21% |
|  Aerospace & Defense-3.22% |  |  |
|  Bombardier, Inc. (Canada), 7.00%, 06/01/2032<sup>(b)(c)</sup> | $135000 | $141132 |
|  Efesto Bidco S.p.A. Efesto US LLC (Italy), Series XR, 7.50%, 02/15/2032<sup>(b)</sup> | 150000 | 153348 |
|  Goat Holdco LLC, 6.75%, 02/01/2032<sup>(b)</sup> | 120000 | 122167 |
|  TransDigm, Inc., 6.63%, 03/01/2032<sup>(b)</sup> | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;412378 |
|  |  | 829025 |
|  Automobile Components-2.97% |  |  |
|  Avis Budget Car Rental LLC, 8.38%, 06/15/2032<sup>(b)</sup> | 110000 | 114890 |
|  Dana, Inc., 4.50%, 02/15/2032 | 60000 | 59036 |
|  Garrett Motion Holdings, Inc./Garrett LX I S.a.r.l., 7.75%, 05/31/2032<sup>(b)</sup> | 150000 | 156943 |
|  Patrick Industries, Inc., 6.38%, 11/01/2032<sup>(b)</sup>  | 95000 | 96443 |
|  PHINIA, Inc., 6.63%, 10/15/2032<sup>(b)</sup> | 85000 | 87366 |
|  United Rentals (North America), Inc., 3.75%, 01/15/2032 | 135000 | 124503 |
|  ZF North America Capital, Inc. (Germany), 6.88%, 04/23/2032<sup>(b)</sup> | 130000 | 124752 |
|  |  | 763933 |
|  Automobiles-0.57% |  |  |
|  Nissan Motor Co. Ltd. (Japan), 7.75%, 07/17/2032<sup>(b)</sup> | 140000 | 146741 |
|  Banks-0.31% |  |  |
|  Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032<sup>(b)(c)</sup> | 80000 | 79885 |
|  Building Products-2.83% |  |  |
|  Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/2032<sup>(b)</sup> | 231000 | 217266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/2032<sup>(b)</sup> | 130000 | 134147 |
|  JELD-WEN, Inc., 7.00%, 09/01/2032<sup>(b)(c)</sup> | 65000 | 56236 |
|  MasterBrand, Inc., 7.00%, 07/15/2032<sup>(b)</sup> | 130000 | 134805 |
|  Standard Building Solutions, Inc., 6.50%, 08/15/2032<sup>(b)</sup> | 180000 | 185907 |
|  |  | 728361 |
|  Capital Markets-0.41% |  |  |
|  Methanex US Operations, Inc., 6.25%, 03/15/2032<sup>(b)</sup> | 105000 | 106018 |
|  Chemicals-0.64% |  |  |
|  Scotts Miracle-Gro Co. (The), 4.38%, 02/01/2032 | 70000 | 64678 |
| W. R. Grace Holdings LLC, 6.63%, 08/15/2032<sup>(b)</sup> | 100000 | 99797 |
|  |  | 164475 |
|  Commercial Services & Supplies-2.70% |  |  |
|  ADT Security Corp. (The), 4.88%, 07/15/2032<sup>(b)</sup> | 135000 | 130006 |
|  Brink's Co. (The), 6.75%, 06/15/2032<sup>(b)</sup> | 70000 | 72571 |
|  Cimpress PLC (Ireland), 7.38%, 09/15/2032<sup>(b)(c)</sup> | 100000 | 100465 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | Value |
|  Commercial Services & Supplies-(continued) |  |  |
|  Garda World Security Corp. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 08/01/2032<sup>(b)</sup> | $100000 | $104066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/15/2032<sup>(b)</sup> | 180000 | 187901 |
|  Wrangler Holdco Corp. (Canada), 6.63%, 04/01/2032<sup>(b)</sup> | 95000 | 99098 |
|  |  | 694107 |
|  Construction & Engineering-0.43% |  |  |
|  Arcosa, Inc., 6.88%, 08/15/2032<sup>(b)</sup> | 105000 | &nbsp;&nbsp;&nbsp;&nbsp;109616 |
|  Construction Materials-3.10% |  |  |
|  Global Infrastructure Solutions, Inc., 7.50%, 04/15/2032<sup>(b)</sup> | 51000 | 53123 |
|  Quikrete Holdings, Inc., 6.38%, 03/01/2032<sup>(b)</sup>  | 720000 | 743023 |
|  |  | 796146 |
|  Consumer Finance-1.99% |  |  |
|  EZCORP, Inc., 7.38%, 04/01/2032<sup>(b)</sup> | 50000 | 52844 |
|  FirstCash, Inc., 6.88%, 03/01/2032<sup>(b)</sup> | 92000 | 95582 |
|  Navient Corp., 7.88%, 06/15/2032<sup>(c)</sup> | 90000 | 95053 |
|  OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/2032 | 110000 | 112747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 09/15/2032 | 150000 | 156377 |
|  |  | 512603 |
|  Consumer Staples Distribution & Retail-1.80% |  |  |
|  BCPE Flavor Debt Merger Sub LLC and BCPE |  |  |
|  Flavor Issuer, Inc., 9.50%, 07/01/2032<sup>(b)</sup> | 90000 | 93423 |
|  Fiesta Purchaser, Inc., 9.63%, 09/15/2032<sup>(b)</sup> | 85000 | 91537 |
|  Performance Food Group, Inc., 6.13%, 09/15/2032<sup>(b)</sup> | 180000 | 184458 |
|  US Foods, Inc., 7.25%, 01/15/2032<sup>(b)</sup> | 90000 | 94612 |
|  |  | 464030 |
|  Containers & Packaging-1.87% |  |  |
|  Flex Acquisition Co., Inc., 6.75%, 04/15/2032<sup>(b)</sup> | 260000 | 267319 |
|  Graphic Packaging International LLC, 6.38%, 07/15/2032<sup>(b)</sup> | 90000 | 91557 |
|  Owens-Brockway Glass Container, Inc., 7.38%, 06/01/2032<sup>(b)(c)</sup> | 50000 | 50468 |
|  Sealed Air Corp., 6.50%, 07/15/2032<sup>(b)(c)</sup> | 70000 | 72461 |
|  |  | 481805 |
|  Distributors-0.42% |  |  |
|  Resideo Funding, Inc., 6.50%, 07/15/2032<sup>(b)</sup> | 105000 | 107345 |
|  Diversified Consumer Services-0.59% |  |  |
|  Service Corp. International, 5.75%, 10/15/2032 | 150000 | 151678 |
|  Diversified REITs-0.93% |  |  |
|  Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032<sup>(b)</sup> | 135000 | 129890 |
|  Uniti Group L.P./Uniti Group Finance 2019, Inc./CSL Capital LLC, 8.63%, 06/15/2032<sup>(b)</sup>  | 110000 | 108262 |
|  |  | 238152 |
|  Diversified Telecommunication Services-1.15% |  |  |
|  Level 3 Financing, Inc., 10.00%, 10/15/2032<sup>(b)</sup> | 59000 | 59325 |

---

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

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| 113 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)–(continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | Value |
|  Diversified Telecommunication Services-(continued) | Diversified Telecommunication Services-(continued) | Diversified Telecommunication Services-(continued) | Diversified Telecommunication Services-(continued) |
|  Lumen Technologies, Inc., 10.00%, 10/15/2032<sup>(b)</sup> | $| 80000 | $81132 |
|  Maya S.A.S. (France), 7.00%, 04/15/2032<sup>(b)</sup> |  | 150000 | 154461 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;294918 |
|  Electric Utilities-1.79% |  |  |  |
|  Alpha Generation LLC, 6.75%, 10/15/2032<sup>(b)</sup> |  | 182000 | 187773 |
|  NRG Energy, Inc., 3.88%, 02/15/2032<sup>(b)</sup> |  | 90000 | 82722 |
|  Vistra Operations Co. LLC, 6.88%, 04/15/2032<sup>(b)</sup> |  | 180000 | 189024 |
|  |  |  | 459519 |
|  Electrical Equipment-1.92% |  |  |  |
|  EnerSys, 6.63%, 01/15/2032<sup>(b)</sup> |  | 50000 | 51563 |
|  Lightning Power LLC, 7.25%, 08/15/2032<sup>(b)</sup> |  | 270000 | 286599 |
|  WESCO Distribution, Inc., 6.63%, 03/15/2032<sup>(b)</sup> |  | 150000 | 155719 |
|  |  |  | 493881 |
|  Electronic Equipment, Instruments & Components-1.12% | Electronic Equipment, Instruments & Components-1.12% | Electronic Equipment, Instruments & Components-1.12% |  |
|  Insight Enterprises, Inc., 6.63%, 05/15/2032<sup>(b)</sup> |  | 95000 | 97892 |
|  Sensata Technologies, Inc., 6.63%, 07/15/2032<sup>(b)(c)</sup> |  | 90000 | 93034 |
|  Zebra Technologies Corp., 6.50%, 06/01/2032<sup>(b)</sup> |  | 95000 | 97627 |
|  |  |  | 288553 |
|  Energy Equipment & Services-0.88% |  |  |  |
|  Archrock Partners L.P./Archrock Partners Finance Corp., 6.63%, 09/01/2032<sup>(b)</sup> |  | 130000 | 133352 |
|  Harvest Midstream I L.P., 7.50%, 05/15/2032<sup>(b)</sup> |  | 90000 | 92741 |
|  |  |  | 226093 |
|  Entertainment-0.38% |  |  |  |
|  Cinemark USA, Inc., 7.00%, 08/01/2032<sup>(b)</sup> |  | 95000 | 98499 |
|  Financial Services-4.72% |  |  |  |
|  Compass Group Diversified Holdings LLC, 5.00%, 01/15/2032<sup>(b)(c)</sup> |  | 50000 | 44292 |
|  Freedom Mortgage Holdings LLC, 8.38%, 04/01/2032<sup>(b)</sup> |  | 120000 | 123848 |
|  Jane Street Group/JSG Finance, Inc., 6.13%, 11/01/2032<sup>(b)</sup> |  | 300000 | 301603 |
|  Nationstar Mortgage Holdings, Inc., 7.13%, 02/01/2032<sup>(b)</sup> |  | 160000 | 166901 |
|  PennyMac Financial Services, Inc., 6.88%, 05/15/2032<sup>(b)</sup> |  | 150000 | 153669 |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 08/15/2032<sup>(b)</sup> |  | 300000 | 311247 |
|  Stonex Escrow Issuer LLC, 6.88%, 07/15/2032<sup>(b)</sup> |  | 110000 | 113144 |
|  |  |  | 1214704 |
|  Food Products-1.18% |  |  |  |
|  Lamb Weston Holdings, Inc., 4.38%, 01/31/2032<sup>(b)</sup> |  | 126000 | 118608 |
|  Post Holdings, Inc., 6.25%, 02/15/2032<sup>(b)</sup> |  | 180000 | 185133 |
|  |  |  | 303741 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | Value |
|  Ground Transportation-1.49% |  |  |
|  Genesee & Wyoming, Inc., 6.25%, 04/15/2032<sup>(b)</sup> | $130000 | $132347 |
|  Watco Cos LLC/Watco Finance Corp., 7.13%, 08/01/2032<sup>(b)</sup> | 130000 | 136022 |
|  XPO, Inc., 7.13%, 02/01/2032<sup>(b)</sup> | 110000 | &nbsp;&nbsp;&nbsp;&nbsp;115451 |
|  |  | 383820 |
|  Health Care Equipment & Supplies-1.16% |  |  |
|  Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, 6.75%, 04/01/2032<sup>(b)</sup> | 130000 | 134093 |
|  Radiology Partners, Inc., 8.50%, 07/15/2032<sup>(b)</sup> | 160000 | 163538 |
|  |  | 297631 |
|  Health Care Providers & Services-4.64% |  |  |
|  Community Health Systems, Inc., 10.88%, 01/15/2032<sup>(b)</sup> | 355000 | 376116 |
|  Concentra Health Services, Inc., 6.88%, 07/15/2032<sup>(b)</sup> | 115000 | 119359 |
|  DaVita, Inc., 6.88%, 09/01/2032<sup>(b)(c)</sup> | 180000 | 186352 |
|  LifePoint Health, Inc., 10.00%, 06/01/2032<sup>(b)</sup>  | 130000 | 134049 |
|  Molina Healthcare, Inc., 3.88%, 05/15/2032<sup>(b)</sup>  | 135000 | 120791 |
|  Select Medical Corp., 6.25%, 12/01/2032<sup>(b)(c)</sup>  | 100000 | 100667 |
|  Surgery Center Holdings, Inc., 7.25%, 04/15/2032<sup>(b)</sup> | 150000 | 155751 |
|  |  | 1193085 |
|  Health Care REITs-1.10% |  |  |
|  MPT Operating Partnership L.P./MPT Finance Corp., 8.50%, 02/15/2032<sup>(b)</sup> | 270000 | 283286 |
|  Hotel & Resort REITs-1.10% |  |  |
|  RHP Hotel Properties L.P./RHP Finance Corp., 6.50%, 04/01/2032<sup>(b)</sup> | 180000 | 185117 |
|  Service Properties Trust, 8.88%, 06/15/2032 | 95000 | 98102 |
|  |  | 283219 |
|  Hotels, Restaurants & Leisure-9.23% |  |  |
|  Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/2032<sup>(b)</sup> | 270000 | 276968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/2032<sup>(b)(c)</sup> | 202000 | 198182 |
|  Carnival Corp., 5.75%, 08/01/2032<sup>(b)</sup> | 540000 | 549585 |
|  Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/2032<sup>(b)</sup> | 270000 | 246616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/2032<sup>(b)</sup> | 85000 | 87352 |
|  Hilton Grand Vacations Borrower LLC, 6.63%, 01/15/2032<sup>(b)</sup> | 165000 | 168469 |
|  MGM Resorts International, 6.50%, 04/15/2032<sup>(c)</sup> | 140000 | 143763 |
|  Motion Finco S.a.r.l. (United Kingdom), 8.38%, 02/15/2032<sup>(b)</sup> | 73000 | 63022 |
|  Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland Co., 6.63%, 05/01/2032<sup>(b)</sup> | 60000 | 61012 |
|  Station Casinos LLC, 6.63%, 03/15/2032<sup>(b)</sup> | 93000 | 95715 |
|  Vail Resorts, Inc., 6.50%, 05/15/2032<sup>(b)(c)</sup> | 105000 | 108824 |
|  Yum! Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/31/2032 | 200000 | 193465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/01/2032 | 180000 | 181231 |
|  |  | 2374204 |

---

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

---

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| 114 |
| 114 |
| 114 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | Value | Value |
|  Household Durables-0.92% |  |  |  |  |
|  LGI Homes, Inc., 7.00%, 11/15/2032<sup>(b)(c)</sup> | $| 70000 | $| 68349 |
|  Newell Brands, Inc., 6.63%, 05/15/2032<sup>(c)</sup> |  | 95000 |  | 92971 |
|  TopBuild Corp., 4.13%, 02/15/2032<sup>(b)</sup> |  | 80000 |  | 74673 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;235993 |
|  Independent Power and Renewable Electricity Producers-0.74% | Independent Power and Renewable Electricity Producers-0.74% | Independent Power and Renewable Electricity Producers-0.74% | Independent Power and Renewable Electricity Producers-0.74% | Independent Power and Renewable Electricity Producers-0.74% |
|  California Buyer Ltd./Atlantica Sustainable Infrastructure PLC (United Kingdom), 6.38%, 02/15/2032<sup>(b)</sup> |  | 135000 |  | 137008 |
|  Clearway Energy Operating LLC, 3.75%, 01/15/2032<sup>(b)</sup> |  | 60000 |  | 54051 |
|  |  |  |  | 191059 |
|  Insurance-3.87% |  |  |  |  |
|  Acrisure LLC, 6.75%, 07/01/2032<sup>(b)</sup> |  | 100000 |  | 102678 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7.38%, 10/01/2032<sup>(b)</sup> |  | 130000 |  | 134093 |
|  Ardonagh Group Finance Ltd. (United Kingdom), 8.88%, 02/15/2032<sup>(b)</sup> |  | 280000 |  | 296641 |
|  Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC (United Kingdom), 8.13%, 02/15/2032<sup>(b)</sup> |  | 95000 |  | 98974 |
|  HUB International Ltd., 7.38%, 01/31/2032<sup>(b)</sup> |  | 345000 |  | 363097 |
|  |  |  |  | 995483 |
|  Interactive Media & Services-1.65% |  |  |  |  |
|  WarnerMedia Holdings, Inc., 4.28%, 03/15/2032 |  | 490000 |  | 423176 |
|  IT Services-0.37% |  |  |  |  |
|  Cogent Communications Group LLC/Cogent Finance, Inc., 6.50%, 07/01/2032<sup>(b)(c)</sup> |  | 100000 |  | 95320 |
|  Life Sciences Tools & Services-1.45% |  |  |  |  |
|  IQVIA, Inc., 6.25%, 06/01/2032<sup>(b)</sup> |  | 360000 |  | 371544 |
|  Machinery-1.31% |  |  |  |  |
|  Northriver Midstream Finance L.P. (Canada), 6.75%, 07/15/2032<sup>(b)</sup> |  | 110000 |  | 113200 |
|  Terex Corp., 6.25%, 10/15/2032<sup>(b)</sup> |  | 135000 |  | 136749 |
|  Wilsonart LLC, 11.00%, 08/15/2032<sup>(b)</sup> |  | 90000 |  | 86182 |
|  |  |  |  | 336131 |
|  Marine Transportation-1.32% |  |  |  |  |
|  NCL Corp. Ltd., 6.75%, 02/01/2032<sup>(b)</sup> |  | 330000 |  | 340540 |
|  Media-6.45% |  |  |  |  |
|  AMC Networks, Inc., 10.50%, 07/15/2032<sup>(b)</sup> |  | 70000 |  | 72342 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032<sup>(b)(c)</sup> |  | 215000 |  | 199574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2032 |  | 520000 |  | 475842 |
|  Dotdash Meredith, Inc., 7.63%, 06/15/2032<sup>(b)</sup> |  | 70000 |  | 68630 |
|  Gray Media, Inc., 9.63%, 07/15/2032<sup>(b)</sup> |  | 160000 |  | 160943 |
|  Midcontinent Communications, 8.00%, 08/15/2032<sup>(b)</sup> |  | 115000 |  | 119951 |
|  Sinclair Television Group, Inc., 4.38%, 12/31/2032<sup>(b)</sup> |  | 40000 |  | 28574 |
|  Univision Communications, Inc., 9.38%, 08/01/2032<sup>(b)</sup> |  | 270000 |  | 284503 |
|  VZ Secured Financing B.V. (Netherlands), 5.00%, 01/15/2032<sup>(b)</sup> |  | 280000 |  | 248854 |
|  |  |  |  | 1659213 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | Value |
|  Metals & Mining-1.89% |  |  |
|  Century Aluminum Co., 6.88%, 08/01/2032<sup>(b)</sup>  | $70000 | $71633 |
|  Cleveland-Cliffs, Inc., 7.00%, 03/15/2032<sup>(b)(c)</sup> | 235000 | 233918 |
|  Commercial Metals Co., 4.38%, 03/15/2032 | 50000 | 47056 |
|  Constellium SE, 6.38%, 08/15/2032<sup>(b)</sup> | 60000 | 61297 |
|  New Gold, Inc. (Canada), 6.88%, 04/01/2032<sup>(b)</sup> | 70000 | 73017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;486921 |
|  Oil, Gas & Consumable Fuels-8.87% |  |  |
|  Antero Midstream Partners L.P./Antero Midstream Finance Corp., 6.63%, 02/01/2032<sup>(b)</sup> | 105000 | 108657 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp., 6.63%, 10/15/2032<sup>(b)</sup> | 105000 | 106970 |
|  Baytex Energy Corp. (Canada), 7.38%, 03/15/2032<sup>(b)</sup> | 100000 | 97780 |
|  CNX Resources Corp., 7.25%, 03/01/2032<sup>(b)</sup> | 110000 | 114212 |
|  Crescent Energy Finance LLC, 7.63%, 04/01/2032<sup>(b)</sup> | 200000 | 199321 |
|  Genesis Energy L.P./Genesis Energy Finance Corp., 7.88%, 05/15/2032 | 130000 | 135019 |
|  Global Partners L.P./GLP Finance Corp., 8.25%, 01/15/2032<sup>(b)</sup> | 80000 | 84154 |
|  Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 04/15/2032<sup>(b)</sup> | 90000 | 86228 |
|  Howard Midstream Energy Partners LLC, 7.38%, 07/15/2032<sup>(b)</sup> | 95000 | 99132 |
|  Long Ridge Energy LLC, 8.75%, 02/15/2032<sup>(b)</sup>  | 110000 | 114021 |
|  Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/2032<sup>(b)</sup> | 70000 | 71966 |
|  Matador Resources Co., 6.50%, 04/15/2032<sup>(b)</sup>  | 164000 | 166494 |
|  Murphy Oil Corp., 6.00%, 10/01/2032<sup>(c)</sup> | 105000 | 102320 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp., 8.38%, 02/15/2032<sup>(b)</sup> | 235000 | 239187 |
|  Parkland Corp. (Canada), 6.63%, 08/15/2032<sup>(b)</sup> | 95000 | 97910 |
|  SM Energy Co., 7.00%, 08/01/2032<sup>(b)</sup> | 135000 | 136059 |
|  Sunoco L.P., 7.25%, 05/01/2032<sup>(b)</sup> | 135000 | 142898 |
|  Vital Energy, Inc., 7.88%, 04/15/2032<sup>(b)(c)</sup> | 180000 | 177467 |
|  |  | 2279795 |
|  Personal Care Products-1.22% |  |  |
|  Opal Bidco SAS (France), 6.50%, 03/31/2032, (Acquired 06/13/2025 - 08/01/2025; Cost $201,764)<sup>(b)(d)</sup> | 200000 | 203650 |
|  Sally Holdings LLC/Sally Capital, Inc., 6.75%, 03/01/2032<sup>(c)</sup> | 105000 | 109045 |
|  |  | 312695 |
|  Pharmaceuticals-3.74% |  |  |
|  1261229 BC Ltd., 10.00%, 04/15/2032<sup>(b)</sup> | 800000 | 831317 |
|  Perrigo Finance Unlimited Co., 6.13%, 09/30/2032 | 130000 | 130927 |
|  |  | 962244 |
|  Professional Services-0.73% |  |  |
|  Amentum Holdings, Inc., 7.25%, 08/01/2032<sup>(b)</sup> | 180000 | 187844 |

---

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

---

| |
|:---|
| 115 |
| 115 |
| 115 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)–(continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br> Amount | Principal<br> Amount | Value |
|  Software-1.92% |  |  |  |
|  Cloud Software Group, Inc., 8.25%, 06/30/2032<sup>(b)</sup> | $| 330000 | $353063 |
|  SS&C Technologies, Inc., 6.50%, 06/01/2032<sup>(b)</sup> |  | 135000 | 140191 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;493254 |
|  Specialized REITs-0.41% |  |  |  |
|  Iron Mountain, Inc., 5.63%, 07/15/2032<sup>(b)</sup> |  | 105000 | 104278 |
|  Specialty Retail-1.70% |  |  |  |
|  Asbury Automotive Group, Inc., 5.00%, 02/15/2032<sup>(b)</sup> |  | 110000 | 105822 |
|  Global Auto Holdings Ltd./AAG FH UK Ltd. |  |  |  |
|  (United Kingdom), 8.75%, 01/15/2032<sup>(b)</sup> |  | 100000 | 88350 |
|  Wand NewCo 3, Inc., 7.63%, 01/30/2032<sup>(b)</sup> |  | 230000 | 243939 |
|  |  |  | 438111 |
|  Tobacco-0.20% |  |  |  |
|  Turning Point Brands, Inc., 7.63%, 03/15/2032<sup>(b)</sup> |  | 50000 | 52395 |
|  Trading Companies & Distributors-2.26% | Trading Companies & Distributors-2.26% | Trading Companies & Distributors-2.26% |  |
|  FTAI Aviation Investors LLC, 7.00%, 06/15/2032<sup>(b)</sup> |  | 150000 | 156643 |
|  QXO Building Products, Inc., 6.75%, 04/30/2032<sup>(b)</sup> |  | 410000 | 424475 |
|  |  |  | 581118 |
|  Wireless Telecommunication Services-0.55% | Wireless Telecommunication Services-0.55% | Wireless Telecommunication Services-0.55% |  |
|  VMED O2 UK Financing I PLC (United Kingdom), 7.75%, 04/15/2032<sup>(b)</sup> |  | 135000 | 141386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $24,773,909) |  |  | 25257573 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Money Market Funds-0.09% |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.21%<sup>(e)(f)</sup><br>(Cost $22,445) | 22445 | $22445 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.30%<br>(Cost $24,796,354) |  | 25280018 |
| Investments Purchased with Cash Collateral from Securities on Loan | Investments Purchased with Cash Collateral from Securities on Loan |  |
|  Money Market Funds-9.78% |  |  |
|  Invesco Private Government Fund, 4.28%<sup>(e)(f)(g)</sup> | 698563 | 698563 |
|  Invesco Private Prime Fund, 4.46%<sup>(e)(f)(g)</sup> | 1816394 | 1816939 |
|  Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $2,515,430) | Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $2,515,430) | 2515502 |
|  TOTAL INVESTMENTS IN SECURITIES-108.08% (Cost $27,311,784) |  | 27795520 |
|  OTHER ASSETS LESS LIABILITIES-(8.08)% |  | (2079130) |
|  NET ASSETS-100.00% |  | $25716390 |

---

Investment Abbreviations:

REIT-Real Estate Investment Trust

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 August 31, 2025 was $22,360,584, which represented 86.95% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at August 31, 2025.

<sup>(d)</sup> Restricted security. The value of this security at August 31, 2025 represented less than 1% of the Fund's Net Assets. 

<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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value<br>August 31, 2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Change in<br>Unrealized<br>Appreciation | Realized<br>Gain<br>(Loss) | Value<br>August 31, 2025 | Dividend Income |
| &nbsp;&nbsp; Investments in Affiliated Money Market Funds: |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $28817 | $1886775 | $(1893147) | $- | $- | $22445 | $2921 |

---

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

---

| |
|:---|
| 116 |
| 116 |
| 116 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)–(continued)

August 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value<br>August 31, 2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Change in<br>Unrealized<br>Appreciation | Realized<br>Gain<br>(Loss) | Value<br>August 31, 2025 | Dividend Income |
| &nbsp;&nbsp; Investments Purchased with Cash Collateral from Securities on Loan: |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | $14866 | $3560126 | $(2876429) | $- | $- | $698563 | $9,466\* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 38590 | &nbsp;&nbsp;&nbsp;&nbsp;7621028 | &nbsp;&nbsp;&nbsp;&nbsp;(5842709) | 76 | (46) | 1816939 | 25,603\* |
| &nbsp;&nbsp; Total | $82273 | $13067929 | $(10612285) | $76 | $(46) | $2537947 | $37990 |

---

\* 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>(f)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<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.

---

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| 117 |
| 117 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 High Yield Corporate Bond ETF (BSJX)

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
|  U.S. Dollar Denominated Bonds & Notes-96.22% | U.S. Dollar Denominated Bonds & Notes-96.22% | U.S. Dollar Denominated Bonds & Notes-96.22% |
|  Aerospace & Defense-7.00% |  |  |
|  Axon Enterprise, Inc., 6.25%, 03/15/2033<sup>(b)</sup> | $60000 | $62173 |
|  Bombardier, Inc. (Canada), 6.75%, 06/15/2033<sup>(b)</sup>  | 40000 | 41644 |
|  TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2033<sup>(b)</sup> | 90000 | 91075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/31/2033<sup>(b)</sup> | 160000 | &nbsp;&nbsp;&nbsp;&nbsp;162526 |
|  |  | 357418 |
|  Automobile Components-1.57% |  |  |
|  Goodyear Tire & Rubber Co. (The), 5.63%, 04/30/2033 | 30000 | 28215 |
|  Qnity Electronics, Inc., 6.25%, 08/15/2033<sup>(b)</sup> | 50000 | 51749 |
|  |  | 79964 |
|  Building Products-1.40% |  |  |
|  Standard Building Solutions, Inc., 6.25%, 08/01/2033<sup>(b)</sup> | 70000 | 71495 |
|  Chemicals-1.05% |  |  |
|  Chemours Co. (The), 8.00%, 01/15/2033<sup>(b)</sup> | 55000 | 53836 |
|  Commercial Services & Supplies-1.44% |  |  |
|  Waste Pro USA, Inc., 7.00%, 02/01/2033<sup>(b)</sup> | 70000 | 73369 |
|  Construction & Engineering-1.60% |  |  |
|  AECOM, 6.00%, 08/01/2033<sup>(b)</sup> | 80000 | 81708 |
|  Construction Materials-2.23% |  |  |
|  Quikrete Holdings, Inc., 6.75%, 03/01/2033<sup>(b)</sup> | 110000 | 114103 |
|  Consumer Finance-0.80% |  |  |
|  Navient Corp., 5.63%, 08/01/2033 | 45000 | 41128 |
|  Consumer Staples Distribution & Retail-1.59% |  |  |
|  Albertson's Cos., Inc./Safeway, Inc./New |  |  |
|  Albertson's L.P./Albertson's LLC, 6.25%, 03/15/2033<sup>(b)</sup> | 35000 | 35840 |
|  US Foods, Inc., 5.75%, 04/15/2033<sup>(b)</sup> | 45000 | 45260 |
|  |  | 81100 |
|  Containers & Packaging-2.23% |  |  |
|  Ball Corp., 5.50%, 09/15/2033 | 30000 | 30381 |
|  Crown Americas LLC, 5.88%, 06/01/2033<sup>(b)</sup> | 40000 | 40497 |
|  Sealed Air Corp., 6.88%, 07/15/2033<sup>(b)</sup> | 40000 | 43236 |
|  |  | 114114 |
|  Diversified Telecommunication Services-4.55% |  |  |
|  FIBERCOP S.p.A. (Italy), Series 2033, 6.38%, 11/15/2033<sup>(b)</sup> | 45000 | 44401 |
|  Level 3 Financing, Inc., 6.88%, 06/30/2033<sup>(b)</sup> | 140000 | 141394 |
|  Telecom Italia Capital S.A. (Italy), 6.38%, 11/15/2033 | 45000 | 46696 |
|  |  | 232491 |
|  Electric Utilities-2.83% |  |  |
|  NRG Energy, Inc., 6.00%, 02/01/2033<sup>(b)</sup> | 80000 | 81127 |
|  XPLR Infrastructure Operating Partners L.P., 8.63%, 03/15/2033<sup>(b)(c)</sup> | 60000 | 63318 |
|  |  | 144445 |
|  Electrical Equipment-1.32% |  |  |
|  WESCO Distribution, Inc., 6.38%, 03/15/2033<sup>(b)</sup> | 65000 | 67460 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
|  Entertainment-1.29% |  |  |
|  Wynn Resorts Capital Corp., 6.25%, 03/15/2033<sup>(b)</sup> | $65000 | $&nbsp;&nbsp;&nbsp;&nbsp;65841 |
|  Financial Services-7.27% |  |  |
|  Adient Global Holdings Ltd., 7.50%, 02/15/2033<sup>(b)</sup> | 65000 | 67728 |
|  Burford Capital Global Finance LLC, 7.50%, 07/15/2033<sup>(b)</sup> | 40000 | 40930 |
|  Jane Street Group/JSG Finance, Inc., 6.75%, 05/01/2033<sup>(b)</sup> | 95000 | 98229 |
|  PennyMac Financial Services, Inc., 6.88%, 02/15/2033<sup>(b)</sup> | 70000 | 71568 |
|  Walker & Dunlop, Inc., 6.63%, 04/01/2033<sup>(b)</sup> | 40000 | 41646 |
|  WEX, Inc., 6.50%, 03/15/2033<sup>(b)</sup> | 50000 | 51195 |
|  |  | 371296 |
|  Food Products-2.55% |  |  |
|  PetSmart LLC/PetSmart Finance Corp., 10.00%, 09/15/2033<sup>(b)</sup> | 50000 | 49102 |
|  Post Holdings, Inc., 6.38%, 03/01/2033<sup>(b)</sup> | 80000 | 81013 |
|  |  | 130115 |
|  Health Care Equipment & Supplies-0.81% |  |  |
|  Insulet Corp., 6.50%, 04/01/2033<sup>(b)</sup> | 40000 | 41504 |
|  Health Care Providers & Services-3.02% |  |  |
|  Acadia Healthcare Co., Inc., 7.38%, 03/15/2033<sup>(b)</sup> | 50000 | 52132 |
|  DaVita, Inc., 6.75%, 07/15/2033<sup>(b)</sup> | 40000 | 41488 |
|  Molina Healthcare, Inc., 6.25%, 01/15/2033<sup>(b)</sup> | 60000 | 60467 |
|  |  | 154087 |
|  Hotel & Resort REITs-1.01% |  |  |
|  RHP Hotel Properties L.P./RHP Finance Corp., 6.50%, 06/15/2033<sup>(b)</sup> | 50000 | 51679 |
|  Hotels, Restaurants & Leisure-7.29% |  |  |
|  Carnival Corp., 6.13%, 02/15/2033<sup>(b)</sup> | 145000 | 148992 |
|  Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/2033<sup>(b)</sup> | 85000 | 86798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/15/2033<sup>(b)(c)</sup> | 80000 | 80710 |
|  Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., 6.63%, 02/01/2033<sup>(b)</sup> | 55000 | 55655 |
|  |  | 372155 |
|  Household Durables-0.99% |  |  |
|  Whirlpool Corp., 6.50%, 06/15/2033 | 50000 | 50396 |
|  Industrial Conglomerates-0.90% |  |  |
|  Amsted Industries, Inc., 6.38%, 03/15/2033<sup>(b)</sup> | 45000 | 46126 |
|  Interactive Media & Services-1.98% |  |  |
|  Snap, Inc., 6.88%, 03/01/2033<sup>(b)</sup> | 100000 | 101145 |
|  IT Services-0.94% |  |  |
|  EquipmentShare.com, Inc., 8.00%, 03/15/2033<sup>(b)</sup>  | 45000 | 47846 |
|  Media-6.34% |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 06/01/2033<sup>(b)</sup> | 120000 | 107131 |
|  Gray Media, Inc., 7.25%, 08/15/2033<sup>(b)</sup> | 50000 | 49294 |

---

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

---

| |
|:---|
| 118 |
| 118 |
| 118 |

---

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 High Yield Corporate Bond ETF (BSJX)–(continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
|  Media-(continued) |  |  |
|  Sinclair Television Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 02/15/2033<sup>(b)</sup> | $115000 | $117918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 02/15/2033<sup>(b)</sup> | 45000 | 49444 |
|  |  | 323787 |
|  Metals & Mining-3.16% |  |  |
|  Capstone Copper Corp. (Canada), 6.75%, 03/31/2033<sup>(b)</sup> | 35000 | 35971 |
|  Cleveland-Cliffs, Inc., 7.38%, 05/01/2033<sup>(b)</sup> | 75000 | 74774 |
|  Novelis Corp., 6.38%, 08/15/2033<sup>(b)</sup> | 50000 | 50551 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;161296 |
|  Oil, Gas & Consumable Fuels-13.26% |  |  |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp., 6.63%, 07/15/2033<sup>(b)</sup> | 40000 | 40633 |
|  Chord Energy Corp., 6.75%, 03/15/2033<sup>(b)</sup> | 60000 | 61575 |
|  Civitas Resources, Inc., 9.63%, 06/15/2033<sup>(b)</sup> | 50000 | 52954 |
|  Crescent Energy Finance LLC, 7.38%, 01/15/2033<sup>(b)</sup> | 80000 | 78216 |
|  Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.38%, 06/30/2033<sup>(b)</sup> | 60000 | 60083 |
|  Genesis Energy L.P./Genesis Energy Finance Corp., 8.00%, 05/15/2033 | 55000 | 57487 |
|  Hilcorp Energy I L.P./Hilcorp Finance Co., 8.38%, 11/01/2033<sup>(b)</sup> | 55000 | 57474 |
|  Matador Resources Co., 6.25%, 04/15/2033<sup>(b)</sup> | 60000 | 60594 |
|  Rockies Express Pipeline LLC, 6.75%, 03/15/2033<sup>(b)</sup> | 45000 | 47062 |
|  Sunoco L.P., 6.25%, 07/01/2033<sup>(b)</sup> | 65000 | 66472 |
|  Venture Global Plaquemines LNG LLC, 7.50%, 05/01/2033<sup>(b)</sup> | 65000 | 71338 |
|  Vermilion Energy, Inc. (Canada), 7.25%, 02/15/2033<sup>(b)</sup> | 25000 | 23515 |
|  |  | 677403 |
|  Professional Services-1.62% |  |  |
|  CACI International, Inc., 6.38%, 06/15/2033<sup>(b)</sup> | 80000 | 82615 |
|  Real Estate Management & Development-0.90% |  |  |
|  Forestar Group, Inc., 6.50%, 03/15/2033<sup>(b)</sup> | 45000 | 45904 |
|  Residential REITs-0.59% |  |  |
|  Ashton Woods USA LLC/Ashton Woods Finance Co., 6.88%, 08/01/2033<sup>(b)</sup> | 30000 | 30082 |
|  Semiconductors & Semiconductor Equipment-1.56% |  |  |
|  Kioxia Holdings Corp. (Japan), 6.63%, 07/24/2033<sup>(b)</sup> | 80000 | 79613 |
|  Software-4.99% |  |  |
|  Cloud Software Group, Inc., 6.63%, 08/15/2033<sup>(b)</sup> | 70000 | 71028 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Principal<br>Amount | Principal<br>Amount | Value |
|  Software-(continued) |  |  |  |
|  Fair Isaac Corp., 6.00%, 05/15/2033<sup>(b)</sup> | $| 100000 | $101592 |
|  Gen Digital, Inc., 6.25%, 04/01/2033<sup>(b)</sup> |  | 80000 | 82464 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;255084 |
|  Specialized REITs-1.60% |  |  |  |
|  Iron Mountain, Inc., 6.25%, 01/15/2033<sup>(b)</sup> |  | 80000 | 81913 |
|  Specialty Retail-2.01% |  |  |  |
|  Advance Auto Parts, Inc., 7.38%, 08/01/2033<sup>(b)</sup> |  | 70000 | 71806 |
|  Bath & Body Works, Inc., 6.95%, 03/01/2033 |  | 30000 | 31091 |
|  |  |  | 102897 |
|  Trading Companies & Distributors-2.53% |  |  |  |
|  FTAI Aviation Investors LLC, 5.88%, 04/15/2033<sup>(b)</sup> |  | 45000 | 45124 |
|  Herc Holdings, Inc., 7.25%, 06/15/2033<sup>(b)</sup> |  | 80000 | 83980 |
|  |  |  | 129104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes (Cost $4,840,251) |  |  | 4914519 |
|  | Shares | Shares |  |
|  Money Market Funds-0.15% |  |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.21%<sup>(d)(e)</sup><br>(Cost $7,688) |  | 7688 | 7688 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-96.37%<br>(Cost $4,847,939) |  |  | 4922207 |
| Investments Purchased with Cash Collateral from Securities on Loan | Investments Purchased with Cash Collateral from Securities on Loan | Investments Purchased with Cash Collateral from Securities on Loan |  |
|  Money Market Funds-2.85% | Money Market Funds-2.85% | Money Market Funds-2.85% |  |
|  Invesco Private Government Fund, 4.28%<sup>(d)(e)(f)</sup> |  | 40244 | 40244 |
|  Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> |  | 105292 | 105324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $145,568) |  |  | 145568 |
|  TOTAL INVESTMENTS IN SECURITIES-99.22%<br>(Cost $4,993,507) |  |  | 5067775 |
|  OTHER ASSETS LESS LIABILITIES-0.78% |  |  | 39902 |
|  NET ASSETS-100.00% |  |  | $5107677 |

---

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 August 31, 2025 was $4,629,125, which represented 90.63% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at August 31, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in 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 period ended August 31, 2025. 

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

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 High Yield Corporate Bond ETF (BSJX)–(continued)

August 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value<br>August 31, 2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Change in<br>Unrealized<br>Appreciation | Realized<br>Gain | Value<br>August 31, 2025 | Dividend Income |
| Investments in Affiliated Money Market Funds: |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $- | $77713 | $(70025) | $- | $- | $7688 | $200 |
| Investments Purchased with Cash Collateral from Securities on Loan: |  |  |  |  |  |  |  |
| Invesco Private Government Fund |  | 246223 | (205979) |  |  | 40244 | 116 \* |
| Invesco Private Prime Fund |  | 198799 | (93475) |  |  | 105324 | 258 \* |
|  Total | $- | $522735 | $(369479) | $- | $- | $153256 | $574 |

---

\* 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 August 31, 2025.

<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.

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| 120 |
| 120 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)

August 31, 2025

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Municipal Obligations-82.68% |  |  |  |  |
|  Alabama-0.27% |  |  |  |  |
|  Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 5.00% | 11/01/2025 | $330 | $331316 |
|  Birmingham (City of), AL, Series 2015 A-1, GO Bonds<sup>(a)(b)</sup> | 5.00% | 09/01/2025 | 200 | 200000 |
|  Birmingham (City of), AL Special Care Facilities Financing Authority, Series 2015, Ref. RB | 5.00% | 06/01/2034 | 60 | 60042 |
|  |  |  |  | 591358 |
|  Alaska-0.45% |  |  |  |  |
|  Alaska Housing Finance Corp., Series 2009, VRD Ref. RB<sup>(c)</sup> | 2.68% | 12/01/2040 | 1000 | 1000000 |
|  Arizona-0.67% |  |  |  |  |
|  Arizona (State of), Series 2019 A, Ref. COP<sup>(a)</sup> | 5.00% | 10/01/2025 | 205 | 205415 |
|  Arizona (State of) Health Facilities Authority (Banner Health), Series 2015 C, VRD RB,<br>(LOC - Bank of America, N.A.)<sup>(c)(d)</sup> | 3.95% | 01/01/2046 | 1000 | 1000000 |
|  Arizona (State of) Industrial Development Authority (Equitable School Revolving Fund), Series 2022 A, RB | 4.00% | 11/01/2027 | 125 | 125187 |
|  University of Arizona Board of Regents, Series 2015 D, RB<sup>(a)(b)</sup> | 5.00% | 09/17/2025 | 25 | 25012 |
|  University of Arizona Board of Regents, Series 2015 D, RB<sup>(a)(b)</sup> | 5.00% | 09/17/2025 | 125 | 122246 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1477860 |
|  California-13.36% |  |  |  |  |
|  Alameda Unified School District (Election of 2014), Series 2015 A, GO Bonds | 5.00% | 08/01/2039 | 30 | 30015 |
|  Bay Area Toll Authority, Series 2024 H, VRD RB, (LOC - Bank Of America N.A.)<sup>(c)(d)</sup> | 3.40% | 04/01/2059 | 1000 | 1000000 |
|  Bay Area Toll Authority (San Francisco Bay Area), Series 2024, VRD RB, (LOC - Sumitomo Mitsui Banking Corp.)<sup>(c)(d)</sup> | 1.60% | 04/01/2059 | 2200 | 2200000 |
|  California (State of), Series 2015 B, Ref. GO Bonds | 5.00% | 09/01/2025 | 50 | 50000 |
|  California (State of), Series 2015 C, Ref. GO Bonds | 5.00% | 09/01/2028 | 865 | 866618 |
|  California (State of), Series 2015 C, Ref. GO Bonds | 5.00% | 09/01/2030 | 60 | 60101 |
|  California (State of), Series 2015 C, Ref. GO Bonds | 5.00% | 09/01/2032 | 75 | 75106 |
|  California (State of), Series 2015 C, Ref. GO Bonds | 5.00% | 09/01/2034 | 175 | 175223 |
|  California (State of), Series 2015, GO Bonds | 5.00% | 08/01/2045 | 815 | 815434 |
|  California (State of), Series 2015, Ref. GO Bonds | 5.00% | 03/01/2027 | 10 | 10020 |
|  California (State of), Series 2015, Ref. GO Bonds | 5.00% | 08/01/2027 | 150 | 150239 |
|  California (State of), Series 2015, Ref. GO Bonds | 5.00% | 03/01/2028 | 5 | 5009 |
|  California (State of), Series 2015, Ref. GO Bonds | 5.00% | 08/01/2029 | 100 | 100180 |
|  California (State of), Series 2015, Ref. GO Bonds | 5.00% | 08/01/2033 | 55 | 55074 |
|  California (State of), Series 2015, Ref. GO Bonds | 5.00% | 08/01/2034 | 1750 | 1752243 |
|  California (State of), Series 2015, Ref. GO Bonds | 5.00% | 08/01/2035 | 1150 | 1151421 |
|  California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2025 | 50 | 50000 |
|  California (State of), Series 2018, Ref. GO Bonds | 5.00% | 10/01/2025 | 650 | 651445 |
|  California (State of), Series 2020, GO Bonds | 5.00% | 11/01/2025 | 1250 | 1255694 |
|  California (State of), Series 2021, GO Bonds | 4.00% | 10/01/2025 | 2000 | 2002854 |
|  California (State of), Series 2021, Ref. GO Bonds | 5.00% | 10/01/2025 | 725 | 726612 |
|  California (State of), Series 2021, Ref. GO Bonds | 5.00% | 12/01/2025 | 410 | 412836 |
|  California (State of), Series 2022, GO Bonds | 5.00% | 09/01/2025 | 1090 | 1090000 |
|  California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2025 | 1000 | 1000000 |
|  California (State of) (Bid Group B), Series 2020, Ref. GO Bonds | 5.00% | 11/01/2025 | 1000 | 1004556 |
|  California (State of) Department of Water Resources, Series 2017 AX, Ref. RB | 5.00% | 12/01/2025 | 15 | 15109 |
|  California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB | 5.00% | 12/01/2025 | 20 | 20075 |
|  California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB | 5.00% | 12/01/2025 | 110 | 110797 |
|  California (State of) Educational Facilities Authority (Pepperdine University), Series 2015, Ref. RB<sup>(a)(b)</sup>  | 5.00% | 09/01/2025 | 5 | 5000 |
|  California (State of) Educational Facilities Authority (University of Southern California), Series 2015 A, Ref. RB<sup>(a)</sup> | 5.00% | 10/01/2025 | 140 | 140287 |
|  California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB | 5.00% | 11/15/2027 | 5 | 5026 |
|  California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB | 5.00% | 11/15/2029 | 795 | 798968 |

---

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

---

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| 121 |
| 121 |
| 121 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB | 5.00% | 11/15/2030 | $25 | $25127 |
|  California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB<sup>(a)(b)</sup> | 3.25% | 11/15/2025 | 90 | 90168 |
|  California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB<sup>(a)(b)</sup> | 5.00% | 11/15/2025 | 55 | 55299 |
|  California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB<sup>(a)(b)</sup> | 5.00% | 11/15/2025 | 230 | 231250 |
|  California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB<sup>(a)(b)</sup> | 5.00% | 11/15/2025 | 500 | 502717 |
|  California (State of) Housing Finance Agency, Series 2024, VRD RB<sup>(c)(d)(e)</sup> | 1.60% | 12/01/2027 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 |
|  California (State of) Infrastructure & Economic Development Bank<br>(Clean Water Revolving Fund) (Green Bonds), Series 2017, RB | 5.00% | 10/01/2025 | 25 | 25054 |
|  California (State of) Infrastructure & Economic Development Bank<br>(Clean Water Revolving Fund) (Green Bonds), Series 2018, RB | 5.00% | 10/01/2025 | 5 | 5011 |
|  California (State of) Public Works Board, Series 2015 F, Ref. RB | 5.00% | 05/01/2027 | 150 | 150221 |
|  California (State of) Public Works Board, Series 2015 H, RB | 3.50% | 12/01/2035 | 70 | 67820 |
|  California (State of) Public Works Board (Vaious Capital), Series 2023 B, Ref. RB | 5.00% | 12/01/2025 | 300 | 301887 |
|  California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB<sup>(a)</sup> | 5.00% | 10/01/2025 | 5 | 5010 |
|  California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB | 5.00% | 10/01/2025 | 120 | 120242 |
|  California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB | 5.00% | 09/01/2025 | 15 | 15000 |
|  California State University, Series 2015 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2025 | 150 | 150643 |
|  California State University, Series 2015 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2025 | 985 | 989224 |
|  California State University, Series 2015 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2025 | 635 | 637723 |
|  California State University, Series 2015 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2025 | 50 | 50214 |
|  California State University, Series 2015 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2025 | 100 | 100429 |
|  California State University, Series 2015 A, Ref. RB | 5.00% | 11/01/2038 | 15 | 15017 |
|  California State University, Series 2015 A, Ref. RB | 5.00% | 11/01/2043 | 25 | 25004 |
|  Chino Basin Regional Financing Authority, Series 2020 B, RN<sup>(a)</sup> | 4.00% | 11/01/2025 | 315 | 315788 |
|  Coronado Community Development Agency Successor Agency, Series 2018 A, Ref. RB | 5.00% | 09/01/2033 | 55 | 55049 |
|  Foothill-De Anza Community College District, Series 2015, Ref. GO Bonds | 5.00% | 08/01/2028 | 350 | 350427 |
|  Glendale Unified School District, Series 2015 B, Ref. GO Bonds<sup>(a)(b)</sup> | 4.00% | 09/01/2025 | 5 | 5000 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2023 F-2, Ref. VRD RB<sup>(c)</sup> | 3.00% | 07/01/2047 | 2500 | 2500000 |
|  Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB | 5.00% | 12/01/2045 | 200 | 200113 |
|  Los Angeles (County of), CA Sanitation Districts Financing Authority (Capital), Series 2015 A, Ref. RB | 5.00% | 10/01/2034 | 400 | 400527 |
|  Los Angeles Unified School District (Green Bonds), Series 2023, COP<sup>(a)</sup> | 5.00% | 10/01/2025 | 235 | 235482 |
|  Los Angeles Unified School District (Green Bonds), Series 2023, COP | 5.00% | 10/01/2025 | 155 | 155340 |
|  Modesto Irrigation District, Series 2015 A, RB | 5.00% | 10/01/2040 | 235 | 235180 |
|  Monterey (City of), CA, Series 2015, COP | 4.00% | 09/01/2045 | 35 | 31948 |
|  Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB | 5.00% | 11/01/2025 | 100 | 100441 |
|  Oakland (City of), CA, Series 2015 A, Ref. GO Bonds | 4.00% | 01/15/2039 | 20 | 19449 |
|  Regents of the University of California Medical Center, Series 2007 B-2, VRD Ref. RB<sup>(c)</sup> | 3.40% | 05/15/2032 | 550 | 550000 |
|  Riverside (County of), CA Public Financing Authority (Capital Facilities), Series 2015, RB<sup>(a)(b)</sup> | 4.13% | 11/01/2025 | 185 | 185550 |
|  Riverside (County of), CA Public Financing Authority (Capital Facilities), Series 2015, RB<sup>(a)(b)</sup> | 5.25% | 11/01/2025 | 90 | 90431 |
|  Riverside (County of), CA Public Financing Authority (Capital Facilities), Series 2015, RB<sup>(a)(b)</sup> | 5.25% | 11/01/2025 | 10 | 10048 |
|  Sacramento (County of), CA Water Financing Authority, Series 2022 A, RB<sup>(a)</sup> | 4.00% | 11/01/2025 | 165 | 165413 |
|  San Bernardino (County of), CA (Arrowhead), Series 2019 A, Ref. COP | 5.00% | 10/01/2025 | 25 | 25055 |
|  San Diego (County of), CA Water Authority, Series 2015, Ref. RB | 5.00% | 05/01/2029 | 100 | 100121 |
|  San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017 B, COP | 5.00% | 04/01/2029 | 35 | 35068 |
|  San Francisco (City & County of), CA Public Utilities Commission, Series 2016 B, RB | 4.00% | 10/01/2046 | 350 | 310280 |
|  San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB | 5.00% | 11/01/2025 | 25 | 25119 |
|  San Francisco Bay Area Rapid Transit District, Series 2015 A, Ref. RB | 5.00% | 07/01/2027 | 125 | 125168 |
|  San Francisco Bay Area Rapid Transit District, Series 2015 A, Ref. RB | 5.00% | 07/01/2028 | 115 | 115264 |
|  San Francisco Bay Area Rapid Transit District (Election of 2004), Series 2015 D, Ref. GO Bonds | 5.00% | 08/01/2029 | 90 | 90044 |
|  San Francisco Bay Area Rapid Transit District (Election of 2004), Series 2015 D, Ref. GO Bonds | 4.00% | 08/01/2035 | 150 | 150044 |
|  San Joaquin Hills Transportation Corridor Agency, Series 2014 B, Ref. RB | 5.25% | 01/15/2044 | 300 | 300022 |
|  San Jose Unified School District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 09/04/2025 | 5 | 5001 |
|  San Mateo County Community College District, Series 2015 A, GO Bonds<sup>(a)(b)</sup> | 5.00% | 09/01/2025 | 65 | 65000 |

---

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

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| 122 |
| 122 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  South San Francisco Unified School District (Measure J), Series 2016 C, GO Bonds<sup>(a)(b)</sup> | 4.00% | 09/01/2025 | $25 | $25000 |
|  Tustin Unified School District (Community Facilities District No. 97-1), Series 2015 A, Ref. RB, (INS - BAM)<sup>(f)</sup> | 5.00% | 09/01/2038 | 150 | 150113 |
|  |  |  |  | 29476487 |
|  Colorado-1.37% |  |  |  |  |
|  Adams & Weld Counties School District No. 27J Brighton, Series 2015, GO Bonds | 5.00% | 12/01/2040 | 10 | 10020 |
|  Adams (County of), CO, Series 2015, Ref. COP | 4.00% | 12/01/2040 | 200 | 188638 |
|  Adams 12 Five Star Schools, Series 2014, Ref. GO Bonds | 5.00% | 12/15/2025 | 95 | 95675 |
|  Anthem West Metropolitan District, Series 2015, Ref. GO Bonds, (INS - BAM)<sup>(f)</sup> | 4.13% | 12/01/2044 | 5 | 4370 |
|  Arapahoe County School District No. 5 Cherry Creek, Series 2017, GO Bonds | 5.00% | 12/15/2031 | 130 | 130730 |
|  Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds | 5.00% | 12/01/2025 | 85 | 85537 |
|  Board of Governors of Colorado State University System, Series 2025 B, VRD Ref. RB<sup>(c)</sup> | 2.83% | 03/01/2055 | 1000 | 1000000 |
|  Boulder Valley School District No. Re-2 Boulder, Series 2015, GO Bonds | 5.00% | 12/01/2038 | 200 | 200151 |
|  Colorado (State of), Series 2018 A, COP | 5.00% | 12/15/2025 | 35 | 35235 |
|  Colorado (State of), Series 2021 A, COP | 5.00% | 12/15/2025 | 155 | 156043 |
|  Colorado (State of) Higher Education, Series 2014 A, Ref. COP | 5.00% | 11/01/2025 | 145 | 145602 |
|  Colorado Springs (City of), CO, Series 2018 A-1, Ref. RB | 5.00% | 11/15/2025 | 225 | 226180 |
|  Denver (City & County of), CO, Series 2016 A, Ref. RB | 5.00% | 11/15/2025 | 45 | 45223 |
|  Denver (City & County of), CO, Series 2022 C, Ref. RB | 5.00% | 11/15/2025 | 120 | 120595 |
|  Denver City & County School District No. 1, Series 2016, Ref. GO Bonds | 5.00% | 12/01/2025 | 120 | 120755 |
|  Denver City & County School District No. 1, Series 2017, GO Bonds | 5.00% | 12/01/2025 | 10 | 10063 |
|  Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2022, Ref. GO Bonds | 5.00% | 12/15/2025 | 30 | 30224 |
|  Park Creek Metropolitan District, Series 2015, Ref. RB | 5.00% | 12/01/2045 | 275 | 269533 |
|  St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2016 A, Ref. GO Bonds | 4.00% | 12/15/2032 | 25 | 25050 |
|  University of Northern Colorado, Series 2015 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program) | 4.00% | 06/01/2040 | 130 | 126173 |
|  |  |  |  | 3025797 |
|  Connecticut-1.82% |  |  |  |  |
|  Connecticut (State of), Series 2014 H, Ref. GO Bonds | 5.00% | 11/15/2025 | 15 | 15076 |
|  Connecticut (State of), Series 2015 F, GO Bonds | 5.00% | 11/15/2025 | 5 | 5025 |
|  Connecticut (State of), Series 2015 F, GO Bonds | 5.00% | 11/15/2027 | 160 | 160821 |
|  Connecticut (State of), Series 2015 F, GO Bonds | 5.00% | 11/15/2028 | 10 | 10051 |
|  Connecticut (State of), Series 2015 F, GO Bonds | 5.00% | 11/15/2030 | 45 | 45209 |
|  Connecticut (State of), Series 2015 F, GO Bonds | 5.00% | 11/15/2032 | 15 | 15053 |
|  Connecticut (State of), Series 2015, Ref. RB | 5.00% | 08/01/2027 | 325 | 325552 |
|  Connecticut (State of), Series 2016 E, GO Bonds | 5.00% | 10/15/2025 | 10 | 10030 |
|  Connecticut (State of), Series 2018 B, RB | 5.00% | 10/01/2025 | 200 | 200399 |
|  Connecticut (State of), Series 2021 D, RB | 5.00% | 11/01/2025 | 1000 | 1004155 |
|  Connecticut (State of), Series 2022 D, Ref. GO Bonds | 5.00% | 09/15/2025 | 195 | 195173 |
|  Connecticut (State of), Series 2022 G, Ref. GO Bonds | 5.00% | 11/15/2025 | 160 | 160809 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB | 5.00% | 08/01/2027 | 50 | 50085 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB | 5.00% | 08/01/2028 | 195 | 195368 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB | 5.00% | 08/01/2029 | 55 | 55101 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB | 5.00% | 08/01/2031 | 320 | 320490 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB | 5.00% | 08/01/2033 | 65 | 65078 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB | 5.00% | 08/01/2034 | 160 | 160175 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB | 5.00% | 09/01/2025 | 30 | 30000 |
|  Connecticut (State of) Housing Finance Authority, Series 2020 C-3, VRD RB<sup>(c)</sup> | 2.73% | 11/15/2050 | 1000 | 1000000 |
|  |  |  |  | 4023650 |
|  Delaware-0.28% |  |  |  |  |
|  University of Delaware, Series 2005, VRD RB<sup>(c)</sup> | 3.90% | 11/01/2035 | 615 | 615000 |
|  District of Columbia-0.45% |  |  |  |  |
|  District of Columbia, Series 1998 A, VRD RB, (LOC - TD Bank N.A.)<sup>(c)(d)</sup> | 3.95% | 08/15/2038 | 600 | 600000 |
|  District of Columbia, Series 2014 A, Ref. RB | 5.00% | 12/01/2025 | 75 | 75483 |
|  District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2025 | 50 | 50154 |

---

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

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| 123 |
| 123 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  District of Columbia-(continued) |  |  |  |  |
|  District of Columbia, Series 2019 C, Ref. RB | 5.00% | 10/01/2025 | $40 | $40075 |
|  District of Columbia, Series 2020 B, Ref. RB | 5.00% | 10/01/2025 | 185 | 185348 |
|  District of Columbia, Series 2022 C, Ref. RB | 5.00% | 12/01/2025 | 30 | 30193 |
|  District of Columbia, Series 2024 C, Ref. GO Bonds | 5.00% | 12/01/2025 | 5 | 5032 |
|  |  |  |  | 986285 |
|  Florida-3.13% |  |  |  |  |
|  Florida (State of) Municipal Power Agency, Series 2017 A, Ref. RB | 5.00% | 10/01/2025 | 190 | 190385 |
|  Florida Keys Aqueduct Authority, Series 2019 A, RB | 5.00% | 09/01/2049 | 975 | 957598 |
|  Florida Keys Aqueduct Authority, Series 2021 B, RB<sup>(a)</sup> | 5.00% | 09/01/2025 | 100 | 100000 |
|  FSU Financial Assistance, Inc., Series 2015 A, RB | 4.13% | 10/01/2040 | 50 | 47758 |
|  FSU Financial Assistance, Inc., Series 2015 A, RB | 4.25% | 10/01/2045 | 130 | 118694 |
|  Gainesville (City of), FL, Series 2012 B, Ref. VRD RB<sup>(c)</sup> | 3.95% | 10/01/2042 | 795 | 795000 |
|  Gainesville (City of), FL, Series 2017 A, RB<sup>(a)</sup> | 5.00% | 10/01/2025 | 10 | 10019 |
|  Gainesville (City of), FL, Series 2017 A, RB | 5.00% | 10/01/2025 | 40 | 40080 |
|  Hillsborough (County of), FL, Series 2015, RB | 3.75% | 10/01/2045 | 200 | 169432 |
|  Hillsborough (County of), FL, Series 2015, Ref. RB | 5.00% | 11/01/2025 | 130 | 130536 |
|  Hillsborough County Industrial Development Authority, Series 2024, VRD Ref. RB<sup>(c)</sup> | 3.90% | 11/15/2054 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 |
|  Jacksonville (City of), FL, Series 2015, Ref. RB | 5.00% | 10/01/2027 | 115 | 115225 |
|  Jacksonville (City of), FL, Series 2015, Ref. RB | 5.00% | 10/01/2029 | 30 | 30058 |
|  JEA Water & Sewer System, Series 2017 A, Ref. RB | 5.00% | 10/01/2025 | 135 | 135277 |
|  Lee (County of), FL, Series 2015, Ref. RB | 5.00% | 10/01/2033 | 45 | 45023 |
|  Miami Beach (City of), FL, Series 2015, RB | 5.00% | 09/01/2045 | 210 | 210133 |
|  Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center), Series 2014, Ref. RB | 5.00% | 11/15/2039 | 15 | 15003 |
|  Miami-Dade (County of), FL, Series 2015, Ref. RB | 5.00% | 10/01/2025 | 505 | 506023 |
|  Miami-Dade (County of), FL, Series 2017 B, Ref. RB | 5.00% | 10/01/2032 | 20 | 20038 |
|  Mid-Bay Bridge Authority, Series 2015 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 10/01/2025 | 35 | 35062 |
|  Orange (County of), FL Health Facilities Authority, Series 2008, VRD RB, (LOC - TD Bank, N.A.)<sup>(c)(d)</sup> | 2.65% | 10/01/2026 | 1000 | 1000000 |
|  Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2019, Ref. RB | 5.00% | 10/01/2025 | 35 | 35069 |
|  Orlando (City of), FL Utilities Commission, Series 2012 A, Ref. RB | 5.00% | 10/01/2025 | 60 | 60120 |
|  Orlando (City of), FL Utilities Commission, Series 2013 A, Ref. RB | 5.00% | 10/01/2025 | 280 | 280558 |
|  Palm Beach (County of), FL, Series 2015 D, RB<sup>(a)(b)</sup> | 5.00% | 12/01/2025 | 15 | 15095 |
|  Palm Beach (County of), FL Solid Waste Authority, Series 2015, Ref. RB | 5.00% | 10/01/2028 | 100 | 100176 |
|  South Florida Water Management District, Series 2016, Ref. COP | 5.00% | 10/01/2025 | 45 | 45088 |
|  Tampa Bay (City of), FL Water, Series 2015 A, Ref. RB<sup>(a)(b)</sup> | 4.00% | 10/01/2025 | 20 | 20025 |
|  Tampa Bay (City of), FL Water, Series 2015 A, Ref. RB<sup>(a)(b)</sup> | 4.00% | 10/01/2025 | 25 | 25031 |
|  Tampa Bay (City of), FL Water, Series 2016 C, Ref. RB | 5.00% | 10/01/2025 | 65 | 65130 |
|  Village Community Development District No. 7, Series 2015, Ref. RB | 4.00% | 05/01/2036 | 5 | 4817 |
|  West Palm Beach (City of), FL, Series 2008 C, VRD RB, (INS - AGI)<sup>(c)(f)</sup> | 2.85% | 10/01/2038 | 590 | 590000 |
|  |  |  |  | 6912453 |
|  Georgia-1.99% |  |  |  |  |
|  Atlanta (City of), GA, Series 2015, Ref. RB | 5.00% | 11/01/2025 | 35 | 35068 |
|  Atlanta (City of), GA, Series 2015, Ref. RB | 5.00% | 11/01/2028 | 700 | 701432 |
|  Atlanta (City of), GA, Series 2015, Ref. RB | 5.00% | 11/01/2030 | 110 | 110207 |
|  Atlanta (City of), GA, Series 2015, Ref. RB | 5.00% | 11/01/2031 | 20 | 20035 |
|  Atlanta (City of), GA, Series 2015, Ref. RB | 5.00% | 11/01/2032 | 190 | 190290 |
|  Atlanta (City of), GA, Series 2015, Ref. RB | 5.00% | 11/01/2040 | 1025 | 1024983 |
|  Atlanta Development Authority (The), Series 2015 A-1, RB | 5.25% | 07/01/2044 | 350 | 349988 |
|  DeKalb (County of), GA, Series 2006 B, Ref. RB | 5.25% | 10/01/2025 | 100 | 100225 |
|  Forsyth (County of), GA, Series 2019, GO Bonds | 5.00% | 09/01/2025 | 60 | 60000 |
|  Georgia (State of), Series 2014 A-2, GO Bonds | 4.00% | 02/01/2026 | 10 | 10011 |
|  Georgia (State of), Series 2014 A-2, GO Bonds | 5.00% | 02/01/2027 | 20 | 20038 |
|  Georgia (State of), Series 2015 A, GO Bonds | 3.50% | 02/01/2035 | 100 | 99818 |
|  Georgia (State of), Series 2016 E, Ref. GO Bonds | 5.00% | 12/01/2025 | 440 | 442944 |
|  Georgia (State of) (Tranche 2), Series 2015 A, GO Bonds | 5.00% | 02/01/2027 | 370 | 370712 |
|  Georgia (State of) Higher Education Facilities Authority (USG Real Estate Foundation I, LLC), Series 2015, RB | 4.13% | 06/15/2040 | 50 | 48317 |

---

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

---

| |
|:---|
| 124 |
| 124 |
| 124 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Georgia-(continued) |  |  |  |  |
|  Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2015 A, RB | 5.50% | 07/01/2060 | $100 | $100005 |
|  Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health System), Series 2015, Ref. RAC | 5.00% | 08/01/2034 | 75 | 75029 |
|  Muscogee County School District, Series 2021, GO Bonds | 5.00% | 10/01/2025 | 65 | 65139 |
|  Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB<sup>(a)</sup> | 5.00% | 09/01/2025 | 170 | 170000 |
|  Private Colleges & Universities Authority (Mercer University), Series 2015, RB | 5.00% | 10/01/2045 | 300 | 291738 |
|  Richmond (County of), GA Board of Education, Series 2023, GO Bonds | 5.00% | 10/01/2025 | 100 | 100204 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4386183 |
|  Hawaii-1.00% |  |  |  |  |
|  Hawaii (State of), Series 2015 EY, Ref. GO Bonds | 5.00% | 10/01/2025 | 110 | 110226 |
|  Hawaii (State of), Series 2015 EZ, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 10/01/2025 | 175 | 175355 |
|  Hawaii (State of), Series 2015 EZ, Ref. GO Bonds | 5.00% | 10/01/2025 | 270 | 270556 |
|  Hawaii (State of), Series 2016 FE, Ref. GO Bonds | 5.00% | 10/01/2025 | 205 | 205422 |
|  Hawaii (State of), Series 2016 FG, GO Bonds | 5.00% | 10/01/2025 | 55 | 55113 |
|  Hawaii (State of), Series 2016 FH, Ref. GO Bonds | 5.00% | 10/01/2025 | 80 | 80165 |
|  Hawaii (State of), Series 2017 FN, Ref. GO Bonds | 5.00% | 10/01/2025 | 50 | 50103 |
|  Honolulu (City & County of), HI, Series 2015 A, GO Bonds<sup>(a)(b)</sup> | 5.00% | 10/01/2025 | 50 | 50101 |
|  Honolulu (City & County of), HI, Series 2015 A, GO Bonds<sup>(a)(b)</sup> | 5.00% | 10/01/2025 | 25 | 25051 |
|  Honolulu (City & County of), HI, Series 2015 A, GO Bonds<sup>(a)(b)</sup> | 5.00% | 10/01/2025 | 30 | 30061 |
|  Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 10/01/2025 | 250 | 250507 |
|  Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 10/01/2025 | 195 | 195395 |
|  Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 10/01/2025 | 110 | 110223 |
|  Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 10/01/2025 | 75 | 75152 |
|  Honolulu (City & County of), HI, Series 2015 C, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 10/01/2025 | 75 | 75152 |
|  Honolulu (City & County of), HI, Series 2015 C, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 10/01/2025 | 400 | 400810 |
|  Honolulu (City & County of), HI, Series 2015 C, Ref. GO Bonds<sup>(a)(b)</sup> | 4.00% | 10/28/2025 | 50 | 50119 |
|  |  |  |  | 2209511 |
|  Illinois-4.72% |  |  |  |  |
|  Chicago (City of), IL, Series 2004, Ref. RB | 5.00% | 11/01/2025 | 400 | 401449 |
|  Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds | 5.00% | 12/01/2025 | 1020 | 1026238 |
|  Cook (County of), IL, Series 2021 A, Ref. GO Bonds | 5.00% | 11/15/2025 | 100 | 100496 |
|  Cook (County of), IL, Series 2021 B, Ref. GO Bonds | 4.00% | 11/15/2025 | 100 | 100295 |
|  Cook (County of), IL, Series 2022 A, Ref. GO Bonds | 5.00% | 11/15/2025 | 85 | 85421 |
|  Du Page & Will Counties Community School District No. 204 Indian Prairie, Series 2017, Ref. GO Bonds | 4.00% | 12/30/2025 | 115 | 115491 |
|  Illinois (State of), Series 2017 A, GO Bonds | 5.00% | 12/01/2025 | 1665 | 1674602 |
|  Illinois (State of), Series 2017 D, GO Bonds | 5.00% | 11/01/2025 | 390 | 391487 |
|  Illinois (State of), Series 2020 B, GO Bonds | 5.00% | 10/01/2025 | 55 | 55103 |
|  Illinois (State of), Series 2020 D, GO Bonds | 5.00% | 10/01/2025 | 55 | 55103 |
|  Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 12/01/2025 | 85 | 85490 |
|  Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB | 5.00% | 11/15/2035 | 960 | 960803 |
|  Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB | 4.13% | 11/15/2037 | 50 | 46864 |
|  Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB | 5.00% | 11/15/2045 | 140 | 137247 |
|  Illinois (State of) Finance Authority (Rush University Medical Center Obligated Group), Series 2015 A, Ref. RB | 5.00% | 11/15/2027 | 5 | 5005 |
|  Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB | 5.00% | 11/15/2025 | 15 | 15015 |
|  Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB | 5.00% | 11/15/2028 | 20 | 20019 |
|  Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB | 5.00% | 11/15/2030 | 75 | 75052 |
|  Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB | 5.00% | 11/15/2038 | 85 | 85002 |
|  Illinois (State of) Finance Authority (The University of Chicago), Series 2010, VRD RB, (LOC - TD Bank, N.A.)<sup>(c)(d)</sup> | 3.75% | 08/01/2044 | 1000 | 1000000 |
|  Illinois (State of) Finance Authority (The University of Chicago), Series 2021 A, Ref. RB | 5.00% | 10/01/2025 | 120 | 120253 |
|  Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2015 A, RB | 5.00% | 06/15/2053 | 250 | 237791 |
|  Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2015, Ref. RB | 5.00% | 06/15/2052 | 500 | 476720 |
|  Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 09/09/2025 | 20 | 20009 |

---

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

---

| |
|:---|
| 125 |
| 125 |
| 125 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Illinois-(continued) |  |  |  |  |
|  Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 09/09/2025 | $80 | $80037 |
|  Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 09/09/2025 | 35 | 35016 |
|  Illinois (State of) Toll Highway Authority, Series 2014 C, RB | 5.00% | 01/01/2036 | 1000 | 1000488 |
|  Illinois (State of) Toll Highway Authority, Series 2014 C, RB | 5.00% | 01/01/2038 | 510 | 510021 |
|  Illinois (State of) Toll Highway Authority, Series 2014 C, RB | 5.00% | 01/01/2039 | 10 | 10000 |
|  Illinois (State of) Toll Highway Authority, Series 2015 A, RB | 5.00% | 01/01/2036 | 1000 | 1000488 |
|  Illinois (State of) Toll Highway Authority, Series 2015 A, RB | 5.00% | 01/01/2037 | 15 | 15006 |
|  Illinois (State of) Toll Highway Authority, Series 2015 A, RB | 5.00% | 01/01/2040 | 270 | 270007 |
|  Will (County of), IL, Series 2016, GO Bonds<sup>(a)(b)</sup> | 5.00% | 11/15/2025 | 5 | 5026 |
|  Will (County of), IL, Series 2016, GO Bonds<sup>(a)(b)</sup> | 5.00% | 11/15/2025 | 15 | 15077 |
|  Winnebago & Boone Counties School District No. 205 Rockford, Series 2015 B, GO Bonds | 4.00% | 02/01/2035 | 180 | 180022 |
|  |  |  |  | 10412143 |
|  Indiana-1.25% |  |  |  |  |
|  Indiana (State of) Finance Authority, Series 2016 C, Ref. RB | 5.00% | 12/01/2025 | 10 | 10060 |
|  Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB | 5.00% | 10/01/2025 | 1500 | 1502953 |
|  Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2016 A, Ref. RB | 5.00% | 12/01/2025 | 80 | 80445 |
|  Indiana (State of) Finance Authority (Parkview Health System), Series 2009, VRD Ref.RB, (LOC - Sumitomo Mitsui Banking)<sup>(c)(d)</sup> | 2.75% | 11/01/2039 | 1025 | 1025000 |
|  Indiana (State of) Health Facility Financing Authority (Ascension Health Credit Group), Series 2001, RB<sup>(a)</sup> | 5.00% | 11/15/2036 | 5 | 5009 |
|  Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB | 5.00% | 10/01/2025 | 45 | 45092 |
|  Richmond (City of), VA Hospital Authority, Series 2015 A, Ref. RB | 5.00% | 01/01/2035 | 85 | 85009 |
|  |  |  |  | 2753568 |
|  Iowa-0.72% |  |  |  |  |
|  Iowa (State of) Finance Authority, Series 2019 E, VRD RB, (CEP - GNMA)<sup>(c)</sup> | 2.78% | 01/01/2049 | 1000 | 1000000 |
|  Iowa (State of) Finance Authority (Unitypoint Health), Series 2018, Ref. VRD RB,<br>(LOC - JPMorgan Chase Bank, N.A.)<sup>(c)(d)</sup> | 2.80% | 11/15/2041 | 100 | 100000 |
|  Iowa (State of) Finance Authority (Unitypoint Health), Series 2018, VRD Ref. RB,<br>(LOC - JPMorgan Chase Bank, N.A.)<sup>(c)(d)</sup> | 3.60% | 02/15/2041 | 300 | 300000 |
|  University of Iowa (The), Series 2023, RB<sup>(a)(b)</sup> | 3.50% | 10/07/2025 | 200 | 200176 |
|  |  |  |  | 1600176 |
|  Kansas-0.82% |  |  |  |  |
|  Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB | 5.00% | 09/01/2025 | 25 | 25000 |
|  Johnson (County of), KS Unified School District No. 233 (Olathe), Series 2016 B, Ref. GO Bonds | 5.00% | 09/01/2025 | 50 | 50000 |
|  Kansas (State of) Department of Transportation, Series 2015 B, RB | 5.00% | 09/01/2025 | 85 | 85000 |
|  Kansas (State of) Department of Transportation, Series 2015, RB<sup>(a)(b)</sup> | 5.00% | 09/01/2025 | 305 | 305000 |
|  Kansas (State of) Department of Transportation, Series 2015, RB<sup>(a)(b)</sup> | 5.00% | 09/01/2025 | 55 | 55000 |
|  Kansas (State of) Department of Transportation, Series 2015, RB<sup>(a)(b)</sup> | 5.00% | 09/01/2025 | 145 | 145000 |
|  Kansas (State of) Department of Transportation, Series 2015, RB<sup>(a)(b)</sup> | 5.00% | 09/01/2025 | 25 | 25000 |
|  Kansas (State of) Department of Transportation, Series 2015, RB<sup>(a)(b)</sup> | 5.00% | 09/01/2025 | 1000 | 1000000 |
|  Sedgwick County Unified School District No. 259 Wichita, Series 2017 A, Ref. GO Bonds | 4.00% | 10/01/2025 | 20 | 20024 |
|  University of Kansas Hospital Authority (KU Health System), Series 2015, Ref. RB | 5.00% | 09/01/2045 | 50 | 50000 |
|  Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2016 A, RB | 5.00% | 09/01/2040 | 45 | 45002 |
|  |  |  |  | 1805026 |
|  Kentucky-0.44% |  |  |  |  |
|  Kentucky (Commonwealth of) Asset Liability Commission, Series 2021 A, Ref. RN | 5.00% | 11/01/2025 | 400 | 401609 |
|  Kentucky (Commonwealth of) Municipal Power Agency, Series 2015 A, Ref. RB, (INS - NATL)<sup>(f)</sup> | 4.00% | 09/01/2039 | 230 | 211917 |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB | 5.00% | 11/01/2025 | 240 | 240937 |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 124), Series 2020 A, RB, (INS - AGI)<sup>(f)</sup> | 5.00% | 11/01/2025 | 5 | 5022 |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 130), Series 2024 B, Ref. RB | 5.00% | 11/01/2025 | 35 | 35137 |
|  Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2016 A, RB | 3.00% | 05/15/2047 | 110 | 80602 |
|  |  |  |  | 975224 |

---

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

---

| |
|:---|
| 126 |
| 126 |
| 126 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Louisiana-0.48% |  |  |  |  |
|  Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC), Series 2013 B, Ref. VRD |  |  |  |  |
|  RB, (LOC - JPMorgan Chase Bank, N.A.)<sup>(c)(d)</sup> | 2.85% | 09/01/2033 | $620 | $620000 |
|  Louisiana (State of) Public Facilities Authority (CHRISTUS Health), Series 2009, Ref. VRD RB,<br>(LOC - Sumitomo Mitsui Banking Corp.)<sup>(c)(d)</sup> | 2.75% | 07/01/2047 | 300 | 300000 |
|  Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2015, Ref. RB | 4.25% | 05/15/2040 | 70 | 65697 |
|  New Orleans (City of), LA, Series 2015, RB<sup>(a)(b)</sup> | 5.00% | 12/01/2025 | 25 | 25152 |
|  New Orleans (City of), LA, Series 2015, RB<sup>(a)(b)</sup> | 5.00% | 12/01/2025 | 50 | 50303 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1061152 |
|  Maine-0.07% |  |  |  |  |
|  Maine (State of) Municipal Bond Bank (Transcap), Series 2021 A, Ref. RB<sup>(a)</sup> | 5.00% | 09/01/2025 | 145 | 145000 |
|  Maryland-0.59% |  |  |  |  |
|  Maryland (State of) Department of Transportation, Series 2017, RB | 5.00% | 09/01/2025 | 70 | 70000 |
|  Maryland (State of) Department of Transportation, Series 2017, RB | 4.00% | 05/01/2029 | 10 | 10005 |
|  Maryland (State of) Department of Transportation, Series 2019, RB | 5.00% | 10/01/2025 | 5 | 5009 |
|  Maryland (State of) Department of Transportation, Series 2021 B, Ref. RB | 5.00% | 12/01/2025 | 420 | 422684 |
|  Maryland (State of) Department of Transportation, Series 2022 B, Ref. RB | 5.00% | 12/01/2025 | 100 | 100639 |
|  Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB | 5.00% | 10/01/2025 | 560 | 560974 |
|  Montgomery (County of), MD, Series 2017 C, Ref. GO Bonds | 5.00% | 10/01/2025 | 15 | 15031 |
|  Prince George's (County of), MD, Series 2017 A, GO Bonds | 5.00% | 09/15/2025 | 125 | 125117 |
|  |  |  |  | 1309459 |
|  Massachusetts-3.10% |  |  |  |  |
|  Massachusetts (Commonwealth of), Series 2015 D, GO Bonds | 4.00% | 09/01/2029 | 5 | 5003 |
|  Massachusetts (Commonwealth of), Series 2015 E, GO Bonds | 4.00% | 09/01/2037 | 25 | 24952 |
|  Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds | 5.00% | 10/01/2025 | 2340 | 2344915 |
|  Massachusetts (Commonwealth of), Series 2019 E, Ref. GO Bonds | 3.00% | 12/01/2025 | 50 | 50058 |
|  Massachusetts (Commonwealth of), Series 2020 E, GO Bonds | 5.00% | 11/01/2025 | 250 | 251076 |
|  Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2015 A, RB | 5.00% | 06/01/2040 | 845 | 845018 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2008 U-6C, VRD RB, (LOC - TD Bank, N.A.)<sup>(c)(d)</sup> | 3.40% | 10/01/2042 | 1790 | 1790000 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB | 5.00% | 10/15/2025 | 205 | 205591 |
|  Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB | 5.00% | 08/15/2027 | 230 | 230220 |
|  Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB | 5.00% | 08/15/2029 | 200 | 200187 |
|  Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB | 4.00% | 08/15/2032 | 65 | 65014 |
|  Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB | 5.00% | 08/15/2037 | 600 | 600010 |
|  Massachusetts (Commonwealth of) School Building Authority, Series 2015 D, Ref. RB | 5.00% | 08/15/2037 | 25 | 25000 |
|  University of Massachusetts Building Authority, Series 2015 1, RB | 5.00% | 11/01/2040 | 200 | 200170 |
|  |  |  |  | 6837214 |
|  Michigan-1.38% |  |  |  |  |
|  Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB<sup>(a)(b)</sup> | 5.00% | 10/15/2025 | 75 | 75226 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB<sup>(a)(b)</sup> | 5.00% | 10/15/2025 | 185 | 185556 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB<sup>(a)(b)</sup> | 5.00% | 10/15/2025 | 375 | 376128 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB<sup>(a)(b)</sup> | 5.00% | 10/15/2025 | 30 | 30090 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB<sup>(a)(b)</sup> | 5.00% | 10/15/2025 | 15 | 15045 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB<sup>(a)(b)</sup> | 5.00% | 10/15/2025 | 185 | 185556 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB<sup>(a)(b)</sup> | 5.00% | 10/15/2025 | 300 | 300902 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB<sup>(a)(b)</sup> | 5.00% | 10/15/2025 | 575 | 576729 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB<sup>(a)(b)</sup> | 5.00% | 10/15/2025 | 275 | 275827 |
|  Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2016, RB | 5.00% | 11/01/2044 | 100 | 99989 |
|  Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016 B, Ref. RB | 5.00% | 10/01/2025 | 10 | 10021 |
|  Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB | 5.00% | 11/15/2025 | 200 | 201012 |
|  Michigan (State of) Finance Authority (McLaren Health Care), Series 2015, Ref. RB | 5.00% | 05/15/2038 | 5 | 5001 |
|  Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2015, Ref. RB | 5.00% | 12/01/2025 | 35 | 35092 |
|  Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2015, Ref. RB | 5.50% | 12/01/2027 | 350 | 351543 |
|  Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB | 5.00% | 12/01/2025 | 65 | 65360 |
|  Michigan (State of) Hospital Finance Authority (Trinity Health Credit Group), Series 2008 C, Ref. RB | 5.00% | 12/01/2025 | 105 | 105582 |

---

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

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| 127 |
| 127 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Michigan-(continued) |  |  |  |  |
|  Michigan (State of) Strategic Fund (Michigan Senate Offices), Series 2015 A, RB | 5.25% | 10/15/2040 | $50 | $50059 |
|  Wayne (County of), MI Airport Authority, Series 2015 D, RB | 5.00% | 12/01/2045 | 100 | 98745 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3043463 |
|  Minnesota-0.43% |  |  |  |  |
|  Metropolitan Council, Series 2021 B, GO Bonds | 5.00% | 12/01/2025 | 180 | 181259 |
|  Minnesota (State of), Series 2015 A, GO Bonds | 5.00% | 08/01/2027 | 25 | 25031 |
|  Minnesota (State of), Series 2015 A, GO Bonds | 5.00% | 08/01/2028 | 15 | 15017 |
|  Minnesota (State of), Series 2015 A, GO Bonds | 5.00% | 08/01/2029 | 225 | 225243 |
|  Minnesota (State of), Series 2015 D, Ref. GO Bonds | 5.00% | 08/01/2027 | 5 | 5010 |
|  St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group), Series 2015, Ref. RB | 4.00% | 07/01/2035 | 500 | 491967 |
|  |  |  |  | 943527 |
|  Mississippi-0.47% |  |  |  |  |
|  Mississippi (State of), Series 2015 A, GO Bonds<sup>(a)(b)</sup> | 4.00% | 10/01/2025 | 310 | 310407 |
|  Mississippi (State of), Series 2015 C, Ref. GO Bonds | 5.00% | 10/01/2025 | 130 | 130260 |
|  Mississippi (State of), Series 2015 F, GO Bonds<sup>(a)(b)</sup> | 4.00% | 11/01/2025 | 50 | 50135 |
|  Mississippi (State of), Series 2015 F, GO Bonds<sup>(a)(b)</sup> | 4.00% | 11/01/2025 | 5 | 5014 |
|  Mississippi (State of), Series 2015 F, GO Bonds<sup>(a)(b)</sup> | 5.00% | 11/01/2025 | 310 | 311340 |
|  Mississippi (State of), Series 2015 F, GO Bonds<sup>(a)(b)</sup> | 5.00% | 11/01/2025 | 50 | 50216 |
|  Mississippi (State of), Series 2015 F, GO Bonds<sup>(a)(b)</sup> | 5.00% | 11/01/2025 | 10 | 10043 |
|  Mississippi (State of), Series 2015 F, GO Bonds<sup>(a)(b)</sup> | 5.00% | 11/01/2025 | 165 | 165713 |
|  |  |  |  | 1033128 |
|  Missouri-0.31% |  |  |  |  |
|  Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB | 5.00% | 10/01/2025 | 95 | 95200 |
|  Missouri (State of) Health & Educational Facilities Authority (St. Anthony's Medical Center), Series 2015 B, Ref. RB | 4.00% | 02/01/2040 | 60 | 55478 |
|  Missouri (State of) Health & Educational Facilities Authority (St. Louis University), Series 2015 A, RB | 5.00% | 10/01/2038 | 505 | 505550 |
|  St. Charles (County of), MO Public Water Supply District No. 2, Series 2018, COP | 4.00% | 12/01/2039 | 40 | 37269 |
|  |  |  |  | 693497 |
|  Nebraska-0.55% |  |  |  |  |
|  Douglas County Hospital Authority No. 3, Series 2015, Ref. RB<sup>(a)(b)</sup> | 4.13% | 11/01/2025 | 35 | 35087 |
|  Douglas County Hospital Authority No. 3, Series 2015, Ref. RB | 4.13% | 11/01/2036 | 30 | 29272 |
|  Gretna (City of), NE, Series 2022, COP | 5.00% | 12/15/2025 | 100 | 100141 |
|  Gretna Public Schools, Series 2022 B, GO Bonds | 5.00% | 12/15/2027 | 1050 | 1056349 |
|  |  |  |  | 1220849 |
|  Nevada-0.39% |  |  |  |  |
|  Clark (County of), NV Department of Aviation, Series 2015 A, Ref. RB | 5.00% | 07/01/2040 | 210 | 209993 |
|  Clark County School District, Series 2015 C, Ref. GO Bonds | 5.00% | 06/15/2028 | 415 | 417834 |
|  Nevada (State of), Series 2016, Ref. RB | 5.00% | 12/01/2025 | 225 | 226478 |
|  |  |  |  | 854305 |
|  New Jersey-1.31% |  |  |  |  |
|  New Jersey (State of) Economic Development Authority, Series 2005 N-1, Ref. RB, (INS - AGI)<sup>(f)</sup> | 5.50% | 09/01/2025 | 725 | 725000 |
|  New Jersey (State of) Economic Development Authority, Series 2015 WW, RB | 5.25% | 06/15/2028 | 100 | 100123 |
|  New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB | 4.38% | 06/15/2027 | 35 | 35021 |
|  New Jersey (State of) Economic Development Authority, Series 2017 B, Ref. RB | 4.00% | 11/01/2025 | 100 | 100221 |
|  New Jersey (State of) Economic Development Authority, Series 2017 B, Ref. RB | 5.00% | 11/01/2025 | 60 | 60229 |
|  New Jersey (State of) Educational Facilities Authority, Series 2015 H, Ref. RB, (INS - AGI)<sup>(f)</sup> | 4.00% | 07/01/2033 | 380 | 380200 |
|  New Jersey (State of) Health Care Facilities Financing Authority (Virtua Health), Series 2009 B, VRD RB,<br>(LOC - JP Morgan Chase Bank N.A.)<sup>(c)(d)</sup> | 2.85% | 07/01/2043 | 1000 | 1000000 |
|  New Jersey (State of) Health Care Facilities Financing Authority (Virtua Health), Series 2013, Ref. RB | 5.00% | 07/01/2028 | 235 | 236637 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB | 5.25% | 06/15/2031 | 15 | 15021 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB | 4.75% | 06/15/2038 | 140 | 140002 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB | 5.00% | 12/15/2025 | 45 | 45304 |

---

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

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| 128 |
| 128 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New Jersey-(continued) |  |  |  |  |
|  New Jersey (State of) Turnpike Authority, Series 2014 A, RB | 5.00% | 01/01/2027 | $35 | $35066 |
|  New Jersey Infrastructure Bank, Series 2012 A-R, Ref. RB | 4.00% | 09/01/2025 | 20 | 20000 |
|  |  |  |  | 2892824 |
|  New York-20.96% |  |  |  |  |
|  Metropolitan Transportation Authority, Series 2002 D, VRD Ref. RB, (LOC - Truist Bank)<sup>(c)(d)</sup> | 3.95% | 11/01/2032 | 1000 | 1000000 |
|  Metropolitan Transportation Authority, Series 2015 D-1, Ref. RB | 5.00% | 11/15/2029 | 350 | 351322 |
|  Metropolitan Transportation Authority, Series 2015 D-1, Ref. RB, (INS - BAM)<sup>(f)</sup> | 5.00% | 11/15/2033 | 105 | 105284 |
|  Metropolitan Transportation Authority, Series 2015 F, Ref. RB | 5.00% | 11/15/2029 | 100 | 100378 |
|  Metropolitan Transportation Authority, Series 2015 F, Ref. RB | 5.00% | 11/15/2032 | 60 | 60134 |
|  Metropolitan Transportation Authority, Series 2015 F, Ref. RB | 5.00% | 11/15/2035 | 55 | 55055 |
|  Metropolitan Transportation Authority, Series 2015 F, Ref. RB | 5.00% | 11/15/2036 | 300 | 300191 |
|  Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.00% | 11/15/2025 | 45 | 45243 |
|  Metropolitan Transportation Authority, Series 2016 B, Ref. RB | 5.00% | 11/15/2025 | 210 | 210928 |
|  Metropolitan Transportation Authority, Subseries 2015 C-1, Ref. RB | 5.00% | 11/15/2027 | 30 | 30122 |
|  Metropolitan Transportation Authority, Subseries 2015 C-1, Ref. RB | 5.00% | 11/15/2029 | 290 | 291095 |
|  Metropolitan Transportation Authority, Subseries 2015 C-1, Ref. RB | 5.25% | 11/15/2029 | 25 | 25107 |
|  Metropolitan Transportation Authority, Subseries 2015 C-1, Ref. RB | 5.00% | 11/15/2034 | 170 | 170235 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2008 A-1, VRD Ref. RB, (LOC - TD Bank, N.A.)<sup>(c)(d)</sup> | 3.90% | 11/01/2031 | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;2300000 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2016 A2, Ref. RB | 5.00% | 11/15/2025 | 25 | 25111 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 A-2, Ref. RB | 5.00% | 11/15/2025 | 200 | 200884 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 B, Ref. RB | 5.00% | 11/15/2025 | 65 | 65287 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB | 5.00% | 11/15/2025 | 225 | 225995 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2018 B, Ref. RB | 5.00% | 11/15/2025 | 25 | 25110 |
|  Monroe County Industrial Development Corp. (University of Rochester), Series 2015 A, Ref. RB | 4.00% | 07/01/2035 | 25 | 24999 |
|  Nassau (County of), NY, Series 2017 C, Ref. GO Bonds | 5.00% | 10/01/2025 | 45 | 45096 |
|  Nassau (County of), NY Industrial Development Agency, Series 1999, Ref. VRD RB<sup>(c)</sup> | 3.95% | 01/01/2034 | 850 | 850000 |
|  New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB | 5.00% | 10/15/2025 | 150 | 150452 |
|  New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB | 5.00% | 10/15/2029 | 185 | 185455 |
|  New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB | 5.00% | 10/15/2030 | 110 | 110269 |
|  New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB | 5.00% | 10/15/2032 | 300 | 300625 |
|  New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB | 5.00% | 10/15/2035 | 430 | 430707 |
|  New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB | 5.25% | 10/15/2055 | 1000 | 1001586 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB | 4.00% | 12/01/2025 | 100 | 100387 |
|  New York & New Jersey (States of) Port Authority, Two Hundrend Fifth Series 2017, Ref. RB | 5.00% | 11/15/2025 | 15 | 15080 |
|  New York (City of), NY, Series 2015 A, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 09/19/2025 | 5 | 5006 |
|  New York (City of), NY, Series 2022 A-1, GO Bonds | 5.00% | 09/01/2025 | 15 | 15000 |
|  New York (City of), NY, Series 2022 A-3, VRD GO Bonds<sup>(c)</sup> | 3.90% | 09/01/2049 | 500 | 500000 |
|  New York (City of), NY, Series 2022A-4, VRD GO Bonds<sup>(c)</sup> | 3.90% | 09/01/2049 | 1050 | 1050000 |
|  New York (City of), NY, Subseries 2012 A-3, VRD GO Bonds, (LOC - Mizuho Bank Ltd.)<sup>(c)(d)</sup> | 3.90% | 10/01/2040 | 1000 | 1000000 |
|  New York (City of), NY, Subseries 2015 F, VRD GO Bonds<sup>(c)</sup> | 3.95% | 06/01/2044 | 650 | 650000 |
|  New York (City of), NY, Subseries 2016 A-5, VRD GO Bonds<sup>(c)</sup> | 3.95% | 08/01/2044 | 1330 | 1330000 |
|  New York (City of), NY, Subseries 2025 G-3, VRD GO Bonds<sup>(c)</sup> | 3.90% | 02/01/2055 | 1075 | 1075000 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2010 DD, VRD RB<sup>(c)</sup> | 3.95% | 06/15/2043 | 1000 | 1000000 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2011 FF-2, VRD RB<sup>(c)</sup> | 3.95% | 06/15/2044 | 1090 | 1090000 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2013, VRD RB<sup>(c)</sup> | 3.90% | 06/15/2049 | 750 | 750000 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2014 AA-6, VRD RB<sup>(c)</sup> | 3.95% | 06/15/2048 | 2000 | 2000000 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2015 HH, Ref. RB | 3.38% | 06/15/2030 | 65 | 65023 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2015, Ref. RB | 3.50% | 06/15/2032 | 70 | 70012 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2018 BB, VRD RB<sup>(c)</sup> | 2.75% | 06/15/2051 | 1800 | 1800000 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2018 EE, Ref. RB | 3.13% | 06/15/2031 | 100 | 100103 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2020 DD-2, RB | 5.00% | 06/15/2027 | 425 | 427985 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-2, Ref. RB | 5.00% | 06/15/2027 | 175 | 176229 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2021, RB | 5.00% | 06/15/2027 | 20 | 20140 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-2, RB | 5.00% | 06/15/2027 | 2030 | 2044259 |
|  New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB | 5.00% | 11/01/2025 | 40 | 40168 |
|  New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB | 5.00% | 11/01/2027 | 200 | 200709 |

---

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

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| 129 |
| 129 |
| 129 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB<sup>(a)(b)</sup> | 5.00% | 11/17/2025 | $320 | $320063 |
|  New York (City of), NY Transitional Finance Authority, Series 2016 E-4, VRD RB<sup>(c)</sup> | 3.95% | 02/01/2045 | 1035 | 1035000 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB | 5.00% | 11/01/2025 | 55 | 55230 |
|  New York (City of), NY Transitional Finance Authority, Series 2017, RB | 5.00% | 11/01/2025 | 100 | 100419 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 A-4, VRD RB<sup>(c)</sup> | 3.95% | 08/01/2045 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 |
|  New York (City of), NY Transitional Finance Authority, Series 2018, VRD RB<sup>(c)</sup> | 2.45% | 08/01/2042 | 2500 | 2500000 |
|  New York (City of), NY Transitional Finance Authority, Series 2018, VRD RB<sup>(c)</sup> | 2.71% | 05/01/2047 | 1000 | 1000000 |
|  New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB<sup>(a)</sup> | 5.00% | 11/01/2025 | 5 | 5022 |
|  New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 5.00% | 11/01/2025 | 65 | 65272 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB | 5.00% | 11/01/2025 | 55 | 55230 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 D-1, RB | 5.00% | 11/01/2025 | 345 | 346445 |
|  New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB | 5.00% | 11/01/2025 | 70 | 70293 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB | 5.00% | 11/01/2025 | 305 | 306278 |
|  New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB | 5.00% | 11/01/2025 | 25 | 25105 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 E-1, RB | 5.00% | 11/01/2025 | 385 | 386613 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB | 5.00% | 11/01/2029 | 75 | 75254 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB | 5.00% | 11/01/2032 | 180 | 180498 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB | 5.00% | 11/01/2033 | 300 | 300760 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB | 5.00% | 11/01/2035 | 150 | 150330 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB | 5.00% | 11/01/2037 | 5 | 5009 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB | 5.00% | 11/01/2038 | 75 | 75128 |
|  New York (State of) Dormitory Authority, Series 2015 B, RB | 5.00% | 03/15/2030 | 245 | 245425 |
|  New York (State of) Dormitory Authority, Series 2015 B, RB | 5.00% | 03/15/2031 | 200 | 200333 |
|  New York (State of) Dormitory Authority, Series 2015 B, RB | 5.00% | 03/15/2032 | 600 | 600952 |
|  New York (State of) Dormitory Authority, Series 2015 B, RB | 5.00% | 03/15/2033 | 175 | 175260 |
|  New York (State of) Dormitory Authority, Series 2015 B, RB | 5.00% | 03/15/2042 | 40 | 40031 |
|  New York (State of) Dormitory Authority, Series 2015 B, Ref. RB | 5.00% | 03/15/2045 | 200 | 200134 |
|  New York (State of) Dormitory Authority, Series 2015 E, Ref. RB<sup>(a)(b)</sup> | 4.00% | 09/15/2025 | 150 | 150091 |
|  New York (State of) Dormitory Authority, Series 2015 E, Ref. RB<sup>(a)(b)</sup> | 5.00% | 09/15/2025 | 25 | 25024 |
|  New York (State of) Dormitory Authority, Series 2015 E, Ref. RB | 5.00% | 03/15/2030 | 1000 | 1002990 |
|  New York (State of) Dormitory Authority, Series 2015, Ref. RB | 5.00% | 07/01/2043 | 110 | 109068 |
|  New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 10/01/2025 | 100 | 100195 |
|  New York (State of) Dormitory Authority, Series 2020 A, RB, (INS - AGI)<sup>(f)</sup> | 5.00% | 10/01/2025 | 200 | 200392 |
|  New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)<sup>(f)</sup> | 5.00% | 10/01/2025 | 50 | 50098 |
|  New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, Ref. RB | 5.00% | 07/01/2035 | 130 | 130072 |
|  New York (State of) Dormitory Authority (Rockefeller University), Series 2008 A, VRD RB<sup>(c)</sup> | 2.67% | 07/01/2039 | 430 | 430000 |
|  New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.), Subseries 2005 A-2, VRD RB, (LOC - Mizuho Bank Ltd.)<sup>(c)(d)</sup> | 2.70% | 05/01/2039 | 1000 | 1000000 |
|  New York (State of) Housing Finance Agency, Series 2004, VRD RB, (LOC - Fannie Mae)<sup>(c)(d)</sup> | 2.77% | 11/15/2036 | 400 | 400000 |
|  New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(f)</sup> | 5.00% | 11/15/2025 | 10 | 10055 |
|  New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB | 5.00% | 12/15/2027 | 85 | 85617 |
|  New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB | 5.00% | 12/15/2033 | 485 | 487639 |
|  New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB | 5.00% | 12/15/2034 | 100 | 100501 |
|  New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB | 5.00% | 12/15/2036 | 325 | 326347 |
|  New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB | 4.00% | 12/15/2037 | 50 | 50001 |
|  New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB | 5.00% | 12/15/2037 | 625 | 627339 |
|  New York City Housing Development Corp. (Green Bonds), Series 2023 B-2, VRD RB<sup>(c)</sup> | 2.75% | 05/01/2054 | 2350 | 2350000 |
|  New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB | 5.00% | 11/15/2029 | 15 | 15061 |
|  New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB | 5.00% | 11/15/2032 | 5 | 5016 |
|  New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB | 5.00% | 11/15/2033 | 95 | 95283 |
|  New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB | 5.00% | 11/15/2040 | 265 | 265149 |
|  New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB | 5.00% | 11/15/2045 | 90 | 89571 |
|  New York State Housing Finance Agency, Series 2010, VRD RB, (LOC - TD Bank, N.A.)<sup>(c)(d)</sup> | 2.65% | 05/01/2044 | 2200 | 2200000 |
|  New York State Urban Development Corp., Series 2015 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 09/15/2025 | 20 | 20019 |
|  New York State Urban Development Corp., Series 2015 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 09/15/2025 | 10 | 10010 |
|  New York State Urban Development Corp., Series 2015 A, Ref. RB | 5.00% | 03/15/2030 | 95 | 95151 |
|  New York State Urban Development Corp., Series 2015 A, Ref. RB | 5.00% | 03/15/2033 | 150 | 150204 |

---

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

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|:---|
| 130 |
| 130 |
| 130 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York State Urban Development Corp., Series 2015, Ref. RB<sup>(a)(b)</sup> | 5.00% | 09/15/2025 | $10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10010 |
|  New York State Urban Development Corp., Series 2015, Ref. RB<sup>(a)(b)</sup> | 5.00% | 09/15/2025 | 40 | 40039 |
|  New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB | 5.00% | 12/01/2025 | 100 | 100567 |
|  Suffolk (County of), NY Water Authority, Series 2015, Ref. RB | 4.00% | 06/01/2031 | 155 | 155143 |
|  Triborough Bridge & Tunnel Authority, Series 2008 B-3, RB<sup>(a)(b)</sup> | 5.00% | 11/15/2025 | 405 | 407009 |
|  Triborough Bridge & Tunnel Authority, Series 2015 A, RB | 5.00% | 11/15/2050 | 410 | 410732 |
|  Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB | 5.00% | 11/15/2025 | 100 | 100543 |
|  Triborough Bridge & Tunnel Authority, Series 2021 A, RB | 5.00% | 11/01/2025 | 705 | 707824 |
|  |  |  |  | 46244615 |
|  North Carolina-1.33% |  |  |  |  |
|  Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2018 G, VRD RB<sup>(c)</sup> | 3.95% | 01/15/2048 | 1000 | 1000000 |
|  Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems), Series 2007, Ref. VRD RB<sup>(c)</sup> | 3.95% | 01/15/2037 | 1000 | 1000000 |
|  Mecklenburg (County of), NC, Series 2013 A, Ref. GO Bonds | 5.00% | 12/01/2025 | 95 | 95629 |
|  North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2015 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 10/01/2025 | 300 | 300595 |
|  North Carolina (State of) Medical Care Commission (Vidant Health), Series 2015, Ref. RB | 4.00% | 06/01/2034 | 160 | 160011 |
|  Raleigh (City of), NC Combined Enterprise System, Series 2015 A, Ref. RB | 4.00% | 12/01/2035 | 135 | 135013 |
|  Wake (County of), NC, Series 2024 B, Ref. GO Bonds | 5.00% | 09/01/2025 | 240 | 240000 |
|  |  |  |  | 2931248 |
|  Ohio-1.47% |  |  |  |  |
|  Allen (County of), IN, Series 2012, VRD RB, (LOC - TD Bank N.A.)<sup>(c)(d)</sup> | 2.65% | 05/01/2036 | 400 | 400000 |
|  Bowling Green State University, Series 2016 A, RB | 5.00% | 06/01/2042 | 100 | 100111 |
|  Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)<sup>(f)</sup> | 5.25% | 12/01/2025 | 200 | 201410 |
|  Columbus (City of), OH, Series 2016 A, GO Bonds | 4.00% | 08/15/2027 | 500 | 500510 |
|  Hamilton (County of), OH, Series 2016 A, Ref. RB | 5.00% | 12/01/2025 | 25 | 25162 |
|  North Royalton City School District, Series 2017, GO Bonds | 5.00% | 12/01/2047 | 1000 | 999967 |
|  Ohio (State of), Series 2017 B, Ref. GO Bonds | 5.00% | 09/15/2025 | 145 | 145136 |
|  Ohio (State of) (Garvee), Series 2016-1, RB | 5.00% | 12/15/2025 | 180 | 181294 |
|  Ohio (State of) (Garvee), Series 2018 1, RB | 5.00% | 12/15/2025 | 100 | 100719 |
|  Ohio (State of) Higher Educational Facility Commission (Kenyon College), Series 2015, Ref. RB | 5.00% | 07/01/2041 | 440 | 440103 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016, RB | 5.00% | 12/01/2025 | 5 | 5033 |
|  Willoughby-Eastlake City School District, Series 2016, GO Bonds<sup>(a)(b)</sup> | 5.00% | 12/01/2025 | 140 | 140849 |
|  |  |  |  | 3240294 |
|  Oklahoma-0.06% |  |  |  |  |
|  Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB | 4.00% | 09/01/2025 | 75 | 75000 |
|  Oklahoma (State of) Development Finance Authority, Series 2015 A, Ref. RB | 4.00% | 08/15/2038 | 55 | 50043 |
|  |  |  |  | 125043 |
|  Oregon-0.23% |  |  |  |  |
|  Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB | 5.00% | 11/15/2025 | 10 | 10012 |
|  Oregon (State of) Department of Transportation, Series 2017 A, RB | 5.00% | 11/15/2025 | 500 | 502611 |
|  |  |  |  | 512623 |
|  Pennsylvania-3.43% |  |  |  |  |
|  Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds | 5.00% | 11/01/2025 | 100 | 100401 |
|  Allegheny (County of), PA Sanitary Authority, Series 2015, Ref. RB | 5.00% | 12/01/2040 | 410 | 411801 |
|  Centre (County of), PA Hospital Authority (Mt. Nittany Medical Center), Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/15/2025 | 15 | 15074 |
|  Commonwealth Financing Authority, Series 2015 A, RB | 5.00% | 06/01/2033 | 600 | 603179 |
|  Commonwealth Financing Authority, Series 2015 A, RB | 5.00% | 06/01/2035 | 285 | 285254 |
|  Delaware (County of), PA Authority (Villanova University), Series 2015, RB | 4.00% | 08/01/2040 | 90 | 87149 |
|  Delaware (State of) River Port Authority, Series 2013, RB<sup>(a)(b)</sup> | 5.00% | 09/29/2025 | 55 | 55102 |
|  Delaware Valley Regional Finance Authority, Series 2020, VRD Ref. RB, (LOC - TD Bank N.A.)<sup>(c)(d)</sup> | 2.65% | 11/01/2055 | 1000 | 1000000 |
|  Luzerne (County of), PA, Series 2015 A, Ref. GO Bonds, (INS - AGI)<sup>(f)</sup> | 5.00% | 11/15/2029 | 225 | 226021 |
|  Pennsylvania (Commonwealth of), First Series 2015, GO Bonds<sup>(a)(b)</sup> | 4.00% | 09/11/2025 | 15 | 15005 |

---

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

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| 131 |
| 131 |
| 131 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Pennsylvania-(continued) |  |  |  |  |
|  Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds | 5.00% | 09/15/2025 | $155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155143 |
|  Pennsylvania (Commonwealth of), First Series 2023, GO Bonds | 5.00% | 09/01/2025 | 305 | 305000 |
|  Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds | 5.00% | 09/01/2025 | 140 | 140000 |
|  Pennsylvania (Commonwealth of), Second Series 2015 D, GO Bonds<sup>(a)(b)</sup> | 4.00% | 09/11/2025 | 85 | 85031 |
|  Pennsylvania (Commonwealth of), Second Series 2015 D, GO Bonds<sup>(a)(b)</sup> | 4.00% | 09/11/2025 | 50 | 50018 |
|  Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds | 5.00% | 09/15/2025 | 45 | 45042 |
|  Pennsylvania (Commonwealth of), Series 2015 D, GO Bonds<sup>(a)(b)</sup> | 4.00% | 09/11/2025 | 45 | 45017 |
|  Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2025 | 200 | 200413 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB | 5.00% | 12/01/2038 | 50 | 50111 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 B, RB | 5.00% | 12/01/2040 | 20 | 20121 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB | 5.00% | 06/01/2027 | 200 | 201157 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB | 5.00% | 06/01/2029 | 25 | 25140 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A-2, Ref. RB | 5.00% | 12/01/2025 | 40 | 40256 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019, Ref. RB | 5.00% | 12/01/2025 | 100 | 100639 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020, Ref. VRD RB, (LOC - TD Bank, N.A.)<sup>(c)(d)</sup> | 2.72% | 12/01/2039 | 305 | 305000 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2023 B, VRD Ref. RB, (LOC - Td Bank N.A.)<sup>(c)(d)</sup> | 2.62% | 12/01/2043 | 1150 | 1150000 |
|  Pennsylvania State University (The), Series 2015 A, RB<sup>(a)(b)</sup> | 5.00% | 09/01/2025 | 500 | 500000 |
|  Philadelphia (City of), PA, Series 2016, Ref. RB | 5.00% | 10/01/2025 | 115 | 115232 |
|  Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2024, VRD RB<sup>(c)</sup> | 3.95% | 07/01/2054 | 1000 | 1000000 |
|  Reading School District, Series 2015 A, Ref. GO Bonds, (INS - AGI)<sup>(f)</sup> | 4.13% | 02/01/2036 | 85 | 85021 |
|  Westmoreland (County of), PA Municipal Authority, Series 2016, Ref. RB, (INS - BAM)<sup>(f)</sup> | 5.00% | 08/15/2038 | 150 | 150112 |
|  |  |  |  | 7567439 |
|  South Carolina-0.61% |  |  |  |  |
|  Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2023, Ref. RB | 5.00% | 12/01/2025 | 90 | 90537 |
|  Greenville County School District, Series 2023, Ref. RB | 5.00% | 12/01/2025 | 125 | 125727 |
|  South Carolina (State of) Jobs-Economic Development Authority (Furman University), Series 2015, Ref. RB | 4.00% | 10/01/2038 | 25 | 24138 |
|  South Carolina (State of) Public Service Authority, Series 2015 E, Ref. RB | 5.25% | 12/01/2055 | 350 | 349992 |
|  South Carolina (State of) Transportation Infrastructure Bank, Series 2016 A, Ref. RB | 4.00% | 10/01/2028 | 5 | 5003 |
|  South Carolina (State of) Transportation Infrastructure Bank, Series 2016 A, Ref. RB | 4.00% | 10/01/2031 | 150 | 150054 |
|  South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB | 5.00% | 10/01/2025 | 600 | 601221 |
|  |  |  |  | 1346672 |
|  South Dakota-0.12% |  |  |  |  |
|  South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group), Series 2015, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2025 | 255 | 256017 |
|  Tennessee-0.74% |  |  |  |  |
|  Chattanooga (City of), TN, Series 2015 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 09/01/2025 | 130 | 130000 |
|  Chattanooga (City of), TN, Series 2015 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 09/01/2025 | 400 | 400000 |
|  Tennessee (State of) School Bond Authority, Series 2015 B, RB, (CEP - Colorado Higher Education Intercept Program)<sup>(a)(b)</sup> | 5.00% | 11/01/2025 | 10 | 10043 |
|  Tennessee (State of) School Bond Authority, Series 2015 B, RB, (CEP - Colorado Higher Education Intercept Program) | 5.00% | 11/01/2025 | 85 | 85361 |
|  Tennessee (State of) School Bond Authority, Series 2015 B, RB, (CEP - Colorado Higher Education Intercept Program)<sup>(a)(b)</sup> | 5.00% | 11/01/2025 | 1000 | 1004322 |
|  |  |  |  | 1629726 |
|  Texas-7.88% |  |  |  |  |
|  Austin (City of), TX, Series 2015, Ref. GO Bonds | 5.00% | 09/01/2025 | 15 | 15000 |
|  Austin Community College District, Series 2015, GO Bonds<sup>(a)(b)</sup> | 5.00% | 09/29/2025 | 150 | 150266 |
|  Corpus Christi (City of), TX, Series 2015, RB<sup>(a)(b)</sup> | 5.00% | 10/10/2025 | 100 | 100250 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 B, Ref. RB | 5.00% | 11/01/2025 | 5 | 5020 |
|  Dallas (City of), TX, Series 2015 A, Ref. RB | 5.00% | 10/01/2044 | 1000 | 1000130 |
|  Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 12/01/2025 | 155 | 155960 |
|  Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 12/01/2025 | 1500 | 1509286 |

---

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

---

| |
|:---|
| 132 |
| 132 |
| 132 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 12/01/2025 | $175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176083 |
|  Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 12/01/2025 | 10 | 10062 |
|  Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 12/01/2025 | 25 | 25155 |
|  Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 12/01/2025 | 175 | 176083 |
|  Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 12/01/2025 | 200 | 201238 |
|  Dallas College, Series 2022, GO Bonds | 5.00% | 02/15/2035 | 90 | 90057 |
|  Dallas College, Series 2022, GO Bonds | 5.00% | 02/15/2036 | 50 | 50026 |
|  Harris (County of), TX, Series 2015 A, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 10/01/2025 | 80 | 80152 |
|  Harris (County of), TX, Series 2015 A, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 10/01/2025 | 155 | 155295 |
|  Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB | 5.00% | 11/01/2025 | 130 | 130562 |
|  Harris County Cultural Education Facilities Finance Corp. (Texas Children's Hospital), Series 2015, Ref. RB | 5.00% | 10/01/2027 | 15 | 15024 |
|  Harris County Cultural Education Facilities Finance Corp. (Texas Children's Hospital), Series 2015, VRD RB,<br>(LOC - TD Bank, N.A.)<sup>(c)(d)</sup> | 2.65% | 10/01/2045 | 1000 | 1000000 |
|  Houston (City of), TX, Series 2012, Ref. VRD RB<sup>(c)</sup> | 2.98% | 05/15/2034 | 275 | 275000 |
|  Houston (City of), TX, Series 2014 D, Ref. RB | 5.00% | 11/15/2028 | 55 | 55093 |
|  Houston (City of), TX, Series 2016 B, Ref. RB | 5.00% | 11/15/2025 | 200 | 201053 |
|  Houston (City of), TX, Series 2018 C, Ref. VRD RB<sup>(c)</sup> | 2.98% | 05/15/2034 | 1000 | 1000000 |
|  Houston Higher Education Finance Corp. (KIPP, Inc.), Series 2015, Ref. RB, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2040 | 25 | 23716 |
|  Kerrville Health Facilities Development Corp. (Peterson Regional Medical Center), Series 2015, Ref. RB | 5.00% | 08/15/2035 | 25 | 25049 |
|  Lewisville Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2027 | 210 | 210217 |
|  North East Independent School District, Series 2015, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<sup>(a)(b)</sup> | 5.00% | 10/01/2025 | 15 | 15029 |
|  North East Independent School District, Series 2015, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<sup>(a)(b)</sup> | 5.00% | 10/01/2025 | 310 | 310590 |
|  North Texas Municipal Water District, Series 2015, Ref. RB<sup>(a)(b)</sup> | 5.00% | 09/01/2025 | 200 | 200000 |
|  North Texas Municipal Water District, Series 2015, Ref. RB<sup>(a)(b)</sup> | 5.00% | 09/01/2025 | 10 | 10000 |
|  North Texas Municipal Water District, Series 2015, Ref. RB<sup>(a)(b)</sup> | 5.00% | 09/01/2025 | 145 | 145000 |
|  North Texas Municipal Water District, Series 2015, Ref. RB<sup>(a)(b)</sup> | 5.00% | 09/01/2025 | 135 | 135000 |
|  San Jacinto River Authority (Groundwater Reduction Plan Division), Series 2011, RB, (INS - AGI)<sup>(f)</sup> | 5.00% | 10/01/2032 | 215 | 215266 |
|  Tarrant (County of), TX Regional Water District, Series 2015, Ref. RB | 5.00% | 03/01/2029 | 150 | 150248 |
|  Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2024, Ref. VRD RB<sup>(c)</sup> | 3.45% | 11/15/2050 | 1000 | 1000000 |
|  Tennessee (State of), Series 2010, VRD GO Bonds<sup>(c)</sup> | 2.75% | 12/01/2040 | 800 | 800000 |
|  Texas (State of), Series 2014 D, VRD GO Bonds<sup>(c)</sup> | 2.77% | 06/01/2045 | 2000 | 2000000 |
|  Texas (State of), Series 2015 A, Ref. GO Bonds | 5.00% | 10/01/2027 | 175 | 175306 |
|  Texas (State of), Series 2015 A, Ref. GO Bonds | 5.00% | 10/01/2028 | 130 | 130225 |
|  Texas (State of), Series 2015 A, Ref. GO Bonds | 5.00% | 10/01/2035 | 205 | 205193 |
|  Texas (State of), Series 2015, Ref. GO Bonds | 5.00% | 10/01/2029 | 75 | 75125 |
|  Texas (State of), Series 2015, Ref. GO Bonds | 5.00% | 10/01/2034 | 50 | 50053 |
|  Texas (State of), Series 2016, Ref. GO Bonds | 5.00% | 10/01/2025 | 90 | 90182 |
|  Texas (State of), Series 2018 A, Ref. GO Bonds | 5.00% | 10/01/2025 | 105 | 105212 |
|  Texas (State of), Series 2020, VRD GO Bonds<sup>(c)</sup> | 2.77% | 12/01/2050 | 1200 | 1200000 |
|  Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 10/01/2025 | 405 | 405771 |
|  Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds | 5.00% | 08/01/2040 | 500 | 500171 |
|  Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds | 5.00% | 08/01/2041 | 575 | 575139 |
|  Texas (State of) Transportation Commission State Highway Fund, Series 2015, Ref. RB | 5.00% | 10/01/2025 | 40 | 40083 |
|  Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB | 5.00% | 10/01/2025 | 1000 | 1002076 |
|  Texas (State of) Water Development Board, Series 2015 A, RB | 5.00% | 10/15/2030 | 305 | 305754 |
|  Texas (State of) Water Development Board, Series 2015 A, RB | 4.00% | 10/15/2033 | 500 | 500282 |
|  Texas (State of) Water Development Board, Series 2015 A, RB | 5.00% | 10/15/2040 | 115 | 115133 |
|  Texas (State of) Water Development Board, Series 2015 A, RB | 5.00% | 10/15/2045 | 100 | 100032 |
|  |  |  |  | 17392647 |

---

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

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|:---|
| 133 |
| 133 |
| 133 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Vermont-0.03% |  |  |  |  |
|  University of Vermont and State Agricultural College, Series 2015, Ref. RB | 5.00% | 10/01/2040 | $55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55034 |
|  University of Vermont and State Agricultural College, Series 2015, Ref. RB | 5.00% | 10/01/2045 | 20 | 20009 |
|  |  |  |  | 75043 |
|  Virginia-0.85% |  |  |  |  |
|  Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds | 4.00% | 10/01/2025 | 75 | 75094 |
|  Fairfax (County of), VA Economic Development Authority (Smithsonian Institution), Series 2003 A, VRD RB<sup>(c)</sup> | 2.72% | 12/01/2033 | 500 | 500000 |
|  Hampton Roads Sanitation District, Series 2024 A, Ref. RB | 5.00% | 11/01/2025 | 25 | 25108 |
|  Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program) | 3.00% | 09/01/2025 | 40 | 40000 |
|  Virginia (Commonwealth of) College Building Authority (Public Higher Education Financing), Series 2015 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program) | 5.00% | 09/01/2025 | 120 | 120000 |
|  Virginia (Commonwealth of) College Building Authority (Public Higher Education Financing), Series 2015 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program) | 5.00% | 09/01/2028 | 30 | 30054 |
|  Virginia (Commonwealth of) Public Building Authority, Series 2015 A, RB | 4.00% | 08/01/2033 | 1000 | 1000414 |
|  Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB | 5.00% | 09/15/2025 | 80 | 80074 |
|  |  |  |  | 1870744 |
|  Washington-1.82% |  |  |  |  |
|  Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB<sup>(a)(b)</sup> | 4.00% | 11/01/2025 | 1000 | 1002785 |
|  Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB<sup>(a)(b)</sup> | 4.00% | 11/01/2025 | 125 | 125348 |
|  Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB<sup>(a)(b)</sup> | 4.00% | 11/01/2025 | 20 | 20056 |
|  Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2025 | 125 | 125551 |
|  Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2025 | 135 | 135595 |
|  Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2025 | 75 | 75330 |
|  Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2025 | 160 | 160705 |
|  Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2025 | 80 | 80352 |
|  Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2025 | 1015 | 1019472 |
|  Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2025 | 5 | 5022 |
|  Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2025 | 145 | 145639 |
|  King County School District No. 403 Renton, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2028 | 25 | 25128 |
|  King County School District No. 411 Issaquah, Series 2015, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2025 | 50 | 50056 |
|  King County School District No. 411 Issaquah, Series 2015, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 3.50% | 12/01/2028 | 40 | 40013 |
|  Pierce County School District No. 10 Tacoma, Series 2015, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<sup>(a)(b)</sup> | 5.00% | 12/01/2025 | 435 | 437748 |
|  Pierce County School District No. 10 Tacoma, Series 2015, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<sup>(a)(b)</sup> | 5.00% | 12/01/2025 | 210 | 211326 |
|  Pierce County School District No. 10 Tacoma, Series 2015, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2028 | 35 | 35179 |
|  Pierce County School District No. 10 Tacoma (Social Bonds), Series 2020 B, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2025 | 60 | 60359 |
|  Snohomish (County of), WA Public Utility District No. 1, Series 2015, RB<sup>(a)(b)</sup> | 5.00% | 12/01/2025 | 20 | 20126 |
|  Snohomish (County of), WA Public Utility District No. 1, Series 2015, RB<sup>(a)(b)</sup> | 5.00% | 12/01/2025 | 15 | 15095 |
|  Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2025 | 25 | 25155 |
|  Snohomish County School District No. 201 Snohomish, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2027 | 10 | 10052 |
|  Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association), Series 2015, Ref. RB | 4.00% | 07/01/2036 | 110 | 106198 |
|  Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association), Series 2015, Ref. RB | 5.00% | 07/01/2039 | 75 | 75002 |
|  |  |  |  | 4007292 |
|  West Virginia-0.03% |  |  |  |  |
|  West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB | 5.00% | 09/01/2025 | 60 | 60000 |

---

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

---

| |
|:---|
| 134 |
| 134 |
| 134 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Wisconsin-1.30% |  |  |  |  |
|  University of Wisconsin Hospitals & Clinics, Series 2018 B, Ref. VRD RB<sup>(c)</sup> | 3.90% | 04/01/2048 | $1000 | $1000000 |
|  Waushara (County of), WI, Series 2022 A, RB | 4.50% | 06/01/2027 | 500 | 500558 |
|  Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2019, Ref. RB | 5.00% | 11/15/2025 | 100 | 100506 |
|  Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance), Series 2012, RB | 5.00% | 06/01/2039 | 140 | 140139 |
|  Wisconsin (State of) Housing & Economic Development Authority, Series 2017 C, VRD RB<sup>(c)</sup> | 2.80% | 05/01/2046 | 1000 | 1000000 |
|  Wisconsin (State of) Public Finance Authority, Series 2023 D, VRD Ref. RB, (LOC - Truist Bank)<sup>(c)(d)</sup> | 2.90% | 10/01/2044 | 130 | 130000 |
|  |  |  |  | 2871203 |
|  TOTAL INVESTMENTS IN SECURITIES<sup>(g)</sup>-82.68%<br>(Cost $182,668,934) |  |  |  | 182415745 |
|  OTHER ASSETS LESS LIABILITIES-17.32% |  |  |  | 38201368 |
|  NET ASSETS-100.00% |  |  |  | $220617113 |

---

---

| | |
|:---|:---|
|  Investment Abbreviations: | Investment Abbreviations: |
| AGI | -Assured Guaranty, Inc. |
| BAM | -Build America Mutual Assurance Co. |
| CEP | -Credit Enhancement Provider |
| COP | -Certificates of Participation |
| GNMA | -Government National Mortgage Association |
| GO | -General Obligation |
| INS | -Insurer |
| LOC | -Letter of Credit |
| NATL | -National Public Finance Guarantee Corp. |
| RAC | -Revenue Anticipation Certificates |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| RN | -Revenue Notes |
| VRD | -Variable Rate Demand |

---

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> Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2025.

<sup>(d)</sup> Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

<sup>(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 resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at August 31, 2025 represented less than 1% of the Fund's Net Assets. 

<sup>(f)</sup> Principal and/or interest payments are secured by the bond insurance company listed.

<sup>(g)</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.

---

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| 135 |
| 135 |
| 135 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)

August 31, 2025

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Municipal Obligations-90.95% |  |  |  |  |
|  Alabama-0.39% |  |  |  |  |
|  Alabama (State of) Federal Aid Highway Finance Authority, Series 2025 B, Ref. RB | 5.00% | 09/01/2026 | $5 | $5129 |
|  Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 B, Ref. RB<sup>(a)</sup> | 5.00% | 09/01/2026 | 20 | 20500 |
|  Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 5.00% | 11/01/2026 | 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370707 |
|  Alhambra Unified School District, Series 2016 B, RB | 4.00% | 10/01/2043 | 10 | 8830 |
|  Auburn University, Series 2016 A, Ref. RB | 5.00% | 06/01/2038 | 85 | 86300 |
|  Homewood (City of), AL, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 5.25% | 09/01/2026 | 30 | 30853 |
|  Jefferson (County of), AL, Series 2024, Ref. RB | 5.00% | 10/01/2026 | 5 | 5127 |
|  Mobile (City of), AL Infirmary Health System Special Care Facilities Financing Authority (Infirmary Health System, Inc.), Series 2016 A, RB | 5.00% | 02/01/2036 | 25 | 25098 |
|  Mobile (City of), AL Infirmary Health System Special Care Facilities Financing Authority (Infirmary Health System, Inc.), Series 2016, RB | 5.00% | 02/01/2041 | 140 | 140117 |
|  Tuscaloosa (City of), AL Board of Education, Series 2016, Revenue Wts.<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 50 | 51164 |
|  Tuscaloosa (City of), AL Board of Education, Series 2016, Revenue Wts.<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 80 | 81862 |
|  UAB Medicine Finance Authority, Series 2016 B, Ref. RB | 5.00% | 09/01/2034 | 85 | 86132 |
|  UAB Medicine Finance Authority, Series 2016 B, Ref. RB | 5.00% | 09/01/2035 | 85 | 86011 |
|  UAB Medicine Finance Authority, Series 2016 B, Ref. RB | 3.63% | 09/01/2041 | 20 | 18180 |
|  UAB Medicine Finance Authority, Series 2016 B, Ref. RB | 5.00% | 09/01/2041 | 125 | 125259 |
|  |  |  |  | 1141269 |
|  Alaska-0.10% |  |  |  |  |
|  North Slope (Borough of), AK, Series 2021 C, GO Bonds | 4.00% | 06/30/2026 | 295 | 299113 |
|  Arizona-1.04% |  |  |  |  |
|  Arizona (State of), Series 2019 A, Ref. COP<sup>(a)</sup> | 5.00% | 10/01/2026 | 220 | 226311 |
|  Arizona (State of) Department of Transportation, Series 2016, Ref. RB | 5.00% | 07/01/2029 | 15 | 15278 |
|  Arizona (State of) Department of Transportation, Series 2016, Ref. RB | 5.00% | 07/01/2032 | 35 | 35583 |
|  Arizona (State of) Department of Transportation, Series 2016, Ref. RB | 5.00% | 07/01/2033 | 500 | 507754 |
|  Arizona (State of) Department of Transportation, Series 2016, Ref. RB | 5.00% | 07/01/2034 | 20 | 20289 |
|  Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)<sup>(c)</sup> | 5.00% | 07/01/2026 | 100 | 102125 |
|  Arizona (State of) Transportation Board (Garvee), Series 2016, Ref. RB | 5.00% | 07/01/2026 | 130 | 132903 |
|  Glendale (City of), AZ Industrial Development Authority (Sun Health Services), Series 2019 A, Ref. RB | 5.00% | 11/15/2042 | 20 | 19839 |
|  Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB | 5.00% | 01/01/2026 | 30 | 30230 |
|  Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds | 5.00% | 07/01/2026 | 30 | 30640 |
|  Mesa (City of), AZ, Series 2016, Ref. RB | 4.00% | 07/01/2031 | 120 | 120724 |
|  Mesa (City of), AZ, Series 2016, Ref. RB | 4.00% | 07/01/2032 | 575 | 577672 |
|  Mesa (City of), AZ, Series 2017, Ref. RB | 4.00% | 07/01/2026 | 5 | 5067 |
|  Phoenix (City of), AZ, Series 2016, Ref. GO Bonds | 5.00% | 07/01/2026 | 80 | 81753 |
|  Phoenix Civic Improvement Corp., Series 2016, Ref. RB | 5.00% | 07/01/2032 | 15 | 15250 |
|  Phoenix Civic Improvement Corp., Series 2016, Ref. RB | 5.00% | 07/01/2033 | 30 | 30463 |
|  Phoenix Civic Improvement Corp., Series 2016, Ref. RB | 5.00% | 07/01/2035 | 95 | 96246 |
|  Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2026 | 75 | 76606 |
|  Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2026 | 30 | 30665 |
|  Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2028 | 10 | 10216 |
|  Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2029 | 50 | 51028 |
|  Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2030 | 70 | 71352 |
|  Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2032 | 20 | 20333 |
|  Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2033 | 110 | 111697 |
|  Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2034 | 25 | 25359 |
|  Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2037 | 100 | 101066 |
|  Phoenix Civic Improvement Corp., Series 2021 B, Ref. RB | 5.00% | 07/01/2026 | 85 | 86884 |
|  Pima (County of), AZ, Series 2016, Ref. RB<sup>(a)</sup> | 5.00% | 07/01/2026 | 5 | 5105 |
|  Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2026 | 70 | 70630 |

---

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

---

| |
|:---|
| 136 |
| 136 |
| 136 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Arizona-(continued) |  |  |  |  |
|  Salt River Project Agricultural Improvement & Power District, Series 2021 A, Ref. RB | 5.00% | 01/01/2026 | $110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110991 |
|  University of Arizona Board of Regents (Green Bonds), Series 2016 B, RB | 5.00% | 07/01/2042 | 200 | 200974 |
|  |  |  |  | 3021033 |
|  California-15.29% |  |  |  |  |
|  Alameda (County of), CA Joint Powers Authority (Highland Hospital Project), Series 2023, Ref. RB | 5.00% | 12/01/2026 | 20 | 20710 |
|  Alameda (County of), CA Joint Powers Authority (Juvenile Justice), Series 2016, Ref. RB | 4.00% | 12/01/2034 | 25 | 25088 |
|  Bay Area Toll Authority, Series 2023 F-1, RB | 5.00% | 04/01/2026 | 5 | 5084 |
|  Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB | 5.00% | 04/01/2026 | 70 | 71160 |
|  California (State of), Series 2016, GO Bonds | 5.00% | 09/01/2026 | 5 | 5144 |
|  California (State of), Series 2016, GO Bonds | 5.00% | 09/01/2026 | 110 | 113166 |
|  California (State of), Series 2016, GO Bonds | 5.00% | 09/01/2028 | 80 | 82158 |
|  California (State of), Series 2016, GO Bonds | 5.00% | 09/01/2029 | 25 | 25662 |
|  California (State of), Series 2016, GO Bonds | 4.00% | 09/01/2031 | 80 | 80756 |
|  California (State of), Series 2016, GO Bonds | 4.00% | 09/01/2032 | 5 | 5039 |
|  California (State of), Series 2016, GO Bonds | 4.00% | 09/01/2032 | 180 | 181393 |
|  California (State of), Series 2016, GO Bonds | 5.00% | 09/01/2045 | 180 | 181586 |
|  California (State of), Series 2016, Ref. GO Bonds | 3.25% | 09/01/2028 | 60 | 60405 |
|  California (State of), Series 2016, Ref. GO Bonds | 4.00% | 09/01/2028 | 50 | 50675 |
|  California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2028 | 200 | 205396 |
|  California (State of), Series 2016, Ref. GO Bonds | 5.00% | 08/01/2029 | 35 | 35850 |
|  California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2029 | 700 | 718535 |
|  California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2029 | 35 | 35927 |
|  California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2030 | 200 | 205256 |
|  California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2030 | 20 | 20526 |
|  California (State of), Series 2016, Ref. GO Bonds | 4.00% | 09/01/2031 | 440 | 444155 |
|  California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2031 | 225 | 230419 |
|  California (State of), Series 2016, Ref. GO Bonds | 4.00% | 09/01/2032 | 100 | 100774 |
|  California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2032 | 430 | 439585 |
|  California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2032 | 180 | 184013 |
|  California (State of), Series 2016, Ref. GO Bonds | 4.00% | 09/01/2033 | 55 | 55330 |
|  California (State of), Series 2016, Ref. GO Bonds | 4.00% | 09/01/2033 | 65 | 65390 |
|  California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2033 | 105 | 107163 |
|  California (State of), Series 2016, Ref. GO Bonds | 4.00% | 09/01/2034 | 775 | 777948 |
|  California (State of), Series 2016, Ref. GO Bonds | 4.00% | 09/01/2034 | 20 | 20076 |
|  California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2034 | 60 | 61135 |
|  California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2034 | 45 | 45851 |
|  California (State of), Series 2016, Ref. GO Bonds | 4.00% | 09/01/2035 | 45 | 45090 |
|  California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2035 | 25 | 25431 |
|  California (State of), Series 2016, Ref. GO Bonds | 4.00% | 09/01/2036 | 80 | 80051 |
|  California (State of), Series 2016, Ref. GO Bonds | 4.00% | 09/01/2036 | 65 | 65041 |
|  California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2036 | 10 | 10156 |
|  California (State of), Series 2016, Ref. GO Bonds | 4.00% | 09/01/2037 | 35 | 34866 |
|  California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2037 | 60 | 60852 |
|  California (State of), Series 2017, GO Bonds | 5.00% | 11/01/2026 | 5 | 5168 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2026 | 350 | 359206 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2026 | 175 | 179603 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2026 | 315 | 325585 |
|  California (State of), Series 2017, Ref. GO Bonds | 3.00% | 08/01/2028 | 15 | 15059 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2029 | 90 | 92185 |
|  California (State of), Series 2017, Ref. GO Bonds | 4.00% | 08/01/2030 | 5 | 5054 |
|  California (State of), Series 2017, Ref. GO Bonds | 4.00% | 08/01/2031 | 25 | 25219 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2031 | 5 | 5111 |
|  California (State of), Series 2017, Ref. GO Bonds | 4.00% | 08/01/2032 | 25 | 25180 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2032 | 85 | 86745 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2033 | 155 | 157943 |
|  California (State of), Series 2017, Ref. GO Bonds | 4.00% | 08/01/2034 | 100 | 100357 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2034 | 500 | 508720 |

---

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

---

| |
|:---|
| 137 |
| 137 |
| 137 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  California (State of), Series 2017, Ref. GO Bonds | 4.00% | 08/01/2036 | $50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50033 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2036 | 100 | 101436 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2037 | 5 | 5065 |
|  California (State of), Series 2017, Ref. GO Bonds | 4.00% | 08/01/2038 | 50 | 49432 |
|  California (State of), Series 2018, GO Bonds | 5.00% | 10/01/2026 | 770 | 794015 |
|  California (State of), Series 2018, GO Bonds | 5.00% | 10/01/2026 | 2015 | 2049157 |
|  California (State of), Series 2018, GO Bonds | 5.25% | 10/01/2039 | 25 | 25197 |
|  California (State of), Series 2018, GO Bonds | 5.00% | 10/01/2047 | 600 | 601545 |
|  California (State of), Series 2018, Ref. GO Bonds | 5.00% | 10/01/2029 | 315 | 319855 |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2026 | 500 | 508289 |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 10/01/2026 | 80 | 82495 |
|  California (State of), Series 2020, GO Bonds | 3.00% | 03/01/2026 | 100 | 100359 |
|  California (State of), Series 2020, GO Bonds | 5.00% | 11/01/2026 | 15 | 15504 |
|  California (State of), Series 2020, Ref. GO Bonds | 4.00% | 11/01/2026 | 30 | 30665 |
|  California (State of), Series 2021, GO Bonds | 5.00% | 12/01/2031 | 15 | 15267 |
|  California (State of), Series 2021, GO Bonds | 5.00% | 12/01/2032 | 20 | 20329 |
|  California (State of), Series 2021, GO Bonds | 5.00% | 12/01/2034 | 10 | 10138 |
|  California (State of), Series 2021, Ref. GO Bonds | 4.00% | 10/01/2026 | 5 | 5103 |
|  California (State of), Series 2021, Ref. GO Bonds | 5.00% | 12/01/2026 | 435 | 450671 |
|  California (State of), Series 2022 A, Ref. GO Bonds | 5.00% | 11/01/2026 | 85 | 87856 |
|  California (State of), Series 2022, GO Bonds | 5.00% | 04/01/2026 | 20 | 20332 |
|  California (State of), Series 2023, GO Bonds | 5.00% | 09/01/2026 | 5 | 5144 |
|  California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2026 | 235 | 241764 |
|  California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2026 | 190 | 194998 |
|  California (State of), Subseries 2018, Ref. GO Bonds | 5.00% | 09/01/2031 | 85 | 87047 |
|  California (State of), Subseries 2018, Ref. GO Bonds | 4.00% | 09/01/2032 | 50 | 50387 |
|  California (State of), Subseries 2018, Ref. GO Bonds | 4.00% | 09/01/2033 | 50 | 50300 |
|  California (State of) (Bid Group C), Series 2016, Ref. GO Bonds | 5.00% | 08/01/2028 | 130 | 133216 |
|  California (State of) (Bid Group C), Series 2016, Ref. GO Bonds | 5.00% | 08/01/2030 | 55 | 56330 |
|  California (State of) (Bid Group C), Series 2016, Ref. GO Bonds | 5.00% | 08/01/2033 | 280 | 285316 |
|  California (State of) (Bid Group C), Series 2018, Ref. GO Bonds | 5.00% | 08/01/2026 | 50 | 51315 |
|  California (State of) Department of Water Resources, Series 2016 AW, Ref. RB<sup>(a)(b)</sup> | 5.00% | 12/01/2026 | 20 | 20721 |
|  California (State of) Department of Water Resources, Series 2016 AW, Ref. RB | 5.00% | 12/01/2026 | 50 | 51889 |
|  California (State of) Department of Water Resources, Series 2016 AW, Ref. RB | 5.00% | 12/01/2030 | 70 | 72165 |
|  California (State of) Department of Water Resources, Series 2016 AW, Ref. RB | 5.00% | 12/01/2031 | 75 | 77136 |
|  California (State of) Department of Water Resources, Series 2017 AX, Ref. RB | 5.00% | 12/01/2026 | 55 | 57078 |
|  California (State of) Department of Water Resources, Series 2019 BA, RB | 5.00% | 12/01/2026 | 55 | 57078 |
|  California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB<sup>(a)(b)</sup> | 5.00% | 12/01/2026 | 5 | 5180 |
|  California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB | 5.00% | 12/01/2028 | 90 | 93183 |
|  California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB | 5.00% | 12/01/2029 | 35 | 36165 |
|  California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB | 4.00% | 12/01/2034 | 75 | 75321 |
|  California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB | 4.00% | 12/01/2035 | 130 | 130370 |
|  California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB | 5.00% | 12/01/2026 | 100 | 103779 |
|  California (State of) Department of Water Resources (Central Valley), Series 2021, RB | 5.00% | 12/01/2026 | 95 | 98590 |
|  California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB<sup>(a)(b)</sup>  | 5.00% | 04/01/2026 | 20 | 20313 |
|  California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2016 A, Ref. RB | 4.00% | 03/01/2039 | 555 | 493355 |
|  California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB | 5.00% | 11/15/2026 | 45 | 45211 |
|  California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 A, RB | 5.00% | 08/15/2031 | 55 | 56023 |
|  California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 A, RB | 5.00% | 08/15/2032 | 5 | 5088 |
|  California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 A, RB | 5.00% | 08/15/2033 | 95 | 96557 |
|  California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB | 5.00% | 08/15/2031 | 10 | 10186 |

---

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

---

| |
|:---|
| 138 |
| 138 |
| 138 |

---

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB | 5.00% | 08/15/2032 | $130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132277 |
|  California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB | 5.00% | 08/15/2033 | 60 | 60984 |
|  California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB | 4.00% | 08/15/2035 | 190 | 190287 |
|  California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB | 5.00% | 08/15/2035 | 285 | 288844 |
|  California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB | 4.00% | 08/15/2036 | 515 | 515006 |
|  California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB | 4.00% | 08/15/2039 | 715 | 698457 |
|  California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children's Hospital at Stanford), Series 2016 B, RB | 5.00% | 08/15/2055 | 150 | 150011 |
|  California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB | 4.00% | 10/01/2036 | 100 | 97909 |
|  California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB | 5.00% | 11/15/2026 | 25 | 25868 |
|  California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/15/2026 | 40 | 41369 |
|  California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB | 5.00% | 11/15/2046 | 60 | 60056 |
|  California (State of) Infrastructure & Economic Development Bank, Series 2016 A, RB<sup>(a)(b)</sup> | 4.00% | 10/01/2026 | 80 | 81645 |
|  California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB<sup>(a)</sup> | 5.00% | 07/01/2026 | 250 | 256063 |
|  California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003, RB<sup>(a)(b)</sup> | 5.13% | 07/01/2026 | 95 | 97401 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB | 5.00% | 10/01/2026 | 5 | 5086 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB | 5.00% | 10/01/2027 | 115 | 116879 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB | 5.00% | 10/01/2028 | 160 | 162549 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB | 5.00% | 10/01/2029 | 85 | 86285 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB | 5.00% | 10/01/2030 | 95 | 96348 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB | 5.00% | 10/01/2031 | 60 | 60783 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB | 5.00% | 10/01/2026 | 55 | 56757 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2018, RB | 5.00% | 10/01/2026 | 5 | 5160 |
|  California (State of) Public Works Board, Series 2015 F, Ref. RB | 5.00% | 05/01/2026 | 35 | 35070 |
|  California (State of) Public Works Board, Series 2022 A, Ref. RB | 5.00% | 08/01/2026 | 1265 | 1295485 |
|  California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB | 5.00% | 11/01/2026 | 25 | 25770 |
|  California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB | 5.00% | 11/01/2029 | 70 | 72098 |
|  California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB | 4.00% | 11/01/2032 | 220 | 221787 |
|  California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB | 5.00% | 11/01/2033 | 55 | 56272 |
|  California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB | 5.00% | 11/01/2034 | 70 | 71473 |
|  California (State of) Public Works Board (Various Capital), Series 2016 D, Ref. RB | 4.00% | 04/01/2031 | 60 | 60609 |
|  California (State of) Public Works Board (Various Capital), Series 2016 D, Ref. RB | 4.00% | 04/01/2032 | 95 | 95723 |
|  California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB<sup>(a)</sup> | 5.00% | 10/01/2026 | 5 | 5150 |
|  California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB | 5.00% | 10/01/2026 | 25 | 25715 |
|  California (State of) Public Works Board (Various Capital), Series 2019 C, RB | 5.00% | 11/01/2026 | 5 | 5154 |
|  California (State of) Public Works Board (Various Capital), Series 2023 C, Ref. RB | 5.00% | 09/01/2026 | 5 | 5132 |
|  California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB | 5.00% | 12/01/2026 | 500 | 516507 |
|  California (State of) Statewide Communities Development Authority (Adventist Health System), Series 2015 A, Ref. RB | 4.38% | 03/01/2044 | 405 | 370225 |

---

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

---

| |
|:---|
| 139 |
| 139 |
| 139 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  California (State of) Statewide Communities Development Authority (Enloe Medical Center), Series 2015, Ref. RB<sup>(a)(b)</sup> | 4.00% | 02/15/2026 | $20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20157 |
|  California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB | 5.00% | 08/15/2051 | 30 | 29973 |
|  California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2026 | 145 | 147617 |
|  California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2027 | 100 | 101801 |
|  California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2028 | 65 | 66123 |
|  California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2029 | 105 | 106730 |
|  California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2030 | 30 | 30468 |
|  California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2031 | 35 | 35518 |
|  California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2032 | 125 | 126760 |
|  California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2033 | 5 | 5067 |
|  California State University, Series 2016 A, Ref. RB | 4.00% | 11/01/2034 | 65 | 65152 |
|  California State University, Series 2016 A, Ref. RB | 4.00% | 11/01/2035 | 20 | 20027 |
|  California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2036 | 55 | 55586 |
|  California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2041 | 600 | 604026 |
|  California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2045 | 450 | 452021 |
|  California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2026 | 30 | 30976 |
|  Campbell Union High School District (Election of 2016), Series 2018 B, GO Bonds<sup>(a)(b)</sup> | 4.00% | 08/01/2026 | 20 | 20355 |
|  Campbell Union High School District (Election of 2016), Series 2018 B, GO Bonds<sup>(a)(b)</sup> | 4.00% | 08/01/2026 | 35 | 35621 |
|  Campbell Union High School District (Election of 2016), Series 2018 B, GO Bonds<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 55 | 56472 |
|  Campbell Union High School District (Election of 2016), Series 2018 B, GO Bonds<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 20 | 20535 |
|  Campbell Union High School District (Election of 2016), Series 2018 B, GO Bonds<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 55 | 56472 |
|  Campbell Union High School District (Election of 2016), Series 2018 B, GO Bonds<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 65 | 66740 |
|  Chabot-Las Positas Community College District, Series 2016, Ref. GO Bonds | 4.00% | 08/01/2033 | 25 | 25119 |
|  Chabot-Las Positas Community College District, Series 2016, Ref. GO Bonds | 4.00% | 08/01/2034 | 245 | 245874 |
|  Chabot-Las Positas Community College District, Series 2016, Ref. GO Bonds | 4.00% | 08/01/2035 | 125 | 125275 |
|  Chabot-Las Positas Community College District, Series 2016, Ref. GO Bonds | 4.00% | 08/01/2037 | 75 | 74940 |
|  Coachella Valley Unified School District (Election of 2005), Series 2016 F, GO Bonds, (INS - BAM)<sup>(c)</sup> | 5.00% | 08/01/2046 | 175 | 175644 |
|  Contra Costa (County of), CA Transportation Authority, Series 2018 B, Ref. RB | 5.00% | 03/01/2026 | 30 | 30443 |
|  Corona-Norco Unified School District, Series 2016 B, Ref. GO Bonds | 4.00% | 08/01/2035 | 50 | 50110 |
|  Desert Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 02/01/2026 | 20 | 20232 |
|  Desert Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 02/01/2026 | 75 | 75870 |
|  Desert Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 02/01/2026 | 30 | 30348 |
|  East Side Union High School District, Series 2003 B, Ref. GO Bonds, (INS - NATL)<sup>(c)</sup> | 5.25% | 02/01/2026 | 20 | 20249 |
|  Eastern Municipal Water District, Series 2016 A, Ref. RB | 5.00% | 07/01/2042 | 625 | 629107 |
|  Eastern Municipal Water District Financing Authority, Series 2016 B, Ref. RB | 5.00% | 07/01/2033 | 25 | 25467 |
|  Eastern Municipal Water District Financing Authority, Series 2016 B, Ref. RB | 4.00% | 07/01/2034 | 50 | 50148 |
|  Eastern Municipal Water District Financing Authority, Series 2016 B, Ref. RB | 4.00% | 07/01/2035 | 55 | 55117 |
|  El Dorado Irrigation District, Series 2016 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 03/01/2026 | 5 | 5072 |
|  Folsom Cordova Unified School District School Facilities Improvement Dist No. 5 (Election of 2014), Series 2016 B, GO Bonds | 4.25% | 10/01/2041 | 40 | 39069 |
|  Hayward Unified School District, Series 2017, GO Bonds, (INS - AGI)<sup>(c)</sup> | 3.50% | 08/01/2037 | 45 | 43135 |
|  Hayward Unified School District, Series 2017, GO Bonds, (INS - AGI)<sup>(c)</sup> | 4.00% | 08/01/2039 | 50 | 48508 |
|  Imperial Irrigation District, Series 2016 B-1, RB | 5.00% | 11/01/2034 | 10 | 10220 |
|  Imperial Irrigation District, Series 2016 B-1, RB | 5.00% | 11/01/2046 | 80 | 80705 |
|  Imperial Irrigation District, Series 2016 C, Ref. RB | 5.00% | 11/01/2032 | 45 | 45661 |
|  Imperial Irrigation District, Series 2016 C, Ref. RB | 5.00% | 11/01/2036 | 250 | 252563 |
|  Imperial Irrigation District, Series 2016 C, Ref. RB | 5.00% | 11/01/2038 | 25 | 25199 |
|  Irvine Facilities Financing Authority (Gateway Preserve Land Acquisition), Series 2023, RB | 5.25% | 05/01/2043 | 225 | 226183 |
|  Irvine Ranch Water District, Series 2016, RB | 5.25% | 02/01/2046 | 30 | 30197 |
|  Long Beach (City of), CA, Series 2025 A, Ref. RB | 5.00% | 05/15/2026 | 40 | 40741 |
|  Los Angeles (City of), CA, Series 2022 C, Ref. RB | 5.00% | 06/01/2026 | 5 | 5111 |
|  Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB | 5.00% | 05/15/2026 | 120 | 122257 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2016 B, RB | 5.00% | 07/01/2027 | 15 | 15106 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB | 5.00% | 07/01/2026 | 25 | 25173 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB | 5.00% | 07/01/2027 | 10 | 10071 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB | 5.00% | 07/01/2030 | 40 | 40260 |

---

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

---

| |
|:---|
| 140 |
| 140 |
| 140 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB | 5.00% | 07/01/2031 | $25 | $25145 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB | 5.00% | 07/01/2035 | 1000 | 1003129 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB | 5.00% | 07/01/2026 | 215 | 219210 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2021 A, RB | 5.00% | 07/01/2026 | 250 | 253903 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2026 | 570 | 581162 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2015 C, Ref. GO Bonds | 5.00% | 06/01/2026 | 20 | 20452 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.00% | 06/01/2030 | 200 | 203882 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.00% | 06/01/2031 | 90 | 91612 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.00% | 06/01/2032 | 60 | 61000 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.00% | 06/01/2033 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1015486 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.00% | 06/01/2034 | 35 | 35503 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.00% | 06/01/2035 | 10 | 10139 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.00% | 06/01/2037 | 15 | 15203 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB | 5.00% | 06/01/2026 | 25 | 25565 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2026 | 50 | 51259 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB | 5.00% | 07/01/2026 | 50 | 51259 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB | 5.00% | 06/01/2026 | 535 | 547082 |
|  Los Angeles (Port of), LA, Series 2019 B, Ref. RB | 5.00% | 08/01/2026 | 10 | 10256 |
|  Los Angeles Community College District, Series 2016, Ref. GO Bonds | 4.00% | 08/01/2037 | 60 | 60031 |
|  Los Angeles Community College District, Series 2016, Ref. GO Bonds | 4.00% | 08/01/2038 | 60 | 59730 |
|  Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds | 4.00% | 08/01/2036 | 50 | 50082 |
|  Los Angeles Community College District (Election of 2022), Series 2023 A-1, GO Bonds | 5.00% | 08/01/2026 | 5 | 5139 |
|  Los Angeles Community College District (Election of 2022), Series 2024 C, GO Bonds | 5.00% | 08/01/2026 | 40 | 41111 |
|  Los Angeles Unified School District, Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2026 | 260 | 260403 |
|  Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2026 | 120 | 122981 |
|  Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2030 | 180 | 183570 |
|  Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds | 5.00% | 07/01/2026 | 375 | 384314 |
|  Los Angeles Unified School District, Series 2020 C, GO Bonds | 5.00% | 07/01/2026 | 380 | 389438 |
|  Metropolitan Water District of Southern California, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 15 | 15142 |
|  Metropolitan Water District of Southern California, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 35 | 35330 |
|  Metropolitan Water District of Southern California, Series 2020 A, Ref. RB | 5.00% | 07/01/2026 | 70 | 71745 |
|  Metropolitan Water District of Southern California, Series 2021 B, Ref. RB | 5.00% | 10/01/2026 | 155 | 160054 |
|  Montebello Unified School District (Election of 2016), Series 2016 A, GO Bonds | 5.00% | 08/01/2041 | 100 | 100866 |
|  Mountain View Whisman School District (Election of 2012), Series 2016 B, GO Bonds<sup>(a)(b)</sup> | 4.00% | 09/01/2026 | 105 | 106991 |
|  Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB | 5.00% | 11/01/2026 | 65 | 67123 |
|  Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB | 5.00% | 11/01/2028 | 95 | 97870 |
|  Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB | 5.00% | 11/01/2029 | 420 | 432197 |
|  Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB | 5.00% | 11/01/2030 | 245 | 251744 |
|  Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB | 5.00% | 11/01/2031 | 100 | 102555 |
|  Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB | 5.00% | 11/01/2032 | 60 | 61429 |
|  Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB | 4.00% | 11/01/2035 | 165 | 163930 |
|  Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB | 4.00% | 11/01/2036 | 65 | 64256 |
|  Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB | 4.00% | 11/01/2037 | 250 | 244327 |
|  Napa Valley Unified School District (Election of 2016), Series 2019 C, GO Bonds, (INS - AGI)<sup>(c)</sup> | 4.00% | 08/01/2044 | 125 | 114619 |
|  Oakland Unified School District, Series 2016, Ref. GO Bonds | 5.00% | 08/01/2028 | 5 | 5112 |
|  Oakland Unified School District, Series 2016, Ref. GO Bonds | 5.00% | 08/01/2029 | 45 | 45990 |
|  Palomar Health, Series 2016 B, Ref. GO Bonds | 4.00% | 08/01/2035 | 20 | 16685 |
|  Palomar Health, Series 2016, Ref. RB | 5.00% | 11/01/2039 | 110 | 93372 |
|  Pasadena Unified School District (Election of 2008), Series 2016, GO Bonds | 4.00% | 08/01/2035 | 20 | 20044 |
|  Pittsburg Successor Agency Redevelopment Agency, Series 2016 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 09/01/2028 | 210 | 215368 |
|  Pittsburg Successor Agency Redevelopment Agency, Series 2016 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 09/01/2029 | 30 | 30748 |
|  Pittsburg Unified School District, Series 2016, Ref. GO Bonds | 4.00% | 08/01/2040 | 35 | 33049 |
|  Regents of the University of California Medical Center, Series 2016 L, Ref. RB | 5.00% | 05/15/2032 | 400 | 405429 |
|  Regents of the University of California Medical Center, Series 2016 L, Ref. RB | 5.00% | 05/15/2033 | 25 | 25313 |
|  Regents of the University of California Medical Center, Series 2016 L, Ref. RB | 5.00% | 05/15/2034 | 180 | 182067 |
|  Regents of the University of California Medical Center, Series 2016 L, Ref. RB | 5.00% | 05/15/2035 | 875 | 884021 |
|  Regents of the University of California Medical Center, Series 2016 L, Ref. RB | 4.00% | 05/15/2037 | 15 | 15004 |
|  Regents of the University of California Medical Center, Series 2016 L, Ref. RB | 5.00% | 05/15/2041 | 220 | 221023 |

---

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

---

| |
|:---|
| 141 |
| 141 |
| 141 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  Riverside Community College District (Election of 2024), Series 2025 A, GO Bonds | 5.00% | 08/01/2026 | $5 | $5138 |
|  Sacramento (City of), CA Area Flood Control Agency (Consolidated Capital Assessment District No.2),<br>Series 2016, Ref. RB | 5.00% | 10/01/2043 | 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150863 |
|  Sacramento (City of), CA Municipal Utility District, Series 2018 F, Ref. RB | 5.00% | 08/15/2026 | 5 | 5141 |
|  Sacramento (City of), CA Municipal Utility District, Series 2021 I, Ref. RB | 5.00% | 08/15/2026 | 25 | 25706 |
|  San Bernardino (County of), CA (Arrowhead), Series 2019 A, Ref. COP | 5.00% | 10/01/2026 | 100 | 103086 |
|  San Diego (City of), CA Public Facilities Financing Authority, Series 2015, Ref. RB | 4.00% | 05/15/2026 | 120 | 120151 |
|  San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB | 5.00% | 05/15/2029 | 10 | 10186 |
|  San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB | 5.00% | 05/15/2032 | 145 | 147543 |
|  San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB | 5.00% | 05/15/2034 | 5 | 5075 |
|  San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB | 5.00% | 05/15/2035 | 100 | 101409 |
|  San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB | 5.00% | 05/15/2036 | 100 | 101311 |
|  San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB | 5.00% | 05/15/2037 | 10 | 10121 |
|  San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB | 5.00% | 08/01/2028 | 880 | 901207 |
|  San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB | 5.00% | 08/01/2034 | 30 | 30499 |
|  San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB | 5.00% | 08/01/2037 | 65 | 65804 |
|  San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB | 5.00% | 04/01/2041 | 180 | 181157 |
|  San Diego (County of), CA Regional Transportation Commission, Series 2016 A, Ref. RB | 5.00% | 05/15/2033 | 30 | 30480 |
|  San Diego (County of), CA Regional Transportation Commission, Series 2016 B, Ref. RB | 5.00% | 08/01/2035 | 70 | 71037 |
|  San Diego Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 4.00% | 08/01/2026 | 165 | 167855 |
|  San Diego Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 4.00% | 08/01/2026 | 60 | 61038 |
|  San Diego Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 4.00% | 08/01/2026 | 55 | 55952 |
|  San Diego Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 195 | 200129 |
|  San Diego Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 95 | 97499 |
|  San Diego Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 5 | 5132 |
|  San Diego Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 145 | 148814 |
|  San Diego Community College District, Series 2016, Ref. GO Bonds | 5.00% | 08/01/2028 | 100 | 102736 |
|  San Diego Unified School District, Series 2016 R-5, GO Bonds | 5.00% | 07/01/2026 | 50 | 51225 |
|  San Diego Unified School District, Series 2016 R-5, Ref. GO Bonds | 4.00% | 07/01/2029 | 110 | 111478 |
|  San Diego Unified School District, Series 2016 R-5, Ref. GO Bonds | 5.00% | 07/01/2029 | 475 | 485369 |
|  San Diego Unified School District (Election of 1998), Series 2005 C-2, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.50% | 07/01/2026 | 35 | 36016 |
|  San Diego Unified School District (Election of 1998), Series 2005 E-2, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.50% | 07/01/2026 | 5 | 5145 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport),<br>Second Series 2022 B, Ref. RB | 5.00% | 05/01/2026 | 5 | 5086 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 A, Ref. RB | 5.00% | 05/01/2026 | 10 | 10173 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 C, RB | 5.00% | 05/01/2046 | 100 | 100041 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB | 5.00% | 05/01/2026 | 40 | 40691 |
|  San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB | 5.00% | 11/01/2026 | 35 | 36230 |
|  San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB | 5.00% | 11/01/2028 | 295 | 304463 |
|  San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB | 4.00% | 11/01/2036 | 435 | 435430 |
|  San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB | 4.00% | 11/01/2039 | 35 | 34095 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB | 5.00% | 11/01/2026 | 105 | 108689 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB | 5.00% | 10/01/2026 | 5 | 5163 |
|  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> | 5.00% | 08/01/2041 | 150 | 150763 |
|  San Francisco (County of), CA Transportation Authority, Series 2017, RB | 4.00% | 02/01/2026 | 150 | 151151 |
|  San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB | 5.00% | 08/01/2026 | 110 | 112823 |
|  San Jose Unified School District (Election of 2012), Series 2019 N, GO Bonds | 4.00% | 08/01/2030 | 80 | 80830 |
|  San Jose Unified School District (Election of 2016), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2026 | 50 | 51370 |
|  Santa Clara (County of), CA Water District (Green Bonds), Series 2022 B, COP | 5.00% | 12/01/2026 | 135 | 139495 |
|  Santa Clara Valley Transportation Authority, Series 2018 A, Ref. RB | 5.00% | 06/01/2026 | 100 | 102236 |
|  Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB | 5.00% | 04/01/2026 | 20 | 20346 |
|  Santa Clara Valley Water District, Series 2023, COP | 4.00% | 06/01/2026 | 75 | 75919 |
|  Silicon Valley Clean Water (WIFIA WWTP), Series 2021 B, RN | 0.50% | 03/01/2026 | 500 | 494693 |

---

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

---

| |
|:---|
| 142 |
| 142 |
| 142 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  Sonoma (County of), CA Junior College District (Election of 2014), Series 2016 A, GO Bonds | 5.00% | 08/01/2041 | $5 | $5084 |
|  Stockton Unified School District, Series 2016, Ref. GO Bonds | 5.00% | 08/01/2031 | 20 | 20199 |
|  Sweetwater Union High School District, Series 2016, Ref. GO Bonds | 4.00% | 08/01/2042 | 20 | 18618 |
|  Sweetwater Union High School District (Election of 2006), Series 2016 B, GO Bonds, (INS - AGI)<sup>(c)</sup> | 3.38% | 08/01/2040 | 80 | 69974 |
|  Tahoe-Truckee Unified School District, Series 2016 B, GO Bonds | 5.00% | 08/01/2039 | 30 | 30561 |
|  University of California, Series 2016 AR, Ref. RB | 5.00% | 05/15/2030 | 5 | 5086 |
|  University of California, Series 2016 AR, Ref. RB | 5.00% | 05/15/2031 | 130 | 132152 |
|  University of California, Series 2016 AR, Ref. RB | 5.00% | 05/15/2046 | 25 | 25066 |
|  University of California, Series 2016, Ref. RB | 5.00% | 05/15/2038 | 10 | 10096 |
|  University of California, Series 2017 AY, Ref. RB | 5.00% | 05/15/2026 | 200 | 204143 |
|  University of California, Series 2024 BX, RB | 5.00% | 05/15/2026 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1020714 |
|  University of California (Limited), Series 2016 K, RB | 5.00% | 05/15/2035 | 120 | 121557 |
|  Victor Valley Community College District, Series 2016 A, Ref. GO Bonds | 4.00% | 08/01/2039 | 20 | 19425 |
|  Victor Valley Union High School District (Election of 2008), Series 2009 A, GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.75% | 08/01/2031 | 450 | 462636 |
|  West Hollywood (City of), CA Public Financing Authority (Park Phase II), Series 2016, Ref. RB | 3.00% | 04/01/2041 | 125 | 100520 |
|  |  |  |  | 44340759 |
|  Colorado-2.13% |  |  |  |  |
|  Adams & Arapahoe Joint School District No. 28J Aurora, Series 2017 A, Ref. GO Bonds | 5.00% | 12/01/2030 | 200 | 205312 |
|  Adams & Arapahoe Joint School District No. 28J Aurora, Series 2017 A, Ref. GO Bonds | 5.00% | 12/01/2031 | 85 | 87205 |
|  Adams & Arapahoe Joint School District No. 28J Aurora, Series 2017 A, Ref. GO Bonds | 5.00% | 12/01/2032 | 200 | 205014 |
|  Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 12/15/2026 | 5 | 5176 |
|  Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds | 5.00% | 12/15/2028 | 105 | 108428 |
|  Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds | 5.00% | 12/15/2029 | 100 | 103162 |
|  Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds | 5.00% | 12/15/2030 | 185 | 190540 |
|  Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds | 4.00% | 12/15/2031 | 60 | 60759 |
|  Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds | 5.00% | 12/15/2032 | 60 | 61536 |
|  Adams County School District No. 1 (Mapleton Public Schools), Series 2017, GO Bonds | 5.25% | 12/01/2040 | 25 | 25364 |
|  Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds | 5.00% | 12/01/2026 | 70 | 72320 |
|  Aurora (City of), CO (Green Bonds), Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 70 | 71661 |
|  Aurora (City of), CO (Green Bonds), Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 155 | 158679 |
|  Aurora (City of), CO (Green Bonds), Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 25 | 25593 |
|  Colorado (State of), Series 2018 A, COP | 5.00% | 12/15/2026 | 25 | 25787 |
|  Colorado (State of), Series 2021 A, COP | 5.00% | 12/15/2026 | 540 | 556997 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB | 5.00% | 08/01/2026 | 75 | 76485 |
|  Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB | 5.00% | 01/01/2026 | 95 | 95754 |
|  Colorado (State of) Health Facilities Authority (Vail Valley Medical Center), Series 2015, RB | 5.00% | 01/15/2035 | 395 | 397006 |
|  Colorado (State of) Higher Education, Series 2014 A, Ref. COP | 5.00% | 11/01/2026 | 65 | 66857 |
|  Colorado (State of) Regional Transportation District (Fastracks), Series 2016 A, RB | 5.00% | 11/01/2046 | 510 | 511198 |
|  Colorado (State of) Regional Transportation District (Fastracks), Series 2017 A, RB | 5.00% | 11/01/2040 | 25 | 25234 |
|  Colorado Springs (City of), CO, Series 2018 A-1, Ref. RB | 5.00% | 11/15/2026 | 55 | 56784 |
|  Commerce (City of), CO, Series 2016, RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 55 | 56305 |
|  Denver (City & County of), CO, Series 2016 A, Ref. RB | 5.00% | 11/15/2031 | 125 | 127984 |
|  Denver (City & County of), CO, Series 2016 A, Ref. RB | 5.00% | 11/15/2032 | 10 | 10225 |
|  Denver (City & County of), CO, Series 2016 A, Ref. RB | 5.00% | 08/01/2044 | 60 | 60163 |
|  Denver (City & County of), CO, Series 2018 A-1, RB | 5.00% | 08/01/2041 | 25 | 25150 |
|  Denver (City & County of), CO, Series 2018 A-1, RB | 5.00% | 08/01/2048 | 700 | 700593 |
|  Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds | 5.00% | 08/01/2026 | 20 | 20493 |
|  Denver (City & County of), CO, Series 2022 C, Ref. RB | 5.00% | 11/15/2026 | 15 | 15461 |
|  Denver (City & County of), CO (Convention Center Expansion), Series 2018 A, COP | 5.38% | 06/01/2043 | 215 | 216557 |
|  Denver City & County School District No. 1, Series 2016, Ref. GO Bonds | 4.00% | 12/01/2026 | 90 | 90340 |
|  Denver City & County School District No. 1, Series 2017, GO Bonds | 5.00% | 12/01/2026 | 55 | 56816 |
|  Denver City & County School District No. 1, Series 2017, GO Bonds | 5.00% | 12/01/2028 | 30 | 30899 |
|  Denver City & County School District No. 1, Series 2017, GO Bonds | 5.00% | 12/01/2029 | 65 | 66898 |
|  Denver City & County School District No. 1, Series 2017, GO Bonds | 5.00% | 12/01/2030 | 105 | 107988 |
|  Denver City & County School District No. 1, Series 2017, GO Bonds | 5.00% | 12/01/2031 | 575 | 590575 |
|  Denver City & County School District No. 1, Series 2017, GO Bonds | 5.00% | 12/01/2037 | 5 | 5082 |
|  Denver City & County School District No. 1, Series 2017, GO Bonds | 5.00% | 12/01/2038 | 90 | 91307 |

---

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

---

| |
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| 143 |
| 143 |
| 143 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Colorado-(continued) |  |  |  |  |
|  Denver City & County School District No. 1, Series 2021 B, Ref. GO Bonds | 4.00% | 12/01/2026 | $10 | $10208 |
|  Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2022, Ref. GO Bonds | 5.00% | 12/15/2026 | 40 | 41393 |
|  E-470 Public Highway Authority, Series 2020 B, Ref. RB | 5.00% | 09/01/2026 | 25 | 25627 |
|  Eagle County School District No. Re50J, Series 2017, GO Bonds | 5.00% | 12/01/2034 | 10 | 10215 |
|  Eagle County School District No. Re50J, Series 2017, GO Bonds | 5.00% | 12/01/2035 | 110 | 112160 |
|  El Paso (County of), CO School District No. 20, Series 2017, GO Bonds | 4.00% | 12/15/2040 | 80 | 77691 |
|  El Paso County School District No.49 Falcon, Series 2017 B, COP | 5.00% | 12/15/2042 | 25 | 25173 |
|  Jefferson County School District R-1, Series 2012, Ref. GO Bonds | 5.00% | 12/15/2026 | 40 | 41393 |
|  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> | 4.00% | 12/15/2026 | 50 | 51078 |
|  St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2016 C, GO Bonds | 5.00% | 12/15/2032 | 105 | 107607 |
|  St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2024, GO Bonds | 5.00% | 12/15/2026 | 45 | 46567 |
|  University of Colorado, Series 2017 A-2, Ref. RB | 5.00% | 06/01/2026 | 55 | 56073 |
|  Weld County School District No. RE-4, Series 2016, GO Bonds | 5.25% | 12/01/2041 | 100 | 101142 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6172014 |
|  Connecticut-1.62% |  |  |  |  |
|  Connecticut (State of), Series 2015 F, GO Bonds | 5.00% | 11/15/2026 | 845 | 849236 |
|  Connecticut (State of), Series 2016 A, GO Bonds | 5.00% | 03/15/2029 | 5 | 5067 |
|  Connecticut (State of), Series 2016 A, GO Bonds | 4.00% | 03/15/2035 | 15 | 15009 |
|  Connecticut (State of), Series 2016 A, GO Bonds | 4.00% | 03/15/2036 | 15 | 14993 |
|  Connecticut (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 05/15/2026 | 5 | 5091 |
|  Connecticut (State of), Series 2016 E, GO Bonds | 5.00% | 10/15/2026 | 195 | 200687 |
|  Connecticut (State of), Series 2016 E, GO Bonds | 5.00% | 10/15/2029 | 315 | 323649 |
|  Connecticut (State of), Series 2018 B, RB | 5.00% | 10/01/2026 | 200 | 205846 |
|  Connecticut (State of), Series 2018 C, GO Bonds | 5.00% | 06/15/2026 | 100 | 102031 |
|  Connecticut (State of), Series 2018 C, Ref. RB | 5.00% | 10/01/2026 | 5 | 5146 |
|  Connecticut (State of), Series 2018 E, GO Bonds | 5.00% | 09/15/2026 | 205 | 210533 |
|  Connecticut (State of), Series 2019 A, GO Bonds | 5.00% | 04/15/2026 | 45 | 45716 |
|  Connecticut (State of), Series 2019 B, Ref. GO Bonds | 5.00% | 02/15/2026 | 85 | 85981 |
|  Connecticut (State of), Series 2020 A, GO Bonds | 5.00% | 01/15/2026 | 160 | 161497 |
|  Connecticut (State of), Series 2020, RB | 5.00% | 05/01/2026 | 5 | 5089 |
|  Connecticut (State of), Series 2022 D, Ref. GO Bonds | 5.00% | 09/15/2026 | 510 | 523766 |
|  Connecticut (State of), Series 2022 E, GO Bonds | 5.00% | 11/15/2026 | 85 | 87664 |
|  Connecticut (State of), Series 2024 F, GO Bonds | 5.00% | 11/15/2026 | 490 | 505360 |
|  Connecticut (State of) (Green Bonds), Series 2016 F, GO Bonds | 5.00% | 10/15/2030 | 200 | 205132 |
|  Connecticut (State of) (Green Bonds), Series 2021 B, GO Bonds | 4.00% | 06/01/2026 | 10 | 10119 |
|  Connecticut (State of) (Green Bonds), Series 2021 D, Ref. GO Bonds | 5.00% | 07/15/2026 | 10 | 10225 |
|  Connecticut (State of) (Green Bonds), Series 2024 C, Ref. GO Bonds | 5.00% | 03/01/2026 | 25 | 25318 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB | 5.00% | 09/01/2026 | 180 | 184856 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB | 5.00% | 09/01/2029 | 155 | 158832 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB | 5.00% | 09/01/2030 | 575 | 588322 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB | 5.00% | 09/01/2032 | 5 | 5099 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB, (INS - BAM)<sup>(c)</sup> | 5.00% | 09/01/2031 | 15 | 15334 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2016, RB | 5.00% | 09/01/2028 | 45 | 46159 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2018, RB | 5.00% | 01/01/2026 | 40 | 40347 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.00% | 07/01/2026 | 5 | 5112 |
|  Connecticut (State of) Health & Educational Facilities Authority, Series 2024, Ref. RB | 5.00% | 07/01/2026 | 5 | 5103 |
|  Connecticut (State of) Health & Educational Facilities Authority (Trinity Health Corp.), Series 2016, RB | 5.00% | 12/01/2041 | 5 | 5011 |
|  Metropolitan District (The), Series 2016 C, GO Bonds, (INS - AGI)<sup>(c)</sup> | 4.00% | 11/01/2034 | 35 | 35189 |
|  |  |  |  | 4692519 |
|  Delaware-0.11% |  |  |  |  |
|  Delaware (State of), Series 2017 A, Ref. GO Bonds | 5.00% | 01/01/2026 | 11 | 11100 |

---

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

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| 144 |
| 144 |
| 144 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Delaware-(continued) |  |  |  |  |
|  Delaware (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2026 | $10 | $10181 |
|  Delaware (State of) Transportation Authority, Series 2016, Ref. RB | 5.00% | 07/01/2026 | 295 | 301637 |
|  |  |  |  | 322918 |
|  District of Columbia-1.21% |  |  |  |  |
|  District of Columbia, Series 2016 A, GO Bonds | 4.00% | 06/01/2035 | 20 | 20017 |
|  District of Columbia, Series 2016 A, GO Bonds | 5.00% | 06/01/2041 | 35 | 35133 |
|  District of Columbia, Series 2016 D, GO Bonds | 5.00% | 06/01/2028 | 135 | 139106 |
|  District of Columbia, Series 2016 D, GO Bonds | 5.00% | 06/01/2036 | 645 | 655451 |
|  District of Columbia, Series 2016 D, GO Bonds | 5.00% | 06/01/2041 | 15 | 15095 |
|  District of Columbia, Series 2016 E, Ref. GO Bonds | 5.00% | 06/01/2026 | 5 | 5100 |
|  District of Columbia, Series 2016, GO Bonds | 5.00% | 06/01/2033 | 25 | 25334 |
|  District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2026 | 435 | 447832 |
|  District of Columbia, Series 2019 C, Ref. RB | 5.00% | 10/01/2026 | 375 | 385677 |
|  District of Columbia, Series 2020 B, Ref. RB | 5.00% | 10/01/2026 | 130 | 133702 |
|  District of Columbia, Series 2022 C, Ref. RB | 5.00% | 12/01/2026 | 80 | 82631 |
|  District of Columbia, Series 2023 B, Ref. GO Bonds | 5.00% | 06/01/2026 | 15 | 15301 |
|  District of Columbia, Series 2024 C, Ref. GO Bonds | 5.00% | 12/01/2026 | 100 | 103289 |
|  District of Columbia (Children's Hospital Obligated Group), Series 2015, Ref. RB | 5.00% | 07/15/2040 | 25 | 25034 |
|  District of Columbia (Friendship Public Charter School, Inc.), Series 2016, Ref. RB | 5.00% | 06/01/2041 | 5 | 4849 |
|  District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB | 5.00% | 10/01/2029 | 155 | 157199 |
|  District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB | 5.00% | 10/01/2030 | 55 | 55736 |
|  District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB | 5.00% | 10/01/2036 | 65 | 65524 |
|  District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB | 5.00% | 10/01/2026 | 25 | 25728 |
|  Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2009, RB<sup>(a)(b)</sup> | 6.50% | 10/01/2026 | 600 | 625185 |
|  Washington Convention & Sports Authority, Series 2018 A, Ref. RB | 5.00% | 10/01/2026 | 100 | 102598 |
|  Washington Metropolitan Area Transit Authority, Series 2017 B, RB | 5.00% | 07/01/2026 | 200 | 204316 |
|  Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2026 | 60 | 61373 |
|  Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 5.00% | 07/15/2026 | 125 | 127861 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3519071 |
|  Florida-3.66% |  |  |  |  |
|  Broward (County of), FL School Board, Series 2017 C, Ref. COP | 5.00% | 07/01/2026 | 505 | 515183 |
|  Central Florida Expressway Authority, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 07/01/2026 | 5 | 5105 |
|  Central Florida Expressway Authority, Series 2016 A, Ref. RB | 4.00% | 07/01/2031 | 35 | 35234 |
|  Central Florida Expressway Authority, Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 4.00% | 07/01/2026 | 500 | 506457 |
|  Central Florida Expressway Authority, Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 4.00% | 07/01/2026 | 250 | 253228 |
|  Central Florida Expressway Authority, Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 07/01/2026 | 290 | 296113 |
|  Central Florida Expressway Authority, Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 07/01/2026 | 20 | 20422 |
|  Central Florida Expressway Authority, Series 2016 B, Ref. RB | 5.00% | 07/01/2028 | 115 | 117317 |
|  Central Florida Expressway Authority, Series 2016 B, Ref. RB | 4.00% | 07/01/2030 | 20 | 20160 |
|  Central Florida Expressway Authority, Series 2016 B, Ref. RB | 4.00% | 07/01/2031 | 65 | 65434 |
|  Central Florida Expressway Authority, Series 2016 B, Ref. RB | 4.00% | 07/01/2038 | 20 | 19630 |
|  Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 07/01/2026 | 375 | 383280 |
|  Duval County (County of), FL School Board, Series 2016, Ref. COP | 4.00% | 07/01/2034 | 5 | 5009 |
|  Florida (State of), Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2026 | 20 | 20438 |
|  Florida (State of), Series 2016 B, Ref. RB | 5.00% | 07/01/2026 | 180 | 184080 |
|  Florida (State of), Series 2017, RB | 5.00% | 07/01/2026 | 45 | 46020 |
|  Florida (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 06/01/2026 | 195 | 198920 |
|  Florida (State of), Series 2022 C, Ref. GO Bonds | 5.00% | 06/01/2026 | 20 | 20402 |
|  Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB | 5.00% | 07/01/2026 | 100 | 102191 |
|  Florida (State of) Department of Management Services, Series 2018 A, Ref. COP | 5.00% | 11/01/2026 | 140 | 144147 |
|  Florida (State of) Department of Transportation, Series 2022 A, Ref. RB | 5.00% | 07/01/2026 | 15 | 15335 |
|  Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB | 5.00% | 10/01/2026 | 105 | 107899 |
|  Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB | 5.00% | 10/01/2028 | 100 | 102671 |
|  Florida (State of) Municipal Power Agency (All-Requirements Power Supply), Series 2017 A, Ref. RB | 5.00% | 10/01/2026 | 5 | 5138 |
|  Halifax Hospital Medical Center, Series 2016, Ref. RB | 5.00% | 06/01/2036 | 500 | 501549 |
|  JEA Electric System, Series 2017 B, Ref. RB | 5.00% | 10/01/2026 | 30 | 30828 |

---

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

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| 145 |
| 145 |
| 145 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Florida-(continued) |  |  |  |  |
|  JEA Water & Sewer System, Series 2017 A, Ref. RB | 5.00% | 10/01/2026 | $45 | $46306 |
|  Miami (City of) & Dade (County of), FL School Board (The), Series 2015 D, Ref. COP | 5.00% | 02/01/2028 | 50 | 50481 |
|  Miami (City of) & Dade (County of), FL School Board (The), Series 2015 D, Ref. COP | 5.00% | 02/01/2029 | 135 | 136254 |
|  Miami (City of) & Dade (County of), FL School Board (The), Series 2015 D, Ref. COP | 5.00% | 02/01/2030 | 5 | 5045 |
|  Miami (City of) & Dade (County of), FL School Board (The), Series 2015 D, Ref. COP | 5.00% | 02/01/2031 | 30 | 30262 |
|  Miami (City of) & Dade (County of), FL School Board (The), Series 2016 A, Ref. COP | 5.00% | 05/01/2032 | 130 | 131752 |
|  Miami (City of) & Dade (County of), FL School Board (The), Series 2016 C, Ref. COP | 5.00% | 02/01/2032 | 100 | 100879 |
|  Miami (City of) & Dade (County of), FL School Board (The), Series 2016, GO Bonds | 5.00% | 03/15/2046 | 30 | 30124 |
|  Miami-Dade (County of), FL, Series 2015 B, Ref. RB | 5.00% | 10/01/2026 | 25 | 25048 |
|  Miami-Dade (County of), FL, Series 2015, GO Bonds | 5.00% | 07/01/2041 | 500 | 503247 |
|  Miami-Dade (County of), FL, Series 2015, Ref. RB | 5.00% | 10/01/2026 | 100 | 100201 |
|  Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2029 | 80 | 81565 |
|  Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2030 | 115 | 117155 |
|  Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2031 | 90 | 91589 |
|  Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2032 | 55 | 55903 |
|  Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2033 | 135 | 137105 |
|  Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2034 | 140 | 142044 |
|  Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2035 | 60 | 60841 |
|  Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2036 | 115 | 116442 |
|  Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2037 | 20 | 20207 |
|  Miami-Dade (County of), FL, Series 2016 A, Ref. RB | 5.00% | 10/01/2041 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200025 |
|  Miami-Dade (County of), FL, Series 2016, Ref. RB | 5.00% | 10/01/2028 | 5 | 5126 |
|  Miami-Dade (County of), FL, Series 2016, Ref. RB | 5.00% | 10/01/2030 | 55 | 56280 |
|  Miami-Dade (County of), FL, Series 2016, Ref. RB | 5.00% | 10/01/2031 | 50 | 51020 |
|  Miami-Dade (County of), FL, Series 2016, Ref. RB | 5.00% | 10/01/2034 | 510 | 522247 |
|  Miami-Dade (County of), FL, Series 2016, Ref. RB | 5.00% | 10/01/2035 | 305 | 311046 |
|  Miami-Dade (County of), FL Expressway Authority, Series 2016 A, Ref. RB | 5.00% | 07/01/2029 | 125 | 127155 |
|  Orange (County of), FL Convention Center, Series 2017, Ref. RB | 5.00% | 10/01/2026 | 190 | 195245 |
|  Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB | 5.00% | 10/01/2033 | 5 | 5090 |
|  Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB | 5.00% | 10/01/2034 | 150 | 152421 |
|  Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB | 5.00% | 10/01/2035 | 235 | 238359 |
|  Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB | 5.00% | 10/01/2036 | 65 | 65818 |
|  Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB | 5.00% | 10/01/2037 | 45 | 45490 |
|  Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB | 5.00% | 10/01/2039 | 10 | 10074 |
|  Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2019, Ref. RB | 5.00% | 10/01/2026 | 45 | 46262 |
|  Orange (County of), FL School Board, Series 2016 C, Ref. COP<sup>(a)(b)</sup> | 3.38% | 08/01/2026 | 35 | 35294 |
|  Orange (County of), FL School Board, Series 2016 C, Ref. COP<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 530 | 542335 |
|  Orange (County of), FL School Board, Series 2016 C, Ref. COP<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 10 | 10233 |
|  Orange (County of), FL School Board, Series 2017, Ref. COP | 5.00% | 08/01/2026 | 70 | 71572 |
|  Orlando (City of), FL Utilities Commission, Series 2020 A, Ref. RB | 5.00% | 10/01/2026 | 25 | 25706 |
|  Palm Beach County School District, Series 2017 A, Ref. COP | 5.00% | 08/01/2026 | 45 | 46105 |
|  Port St. Lucie (City of), FL, Series 2016, Ref. RB | 5.00% | 09/01/2029 | 160 | 163949 |
|  Port St. Lucie (City of), FL, Series 2016, Ref. RB | 4.00% | 09/01/2031 | 600 | 603901 |
|  Port St. Lucie (City of), FL, Series 2016, Ref. RB | 4.00% | 09/01/2032 | 5 | 5027 |
|  Port St. Lucie (City of), FL, Series 2016, Ref. RB | 4.00% | 09/01/2033 | 5 | 5019 |
|  Reedy Creek Improvement District, Series 2016, GO Bonds | 5.00% | 06/01/2035 | 200 | 203075 |
|  South Broward Hospital District, Series 2016, Ref. RB | 4.00% | 05/01/2033 | 455 | 457025 |
|  South Florida Water Management District, Series 2016, Ref. COP | 5.00% | 10/01/2026 | 10 | 10144 |
|  South Florida Water Management District, Series 2016, Ref. COP | 5.00% | 10/01/2027 | 50 | 50707 |
|  South Florida Water Management District, Series 2016, Ref. COP | 5.00% | 10/01/2028 | 255 | 258514 |
|  South Florida Water Management District, Series 2016, Ref. COP | 5.00% | 10/01/2029 | 10 | 10132 |

---

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

---

| |
|:---|
| 146 |
| 146 |
| 146 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Florida-(continued) |  |  |  |  |
|  South Florida Water Management District, Series 2016, Ref. COP | 5.00% | 10/01/2032 | $30 | $30335 |
|  South Florida Water Management District, Series 2016, Ref. COP | 5.00% | 10/01/2033 | 75 | 75795 |
|  South Florida Water Management District, Series 2016, Ref. COP | 5.00% | 10/01/2035 | 100 | 100944 |
|  South Florida Water Management District, Series 2016, Ref. COP | 5.00% | 10/01/2036 | 70 | 70629 |
|  Tampa (City of), FL (H. Lee Moffitt Cancer Center), Series 2016, Ref. RB | 5.00% | 07/01/2037 | 25 | 25135 |
|  Tampa Bay (City of), FL Water, Series 2016 A, Ref. RB | 5.00% | 10/01/2037 | 25 | 25606 |
|  Tampa Bay (City of), FL Water, Series 2016 C, Ref. RB | 5.00% | 10/01/2026 | 50 | 51413 |
|  Volusia (County of), FL School Board, Series 2016 A, Ref. COP, (INS - BAM)<sup>(c)</sup> | 5.00% | 08/01/2032 | 5 | 5042 |
|  |  |  |  | 10619935 |
|  Georgia-1.57% |  |  |  |  |
|  Atlanta (City of), GA, Series 2004, RB, (INS - AGI)<sup>(c)</sup> | 5.75% | 11/01/2026 | 70 | 72779 |
|  Atlanta (City of), GA Department of Aviation, Series 2020 A, Ref. RB | 5.00% | 07/01/2026 | 215 | 219640 |
|  Clarke (County of), GA Hospital Authority (Piedmont Healthcare, Inc.), Series 2016 A, Ref. RB | 5.00% | 07/01/2046 | 105 | 105007 |
|  DeKalb (County of), GA, Series 2006 B, Ref. RB | 5.25% | 10/01/2026 | 65 | 67058 |
|  DeKalb (County of), GA, Series 2006 B, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.25% | 10/01/2032 | 400 | 408042 |
|  Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.), Series 2016 A, Ref. RB | 5.00% | 07/01/2046 | 110 | 110007 |
|  Georgia (State of), Series 2016 E, Ref. GO Bonds | 5.00% | 12/01/2026 | 150 | 155159 |
|  Georgia (State of), Series 2016 F, Ref. GO Bonds | 5.00% | 07/01/2026 | 50 | 51183 |
|  Georgia (State of), Series 2017 A-1, GO Bonds | 5.00% | 02/01/2026 | 570 | 576469 |
|  Georgia (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 07/01/2026 | 15 | 15355 |
|  Georgia (State of), Series 2018 A, GO Bonds | 5.00% | 07/01/2026 | 335 | 342928 |
|  Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2026 | 80 | 82009 |
|  Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2026 | 200 | 204733 |
|  Georgia (State of) (Bidding Group 1), Series 2022 A, GO Bonds | 5.00% | 07/01/2026 | 85 | 87012 |
|  Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds | 4.00% | 07/01/2026 | 30 | 30464 |
|  Georgia (State of) (Tranche 1), Series 2019 A, GO Bonds | 5.00% | 07/01/2026 | 105 | 107485 |
|  Georgia (State of) (Tranche 2), Series 2015 A, GO Bonds | 5.00% | 02/01/2026 | 100 | 100185 |
|  Georgia (State of) (Tranche 2), Series 2016 A, GO Bonds | 5.00% | 02/01/2030 | 30 | 30303 |
|  Georgia (State of) Municipal Electric Authority, Series 2016 S, Ref. RB | 5.00% | 01/01/2028 | 10 | 10208 |
|  Georgia (State of) Municipal Electric Authority, Series 2024, Ref. RB. | 5.00% | 01/01/2026 | 50 | 50392 |
|  Georgia (State of) Municipal Electric Authority (Project One), Series 2016 A, Ref. RB | 5.00% | 01/01/2028 | 185 | 188843 |
|  Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB | 5.00% | 06/01/2026 | 120 | 122448 |
|  Gwinnett County School District, Series 2022 B, GO Bonds | 5.00% | 08/01/2026 | 40 | 41023 |
|  Henry County School District, Series 2016, GO Bonds<sup>(a)(b)</sup> | 4.00% | 08/01/2026 | 60 | 60885 |
|  Henry County School District, Series 2016, GO Bonds<sup>(a)(b)</sup> | 4.00% | 08/01/2026 | 10 | 10147 |
|  Henry County School District, Series 2016, GO Bonds<sup>(a)(b)</sup> | 4.00% | 08/01/2026 | 20 | 20295 |
|  Henry County School District, Series 2016, GO Bonds | 5.00% | 08/01/2026 | 145 | 148508 |
|  Main Street Natural Gas, Inc., Series 2007 A, RB | 5.50% | 09/15/2026 | 170 | 174009 |
|  Metropolitan Atlanta Rapid Transit Authority, Series 2015 C, Ref. RB | 5.00% | 07/01/2026 | 175 | 178879 |
|  Metropolitan Atlanta Rapid Transit Authority, Series 2015 C, Ref. RB | 5.00% | 07/01/2028 | 35 | 35740 |
|  Metropolitan Atlanta Rapid Transit Authority, Series 2015 C, Ref. RB | 5.00% | 07/01/2029 | 40 | 40828 |
|  Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 07/01/2026 | 90 | 92017 |
|  Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 07/01/2026 | 105 | 107353 |
|  Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 07/01/2026 | 35 | 35785 |
|  Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 07/01/2026 | 70 | 71569 |
|  Private Colleges & Universities Authority (Emory University), Series 2016 A, Ref. RB | 5.00% | 10/01/2046 | 80 | 80015 |
|  Private Colleges & Universities Authority (Emory University), Series 2016 B, Ref. RB | 5.00% | 10/01/2038 | 100 | 100962 |
|  Richmond (County of), GA Board of Education, Series 2023, GO Bonds | 5.00% | 10/01/2026 | 25 | 25723 |
|  Sandy Springs (City of), GA Public Facilities Authority (City Center), Series 2015, RB<sup>(a)(b)</sup> | 4.00% | 05/01/2026 | 20 | 20223 |
|  Sandy Springs (City of), GA Public Facilities Authority (City Center), Series 2015, RB<sup>(a)(b)</sup> | 5.00% | 05/01/2026 | 130 | 132297 |
|  Sandy Springs (City of), GA Public Facilities Authority (City Center), Series 2015, RB<sup>(a)(b)</sup> | 5.00% | 05/01/2026 | 35 | 35619 |
|  |  |  |  | 4549586 |
|  Hawaii-0.99% |  |  |  |  |
|  Hawaii (State of), Series 2015 EZ, Ref. GO Bonds | 5.00% | 10/01/2026 | 65 | 65132 |
|  Hawaii (State of), Series 2016 FB, GO Bonds | 4.00% | 04/01/2026 | 195 | 196888 |
|  Hawaii (State of), Series 2016 FB, GO Bonds | 4.00% | 04/01/2028 | 115 | 115753 |
|  Hawaii (State of), Series 2016 FE, Ref. GO Bonds | 5.00% | 10/01/2026 | 5 | 5146 |

---

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

---

| |
|:---|
| 147 |
| 147 |
| 147 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Hawaii-(continued) |  |  |  |  |
|  Hawaii (State of), Series 2016 FE, Ref. GO Bonds | 5.00% | 10/01/2028 | $235 | $241125 |
|  Hawaii (State of), Series 2016 FG, GO Bonds | 5.00% | 10/01/2028 | 75 | 76947 |
|  Hawaii (State of), Series 2016 FG, GO Bonds | 5.00% | 10/01/2029 | 65 | 66645 |
|  Hawaii (State of), Series 2016 FG, GO Bonds | 5.00% | 10/01/2030 | 120 | 122869 |
|  Hawaii (State of), Series 2016 FG, GO Bonds | 5.00% | 10/01/2031 | 190 | 194256 |
|  Hawaii (State of), Series 2016 FG, GO Bonds | 4.00% | 10/01/2032 | 20 | 20138 |
|  Hawaii (State of), Series 2016 FG, GO Bonds | 4.00% | 10/01/2034 | 35 | 35126 |
|  Hawaii (State of), Series 2016 FH, Ref. GO Bonds | 5.00% | 10/01/2026 | 110 | 113215 |
|  Hawaii (State of), Series 2016 FH, Ref. GO Bonds | 5.00% | 10/01/2028 | 165 | 169300 |
|  Hawaii (State of), Series 2016 FH, Ref. GO Bonds | 5.00% | 10/01/2029 | 20 | 20506 |
|  Hawaii (State of), Series 2016 FH, Ref. GO Bonds | 4.00% | 10/01/2031 | 430 | 433672 |
|  Hawaii (State of), Series 2017 D, GO Bonds | 5.00% | 05/01/2026 | 10 | 10177 |
|  Hawaii (State of), Series 2017 FN, Ref. GO Bonds | 5.00% | 10/01/2026 | 155 | 159531 |
|  Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2026 | 45 | 45389 |
|  Honolulu (City & County of), HI, Series 2016 B, Ref. RB | 5.00% | 07/01/2035 | 10 | 10134 |
|  Honolulu (City & County of), HI, Series 2016 B, Ref. RB | 5.00% | 07/01/2036 | 5 | 5060 |
|  Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019 A, GO Bonds | 5.00% | 09/01/2026 | 590 | 605445 |
|  Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds | 5.00% | 03/01/2026 | 45 | 45581 |
|  Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds | 5.00% | 03/01/2026 | 60 | 60775 |
|  Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2023, Ref. GO Bonds | 5.00% | 03/01/2026 | 55 | 55711 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2874521 |
|  Idaho-0.06% |  |  |  |  |
|  Idaho (State of) Housing & Finance Association, Series 2015, Ref. RB | 5.00% | 07/15/2026 | 110 | 112575 |
|  Idaho State Building Authority, Series 2024 A, RB | 5.00% | 06/01/2026 | 40 | 40801 |
|  Idaho State Building Authority (School Modernization Facilities), Series 2025, RB | 5.00% | 06/01/2026 | 30 | 30601 |
|  |  |  |  | 183977 |
|  Illinois-4.98% |  |  |  |  |
|  Chicago (City of), IL, Series 1999, RB | 5.00% | 11/01/2028 | 60 | 61502 |
|  Chicago (City of), IL, Series 1999, RB | 5.00% | 11/01/2029 | 40 | 40989 |
|  Chicago (City of), IL, Series 1999, RB | 5.00% | 11/01/2030 | 415 | 424715 |
|  Chicago (City of), IL, Series 2004, Ref. RB | 5.00% | 11/01/2026 | 30 | 30815 |
|  Chicago (City of), IL, Series 2016 C, Ref. GO Bonds | 5.00% | 01/01/2038 | 100 | 97892 |
|  Chicago (City of), IL, Series 2020 A, Ref. GO Bonds<sup>(a)</sup> | 5.00% | 01/01/2026 | 100 | 100674 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2016 B, Ref. RB | 5.00% | 01/01/2033 | 20 | 20104 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2016 B, Ref. RB | 5.00% | 01/01/2034 | 15 | 15068 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2016 B, Ref. RB | 5.00% | 01/01/2041 | 300 | 300102 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2016 C, Ref. RB | 5.00% | 01/01/2026 | 20 | 20157 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2016 C, Ref. RB | 5.00% | 01/01/2028 | 80 | 80622 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2016 C, Ref. RB | 5.00% | 01/01/2029 | 80 | 80615 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2016 C, Ref. RB | 5.00% | 01/01/2030 | 60 | 60444 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2016 C, Ref. RB | 5.00% | 01/01/2032 | 80 | 80469 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2016 C, Ref. RB | 5.00% | 01/01/2033 | 40 | 40209 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2016 C, Ref. RB | 5.00% | 01/01/2034 | 260 | 261190 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2016 C, Ref. RB | 5.00% | 01/01/2036 | 140 | 140468 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2016 C, Ref. RB | 5.00% | 01/01/2037 | 285 | 285745 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2016 C, Ref. RB | 5.00% | 01/01/2038 | 125 | 125262 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2017 E, RB | 5.00% | 01/01/2026 | 40 | 40314 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2024 D, Ref. RB | 5.00% | 01/01/2026 | 100 | 100784 |
|  Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds | 5.00% | 12/01/2026 | 1075 | 1109548 |
|  Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds | 5.00% | 12/01/2029 | 260 | 267358 |
|  Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds | 5.00% | 12/01/2030 | 95 | 97523 |
|  Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds | 5.00% | 12/01/2031 | 40 | 41033 |
|  Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2016 A, Ref. GO Bonds | 5.00% | 12/01/2028 | 65 | 66896 |
|  Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)<sup>(c)</sup> | 5.00% | 01/01/2026 | 5 | 5042 |
|  Cook (County of), IL, Series 2016 A, Ref. GO Bonds | 5.00% | 11/15/2026 | 135 | 139150 |
|  Cook (County of), IL, Series 2016 A, Ref. GO Bonds | 5.00% | 11/15/2028 | 40 | 41077 |

---

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

---

| |
|:---|
| 148 |
| 148 |
| 148 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Illinois-(continued) |  |  |  |  |
|  Cook (County of), IL, Series 2016 A, Ref. GO Bonds | 5.00% | 11/15/2029 | $100 | $102574 |
|  Cook (County of), IL, Series 2016 A, Ref. GO Bonds | 5.00% | 11/15/2030 | 345 | 353467 |
|  Cook (County of), IL, Series 2016 A, Ref. GO Bonds | 5.00% | 11/15/2031 | 680 | 695795 |
|  Cook (County of), IL, Series 2018, Ref. GO Bonds | 5.00% | 11/15/2034 | 30 | 30604 |
|  Cook (County of), IL, Series 2018, Ref. GO Bonds | 5.00% | 11/15/2035 | 360 | 366991 |
|  Cook (County of), IL, Series 2021 A, Ref. GO Bonds. | 5.00% | 11/15/2026 | 30 | 30922 |
|  Du Page & Will Counties Community School District No. 204 Indian Prairie, Series 2017, Ref. GO Bonds | 4.00% | 12/30/2026 | 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173164 |
|  Illinois (State of), Series 2016 C, Ref. RB | 4.00% | 06/15/2029 | 35 | 35207 |
|  Illinois (State of), Series 2016 C, Ref. RB, (INS - BAM)<sup>(c)</sup> | 4.00% | 06/15/2028 | 120 | 120774 |
|  Illinois (State of), Series 2016 D, Ref. RB | 5.00% | 06/15/2028 | 10 | 10144 |
|  Illinois (State of), Series 2016 D, Ref. RB | 4.00% | 06/15/2030 | 40 | 40200 |
|  Illinois (State of), Series 2016, GO Bonds | 5.00% | 01/01/2026 | 20 | 20156 |
|  Illinois (State of), Series 2016, GO Bonds | 5.00% | 06/01/2026 | 10 | 10175 |
|  Illinois (State of), Series 2016, GO Bonds | 5.00% | 11/01/2028 | 75 | 76954 |
|  Illinois (State of), Series 2016, GO Bonds | 5.00% | 11/01/2029 | 45 | 46101 |
|  Illinois (State of), Series 2016, GO Bonds | 5.00% | 11/01/2030 | 20 | 20454 |
|  Illinois (State of), Series 2016, GO Bonds | 4.00% | 01/01/2031 | 140 | 140250 |
|  Illinois (State of), Series 2016, GO Bonds | 4.13% | 11/01/2031 | 210 | 211118 |
|  Illinois (State of), Series 2016, GO Bonds | 5.00% | 01/01/2032 | 105 | 105580 |
|  Illinois (State of), Series 2016, GO Bonds | 5.00% | 11/01/2032 | 115 | 117018 |
|  Illinois (State of), Series 2016, GO Bonds | 5.00% | 01/01/2033 | 570 | 572785 |
|  Illinois (State of), Series 2016, GO Bonds | 5.00% | 11/01/2033 | 60 | 60925 |
|  Illinois (State of), Series 2016, GO Bonds | 5.00% | 11/01/2034 | 515 | 521494 |
|  Illinois (State of), Series 2016, GO Bonds | 5.00% | 01/01/2035 | 130 | 130448 |
|  Illinois (State of), Series 2016, GO Bonds | 4.00% | 06/01/2035 | 100 | 98834 |
|  Illinois (State of), Series 2016, GO Bonds | 4.25% | 01/01/2036 | 325 | 320615 |
|  Illinois (State of), Series 2016, GO Bonds | 5.00% | 11/01/2036 | 215 | 216665 |
|  Illinois (State of), Series 2016, GO Bonds | 4.50% | 11/01/2039 | 10 | 9592 |
|  Illinois (State of), Series 2016, GO Bonds, (INS - AGI)<sup>(c)</sup> | 4.00% | 01/01/2039 | 30 | 27962 |
|  Illinois (State of), Series 2016, Ref. GO Bonds | 5.00% | 02/01/2026 | 120 | 121204 |
|  Illinois (State of), Series 2017 A, GO Bonds | 5.00% | 12/01/2026 | 5 | 5145 |
|  Illinois (State of), Series 2017 D, GO Bonds | 3.25% | 11/01/2026 | 80 | 80435 |
|  Illinois (State of), Series 2017 D, GO Bonds | 5.00% | 11/01/2026 | 510 | 523865 |
|  Illinois (State of), Series 2018 B, Ref. GO Bonds | 5.00% | 10/01/2026 | 145 | 148666 |
|  Illinois (State of), Series 2019 A, GO Bonds | 5.00% | 11/01/2026 | 75 | 77039 |
|  Illinois (State of), Series 2020 B, Ref. GO Bonds | 5.00% | 10/01/2026 | 50 | 51264 |
|  Illinois (State of), Series 2020, GO Bonds | 5.50% | 05/01/2026 | 25 | 25470 |
|  Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 03/01/2026 | 5 | 5058 |
|  Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 12/01/2026 | 185 | 190382 |
|  Illinois (State of), Series 2021 B, GO Bonds | 5.00% | 03/01/2026 | 5 | 5058 |
|  Illinois (State of), Series 2022 A, GO Bonds | 5.00% | 03/01/2026 | 5 | 5059 |
|  Illinois (State of), Series 2022 B, Ref. GO Bonds | 5.00% | 03/01/2026 | 20 | 20237 |
|  Illinois (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 07/01/2026 | 65 | 66261 |
|  Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2026 | 25 | 25388 |
|  Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2026 | 10 | 10100 |
|  Illinois (State of) Educational Facilities Authority, Series 2002, RB | 4.00% | 11/01/2036 | 80 | 79697 |
|  Illinois (State of) Finance Authority (Art Institute of Chicago), Series 2016, Ref. RB | 5.00% | 03/01/2030 | 160 | 161679 |
|  Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB | 5.00% | 02/15/2026 | 215 | 217492 |
|  Illinois (State of) Finance Authority (Clean Water Initiative), Series 2016, RB<sup>(a)</sup> | 4.00% | 07/01/2026 | 135 | 135640 |
|  Illinois (State of) Finance Authority (Mercy Health Corp.), Series 2016, Ref. RB | 5.00% | 12/01/2040 | 305 | 305558 |
|  Illinois (State of) Finance Authority (Northwest Community Hospital), Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 4.00% | 07/01/2026 | 5 | 5063 |
|  Illinois (State of) Finance Authority (Northwest Community Hospital), Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 07/01/2026 | 35 | 35723 |
|  Illinois (State of) Finance Authority (Northwest Community Hospital), Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 07/01/2026 | 15 | 15310 |
|  Illinois (State of) Finance Authority (Northwestern Memorial Healthcare), Series 2017, Ref. RB | 5.00% | 07/15/2026 | 5 | 5108 |
|  Illinois (State of) Finance Authority (Northwestern University), Series 2015, RB | 5.00% | 12/01/2026 | 20 | 20114 |
|  Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2024, Ref. RB | 4.00% | 12/15/2026 | 25 | 25371 |

---

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

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| 149 |
| 149 |
| 149 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Illinois-(continued) |  |  |  |  |
|  Illinois (State of) Regional Transportation Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2026 | $75 | $76519 |
|  Illinois (State of) Toll Highway Authority, Series 2015 B, RB | 5.00% | 01/01/2036 | 260 | 260951 |
|  Illinois (State of) Toll Highway Authority, Series 2015 B, RB | 5.00% | 01/01/2037 | 10 | 10027 |
|  Illinois (State of) Toll Highway Authority, Series 2015 B, RB | 5.00% | 01/01/2040 | 1120 | &nbsp;&nbsp;&nbsp;&nbsp;1120679 |
|  Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB | 4.00% | 12/01/2031 | 175 | 175313 |
|  Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB | 5.00% | 12/01/2031 | 180 | 181019 |
|  Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB | 5.00% | 12/01/2032 | 285 | 286497 |
|  Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB | 5.00% | 01/01/2026 | 160 | 161382 |
|  Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB | 5.00% | 01/01/2026 | 420 | 423629 |
|  Northern Illinois Municipal Power Agency, Series 2016 A, Ref. RB | 5.00% | 12/01/2041 | 75 | 75995 |
|  Rosemont (Village of), IL, Series 2017 A, GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.00% | 12/01/2046 | 335 | 335759 |
|  Sales Tax Securitization Corp., Series 2017 A, Ref. RB | 5.00% | 01/01/2026 | 35 | 35235 |
|  Sales Tax Securitization Corp., Series 2021 A, Ref. RB | 5.00% | 01/01/2026 | 35 | 35235 |
|  Will & Kendall Counties Community Consolidated School District 202 Plainfield, Series 2018 A, Ref. GO Bonds | 4.00% | 01/01/2026 | 15 | 15061 |
|  Wisconsin (State of) Health & Educational Facilities Authority (Unitypoint Health), Series 2016 D, Ref. RB<sup>(a)(b)</sup> | 4.00% | 02/15/2026 | 55 | 55387 |
|  |  |  |  | 14458809 |
|  Indiana-1.16% |  |  |  |  |
|  Carmel (City of), IN Local Public Improvement Bond Bank, Series 2016, RB,<br>(CEP - Colorado Higher Education Intercept Program) | 5.00% | 07/15/2031 | 90 | 91617 |
|  Carmel (City of), IN Local Public Improvement Bond Bank, Series 2016, RB,<br>(CEP - Colorado Higher Education Intercept Program) | 5.00% | 07/15/2032 | 250 | 254360 |
|  Carmel (City of), IN Local Public Improvement Bond Bank, Series 2016, RB,<br>(CEP - Colorado Higher Education Intercept Program) | 5.00% | 07/15/2034 | 555 | 564200 |
|  Indiana (State of) Finance Authority, Series 2016 C, Ref. RB | 5.00% | 06/01/2028 | 40 | 41052 |
|  Indiana (State of) Finance Authority, Series 2016, Ref. RB | 5.00% | 09/01/2036 | 65 | 65766 |
|  Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB | 5.00% | 10/01/2026 | 35 | 35978 |
|  Indiana (State of) Finance Authority (Deaconess Health System Obligated Group), Series 2016 A, RB<sup>(a)(b)</sup> | 4.00% | 09/01/2026 | 165 | 167588 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2016 B, Ref. RB | 5.00% | 02/01/2028 | 10 | 10106 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2016 E, Ref. RB | 5.00% | 02/01/2026 | 500 | 505363 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2016, Ref. RB | 5.00% | 02/01/2029 | 15 | 15337 |
|  Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB | 5.00% | 01/01/2033 | 15 | 15224 |
|  Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB | 5.00% | 01/01/2034 | 35 | 35491 |
|  Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB | 5.00% | 01/01/2035 | 260 | 263496 |
|  Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB | 5.00% | 01/01/2037 | 15 | 15187 |
|  Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB | 5.00% | 01/01/2042 | 615 | 620849 |
|  Indiana (State of) Municipal Power Agency, Series 2016 C, Ref. RB | 5.00% | 01/01/2039 | 65 | 65778 |
|  Indiana University, Series 2016 A, Ref. RB | 5.00% | 06/01/2028 | 25 | 25410 |
|  Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB | 5.00% | 10/01/2026 | 545 | 560695 |
|  |  |  |  | 3353497 |
|  Iowa-0.17% |  |  |  |  |
|  Iowa (State of), Series 2016 A, Ref. RB | 4.00% | 06/01/2026 | 35 | 35391 |
|  Iowa (State of), Series 2016 A, Ref. RB | 5.00% | 06/01/2028 | 55 | 55989 |
|  Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB | 5.00% | 08/01/2026 | 80 | 81950 |
|  Iowa (State of) Higher Education Loan Authority (Grinnell College), Series 2017, RB | 5.00% | 12/01/2041 | 205 | 207802 |
|  Xenia (City of), IA Rural Water District, Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 12/01/2026 | 85 | 87764 |
|  Xenia (City of), IA Rural Water District, Series 2016, Ref. RN<sup>(a)(b)</sup> | 5.00% | 12/01/2026 | 30 | 30975 |
|  |  |  |  | 499871 |
|  Kansas-0.35% |  |  |  |  |
|  Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB | 5.00% | 09/01/2026 | 145 | 148694 |
|  Johnson (County of), KS Unified School District No. 233 (Olathe), Series 2016 B, Ref. GO Bonds | 4.00% | 09/01/2030 | 25 | 25295 |
|  Johnson (County of), KS Unified School District No. 233 (Olathe), Series 2016 B, Ref. GO Bonds | 4.00% | 09/01/2031 | 125 | 126180 |
|  Kansas (State of) Department of Transportation, Series 2015 B, RB<sup>(a)(b)</sup> | 5.00% | 09/01/2025 | 40 | 40000 |

---

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

---

| |
|:---|
| 150 |
| 150 |
| 150 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Kansas-(continued) |  |  |  |  |
|  Kansas (State of) Department of Transportation, Series 2024 A, Ref. RB | 5.00% | 09/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;110 | $112990 |
|  Sedgwick County Unified School District No. 260 Derby, Series 2018 B, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 10/01/2026 | 20 | 20563 |
|  Wyandotte County Unified School District No. 500, Series 2016 A, GO Bonds<sup>(a)(b)</sup> | 4.00% | 09/01/2026 | 45 | 45728 |
|  Wyandotte County Unified School District No. 500, Series 2016 A, GO Bonds<sup>(a)(b)</sup> | 4.13% | 09/01/2026 | 35 | 35609 |
|  Wyandotte County Unified School District No. 500, Series 2016 A, GO Bonds<sup>(a)(b)</sup> | 5.25% | 09/01/2026 | 55 | 56564 |
|  Wyandotte County Unified School District No. 500, Series 2016 A, GO Bonds<sup>(a)(b)</sup> | 5.50% | 09/01/2026 | 380 | 391734 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1003357 |
|  Kentucky-0.74% |  |  |  |  |
|  Kentucky (Commonwealth of) Asset Liability Commission (2014 Federal Highway Trust Fund), |  |  |  |  |
|  Series 2024, Ref. RB | 5.00% | 09/01/2026 | 175 | 179494 |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB | 5.00% | 11/01/2026 | 455 | 468957 |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB | 5.00% | 11/01/2028 | 80 | 82356 |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 130), Series 2024 B, Ref. RB | 5.00% | 11/01/2026 | 100 | 103067 |
|  Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2016 A, Ref. RB | 5.00% | 07/01/2028 | 70 | 71207 |
|  Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2017 B, Ref. RB | 5.00% | 07/01/2026 | 245 | 250022 |
|  Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.),<br>Series 2016 A, Ref. RB | 5.00% | 10/01/2029 | 85 | 86903 |
|  Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.),<br>Series 2016 A, Ref. RB | 5.00% | 10/01/2030 | 385 | 393042 |
|  Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.),<br>Series 2016 A, Ref. RB | 5.00% | 10/01/2031 | 125 | 127373 |
|  Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.),<br>Series 2016 A, Ref. RB | 5.00% | 10/01/2032 | 120 | 122093 |
|  Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.),<br>Series 2016 A, Ref. RB | 5.00% | 10/01/2033 | 150 | 152381 |
|  Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2023 C, Ref. RB | 5.00% | 05/15/2026 | 75 | 76395 |
|  University of Kentucky, Series 2018 A, RB, (CEP - Colorado Higher Education Intercept Program) | 4.00% | 10/01/2032 | 45 | 45158 |
|  |  |  |  | 2158448 |
|  Louisiana-0.49% |  |  |  |  |
|  Louisiana (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 08/01/2026 | 385 | 394243 |
|  Louisiana (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 08/01/2028 | 65 | 66476 |
|  Louisiana (State of) (Garvee), Series 2019 A, RB | 5.00% | 09/01/2026 | 265 | 271964 |
|  Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Louisiana Insurance Guaranty Association Project), Series 2022, RB | 5.00% | 08/15/2026 | 20 | 20448 |
|  Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2016, Ref. RB | 4.00% | 05/15/2035 | 160 | 157263 |
|  Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2016, Ref. RB | 4.00% | 05/15/2036 | 320 | 309916 |
|  Louisiana State Citizens Property Insurance Corp., Series 2016 A, Ref. RB | 5.00% | 06/01/2026 | 150 | 152757 |
|  Shreveport (City of), LA, Series 2016 B, RB | 5.00% | 12/01/2041 | 50 | 50029 |
|  |  |  |  | 1423096 |
|  Maine-0.02% |  |  |  |  |
|  Maine (State of) Municipal Bond Bank (Transcap), Series 2021 A, Ref. RB<sup>(a)</sup> | 5.00% | 09/01/2026 | 50 | 51354 |
|  Maryland-1.67% |  |  |  |  |
|  Howard (County of), MD, Series 2017 D, Ref. GO Bonds | 5.00% | 02/15/2026 | 45 | 45550 |
|  Maryland (State of), Second Series 2018 B, GO Bonds | 5.00% | 08/01/2026 | 45 | 46109 |
|  Maryland (State of), Series 2015 B, Ref. GO Bonds | 4.00% | 08/01/2026 | 205 | 208210 |
|  Maryland (State of), Series 2017 A, GO Bonds | 5.00% | 03/15/2026 | 20 | 20285 |
|  Maryland (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2026 | 80 | 81972 |
|  Maryland (State of), Series 2017 B, Ref. GO Bonds | 5.00% | 08/01/2026 | 105 | 107588 |
|  Maryland (State of), Series 2018 A, GO Bonds | 5.00% | 03/15/2026 | 100 | 101427 |
|  Maryland (State of), Series 2019, GO Bonds | 5.00% | 03/15/2026 | 5 | 5071 |
|  Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds | 5.00% | 08/01/2026 | 105 | 107588 |
|  Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2026 | 150 | 153697 |
|  Maryland (State of) (Bidding Group 1), Series 2021 A, GO Bonds | 5.00% | 08/01/2026 | 180 | 184437 |
|  Maryland (State of) Department of Transportation, Series 2017, RB | 5.00% | 05/01/2026 | 35 | 35041 |
|  Maryland (State of) Department of Transportation, Series 2019, RB | 5.00% | 10/01/2026 | 1500 | 1543522 |
|  Maryland (State of) Department of Transportation, Series 2022 B, Ref. RB | 5.00% | 12/01/2026 | 60 | 62011 |

---

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

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| 151 |
| 151 |
| 151 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Maryland-(continued) |  |  |  |  |
|  Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB | 5.00% | 10/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;165 | $169787 |
|  Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB | 5.00% | 10/01/2028 | 250 | 257116 |
|  Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB | 5.00% | 10/01/2029 | 10 | 10270 |
|  Maryland (State of) Stadium Authority (Baltimore City Public Schools), Series 2016, RB,<br>(CEP - Colorado Higher Education Intercept Program)<sup>(a)(b)</sup> | 5.00% | 05/01/2026 | 615 | 625705 |
|  Maryland (State of) Stadium Authority (Baltimore City Public Schools), Series 2016, RB,<br>(CEP - Colorado Higher Education Intercept Program)<sup>(a)(b)</sup> | 5.00% | 05/01/2026 | 290 | 295048 |
|  Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB | 5.00% | 07/01/2026 | 35 | 35776 |
|  Montgomery (County of), MD, Series 2017 C, Ref. GO Bonds | 5.00% | 10/01/2026 | 370 | 380816 |
|  Montgomery (County of), MD, Series 2018 A, GO Bonds | 5.00% | 11/01/2026 | 160 | 165039 |
|  Montgomery (County of), MD, Series 2020 A, GO Bonds | 4.00% | 08/01/2026 | 25 | 25391 |
|  Montgomery (County of), MD, Series 2024 B, Ref. GO Bonds | 5.00% | 12/01/2026 | 80 | 82701 |
|  Prince George's (County of), MD, Series 2018 A, GO Bonds | 5.00% | 07/15/2026 | 70 | 71663 |
|  Prince George's (County of), MD, Series 2019 A, GO Bonds | 5.00% | 07/15/2026 | 10 | 10238 |
|  Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB | 3.00% | 06/01/2026 | 20 | 20069 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4852127 |
|  Massachusetts-3.18% |  |  |  |  |
|  Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds | 5.00% | 07/01/2026 | 165 | 168740 |
|  Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2026 | 10 | 10227 |
|  Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2028 | 160 | 163451 |
|  Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2029 | 20 | 20414 |
|  Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2031 | 55 | 56007 |
|  Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2032 | 50 | 50853 |
|  Massachusetts (Commonwealth of), Series 2016 A, Ref. RB | 5.00% | 06/01/2026 | 70 | 71391 |
|  Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2026 | 85 | 86926 |
|  Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2031 | 290 | 295307 |
|  Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds | 4.00% | 07/01/2033 | 300 | 301086 |
|  Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2033 | 200 | 203085 |
|  Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2034 | 80 | 81111 |
|  Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2036 | 100 | 101058 |
|  Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2038 | 135 | 136020 |
|  Massachusetts (Commonwealth of), Series 2016 C, Ref. GO Bonds | 5.00% | 04/01/2026 | 150 | 152355 |
|  Massachusetts (Commonwealth of), Series 2016 G, GO Bonds | 4.00% | 09/01/2032 | 10 | 10061 |
|  Massachusetts (Commonwealth of), Series 2016 G, GO Bonds | 4.00% | 09/01/2034 | 40 | 40094 |
|  Massachusetts (Commonwealth of), Series 2016 G, GO Bonds | 4.00% | 09/01/2035 | 290 | 290273 |
|  Massachusetts (Commonwealth of), Series 2016 G, GO Bonds | 4.00% | 09/01/2037 | 20 | 19999 |
|  Massachusetts (Commonwealth of), Series 2016 G, Ref. GO Bonds | 4.00% | 09/01/2033 | 5 | 5021 |
|  Massachusetts (Commonwealth of), Series 2016 H, GO Bonds | 5.00% | 12/01/2026 | 140 | 144797 |
|  Massachusetts (Commonwealth of), Series 2016 I, GO Bonds | 5.00% | 12/01/2028 | 15 | 15480 |
|  Massachusetts (Commonwealth of), Series 2016 I, GO Bonds | 5.00% | 12/01/2029 | 5 | 5152 |
|  Massachusetts (Commonwealth of), Series 2016 I, GO Bonds | 5.00% | 12/01/2030 | 25 | 25716 |
|  Massachusetts (Commonwealth of), Series 2016 I, GO Bonds | 5.00% | 12/01/2031 | 45 | 46194 |
|  Massachusetts (Commonwealth of), Series 2016 I, GO Bonds | 5.00% | 12/01/2033 | 5 | 5112 |
|  Massachusetts (Commonwealth of), Series 2016 I, GO Bonds | 5.00% | 12/01/2034 | 515 | 525289 |
|  Massachusetts (Commonwealth of), Series 2016 I, GO Bonds | 5.00% | 12/01/2035 | 70 | 71223 |
|  Massachusetts (Commonwealth of), Series 2016 J, GO Bonds | 5.00% | 12/01/2036 | 20 | 20300 |
|  Massachusetts (Commonwealth of), Series 2016 J, GO Bonds | 5.00% | 12/01/2037 | 115 | 116441 |
|  Massachusetts (Commonwealth of), Series 2016 J, Ref. GO Bonds | 5.00% | 12/01/2038 | 30 | 30317 |
|  Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds | 5.00% | 10/01/2026 | 50 | 51483 |
|  Massachusetts (Commonwealth of), Series 2017 D, Ref. GO Bonds | 5.00% | 07/01/2026 | 25 | 25567 |
|  Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds | 5.00% | 11/01/2026 | 240 | 247671 |
|  Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds | 5.00% | 07/01/2026 | 20 | 20453 |
|  Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds | 5.00% | 09/01/2026 | 125 | 128422 |
|  Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds | 5.00% | 01/01/2026 | 115 | 116013 |
|  Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds | 5.00% | 05/01/2026 | 200 | 203601 |
|  Massachusetts (Commonwealth of), Series 2019 E, Ref. GO Bonds | 3.00% | 12/01/2026 | 5 | 5033 |
|  Massachusetts (Commonwealth of), Series 2019 F, GO Bonds | 5.00% | 05/01/2026 | 75 | 76350 |

---

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

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| 152 |
| 152 |
| 152 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Massachusetts-(continued) |  |  |  |  |
|  Massachusetts (Commonwealth of), Series 2020 E, GO Bonds | 5.00% | 11/01/2026 | $5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5160 |
|  Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2016 A, RB | 5.00% | 06/01/2041 | 30 | 30078 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB | 5.00% | 07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;125 | 127833 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2006 A, Ref. RB | 5.25% | 07/01/2026 | 5 | 5123 |
|  Massachusetts (Commonwealth of) Clean Water Trust (The), Series 2014, Ref. RB<sup>(a)</sup> | 5.00% | 08/01/2026 | 20 | 20484 |
|  Massachusetts (Commonwealth of) Development Finance Agency, Series 2017, RB | 5.00% | 07/01/2047 | 25 | 23518 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Bentley University), Series 2016, RB | 5.00% | 07/01/2040 | 755 | 757527 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Berklee College of Music), Series 2016, Ref. RB | 5.00% | 10/01/2046 | 250 | 248104 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2016 E, Ref. RB | 5.00% | 07/01/2037 | 220 | 220809 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2016 BB-1, RB | 5.00% | 10/01/2046 | 5 | 5046 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Caregroup), Series 2016 I, Ref. RB | 5.00% | 07/01/2028 | 10 | 10171 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB | 5.00% | 07/15/2026 | 100 | 102202 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB | 4.00% | 07/15/2029 | 20 | 20182 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB | 5.00% | 07/15/2033 | 510 | 518454 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB | 5.00% | 07/15/2034 | 10 | 10154 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB | 4.00% | 07/15/2036 | 75 | 74833 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB | 5.00% | 10/15/2026 | 305 | 313689 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB | 5.00% | 07/01/2028 | 15 | 15311 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB | 5.00% | 07/01/2029 | 25 | 25506 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB | 5.00% | 07/01/2031 | 250 | 254437 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB | 4.00% | 07/01/2032 | 10 | 10056 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB | 5.00% | 07/01/2041 | 200 | 200907 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB | 5.00% | 07/01/2026 | 25 | 25539 |
|  Massachusetts (Commonwealth of) Development Finance Agency (South Shore Hospital), Series 2016 I, Ref. RB | 5.00% | 07/01/2041 | 70 | 67662 |
|  Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 40 | 41004 |
|  Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB | 5.00% | 11/15/2035 | 50 | 50906 |
|  Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB | 5.00% | 11/15/2036 | 45 | 45709 |
|  Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB | 5.00% | 11/15/2046 | 40 | 40017 |
|  Massachusetts (Commonwealth of) School Building Authority, Series 2016 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 5 | 5119 |
|  Massachusetts (Commonwealth of) School Building Authority, Series 2016 C, Ref. RB | 5.00% | 08/01/2028 | 5 | 5123 |
|  Massachusetts (Commonwealth of) School Building Authority, Series 2016 C, Ref. RB | 5.00% | 11/15/2033 | 20 | 20444 |
|  Massachusetts (Commonwealth of) School Building Authority, Series 2016 C, Ref. RB | 5.00% | 11/15/2034 | 420 | 428879 |
|  Massachusetts (Commonwealth of) School Building Authority, Series 2019 A, RB<sup>(a)(b)</sup> | 5.00% | 02/15/2026 | 250 | 253004 |
|  Massachusetts (Commonwealth of) School Building Authority (Social Bonds), Series 2016 C, Ref. RB | 5.00% | 08/01/2029 | 5 | 5116 |
|  Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB | 5.00% | 01/01/2026 | 90 | 90811 |
|  Massachusetts (Commonwealth of) Transportation Trust Fund (Contract Assistance), Series 2018, Ref. RB | 5.00% | 01/01/2026 | 65 | 65585 |
|  Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 160 | 164017 |

---

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

---

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|:---|
| 153 |
| 153 |
| 153 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Massachusetts-(continued) |  |  |  |  |
|  Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;155 | $158892 |
|  Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 5 | 5125 |
|  Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 495 | 507429 |
|  Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 5 | 5119 |
|  Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 5 | 5119 |
|  Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 15 | 15377 |
|  Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 35 | 35879 |
|  Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB | 5.00% | 08/01/2030 | 20 | 20441 |
|  University of Massachusetts Building Authority, Series 2021, Ref. RB | 5.00% | 11/01/2026 | 5 | 5156 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;9211149 |
|  Michigan-2.35% |  |  |  |  |
|  Great Lakes Water Authority, Series 2016 A, RB | 5.00% | 07/01/2046 | 30 | 30038 |
|  Great Lakes Water Authority, Series 2016 B, RB | 5.00% | 07/01/2046 | 20 | 20003 |
|  Great Lakes Water Authority, Series 2016 C, Ref. RB | 5.00% | 07/01/2028 | 20 | 20394 |
|  Great Lakes Water Authority, Series 2016 C, Ref. RB | 5.00% | 07/01/2029 | 25 | 25477 |
|  Great Lakes Water Authority, Series 2016 C, Ref. RB | 5.00% | 07/01/2036 | 180 | 181921 |
|  Great Lakes Water Authority, Series 2016 D, Ref. RB | 5.00% | 07/01/2030 | 500 | 508772 |
|  Great Lakes Water Authority, Series 2016 D, Ref. RB | 5.00% | 07/01/2036 | 30 | 30340 |
|  Great Lakes Water Authority, Series 2018 A, Ref. RB | 5.00% | 07/01/2026 | 170 | 173569 |
|  Great Lakes Water Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2026 | 110 | 112365 |
|  Great Lakes Water Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2026 | 5 | 5107 |
|  Livonia Public Schools, Series 2016, GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.00% | 05/01/2045 | 45 | 45055 |
|  Michigan (State of), Series 2017 A, Ref. GO Bonds | 5.00% | 05/01/2026 | 75 | 76330 |
|  Michigan (State of), Series 2018, GO Bonds | 4.00% | 05/01/2028 | 55 | 55587 |
|  Michigan (State of), Series 2018, GO Bonds | 4.00% | 05/01/2029 | 60 | 60611 |
|  Michigan (State of), Series 2023, RB | 5.00% | 11/15/2026 | 5 | 5163 |
|  Michigan (State of) (Garvee), Series 2016, Ref. RB | 5.00% | 03/15/2026 | 185 | 187590 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB | 5.00% | 10/15/2030 | 160 | 163909 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB | 5.00% | 10/15/2031 | 175 | 178971 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB | 5.00% | 10/15/2032 | 115 | 117440 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB | 5.00% | 10/15/2033 | 40 | 40797 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB | 5.00% | 10/15/2034 | 500 | 509367 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB | 5.00% | 04/15/2035 | 135 | 137436 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB | 5.00% | 04/15/2041 | 300 | 302714 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB | 5.00% | 10/15/2046 | 150 | 150117 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB | 5.00% | 10/15/2051 | 400 | 399986 |
|  Michigan (State of) Finance Authority (Bronson Healthcare Group), Series 2020 A, Ref. RB | 5.00% | 05/15/2036 | 80 | 80646 |
|  Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016 B, Ref. RB | 5.00% | 10/01/2026 | 515 | 530110 |
|  Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016 B, Ref. RB | 5.00% | 10/01/2029 | 140 | 143665 |
|  Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016, Ref. RB | 5.00% | 10/01/2028 | 235 | 241178 |
|  Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB | 5.00% | 11/15/2028 | 20 | 20547 |
|  Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB | 5.00% | 11/15/2029 | 70 | 71815 |
|  Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB | 5.00% | 11/15/2030 | 35 | 35834 |
|  Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB | 5.00% | 11/15/2031 | 5 | 5107 |
|  Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB | 5.00% | 11/15/2032 | 140 | 142707 |
|  Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB | 5.00% | 11/15/2034 | 80 | 81223 |
|  Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB | 5.00% | 11/15/2037 | 500 | 504719 |
|  Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB | 5.00% | 11/15/2041 | 110 | 110262 |
|  Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2016 MI, Ref. RB | 5.00% | 12/01/2033 | 220 | 222483 |

---

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

---

| |
|:---|
| 154 |
| 154 |
| 154 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Michigan-(continued) |  |  |  |  |
|  Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB | 5.00% | 12/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;250 | $257316 |
|  Michigan (State of) Hospital Finance Authority (Ascension Senior Credit Group), Series 2010, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/15/2026 | 45 | 46382 |
|  Michigan (State of) Hospital Finance Authority (Trinity Health Credit Group), Series 2008 C, Ref. RB | 5.00% | 12/01/2026 | 105 | 108073 |
|  Port Huron Area School District, Series 2016, GO Bonds, (INS - AGI)<sup>(c)</sup> | 4.00% | 05/01/2039 | 230 | 224546 |
|  University of Michigan, Series 2015, Ref. RB<sup>(a)(b)</sup> | 5.00% | 04/01/2026 | 135 | 137010 |
|  University of Michigan, Series 2015, Ref. RB<sup>(a)(b)</sup> | 5.00% | 04/01/2026 | 75 | 76117 |
|  University of Michigan, Series 2015, Ref. RB<sup>(a)(b)</sup> | 5.00% | 04/01/2026 | 55 | 55819 |
|  University of Michigan, Series 2015, Ref. RB | 5.00% | 04/01/2031 | 70 | 71075 |
|  University of Michigan, Series 2015, Ref. RB | 4.00% | 04/01/2034 | 5 | 5014 |
|  University of Michigan, Series 2017 A, Ref. RB | 5.00% | 04/01/2026 | 100 | 101524 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6812231 |
|  Minnesota-0.84% |  |  |  |  |
|  Metropolitan Council, Series 2021 C, GO Bonds | 5.00% | 12/01/2026 | 25 | 25850 |
|  Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB | 5.00% | 01/01/2026 | 25 | 25218 |
|  Minnesota (State of), Series 2016 D, Ref. GO Bonds | 5.00% | 08/01/2026 | 45 | 46118 |
|  Minnesota (State of), Series 2017 A, GO Bonds | 5.00% | 10/01/2026 | 525 | 540461 |
|  Minnesota (State of), Series 2017 D, Ref. GO Bonds | 5.00% | 10/01/2026 | 85 | 87503 |
|  Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2026 | 70 | 71738 |
|  Minnesota (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2026 | 25 | 25621 |
|  Minnesota (State of), Series 2021 A, GO Bonds | 5.00% | 09/01/2026 | 45 | 46223 |
|  Minnesota (State of), Series 2022 A, Ref. RB | 5.00% | 03/01/2026 | 100 | 101307 |
|  Minnesota (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 08/01/2026 | 20 | 20491 |
|  Minnesota (State of), Series 2024 B, GO Bonds | 5.00% | 08/01/2026 | 45 | 46117 |
|  Minnesota (State of) Public Facilities Authority, Series 2016 A, RB | 5.00% | 03/01/2035 | 5 | 5049 |
|  Minnesota (State of) Public Facilities Authority, Series 2016 A, RB | 5.00% | 03/01/2036 | 1250 | 1262436 |
|  St. Cloud (City of), MN (CentraCare Health System), Series 2016 A, Ref. RB | 3.25% | 05/01/2039 | 100 | 85498 |
|  University of Minnesota, Series 2016 A, RB | 5.00% | 04/01/2041 | 50 | 50291 |
|  |  |  |  | 2439921 |
|  Mississippi-0.38% |  |  |  |  |
|  Minnesota (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup> | 5.00% | 11/01/2026 | 25 | 25758 |
|  Mississippi (State of), Series 2016 B, GO Bonds<sup>(a)(b)</sup> | 5.00% | 12/01/2026 | 105 | 108414 |
|  Mississippi (State of), Series 2016 B, GO Bonds<sup>(a)(b)</sup> | 5.00% | 12/01/2026 | 50 | 51626 |
|  Mississippi (State of), Series 2016 B, GO Bonds<sup>(a)(b)</sup> | 5.00% | 12/01/2026 | 55 | 56788 |
|  Mississippi (State of), Series 2016 B, GO Bonds<sup>(a)(b)</sup> | 5.00% | 12/01/2026 | 55 | 56788 |
|  Mississippi (State of), Series 2016 B, GO Bonds<sup>(a)(b)</sup> | 5.00% | 12/01/2026 | 20 | 20650 |
|  Mississippi (State of), Series 2016 B, GO Bonds<sup>(a)(b)</sup> | 5.00% | 12/01/2026 | 50 | 51626 |
|  Mississippi (State of), Series 2016 B, GO Bonds<sup>(a)(b)</sup> | 5.00% | 12/01/2026 | 35 | 36138 |
|  Mississippi (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup> | 5.00% | 11/01/2026 | 140 | 144245 |
|  Mississippi (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup> | 5.00% | 11/01/2026 | 155 | 159700 |
|  Mississippi (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup> | 5.00% | 11/01/2026 | 30 | 30910 |
|  Mississippi (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup> | 5.00% | 11/01/2026 | 150 | 154549 |
|  Mississippi (State of) Hospital Equipment & Facilities Authority (Baptist Memorial Health Care), Series 2016, RB | 5.00% | 09/01/2041 | 200 | 194129 |
|  |  |  |  | 1091321 |
|  Missouri-0.71% |  |  |  |  |
|  Curators of the University of Missouri (The), Series 2024, Ref. RB | 5.00% | 11/01/2026 | 50 | 51516 |
|  Hazelwood School District, Series 2017 A, Ref. GO Bonds | 3.00% | 03/01/2029 | 70 | 70154 |
|  Hazelwood School District, Series 2017, Ref. GO Bonds | 4.00% | 03/01/2028 | 190 | 191573 |
|  Hazelwood School District, Series 2017, Ref. GO Bonds | 4.00% | 03/01/2030 | 130 | 130892 |
|  Kansas City (City of), MO, Series 2022 A, Ref. GO Bonds | 5.00% | 02/01/2026 | 110 | 111116 |
|  Metropolitan St. Louis Sewer District, Series 2016 C, RB<sup>(a)</sup> | 4.00% | 05/01/2041 | 15 | 15133 |
|  Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB | 5.00% | 05/01/2026 | 40 | 40717 |
|  Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB | 5.00% | 10/01/2026 | 55 | 56632 |
|  Missouri (State of) Environmental Improvement & Energy Resources Authority, Series 2015 B, Ref. RB | 5.00% | 07/01/2026 | 15 | 15017 |

---

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

---

| |
|:---|
| 155 |
| 155 |
| 155 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Missouri-(continued) |  |  |  |  |
|  Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB | 5.00% | 06/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;10 | $10171 |
|  Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.), Series 2016, Ref. RB | 5.00% | 11/15/2028 | 25 | 25435 |
|  Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.), Series 2016, Ref. RB | 5.00% | 11/15/2029 | 75 | 76148 |
|  Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.), Series 2016, Ref. RB | 5.00% | 11/15/2030 | 75 | 76051 |
|  Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.), Series 2016, Ref. RB | 5.00% | 11/15/2031 | 55 | 55692 |
|  Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.), Series 2016, Ref. RB | 4.00% | 11/15/2033 | 55 | 55088 |
|  Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.), Series 2016, Ref. RB | 5.00% | 11/15/2034 | 30 | 30270 |
|  Missouri (State of) Highway & Transportation Commission, Series 2014 A, Ref. RB | 5.00% | 05/01/2026 | 305 | 310431 |
|  Missouri (State of) Highway & Transportation Commission, Series 2019 B, RB | 5.00% | 11/01/2026 | 150 | 154741 |
|  Missouri (State of) Highway & Transportation Commission, Series 2022, RB | 5.00% | 05/01/2026 | 10 | 10178 |
|  Missouri (State of) Highway & Transportation Commission (State Appropriations Mega), Series 2023, RB | 5.00% | 05/01/2026 | 275 | 279897 |
|  Missouri (State of) Joint Municipal Electric Utility Commission (Plum Point), Series 2015 A, Ref. RB | 3.75% | 01/01/2036 | 145 | 141949 |
|  Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB | 4.00% | 12/01/2032 | 80 | 80133 |
|  St. Louis (City of), MO, Series 2007 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.25% | 07/01/2026 | 20 | 20464 |
|  St. Louis County Reorganized School District No. R-6, Series 2018, GO Bonds | 5.00% | 02/01/2026 | 20 | 20214 |
|  St. Louis Land Clearance for Redevelopment Authority, Series 2017, RB | 5.00% | 06/01/2040 | 30 | 29300 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2058912 |
|  Nebraska-0.16% |  |  |  |  |
|  Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB | 5.00% | 02/01/2026 | 40 | 40436 |
|  Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB | 5.00% | 02/01/2028 | 85 | 85867 |
|  Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB | 5.00% | 02/01/2041 | 20 | 20051 |
|  Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2016, Ref. RB | 5.00% | 01/01/2032 | 85 | 86649 |
|  Sarpy (County of), NE Hospital Authority No. 1 (NE Medicine), Series 2016, Ref. RB | 3.00% | 05/15/2046 | 310 | 233490 |
|  |  |  |  | 466493 |
|  Nevada-1.10% |  |  |  |  |
|  Clark (County of), NV, Series 2016 B, Ref. GO Bonds | 5.00% | 11/01/2026 | 305 | 314427 |
|  Clark (County of), NV, Series 2016 B, Ref. GO Bonds | 5.00% | 11/01/2028 | 35 | 35888 |
|  Clark (County of), NV, Series 2016 B, Ref. GO Bonds | 4.00% | 11/01/2031 | 90 | 90953 |
|  Clark (County of), NV, Series 2016 B, Ref. GO Bonds | 4.00% | 11/01/2032 | 20 | 20159 |
|  Clark (County of), NV, Series 2016 B, Ref. GO Bonds | 4.00% | 11/01/2034 | 40 | 40171 |
|  Clark (County of), NV, Series 2020 C, Ref. RB | 5.00% | 07/01/2026 | 10 | 10212 |
|  Clark (County of), NV (Las Vegas McCarran International Airport), Series 2015 C, Ref. RB | 5.00% | 07/01/2026 | 50 | 51067 |
|  Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB | 5.00% | 07/01/2026 | 15 | 15320 |
|  Clark (County of), NV Department of Aviation, Series 2019, Ref. RB | 5.00% | 07/01/2026 | 70 | 71516 |
|  Clark (County of), NV Department of Aviation, Series 2024 A, Ref. RB | 5.00% | 07/01/2026 | 25 | 25533 |
|  Clark (County of), NV Water Reclamation District, Series 2016, Ref. GO Bonds | 4.00% | 07/01/2035 | 250 | 250590 |
|  Clark County School District, Series 2015 C, Ref. GO Bonds | 5.00% | 06/15/2026 | 25 | 25178 |
|  Clark County School District, Series 2016 B, Ref. GO Bonds | 5.00% | 06/15/2026 | 85 | 86727 |
|  Clark County School District, Series 2017 A, Ref. GO Bonds | 5.00% | 06/15/2026 | 95 | 96930 |
|  Clark County School District No. 114 Evergreen, Series 2019 A, Ref. RB | 5.00% | 07/01/2026 | 30 | 30640 |
|  Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds | 5.00% | 06/01/2033 | 500 | 507129 |
|  Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds | 5.00% | 06/01/2035 | 10 | 10125 |
|  Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds | 5.00% | 06/01/2036 | 175 | 176885 |
|  Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds | 5.00% | 06/01/2037 | 75 | 75730 |
|  Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds | 5.00% | 06/01/2038 | 295 | 297329 |
|  Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds | 5.00% | 06/01/2041 | 175 | 175778 |
|  Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds | 5.00% | 06/01/2046 | 110 | 110040 |
|  Las Vegas Valley Water District, Series 2019 B, Ref. GO Bonds | 5.00% | 06/01/2026 | 50 | 51001 |
|  Nevada (State of), Series 2016, Ref. RB | 5.00% | 12/01/2026 | 105 | 107016 |
|  Nevada (State of), Series 2016, Ref. RB | 5.00% | 12/01/2028 | 80 | 81248 |

---

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

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|:---|
| 156 |
| 156 |
| 156 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Nevada-(continued) |  |  |  |  |
|  Nevada (State of), Series 2025 A, Ref. GO Bonds | 5.00% | 04/01/2026 | $5 | $5077 |
|  Truckee Meadows Water Authority, Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 07/01/2026 | 40 | 40877 |
|  Truckee Meadows Water Authority, Series 2016, Ref. RB | 5.00% | 07/01/2031 | 240 | 244178 |
|  Truckee Meadows Water Authority, Series 2016, Ref. RB | 5.00% | 07/01/2032 | 140 | 142264 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3189988 |
|  New Hampshire-0.01% |  |  |  |  |
|  New Hampshire (State of) Health and Education Facilities Authority (Elliot Hospital), Series 2016, Ref. RB | 5.00% | 10/01/2038 | 30 | 30089 |
|  New Jersey-3.62% |  |  |  |  |
|  Bayonne (City of), NJ, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 07/01/2026 | 135 | 138003 |
|  Hudson County Improvement Authority (Hudson County Vocational - Technical Schools), Series 2016, RB | 5.00% | 05/01/2041 | 20 | 20061 |
|  New Jersey (State of), Series 2020 A, GO Bonds | 5.00% | 06/01/2026 | 375 | 382201 |
|  New Jersey (State of) Economic Development Authority, Series 2004, RB, (INS - NATL)<sup>(c)</sup> | 5.25% | 07/01/2026 | 35 | 35643 |
|  New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB | 4.25% | 06/15/2026 | 80 | 80042 |
|  New Jersey (State of) Economic Development Authority, Series 2016 AAA, RB<sup>(a)(b)</sup> | 5.00% | 12/15/2026 | 345 | 356562 |
|  New Jersey (State of) Economic Development Authority, Series 2016 AAA, RB<sup>(a)(b)</sup> | 5.00% | 12/15/2026 | 275 | 284216 |
|  New Jersey (State of) Economic Development Authority, Series 2016 BBB, Ref. RB<sup>(a)(b)</sup> | 4.75% | 12/15/2026 | 110 | 113340 |
|  New Jersey (State of) Economic Development Authority, Series 2016 BBB, Ref. RB<sup>(a)(b)</sup> | 5.50% | 12/15/2026 | 465 | 483511 |
|  New Jersey (State of) Economic Development Authority, Series 2016 BBB, Ref. RB<sup>(a)(b)</sup> | 5.50% | 12/15/2026 | 255 | 265151 |
|  New Jersey (State of) Economic Development Authority, Series 2016 BBB, Ref. RB<sup>(a)(b)</sup> | 5.50% | 12/15/2026 | 55 | 57190 |
|  New Jersey (State of) Economic Development Authority, Series 2017 B, Ref. RB | 5.00% | 11/01/2026 | 425 | 437144 |
|  New Jersey (State of) Economic Development Authority, Series 2023 RRR, Ref. RB | 5.00% | 03/01/2026 | 665 | 672964 |
|  New Jersey (State of) Economic Development Authority, Series 2024, Ref. RB | 5.00% | 06/15/2026 | 45 | 45861 |
|  New Jersey (State of) Educational Facilities Authority, Series 2016 B, RB | 5.00% | 09/01/2036 | 10 | 10105 |
|  New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2016 B, Ref. RB | 5.00% | 07/01/2031 | 145 | 147336 |
|  New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2024, Ref. RB | 5.00% | 03/01/2026 | 1000 | 1013220 |
|  New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB | 4.00% | 07/01/2032 | 190 | 191023 |
|  New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB | 5.00% | 07/01/2033 | 65 | 65998 |
|  New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB | 4.00% | 07/01/2036 | 200 | 200404 |
|  New Jersey (State of) Health Care Facilities Financing Authority (Princeton HealthCare System), Series 2016 A, Ref. RB | 5.00% | 07/01/2039 | 100 | 100611 |
|  New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group),<br>Series 2016 A, Ref. RB | 5.00% | 07/01/2029 | 75 | 76524 |
|  New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group),<br>Series 2016 A, Ref. RB | 5.00% | 07/01/2030 | 170 | 173279 |
|  New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group),<br>Series 2016 A, Ref. RB | 5.00% | 07/01/2031 | 70 | 71248 |
|  New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group),<br>Series 2016, Ref. RB | 4.00% | 07/01/2035 | 665 | 666957 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN | 5.00% | 06/15/2028 | 580 | 591119 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN | 5.00% | 06/15/2029 | 115 | 117056 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN | 5.00% | 06/15/2030 | 300 | 305071 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN | 4.10% | 06/15/2031 | 480 | 483733 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB | 5.00% | 12/15/2026 | 190 | 196005 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB | 5.00% | 06/15/2028 | 45 | 45863 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RN | 5.00% | 06/15/2029 | 20 | 20358 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RN | 5.00% | 06/15/2030 | 385 | 391508 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RN | 5.00% | 06/15/2031 | 290 | 294491 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB | 5.00% | 12/15/2026 | 610 | 629279 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB | 5.00% | 06/15/2026 | 170 | 173252 |
|  New Jersey (State of) Turnpike Authority, Series 2005 D-3, RB, (INS - AGI)<sup>(c)</sup> | 5.25% | 01/01/2026 | 220 | 222066 |

---

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

---

| |
|:---|
| 157 |
| 157 |
| 157 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New Jersey-(continued) |  |  |  |  |
|  New Jersey (State of) Turnpike Authority, Series 2005 D-4, RB, (INS - AGI)<sup>(c)</sup> | 5.25% | 01/01/2026 | $895 | $903404 |
|  Newark (City of), NJ Housing Authority, Series 2016, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 12/01/2038 | 35 | 35276 |
|  |  |  |  | 10497075 |
|  New Mexico-0.30% |  |  |  |  |
|  New Mexico (State of) (Capital), Series 2017 A, GO Bonds | 5.00% | 03/01/2026 | 240 | 243149 |
|  New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB | 5.00% | 06/15/2026 | 120 | 122532 |
|  New Mexico (State of) Finance Authority, Series 2021 A, RB | 5.00% | 06/15/2026 | 165 | 168482 |
|  New Mexico (State of) Finance Authority, Series 2022 A, Ref. RB | 5.00% | 06/15/2026 | 10 | 10211 |
|  New Mexico (State of) Severance Tax Permanent Fund, Series 2016 A, RB | 5.00% | 07/01/2026 | 220 | 224931 |
|  New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB | 5.00% | 07/01/2026 | 30 | 30673 |
|  New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB | 5.00% | 07/01/2026 | 70 | 71569 |
|  |  |  |  | 871547 |
|  New York-14.47% |  |  |  |  |
|  Albany (County of), NY, Series 2018, GO Bonds | 4.00% | 04/01/2029 | 5 | 5046 |
|  Battery Park (City of), NY Authority, Series 2023 B, Ref. RB | 5.00% | 11/01/2026 | 20 | 20686 |
|  Build NYC Resource Corp. (Chapin School), Series 2016, RB | 4.00% | 11/01/2026 | 35 | 35654 |
|  Build NYC Resource Corp. (Chapin School), Series 2016, RB | 5.00% | 11/01/2026 | 10 | 10303 |
|  Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2015 A, Ref. RB | 5.00% | 05/01/2026 | 10 | 10043 |
|  Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2016 A, Ref. RB | 5.00% | 05/01/2030 | 20 | 20559 |
|  Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2026 | 125 | 126494 |
|  Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB | 5.00% | 09/01/2030 | 10 | 10242 |
|  Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB | 5.00% | 09/01/2031 | 5 | 5113 |
|  Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB | 5.00% | 09/01/2036 | 160 | 162051 |
|  Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB | 5.00% | 09/01/2046 | 500 | 500004 |
|  Metropolitan Transportation Authority, Series 2006 B, RB, (INS - AGI)<sup>(c)</sup> | 5.25% | 11/15/2026 | 525 | 541989 |
|  Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 4.00% | 11/15/2026 | 85 | 86703 |
|  Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.00% | 11/15/2026 | 5 | 5160 |
|  Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.25% | 11/15/2028 | 5 | 5156 |
|  Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.25% | 11/15/2029 | 110 | 113359 |
|  Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.25% | 11/15/2030 | 5 | 5146 |
|  Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.25% | 11/15/2031 | 10 | 10273 |
|  Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.25% | 11/15/2033 | 75 | 76831 |
|  Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.25% | 11/15/2034 | 15 | 15345 |
|  Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.25% | 11/15/2035 | 80 | 81721 |
|  Metropolitan Transportation Authority, Series 2016 B, Ref. RB | 5.00% | 11/15/2033 | 100 | 101863 |
|  Metropolitan Transportation Authority, Series 2016 B, Ref. RB | 5.00% | 11/15/2034 | 15 | 15251 |
|  Metropolitan Transportation Authority, Series 2016 B, Ref. RB | 5.00% | 11/15/2035 | 75 | 76102 |
|  Metropolitan Transportation Authority, Series 2016 B, Ref. RB | 4.00% | 11/15/2036 | 10 | 9818 |
|  Metropolitan Transportation Authority, Series 2016 B, Ref. RB | 5.00% | 11/15/2037 | 750 | 757906 |
|  Metropolitan Transportation Authority, Series 2016 D, Ref. RB | 5.00% | 11/15/2028 | 85 | 87475 |
|  Metropolitan Transportation Authority, Series 2016 D, Ref. RB | 5.00% | 11/15/2029 | 20 | 20564 |
|  Metropolitan Transportation Authority, Series 2016 D, Ref. RB | 5.00% | 11/15/2030 | 425 | 436025 |
|  Metropolitan Transportation Authority, Series 2016 D, Ref. RB | 5.00% | 11/15/2031 | 5 | 5116 |
|  Metropolitan Transportation Authority, Series 2016 D, Ref. RB | 4.00% | 11/15/2032 | 10 | 10047 |
|  Metropolitan Transportation Authority, Series 2016 D, Ref. RB | 4.00% | 11/15/2033 | 205 | 205560 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2016 A-2, Ref. RB | 5.00% | 11/15/2026 | 160 | 164842 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 A-2, Ref. RB | 5.00% | 11/15/2026 | 500 | 515130 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB | 5.00% | 11/15/2026 | 10 | 10321 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB | 5.00% | 11/15/2026 | 390 | 401849 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017, Ref. RB | 5.00% | 11/15/2026 | 230 | 236960 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2018 B, Ref. RB | 5.00% | 11/15/2026 | 25 | 25756 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2020, Ref. RB | 4.00% | 11/15/2026 | 80 | 81479 |
|  Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B, Ref. RB | 5.00% | 11/15/2028 | 30 | 30848 |
|  Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B, Ref. RB | 5.00% | 11/15/2029 | 15 | 15414 |
|  Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB | 5.00% | 11/15/2036 | 1010 | 1026987 |

---

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

---

| |
|:---|
| 158 |
| 158 |
| 158 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB | 5.00% | 11/15/2046 | $225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225385 |
|  Nassau (County of), NY Interim Finance Authority, Series 2024 A, RB | 5.00% | 11/15/2026 | 500 | 516761 |
|  New York & New Jersey (States of) Port Authority, One Hundred Ninty Eighth Series 2016, Ref. RB | 5.00% | 11/15/2041 | 185 | 188570 |
|  New York & New Jersey (States of) Port Authority, One Hundred Ninty Eighth Series 2016, Ref. RB | 5.00% | 11/15/2046 | 25 | 25072 |
|  New York & New Jersey (States of) Port Authority, One Hundred Ninty Eighth Series 2016, Ref. RB | 5.25% | 11/15/2056 | 100 | 100495 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Forty Third Series 2023, Ref. RB | 5.00% | 12/01/2026 | 115 | 118811 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB | 4.00% | 12/01/2026 | 20 | 20418 |
|  New York (City of), NY, Series 2008 J-10, GO Bonds | 5.00% | 08/01/2026 | 295 | 302109 |
|  New York (City of), NY, Series 2008 J-9, GO Bonds | 5.00% | 08/01/2026 | 35 | 35843 |
|  New York (City of), NY, Series 2015 A, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 09/19/2025 | 45 | 45051 |
|  New York (City of), NY, Series 2016 B-1, GO Bonds | 5.00% | 12/01/2029 | 45 | 46285 |
|  New York (City of), NY, Series 2016 B-1, GO Bonds | 5.00% | 12/01/2030 | 35 | 35956 |
|  New York (City of), NY, Series 2016 B-1, GO Bonds | 5.00% | 12/01/2031 | 10 | 10261 |
|  New York (City of), NY, Series 2016 B-1, GO Bonds | 5.00% | 12/01/2033 | 510 | 521146 |
|  New York (City of), NY, Series 2016 B-1, GO Bonds | 4.00% | 12/01/2036 | 5 | 4906 |
|  New York (City of), NY, Series 2016 B-1, GO Bonds | 5.00% | 12/01/2037 | 370 | 375181 |
|  New York (City of), NY, Series 2016 B-1, GO Bonds | 5.00% | 12/01/2038 | 5 | 5061 |
|  New York (City of), NY, Series 2016 B-1, GO Bonds | 5.00% | 12/01/2041 | 215 | 216809 |
|  New York (City of), NY, Series 2016 C, Ref. GO Bonds | 5.00% | 08/01/2026 | 375 | 379062 |
|  New York (City of), NY, Series 2016 C, Ref. GO Bonds | 5.00% | 08/01/2027 | 100 | 101105 |
|  New York (City of), NY, Series 2016 C, Ref. GO Bonds | 5.00% | 08/01/2028 | 65 | 65652 |
|  New York (City of), NY, Series 2016 C, Ref. GO Bonds | 5.00% | 08/01/2029 | 55 | 55534 |
|  New York (City of), NY, Series 2016 C, Ref. GO Bonds | 5.00% | 08/01/2030 | 25 | 25233 |
|  New York (City of), NY, Series 2016 C, Ref. GO Bonds | 5.00% | 08/01/2031 | 30 | 30267 |
|  New York (City of), NY, Series 2016 C, Ref. GO Bonds | 5.00% | 08/01/2033 | 175 | 176321 |
|  New York (City of), NY, Series 2016 C, Ref. GO Bonds | 4.00% | 08/01/2035 | 10 | 9951 |
|  New York (City of), NY, Series 2016 E, Ref. GO Bonds | 5.00% | 08/01/2026 | 170 | 174097 |
|  New York (City of), NY, Series 2016 E, Ref. GO Bonds | 5.00% | 08/01/2028 | 25 | 25552 |
|  New York (City of), NY, Series 2016 E, Ref. GO Bonds | 5.00% | 08/01/2029 | 50 | 51071 |
|  New York (City of), NY, Series 2016 E, Ref. GO Bonds | 5.00% | 08/01/2030 | 5 | 5103 |
|  New York (City of), NY, Series 2016 E, Ref. GO Bonds | 5.00% | 08/01/2032 | 10 | 10182 |
|  New York (City of), NY, Series 2016 E, Ref. GO Bonds | 4.00% | 08/01/2033 | 35 | 35077 |
|  New York (City of), NY, Series 2017 A, Ref. GO Bonds | 5.00% | 08/01/2026 | 35 | 35843 |
|  New York (City of), NY, Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2026 | 2000 | 2048198 |
|  New York (City of), NY, Series 2017-1, GO Bonds | 5.00% | 08/01/2026 | 15 | 15361 |
|  New York (City of), NY, Series 2020 A-1, Ref. GO Bonds | 5.00% | 08/01/2026 | 80 | 81928 |
|  New York (City of), NY, Series 2020 B-1, Ref. GO Bonds | 5.00% | 11/01/2026 | 35 | 36078 |
|  New York (City of), NY, Series 2020 C, GO Bonds | 5.00% | 08/01/2026 | 130 | 133133 |
|  New York (City of), NY, Series 2021 F-1, GO Bonds | 5.00% | 03/01/2026 | 150 | 151938 |
|  New York (City of), NY, Series 2022 B-1, Ref. GO Bonds | 5.00% | 08/01/2026 | 10 | 10241 |
|  New York (City of), NY, Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2026 | 50 | 51205 |
|  New York (City of), NY, Subseries 2016 A-1, GO Bonds | 4.00% | 08/01/2029 | 635 | 640562 |
|  New York (City of), NY, Subseries 2016 A-1, GO Bonds | 5.00% | 08/01/2030 | 30 | 30616 |
|  New York (City of), NY, Subseries 2016 A-1, GO Bonds | 5.00% | 08/01/2031 | 90 | 91765 |
|  New York (City of), NY, Subseries 2016 A-1, GO Bonds | 4.00% | 08/01/2032 | 80 | 80302 |
|  New York (City of), NY, Subseries 2016 A-1, GO Bonds | 5.00% | 08/01/2033 | 15 | 15248 |
|  New York (City of), NY, Subseries 2016 A-1, GO Bonds | 5.00% | 08/01/2038 | 500 | 504698 |
|  New York (City of), NY, Subseries 2018 A-1, GO Bonds | 4.00% | 08/01/2036 | 75 | 73944 |
|  New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.00% | 10/01/2026 | 5 | 5143 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2016 A, Ref. RB | 4.50% | 06/15/2032 | 105 | 106035 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2016 CC, Ref. RB | 5.00% | 06/15/2046 | 5 | 5014 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2016, Ref. RB | 5.25% | 06/15/2046 | 1050 | 1055302 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2017 DD, RB | 5.00% | 06/15/2047 | 405 | 406703 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-2, RB | 5.00% | 06/15/2028 | 270 | 279059 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB | 5.00% | 06/15/2026 | 215 | 219690 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2021, RB | 5.00% | 06/15/2028 | 110 | 113691 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2016 B, Ref. RB | 5.25% | 06/15/2037 | 95 | 97474 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2016 CC-1, Ref. RB | 5.00% | 06/15/2037 | 420 | 429358 |

---

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

---

| |
|:---|
| 159 |
| 159 |
| 159 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2016 CC-1, Ref. RB | 5.00% | 06/15/2038 | $475 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485282 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2016, Ref. RB | 4.00% | 06/15/2033 | 90 | 90642 |
|  New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB | 5.00% | 11/01/2026 | 245 | 245991 |
|  New York (City of), NY Transitional Finance Authority, Series 2016 A-1, RB | 5.00% | 05/01/2040 | 35 | 35166 |
|  New York (City of), NY Transitional Finance Authority, Series 2016 S, RB<sup>(a)(b)</sup> | 5.00% | 01/15/2026 | 95 | 95872 |
|  New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB<sup>(a)(b)</sup> | 5.00% | 01/15/2026 | 610 | 615600 |
|  New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB<sup>(a)(b)</sup> | 5.00% | 01/15/2026 | 20 | 20184 |
|  New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB<sup>(a)(b)</sup> | 5.00% | 01/15/2026 | 10 | 10092 |
|  New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB<sup>(a)(b)</sup> | 5.00% | 01/15/2026 | 60 | 60551 |
|  New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB<sup>(a)(b)</sup> | 5.00% | 01/15/2026 | 140 | 141285 |
|  New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB<sup>(a)(b)</sup> | 5.00% | 01/15/2026 | 25 | 25229 |
|  New York (City of), NY Transitional Finance Authority, Series 2016, RB | 4.00% | 05/01/2030 | 45 | 45287 |
|  New York (City of), NY Transitional Finance Authority, Series 2016, RB | 5.00% | 05/01/2032 | 20 | 20275 |
|  New York (City of), NY Transitional Finance Authority, Series 2016, RB | 5.00% | 05/01/2034 | 165 | 166951 |
|  New York (City of), NY Transitional Finance Authority, Series 2016, RB | 5.00% | 05/01/2035 | 100 | 101097 |
|  New York (City of), NY Transitional Finance Authority, Series 2016, RB | 4.00% | 05/01/2036 | 65 | 64976 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB | 5.00% | 11/01/2026 | 60 | 61911 |
|  New York (City of), NY Transitional Finance Authority, Series 2017, RB | 5.00% | 11/01/2026 | 65 | 67070 |
|  New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 5.00% | 11/01/2026 | 465 | 479808 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB | 5.00% | 11/01/2026 | 545 | 562355 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2026 | 35 | 35378 |
|  New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2026 | 150 | 154777 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB | 5.00% | 08/01/2029 | 250 | 255495 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB | 5.00% | 08/01/2030 | 655 | 668917 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB | 5.00% | 08/01/2031 | 15 | 15297 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB | 5.00% | 08/01/2033 | 200 | 203449 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB | 5.00% | 08/01/2034 | 1205 | 1224249 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB | 5.00% | 08/01/2036 | 105 | 106326 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB | 5.00% | 08/01/2038 | 25 | 25233 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB | 5.00% | 08/01/2040 | 5 | 5033 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, Ref. RB | 5.00% | 08/01/2032 | 25 | 25465 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, Ref. RB | 4.00% | 08/01/2037 | 40 | 39225 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB | 5.00% | 02/01/2030 | 245 | 247418 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB | 5.00% | 02/01/2031 | 350 | 353280 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB | 5.00% | 02/01/2035 | 195 | 196367 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB | 5.00% | 02/01/2037 | 565 | 568006 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB | 5.00% | 02/01/2038 | 55 | 55250 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB | 5.00% | 02/01/2039 | 250 | 250940 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB | 5.00% | 02/01/2040 | 15 | 15045 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB | 5.00% | 02/01/2030 | 135 | 136332 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB | 4.00% | 02/01/2033 | 120 | 120219 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB | 4.00% | 02/01/2034 | 500 | 500528 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB | 4.00% | 02/01/2036 | 545 | 545023 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2017 C-1, Ref. GO Bonds | 5.00% | 07/15/2026 | 20 | 20451 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB | 5.00% | 07/15/2026 | 20 | 20451 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2020 D-1, RB | 5.00% | 11/01/2026 | 5 | 5159 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2021 F-1, Ref. RB | 5.00% | 11/01/2026 | 30 | 30955 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB | 5.00% | 11/01/2026 | 15 | 15478 |
|  New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB | 4.00% | 04/01/2029 | 225 | 229253 |
|  New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB | 4.00% | 04/01/2031 | 505 | 512987 |
|  New York (City of), NY Trust for Cultural Resources (The), Series 2016-1E, Ref. RB | 4.00% | 04/01/2030 | 110 | 111939 |
|  New York (City of), NY Trust for Cultural Resources (The) (Lincoln Center for Performing Arts), Series 2016 A, Ref. RB | 5.00% | 12/01/2026 | 30 | 30983 |
|  New York (City of), NY Trust for Cultural Resources (The) (The Museum of Modern Art), Series 2016 1E,Ref.RB | 4.00% | 04/01/2028 | 45 | 45883 |
|  New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 07/01/2026 | 5 | 5107 |

---

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

---

| |
|:---|
| 160 |
| 160 |
| 160 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (State of) Dormitory Authority, Series 2016 A, RB<sup>(a)(b)</sup> | 5.00% | 08/15/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51337 |
|  New York (State of) Dormitory Authority, Series 2016 A, RB<sup>(a)(b)</sup> | 5.00% | 08/15/2026 | 20 | 20535 |
|  New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 03/15/2028 | 70 | 71874 |
|  New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 07/01/2028 | 45 | 45959 |
|  New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 07/01/2029 | 55 | 56131 |
|  New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 07/01/2030 | 30 | 30594 |
|  New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 03/15/2032 | 145 | 148281 |
|  New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 07/01/2032 | 90 | 91604 |
|  New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 02/15/2033 | 45 | 45843 |
|  New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 03/15/2033 | 505 | 515751 |
|  New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 02/15/2034 | 355 | 361013 |
|  New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 03/15/2034 | 50 | 50998 |
|  New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 07/01/2034 | 210 | 213326 |
|  New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 02/15/2035 | 35 | 35533 |
|  New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 03/15/2035 | 80 | 81489 |
|  New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 07/01/2035 | 180 | 182643 |
|  New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 02/15/2036 | 70 | 70935 |
|  New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 03/15/2036 | 25 | 25429 |
|  New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 02/15/2037 | 20 | 20233 |
|  New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 02/15/2038 | 210 | 212216 |
|  New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 02/15/2039 | 35 | 35327 |
|  New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 02/15/2041 | 210 | 211433 |
|  New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 02/15/2042 | 835 | 839535 |
|  New York (State of) Dormitory Authority, Series 2016 D, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/15/2026 | 50 | 51337 |
|  New York (State of) Dormitory Authority, Series 2016, Ref. RB | 4.00% | 07/01/2040 | 565 | 538669 |
|  New York (State of) Dormitory Authority, Series 2017 A, Ref. RB<sup>(a)</sup> | 5.00% | 02/15/2026 | 105 | 106309 |
|  New York (State of) Dormitory Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2026 | 10 | 10217 |
|  New York (State of) Dormitory Authority, Series 2017 B, Ref. RB<sup>(a)</sup> | 5.00% | 02/15/2026 | 20 | 20249 |
|  New York (State of) Dormitory Authority, Series 2018 1, Ref. RB | 5.00% | 01/15/2026 | 140 | 141309 |
|  New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 10/01/2026 | 60 | 61663 |
|  New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 10/01/2028 | 15 | 15378 |
|  New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 10/01/2029 | 10 | 10248 |
|  New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 10/01/2030 | 170 | 173991 |
|  New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 10/01/2031 | 450 | 459886 |
|  New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 10/01/2032 | 45 | 45931 |
|  New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 10/01/2033 | 120 | 122315 |
|  New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 5.00% | 03/15/2033 | 60 | 61209 |
|  New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 5.00% | 03/15/2034 | 250 | 254577 |
|  New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 5.00% | 03/15/2035 | 70 | 71145 |
|  New York (State of) Dormitory Authority, Series 2018 E, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2026 | 35 | 35510 |
|  New York (State of) Dormitory Authority, Series 2019 A, RB | 5.00% | 10/01/2026 | 125 | 128464 |
|  New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 5.00% | 03/15/2026 | 5 | 5072 |
|  New York (State of) Dormitory Authority, Series 2024 A, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2026 | 25 | 25717 |
|  New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 A, RB<sup>(a)</sup> | 5.00% | 03/15/2026 | 15 | 15218 |
|  New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2026 | 5 | 5073 |
|  New York (State of) Dormitory Authority (Bidding Group B), Series 2016 A, RB | 5.00% | 03/15/2031 | 455 | 465813 |
|  New York (State of) Dormitory Authority (Columbia University) (Green Bonds), Series 2016 A, RB | 5.00% | 10/01/2026 | 465 | 478643 |
|  New York (State of) Dormitory Authority (Columbia University) (Green Bonds), Series 2016, RB | 4.00% | 10/01/2026 | 25 | 25468 |
|  New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB | 5.00% | 07/01/2026 | 25 | 25575 |
|  New York (State of) Dormitory Authority (Fordham University), Series 2016 A, Ref. RB | 5.00% | 07/01/2041 | 25 | 25104 |
|  New York (State of) Dormitory Authority (General Purpose), Series 2016 D, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/15/2026 | 70 | 71872 |
|  New York (State of) Dormitory Authority (Group B), Series 2016 A, RB<sup>(a)(b)</sup> | 5.00% | 09/15/2026 | 265 | 272588 |
|  New York (State of) Dormitory Authority (New York University), Series 2016 A, RB | 5.00% | 07/01/2031 | 90 | 91701 |
|  New York (State of) Dormitory Authority (New York University), Series 2016 A, RB | 5.00% | 07/01/2033 | 745 | 757599 |
|  New York (State of) Dormitory Authority (New York University), Series 2016 A, RB | 5.00% | 07/01/2036 | 155 | 157199 |
|  New York (State of) Dormitory Authority (New York University), Series 2016 A, RB | 5.00% | 07/01/2039 | 155 | 157008 |
|  New York (State of) Dormitory Authority (New York University), Series 2019 A, RB | 5.00% | 07/01/2026 | 20 | 20430 |
|  New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB | 5.00% | 05/01/2026 | 40 | 40630 |

---

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

---

| |
|:---|
| 161 |
| 161 |
| 161 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/15/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;70 | $72372 |
|  New York (State of) Thruway Authority, Series 2016 A, RB | 5.00% | 01/01/2032 | 20 | 20132 |
|  New York (State of) Thruway Authority, Series 2016 A, RB | 5.00% | 01/01/2033 | 15 | 15094 |
|  New York (State of) Thruway Authority, Series 2016 A, RB | 5.00% | 01/01/2035 | 15 | 15082 |
|  New York (State of) Thruway Authority, Series 2016 A, RB | 5.00% | 01/01/2036 | 20 | 20099 |
|  New York (State of) Thruway Authority, Series 2016 A, RB | 5.00% | 01/01/2041 | 55 | 55085 |
|  New York (State of) Thruway Authority, Series 2016 A, RB | 5.25% | 01/01/2056 | 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270438 |
|  New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB | 5.00% | 06/15/2028 | 20 | 20421 |
|  New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB | 5.00% | 12/15/2028 | 50 | 51044 |
|  New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB | 5.00% | 12/15/2032 | 100 | 101813 |
|  New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB | 5.00% | 12/15/2033 | 15 | 15258 |
|  New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB | 5.00% | 12/15/2034 | 430 | 436986 |
|  New York (State of) Utility Debt Securitization Authority, Series 2016 B, Ref. RB | 5.00% | 12/15/2030 | 15 | 15292 |
|  New York (State of) Utility Debt Securitization Authority, Series 2016 B, Ref. RB | 5.00% | 12/15/2033 | 170 | 172922 |
|  New York (State of) Utility Debt Securitization Authority, Series 2016 B, Ref. RB | 5.00% | 12/15/2034 | 205 | 208330 |
|  New York (State of) Utility Debt Securitization Authority, Series 2016 B, Ref. RB | 5.00% | 12/15/2035 | 220 | 223350 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Series 2016, RB | 4.00% | 05/01/2031 | 5 | 5025 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Series 2022 B-1, RB | 5.00% | 11/01/2026 | 5 | 5159 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Subseries 2016 B-1, RB | 4.00% | 08/01/2035 | 65 | 65028 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Subseries 2016 E-1, RB | 5.00% | 02/01/2034 | 5 | 5038 |
|  New York State Environmental Facilities Corp., Series 2016, Ref. RB | 5.00% | 06/15/2033 | 10 | 10158 |
|  New York State Environmental Facilities Corp. (2010 Master Financing Program) (Green Bonds), Series 2016, RB | 5.00% | 08/15/2041 | 215 | 216948 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB | 5.00% | 06/15/2028 | 35 | 35701 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB | 5.00% | 06/15/2029 | 70 | 71346 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB | 5.00% | 06/15/2030 | 60 | 61107 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB | 5.00% | 06/15/2032 | 225 | 228779 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB | 5.00% | 06/15/2041 | 50 | 50373 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016, Ref. RB | 5.00% | 06/15/2034 | 10 | 10148 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, RB | 5.00% | 06/15/2026 | 75 | 76648 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB | 5.00% | 06/15/2026 | 5 | 5110 |
|  New York State Urban Development Corp., Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 03/15/2026 | 580 | 588446 |
|  New York State Urban Development Corp., Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 03/15/2026 | 105 | 106529 |
|  New York State Urban Development Corp., Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 03/15/2026 | 30 | 30445 |
|  New York State Urban Development Corp., Series 2016 A, Ref. RB | 5.00% | 03/15/2030 | 20 | 20256 |
|  New York State Urban Development Corp., Series 2016 A, Ref. RB | 5.00% | 03/15/2032 | 15 | 15177 |
|  New York State Urban Development Corp., Series 2016 A, Ref. RB | 5.00% | 03/15/2033 | 135 | 136525 |
|  New York State Urban Development Corp., Series 2016 A, Ref. RB | 5.00% | 03/15/2034 | 225 | 227422 |
|  New York State Urban Development Corp., Series 2016 A, Ref. RB | 5.00% | 03/15/2035 | 325 | 328325 |
|  New York State Urban Development Corp., Series 2016, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2026 | 10 | 10146 |
|  New York State Urban Development Corp., Series 2016, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2026 | 60 | 60890 |
|  New York State Urban Development Corp., Series 2016, Ref. RB | 5.00% | 03/15/2031 | 5 | 5061 |
|  New York State Urban Development Corp., Series 2017 C-1, Ref. RB | 5.00% | 03/15/2026 | 20 | 20288 |
|  New York State Urban Development Corp., Series 2017, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2026 | 50 | 50742 |
|  New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2026 | 95 | 96366 |
|  New York State Urban Development Corp. (Bidding Group 1), Series 2023 A, RB | 5.00% | 03/15/2026 | 75 | 76078 |
|  New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, RB | 5.00% | 12/01/2026 | 100 | 102989 |
|  Suffolk (County of), NY, Series 2017 A, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.00% | 02/01/2026 | 5 | 5056 |
|  Triborough Bridge & Tunnel Authority, Series 2008 B-2, RB | 5.00% | 11/15/2026 | 85 | 87829 |
|  Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB | 5.00% | 11/15/2028 | 10 | 10162 |

---

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

---

| |
|:---|
| 162 |
| 162 |
| 162 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB | 5.00% | 11/15/2029 | $20 | $20317 |
|  Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB | 5.00% | 11/15/2031 | 500 | 507269 |
|  Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB | 5.00% | 11/15/2041 | 575 | 577684 |
|  Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB | 5.00% | 11/15/2046 | 300 | 300699 |
|  Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2026 | 15 | 15499 |
|  Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB | 5.00% | 11/15/2026 | 55 | 56830 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB | 5.00% | 11/15/2026 | 85 | 87777 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Subseries 2017 C-1, Ref. RB | 5.00% | 11/15/2026 | 75 | 77496 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB | 5.00% | 11/15/2026 | 305 | 314966 |
|  Westchester (County of), NY, Series 2018 A, GO Bonds | 4.00% | 12/01/2028 | 30 | 30741 |
|  Westchester (County of), NY, Series 2018 A, GO Bonds | 4.00% | 12/01/2029 | 145 | 148459 |
|  |  |  |  | 41955460 |
|  North Carolina-0.94% |  |  |  |  |
|  Mecklenburg (County of), NC, Series 2013 A, Ref. GO Bonds | 5.00% | 12/01/2026 | 190 | 196416 |
|  North Carolina (State of), Series 2013 C, Ref. GO Bonds | 5.00% | 05/01/2026 | 45 | 45810 |
|  North Carolina (State of), Series 2014 B, Ref. RB | 5.00% | 06/01/2026 | 30 | 30610 |
|  North Carolina (State of), Series 2016 A, Ref. GO Bonds | 5.00% | 06/01/2026 | 90 | 91829 |
|  North Carolina (State of), Series 2017 B, Ref. RB | 5.00% | 05/01/2026 | 85 | 86531 |
|  North Carolina (State of), Series 2018 A, GO Bonds | 5.00% | 06/01/2026 | 330 | 336708 |
|  North Carolina (State of), Series 2019 B, GO Bonds | 5.00% | 06/01/2026 | 205 | 209167 |
|  North Carolina (State of), Series 2020 A, GO Bonds | 5.00% | 06/01/2026 | 475 | 484655 |
|  North Carolina (State of), Series 2022 A, RB | 5.00% | 05/01/2026 | 60 | 61080 |
|  North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB | 5.00% | 05/01/2026 | 85 | 86531 |
|  North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB | 5.00% | 05/01/2026 | 50 | 50900 |
|  North Carolina (State of) (Garvee), Series 2019, RB | 5.00% | 03/01/2026 | 65 | 65856 |
|  North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB | 5.00% | 10/01/2026 | 85 | 87485 |
|  North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB | 4.00% | 10/01/2039 | 30 | 29444 |
|  North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB | 5.00% | 10/01/2040 | 215 | 217500 |
|  North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB | 5.00% | 10/01/2044 | 55 | 55552 |
|  North Carolina (State of) Eastern Municipal Power Agency, Series 1993 B, Ref. RB<sup>(a)</sup> | 6.00% | 01/01/2026 | 25 | 25278 |
|  North Carolina (State of) Medical Care Commission (Deerfield Episcopal Retirement Community), Series 2016, Ref. RB | 5.00% | 11/01/2037 | 150 | 150545 |
|  North Carolina (State of) Medical Care Commission (Duke University Health system), Series 2016, Ref. RB | 5.00% | 06/01/2026 | 5 | 5093 |
|  North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB | 5.00% | 01/01/2026 | 15 | 15126 |
|  North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB | 5.00% | 01/01/2028 | 35 | 35300 |
|  North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB | 5.00% | 01/01/2031 | 5 | 5036 |
|  North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB | 5.00% | 01/01/2032 | 135 | 135855 |
|  North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 C, Ref. RB | 5.00% | 01/01/2029 | 10 | 10084 |
|  North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2016 A, Ref. RB | 5.00% | 01/01/2028 | 110 | 112358 |
|  North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2016 A, Ref. RB | 5.00% | 01/01/2029 | 50 | 51048 |
|  Wake (County of), NC, Series 2010 C, Ref. GO Bonds | 5.00% | 03/01/2026 | 40 | 40539 |
|  |  |  |  | 2722336 |
|  Ohio-2.28% |  |  |  |  |
|  Allen (County of), OH, Series 2017 A, Ref. RB | 5.00% | 08/01/2026 | 220 | 225000 |
|  American Municipal Power, Inc. (Combined Hydroelectric), Series 2016 A, Ref. RB | 5.00% | 02/15/2041 | 50 | 50071 |
|  American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB | 5.00% | 02/15/2041 | 300 | 300425 |
|  American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB | 5.00% | 02/15/2046 | 125 | 125111 |
|  Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)<sup>(c)</sup> | 5.25% | 12/01/2026 | 235 | 243506 |
|  Columbus (City of), OH, Series 2015, Ref. RB | 5.00% | 06/01/2029 | 100 | 101694 |
|  Columbus (City of), OH, Series 2015, Ref. RB | 5.00% | 06/01/2030 | 25 | 25407 |
|  Columbus (City of), OH, Series 2015, Ref. RB | 5.00% | 06/01/2032 | 1015 | 1030680 |
|  Columbus (City of), OH, Series 2016-1, Ref. GO Bonds | 5.00% | 07/01/2026 | 135 | 138015 |
|  Columbus (City of), OH, Series 2022 A, GO Bonds | 5.00% | 04/01/2026 | 505 | 512812 |
|  Columbus City School District (Construction and Improvement), Series 2016 A, Ref. GO Bonds | 5.00% | 12/01/2031 | 100 | 101597 |
|  Columbus City School District (Construction and Improvement), Subseries 2016, Ref. GO Bonds | 5.00% | 12/01/2030 | 25 | 25423 |

---

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

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| |
|:---|
| 163 |
| 163 |
| 163 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Ohio-(continued) |  |  |  |  |
|  Cuyahoga (County of), OH, Series 2020 D, Ref. RB | 5.00% | 12/01/2026 | $25 | $25760 |
|  Euclid City School District (Classroom Construction & Improvement), Series 2017, GO Bonds,<br>(CEP - Ohio School District) | 5.25% | 01/15/2044 | 105 | 105271 |
|  Hamilton (County of), OH, Series 2016 A, Ref. RB | 5.00% | 12/01/2026 | 45 | 46525 |
|  Hamilton (County of), OH, Series 2016 A, Ref. RB | 5.00% | 12/01/2029 | 315 | 323992 |
|  Hamilton (County of), OH, Series 2016 A, Ref. RB | 5.00% | 12/01/2030 | 40 | 41067 |
|  Hamilton (County of), OH, Series 2016 A, Ref. RB | 4.00% | 12/01/2031 | 65 | 65716 |
|  Miami University, Series 2017, Ref. RB | 5.00% | 09/01/2041 | 100 | 100998 |
|  Ohio (State of), Series 2016 S, GO Bonds | 5.00% | 05/01/2028 | 5 | 5085 |
|  Ohio (State of), Series 2016 S, GO Bonds | 5.00% | 05/01/2029 | 75 | 76230 |
|  Ohio (State of), Series 2016 S, GO Bonds | 5.00% | 05/01/2030 | 15 | 15234 |
|  Ohio (State of), Series 2016 S, GO Bonds | 5.00% | 05/01/2031 | 90 | 91308 |
|  Ohio (State of), Series 2017 B, Ref. GO Bonds | 5.00% | 09/15/2026 | 210 | 215952 |
|  Ohio (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2026 | 50 | 51246 |
|  Ohio (State of), Series 2018 A, GO Bonds | 5.00% | 02/01/2031 | 100 | 100916 |
|  Ohio (State of), Series 2018 A, GO Bonds | 5.00% | 06/15/2031 | 10 | 10115 |
|  Ohio (State of), Series 2018 A, GO Bonds | 5.00% | 06/15/2032 | 50 | 50535 |
|  Ohio (State of), Series 2018 A, GO Bonds | 5.00% | 02/01/2033 | 125 | 125985 |
|  Ohio (State of), Series 2018 A, GO Bonds | 5.00% | 06/15/2033 | 15 | 15149 |
|  Ohio (State of), Series 2018 A, GO Bonds | 5.00% | 02/01/2034 | 30 | 30219 |
|  Ohio (State of), Series 2018 A, GO Bonds | 5.00% | 06/15/2034 | 50 | 50461 |
|  Ohio (State of), Series 2018 A, GO Bonds | 5.00% | 02/01/2036 | 25 | 25153 |
|  Ohio (State of), Series 2019-1, RB | 5.00% | 12/15/2026 | 140 | 144695 |
|  Ohio (State of), Series 2020 B, Ref. GO Bonds | 5.00% | 08/01/2026 | 115 | 117866 |
|  Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB | 5.00% | 01/01/2026 | 5 | 5040 |
|  Ohio (State of) (Garvee), Series 2016 1, RB | 5.00% | 12/15/2028 | 180 | 183476 |
|  Ohio (State of) (Garvee), Series 2016-1, RB | 5.00% | 12/15/2026 | 75 | 76445 |
|  Ohio (State of) (Garvee), Series 2016-1, RB | 5.00% | 12/15/2027 | 85 | 86675 |
|  Ohio (State of) (Garvee), Series 2018-1, RB | 5.00% | 12/15/2026 | 105 | 108522 |
|  Ohio (State of) (Garvee), Series 2018-1, RB | 5.00% | 12/15/2028 | 60 | 61159 |
|  Ohio (State of) (Garvee), Series 2018-1, RB | 5.00% | 12/15/2029 | 195 | 198643 |
|  Ohio (State of) (University Hospitals Health System, Inc.), Series 2016 A, Ref. RB | 5.00% | 01/15/2041 | 335 | 335135 |
|  Ohio (State of) Turnpike & Infrastructure Commission, Series 2017 A, Ref. RB | 5.00% | 02/15/2026 | 40 | 40447 |
|  Ohio (State of) Water Development Authority, Series 2016 A, RB | 5.00% | 12/01/2031 | 40 | 40591 |
|  Ohio (State of) Water Development Authority, Series 2016 A, RB | 5.00% | 12/01/2032 | 200 | 202747 |
|  Ohio (State of) Water Development Authority, Series 2016 A, RB | 5.00% | 12/01/2033 | 30 | 30379 |
|  Ohio (State of) Water Development Authority, Series 2024 A, RB | 5.00% | 06/01/2026 | 90 | 91816 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016 A, RB | 5.00% | 06/01/2026 | 10 | 10202 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB | 5.00% | 12/01/2026 | 80 | 82721 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 A, RB | 5.00% | 06/01/2026 | 45 | 45908 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 A, RB | 5.00% | 12/01/2026 | 80 | 82721 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 A, Ref. RB | 5.00% | 12/01/2026 | 55 | 56871 |
|  Ohio State University (The), Series 2020 A, Ref. RB | 5.00% | 12/01/2026 | 25 | 25816 |
|  University of Cincinnati, Series 2016 C, RB | 5.00% | 06/01/2046 | 125 | 125849 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6606382 |
|  Oklahoma-0.78% |  |  |  |  |
|  Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB | 5.00% | 09/01/2026 | 85 | 86945 |
|  Grand River Dam Authority, Series 2016 A, Ref. RB | 5.00% | 06/01/2026 | 10 | 10181 |
|  Grand River Dam Authority, Series 2016 A, Ref. RB | 5.00% | 06/01/2029 | 75 | 77094 |
|  Grand River Dam Authority, Series 2016 A, Ref. RB | 5.00% | 06/01/2030 | 30 | 30823 |
|  Grand River Dam Authority, Series 2016 A, Ref. RB | 5.00% | 06/01/2032 | 80 | 82105 |
|  Grand River Dam Authority, Series 2016 A, Ref. RB | 4.00% | 06/01/2033 | 600 | 604724 |
|  Oklahoma (State of) Capitol Improvement Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2026 | 45 | 45960 |
|  Oklahoma (State of) Turnpike Authority, Series 2017 A, RB | 4.00% | 01/01/2033 | 20 | 20033 |
|  Oklahoma (State of) Turnpike Authority, Series 2017 A, RB | 4.00% | 01/01/2034 | 830 | 830767 |
|  Oklahoma (State of) Turnpike Authority, Series 2017 A, RB | 4.00% | 01/01/2036 | 15 | 14999 |

---

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

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| |
|:---|
| 164 |
| 164 |
| 164 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Oklahoma-(continued) |  |  |  |  |
|  Oklahoma (State of) Turnpike Authority, Series 2017 A, RB<sup>(a)</sup> | 5.00% | 01/01/2037 | $190 | $191566 |
|  Oklahoma (State of) Turnpike Authority, Series 2017 A, RB<sup>(a)</sup> | 5.00% | 01/01/2042 | 170 | 171401 |
|  Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB | 5.00% | 01/01/2026 | 30 | 30258 |
|  Oklahoma County Independent School District No. 89, Series 2024 A, GO Bonds | 1.25% | 07/01/2026 | 30 | 29701 |
|  Tulsa (County of), OK Industrial Authority (Jenks Public Schools), Series 2015, RB | 5.00% | 09/01/2026 | 25 | 25043 |
|  |  |  |  | 2251600 |
|  Oregon-0.45% |  |  |  |  |
|  Clackamas County School District No. 12 North Clackamas, Series 2016, Ref. GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 4.00% | 06/15/2032 | 35 | 35270 |
|  Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2026 | 80 | 81669 |
|  Multnomah County School District No. 1, Series 2020, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2026 | 60 | 61233 |
|  Oregon (State of) (Article XI - Q State), Series 2016 F, Ref. GO Bonds | 5.00% | 05/01/2028 | 20 | 20347 |
|  Oregon (State of) (Article XI - Q State), Series 2023, GO Bonds | 5.00% | 05/01/2026 | 40 | 40712 |
|  Oregon (State of) (Article XI-G OHSU), Series 2016 C, GO Bonds | 5.00% | 08/01/2041 | 100 | 100644 |
|  Oregon (State of) (Seismic), Series 2016 F, Ref. GO Bonds | 5.00% | 05/01/2029 | 30 | 30512 |
|  Oregon (State of) Department of Transportation, Series 2017 A, RB | 5.00% | 11/15/2026 | 60 | 61939 |
|  Oregon (State of) Facilities Authority (Samaritan Health Services), Series 2016 A, Ref. RB | 5.00% | 10/01/2035 | 15 | 14923 |
|  Oregon (State of) Tri-County Metropolitan Transportation District, Series 2017 A, RB<sup>(a)(b)</sup> | 5.00% | 09/01/2026 | 500 | 513239 |
|  Oregon Health & Science University, Series 2016 B, Ref. RB | 5.00% | 07/01/2033 | 50 | 50730 |
|  Oregon Health & Science University, Series 2016 B, Ref. RB | 5.00% | 07/01/2035 | 40 | 40489 |
|  Oregon Health & Science University, Series 2016 B, Ref. RB | 5.00% | 07/01/2036 | 160 | 161757 |
|  Oregon Health & Science University, Series 2016 B, Ref. RB | 5.00% | 07/01/2037 | 10 | 10097 |
|  Portland Community College District, Series 2018, GO Bonds | 5.00% | 06/15/2029 | 25 | 25408 |
|  University of Oregon, Series 2016 A, RB | 5.00% | 04/01/2046 | 60 | 60295 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1309264 |
|  Pennsylvania-4.18% |  |  |  |  |
|  Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds | 5.00% | 11/01/2026 | 10 | 10299 |
|  Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds | 5.00% | 11/01/2028 | 75 | 77112 |
|  Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds | 5.00% | 11/01/2029 | 25 | 25687 |
|  Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds | 4.00% | 11/01/2032 | 200 | 201632 |
|  Allegheny (County of), PA, Series 2016 C-76, GO Bonds | 5.00% | 11/01/2041 | 175 | 176751 |
|  Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center),<br>Series 2019, Ref. RB | 5.00% | 07/15/2026 | 55 | 56115 |
|  Allegheny (County of), PA Port Authority, Series 2020, Ref. RB | 5.00% | 03/01/2026 | 100 | 101188 |
|  Chester (County of), PA, Series 2016 A, Ref. GO Bonds | 4.00% | 07/15/2028 | 65 | 65922 |
|  Chester (County of), PA, Series 2016 A, Ref. GO Bonds | 4.00% | 07/15/2029 | 55 | 55738 |
|  Delaware County Regional Water Quality Control Authority, Series 2016, RB | 5.00% | 11/01/2046 | 105 | 105091 |
|  Erie (City & County of), PA Water Authority, Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 12/01/2026 | 80 | 82501 |
|  Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016 A, Ref. RB | 5.00% | 08/15/2042 | 140 | 140325 |
|  Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016, Ref. RB | 5.00% | 08/15/2026 | 55 | 56326 |
|  Lycoming (County of), PA Authority (Pennsylvania College of Technology), Series 2016 A, Ref. RB | 3.00% | 10/01/2037 | 100 | 85952 |
|  Monroeville Finance Authority, Series 2012, RB | 5.00% | 02/15/2026 | 65 | 65674 |
|  Pennsylvania (Commonwealth of), First Series 2016, GO Bonds | 5.00% | 02/01/2026 | 320 | 323499 |
|  Pennsylvania (Commonwealth of), First Series 2016, GO Bonds | 5.00% | 02/01/2029 | 300 | 303035 |
|  Pennsylvania (Commonwealth of), First Series 2016, GO Bonds | 4.00% | 02/01/2030 | 15 | 15066 |
|  Pennsylvania (Commonwealth of), First Series 2016, GO Bonds | 4.00% | 02/01/2031 | 50 | 50191 |
|  Pennsylvania (Commonwealth of), First Series 2016, GO Bonds | 4.00% | 02/01/2032 | 200 | 200634 |
|  Pennsylvania (Commonwealth of), First Series 2016, GO Bonds | 4.00% | 02/01/2033 | 20 | 20052 |
|  Pennsylvania (Commonwealth of), First Series 2016, GO Bonds, (INS - AGI)<sup>(c)</sup> | 4.00% | 02/01/2034 | 20 | 20062 |
|  Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds | 5.00% | 09/15/2026 | 85 | 87383 |
|  Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds | 5.00% | 01/01/2026 | 130 | 131127 |
|  Pennsylvania (Commonwealth of), First Series 2020, GO Bonds | 5.00% | 05/01/2026 | 30 | 30532 |
|  Pennsylvania (Commonwealth of), First Series 2021, GO Bonds | 5.00% | 05/15/2026 | 1000 | 1018805 |
|  Pennsylvania (Commonwealth of), Second Series 2015 D, GO Bonds<sup>(a)(b)</sup> | 3.25% | 09/11/2025 | 515 | 515090 |
|  Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds | 5.00% | 09/15/2028 | 300 | 307626 |
|  Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds | 5.00% | 09/15/2029 | 30 | 30753 |

---

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

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| |
|:---|
| 165 |
| 165 |
| 165 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Pennsylvania-(continued) |  |  |  |  |
|  Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds | 4.00% | 09/15/2030 | $65 | $65671 |
|  Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds | 4.00% | 09/15/2031 | 30 | 30261 |
|  Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds | 4.00% | 09/15/2032 | 660 | 664841 |
|  Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds | 4.00% | 09/15/2034 | 375 | 376561 |
|  Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds | 5.00% | 07/15/2026 | 5 | 5117 |
|  Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2026 | 100 | 102923 |
|  Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System Higher Education),<br>Series 2016, Ref. RB | 4.00% | 03/15/2033 | 95 | 95092 |
|  Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Drexel University), Series 2016, Ref. RB | 5.00% | 05/01/2034 | 370 | 371841 |
|  Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania),<br>Series 2016 A, Ref. RB | 4.00% | 08/15/2031 | 500 | 502774 |
|  Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2016 A, Ref. RB | 4.00% | 08/15/2029 | 20 | 20162 |
|  Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District), Series 2016 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 06/01/2030 | 65 | 66638 |
|  Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District), Series 2016 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 06/01/2031 | 310 | 317234 |
|  Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District), Series 2016 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 06/01/2032 | 90 | 91967 |
|  Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District), Series 2016 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 06/01/2033 | 435 | 443757 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2016 B, Ref. RB | 5.00% | 06/01/2028 | 35 | 35625 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB | 5.00% | 12/01/2026 | 155 | 160195 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB | 5.00% | 12/01/2028 | 35 | 36065 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB | 5.00% | 12/01/2029 | 85 | 87499 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB | 5.00% | 12/01/2030 | 190 | 195521 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB | 5.00% | 12/01/2031 | 20 | 20514 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB | 5.00% | 12/01/2032 | 260 | 266260 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB | 5.00% | 12/01/2034 | 60 | 60762 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB | 5.00% | 12/01/2035 | 235 | 237733 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB | 5.00% | 12/01/2036 | 255 | 257664 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB | 5.00% | 12/01/2041 | 525 | 527770 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB | 5.00% | 12/01/2046 | 540 | 540394 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB | 5.00% | 06/01/2029 | 85 | 86401 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB | 4.00% | 06/01/2033 | 400 | 401227 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB | 4.00% | 06/01/2034 | 155 | 155304 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB | 5.00% | 06/01/2035 | 25 | 25334 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB | 5.00% | 06/01/2039 | 55 | 55490 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB | 5.00% | 06/01/2026 | 40 | 40225 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB | 5.00% | 12/01/2030 | 100 | 103018 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A, RB, (INS - AGI)<sup>(c)</sup> | 4.00% | 12/01/2037 | 490 | 490123 |
|  Pennsylvania State University (The), Series 2016 A, RB | 5.00% | 09/01/2041 | 300 | 302585 |
|  Pennsylvania State University (The), Series 2016 B, Ref. RB | 5.00% | 09/01/2028 | 20 | 20470 |
|  Pennsylvania State University (The), Series 2016 B, Ref. RB | 5.00% | 09/01/2029 | 15 | 15348 |
|  Philadelphia (City of), PA, Fourteenth Series 2016, Ref. RB | 5.00% | 10/01/2032 | 235 | 240188 |
|  Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds | 5.00% | 08/01/2026 | 5 | 5114 |
|  Philadelphia (City of), PA, Series 2017, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.00% | 08/01/2026 | 20 | 20465 |
|  Philadelphia (City of), PA, Series 2019 A, Ref. GO Bonds | 5.00% | 08/01/2026 | 145 | 148308 |
|  Philadelphia (City of), PA (1998 General Ordinance), Series 2016, Ref. RB | 5.00% | 10/01/2033 | 10 | 10207 |
|  Philadelphia School District (The), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2036 | 25 | 25264 |
|  Pittsburgh (City of), PA Water & Sewer Authority, Series 2017 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 09/01/2026 | 45 | 46124 |
|  |  |  |  | 12132204 |
|  Rhode Island-0.43% |  |  |  |  |
|  Rhode Island (State of) Turnpike & Bridge Authority, Series 2016 A, Ref. RB | 5.00% | 10/01/2040 | 330 | 332092 |
|  Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB | 5.00% | 06/15/2026 | 50 | 50957 |
|  Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB | 5.00% | 06/15/2028 | 245 | 249577 |

---

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

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|:---|
| 166 |
| 166 |
| 166 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Rhode Island-(continued) |  |  |  |  |
|  Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB | 5.00% | 06/15/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;215 | $218881 |
|  Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB | 5.00% | 06/15/2030 | 265 | 269492 |
|  Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB | 5.00% | 06/15/2031 | 125 | 127119 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1248118 |
|  South Carolina-0.81% |  |  |  |  |
|  Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2023, Ref. RB | 5.00% | 12/01/2026 | 290 | 299066 |
|  Greenville County School District, Series 2023, Ref. RB | 5.00% | 12/01/2026 | 235 | 242876 |
|  South Carolina (State of) Jobs-Economic Development Authority (Carealliance Health Services), Series 2016 A, RB | 5.25% | 08/15/2046 | 85 | 84615 |
|  South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB | 5.00% | 12/01/2029 | 225 | 228364 |
|  South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB | 5.00% | 12/01/2030 | 140 | 141948 |
|  South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB | 5.00% | 12/01/2031 | 150 | 151896 |
|  South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB | 5.00% | 12/01/2032 | 145 | 146677 |
|  South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB | 5.00% | 12/01/2034 | 240 | 242271 |
|  South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB | 5.00% | 12/01/2036 | 95 | 95616 |
|  South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB | 5.00% | 12/01/2037 | 170 | 170848 |
|  South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB | 5.00% | 12/01/2038 | 215 | 215817 |
|  South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB | 5.00% | 12/01/2035 | 45 | 45594 |
|  South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB | 5.00% | 12/01/2037 | 75 | 75621 |
|  South Carolina (State of) Public Service Authority, Series 2025 B, Ref. RB | 5.00% | 12/01/2026 | 5 | 5152 |
|  South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB | 5.00% | 10/01/2026 | 185 | 190328 |
|  |  |  |  | 2336689 |
|  South Dakota-0.01% |  |  |  |  |
|  Rapid City (City of), SD, Series 2018, RB<sup>(a)(b)</sup> | 4.00% | 12/01/2026 | 25 | 25507 |
|  Tennessee-0.72% |  |  |  |  |
|  Clarksville (City of), TN, Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 02/01/2026 | 45 | 45473 |
|  Memphis (City of), TN, Series 2015 A, Ref. GO Bonds | 5.00% | 04/01/2026 | 145 | 145536 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds | 5.00% | 01/01/2026 | 50 | 50432 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 07/01/2026 | 100 | 102150 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 07/01/2026 | 25 | 25537 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds | 5.00% | 01/01/2028 | 35 | 35721 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds | 4.00% | 01/01/2030 | 30 | 30227 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds | 5.00% | 01/01/2030 | 5 | 5095 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds | 4.00% | 01/01/2031 | 100 | 100565 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds | 5.00% | 01/01/2031 | 115 | 117019 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds | 4.00% | 01/01/2032 | 40 | 40184 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds | 4.00% | 01/01/2033 | 85 | 85255 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds | 4.75% | 07/01/2026 | 20 | 20404 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds | 5.00% | 07/01/2026 | 190 | 194227 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Lipscomb University), Series 2016 A, Ref. RB | 5.00% | 10/01/2041 | 55 | 53147 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB | 5.00% | 07/01/2029 | 130 | 132113 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB | 5.00% | 07/01/2030 | 100 | 101507 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB | 5.00% | 07/01/2031 | 210 | 212811 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities |  |  |  |  |
|  Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB | 5.00% | 07/01/2035 | 150 | 151152 |
|  Tennessee (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 08/01/2028 | 65 | 66571 |
|  Tennessee (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 08/01/2030 | 100 | 102170 |
|  Tennessee (State of) School Bond Authority, Series 2017 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program) | 5.00% | 11/01/2026 | 80 | 82473 |

---

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

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| |
|:---|
| 167 |
| 167 |
| 167 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Tennessee-(continued) |  |  |  |  |
|  Tennessee Energy Acquisition Corp., Series 2006 A, RB | 5.25% | 09/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;100 | $101908 |
|  Tennessee Energy Acquisition Corp., Series 2006 B, RB | 5.63% | 09/01/2026 | 75 | 76402 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2078079 |
|  Texas-8.51% |  |  |  |  |
|  Aledo Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2040 | 500 | 482765 |
|  Allen Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2042 | 520 | 521549 |
|  Aurora (City of), IL, Series 2016, Ref. RB | 5.00% | 11/15/2030 | 15 | 15383 |
|  Austin (City of), TX, Series 2016, Ref. RB | 5.00% | 11/15/2029 | 40 | 41095 |
|  Austin (City of), TX, Series 2016, Ref. RB | 5.00% | 11/15/2031 | 130 | 133050 |
|  Austin (City of), TX, Series 2016, Ref. RB | 5.00% | 11/15/2032 | 55 | 56184 |
|  Austin (City of), TX, Series 2016, Ref. RB | 5.00% | 11/15/2045 | 150 | 150169 |
|  Austin (City of), TX, Series 2017 A, RB | 5.00% | 11/15/2041 | 40 | 40023 |
|  Austin (City of), TX, Series 2021, Ref. RB | 5.00% | 11/15/2026 | 110 | 113528 |
|  Austin (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2026 | 65 | 67045 |
|  Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2026 | 60 | 61479 |
|  Bexar (County of), TX, Series 2017, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 06/15/2026 | 60 | 61193 |
|  Bexar (County of), TX, Series 2017, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 06/15/2026 | 220 | 224373 |
|  Bexar (County of), TX, Series 2017, Ref. GO Bonds | 5.00% | 06/15/2028 | 500 | 509183 |
|  Board of Regents of the University of Texas System, Series 2014 B, Ref. RB | 5.00% | 08/15/2026 | 115 | 117971 |
|  Board of Regents of the University of Texas System, Series 2016 D, RB | 5.00% | 08/15/2026 | 445 | 456240 |
|  Board of Regents of the University of Texas System, Series 2016 E, RB | 5.00% | 08/15/2026 | 25 | 25631 |
|  Board of Regents of the University of Texas System, Series 2016 J, RB | 5.00% | 08/15/2026 | 405 | 415229 |
|  Board of Regents of the University of Texas System, Series 2016 J, RB | 5.00% | 08/15/2028 | 125 | 127900 |
|  Board of Regents of the University of Texas System, Series 2025 A, RB | 5.00% | 08/15/2026 | 5 | 5126 |
|  Board of Regents of the University of Texas System (Green Bonds), Series 2016 B, RB | 5.00% | 08/15/2026 | 170 | 174294 |
|  Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2016 A, Ref. RB,<br>(CEP - Texas Permanent School Fund) | 5.00% | 08/15/2046 | 10 | 10036 |
|  Cypress-Fairbanks Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2026 | 120 | 121440 |
|  Cypress-Fairbanks Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2028 | 175 | 177050 |
|  Cypress-Fairbanks Independent School District, Series 2023 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2026 | 5 | 5060 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB | 5.00% | 11/01/2026 | 115 | 118460 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB | 5.00% | 11/01/2026 | 55 | 56655 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB | 5.00% | 11/01/2026 | 65 | 66948 |
|  Dallas (City of) TX, Series 2016 A, Ref. RB | 5.00% | 10/01/2029 | 45 | 46110 |
|  Dallas (City of) TX, Series 2016 A, Ref. RB | 5.00% | 10/01/2031 | 50 | 51056 |
|  Dallas (City of) TX, Series 2016 A, Ref. RB | 5.00% | 10/01/2036 | 35 | 35430 |
|  Dallas (City of), TX, Series 2015 A, Ref. RB | 5.00% | 10/01/2026 | 160 | 160328 |
|  Dallas (City of), TX, Series 2016 A, Ref. RB | 5.00% | 10/01/2035 | 60 | 60845 |
|  Dallas (City of), TX, Series 2017, Ref. GO Bonds | 5.00% | 02/15/2026 | 500 | 505614 |
|  Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2026 | 210 | 212358 |
|  Dallas (City of), TX Area Rapid Transit, Series 2016 B, Ref. RB | 5.00% | 12/01/2032 | 75 | 76908 |
|  Dallas (City of), TX Area Rapid Transit, Series 2016 B, Ref. RB | 4.00% | 12/01/2036 | 100 | 99607 |
|  Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB | 5.00% | 12/01/2026 | 160 | 165122 |
|  Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds | 5.00% | 02/15/2026 | 30 | 30335 |
|  Denton (City of), TX, Series 2017, RB | 5.00% | 12/01/2035 | 165 | 168040 |
|  Denton (County of), TX, Series 2017, RB | 5.00% | 12/01/2034 | 25 | 25504 |
|  Denton (County of), TX, Series 2017, Ref. GO Bonds | 5.00% | 07/15/2031 | 50 | 50993 |
|  Eagle Mountain & Saginaw Independent School District, Series 2016, Ref. GO Bonds,<br>(CEP - Texas Permanent School Fund) | 4.00% | 08/15/2033 | 25 | 25052 |
|  El Paso (City of), TX, Series 2016, GO Bonds | 5.00% | 08/15/2042 | 100 | 100399 |
|  El Paso (City of), TX, Series 2016, Ref. GO Bonds | 4.00% | 08/15/2031 | 70 | 70578 |
|  El Paso (City of), TX, Series 2016, Ref. GO Bonds | 4.00% | 08/15/2032 | 160 | 161089 |
|  El Paso Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2036 | 60 | 60757 |

---

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

---

| |
|:---|
| 168 |
| 168 |
| 168 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  El Paso Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2037 | $&nbsp;&nbsp;&nbsp;&nbsp;175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176912 |
|  Fort Bend Independent School District, Series 2017 E, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2026 | 75 | 75869 |
|  Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2026 | 5 | 5060 |
|  Harris (County of) & Houston (City of), TX Sports Authority, Series 2024 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/15/2026 | 25 | 25708 |
|  Harris (County of), TX, Series 2016 A, Ref. RB | 5.00% | 08/15/2026 | 15 | 15389 |
|  Harris (County of), TX, Series 2016 A, Ref. RB | 5.00% | 08/15/2029 | 75 | 76519 |
|  Harris (County of), TX, Series 2016 A, Ref. RB | 5.00% | 08/15/2030 | 305 | 310830 |
|  Harris (County of), TX, Series 2016 A, Ref. RB | 5.00% | 08/15/2031 | 230 | 234157 |
|  Harris (County of), TX, Series 2016 A, Ref. RB | 5.00% | 08/15/2032 | 135 | 137274 |
|  Harris (County of), TX, Series 2016 A, Ref. RB | 5.00% | 08/15/2033 | 65 | 66009 |
|  Harris (County of), TX, Series 2016 A, Ref. RB | 5.00% | 08/15/2034 | 105 | 106492 |
|  Harris (County of), TX, Series 2016 A, Ref. RB | 5.00% | 08/15/2035 | 25 | 25318 |
|  Harris (County of), TX, Series 2016 A, Ref. RB | 5.00% | 08/15/2036 | 225 | 227522 |
|  Harris (County of), TX, Series 2020 A, Ref. GO Bonds | 5.00% | 10/01/2026 | 85 | 87522 |
|  Harris (County of), TX, Series 2022 A, Ref. GO Bonds | 5.00% | 10/01/2026 | 20 | 20593 |
|  Harris (County of), TX, Series 2024 A, GO Bonds | 5.00% | 08/15/2026 | 35 | 35874 |
|  Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB | 5.00% | 11/01/2026 | 130 | 134094 |
|  Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB | 5.00% | 11/01/2028 | 105 | 108033 |
|  Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB | 5.00% | 11/01/2029 | 250 | 257134 |
|  Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB | 5.00% | 08/15/2026 | 125 | 128121 |
|  Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2016, RB | 5.00% | 07/01/2039 | 10 | 10051 |
|  Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2016, RB | 5.00% | 07/01/2040 | 20 | 20081 |
|  Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2019, Ref. RB | 5.00% | 12/01/2026 | 65 | 66991 |
|  Houston (City of), TX, Series 2016 A, Ref. GO Bonds | 5.00% | 03/01/2026 | 120 | 121586 |
|  Houston (City of), TX, Series 2016 A, Ref. GO Bonds | 5.00% | 03/01/2028 | 20 | 20249 |
|  Houston (City of), TX, Series 2016 B, Ref. RB | 5.00% | 11/15/2026 | 35 | 36118 |
|  Houston (City of), TX, Series 2016 B, Ref. RB | 5.00% | 11/15/2028 | 75 | 77214 |
|  Houston (City of), TX, Series 2016 B, Ref. RB | 4.00% | 11/15/2031 | 370 | 373967 |
|  Houston (City of), TX, Series 2016 B, Ref. RB | 5.00% | 11/15/2036 | 30 | 30451 |
|  Houston (City of), TX, Series 2016 B, Ref. RB | 4.00% | 11/15/2037 | 5 | 4939 |
|  Houston (City of), TX, Series 2016, Ref. RB | 5.00% | 11/15/2029 | 30 | 30839 |
|  Houston (City of), TX, Series 2017 A, Ref. GO Bonds | 5.00% | 03/01/2026 | 205 | 207710 |
|  Houston (City of), TX, Series 2017 B, Ref. RB | 5.00% | 11/15/2026 | 245 | 252828 |
|  Houston (City of), TX, Series 2018 B, Ref. RB | 5.00% | 07/01/2026 | 60 | 61265 |
|  Houston (City of), TX, Series 2021 A, GO Bonds | 5.00% | 03/01/2026 | 25 | 25330 |
|  Houston (City of), TX, Series 2024 B, Ref. GO Bonds | 5.00% | 03/01/2026 | 20 | 20264 |
|  Houston (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2026 | 365 | 376662 |
|  Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2028 | 20 | 20219 |
|  Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2032 | 5 | 5017 |
|  Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2032 | 10 | 10099 |
|  Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2035 | 10 | 10010 |
|  Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2037 | 10 | 10002 |
|  Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2026 | 110 | 111335 |
|  Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2026 | 10 | 10257 |
|  Leander Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2049 | 10 | 10027 |
|  Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2026 | 20 | 20505 |

---

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

---

| |
|:---|
| 169 |
| 169 |
| 169 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  Lone Star College System, Series 2016, Ref. GO Bonds | 4.00% | 02/15/2032 | $45 | $45121 |
|  Lone Star College System, Series 2016, Ref. GO Bonds | 5.00% | 02/15/2033 | 80 | 80825 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB | 5.00% | 05/15/2026 | 185 | 188153 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 05/15/2026 | 15 | 15264 |
|  Medina Valley Independent School District, Series 2016, GO Bonds,<br>(CEP - Texas Permanent School Fund) | 4.00% | 02/15/2041 | 75 | 70959 |
|  Mesquite Independent School District, Series 2017 B, GO Bonds,<br>(CEP - Texas Permanent School Fund) | 5.00% | 08/15/2042 | 5 | 5031 |
|  Midland Independent School District, Series 2024, GO Bonds,<br>(CEP - Texas Permanent School Fund) | 5.00% | 02/15/2026 | 5 | 5061 |
|  Montgomery (County of), TX, Series 2016, Ref. GO Bonds | 5.00% | 03/01/2028 | 35 | 35437 |
|  Montgomery (County of), TX, Series 2016, Ref. GO Bonds | 5.00% | 03/01/2032 | 20 | 20211 |
|  New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB<sup>(d)</sup> | 5.00% | 07/01/2046 | 100 | 90250 |
|  North East Independent School District, Series 2007, Ref. GO Bonds,<br>(CEP - Texas Permanent School Fund) | 5.25% | 02/01/2026 | 30 | 30346 |
|  North East Texas Regional Mobility Authority, Series 2016, RB | 5.00% | 01/01/2036 | 70 | 70160 |
|  North Harris (County of), TX Regional Water Authority, Series 2016, Ref. RB | 4.00% | 12/15/2035 | 245 | 245896 |
|  North Texas Tollway Authority, Series 2016 A, Ref. RB | 5.00% | 01/01/2028 | 160 | 161360 |
|  North Texas Tollway Authority, Series 2016 A, Ref. RB | 5.00% | 01/01/2030 | 100 | 100799 |
|  North Texas Tollway Authority, Series 2016 A, Ref. RB | 5.00% | 01/01/2031 | 1105 | &nbsp;&nbsp;&nbsp;&nbsp;1113179 |
|  North Texas Tollway Authority, Series 2016 A, Ref. RB | 5.00% | 01/01/2032 | 20 | 20134 |
|  North Texas Tollway Authority, Series 2016 A, Ref. RB | 5.00% | 01/01/2036 | 625 | 627803 |
|  North Texas Tollway Authority, Series 2016 A, Ref. RB | 5.00% | 01/01/2039 | 20 | 20054 |
|  North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2029 | 20 | 20168 |
|  North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2031 | 115 | 115851 |
|  North Texas Tollway Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2028 | 15 | 15123 |
|  North Texas Tollway Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2029 | 5 | 5040 |
|  North Texas Tollway Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2030 | 65 | 65489 |
|  North Texas Tollway Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2031 | 120 | 120839 |
|  North Texas Tollway Authority, Series 2022 B, Ref. RB | 5.00% | 01/01/2026 | 45 | 45353 |
|  Pearland (City of), TX, Series 2021 B, Ctfs. of Obligations | 5.00% | 03/01/2030 | 655 | 662783 |
|  Pecos Barstow Toyah Independent School District, Series 2023, GO Bonds,<br>(CEP - Texas Permanent School Fund)<sup>(a)(b)</sup> | 5.00% | 02/15/2026 | 1000 | 1011062 |
|  Pecos Barstow Toyah Independent School District, Series 2023, GO Bonds,<br>(CEP - Texas Permanent School Fund) | 5.00% | 02/15/2039 | 310 | 311492 |
|  Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB | 5.25% | 07/01/2026 | 140 | 143412 |
|  Plano Independent School District, Series 2016 A, Ref. GO Bonds,<br>(CEP - Texas Permanent School Fund) | 5.00% | 02/15/2029 | 95 | 96057 |
|  Round Rock Independent School District, Series 2019 A, Ref. GO Bonds,<br>(CEP - Texas Permanent School Fund) | 5.00% | 08/01/2026 | 10 | 10245 |
|  San Antonio (City of), TX, Series 2015, RB | 3.20% | 02/01/2030 | 15 | 15018 |
|  San Antonio (City of), TX, Series 2015, RB | 4.00% | 02/01/2033 | 55 | 55138 |
|  San Antonio (City of), TX, Series 2015, RB | 4.00% | 02/01/2035 | 70 | 70075 |
|  San Antonio (City of), TX, Series 2015, RB | 4.00% | 02/01/2036 | 80 | 80030 |
|  San Antonio (City of), TX, Series 2015, RB | 4.00% | 02/01/2037 | 25 | 24910 |
|  San Antonio (City of), TX, Series 2015, Ref. RB | 5.00% | 02/01/2026 | 70 | 70789 |
|  San Antonio (City of), TX, Series 2015, Ref. RB | 3.13% | 02/01/2028 | 80 | 80142 |
|  San Antonio (City of), TX, Series 2015, Ref. RB | 5.00% | 02/01/2031 | 40 | 40357 |
|  San Antonio (City of), TX, Series 2015, Ref. RB | 5.00% | 02/01/2032 | 40 | 40330 |
|  San Antonio (City of), TX, Series 2016, Ref. RB | 5.00% | 02/01/2026 | 235 | 237647 |
|  San Antonio (City of), TX, Series 2016, Ref. RB | 4.00% | 02/01/2028 | 60 | 60725 |
|  San Antonio (City of), TX, Series 2016, Ref. RB | 5.00% | 02/01/2029 | 275 | 281244 |
|  San Antonio (City of), TX, Series 2016, Ref. RB | 5.00% | 02/01/2030 | 80 | 81704 |
|  San Antonio (City of), TX, Series 2016, Ref. RB | 4.00% | 02/01/2032 | 140 | 140995 |
|  San Antonio (City of), TX, Series 2016, Ref. RB | 5.00% | 02/01/2032 | 80 | 81452 |
|  San Antonio (City of), TX, Series 2016, Ref. RB | 4.00% | 02/01/2033 | 20 | 20111 |
|  San Antonio (City of), TX, Series 2016, Ref. RB | 4.00% | 02/01/2034 | 65 | 65267 |
|  San Antonio (City of), TX, Series 2018 A, RB. | 5.00% | 02/01/2026 | 30 | 30338 |

---

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

---

| |
|:---|
| 170 |
| 170 |
| 170 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  San Antonio (City of), TX, Series 2019, Ref. RB | 4.00% | 02/01/2026 | $130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130932 |
|  San Antonio (City of), TX, Series 2024, GO Bonds | 5.00% | 02/01/2026 | 5 | 5054 |
|  San Antonio (City of), TX Water System, Series 2016 A, Ref. RB | 5.00% | 05/15/2031 | 185 | 187737 |
|  San Antonio (City of), TX Water System, Series 2016 A, Ref. RB | 5.00% | 05/15/2032 | 35 | 35473 |
|  San Antonio (City of), TX Water System, Series 2016 C, Ref. RB | 5.00% | 05/15/2033 | 35 | 35749 |
|  San Antonio (City of), TX Water System, Series 2016 C, Ref. RB | 5.00% | 05/15/2034 | 105 | 107101 |
|  San Antonio (City of), TX Water System, Series 2016 C, Ref. RB | 5.00% | 05/15/2036 | 200 | 203406 |
|  San Antonio (City of), TX Water System, Series 2016 C, Ref. RB | 4.00% | 05/15/2037 | 15 | 14924 |
|  Schertz-Cibolo-Universal City Independent School District, Series 2017, GO Bonds,<br>(CEP - Texas Permanent School Fund) | 5.00% | 02/01/2042 | 95 | 95252 |
|  Spring Independent School District, Series 2017 A, Ref. GO Bonds | 5.00% | 08/15/2028 | 10 | 10208 |
|  Spring Independent School District, Series 2017, GO Bonds,<br>(CEP - Texas Permanent School Fund) | 5.00% | 08/15/2042 | 50 | 50309 |
|  Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 A, Ref. RB | 5.00% | 11/15/2029 | 205 | 207952 |
|  Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 A, Ref. RB | 4.00% | 11/15/2035 | 420 | 420099 |
|  Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016, Ref. RB | 5.00% | 11/15/2028 | 50 | 50786 |
|  Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016, Ref. RB | 4.00% | 11/15/2034 | 540 | 540767 |
|  Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016, Ref. RB | 5.00% | 11/15/2037 | 20 | 20142 |
|  Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016 A, Ref. RB | 5.00% | 02/15/2041 | 275 | 276093 |
|  Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016, Ref. RB | 5.00% | 02/15/2034 | 90 | 91447 |
|  Texas (State of), Series 2016 A, GO Bonds | 5.00% | 04/01/2026 | 270 | 274083 |
|  Texas (State of), Series 2016 A, GO Bonds | 5.00% | 04/01/2038 | 250 | 251342 |
|  Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2028 | 20 | 20288 |
|  Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2029 | 20 | 20279 |
|  Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2029 | 10 | 10140 |
|  Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2030 | 260 | 263402 |
|  Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2031 | 140 | 141710 |
|  Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2031 | 30 | 30366 |
|  Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2032 | 5 | 5056 |
|  Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2032 | 400 | 404447 |
|  Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2033 | 20 | 20203 |
|  Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2033 | 10 | 10101 |
|  Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2034 | 10 | 10092 |
|  Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2037 | 100 | 100623 |
|  Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2038 | 25 | 25134 |
|  Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2043 | 5 | 5008 |
|  Texas (State of), Series 2016, Ref. GO Bonds | 5.00% | 10/01/2026 | 5 | 5143 |
|  Texas (State of), Series 2018 A, Ref. GO Bonds | 5.00% | 10/01/2026 | 35 | 36000 |
|  Texas (State of), Series 2024, Ref. GO Bonds | 5.00% | 10/01/2026 | 190 | 195430 |
|  Texas (State of) Transportation Commission, Series 2016, RB | 4.00% | 10/15/2036 | 25 | 24773 |
|  Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds | 5.00% | 04/01/2026 | 10 | 10153 |
|  Texas (State of) Transportation Commission State Highway Fund, Series 2015, Ref. RB | 5.00% | 10/01/2026 | 125 | 128667 |
|  Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB | 5.00% | 10/01/2026 | 120 | 123521 |
|  Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB | 5.00% | 10/01/2030 | 5 | 5120 |
|  Texas (State of) Water Development Board, Series 2016, RB | 4.00% | 10/15/2030 | 100 | 100926 |
|  Texas (State of) Water Development Board, Series 2016, RB | 4.00% | 10/15/2032 | 130 | 130707 |
|  Texas (State of) Water Development Board, Series 2016, RB | 4.00% | 10/15/2033 | 40 | 40150 |
|  Texas (State of) Water Development Board, Series 2016, RB | 5.00% | 10/15/2046 | 10 | 10037 |
|  Texas (State of) Water Development Board, Series 2017 A, RB | 5.00% | 04/15/2026 | 95 | 96570 |
|  Texas (State of) Water Development Board, Series 2018 B, RB | 5.00% | 10/15/2026 | 105 | 108180 |
|  Texas (State of) Water Development Board, Series 2020, RB | 5.00% | 08/01/2026 | 15 | 15370 |
|  Texas (State of) Water Development Board, Series 2021, RB | 5.00% | 08/01/2026 | 70 | 71725 |

---

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

---

| |
|:---|
| 171 |
| 171 |
| 171 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  Texas A&M University, Series 2016 C, Ref. RB | 4.00% | 05/15/2028 | $100 | $100914 |
|  Texas A&M University, Series 2016 C, Ref. RB | 4.00% | 05/15/2029 | 70 | 70659 |
|  Texas A&M University, Series 2017 E, Ref. RB | 5.00% | 05/15/2026 | 140 | 142643 |
|  Texas State University Board of Regents, Series 2017 A, Ref. RB | 5.00% | 03/15/2026 | 200 | 202854 |
|  Texas State University Board of Regents, Series 2024, Ref. RB | 5.00% | 03/15/2026 | 25 | 25357 |
|  Trinity River Authority, Series 2016, Ref. RB | 5.00% | 08/01/2026 | 500 | 511866 |
|  University of Houston, Series 2017 A, Ref. RB | 5.00% | 02/15/2026 | 50 | 50611 |
|  University of Houston, Series 2017 A, Ref. RB | 5.00% | 02/15/2028 | 20 | 20221 |
|  University of Houston, Series 2017 A, Ref. RB | 5.00% | 02/15/2030 | 75 | 75746 |
|  University of Houston, Series 2017 A, Ref. RB | 5.00% | 02/15/2031 | 40 | 40392 |
|  University of Houston, Series 2017 A, Ref. RB | 5.00% | 02/15/2032 | 95 | 95971 |
|  University of Houston, Series 2017 A, Ref. RB | 5.00% | 02/15/2033 | 10 | 10093 |
|  University of Houston, Series 2017 A, Ref. RB | 5.00% | 02/15/2034 | 20 | 20180 |
|  University of Houston, Series 2017 A, Ref. RB | 5.00% | 02/15/2035 | 5 | 5044 |
|  University of Houston, Series 2017 A, Ref. RB | 5.00% | 02/15/2036 | 400 | 403346 |
|  Williamson (County of), TX, Series 2015 A, Ref. GO Bonds | 4.00% | 02/15/2026 | 10 | 10011 |
|  Williamson (County of), TX, Series 2021, GO Notes | 4.00% | 02/15/2026 | 10 | 10074 |
|  |  |  |  | 24679018 |
|  Utah-0.36% |  |  |  |  |
|  Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2026 | 225 | 229425 |
|  University of Utah (The) (Green Bonds), Series 2022 B, RB | 5.00% | 08/01/2026 | 115 | 117835 |
|  Utah (County of), UT (IHC Health Services, Inc.), Series 2016 B, RB | 3.00% | 05/15/2047 | 95 | 68503 |
|  Utah (State of), Series 2017, GO Bonds | 5.00% | 07/01/2026 | 5 | 5112 |
|  Utah (State of), Series 2018, GO Bonds | 5.00% | 07/01/2026 | 165 | 168684 |
|  Utah (State of), Series 2020 B, GO Bonds | 5.00% | 07/01/2026 | 245 | 250471 |
|  Utah (State of), Series 2020, GO Bonds | 5.00% | 07/01/2026 | 15 | 15335 |
|  Utah (State of) Transit Authority, Series 2016, Ref. RB | 4.00% | 12/15/2029 | 45 | 45396 |
|  Utah (State of) Transit Authority, Series 2016, Ref. RB | 4.00% | 12/15/2030 | 95 | 95812 |
|  Utah (State of) Transit Authority, Series 2016, Ref. RB | 4.00% | 12/15/2031 | 30 | 30219 |
|  Utah Municipal Power Agency, Series 2016 B, RB | 5.00% | 07/01/2038 | 25 | 25236 |
|  |  |  |  | 1052028 |
|  Vermont-0.06% |  |  |  |  |
|  Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical Center (The)), Series 2016 A, Ref. RB | 5.00% | 12/01/2032 | 10 | 10097 |
|  Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical Center),<br>Series 2016 A, Ref. RB | 5.00% | 12/01/2034 | 5 | 5031 |
|  Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical Center),<br>Series 2016 A, Ref. RB | 5.00% | 12/01/2035 | 75 | 75364 |
|  Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical Center),<br>Series 2016 A, Ref. RB | 5.00% | 12/01/2036 | 80 | 80278 |
|  |  |  |  | 170770 |
|  Virginia-1.63% |  |  |  |  |
|  Chesapeake Bay Bridge & Tunnel District, Series 2016, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 07/01/2041 | 105 | 105328 |
|  Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 04/01/2026 | 100 | 101553 |
|  Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds | 4.00% | 10/01/2026 | 125 | 126174 |
|  Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds | 4.00% | 10/01/2027 | 405 | 408992 |
|  Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds | 4.00% | 10/01/2028 | 75 | 75699 |
|  Fairfax (County of), VA, Series 2023 A, GO Bonds | 4.00% | 10/01/2026 | 5 | 5089 |
|  Fairfax (County of), VA, Series 2025 A, GO Bonds | 5.00% | 10/01/2026 | 110 | 113120 |
|  Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2016 A, Ref. RB | 5.00% | 05/15/2030 | 125 | 126911 |
|  Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2016 A, Ref. RB | 5.00% | 05/15/2031 | 90 | 91294 |
|  Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2016, Ref. RB | 5.00% | 05/15/2026 | 5 | 5087 |

---

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

---

| |
|:---|
| 172 |
| 172 |
| 172 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Virginia-(continued) |  |  |  |  |
|  Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2016, Ref. RB | 5.00% | 05/15/2026 | $15 | $15261 |
|  Hampton Roads Sanitation District, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 100 | 102456 |
|  Hampton Roads Sanitation District, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 30 | 30737 |
|  Hampton Roads Sanitation District, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 415 | 425191 |
|  Hampton Roads Sanitation District, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 40 | 40982 |
|  Hampton Roads Sanitation District, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 10 | 10246 |
|  Henrico (County of), VA, Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 05/01/2026 | 75 | 76256 |
|  Norfolk (City of), VA, Series 2016 B, Ref. GO Bonds | 4.00% | 10/01/2028 | 75 | 76302 |
|  Richmond (City of), VA, Series 2016, Ref. RB | 5.00% | 01/15/2026 | 20 | 20191 |
|  Richmond (City of), VA, Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/15/2026 | 20 | 20190 |
|  Richmond (City of), VA, Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/15/2026 | 80 | 80761 |
|  Richmond (City of), VA, Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/15/2026 | 135 | 136285 |
|  Richmond (City of), VA, Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/15/2026 | 5 | 5048 |
|  Richmond (City of), VA, Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/15/2026 | 80 | 80761 |
|  Richmond (City of), VA, Series 2016, Ref. RB | 4.00% | 01/15/2037 | 250 | 249997 |
|  Stafford (County of), VA Economic Development Authority (Mary Washington Healthcare Obligated Group),<br>Series 2016, Ref. RB | 5.00% | 06/15/2035 | 25 | 25237 |
|  Virginia (Commonwealth of), Series 2024 B, Ref. GO Bonds | 5.00% | 06/01/2026 | 35 | 35701 |
|  Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB,<br>(CEP - Colorado Higher Education Intercept Program) | 3.00% | 09/01/2026 | 135 | 135689 |
|  Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB,<br>(CEP - Colorado Higher Education Intercept Program) | 5.00% | 09/01/2028 | 100 | 102348 |
|  Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB,<br>(CEP - Colorado Higher Education Intercept Program) | 5.00% | 09/01/2029 | 65 | 66501 |
|  Virginia (Commonwealth of) College Building Authority, Series 2019 A, RB | 5.00% | 02/01/2026 | 500 | 505487 |
|  Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2020, RB | 5.00% | 02/01/2026 | 15 | 15165 |
|  Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2021, RB | 5.00% | 02/01/2026 | 20 | 20219 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs),<br>Series 2017, RB | 5.00% | 02/01/2026 | 70 | 70768 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs),<br>Series 2017, Ref. RB | 5.00% | 02/01/2026 | 30 | 30329 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs),<br>Series 2019 C, Ref. RB | 5.00% | 02/01/2026 | 60 | 60658 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs),<br>Series 2022 A, RB | 5.00% | 02/01/2026 | 45 | 45494 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs),<br>Series 2017, Ref. RB | 5.00% | 02/01/2026 | 50 | 50536 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs),<br>Series 2024, RB | 5.00% | 02/01/2026 | 25 | 25274 |
|  Virginia (Commonwealth of) Public Building Authority, Series 2016 B, Ref. RB | 5.00% | 08/01/2026 | 220 | 225382 |
|  Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB | 5.00% | 08/01/2026 | 80 | 81957 |
|  Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB | 5.00% | 08/01/2026 | 75 | 76835 |
|  Virginia (Commonwealth of) Public Building Authority, Series 2024 B, Ref. RB | 5.00% | 08/01/2026 | 55 | 56346 |
|  Virginia (Commonwealth of) Transportation Board, Series 2016, RB | 5.00% | 09/15/2030 | 230 | 235323 |
|  Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB | 5.00% | 05/15/2026 | 80 | 81454 |
|  Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB | 5.00% | 03/15/2026 | 225 | 228102 |
|  Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB | 5.00% | 09/15/2026 | 25 | 25677 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4730393 |
|  Washington-3.63% |  |  |  |  |
|  Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB | 5.00% | 11/01/2035 | 150 | 152753 |
|  Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB | 5.00% | 11/01/2026 | 180 | 185669 |
|  Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB | 5.00% | 07/01/2026 | 20 | 20437 |
|  Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB | 5.00% | 07/01/2028 | 200 | 204146 |
|  Energy Northwest (No. 1), Series 2017 A, Ref. RB | 5.00% | 07/01/2026 | 345 | 352531 |

---

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

---

| |
|:---|
| 173 |
| 173 |
| 173 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Washington-(continued) |  |  |  |  |
|  Energy Northwest (No. 1), Series 2021 A, Ref. RB | 5.00% | 07/01/2026 | $65 | $66419 |
|  Energy Northwest (No. 1), Series 2022 A, Ref. RB | 5.00% | 07/01/2026 | 295 | 301440 |
|  Energy Northwest (No. 1), Series 2024 B, Ref. RB | 5.00% | 07/01/2026 | 30 | 30655 |
|  Energy Northwest (No. 3), Series 2018, Ref. RB | 5.00% | 07/01/2026 | 20 | 20437 |
|  Grant (County of), WA Public Utility District No. 2, Series 2023 U, Ref. RB | 4.00% | 01/01/2026 | 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110452 |
|  King & Snohomish Counties School District No. 417 Northshore, Series 2024, Ref. GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2026 | 175 | 180843 |
|  King (County of), WA, Series 2016 A, Ref. RB | 4.00% | 07/01/2035 | 5 | 5001 |
|  King (County of), WA, Series 2016 A, Ref. RB | 4.00% | 07/01/2038 | 265 | 262388 |
|  King (County of), WA, Series 2016 B, Ref. RB | 5.00% | 07/01/2028 | 120 | 122238 |
|  King (County of), WA, Series 2016 B, Ref. RB | 4.00% | 07/01/2030 | 130 | 131202 |
|  King County School District No. 401 Highline, Series 2015, Ref. GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2026 | 50 | 50311 |
|  King County School District No. 401 Highline, Series 2017, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2028 | 145 | 149252 |
|  King County School District No. 401 Highline, Series 2017, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2029 | 180 | 182931 |
|  King County School District No. 401 Highline, Series 2017, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2030 | 20 | 20532 |
|  King County School District No. 401 Highline, Series 2017, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2031 | 100 | 102461 |
|  King County School District No. 401 Highline, Series 2017, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2035 | 105 | 105032 |
|  King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2026 | 45 | 46497 |
|  King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2028 | 65 | 66971 |
|  King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2029 | 50 | 51466 |
|  King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2030 | 555 | 570516 |
|  King County School District No. 411 Issaquah, Series 2016, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2031 | 65 | 65417 |
|  King County School District No. 411 Issaquah, Series 2016, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2032 | 20 | 20111 |
|  King County School District No. 411 Issaquah, Series 2017, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2032 | 690 | 708176 |
|  King County School District No. 411 Issaquah, Series 2022, Ref. GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2026 | 85 | 87764 |
|  North Thurston Public Schools, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2026 | 95 | 98113 |
|  Pierce County School District No. 10 Tacoma, Series 2024, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2026 | 30 | 30975 |
|  Seattle (City of), WA, Series 2019 B, Ref. RB | 5.00% | 02/01/2026 | 70 | 70815 |
|  Seattle (City of), WA, Series 2020 A, RB | 5.00% | 07/01/2026 | 100 | 102250 |
|  Seattle (Port of), WA, Series 2016, Ref. RB | 5.00% | 02/01/2026 | 25 | 25265 |
|  Seattle (Port of), WA, Series 2016, Ref. RB | 5.00% | 02/01/2028 | 10 | 10104 |
|  Seattle (Port of), WA, Series 2016, Ref. RB | 5.00% | 02/01/2029 | 25 | 25251 |
|  Seattle (Port of), WA, Series 2016, Ref. RB | 5.00% | 02/01/2030 | 35 | 35340 |
|  Seattle (Port of), WA, Series 2022 A, Ref. RB | 5.00% | 08/01/2026 | 30 | 30717 |
|  University of Washington, Series 2016 A, Ref. RB | 5.25% | 12/01/2046 | 200 | 200320 |
|  Washington (State of), Series 2016 A, GO Bonds | 5.00% | 08/01/2031 | 215 | 219470 |
|  Washington (State of), Series 2016 A, Ref. GO Bonds | 5.00% | 08/01/2031 | 40 | 40832 |
|  Washington (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2026 | 250 | 252151 |
|  Washington (State of), Series 2016 B, Ref. GO Bonds | 4.00% | 08/01/2026 | 60 | 60934 |
|  Washington (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2027 | 5 | 5042 |
|  Washington (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2028 | 5 | 5043 |
|  Washington (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 08/01/2028 | 85 | 87039 |
|  Washington (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2029 | 75 | 75640 |

---

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

---

| |
|:---|
| 174 |
| 174 |
| 174 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Washington-(continued) |  |  |  |  |
|  Washington (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 08/01/2029 | $25 | $25586 |
|  Washington (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2030 | 270 | 272195 |
|  Washington (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 08/01/2030 | 215 | 219804 |
|  Washington (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2031 | 90 | 90681 |
|  Washington (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 08/01/2031 | 135 | 137807 |
|  Washington (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2032 | 115 | 115812 |
|  Washington (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 08/01/2032 | 110 | 112137 |
|  Washington (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2033 | 70 | 70460 |
|  Washington (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 08/01/2033 | 5 | 5090 |
|  Washington (State of), Series 2016 C, GO Bonds | 5.00% | 02/01/2035 | 50 | 50365 |
|  Washington (State of), Series 2016 C, GO Bonds | 5.00% | 02/01/2036 | 40 | 40256 |
|  Washington (State of), Series 2016 C, GO Bonds | 5.00% | 02/01/2037 | 130 | 130734 |
|  Washington (State of), Series 2016 R, Ref. GO Bonds | 5.00% | 07/01/2032 | 215 | 216519 |
|  Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2026 | 65 | 66596 |
|  Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2028 | 20 | 20480 |
|  Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2032 | 5 | 5097 |
|  Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2033 | 75 | 76354 |
|  Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2034 | 145 | 147434 |
|  Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2035 | 30 | 30463 |
|  Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2036 | 60 | 60807 |
|  Washington (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2026 | 40 | 40982 |
|  Washington (State of), Series 2017-A, GO Bonds | 5.00% | 08/01/2030 | 60 | 61341 |
|  Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2026 | 90 | 90980 |
|  Washington (State of), Series 2020 R, Ref. GO Bonds | 5.00% | 07/01/2026 | 45 | 46001 |
|  Washington (State of), Series 2023, Ref. GO Bonds | 5.00% | 08/01/2026 | 5 | 5123 |
|  Washington (State of), Series 2024, Ref. GO Bonds | 5.00% | 07/01/2026 | 45 | 46001 |
|  Washington (State of), Series 2024, Ref. GO Bonds | 5.00% | 07/01/2026 | 5 | 5111 |
|  Washington (State of), Series R-2017A, Ref. GO Bonds | 5.00% | 08/01/2026 | 155 | 158806 |
|  Washington (State of), Series R-2017A, Ref. GO Bonds | 5.00% | 08/01/2028 | 420 | 430076 |
|  Washington (State of), Series R-2017A, Ref. GO Bonds | 5.00% | 08/01/2029 | 35 | 35820 |
|  Washington (State of), Series R-2017A, Ref. GO Bonds | 5.00% | 08/01/2030 | 80 | 81787 |
|  Washington (State of), Series R-2017A, Ref. GO Bonds | 5.00% | 08/01/2032 | 355 | 361896 |
|  Washington (State of), Series R-2017A, Ref. GO Bonds | 5.00% | 08/01/2033 | 120 | 122167 |
|  Washington (State of), Series R-2017A, Ref. GO Bonds | 5.00% | 08/01/2034 | 200 | 203358 |
|  Washington (State of), Series R-2018D, Ref. GO Bonds | 5.00% | 08/01/2026 | 10 | 10246 |
|  Washington (State of), Series R-2020C, Ref. GO Bonds | 5.00% | 07/01/2026 | 115 | 117558 |
|  Washington (State of), Series R-2022D, Ref. GO Bonds | 4.00% | 07/01/2026 | 195 | 197744 |
|  Washington (State of), Series R-2024C, Ref. GO Bonds | 5.00% | 08/01/2026 | 15 | 15368 |
|  Washington (State of) (Bid Group 1), Series 2022 C, GO Bonds | 5.00% | 02/01/2026 | 30 | 30327 |
|  Washington (State of) (Bid Group 1), Series R-2022C, Ref. GO Bonds | 4.00% | 07/01/2026 | 760 | 770695 |
|  Washington (State of) Higher Education Facilities Authority (Whitworth University), Series 2016 A, Ref. RB | 5.00% | 10/01/2040 | 70 | 66178 |
|  |  |  |  | 10541591 |
|  West Virginia-0.03% |  |  |  |  |
|  West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB | 5.00% | 09/01/2026 | 85 | 87191 |
|  Wisconsin-1.26% |  |  |  |  |
|  Wisconsin (State of), Series 2016-2, Ref. GO Bonds | 5.00% | 11/01/2026 | 40 | 40695 |
|  Wisconsin (State of), Series 2016-2, Ref. GO Bonds | 5.00% | 11/01/2029 | 15 | 15237 |
|  Wisconsin (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2026 | 85 | 87677 |
|  Wisconsin (State of), Series 2017-2, Ref. GO Bonds | 5.00% | 11/01/2026 | 450 | 464172 |
|  Wisconsin (State of), Series 2018 A, GO Bonds | 4.00% | 05/01/2033 | 25 | 25142 |
|  Wisconsin (State of), Series 2018 A, GO Bonds | 4.00% | 05/01/2036 | 300 | 300833 |
|  Wisconsin (State of), Series 2018 A, RB | 5.00% | 06/01/2026 | 225 | 229506 |
|  Wisconsin (State of), Series 2019 A, Ref. RB<sup>(a)</sup> | 5.00% | 05/01/2026 | 95 | 96654 |
|  Wisconsin (State of), Series 2021 1, Ref. GO Bonds | 5.00% | 05/01/2026 | 125 | 127217 |
|  Wisconsin (State of), Series 2021-2, Ref. GO Bonds | 5.00% | 05/01/2026 | 45 | 45798 |
|  Wisconsin (State of), Series 2025, Ref. GO Bonds | 5.00% | 05/01/2026 | 25 | 25444 |

---

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

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| 175 |
| 175 |
| 175 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Wisconsin-(continued) |  |  |  |  |
|  Wisconsin (State of) Department of Transportation, Series 2017 1, Ref. RB | 5.00% | 07/01/2026 | $110 | $112456 |
|  Wisconsin (State of) Department of Transportation, Series 2017 2, Ref. RB | 5.00% | 07/01/2026 | 40 | 40893 |
|  Wisconsin (State of) Department of Transportation, Series 2024, Ref. RB | 5.00% | 07/01/2026 | 35 | 35782 |
|  Wisconsin (State of) Health & Educational Facilities Authority, Series 2016, Ref. RB | 5.00% | 10/01/2041 | 215 | 216051 |
|  Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group),<br>Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 3.13% | 05/15/2026 | 25 | 25113 |
|  Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB | 4.00% | 11/15/2033 | 135 | 135226 |
|  Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB | 5.00% | 11/15/2039 | 370 | 371167 |
|  Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB | 5.00% | 11/15/2026 | 125 | 127213 |
|  Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB | 5.00% | 11/15/2028 | 50 | 50786 |
|  Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB | 5.00% | 11/15/2029 | 40 | 40596 |
|  Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB | 5.00% | 11/15/2030 | 65 | 65871 |
|  Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB | 5.00% | 11/15/2031 | 50 | 50595 |
|  Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB | 4.00% | 11/15/2032 | 70 | 70255 |
|  Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB | 5.00% | 11/15/2035 | 20 | 20152 |
|  Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2019, Ref. RB | 5.00% | 11/15/2026 | 10 | 10313 |
|  Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group), Series 2016, Ref. RB | 5.00% | 11/15/2036 | 115 | 115745 |
|  Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin), Series 2016, Ref. RB | 5.00% | 12/01/2041 | 50 | 50308 |
|  Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. - Central District Development),<br>Series 2016, RB | 5.00% | 03/01/2041 | 200 | 200000 |
|  Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. - Central District Development),<br>Series 2016, RB | 5.00% | 03/01/2046 | 45 | 45002 |
|  Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2016, Ref. RB | 5.00% | 06/01/2040 | 400 | 400156 |
|  |  |  |  | 3642055 |
|  TOTAL INVESTMENTS IN SECURITIES<sup>(e)</sup>-90.95%<br>(Cost $263,898,034) |  |  |  | 263774685 |
|  OTHER ASSETS LESS LIABILITIES-9.05% |  |  |  | 26234642 |
|  NET ASSETS-100.00% |  |  |  | $290009327 |

---

---

| | |
|:---|:---|
| 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 |
| MTA | -Moving Treasury Average |
| NATL | -National Public Finance Guarantee Corp. |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| RN | -Revenue Notes |
| Wts. | -Warrants |

---

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

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| 176 |
| 176 |
| 176 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

August 31, 2025

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 August 31, 2025 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.

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| 177 |
| 177 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)

August 31, 2025

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Municipal Obligations-92.80% |  |  |  |  |
|  Alabama-0.53% |  |  |  |  |
|  Alabama (State of), Series 2016 C, Ref. GO Bonds | 5.00% | 08/01/2027 | $50 | $51211 |
|  Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB<sup>(a)(b)</sup> | 5.00% | 09/01/2027 | 75 | 78779 |
|  Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB<sup>(a)(b)</sup> | 5.00% | 09/01/2027 | 75 | 78779 |
|  Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 5.00% | 11/01/2027 | 445 | 470184 |
|  Birmingham (City of), AL Water Works Board (The), Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2027 | 75 | 77653 |
|  Birmingham (City of), AL Water Works Board (The), Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2027 | 95 | 98361 |
|  Jefferson (County of), AL, Series 2017, Ref. RB | 5.00% | 09/15/2028 | 10 | 10349 |
|  Jefferson (County of), AL, Series 2017, Ref. RB | 4.00% | 09/15/2037 | 95 | 94478 |
|  Jefferson (County of), AL, Series 2017, Ref. Revenue Wts. | 5.00% | 09/15/2030 | 150 | 154451 |
|  Jefferson (County of), AL, Series 2024, Ref. RB | 5.00% | 10/01/2027 | 5 | 5241 |
|  Tuscaloosa (City of), AL Board of Education, Series 2017, Revenue Wts.<sup>(a)(b)</sup> | 4.00% | 02/01/2027 | 260 | 266188 |
|  Water Works Board of the City of Birmingham (The), Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 4.00% | 01/01/2027 | 25 | 25559 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1411233 |
|  Alaska-0.20% |  |  |  |  |
|  Alaska (State of) Municipal Bond Bank Authority, Series 2017 A, RB | 4.00% | 10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;420 | 418146 |
|  Alaska (State of) Municipal Bond Bank Authority, Series 2017 A, RB | 5.50% | 10/01/2042 | 20 | 20551 |
|  North Slope (Borough of), AK, Series 2022 A, GO Bonds. | 5.00% | 06/30/2027 | 90 | 94440 |
|  |  |  |  | 533137 |
|  Arizona-1.56% |  |  |  |  |
|  Arizona (State of), Series 2019 A, Ref. COP<sup>(a)</sup> | 5.00% | 10/01/2027 | 120 | 126665 |
|  Arizona (State of) Department of Transportation, Series 2016, Ref. RB | 5.00% | 07/01/2027 | 10 | 10212 |
|  Arizona (State of) Department of Transportation, Series 2023, RB | 5.00% | 07/01/2027 | 280 | 293938 |
|  Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)<sup>(c)</sup> | 5.00% | 07/01/2027 | 100 | 104739 |
|  Arizona Water Infrastructure Finance Authority, Series 2024, Ref. RB | 5.00% | 10/01/2027 | 110 | 116109 |
|  Chandler (City of), AZ, Series 2016, Ref. GO Bonds | 5.00% | 07/01/2027 | 140 | 146840 |
|  Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016 A, Ref. RB | 4.00% | 01/01/2032 | 370 | 373590 |
|  Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016 A, Ref. RB | 5.00% | 01/01/2032 | 25 | 25618 |
|  Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016 A, Ref. RB | 5.00% | 01/01/2033 | 45 | 46028 |
|  Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016 A, Ref. RB | 4.00% | 01/01/2036 | 170 | 170364 |
|  Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB | 5.00% | 01/01/2027 | 30 | 30961 |
|  Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB | 5.00% | 01/01/2031 | 135 | 138637 |
|  Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB | 5.00% | 01/01/2034 | 115 | 117411 |
|  Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB | 5.00% | 01/01/2035 | 335 | 341491 |
|  Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB | 5.00% | 01/01/2038 | 15 | 15218 |
|  Maricopa County Union High School District No. 210-Phoenix (2023), Series 2024 A, GO Bonds | 5.00% | 07/01/2027 | 130 | 136328 |
|  Mesa (City of), AZ, Series 2017, Ref. RB | 4.00% | 07/01/2027 | 65 | 66899 |
|  Phoenix (City of), AZ, Series 2016, Ref. GO Bonds | 5.00% | 07/01/2027 | 5 | 5110 |
|  Phoenix (City of), AZ, Series 2022, Ref. GO Bonds | 5.00% | 07/01/2027 | 20 | 20977 |
|  Phoenix Civic Improvement Corp., Series 2017 D, Ref. RB | 5.00% | 07/01/2032 | 210 | 217681 |
|  Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2027 | 40 | 40779 |
|  Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2027 | 125 | 130923 |
|  Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2029 | 10 | 10446 |
|  Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2030 | 5 | 5212 |

---

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

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| 178 |
| 178 |
| 178 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Arizona-(continued) |  |  |  |  |
|  Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2031 | $20 | $20786 |
|  Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2033 | 5 | 5167 |
|  Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2036 | 345 | 353226 |
|  Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 4.00% | 07/01/2040 | 20 | 19222 |
|  Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB | 5.00% | 01/01/2027 | 330 | 341631 |
|  Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB | 5.00% | 01/01/2029 | 75 | 77643 |
|  Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB | 5.00% | 01/01/2030 | 20 | 20681 |
|  Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB | 5.00% | 01/01/2031 | 15 | 15463 |
|  Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB | 5.00% | 01/01/2033 | 15 | 15397 |
|  Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB | 5.00% | 01/01/2034 | 90 | 92205 |
|  Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB | 5.00% | 01/01/2036 | 140 | 142823 |
|  Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB | 5.00% | 01/01/2038 | 45 | 45620 |
|  Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2027 | 55 | 56939 |
|  Salt River Project Agricultural Improvement & Power District, Series 2021 A, Ref. RB | 5.00% | 01/01/2027 | 125 | 129406 |
|  University of Arizona Board of Regents, Series 2017 B, Ref. RB | 5.00% | 07/01/2042 | 145 | 146155 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4174540 |
|  California-16.58% |  |  |  |  |
|  Adelanto Public Utility Authority (Utility System), Series 2017 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 07/01/2039 | 130 | 132551 |
|  Anaheim (City of), CA Housing & Public Improvements Authority, Series 2022, Ref. RB | 5.00% | 10/01/2034 | 1155 | 1202626 |
|  Anaheim (City of), CA Public Financing Authority (Anaheim Public Improvements), Series 2019 A, Ref. RB,<br>(INS - BAM)<sup>(c)</sup> | 5.00% | 09/01/2036 | 200 | 205683 |
|  Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB<sup>(a)(b)</sup> | 5.00% | 04/01/2027 | 105 | 109706 |
|  Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB | 5.00% | 04/01/2027 | 110 | 115053 |
|  Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB | 4.00% | 04/01/2029 | 150 | 153587 |
|  Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB | 4.00% | 04/01/2030 | 115 | 117569 |
|  Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB | 4.00% | 04/01/2031 | 215 | 219272 |
|  California (State of), Series 2003, GO Bonds, (INS - AMBAC)<sup>(c)</sup> | 5.00% | 02/01/2027 | 60 | 62454 |
|  California (State of), Series 2016, GO Bonds | 5.00% | 09/01/2027 | 5 | 5135 |
|  California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2027 | 65 | 66760 |
|  California (State of), Series 2017, GO Bonds | 5.00% | 11/01/2027 | 160 | 169857 |
|  California (State of), Series 2017, GO Bonds | 5.00% | 08/01/2029 | 65 | 68381 |
|  California (State of), Series 2017, GO Bonds | 5.00% | 11/01/2031 | 45 | 47290 |
|  California (State of), Series 2017, GO Bonds | 5.00% | 08/01/2032 | 20 | 20828 |
|  California (State of), Series 2017, GO Bonds | 4.00% | 11/01/2032 | 130 | 132838 |
|  California (State of), Series 2017, GO Bonds | 5.00% | 11/01/2032 | 5 | 5229 |
|  California (State of), Series 2017, GO Bonds | 5.00% | 11/01/2035 | 45 | 46509 |
|  California (State of), Series 2017, GO Bonds | 5.00% | 11/01/2047 | 160 | 161761 |
|  California (State of), Series 2017, Ref. GO Bonds | 3.50% | 08/01/2027 | 345 | 353456 |
|  California (State of), Series 2017, Ref. GO Bonds | 4.00% | 08/01/2027 | 250 | 252831 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2027 | 80 | 82114 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2027 | 155 | 163582 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2027 | 805 | 854595 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2029 | 80 | 84161 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2029 | 10 | 10520 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2029 | 310 | 327997 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2030 | 605 | 635289 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2030 | 15 | 15751 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2030 | 125 | 131943 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2031 | 40 | 42036 |
|  California (State of), Series 2017, Ref. GO Bonds | 4.00% | 11/01/2032 | 160 | 163492 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2033 | 75 | 77780 |
|  California (State of), Series 2017, Ref. GO Bonds | 4.00% | 11/01/2033 | 70 | 71239 |
|  California (State of), Series 2017, Ref. GO Bonds | 4.00% | 11/01/2034 | 200 | 202543 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2035 | 475 | 489489 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2035 | 25 | 25838 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2036 | 70 | 71936 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2036 | 20 | 20607 |

---

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

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| 179 |
| 179 |
| 179 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2037 | $60 | $61743 |
|  California (State of), Series 2018, Ref. GO Bonds | 5.00% | 08/01/2027 | 605 | 638498 |
|  California (State of), Series 2019, GO Bonds | 5.00% | 11/01/2027 | 130 | 138009 |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2027 | 425 | 444456 |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 10/01/2027 | 205 | 217159 |
|  California (State of), Series 2020 B, Ref. GO Bonds | 5.00% | 11/01/2027 | 275 | 291943 |
|  California (State of), Series 2020, GO Bonds | 3.00% | 03/01/2027 | 370 | 374365 |
|  California (State of), Series 2020, GO Bonds | 4.00% | 03/01/2027 | 5 | 5143 |
|  California (State of), Series 2020, GO Bonds | 5.00% | 11/01/2027 | 75 | 79621 |
|  California (State of), Series 2020, Ref. GO Bonds | 5.00% | 11/01/2027 | 40 | 42464 |
|  California (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 10/01/2027 | 5 | 5297 |
|  California (State of), Series 2021, Ref. GO Bonds | 5.00% | 09/01/2027 | 250 | 264254 |
|  California (State of), Series 2021, Ref. GO Bonds | 4.00% | 10/01/2027 | 505 | 524513 |
|  California (State of), Series 2021, Ref. GO Bonds | 5.00% | 10/01/2027 | 315 | 333684 |
|  California (State of), Series 2021, Ref. GO Bonds | 5.00% | 12/01/2027 | 1010 | &nbsp;&nbsp;&nbsp;&nbsp;1074546 |
|  California (State of), Series 2022 A, Ref. GO Bonds | 5.00% | 11/01/2027 | 5 | 5308 |
|  California (State of), Series 2022, GO Bonds | 5.00% | 04/01/2027 | 335 | 350336 |
|  California (State of), Series 2022, Ref. GO Bonds | 4.00% | 09/01/2027 | 180 | 186688 |
|  California (State of), Series 2022, Ref. GO Bonds | 5.00% | 04/01/2042 | 140 | 142372 |
|  California (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 09/01/2027 | 25 | 26425 |
|  California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2027 | 70 | 73991 |
|  California (State of), Series 2023, Ref. GO Bonds | 5.00% | 10/01/2027 | 20 | 21186 |
|  California (State of), Series 2024, GO Bonds | 4.00% | 09/01/2027 | 5 | 5186 |
|  California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2027 | 10 | 10570 |
|  California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2027 | 45 | 47492 |
|  California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2027 | 85 | 89706 |
|  California (State of), Series 2024, Ref. GO Bonds | 5.00% | 09/01/2027 | 15 | 15855 |
|  California (State of) (Bid Group C), Series 2016, Ref. GO Bonds | 5.00% | 08/01/2027 | 250 | 256605 |
|  California (State of) Department of Water Resources, Series 2017 AX, Ref. RB | 5.00% | 12/01/2027 | 20 | 21365 |
|  California (State of) Department of Water Resources, Series 2017 AX, Ref. RB | 5.00% | 12/01/2031 | 55 | 57760 |
|  California (State of) Department of Water Resources, Series 2019 BA, RB | 5.00% | 12/01/2027 | 5 | 5341 |
|  California (State of) Department of Water Resources, Series 2025, RB | 5.00% | 12/01/2027 | 35 | 37388 |
|  California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB<sup>(a)(b)</sup> | 5.00% | 12/01/2027 | 95 | 101179 |
|  California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB | 5.00% | 12/01/2030 | 210 | 221684 |
|  California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB | 5.00% | 12/01/2032 | 105 | 109929 |
|  California (State of) Department of Water Resources (Central Valley), Series 2020 B, Ref. RB | 5.00% | 12/01/2027 | 5 | 5341 |
|  California (State of) Department of Water Resources (Central Valley), Series 2021, RB | 5.00% | 12/01/2027 | 140 | 149553 |
|  California (State of) Educational Facilities Authority (Loma Linda University), Series 2017 A, Ref. RB | 5.00% | 04/01/2042 | 250 | 250103 |
|  California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness Village), Series 2024, RB | 5.25% | 11/01/2049 | 185 | 186603 |
|  California (State of) Health Facilities Financing Authority (Children's Hospital Los Angeles), Series 2017 A, Ref. RB | 5.00% | 08/15/2042 | 60 | 58067 |
|  California (State of) Health Facilities Financing Authority (Children's Hospital Los Angeles), Series 2017 A, Ref. RB | 5.00% | 08/15/2047 | 620 | 587709 |
|  California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB | 4.00% | 02/01/2042 | 360 | 348310 |
|  California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-1, RB | 5.00% | 11/01/2027 | 790 | 836428 |
|  California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB | 5.00% | 11/15/2027 | 15 | 15954 |
|  California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB | 5.00% | 11/15/2029 | 265 | 279251 |
|  California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB | 5.00% | 11/15/2030 | 60 | 63052 |
|  California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB | 5.00% | 11/15/2031 | 225 | 235674 |
|  California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB | 5.00% | 11/15/2032 | 40 | 41769 |

---

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

---

| |
|:---|
| 180 |
| 180 |
| 180 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB | 5.00% | 11/15/2033 | $85 | $88490 |
|  California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB | 5.00% | 11/15/2034 | 20 | 20766 |
|  California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB | 5.00% | 11/15/2035 | 10 | 10349 |
|  California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB | 5.00% | 11/15/2036 | 75 | 77376 |
|  California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB | 5.00% | 11/15/2037 | 5 | 5149 |
|  California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB | 5.00% | 11/15/2032 | 80 | 83622 |
|  California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB | 5.00% | 11/15/2033 | 115 | 119842 |
|  California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB | 5.00% | 11/15/2034 | 165 | 171451 |
|  California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB | 5.00% | 11/15/2036 | 20 | 20623 |
|  California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB | 5.00% | 11/15/2038 | 265 | 271041 |
|  California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB | 5.00% | 11/15/2048 | 200 | 198191 |
|  California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB | 5.00% | 11/15/2032 | 80 | 83622 |
|  California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB | 5.00% | 11/15/2033 | 130 | 135474 |
|  California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB | 5.00% | 11/15/2034 | 225 | 233796 |
|  California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB | 5.00% | 11/15/2035 | 195 | 201816 |
|  California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB | 5.00% | 11/15/2036 | 180 | 185602 |
|  California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB | 5.00% | 11/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611098 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB | 5.00% | 10/01/2027 | 100 | 104717 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB | 5.00% | 10/01/2028 | 10 | 10471 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB | 5.00% | 10/01/2029 | 70 | 73231 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB | 5.00% | 10/01/2030 | 45 | 46979 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB | 5.00% | 10/01/2031 | 75 | 78118 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2018, RB | 5.00% | 10/01/2027 | 375 | 398348 |
|  California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB. | 5.00% | 02/01/2036 | 25 | 25209 |
|  California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase I), Series 2017 A, RB | 5.00% | 06/01/2042 | 45 | 45419 |
|  California (State of) Public Works Board, Series 2017 B, Ref. RB | 5.00% | 10/01/2027 | 40 | 42431 |
|  California (State of) Public Works Board, Series 2022 B, Ref. RB | 5.00% | 06/01/2027 | 500 | 522861 |
|  California (State of) Public Works Board, Series 2022 C, Ref. RB | 5.00% | 08/01/2027 | 25 | 26331 |
|  California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB | 5.00% | 11/01/2027 | 40 | 41236 |
|  California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 10/01/2027 | 15 | 15874 |
|  California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB | 5.00% | 10/01/2029 | 340 | 358932 |
|  California (State of) Public Works Board (Various Capital), Series 2019 C, RB | 5.00% | 11/01/2027 | 25 | 26579 |
|  California (State of) Public Works Board (Various Capital), Series 2022 A, Ref. RB | 5.00% | 08/01/2027 | 5 | 5266 |
|  California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB | 5.00% | 12/01/2027 | 5 | 5328 |
|  California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB | 5.00% | 09/01/2027 | 25 | 26461 |
|  California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2027 | 10 | 10469 |
|  California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2028 | 165 | 172693 |
|  California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2029 | 70 | 73235 |
|  California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2030 | 45 | 46970 |
|  California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2031 | 460 | 478649 |
|  California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2032 | 160 | 166102 |
|  California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2033 | 80 | 82857 |
|  California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2035 | 75 | 77047 |
|  California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2036 | 65 | 66508 |
|  California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2037 | 95 | 96908 |

---

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

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| 181 |
| 181 |
| 181 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2038 | $55 | $55911 |
|  California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2042 | 185 | 186545 |
|  Ceres Unified School District, Series 2017, GO Bonds, (INS - BAM)<sup>(c)</sup> | 5.00% | 08/01/2051 | 270 | 270209 |
|  Chabot-Las Positas Community College District (Election of 2016), Series 2023 C, GO Bonds | 5.00% | 08/01/2027 | 130 | 137248 |
|  Coast Community College District (Election of 2012), Series 2017 D, GO Bonds<sup>(a)(b)</sup> | 4.50% | 08/01/2027 | 55 | 57595 |
|  Coast Community College District (Election of 2012), Series 2017 D, GO Bonds<sup>(a)(b)</sup> | 5.00% | 08/01/2027 | 50 | 52827 |
|  Coast Community College District (Election of 2012), Series 2017 D, GO Bonds<sup>(a)(b)</sup> | 5.00% | 08/01/2027 | 35 | 36979 |
|  Coast Community College District (Election of 2012), Series 2017 D, GO Bonds<sup>(a)(b)</sup> | 5.00% | 08/01/2027 | 60 | 63392 |
|  Coast Community College District (Election of 2012), Series 2017 D, GO Bonds<sup>(a)(b)</sup> | 5.00% | 08/01/2027 | 30 | 31696 |
|  Contra Costa (County of), CA Transportation Authority, Series 2018 B, Ref. RB | 5.00% | 03/01/2029 | 100 | 104241 |
|  Contra Costa (County of), CA Transportation Authority, Series 2018 B, Ref. RB | 5.00% | 03/01/2030 | 45 | 46827 |
|  Desert Community College District, Series 2017, Ref. GO Bonds | 5.00% | 08/01/2033 | 60 | 62213 |
|  Desert Community College District, Series 2017, Ref. GO Bonds | 4.00% | 08/01/2039 | 25 | 24617 |
|  East Bay Municipal Utility District, Series 2017 B, Ref. RB | 5.00% | 06/01/2031 | 45 | 46938 |
|  East Bay Municipal Utility District, Series 2017 B, Ref. RB | 5.00% | 06/01/2032 | 55 | 57177 |
|  East Bay Municipal Utility District, Series 2017 B, Ref. RB | 5.00% | 06/01/2033 | 55 | 57017 |
|  East Bay Municipal Utility District, Series 2017 B, Ref. RB | 5.00% | 06/01/2034 | 150 | 155116 |
|  East Bay Municipal Utility District, Series 2017 B, Ref. RB | 5.00% | 06/01/2035 | 90 | 92790 |
|  East Bay Municipal Utility District, Series 2017 B, Ref. RB | 5.00% | 06/01/2036 | 5 | 5141 |
|  East Bay Municipal Utility District (Green Bonds), Series 2017 A, RB | 5.00% | 06/01/2045 | 5 | 5049 |
|  Eastern Municipal Water District Financing Authority, Series 2017 D, RB | 5.00% | 07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200786 |
|  El Monte Union High School District, Series 2021 B, GO Bonds | 4.00% | 06/01/2046 | 110 | 99445 |
|  Etiwanda School District (Election of 2016), Series 2017 A, GO Bonds | 5.00% | 08/01/2046 | 180 | 181346 |
|  Fairfield (City of), CA, Series 2017, Ref. RB | 5.00% | 04/01/2042 | 85 | 85806 |
|  Fontana Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB | 5.00% | 10/01/2032 | 70 | 72875 |
|  Gilroy Unified School District (Elections of 2008 & 2016), Series 2019, GO Bonds | 4.00% | 08/01/2048 | 15 | 13026 |
|  Glendale Community College District (Election of 2016), Series 2017 A, GO Bonds<sup>(a)(b)</sup> | 5.25% | 08/01/2027 | 115 | 122038 |
|  Hacienda La Puente Unified School District (Election of 2016), Series 2017 A, GO Bonds | 5.25% | 08/01/2042 | 115 | 117662 |
|  Hartnell Community College District (Election of 2002), Series 2009 D, GO Bonds | 7.00% | 08/01/2034 | 60 | 64678 |
|  Hartnell Community College District (Election of 2016), Series 2017 A, GO Bonds | 4.00% | 08/01/2047 | 100 | 88429 |
|  Hayward Area Recreation & Park District, Series 2017 A, Ref. GO Bonds | 5.00% | 08/01/2042 | 5 | 5080 |
|  Hayward Unified School District, Series 2022, COP. | 5.25% | 08/01/2052 | 150 | 150432 |
|  Long Beach (City of), CA, Series 2017 C, Ref. RB | 5.00% | 05/15/2047 | 105 | 105497 |
|  Long Beach (City of), CA (Green Bonds), Series 2025, Ref. RB | 5.00% | 05/15/2027 | 10 | 10463 |
|  Los Angeles (City of), CA, Series 2018 B, Ref. RB | 5.00% | 06/01/2027 | 70 | 73669 |
|  Los Angeles (City of), CA, Series 2025, Ref. RB | 5.00% | 06/01/2027 | 40 | 42097 |
|  Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB | 5.00% | 06/01/2030 | 100 | 104667 |
|  Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB | 5.00% | 06/01/2031 | 10 | 10443 |
|  Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB | 5.00% | 06/01/2032 | 75 | 78224 |
|  Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB | 5.25% | 06/01/2047 | 500 | 505963 |
|  Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB | 5.00% | 05/15/2027 | 110 | 115089 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB | 5.00% | 07/01/2033 | 500 | 509912 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB | 5.00% | 07/01/2034 | 40 | 40711 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB | 5.00% | 07/01/2042 | 350 | 350199 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB | 5.00% | 07/01/2037 | 35 | 35372 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB | 5.25% | 07/01/2044 | 150 | 150502 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB | 5.00% | 07/01/2028 | 85 | 87447 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB | 5.00% | 07/01/2031 | 75 | 76809 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB | 5.00% | 07/01/2032 | 80 | 81752 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB | 5.00% | 07/01/2033 | 380 | 387533 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB | 5.00% | 07/01/2034 | 25 | 25444 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB | 5.00% | 07/01/2035 | 10 | 10153 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB | 5.00% | 07/01/2036 | 5 | 5061 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB | 5.00% | 07/01/2027 | 185 | 193088 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB | 5.00% | 07/01/2027 | 150 | 156558 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB | 4.00% | 07/01/2027 | 85 | 87175 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 E, RB | 5.00% | 07/01/2027 | 45 | 46967 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.00% | 07/01/2027 | 130 | 135636 |

---

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

---

| |
|:---|
| 182 |
| 182 |
| 182 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.00% | 07/01/2027 | $20 | $20874 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB | 5.00% | 07/01/2027 | 40 | 41749 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB | 5.00% | 07/01/2027 | 35 | 36530 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB | 5.00% | 07/01/2029 | 30 | 31548 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB | 5.00% | 07/01/2030 | 85 | 89081 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB | 5.00% | 07/01/2031 | 10 | 10430 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB | 5.00% | 07/01/2036 | 10 | 10282 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB | 5.00% | 07/01/2038 | 260 | 265743 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB | 5.00% | 07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506072 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB | 5.00% | 06/01/2027 | 185 | 194894 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2027 | 35 | 36962 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2029 | 95 | 99902 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2030 | 70 | 73361 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2031 | 25 | 26076 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2032 | 15 | 15596 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2033 | 30 | 31111 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2034 | 45 | 46555 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2036 | 30 | 30845 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2038 | 90 | 91988 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2039 | 70 | 71363 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2040 | 125 | 127094 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2042 | 90 | 91093 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB | 5.00% | 07/01/2027 | 50 | 52803 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB | 5.00% | 06/01/2027 | 325 | 342382 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB | 5.00% | 06/01/2033 | 75 | 77679 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB | 5.00% | 06/01/2034 | 30 | 30990 |
|  Los Angeles Community College District, Series 2024, GO Bonds | 5.00% | 08/01/2027 | 390 | 412425 |
|  Los Angeles Community College District (Election of 2016), Series 2023 D, GO Bonds | 5.00% | 08/01/2027 | 145 | 153338 |
|  Los Angeles Community College District (Election of 2016), Series 2024 E, GO Bonds | 5.00% | 08/01/2027 | 20 | 21150 |
|  Los Angeles Community College District (Election of 2022), Series 2023 A-1, GO Bonds | 5.00% | 08/01/2027 | 60 | 63450 |
|  Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2027 | 255 | 260499 |
|  Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds | 5.00% | 07/01/2027 | 270 | 284938 |
|  Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds | 5.00% | 07/01/2027 | 210 | 221618 |
|  Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds | 5.00% | 07/01/2027 | 250 | 263832 |
|  Los Angeles Unified School District, Series 2020 C, GO Bonds | 5.00% | 07/01/2027 | 25 | 26383 |
|  Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 5.00% | 07/01/2027 | 45 | 47490 |
|  Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds | 5.00% | 07/01/2027 | 45 | 47490 |
|  Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds | 5.00% | 07/01/2027 | 25 | 26383 |
|  Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.00% | 07/01/2027 | 95 | 100256 |
|  Los Angeles Unified School District (Green Bonds), Series 2023, COP<sup>(a)</sup> | 5.00% | 10/01/2027 | 15 | 15858 |
|  Los Angeles Unified School District (Green Bonds), Series 2023, GO Bonds | 5.00% | 07/01/2027 | 35 | 36936 |
|  Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds | 5.00% | 07/01/2027 | 110 | 116086 |
|  Los Rios Community College District, Series 2024 B, Ref. GO Bonds | 5.00% | 08/01/2027 | 10 | 10560 |
|  Marin Community College District (Election of 2016), Series 2019 B, GO Bonds<sup>(a)(b)</sup> | 4.00% | 02/15/2027 | 10 | 10278 |
|  Metropolitan Water District of Southern California, Series 2011 C, Ref. RB | 5.00% | 10/01/2027 | 90 | 95680 |
|  Metropolitan Water District of Southern California, Series 2019 A, Ref. RB | 5.00% | 07/01/2027 | 160 | 168882 |
|  Metropolitan Water District of Southern California, Series 2020 A, Ref. RB | 5.00% | 07/01/2027 | 75 | 79163 |
|  Metropolitan Water District of Southern California, Series 2022 B, Ref. RB | 3.00% | 07/01/2027 | 5 | 5062 |
|  Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB | 5.00% | 11/01/2027 | 220 | 227083 |
|  Oakland Unified School District, Series 2016, Ref. GO Bonds | 5.00% | 08/01/2027 | 110 | 112503 |
|  Orange (County of), CA Sanitation District, Series 2017 A, Ref. RB | 5.00% | 02/01/2029 | 15 | 15601 |
|  Orange (County of), CA Sanitation District, Series 2017 A, Ref. RB | 5.00% | 02/01/2030 | 50 | 51907 |
|  Palomar Community College District (Election of 2006), Series 2017 D, GO Bonds | 5.25% | 08/01/2045 | 195 | 198005 |
|  Pittsburg Successor Agency Redevelopment Agency, Series 2016 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 09/01/2027 | 30 | 30773 |
|  Regents of the University of California Medical Center, Series 2016 L, Ref. RB | 5.00% | 05/15/2027 | 50 | 50841 |
|  Richmond (City of), CA, Series 2017 A, Ref. RB | 5.25% | 08/01/2047 | 150 | 152041 |
|  Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB | 5.00% | 06/01/2027 | 40 | 41977 |
|  Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB | 5.00% | 06/01/2029 | 25 | 26618 |

---

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

---

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| 183 |
| 183 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB | 5.00% | 06/01/2030 | $105 | $111530 |
|  Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB | 5.00% | 06/01/2031 | 85 | 89964 |
|  Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB | 5.00% | 06/01/2032 | 155 | 163519 |
|  Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB | 5.00% | 06/01/2033 | 75 | 78874 |
|  Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB | 5.00% | 06/01/2035 | 10 | 10452 |
|  Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB | 5.00% | 06/01/2037 | 60 | 62316 |
|  Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB | 5.00% | 06/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207321 |
|  Roseville (City of), CA, Series 2017 A, Ref. RB | 4.00% | 02/01/2037 | 75 | 75126 |
|  Roseville Joint Union High School District (Election of 2016), Series 2017 A, GO Bonds | 4.00% | 08/01/2045 | 50 | 44783 |
|  Sacramento (City of), CA Municipal Utility District, Series 2016 D, Ref. RB | 5.00% | 08/15/2027 | 85 | 89955 |
|  Sacramento (City of), CA Municipal Utility District, Series 2016 I, Ref. RB | 5.00% | 08/15/2027 | 5 | 5291 |
|  Sacramento (City of), CA Municipal Utility District, Series 2017 E, Ref. RB | 5.00% | 08/15/2027 | 5 | 5291 |
|  Sacramento (City of), CA Municipal Utility District, Series 2018 D, Ref. RB | 5.00% | 08/15/2027 | 40 | 42332 |
|  Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB | 5.00% | 12/01/2027 | 115 | 122611 |
|  Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB | 5.00% | 12/01/2027 | 25 | 26655 |
|  San Bernardino (City of), CA, Series 2019 A, Ref. COP | 5.00% | 10/01/2027 | 35 | 37054 |
|  San Bernardino City Unified School District (Election of 2012), Series 2017 D, GO Bonds, (INS - AGI)<sup>(c)</sup> | 4.00% | 08/01/2042 | 5 | 4667 |
|  San Bernardino Community College District, Series 2017 B, Ref. GO Bonds | 4.00% | 08/01/2034 | 70 | 71034 |
|  San Bernardino Community College District (Election of 2018), Series 2019 A, GO Bonds<sup>(a)(b)</sup> | 4.00% | 08/16/2027 | 80 | 83135 |
|  San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB | 5.00% | 05/15/2027 | 45 | 45868 |
|  San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB | 5.00% | 08/01/2027 | 40 | 41005 |
|  San Diego (County of), CA Regional Airport Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2042 | 200 | 202147 |
|  San Diego Community College District (Election of 2002), Series 2009, GO Bonds<sup>(a)(b)</sup> | 6.00% | 08/01/2027 | 10 | 10731 |
|  San Diego Unified School District (Election of 1998), Series 2005 E-2, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.50% | 07/01/2027 | 80 | 85157 |
|  San Diego Unified School District (Election of 2018) (Green Bonds), Series 2023, GO Bonds | 5.00% | 07/01/2027 | 5 | 5273 |
|  San Francisco (City & County of), CA, Series 2022-R1, Ref. GO Bonds | 5.00% | 06/15/2027 | 5 | 5265 |
|  San Francisco (City & County of), CA, Series 2024, Ref. GO Bonds | 5.00% | 06/15/2027 | 15 | 15796 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2022 B, Ref. RB | 5.00% | 05/01/2027 | 40 | 41774 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2017 B, RB | 5.00% | 05/01/2047 | 500 | 499982 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB | 5.00% | 05/01/2027 | 65 | 67883 |
|  San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB | 5.00% | 11/01/2027 | 100 | 103290 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB | 5.00% | 11/01/2027 | 65 | 69261 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB | 5.00% | 11/01/2029 | 205 | 217080 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB | 5.00% | 10/01/2027 | 10 | 10631 |
|  San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB | 5.00% | 11/01/2034 | 5 | 5188 |
|  San Francisco (County of), CA Transportation Authority, Series 2017, RB | 4.00% | 02/01/2029 | 140 | 143671 |
|  San Francisco Bay Area Rapid Transit District, Series 2019 A, RB | 4.00% | 07/01/2035 | 35 | 35092 |
|  San Francisco Bay Area Rapid Transit District, Series 2019 A, RB | 4.00% | 07/01/2036 | 1000 | 1001901 |
|  San Francisco Bay Area Rapid Transit District (Election of 2004) (Green Bonds), Series 2017, Ref. GO Bonds | 4.00% | 08/01/2037 | 500 | 500642 |
|  San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2017 A, GO Bonds | 5.00% | 08/01/2047 | 90 | 90685 |
|  San Jose (City of), CA, Series 2017 B, Ref. RB | 5.00% | 03/01/2042 | 40 | 40235 |
|  San Jose (City of), CA, Series 2017 B, Ref. RB | 5.00% | 03/01/2047 | 195 | 195256 |
|  San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB | 5.00% | 08/01/2034 | 90 | 93159 |
|  San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB | 5.00% | 08/01/2035 | 205 | 211567 |
|  San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB | 5.00% | 08/01/2027 | 60 | 63044 |
|  Santa Clara (County of), CA, Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2031 | 335 | 350425 |
|  Santa Clara (County of), CA, Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2033 | 10 | 10394 |
|  Santa Clara (County of), CA (Election of 2008), Series 2022 D, GO Bonds | 5.00% | 08/01/2027 | 20 | 21127 |
|  Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB | 5.00% | 04/01/2027 | 500 | 523928 |
|  Santa Monica (City of), CA Public Financing Authority (Green Bonds), Series 2017, RB | 4.00% | 07/01/2047 | 20 | 18060 |

---

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

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| 184 |
| 184 |
| 184 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  Solano County Community College District (Election of 2012), Series 2017 C, GO Bonds<sup>(a)(b)</sup> | 5.25% | 08/15/2027 | $90 | $95090 |
|  Southern California Public Power Authority (Green Bonds), Series 2023, Ref. RB | 5.00% | 07/01/2027 | 20 | 20849 |
|  Southwestern Community College District (Election of 2016), Series 2017 A, GO Bonds | 4.00% | 08/01/2047 | 65 | 58592 |
|  Tuolumne (City of), CA Wind Project Authority (Tuolumne Wind Project), Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2027 | 75 | 77684 |
|  Tuolumne (City of), CA Wind Project Authority (Tuolumne Wind Project), Series 2016 A, Ref. RB<sup>(a)</sup> | 5.00% | 01/01/2027 | 50 | 51789 |
|  Turlock (City of), CA Irrigation District, Series 2016, Ref. RB | 5.00% | 01/01/2041 | 5 | 5066 |
|  Turlock (City of), CA Irrigation District, Series 2016, Ref. RB | 5.00% | 01/01/2046 | 130 | 130913 |
|  University of California, Series 2017 AV, RB | 5.00% | 05/15/2034 | 5 | 5166 |
|  University of California, Series 2017 AV, RB | 5.00% | 05/15/2036 | 125 | 128234 |
|  University of California, Series 2017 AV, RB | 5.00% | 05/15/2042 | 425 | 429321 |
|  University of California, Series 2017 AV, RB | 5.25% | 05/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;600 | 608731 |
|  University of California, Series 2017 AY, Ref. RB | 5.00% | 05/15/2027 | 95 | 99835 |
|  University of California, Series 2017 AY, Ref. RB | 5.00% | 05/15/2029 | 55 | 57600 |
|  University of California, Series 2017 AY, Ref. RB | 5.00% | 05/15/2030 | 175 | 183160 |
|  University of California, Series 2017 AY, Ref. RB | 5.00% | 05/15/2031 | 85 | 88679 |
|  University of California, Series 2017 AY, Ref. RB | 5.00% | 05/15/2032 | 35 | 36387 |
|  University of California, Series 2017 AY, Ref. RB | 4.00% | 05/15/2033 | 220 | 223031 |
|  University of California, Series 2017 AY, Ref. RB | 4.00% | 05/15/2034 | 45 | 45517 |
|  University of California, Series 2017 AY, Ref. RB | 4.00% | 05/15/2035 | 50 | 50435 |
|  University of California, Series 2017 AY, Ref. RB | 5.00% | 05/15/2036 | 30 | 30801 |
|  University of California, Series 2017 AY, Ref. RB | 5.00% | 05/15/2037 | 15 | 15346 |
|  University of California, Series 2018 AZ, Ref. RB | 4.00% | 05/15/2027 | 65 | 67159 |
|  University of California, Series 2018, Ref. RB | 5.00% | 05/15/2027 | 35 | 36769 |
|  University of California, Series 2022 S, Ref. RB | 5.00% | 05/15/2027 | 5 | 5253 |
|  University of California, Series 2023 BM, Ref. RB | 5.00% | 05/15/2027 | 10 | 10509 |
|  University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2027 | 60 | 63054 |
|  University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2027 | 125 | 131362 |
|  University of California, Series 2024 BX, RB | 5.00% | 05/15/2027 | 25 | 26273 |
|  University of California (Limited), Series 2017 M, RB | 5.00% | 05/15/2030 | 45 | 47083 |
|  University of California (Limited), Series 2017 M, RB | 5.00% | 05/15/2031 | 165 | 172086 |
|  University of California (Limited), Series 2017 M, RB | 5.00% | 05/15/2032 | 35 | 36375 |
|  University of California (Limited), Series 2017 M, RB | 5.00% | 05/15/2033 | 40 | 41438 |
|  University of California (Limited), Series 2017 M, RB | 5.00% | 05/15/2034 | 10 | 10334 |
|  University of California (Limited), Series 2017 M, RB | 5.00% | 05/15/2035 | 5 | 5151 |
|  University of California (Limited), Series 2017 M, RB | 5.00% | 05/15/2036 | 15 | 15393 |
|  University of California (Limited), Series 2017 M, RB | 5.00% | 05/15/2042 | 445 | 449379 |
|  University of California (Limited), Series 2017 M, RB | 5.00% | 05/15/2047 | 350 | 351630 |
|  University of California (Limited), Series 2017 M, RB | 5.00% | 05/15/2052 | 100 | 100287 |
|  Vernon (City of), CA, Series 2021 A, RB | 5.00% | 10/01/2027 | 160 | 167216 |
|  West Valley-Mission Community College District, Series 2017 B, Ref. GO Bonds | 5.00% | 08/01/2032 | 110 | 114725 |
|  West Valley-Mission Community College District, Series 2017 B, Ref. GO Bonds | 4.00% | 08/01/2034 | 20 | 20293 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;44480793 |
|  Colorado-1.22% |  |  |  |  |
|  Adams & Weld Counties School District No. 27J Brighton, Series 2017, GO Bonds | 5.00% | 12/01/2042 | 215 | 217495 |
|  Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds | 5.00% | 12/15/2027 | 60 | 61975 |
|  Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds | 5.50% | 12/01/2027 | 140 | 149742 |
|  Colorado (State of), Series 2017 J, COP | 5.00% | 03/15/2032 | 105 | 108210 |
|  Colorado (State of), Series 2017 J, COP | 5.00% | 03/15/2037 | 220 | 224430 |
|  Colorado (State of), Series 2018 A, COP | 5.00% | 12/15/2027 | 40 | 42341 |
|  Colorado (State of), Series 2020 A, COP | 5.00% | 12/15/2027 | 135 | 142902 |
|  Colorado (State of), Series 2021 A, COP | 5.00% | 12/15/2027 | 235 | 248755 |
|  Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A, RB | 5.00% | 03/01/2040 | 200 | 202306 |
|  Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A, RB | 5.00% | 03/01/2043 | 50 | 50312 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB | 5.00% | 08/01/2027 | 35 | 36468 |
|  Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB | 5.00% | 01/01/2027 | 60 | 61987 |

---

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

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| 185 |
| 185 |
| 185 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Colorado-(continued) |  |  |  |  |
|  Colorado (State of) Regional Transportation District, Series 2017 B, Ref. RB | 4.00% | 11/01/2036 | $130 | $130534 |
|  Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB | 5.00% | 11/01/2027 | 125 | 132210 |
|  Colorado (State of) Regional Transportation District (Fastracks), Series 2017 B, Ref. RB | 5.00% | 11/01/2034 | 175 | 182064 |
|  Colorado (State of) Regional Transportation District (Fastracks), Series 2023 A, Ref. RB | 5.00% | 11/01/2027 | 65 | 68749 |
|  Colorado Springs (City of), CO, Series 2017 A-2, RB | 5.00% | 11/15/2042 | 100 | 101141 |
|  Denver (City & County of), CO, Series 2017 B, Ref. RB | 5.00% | 11/15/2033 | 70 | 72502 |
|  Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds | 5.00% | 08/01/2027 | 40 | 42045 |
|  Denver (City & County of), CO, Series 2022 C, Ref. RB | 5.00% | 11/15/2027 | 110 | 116260 |
|  Denver (City & County of), CO, Series 2023 A, Ref. RB | 5.00% | 11/15/2027 | 55 | 58130 |
|  Denver City & County School District No. 1, Series 2017, GO Bonds | 5.00% | 12/01/2027 | 70 | 72131 |
|  Denver City & County School District No. 1, Series 2021 B, Ref. GO Bonds | 4.00% | 12/01/2027 | 55 | 57092 |
|  Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2022, Ref. GO Bonds | 5.00% | 12/15/2027 | 150 | 159124 |
|  E-470 Public Highway Authority, Series 2020 A, Ref. RB | 5.00% | 09/01/2027 | 65 | 68288 |
|  Metro Water Recovery, Series 2025 A, Ref. RB | 5.00% | 04/01/2027 | 25 | 26061 |
|  Rampart Range Metropolitan District No. 1, Series 2017, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 12/01/2042 | 110 | 111582 |
|  Rampart Range Metropolitan District No. 1, Series 2017, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 12/01/2047 | 95 | 95557 |
|  St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2024, GO Bonds | 5.00% | 12/15/2027 | 175 | 185846 |
|  University of Colorado, Series 2017 A-2, Ref. RB | 5.00% | 06/01/2027 | 50 | 52304 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3278543 |
|  Connecticut-1.63% |  |  |  |  |
|  Connecticut (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 05/15/2027 | 70 | 71231 |
|  Connecticut (State of), Series 2016 E, GO Bonds | 5.00% | 10/15/2027 | 180 | 185241 |
|  Connecticut (State of), Series 2016, Ref. RB | 5.00% | 09/01/2027 | 5 | 5130 |
|  Connecticut (State of), Series 2017 A, GO Bonds | 5.00% | 04/15/2027 | 115 | 119870 |
|  Connecticut (State of), Series 2017 A, GO Bonds | 3.50% | 04/15/2031 | 80 | 80720 |
|  Connecticut (State of), Series 2017 A, GO Bonds | 5.00% | 04/15/2032 | 15 | 15489 |
|  Connecticut (State of), Series 2018 B, RB | 5.00% | 10/01/2027 | 165 | 174129 |
|  Connecticut (State of), Series 2018 C, GO Bonds | 5.00% | 06/15/2027 | 65 | 68039 |
|  Connecticut (State of), Series 2018 D, Ref. GO Bonds | 5.00% | 04/15/2027 | 190 | 198046 |
|  Connecticut (State of), Series 2018 E, GO Bonds | 5.00% | 09/15/2027 | 285 | 300211 |
|  Connecticut (State of), Series 2018 F, Ref. GO Bonds | 5.00% | 09/15/2027 | 115 | 121138 |
|  Connecticut (State of), Series 2019 A, GO Bonds | 5.00% | 04/15/2027 | 160 | 166776 |
|  Connecticut (State of), Series 2020 A, RB | 5.00% | 05/01/2027 | 45 | 46996 |
|  Connecticut (State of), Series 2021 A, GO Bonds | 4.00% | 01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;550 | 562291 |
|  Connecticut (State of), Series 2021 A, RB | 5.00% | 05/01/2027 | 75 | 78327 |
|  Connecticut (State of), Series 2021 D, RB | 5.00% | 11/01/2027 | 55 | 58160 |
|  Connecticut (State of), Series 2022 A, GO Bonds | 4.00% | 01/15/2027 | 25 | 25559 |
|  Connecticut (State of), Series 2022 D, Ref. GO Bonds | 5.00% | 09/15/2027 | 360 | 379214 |
|  Connecticut (State of), Series 2022 E, GO Bonds | 5.00% | 11/15/2027 | 150 | 158769 |
|  Connecticut (State of), Series 2022 G, Ref. GO Bonds | 5.00% | 11/15/2027 | 205 | 216984 |
|  Connecticut (State of), Series 2023 B, Ref. GO Bonds | 5.00% | 08/01/2027 | 130 | 136521 |
|  Connecticut (State of), Series 2024 A, GO Bonds | 5.00% | 01/15/2027 | 5 | 5179 |
|  Connecticut (State of), Series 2024 A-1, RB | 5.00% | 07/01/2027 | 10 | 10485 |
|  Connecticut (State of), Series 2024 B, Ref. RB | 5.00% | 07/01/2027 | 15 | 15727 |
|  Connecticut (State of), Series 2024 F, GO Bonds | 5.00% | 11/15/2027 | 5 | 5292 |
|  Connecticut (State of) (Green Bonds), Series 2017 A, RB | 5.00% | 05/01/2032 | 45 | 46572 |
|  Connecticut (State of) (Green Bonds), Series 2017 A, RB | 5.00% | 05/01/2033 | 55 | 56797 |
|  Connecticut (State of) (Green Bonds), Series 2017 A, RB | 5.00% | 05/01/2034 | 55 | 56680 |
|  Connecticut (State of) (Green Bonds), Series 2017 A, Ref. RB | 5.00% | 05/01/2031 | 10 | 10379 |
|  Connecticut (State of) (Green Bonds), Series 2021 D, Ref. GO Bonds | 5.00% | 07/15/2027 | 10 | 10490 |
|  Connecticut (State of) (Green Bonds), Series 2024 C, Ref. GO Bonds | 5.00% | 03/01/2027 | 5 | 5196 |
|  Connecticut (State of) (Social Bonds), Series 2021 B, GO Bonds | 4.00% | 06/01/2027 | 200 | 205740 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB | 5.00% | 09/01/2027 | 50 | 51298 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2018, RB | 5.00% | 01/01/2027 | 10 | 10360 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.00% | 07/01/2027 | 10 | 10485 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2022, Ref. RB | 5.00% | 07/01/2027 | 70 | 73394 |

---

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

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| 186 |
| 186 |
| 186 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Connecticut-(continued) |  |  |  |  |
|  Connecticut (State of) Health & Educational Facilities Authority, Series 2017, Ref. RB | 5.00% | 07/01/2042 | $&nbsp;&nbsp;&nbsp;&nbsp;225 | $225864 |
|  Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 1997 S, RB | 5.00% | 07/01/2027 | 160 | 167729 |
|  University of Connecticut, Series 2017 A, RB | 5.00% | 01/15/2029 | 45 | 46457 |
|  University of Connecticut, Series 2017 A, RB | 5.00% | 01/15/2030 | 80 | 82502 |
|  University of Connecticut, Series 2017 A, RB | 5.00% | 01/15/2033 | 100 | 102559 |
|  University of Connecticut, Series 2017 A, RB | 5.00% | 01/15/2034 | 15 | 15357 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4383383 |
|  Delaware-0.09% |  |  |  |  |
|  Delaware (State of), Series 2017 A, Ref. GO Bonds | 5.00% | 01/01/2027 | 10 | 10366 |
|  Delaware (State of), Series 2019, GO Bonds | 5.00% | 02/01/2027 | 100 | 103820 |
|  Delaware (State of), Series 2020 A, GO Bonds | 5.00% | 01/01/2027 | 30 | 31097 |
|  Delaware (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2027 | 30 | 31366 |
|  Delaware (State of) Health Facilities Authority (Bayhealth Medical Center), Series 2017 A, Ref. RB | 4.00% | 07/01/2040 | 10 | 9241 |
|  Delaware (State of) Transportation Authority, Series 2016, Ref. RB | 5.00% | 07/01/2027 | 15 | 15326 |
|  Delaware (State of) Transportation Authority, Series 2020, Ref. RB | 5.00% | 07/01/2027 | 40 | 41991 |
|  |  |  |  | 243207 |
|  District of Columbia-2.19% |  |  |  |  |
|  District of Columbia, Series 2016 E, Ref. GO Bonds | 5.00% | 06/01/2027 | 75 | 77395 |
|  District of Columbia, Series 2017 A, Ref. GO Bonds | 5.00% | 06/01/2029 | 90 | 93854 |
|  District of Columbia, Series 2017 A, Ref. GO Bonds | 5.00% | 06/01/2030 | 150 | 156055 |
|  District of Columbia, Series 2017 A, Ref. GO Bonds | 5.00% | 06/01/2031 | 35 | 36312 |
|  District of Columbia, Series 2017 A, Ref. GO Bonds | 5.00% | 06/01/2032 | 595 | 615451 |
|  District of Columbia, Series 2017 A, Ref. GO Bonds | 5.00% | 06/01/2033 | 130 | 134070 |
|  District of Columbia, Series 2017 A, Ref. GO Bonds | 5.00% | 06/01/2034 | 150 | 154237 |
|  District of Columbia, Series 2017 A, Ref. GO Bonds | 5.00% | 06/01/2037 | 580 | 590800 |
|  District of Columbia, Series 2017 D, GO Bonds | 5.00% | 06/01/2027 | 90 | 94163 |
|  District of Columbia, Series 2017 D, GO Bonds | 5.00% | 06/01/2029 | 180 | 187709 |
|  District of Columbia, Series 2017 D, GO Bonds | 5.00% | 06/01/2030 | 90 | 93633 |
|  District of Columbia, Series 2017 D, GO Bonds | 5.00% | 06/01/2031 | 45 | 46687 |
|  District of Columbia, Series 2017 D, GO Bonds | 5.00% | 06/01/2032 | 50 | 51719 |
|  District of Columbia, Series 2017 D, GO Bonds | 4.00% | 06/01/2033 | 75 | 75755 |
|  District of Columbia, Series 2017 D, GO Bonds | 5.00% | 06/01/2038 | 75 | 76158 |
|  District of Columbia, Series 2017, Ref. RB | 5.00% | 04/01/2031 | 60 | 61906 |
|  District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2027 | 440 | 464689 |
|  District of Columbia, Series 2019 A, RB | 5.00% | 03/01/2027 | 80 | 83167 |
|  District of Columbia, Series 2019 C, Ref. RB | 5.00% | 10/01/2027 | 135 | 142469 |
|  District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2027 | 90 | 93563 |
|  District of Columbia, Series 2020 B, Ref. RB | 5.00% | 10/01/2027 | 50 | 52756 |
|  District of Columbia, Series 2020, Ref. RB | 5.00% | 12/01/2027 | 75 | 79318 |
|  District of Columbia, Series 2021 E, Ref. GO Bonds | 5.00% | 02/01/2027 | 55 | 57054 |
|  District of Columbia, Series 2022 C, Ref. RB | 5.00% | 12/01/2027 | 165 | 174797 |
|  District of Columbia, Series 2023 B, Ref. GO Bonds | 5.00% | 06/01/2027 | 25 | 26156 |
|  District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2027 | 10 | 10507 |
|  District of Columbia, Series 2024 C, Ref. GO Bonds | 5.00% | 12/01/2027 | 40 | 42375 |
|  District of Columbia (Georgetown University), Series 2017, Ref. RB<sup>(a)(b)</sup> | 5.00% | 04/01/2027 | 10 | 10405 |
|  District of Columbia (Georgetown University), Series 2017, Ref. RB | 5.00% | 04/01/2030 | 30 | 31029 |
|  District of Columbia (Georgetown University), Series 2017, Ref. RB | 5.00% | 04/01/2032 | 10 | 10292 |
|  District of Columbia (Georgetown University), Series 2017, Ref. RB | 5.00% | 04/01/2033 | 30 | 30807 |
|  District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB | 5.00% | 10/01/2027 | 35 | 36907 |
|  Washington Convention & Sports Authority, Series 2018 A, Ref. RB | 5.00% | 10/01/2027 | 5 | 5252 |
|  Washington Convention & Sports Authority, Series 2018 A, Ref. RB | 5.00% | 10/01/2029 | 20 | 20955 |
|  Washington Convention & Sports Authority, Series 2018 A, Ref. RB | 5.00% | 10/01/2030 | 35 | 36560 |
|  Washington Metropolitan Area Transit Authority, Series 2017 A-2, Ref. RB | 5.00% | 07/01/2033 | 40 | 41257 |
|  Washington Metropolitan Area Transit Authority, Series 2017 B, RB | 5.00% | 07/01/2027 | 25 | 26153 |
|  Washington Metropolitan Area Transit Authority, Series 2017 B, RB | 5.00% | 07/01/2030 | 110 | 114573 |
|  Washington Metropolitan Area Transit Authority, Series 2017 B, RB | 5.00% | 07/01/2031 | 570 | 591945 |
|  Washington Metropolitan Area Transit Authority, Series 2017 B, RB | 5.00% | 07/01/2032 | 50 | 51749 |

---

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

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| 187 |
| 187 |
| 187 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  District of Columbia-(continued) |  |  |  |  |
|  Washington Metropolitan Area Transit Authority, Series 2017 B, RB | 5.00% | 07/01/2033 | $5 | $5157 |
|  Washington Metropolitan Area Transit Authority, Series 2017 B, RB | 5.00% | 07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;600 | 614896 |
|  Washington Metropolitan Area Transit Authority, Series 2017 B, RB | 5.00% | 07/01/2036 | 240 | 245315 |
|  Washington Metropolitan Area Transit Authority, Series 2017 B, RB | 5.00% | 07/01/2042 | 175 | 176455 |
|  Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2027 | 25 | 26196 |
|  Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 5.00% | 07/15/2027 | 25 | 26196 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5874854 |
|  Florida-3.03% |  |  |  |  |
|  Brevard County School District, Series 2017 A, Ref. COP | 5.00% | 07/01/2031 | 185 | 191720 |
|  Brevard County School District, Series 2017 A, Ref. COP | 5.00% | 07/01/2032 | 65 | 67273 |
|  Brevard County School District, Series 2024 A, Ref. COP | 5.00% | 07/01/2027 | 75 | 78595 |
|  Broward (County of), FL School Board, Series 2019 A, Ref. COP | 5.00% | 07/01/2027 | 235 | 245274 |
|  Central Florida Expressway Authority, Series 2016 B, Ref. RB | 5.00% | 07/01/2027 | 10 | 10194 |
|  Central Florida Expressway Authority, Series 2017, Ref. RB | 5.00% | 07/01/2037 | 530 | 539853 |
|  Central Florida Expressway Authority, Series 2017, Ref. RB | 5.00% | 07/01/2038 | 15 | 15194 |
|  Central Florida Expressway Authority, Series 2017, Ref. RB | 5.00% | 07/01/2039 | 165 | 166387 |
|  Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 07/01/2027 | 30 | 31427 |
|  Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(c)</sup> | 5.00% | 07/01/2027 | 25 | 26180 |
|  East Central Regional Wastewater Treatment Facilities Operation Board, Series 2017, Ref. RB | 5.00% | 10/01/2044 | 285 | 286628 |
|  Escambia (County of), FL, Series 2017, RB | 5.00% | 10/01/2043 | 100 | 101071 |
|  Florida (State of), Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2027 | 40 | 40863 |
|  Florida (State of), Series 2016 A, Ref. RB | 5.00% | 07/01/2027 | 45 | 45970 |
|  Florida (State of), Series 2017 A, Ref. RB | 5.00% | 07/01/2027 | 125 | 131222 |
|  Florida (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 06/01/2027 | 30 | 31430 |
|  Florida (State of), Series 2022 C, Ref. GO Bonds | 5.00% | 06/01/2027 | 265 | 277629 |
|  Florida (State of) (Capital Outlay), Series 2017 C, Ref. GO Bonds. | 4.00% | 06/01/2033 | 200 | 201844 |
|  Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB | 5.00% | 07/01/2027 | 105 | 107291 |
|  Florida (State of) Department of Management Services, Series 2018 A, Ref. COP | 5.00% | 11/01/2027 | 55 | 58137 |
|  Florida (State of) Department of Transportation, Series 2022 A, Ref. RB | 5.00% | 07/01/2027 | 145 | 152218 |
|  Florida (State of) Higher Educational Facilities Financial Authority (Rollins College), Series 2017, RB | 5.00% | 03/01/2047 | 110 | 102225 |
|  Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB | 5.00% | 10/01/2027 | 30 | 30801 |
|  Florida (State of) Municipal Power Agency, Series 2017 A, Ref. RB | 5.00% | 10/01/2027 | 80 | 84142 |
|  Florida (State of) Municipal Power Agency, Series 2018 A, Ref. RB | 4.00% | 10/01/2030 | 100 | 102363 |
|  Gainesville (City of), FL, Series 2017 A, RB<sup>(a)</sup> | 5.00% | 10/01/2027 | 15 | 15786 |
|  Gainesville (City of), FL, Series 2017 A, RB | 5.00% | 10/01/2031 | 75 | 78196 |
|  Gainesville (City of), FL, Series 2017 A, RB | 5.00% | 10/01/2032 | 55 | 57157 |
|  Gainesville (City of), FL, Series 2017 A, RB | 5.00% | 10/01/2033 | 70 | 72577 |
|  Gainesville (City of), FL, Series 2017 A, RB | 5.00% | 10/01/2034 | 175 | 181027 |
|  Gainesville (City of), FL, Series 2017 A, RB | 5.00% | 10/01/2035 | 70 | 72175 |
|  Gainesville (City of), FL, Series 2017 A, RB | 5.00% | 10/01/2037 | 20 | 20508 |
|  Hillsborough (County of), FL School Board, Series 2020, Ref. COP | 5.00% | 07/01/2027 | 15 | 15661 |
|  JEA Electric System, Series 2017 B, Ref. RB | 5.00% | 10/01/2027 | 10 | 10518 |
|  JEA Electric System, Series 2017 B, Ref. RB | 5.00% | 10/01/2029 | 410 | 430839 |
|  JEA Electric System, Series 2017 B, Ref. RB | 5.00% | 10/01/2030 | 120 | 125789 |
|  JEA Electric System, Series 2017 B, Ref. RB | 5.00% | 10/01/2032 | 40 | 41552 |
|  JEA Electric System, Series 2017 B, Ref. RB | 4.00% | 10/01/2037 | 5 | 4936 |
|  JEA Water & Sewer System, Series 2017 A, Ref. RB | 5.00% | 10/01/2027 | 10 | 10534 |
|  JEA Water & Sewer System, Series 2017 A, Ref. RB | 5.00% | 10/01/2029 | 100 | 104877 |
|  JEA Water & Sewer System, Series 2017 A, Ref. RB | 5.00% | 10/01/2032 | 5 | 5209 |
|  Miami (City of) & Dade (County of), FL School Board (The), Series 2016 B, Ref. COP | 5.00% | 08/01/2027 | 20 | 20429 |
|  Miami (City of) & Dade (County of), FL School Board (The), Series 2025 A, Ref. COP | 5.00% | 05/01/2027 | 20 | 20797 |
|  Miami Beach (City of), FL, Series 2017, Ref. RB | 5.00% | 09/01/2047 | 155 | 155297 |
|  Miami-Dade (County of), FL, Series 2017 A, RB | 4.00% | 10/01/2035 | 75 | 75166 |
|  Miami-Dade (County of), FL, Series 2017 A, RB | 4.00% | 10/01/2038 | 10 | 9832 |
|  Miami-Dade (County of), FL, Series 2017 A, RB | 4.00% | 10/01/2039 | 55 | 53705 |
|  Miami-Dade (County of), FL, Series 2017 A, RB | 4.00% | 10/01/2040 | 140 | 134059 |
|  Miami-Dade (County of), FL, Series 2017 A, RB | 3.38% | 10/01/2047 | 40 | 30666 |

---

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

---

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| 188 |
| 188 |
| 188 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Florida-(continued) |  |  |  |  |
|  Miami-Dade (County of), FL, Series 2017 A, Ref. RB | 4.00% | 10/01/2036 | $&nbsp;&nbsp;&nbsp;&nbsp;100 | $99146 |
|  Miami-Dade (County of), FL, Series 2017 B, Ref. RB | 5.00% | 10/01/2027 | 55 | 58043 |
|  Miami-Dade (County of), FL, Series 2017 B, Ref. RB | 5.00% | 10/01/2029 | 5 | 5231 |
|  Miami-Dade (County of), FL, Series 2017 B, Ref. RB | 4.00% | 10/01/2034 | 75 | 75830 |
|  Miami-Dade (County of), FL, Series 2017 B, Ref. RB | 4.00% | 10/01/2035 | 120 | 120217 |
|  Miami-Dade (County of), FL, Series 2017 B, Ref. RB | 4.00% | 10/01/2036 | 165 | 163592 |
|  Miami-Dade (County of), FL, Series 2017 B, Ref. RB | 4.00% | 10/01/2038 | 100 | 98323 |
|  Miami-Dade (County of), FL, Series 2021, RB | 5.00% | 10/01/2027 | 50 | 52714 |
|  Orange (County of), FL Convention Center, Series 2017, Ref. RB | 5.00% | 10/01/2027 | 50 | 52704 |
|  Orange (County of), FL School Board, Series 2016 B, Ref. COP | 5.00% | 08/01/2027 | 310 | 316854 |
|  Orange (County of), FL School Board, Series 2017, Ref. COP | 5.00% | 08/01/2027 | 105 | 110065 |
|  Orlando (City of), FL Utilities Commission, Series 2020 A, Ref. RB | 5.00% | 10/01/2027 | 155 | 163511 |
|  Palm Beach County School District, Series 2017 A, Ref. COP | 5.00% | 08/01/2027 | 395 | 414587 |
|  Pinellas (County of), FL School Board, Series 2017 A, COP | 5.00% | 07/01/2041 | 30 | 30212 |
|  Polk County School District, Series 2020 A, Ref. COP | 5.00% | 01/01/2027 | 150 | 155007 |
|  Reedy Creek Improvement District, Series 2017 A, GO Bonds | 5.00% | 06/01/2037 | 200 | 203376 |
|  South Broward Hospital District, Series 2017, Ref. RB | 4.00% | 05/01/2032 | 50 | 50503 |
|  South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB | 5.00% | 08/15/2027 | 5 | 5227 |
|  South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB | 5.00% | 08/15/2029 | 130 | 135395 |
|  South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB | 5.00% | 08/15/2032 | 80 | 82629 |
|  South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB | 4.00% | 08/15/2033 | 25 | 25189 |
|  South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB | 5.00% | 08/15/2037 | 100 | 101684 |
|  South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB | 4.00% | 08/15/2042 | 255 | 223799 |
|  South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB | 5.00% | 08/15/2042 | 30 | 30057 |
|  Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017, RB | 5.00% | 07/01/2047 | 310 | 310063 |
|  Tampa Bay (City of), FL Water, Series 2016 C, Ref. RB | 5.00% | 10/01/2027 | 65 | 68528 |
|  Volusia (County of), FL Educational Facility Authority (Embry-Riddle), Series 2017, Ref. RB | 5.00% | 10/15/2047 | 110 | 109719 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;8135428 |
|  Georgia-1.92% |  |  |  |  |
|  Atlanta (City of), GA, Series 2001 A, RB, (INS - NATL)<sup>(c)</sup> | 5.50% | 11/01/2027 | 50 | 51829 |
|  Atlanta (City of), GA, Series 2004, RB, (INS - AGI)<sup>(c)</sup> | 5.75% | 11/01/2027 | 115 | 123571 |
|  Atlanta (City of), GA, Series 2017 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 40 | 42307 |
|  Atlanta (City of), GA, Series 2017 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 105 | 111056 |
|  Atlanta (City of), GA, Series 2017 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 150 | 158652 |
|  Atlanta (City of), GA, Series 2017 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 120 | 126922 |
|  Atlanta (City of), GA, Series 2017 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 45 | 47596 |
|  Atlanta (City of), GA, Series 2017 A, Ref. RB | 4.00% | 11/01/2036 | 15 | 15000 |
|  Atlanta (City of), GA, Series 2018 C, Ref. RB | 5.00% | 11/01/2027 | 135 | 142934 |
|  Atlanta (City of), GA, Series 2018 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 75 | 79326 |
|  Atlanta (City of), GA, Series 2018 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 35 | 37019 |
|  Atlanta (City of), GA, Series 2018 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 80 | 84614 |
|  Atlanta (City of), GA, Series 2018 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 105 | 111056 |
|  Atlanta (City of), GA, Series 2018 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 85 | 89903 |
|  Atlanta (City of), GA, Series 2018 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 60 | 63461 |
|  Atlanta (City of), GA, Series 2018 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 60 | 63461 |
|  Atlanta (City of), GA, Series 2018 C, Ref. RB | 5.00% | 11/01/2029 | 110 | 115765 |
|  Atlanta (City of), GA, Series 2018, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 55 | 58172 |
|  Atlanta (City of), GA, Series 2018, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 25 | 26442 |
|  Atlanta (City of), GA Department of Aviation, Series 2020 A, Ref. RB | 5.00% | 07/01/2027 | 30 | 31411 |
|  Cherokee County Board of Education, Series 2025 B, Ref. GO Bonds | 5.00% | 02/01/2027 | 5 | 5190 |

---

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

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| 189 |
| 189 |
| 189 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Georgia-(continued) |  |  |  |  |
|  Clark County School District, Series 2022, GO Bonds | 5.00% | 09/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;285 | $300046 |
|  Georgia (State of), Series 2016 E, Ref. GO Bonds | 5.00% | 12/01/2027 | 430 | 444701 |
|  Georgia (State of), Series 2016 F, Ref. GO Bonds | 5.00% | 01/01/2027 | 540 | 559827 |
|  Georgia (State of), Series 2016 F, Ref. GO Bonds | 5.00% | 07/01/2027 | 90 | 93322 |
|  Georgia (State of), Series 2016 F, Ref. GO Bonds | 5.00% | 07/01/2028 | 160 | 165820 |
|  Georgia (State of), Series 2017 A-1, GO Bonds | 5.00% | 02/01/2027 | 70 | 72734 |
|  Georgia (State of), Series 2017 A-2, GO Bonds | 5.00% | 02/01/2029 | 15 | 15563 |
|  Georgia (State of), Series 2017 A-2, GO Bonds | 5.00% | 02/01/2032 | 10 | 10312 |
|  Georgia (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 07/01/2029 | 75 | 78589 |
|  Georgia (State of), Series 2018 A, GO Bonds | 5.00% | 07/01/2027 | 195 | 204743 |
|  Georgia (State of), Series 2019 A, GO Bonds | 5.00% | 07/01/2027 | 70 | 73497 |
|  Georgia (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2027 | 290 | 305385 |
|  Georgia (State of), Series 2023 C, Ref. GO Bonds | 4.00% | 01/01/2027 | 60 | 61421 |
|  Georgia (State of) (Bid Group 1), Series 2023 A, GO Bonds | 5.00% | 07/01/2027 | 20 | 20999 |
|  Georgia (State of) (Tranche 2), Series 2016 A, GO Bonds | 5.00% | 02/01/2027 | 30 | 30345 |
|  Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB | 5.00% | 06/01/2027 | 290 | 303514 |
|  Gwinnett (County of), GA Development Authority, Series 2017, Ref. RB | 5.00% | 07/01/2040 | 20 | 20149 |
|  Gwinnett County School District, Series 2022 B, GO Bonds | 5.00% | 08/01/2027 | 450 | 473439 |
|  Metropolitan Atlanta Rapid Transit Authority, Series 2015 C, Ref. RB | 5.00% | 07/01/2027 | 65 | 66429 |
|  Metropolitan Atlanta Rapid Transit Authority, Series 2017 C, Ref. RB | 4.00% | 07/01/2036 | 100 | 100295 |
|  Richmond (County of), GA Board of Education, Series 2023, GO Bonds | 5.00% | 10/01/2027 | 145 | 152901 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5139718 |
|  Hawaii-0.87% |  |  |  |  |
|  Hawaii (State of), Series 2016 FB, GO Bonds | 5.00% | 04/01/2027 | 235 | 238537 |
|  Hawaii (State of), Series 2016 FE, Ref. GO Bonds | 5.00% | 10/01/2027 | 60 | 61590 |
|  Hawaii (State of), Series 2016 FG, GO Bonds | 5.00% | 10/01/2027 | 90 | 92384 |
|  Hawaii (State of), Series 2016 FH, Ref. GO Bonds | 5.00% | 10/01/2027 | 10 | 10265 |
|  Hawaii (State of), Series 2017 FK, GO Bonds | 5.00% | 05/01/2027 | 135 | 140943 |
|  Hawaii (State of), Series 2017 FK, GO Bonds | 5.00% | 05/01/2029 | 60 | 62561 |
|  Hawaii (State of), Series 2017 FK, GO Bonds | 4.00% | 05/01/2031 | 190 | 193267 |
|  Hawaii (State of), Series 2017 FK, GO Bonds | 5.00% | 05/01/2033 | 60 | 61964 |
|  Hawaii (State of), Series 2017 FK, GO Bonds | 5.00% | 05/01/2034 | 35 | 36065 |
|  Hawaii (State of), Series 2017 FK, GO Bonds | 4.00% | 05/01/2036 | 15 | 15024 |
|  Hawaii (State of), Series 2017 FN, Ref. GO Bonds | 5.00% | 10/01/2027 | 55 | 58031 |
|  Hawaii (State of), Series 2017 FN, Ref. GO Bonds | 5.00% | 10/01/2030 | 410 | 430191 |
|  Hawaii (State of), Series 2017 FN, Ref. GO Bonds | 5.00% | 10/01/2031 | 210 | 219558 |
|  Hawaii (State of), Series 2017 RN, Ref. GO Bonds | 5.00% | 10/01/2029 | 20 | 21043 |
|  Hawaii (State of), Series 2018 FT, GO Bonds | 5.00% | 01/01/2027 | 140 | 145028 |
|  Honolulu (City & County of), HI, Series 2022 A, Ref. GO Bonds | 5.00% | 11/01/2027 | 60 | 63461 |
|  Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019, GO Bonds | 5.00% | 09/01/2027 | 60 | 63204 |
|  Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds | 5.00% | 03/01/2027 | 210 | 218377 |
|  Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021 E, GO Bonds | 5.00% | 03/01/2027 | 180 | 187181 |
|  Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2023, Ref. GO Bonds | 5.00% | 03/01/2027 | 20 | 20798 |
|  |  |  |  | 2339472 |
|  Idaho-0.18% |  |  |  |  |
|  Idaho (State of) Housing & Finance Association, Series 2017 A, Ref. RAC | 5.00% | 07/15/2027 | 230 | 241049 |
|  Idaho State Building Authority, Series 2024 A, RB | 5.00% | 06/01/2027 | 185 | 193621 |
|  Idaho State Building Authority (State Office Campus), Series 2017 A, RB<sup>(a)(b)</sup> | 4.00% | 09/01/2027 | 60 | 61919 |
|  |  |  |  | 496589 |
|  Illinois-6.04% |  |  |  |  |
|  Chicago (City of), IL, Series 2017 A, RB, (INS - AGI)<sup>(c)</sup> | 5.25% | 01/01/2042 | 200 | 201321 |
|  Chicago (City of), IL, Series 2017, Ref. RB | 5.00% | 11/01/2029 | 55 | 57686 |
|  Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/01/2030 | 500 | 519739 |
|  Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/01/2033 | 600 | 617692 |
|  Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/01/2034 | 430 | 440984 |
|  Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/01/2035 | 150 | 153249 |

---

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

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| 190 |
| 190 |
| 190 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Illinois-(continued) |  |  |  |  |
|  Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/01/2036 | $10 | $10200 |
|  Chicago (City of), IL, Series 2020 A, Ref. GO Bonds | 5.00% | 01/01/2027 | 125 | 127624 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2016 C, Ref. RB | 5.00% | 01/01/2027 | 15 | 15124 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2017 B, Ref. RB | 5.00% | 01/01/2033 | 75 | 76580 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2017 B, Ref. RB | 5.00% | 01/01/2034 | 150 | 152876 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2017 B, Ref. RB | 5.00% | 01/01/2035 | 40 | 40693 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2017 B, Ref. RB | 5.00% | 01/01/2036 | 430 | 436593 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2017 B, Ref. RB | 5.00% | 01/01/2037 | 70 | 70919 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2017 B, Ref. RB | 5.00% | 01/01/2038 | 370 | 373675 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2017 B, Ref. RB | 5.00% | 01/01/2039 | 95 | 95751 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2017 C, Ref. RB | 5.00% | 01/01/2041 | 245 | 245909 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB | 5.25% | 01/01/2030 | 20 | 20649 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB | 5.25% | 01/01/2031 | 25 | 25760 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB | 5.25% | 01/01/2032 | 25 | 25728 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB | 5.25% | 01/01/2033 | 15 | 15408 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB | 5.25% | 01/01/2034 | 25 | 25632 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB | 5.25% | 01/01/2035 | 55 | 56289 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB | 5.25% | 01/01/2036 | 40 | 40857 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB | 5.25% | 01/01/2037 | 375 | 382298 |
|  Chicago (City of), IL Board of Education, Series 2017, RB | 5.75% | 04/01/2033 | 100 | 102918 |
|  Chicago (City of), IL Board of Education, Series 2017, RB | 5.00% | 04/01/2042 | 480 | 468150 |
|  Chicago (City of), IL Board of Education, Series 2017, RB | 5.00% | 04/01/2046 | 210 | 197085 |
|  Chicago (City of), IL Board of Education, Series 2018 A, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.00% | 12/01/2027 | 100 | 104126 |
|  Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds | 5.00% | 12/01/2027 | 90 | 92670 |
|  Chicago (City of), IL Metropolitan Water Reclamation District, Series 2024 C, Ref. GO Bonds | 5.00% | 12/01/2027 | 50 | 52890 |
|  Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)<sup>(c)</sup> | 5.00% | 01/01/2027 | 20 | 20697 |
|  Chicago (City of), IL Park District, Series 2023 C, Ref. GO Bonds | 5.00% | 01/01/2027 | 65 | 67066 |
|  Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), Series 2021, Ref. RB | 5.00% | 06/01/2027 | 35 | 36168 |
|  Cook (County of), IL, Series 2017, Ref. RB | 5.00% | 11/15/2033 | 155 | 160694 |
|  Cook (County of), IL, Series 2017, Ref. RB | 4.00% | 11/15/2034 | 155 | 155725 |
|  Cook (County of), IL, Series 2017, Ref. RB | 5.00% | 11/15/2038 | 40 | 40616 |
|  Cook (County of), IL, Series 2018, Ref. RB | 5.00% | 11/15/2032 | 140 | 145918 |
|  Cook (County of), IL, Series 2018, Ref. RB | 5.00% | 11/15/2033 | 120 | 124408 |
|  Cook (County of), IL, Series 2018, Ref. RB | 4.00% | 11/15/2038 | 25 | 23849 |
|  Cook (County of), IL, Series 2021 A, Ref. GO Bonds | 5.00% | 11/15/2027 | 30 | 31595 |
|  Cook (County of), IL, Series 2021 B, Ref. GO Bonds | 4.00% | 11/15/2027 | 150 | 154389 |
|  Illinois (State of), Series 2016, GO Bonds | 5.00% | 11/01/2027 | 45 | 46188 |
|  Illinois (State of), Series 2016, Ref. GO Bonds | 5.00% | 02/01/2027 | 105 | 108442 |
|  Illinois (State of), Series 2016, Ref. GO Bonds | 5.00% | 02/01/2029 | 115 | 118761 |
|  Illinois (State of), Series 2016, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 4.00% | 02/01/2030 | 260 | 262920 |
|  Illinois (State of), Series 2016, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 4.00% | 02/01/2031 | 325 | 327898 |
|  Illinois (State of), Series 2016, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 4.00% | 02/01/2032 | 100 | 100614 |
|  Illinois (State of), Series 2017 A, GO Bonds | 5.13% | 12/01/2029 | 35 | 36793 |
|  Illinois (State of), Series 2017 A, GO Bonds | 5.00% | 12/01/2031 | 50 | 51971 |
|  Illinois (State of), Series 2017 A, GO Bonds | 5.00% | 12/01/2032 | 500 | 516481 |
|  Illinois (State of), Series 2017 A, GO Bonds | 5.00% | 12/01/2034 | 25 | 25615 |
|  Illinois (State of), Series 2017 A, GO Bonds | 5.00% | 12/01/2035 | 75 | 76516 |
|  Illinois (State of), Series 2017 C, GO Bonds | 5.00% | 11/01/2029 | 1180 | &nbsp;&nbsp;&nbsp;&nbsp;1236261 |
|  Illinois (State of), Series 2017 D, GO Bonds | 5.00% | 11/01/2027 | 555 | 582488 |
|  Illinois (State of), Series 2018 A, GO Bonds | 6.00% | 05/01/2027 | 40 | 42183 |
|  Illinois (State of), Series 2018 A, Ref. GO Bonds | 5.00% | 10/01/2027 | 130 | 136203 |
|  Illinois (State of), Series 2019 A, GO Bonds | 5.00% | 11/01/2027 | 20 | 20991 |
|  Illinois (State of), Series 2019 B, Ref. GO Bonds | 5.00% | 09/01/2027 | 535 | 559564 |
|  Illinois (State of), Series 2020 B, Ref. GO Bonds | 5.00% | 10/01/2027 | 130 | 136203 |
|  Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 03/01/2027 | 80 | 82763 |
|  Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 12/01/2027 | 45 | 47310 |
|  Illinois (State of), Series 2022 A, GO Bonds | 5.00% | 03/01/2027 | 50 | 51734 |

---

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

---

| |
|:---|
| 191 |
| 191 |
| 191 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Illinois-(continued) |  |  |  |  |
|  Illinois (State of), Series 2022 B, Ref. GO Bonds | 5.00% | 03/01/2027 | $85 | $87986 |
|  Illinois (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 07/01/2027 | 85 | 88583 |
|  Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2027 | 30 | 31152 |
|  Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2027 | 15 | 15488 |
|  Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB<sup>(a)(b)</sup> | 3.75% | 02/15/2027 | 200 | 203661 |
|  Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 02/15/2027 | 25 | 25912 |
|  Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;475 | 492325 |
|  Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 02/15/2027 | 10 | 10365 |
|  Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB | 5.00% | 02/15/2030 | 145 | 149632 |
|  Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB | 5.00% | 02/15/2032 | 170 | 174633 |
|  Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB | 5.00% | 02/15/2034 | 5 | 5116 |
|  Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB | 5.00% | 02/15/2036 | 125 | 127263 |
|  Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB | 5.00% | 02/15/2041 | 525 | 528667 |
|  Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB | 5.00% | 01/01/2027 | 140 | 144766 |
|  Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB | 5.00% | 07/01/2027 | 15 | 15524 |
|  Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB | 5.00% | 07/01/2028 | 145 | 150089 |
|  Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB | 5.00% | 01/01/2029 | 90 | 93045 |
|  Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB | 5.00% | 07/01/2029 | 85 | 87834 |
|  Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2027 | 50 | 51669 |
|  Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2027 | 25 | 25834 |
|  Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017, Ref. RB<sup>(a)(b)</sup> | 4.00% | 01/01/2027 | 110 | 112241 |
|  Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2027 | 90 | 93004 |
|  Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2027 | 35 | 36168 |
|  Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2027 | 45 | 46502 |
|  Illinois (State of) Finance Authority (Northwestern Memorial Healthcare), Series 2017, Ref. RB | 5.00% | 07/15/2027 | 90 | 94256 |
|  Illinois (State of) Finance Authority (Presence Health Network), Series 2016 C, Ref. RB | 5.00% | 02/15/2031 | 5 | 5148 |
|  Illinois (State of) Finance Authority (Rosalind Franklin University), Series 2017, Ref. RB | 5.00% | 08/01/2047 | 100 | 94305 |
|  Illinois (State of) Finance Authority (Southern Illinois Healthcare), Series 2017, RB | 5.00% | 03/01/2047 | 600 | 581786 |
|  Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2023, Ref. RB | 5.00% | 12/15/2027 | 300 | 314480 |
|  Illinois (State of) Regional Transportation Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2027 | 270 | 282200 |
|  Illinois (State of) Toll Highway Authority, Series 2019 A, Ref. RB | 5.00% | 01/01/2027 | 55 | 56975 |
|  Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB | 5.00% | 01/01/2027 | 225 | 233081 |
|  Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB | 5.00% | 01/01/2027 | 170 | 176105 |
|  Kane McHenry Cook & De Kalb Counties Unit School District No. 300, Series 2017, Ref. GO Bonds | 5.00% | 01/01/2029 | 235 | 245060 |
|  Macon County School District No. 61 Decatur, Series 2020 C, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 4.00% | 01/01/2040 | 200 | 194595 |
|  Sales Tax Securitization Corp., Series 2020 A, Ref. RB | 5.00% | 01/01/2027 | 145 | 149089 |
|  Sales Tax Securitization Corp., Series 2021 A, Ref. RB | 5.00% | 01/01/2027 | 40 | 41128 |
|  University of Illinois, Series 2023 A, Ref. RB | 5.00% | 04/01/2027 | 90 | 93434 |
|  Will & Kendall Counties Community Consolidated School District 202 Plainfield, Series 2018 A, Ref. GO Bonds | 4.00% | 01/01/2027 | 60 | 61064 |
|  |  |  |  | 16196264 |
|  Indiana-0.34% |  |  |  |  |
|  Indiana (State of) Finance Authority, Series 2016 C, Ref. RB | 5.00% | 06/01/2027 | 165 | 169427 |
|  Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB | 5.00% | 10/01/2027 | 35 | 36915 |
|  Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 B, RB | 5.00% | 11/01/2029 | 135 | 141425 |
|  Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 B, RB | 5.00% | 11/01/2030 | 15 | 15672 |
|  Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 C, Ref. RB | 5.00% | 11/01/2032 | 20 | 20766 |
|  Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 C, Ref. RB | 4.00% | 11/01/2033 | 15 | 15119 |
|  Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 C, Ref. RB | 4.00% | 11/01/2034 | 120 | 120545 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2016 E, Ref. RB | 5.00% | 02/01/2027 | 80 | 81832 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2018 A, RB | 5.00% | 02/01/2027 | 55 | 56976 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB | 5.00% | 02/01/2027 | 135 | 139850 |
|  Indianapolis (City of), IN Department of Public Utilities, Series 2016 B, Ref. RB | 5.00% | 10/01/2027 | 40 | 41012 |
|  Indianapolis (City of), IN Department of Public Utilities, Series 2017 A, Ref. RB | 5.00% | 08/15/2027 | 75 | 78929 |
|  |  |  |  | 918468 |

---

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

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| |
|:---|
| 192 |
| 192 |
| 192 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Iowa-0.24% |  |  |  |  |
|  Iowa (State of), Series 2016 A, Ref. RB | 5.00% | 06/01/2027 | $70 | $71284 |
|  Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB | 5.00% | 08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;425 | 446319 |
|  Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB | 5.00% | 08/01/2029 | 30 | 31423 |
|  Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB | 5.00% | 08/01/2030 | 105 | 109698 |
|  |  |  |  | 658724 |
|  Kansas-0.16% |  |  |  |  |
|  Butler (County of), KS Unified School District No. 385 (Andover), Series 2017, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 09/01/2027 | 35 | 36869 |
|  Butler (County of), KS Unified School District No. 385 (Andover), Series 2017, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 09/01/2027 | 75 | 79005 |
|  Butler (County of), KS Unified School District No. 385 (Andover), Series 2017, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 09/01/2027 | 20 | 21068 |
|  Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB | 4.00% | 09/01/2027 | 45 | 45727 |
|  Kansas (State of) Department of Transportation, Series 2017 A, RB | 5.00% | 09/01/2035 | 75 | 77191 |
|  Kansas (State of) Department of Transportation, Series 2017 A, RB | 5.00% | 09/01/2037 | 10 | 10223 |
|  Kansas (State of) Department of Transportation, Series 2024 A, Ref. RB | 5.00% | 09/01/2027 | 75 | 79020 |
|  Riley County Unified School District No. 383 Manhattan-Ogden, Series 2018 A, GO Bonds<sup>(a)(b)</sup> | 5.00% | 09/01/2027 | 80 | 84111 |
|  |  |  |  | 433214 |
|  Kentucky-0.43% |  |  |  |  |
|  Boone (County of), KY, Series 2008, Ref. RB | 3.70% | 08/01/2027 | 50 | 50560 |
|  Kentucky (Commonwealth of) Economic Development Finance Authority (Baptist Healthcare System), Series 2017 B, RB | 4.13% | 08/15/2041 | 320 | 290734 |
|  Kentucky (Commonwealth of) Economic Development Finance Authority (Baptist Healthcare System), Series 2017 B, RB | 5.00% | 08/15/2041 | 15 | 15058 |
|  Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB | 5.00% | 06/01/2037 | 150 | 150551 |
|  Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB | 5.25% | 06/01/2041 | 20 | 19905 |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB | 5.00% | 11/01/2027 | 265 | 272989 |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 115), Series 2017, RB | 5.00% | 04/01/2037 | 15 | 15281 |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 115), Series 2017, RB | 5.00% | 04/01/2038 | 30 | 30490 |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 130), Series 2024 B, Ref. RB | 5.00% | 11/01/2027 | 125 | 131993 |
|  Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2016 A, Ref. RB | 5.00% | 07/01/2027 | 120 | 122090 |
|  Kentucky (Commonwealth of) Turnpike Authority (Revitalizaton), Series 2017 B, Ref. RB | 5.00% | 07/01/2027 | 55 | 57515 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1157166 |
|  Louisiana-0.72% |  |  |  |  |
|  Jefferson (Parish of), LA Sales Tax District, Series 2017 B, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 12/01/2042 | 50 | 50247 |
|  Lafayette (Parish of), LA School Board, Series 2018, RB<sup>(a)(b)</sup> | 5.00% | 04/01/2027 | 25 | 26013 |
|  Louisiana (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 08/01/2027 | 170 | 173961 |
|  Louisiana (State of), Series 2017 B, GO Bonds | 5.00% | 10/01/2029 | 130 | 136097 |
|  Louisiana (State of), Series 2017 B, GO Bonds | 4.00% | 10/01/2035 | 65 | 65467 |
|  Louisiana (State of), Series 2017 B, GO Bonds | 4.00% | 10/01/2036 | 50 | 50201 |
|  Louisiana (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 02/01/2027 | 5 | 5187 |
|  Louisiana (State of) (Garvee), Series 2019 A, RB | 5.00% | 09/01/2027 | 180 | 189142 |
|  Louisiana (State of) (Garvee), Series 2023, RB | 5.00% | 09/01/2027 | 75 | 78809 |
|  Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Louisiana Insurance Guaranty Association Project), Series 2022, RB | 5.00% | 08/15/2030 | 75 | 77847 |
|  Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Louisiana Insurance Guaranty Association Project), Series 2022, RB | 5.00% | 08/15/2031 | 120 | 124076 |
|  Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Louisiana Insurance Guaranty Association Project), Series 2022, RB | 5.00% | 08/15/2034 | 70 | 71749 |
|  Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Louisiana Insurance Guaranty Association Project), Series 2022, RB | 5.00% | 08/15/2037 | 40 | 40568 |
|  Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Woman's Hospital Foundation), Series 2017 A, Ref. RB | 5.00% | 10/01/2041 | 450 | 446654 |
|  Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2017, Ref. RB | 4.00% | 05/15/2037 | 245 | 234482 |
|  Shreveport (City of), LA, Series 2017 A, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 12/01/2041 | 150 | 150498 |
|  |  |  |  | 1920998 |

---

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

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|:---|
| 193 |
| 193 |
| 193 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Maryland-2.32% |  |  |  |  |
|  Howard (County of), MD, Series 2017 B, Ref. GO Bonds | 5.00% | 02/15/2027 | $25 | $25985 |
|  Maryland (State of), Second Series 2018 B, GO Bonds | 5.00% | 08/01/2027 | 200 | 210417 |
|  Maryland (State of), Second Series 2020 B, Ref. GO Bonds | 5.00% | 08/01/2027 | 200 | 210417 |
|  Maryland (State of), Series 2017 A, GO Bonds | 5.00% | 03/15/2027 | 90 | 93698 |
|  Maryland (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2027 | 140 | 147292 |
|  Maryland (State of), Series 2017 A, GO Bonds | 5.00% | 03/15/2029 | 160 | 165757 |
|  Maryland (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2029 | 45 | 46987 |
|  Maryland (State of), Series 2017 A, GO Bonds | 4.00% | 03/15/2030 | 5 | 5101 |
|  Maryland (State of), Series 2017 A, GO Bonds | 4.00% | 08/01/2030 | 10 | 10243 |
|  Maryland (State of), Series 2017 A, GO Bonds | 5.00% | 03/15/2031 | 105 | 108611 |
|  Maryland (State of), Series 2018 A, GO Bonds | 5.00% | 03/15/2027 | 165 | 171779 |
|  Maryland (State of), Series 2019, GO Bonds | 5.00% | 03/15/2027 | 75 | 78082 |
|  Maryland (State of), Series 2020, GO Bonds | 5.00% | 08/01/2027 | 35 | 36823 |
|  Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds | 5.00% | 08/01/2027 | 800 | 841670 |
|  Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds | 5.00% | 08/01/2027 | 40 | 42107 |
|  Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 03/15/2027 | 135 | 140547 |
|  Maryland (State of) (Bidding Group 1), Series 2021 A, GO Bonds | 5.00% | 03/01/2027 | 185 | 192519 |
|  Maryland (State of) Department of Transportation, Series 2016, Ref. RB | 4.00% | 09/01/2027 | 40 | 41383 |
|  Maryland (State of) Department of Transportation, Series 2017, RB | 5.00% | 09/01/2027 | 185 | 194990 |
|  Maryland (State of) Department of Transportation, Series 2017, RB | 5.00% | 09/01/2029 | 55 | 57801 |
|  Maryland (State of) Department of Transportation, Series 2017, RB | 5.00% | 09/01/2030 | 60 | 62820 |
|  Maryland (State of) Department of Transportation, Series 2019, RB | 5.00% | 10/01/2027 | 90 | 95036 |
|  Maryland (State of) Department of Transportation, Series 2019, RB | 4.00% | 10/01/2032 | 70 | 71064 |
|  Maryland (State of) Department of Transportation, Series 2020, RB | 5.00% | 10/01/2027 | 40 | 42238 |
|  Maryland (State of) Department of Transportation, Series 2021 A, RB | 5.00% | 10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;285 | 300948 |
|  Maryland (State of) Department of Transportation, Series 2021 B, Ref. RB | 5.00% | 12/01/2027 | 70 | 74220 |
|  Maryland (State of) Department of Transportation, Series 2022 B, Ref. RB | 5.00% | 12/01/2027 | 25 | 26507 |
|  Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB | 5.00% | 10/01/2027 | 105 | 108005 |
|  Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 A, RB | 5.00% | 05/15/2045 | 115 | 112972 |
|  Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System), Series 2017 B, Ref. RB | 3.75% | 07/01/2036 | 715 | 709785 |
|  Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System), Series 2017 B, Ref. RB | 4.00% | 07/01/2039 | 15 | 14224 |
|  Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB | 5.00% | 07/01/2027 | 80 | 83879 |
|  Maryland (State of) Transportation Authority, Series 2024, Ref. RB | 5.00% | 07/01/2027 | 5 | 5242 |
|  Montgomery (County of), MD, Series 2017 A, GO Bonds | 5.00% | 11/01/2027 | 135 | 142963 |
|  Montgomery (County of), MD, Series 2017 C, Ref. GO Bonds | 5.00% | 10/01/2027 | 45 | 47556 |
|  Montgomery (County of), MD, Series 2019 A, GO Bonds | 5.00% | 11/01/2027 | 130 | 137668 |
|  Montgomery (County of), MD, Series 2020 A, GO Bonds | 4.00% | 08/01/2027 | 265 | 273864 |
|  Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds | 5.00% | 08/01/2027 | 235 | 247240 |
|  Prince George's (County of), MD, Series 2017 A, GO Bonds | 3.00% | 09/15/2027 | 10 | 10079 |
|  Prince George's (County of), MD, Series 2018 A, GO Bonds | 5.00% | 07/15/2027 | 135 | 141866 |
|  Prince George's (County of), MD, Series 2019 A, GO Bonds | 5.00% | 07/15/2027 | 640 | 672548 |
|  Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB | 3.00% | 06/01/2027 | 30 | 30304 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6233237 |
|  Massachusetts-2.95% |  |  |  |  |
|  Boston (City of), MA, Series 2023, GO Bonds | 5.00% | 11/01/2027 | 190 | 202080 |
|  Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)<sup>(c)</sup> | 5.50% | 01/01/2027 | 65 | 67740 |
|  Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds | 5.00% | 07/01/2027 | 135 | 141795 |
|  Massachusetts (Commonwealth of), Series 2015 D, GO Bonds | 3.00% | 09/01/2027 | 850 | 850246 |
|  Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2027 | 40 | 40813 |
|  Massachusetts (Commonwealth of), Series 2016 A, Ref. RB | 5.00% | 06/01/2027 | 50 | 50969 |
|  Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2027 | 350 | 367616 |
|  Massachusetts (Commonwealth of), Series 2016 I, GO Bonds | 5.00% | 12/01/2027 | 40 | 41317 |
|  Massachusetts (Commonwealth of), Series 2017 A, GO Bonds | 5.00% | 04/01/2032 | 190 | 196280 |
|  Massachusetts (Commonwealth of), Series 2017 A, GO Bonds | 5.00% | 04/01/2034 | 555 | 570245 |

---

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

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| 194 |
| 194 |
| 194 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Massachusetts-(continued) |  |  |  |  |
|  Massachusetts (Commonwealth of), Series 2017 A, GO Bonds | 5.00% | 04/01/2037 | $5 | $5099 |
|  Massachusetts (Commonwealth of), Series 2017 A, GO Bonds | 5.00% | 04/01/2042 | 150 | 151286 |
|  Massachusetts (Commonwealth of), Series 2017 A, GO Bonds | 5.00% | 04/01/2047 | 200 | 200630 |
|  Massachusetts (Commonwealth of), Series 2017 A, GO Bonds | 5.25% | 04/01/2047 | 500 | 505656 |
|  Massachusetts (Commonwealth of), Series 2017 A, Ref. RB | 5.00% | 06/01/2031 | 110 | 115633 |
|  Massachusetts (Commonwealth of), Series 2017 A, Ref. RB | 5.00% | 06/01/2032 | 10 | 10467 |
|  Massachusetts (Commonwealth of), Series 2017 A, Ref. RB | 5.00% | 06/01/2043 | 230 | 231449 |
|  Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds | 5.00% | 10/01/2027 | 85 | 89792 |
|  Massachusetts (Commonwealth of), Series 2017 D, GO Bonds | 4.00% | 02/01/2037 | 5 | 5002 |
|  Massachusetts (Commonwealth of), Series 2017 D, Ref. GO Bonds | 5.00% | 07/01/2027 | 90 | 94530 |
|  Massachusetts (Commonwealth of), Series 2017 E, GO Bonds | 5.00% | 11/01/2031 | 70 | 73246 |
|  Massachusetts (Commonwealth of), Series 2017 E, GO Bonds | 4.00% | 11/01/2032 | 10 | 10176 |
|  Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds | 5.00% | 11/01/2027 | 40 | 42342 |
|  Massachusetts (Commonwealth of), Series 2017 F, GO Bonds | 5.00% | 11/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;200 | 202836 |
|  Massachusetts (Commonwealth of), Series 2017 F, GO Bonds | 5.00% | 11/01/2044 | 30 | 30223 |
|  Massachusetts (Commonwealth of), Series 2017 F, GO Bonds | 5.00% | 11/01/2045 | 40 | 40250 |
|  Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds | 5.00% | 07/01/2027 | 275 | 288841 |
|  Massachusetts (Commonwealth of), Series 2018 C Ref., GO Bonds | 5.00% | 09/01/2027 | 5 | 5273 |
|  Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds | 5.00% | 01/01/2027 | 75 | 77734 |
|  Massachusetts (Commonwealth of), Series 2019 F, GO Bonds | 5.00% | 05/01/2027 | 150 | 156854 |
|  Massachusetts (Commonwealth of), Series 2019 G, GO Bonds | 5.00% | 09/01/2027 | 45 | 47457 |
|  Massachusetts (Commonwealth of), Series 2020 E, GO Bonds | 5.00% | 11/01/2027 | 10 | 10585 |
|  Massachusetts (Commonwealth of), Series 2020, GO Bonds | 5.00% | 07/01/2027 | 5 | 5252 |
|  Massachusetts (Commonwealth of), Series 2021 A, Ref. GO Bonds | 5.00% | 09/01/2027 | 5 | 5273 |
|  Massachusetts (Commonwealth of), Series 2023 B, GO Bonds | 5.00% | 10/01/2027 | 15 | 15846 |
|  Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2027 | 5 | 5228 |
|  Massachusetts (Commonwealth of) (Green Bonds), Series 2017 B, GO Bonds | 5.00% | 04/01/2037 | 60 | 61186 |
|  Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2017 A, RB. | 5.00% | 06/01/2042 | 175 | 176121 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB | 5.00% | 07/01/2027 | 500 | 525073 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2016 A, Ref. RB | 5.00% | 07/01/2027 | 820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838299 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2017, Ref. RB | 5.00% | 07/01/2039 | 5 | 5075 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2017, Ref. RB | 5.00% | 07/01/2042 | 250 | 252079 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2020 A-2, Ref. RB | 5.00% | 07/01/2027 | 5 | 5236 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Caregroup), Series 2016 I, Ref. RB | 5.00% | 07/01/2027 | 480 | 488080 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB | 5.00% | 10/15/2027 | 40 | 42296 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Sterling and Francine Clark Art Institute), Series 2016, Ref. RB | 4.00% | 07/01/2041 | 10 | 9167 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Umass Memorial Health Care Obligated Group), Series 2017, Ref. RB | 5.00% | 07/01/2038 | 15 | 15109 |
|  Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB | 5.00% | 01/01/2027 | 30 | 31085 |
|  Massachusetts (Commonwealth of) Transportation Trust Fund (Contract Assistance), Series 2018, Ref. RB | 5.00% | 01/01/2027 | 10 | 10362 |
|  Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGI)<sup>(c)</sup>  | 5.25% | 08/01/2027 | 30 | 31743 |
|  Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2017 C, Ref. RB | 5.00% | 08/01/2032 | 20 | 20809 |
|  Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2017, Ref. RB | 5.00% | 08/01/2030 | 10 | 10479 |
|  Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2017, Ref. RB | 5.00% | 08/01/2031 | 10 | 10446 |
|  University of Massachusetts Building Authority, Series 2017, RB | 5.25% | 11/01/2042 | 350 | 355152 |
|  University of Massachusetts Building Authority, Series 2017, Ref. RB | 5.00% | 11/01/2030 | 55 | 57678 |
|  University of Massachusetts Building Authority, Series 2017, Ref. RB | 5.00% | 11/01/2031 | 5 | 5224 |
|  |  |  |  | 7906760 |

---

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

---

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| 195 |
| 195 |
| 195 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Michigan-1.27% |  |  |  |  |
|  Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.25% | 05/01/2027 | $90 | $94086 |
|  Great Lakes Water Authority, Series 2016 C, Ref. RB | 5.00% | 07/01/2027 | 95 | 96946 |
|  Great Lakes Water Authority, Series 2018 A, Ref. RB | 5.00% | 07/01/2027 | 30 | 31355 |
|  Great Lakes Water Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2027 | 20 | 20955 |
|  Great Lakes Water Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2027 | 70 | 73343 |
|  Karegnondi Water Authority (Genesee, Lapeer and Sanilac Counties), Series 2018, Ref. RB | 5.00% | 11/01/2045 | 165 | 163388 |
|  Macomb (County of), MI Interceptor Drain Drainage District, Series 2017 A, Ref. RB | 5.00% | 05/01/2042 | 180 | 181430 |
|  Michigan (State of), Series 2017 A, Ref. GO Bonds | 5.00% | 05/01/2027 | 20 | 20904 |
|  Michigan (State of), Series 2018, GO Bonds | 4.00% | 05/01/2027 | 530 | 536182 |
|  Michigan (State of), Series 2020 B, RB | 5.00% | 11/15/2027 | 120 | 127175 |
|  Michigan (State of), Series 2023, RB | 5.00% | 11/15/2027 | 20 | 21196 |
|  Michigan (State of) (Garvee), Series 2016, Ref. RB. | 5.00% | 03/15/2027 | 245 | 255028 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2020 I, Ref. RB | 5.00% | 10/15/2027 | 105 | 110713 |
|  Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB | 5.00% | 04/15/2027 | 60 | 62356 |
|  Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2008 C, Ref. RB | 5.00% | 12/01/2031 | 25 | 26078 |
|  Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB | 5.00% | 12/01/2034 | 290 | 299676 |
|  Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB | 5.00% | 12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;330 | 336914 |
|  Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 MI, Ref. RB | 5.00% | 12/01/2031 | 65 | 67194 |
|  Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB | 5.00% | 12/01/2027 | 60 | 63319 |
|  Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB | 5.00% | 12/01/2035 | 250 | 257214 |
|  Michigan (State of) Hospital Finance Authority (Ascension Health Credit Group), Series 1999, RB | 4.00% | 11/15/2027 | 10 | 10327 |
|  Michigan (State of) Hospital Finance Authority (Trinity Health Credit Group), Series 2008 C, Ref. RB | 5.00% | 12/01/2027 | 20 | 21106 |
|  Michigan (State of) Hospital Finance Authority (Trinity Health Credit Group), Series 2008, Ref. RB | 5.00% | 12/01/2032 | 125 | 130091 |
|  University of Michigan, Series 2017 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 04/01/2027 | 45 | 46860 |
|  University of Michigan, Series 2017 A, Ref. RB | 5.00% | 04/01/2027 | 185 | 192821 |
|  University of Michigan, Series 2017 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 04/01/2027 | 20 | 20826 |
|  University of Michigan, Series 2017 A, Ref. RB | 5.00% | 04/01/2029 | 125 | 130188 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3397671 |
|  Minnesota-1.04% |  |  |  |  |
|  Metropolitan Council, Series 2021 C, GO Bonds | 5.00% | 12/01/2027 | 90 | 95466 |
|  Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB | 5.00% | 01/01/2027 | 220 | 227960 |
|  Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB | 5.00% | 01/01/2029 | 40 | 41304 |
|  Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB | 5.00% | 01/01/2030 | 25 | 25777 |
|  Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB | 5.00% | 01/01/2031 | 40 | 41166 |
|  Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB | 5.00% | 01/01/2032 | 50 | 51306 |
|  Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2023 A, Ref. RB | 5.00% | 01/01/2027 | 25 | 25868 |
|  Minnesota (State of), Series 2017 A, GO Bonds | 5.00% | 10/01/2027 | 70 | 73932 |
|  Minnesota (State of), Series 2017 A, GO Bonds | 5.00% | 10/01/2030 | 20 | 21010 |
|  Minnesota (State of), Series 2017 A, GO Bonds | 5.00% | 10/01/2031 | 25 | 26147 |
|  Minnesota (State of), Series 2017 A, GO Bonds | 5.00% | 10/01/2032 | 640 | 667205 |
|  Minnesota (State of), Series 2017 A, GO Bonds | 5.00% | 10/01/2033 | 50 | 51974 |
|  Minnesota (State of), Series 2017 D, Ref. GO Bonds | 5.00% | 10/01/2027 | 100 | 105617 |
|  Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2027 | 55 | 57886 |
|  Minnesota (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2027 | 295 | 310479 |
|  Minnesota (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2027 | 300 | 315742 |
|  Minnesota (State of), Series 2021 A, GO Bonds | 5.00% | 09/01/2027 | 25 | 26345 |
|  Minnesota (State of), Series 2021 B, GO Bonds | 5.00% | 09/01/2027 | 45 | 47421 |
|  Minnesota (State of), Series 2022 A, GO Bonds | 5.00% | 08/01/2027 | 40 | 42099 |
|  Minnesota (State of), Series 2022 A, Ref. RB | 5.00% | 03/01/2027 | 75 | 78014 |
|  Minnesota (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 08/01/2027 | 60 | 63148 |
|  Minnesota (State of), Series 2024 A, GO Bonds | 5.00% | 08/01/2027 | 10 | 10525 |
|  Minnesota (State of), Series 2024 B, GO Bonds | 5.00% | 08/01/2027 | 5 | 5262 |
|  Minnesota (State of), Series 2024 D, Ref. GO Bonds | 5.00% | 08/01/2027 | 130 | 136821 |
|  Minnesota (State of) Higher Education Facilities Authority (Gustavus Adolphus College), Series 2017, Ref. RB | 5.00% | 10/01/2047 | 20 | 18808 |
|  Minnesota (State of) Public Facilities Authority, Series 2023 A, RB | 5.00% | 03/01/2027 | 150 | 156300 |

---

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

---

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| 196 |
| 196 |
| 196 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Minnesota-(continued) |  |  |  |  |
|  University of Minnesota, Series 2017 B, Ref. RB | 5.00% | 12/01/2030 | $45 | $47174 |
|  University of Minnesota, Series 2017 B, Ref. RB | 5.00% | 12/01/2031 | 10 | 10444 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2781200 |
|  Mississippi-0.68% |  |  |  |  |
|  Mississippi (State of), Series 2017 A, Ref. GO Bonds | 5.00% | 10/01/2027 | 125 | 131942 |
|  Mississippi (State of), Series 2017 A, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 10/01/2027 | 160 | 168719 |
|  Mississippi (State of), Series 2017 A, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 10/01/2027 | 85 | 89632 |
|  Mississippi (State of), Series 2017 A, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 10/01/2027 | 85 | 89632 |
|  Mississippi (State of), Series 2017 A, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 10/01/2027 | 95 | 100177 |
|  Mississippi (State of), Series 2017 A, Ref. GO Bonds | 5.00% | 10/01/2029 | 165 | 173670 |
|  Mississippi (State of), Series 2017 A, Ref. GO Bonds | 5.00% | 10/01/2030 | 1010 | 1059063 |
|  |  |  |  | 1812835 |
|  Missouri-0.42% |  |  |  |  |
|  Curators of the University of Missouri (The), Series 2024, Ref. RB | 5.00% | 11/01/2027 | 25 | 26448 |
|  Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB | 5.00% | 05/01/2027 | 115 | 120178 |
|  Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB | 5.00% | 05/01/2029 | 85 | 88459 |
|  Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB | 5.00% | 05/01/2042 | 200 | 202282 |
|  Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB | 5.00% | 05/01/2047 | 20 | 20026 |
|  Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB | 5.00% | 10/01/2027 | 65 | 68501 |
|  Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB | 5.00% | 06/01/2027 | 210 | 218463 |
|  Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB | 5.00% | 06/01/2027 | 100 | 103769 |
|  Missouri (State of) Health & Educational Facilities Authority (St. Louis University), Series 2017 A, RB | 5.00% | 10/01/2042 | 100 | 100527 |
|  Missouri (State of) Highway & Transportation Commission, Series 2022, RB | 5.00% | 05/01/2027 | 45 | 47041 |
|  Springfield (City of), MO, Series 2015, Ref. RB<sup>(a)(b)</sup> | 3.25% | 09/16/2025 | 20 | 20006 |
|  St. Louis (City of), MO, Series 2005, RB, (INS - NATL)<sup>(c)</sup> | 5.50% | 07/01/2027 | 90 | 94933 |
|  St. Louis Municipal Finance Corp., Series 2017, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2038 | 25 | 25314 |
|  |  |  |  | 1135947 |
|  Montana-0.00% |  |  |  |  |
|  Montana (State of) Facility Finance Authority, Series 2016, Ref. RB | 5.00% | 02/15/2041 | 5 | 5023 |
|  Nebraska-0.19% |  |  |  |  |
|  Gretna Public Schools, Series 2024, GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.00% | 12/15/2030 | 55 | 57765 |
|  Omaha (City of), NE (Omaha Convention Center), Series 2004, Ref. GO Bonds | 5.25% | 04/01/2027 | 75 | 78460 |
|  Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB | 5.00% | 02/01/2027 | 25 | 25273 |
|  Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB | 5.00% | 02/01/2035 | 200 | 206239 |
|  Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB | 5.00% | 02/01/2037 | 140 | 143645 |
|  |  |  |  | 511382 |
|  Nevada-0.84% |  |  |  |  |
|  Clark (County of), NV, Series 2016 B, Ref. GO Bonds | 5.00% | 11/01/2027 | 60 | 61578 |
|  Clark (County of), NV, Series 2017, Ref. GO Bonds | 5.00% | 06/01/2030 | 990 | 1030025 |
|  Clark (County of), NV, Series 2017, Ref. GO Bonds | 4.00% | 06/01/2032 | 65 | 65867 |
|  Clark (County of), NV, Series 2017, Ref. GO Bonds | 4.00% | 06/01/2034 | 20 | 20149 |
|  Clark (County of), NV, Series 2020 C, Ref. RB | 5.00% | 07/01/2027 | 45 | 47132 |
|  Clark (County of), NV (Founders Academy of Las Vegas), Series 2015, Ref. RB | 5.00% | 07/01/2027 | 60 | 62843 |
|  Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB | 5.00% | 07/01/2027 | 70 | 73317 |
|  Clark County School District, Series 2016 B, Ref. GO Bonds | 5.00% | 06/15/2027 | 90 | 92872 |
|  Clark County School District, Series 2017 C, Ref. GO Bonds | 4.00% | 06/15/2037 | 50 | 49167 |
|  Clark County School District No. 114 Evergreen, Series 2024 A, Ref. RB | 5.00% | 07/01/2027 | 40 | 41859 |
|  Las Vegas Valley Water District, Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2027 | 15 | 15686 |
|  Las Vegas Valley Water District, Series 2021 C, GO Bonds | 5.00% | 06/01/2027 | 60 | 62743 |
|  Nevada (State of), Series 2017, RB | 5.00% | 12/01/2030 | 15 | 15593 |
|  Nevada (State of), Series 2017, RB | 5.00% | 12/01/2031 | 185 | 191764 |
|  Truckee Meadows Water Authority, Series 2017, Ref. RB | 5.00% | 07/01/2029 | 20 | 20894 |
|  Truckee Meadows Water Authority, Series 2017, Ref. RB | 5.00% | 07/01/2030 | 375 | 390948 |
|  |  |  |  | 2242437 |

---

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

---

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| 197 |
| 197 |
| 197 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  New Jersey-2.38% |  |  |  |  |
|  Atlantic City (City of), NJ, Series 2017 A, Ref. GO Bonds, (INS - BAM)<sup>(c)</sup> | 5.00% | 03/01/2037 | $100 | $101610 |
|  New Jersey (State of), Series 2016, GO Bonds<sup>(a)(b)</sup> | 5.00% | 06/01/2027 | 5 | 5233 |
|  New Jersey (State of), Series 2016, GO Bonds | 5.00% | 06/01/2029 | 20 | 20876 |
|  New Jersey (State of), Series 2016, GO Bonds | 3.50% | 06/01/2030 | 10 | 10106 |
|  New Jersey (State of), Series 2020 A, GO Bonds | 5.00% | 06/01/2027 | 905 | 946220 |
|  New Jersey (State of), Series 2020, GO Bonds | 5.00% | 06/01/2040 | 220 | 223566 |
|  New Jersey (State of), Series 2020, GO Bonds | 5.00% | 06/01/2041 | 250 | 253128 |
|  New Jersey (State of) Economic Development Authority, Series 2005 N-1, Ref. RB, (INS - NATL)<sup>(c)</sup> | 5.50% | 09/01/2027 | 15 | 15886 |
|  New Jersey (State of) Economic Development Authority, Series 2014, Ref. RB | 3.50% | 06/15/2027 | 35 | 35007 |
|  New Jersey (State of) Economic Development Authority, Series 2017 A, RB | 4.00% | 11/01/2027 | 380 | 391559 |
|  New Jersey (State of) Economic Development Authority, Series 2017 A, RB | 5.00% | 11/01/2027 | 110 | 115885 |
|  New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2033 | 100 | 101517 |
|  New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)<sup>(c)</sup> | 5.00% | 07/01/2027 | 25 | 25970 |
|  New Jersey (State of) Economic Development Authority, Series 2017 DDD, RB<sup>(a)(b)</sup> | 4.00% | 06/15/2027 | 25 | 25733 |
|  New Jersey (State of) Economic Development Authority, Series 2017 DDD, RB<sup>(a)(b)</sup> | 5.00% | 06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;230 | 240746 |
|  New Jersey (State of) Educational Facilities Authority, Series 2024 A, Ref. RB | 5.00% | 05/15/2027 | 65 | 67818 |
|  New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB | 5.00% | 07/01/2029 | 145 | 151681 |
|  New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB | 5.00% | 07/01/2031 | 75 | 77817 |
|  New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB | 5.00% | 07/01/2032 | 30 | 31018 |
|  New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB | 5.00% | 07/01/2034 | 115 | 118208 |
|  New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB | 4.00% | 07/01/2035 | 15 | 15103 |
|  New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB | 5.00% | 07/01/2029 | 55 | 57534 |
|  New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB | 5.00% | 07/01/2030 | 25 | 26049 |
|  New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB | 5.00% | 07/01/2031 | 500 | 518778 |
|  New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB | 5.00% | 07/01/2032 | 35 | 36187 |
|  New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB | 5.00% | 07/01/2034 | 10 | 10279 |
|  New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB | 5.00% | 07/01/2035 | 20 | 20497 |
|  New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB | 5.00% | 07/01/2036 | 10 | 10221 |
|  New Jersey (State of) Educational Facilities Authority (Stevenns Institute Technology), Series 2017, Ref. RB | 5.00% | 07/01/2042 | 255 | 255646 |
|  New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB | 5.00% | 07/01/2037 | 220 | 224884 |
|  New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017, Ref. RB | 5.00% | 07/01/2027 | 45 | 46951 |
|  New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017, Ref. RB | 5.00% | 07/01/2029 | 80 | 83437 |
|  New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017, Ref. RB | 4.00% | 07/01/2034 | 310 | 312170 |
|  New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017, Ref. RB | 5.00% | 07/01/2039 | 90 | 91660 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN | 5.00% | 06/15/2027 | 450 | 458861 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB | 5.00% | 12/15/2027 | 145 | 153195 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB | 5.00% | 12/15/2027 | 310 | 327521 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB | 5.00% | 06/15/2027 | 70 | 73085 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB | 5.00% | 06/15/2027 | 215 | 224475 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023, Ref. RB | 5.00% | 06/15/2027 | 90 | 93966 |
|  New Jersey (State of) Turnpike Authority, Series 2005 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.25% | 01/01/2027 | 85 | 88307 |
|  New Jersey (State of) Turnpike Authority, Series 2017 A, RB | 5.00% | 01/01/2027 | 30 | 31009 |
|  New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2027 | 210 | 217261 |
|  New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB | 5.00% | 01/01/2027 | 50 | 51702 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6388362 |
|  New Mexico-0.41% |  |  |  |  |
|  New Mexico (State of), Series 2021, GO Bonds | 5.00% | 03/01/2027 | 65 | 67652 |
|  New Mexico (State of) (Capital), Series 2017 A, GO Bonds | 5.00% | 03/01/2027 | 100 | 104079 |
|  New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB | 5.00% | 06/15/2027 | 185 | 193982 |
|  New Mexico (State of) Finance Authority, Series 2024 A, Ref. RB | 5.00% | 06/15/2027 | 30 | 31457 |

---

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

---

| |
|:---|
| 198 |
| 198 |
| 198 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  New Mexico-(continued) |  |  |  |  |
|  New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017 A, Ref. RB | 4.00% | 08/01/2035 | $20 | $19808 |
|  New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017 A, Ref. RB | 4.00% | 08/01/2037 | 5 | 4808 |
|  New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB | 5.00% | 07/01/2027 | 40 | 41999 |
|  New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB | 5.00% | 07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;500 | 524981 |
|  New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB | 5.00% | 07/01/2027 | 105 | 110246 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1099012 |
|  New York-17.06% |  |  |  |  |
|  Albany (County of), NY, Series 2018, GO Bonds | 5.00% | 04/01/2027 | 45 | 45767 |
|  Battery Park (City of), NY Authority, Series 2023 B, Ref. RB | 5.00% | 11/01/2027 | 30 | 31875 |
|  Buffalo & Fort Erie Public Bridge Authority, Series 2017, RB | 5.00% | 01/01/2042 | 160 | 160875 |
|  Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2027 | 15 | 15631 |
|  Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2030 | 25 | 25845 |
|  Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2031 | 300 | 309527 |
|  Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2032 | 60 | 61773 |
|  Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2034 | 145 | 148724 |
|  Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2035 | 140 | 143308 |
|  Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 4.00% | 02/15/2036 | 420 | 421219 |
|  Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2037 | 30 | 30571 |
|  Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2039 | 960 | 974314 |
|  Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2042 | 475 | 479025 |
|  Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2045 | 500 | 502702 |
|  Long Island (City of), NY Power Authority, Series 2017, RB | 5.00% | 09/01/2042 | 325 | 328130 |
|  Long Island (City of), NY Power Authority, Series 2017, RB | 5.00% | 09/01/2047 | 255 | 255489 |
|  Long Island (City of), NY Power Authority, Series 2018, RB | 5.00% | 09/01/2027 | 15 | 15810 |
|  Long Island (City of), NY Power Authority, Series 2023 F, Ref. RB | 5.00% | 09/01/2027 | 5 | 5270 |
|  Metropolitan Transportation Authority, Series 2016 B, Ref. RB | 5.00% | 11/15/2027 | 45 | 46343 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2016 A2, Ref. RB | 5.00% | 11/15/2027 | 15 | 15448 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 11/15/2034 | 10 | 10249 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 11/15/2035 | 340 | 347412 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 11/15/2042 | 50 | 50345 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 11/15/2047 | 100 | 100158 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 A-2, Ref. RB | 5.00% | 11/15/2028 | 190 | 196948 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 B, Ref. RB | 5.00% | 11/15/2027 | 280 | 295563 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB | 5.00% | 11/15/2034 | 240 | 247605 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB | 5.00% | 11/15/2035 | 210 | 215873 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB | 5.00% | 11/15/2042 | 260 | 262301 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB | 5.00% | 11/15/2027 | 50 | 52945 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB | 4.00% | 11/15/2032 | 80 | 80760 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB | 4.00% | 11/15/2033 | 115 | 115738 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB | 5.00% | 11/15/2033 | 170 | 175967 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB | 5.25% | 11/15/2033 | 125 | 130046 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB | 4.00% | 11/15/2034 | 10 | 10039 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB | 5.00% | 11/15/2034 | 95 | 98010 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB | 5.00% | 11/15/2027 | 105 | 110836 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2018 B, Ref. RB | 5.00% | 11/15/2027 | 10 | 10556 |
|  Nassau (County of), NY, Series 2017 C, Ref. GO Bonds | 5.00% | 10/01/2027 | 15 | 15858 |
|  Nassau (County of), NY Interim Finance Authority, Series 2024 A, RB | 5.00% | 11/15/2027 | 50 | 53179 |
|  Nassau Health Care Corp., Series 2009, Ref. RB | 5.00% | 08/01/2027 | 15 | 15778 |
|  New York & New Jersey (States of) Port Authority, Series 2017, Ref. RB | 5.00% | 11/15/2034 | 20 | 20753 |
|  New York & New Jersey (States of) Port Authority, Series 2017, Ref. RB | 5.00% | 10/15/2042 | 150 | 151847 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB | 5.00% | 11/15/2029 | 15 | 15795 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB | 5.00% | 11/15/2030 | 40 | 42003 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB | 5.00% | 11/15/2032 | 120 | 125235 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB | 5.00% | 11/15/2033 | 170 | 177063 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB | 5.00% | 11/15/2036 | 35 | 36119 |

---

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

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| |
|:---|
| 199 |
| 199 |
| 199 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB | 5.00% | 11/15/2047 | $&nbsp;&nbsp;&nbsp;&nbsp;300 | $301444 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB | 5.25% | 11/15/2057 | 100 | 100694 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB | 5.00% | 09/01/2027 | 55 | 57882 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Forty Third Series 2023, Ref. RB | 5.00% | 12/01/2027 | 110 | 116631 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB | 5.00% | 07/15/2027 | 145 | 152401 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB | 4.00% | 12/01/2027 | 185 | 192037 |
|  New York & New Jersey (States of) Port Authority, Two Hundrend Fifth Series 2017, Ref. RB | 5.00% | 11/15/2031 | 230 | 240699 |
|  New York (City of), NY, Series 2005-1, GO Bonds | 5.00% | 09/01/2027 | 90 | 94787 |
|  New York (City of), NY, Series 2007 C, GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2027 | 80 | 84426 |
|  New York (City of), NY, Series 2008 B, GO Bonds | 5.00% | 09/01/2027 | 140 | 147447 |
|  New York (City of), NY, Series 2008 J-10, GO Bonds | 5.00% | 08/01/2027 | 50 | 52547 |
|  New York (City of), NY, Series 2008 J-9, GO Bonds | 5.00% | 08/01/2027 | 35 | 35860 |
|  New York (City of), NY, Series 2017 1, GO Bonds | 5.00% | 08/01/2027 | 10 | 10509 |
|  New York (City of), NY, Series 2017 1, GO Bonds | 5.00% | 08/01/2029 | 90 | 94197 |
|  New York (City of), NY, Series 2017 1, GO Bonds | 5.00% | 08/01/2030 | 165 | 172312 |
|  New York (City of), NY, Series 2017 1, GO Bonds | 5.00% | 08/01/2032 | 55 | 57099 |
|  New York (City of), NY, Series 2017 1, GO Bonds | 5.00% | 08/01/2033 | 25 | 25884 |
|  New York (City of), NY, Series 2017 A, Ref. GO Bonds | 5.00% | 08/01/2027 | 270 | 283752 |
|  New York (City of), NY, Series 2017 B-1, GO Bonds | 5.25% | 10/01/2030 | 155 | 163309 |
|  New York (City of), NY, Series 2017 B-1, GO Bonds | 5.25% | 10/01/2032 | 120 | 125633 |
|  New York (City of), NY, Series 2017 B-1, GO Bonds | 5.00% | 10/01/2036 | 385 | 395651 |
|  New York (City of), NY, Series 2017 B-1, GO Bonds | 5.00% | 10/01/2037 | 370 | 378378 |
|  New York (City of), NY, Series 2017 B-1, GO Bonds | 5.00% | 10/01/2038 | 165 | 168131 |
|  New York (City of), NY, Series 2017 B-1, GO Bonds | 5.00% | 10/01/2039 | 35 | 35575 |
|  New York (City of), NY, Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2027 | 30 | 31528 |
|  New York (City of), NY, Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2028 | 255 | 264413 |
|  New York (City of), NY, Series 2017, GO Bonds | 5.00% | 08/01/2031 | 80 | 83276 |
|  New York (City of), NY, Series 2019 E, Ref. GO Bonds | 5.00% | 08/01/2027 | 45 | 47292 |
|  New York (City of), NY, Series 2020 A-1, Ref. GO Bonds | 5.00% | 08/01/2027 | 575 | 604286 |
|  New York (City of), NY, Series 2020 C, GO Bonds | 5.00% | 08/01/2027 | 300 | 315280 |
|  New York (City of), NY, Series 2020 C-1, Ref. GO Bonds | 5.00% | 08/01/2027 | 50 | 52547 |
|  New York (City of), NY, Series 2021 F-1, GO Bonds | 5.00% | 03/01/2027 | 450 | 467884 |
|  New York (City of), NY, Series 2022 A-1, GO Bonds | 5.00% | 09/01/2027 | 55 | 57926 |
|  New York (City of), NY, Series 2022 B-1, Ref. GO Bonds | 5.00% | 08/01/2027 | 105 | 110348 |
|  New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2027 | 5 | 5255 |
|  New York (City of), NY, Series 2023 C, Ref. GO Bonds | 5.00% | 08/01/2027 | 10 | 10509 |
|  New York (City of), NY, Series 2024 A, GO Bonds | 5.00% | 08/01/2027 | 15 | 15764 |
|  New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2027 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519871 |
|  New York (City of), NY, Series 2024 C-1, GO Bonds | 5.00% | 09/01/2027 | 120 | 126383 |
|  New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.00% | 10/01/2027 | 25 | 26383 |
|  New York (City of), NY, Subseries 2023 F-1, GO Bonds | 5.00% | 08/01/2027 | 110 | 115602 |
|  New York (City of), NY Industrial Development Agency, Series 2018, Ref. RB | 5.00% | 06/15/2038 | 15 | 15373 |
|  New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021, Ref. RB,<br>(INS - AGI)<sup>(c)</sup> | 5.00% | 01/01/2027 | 15 | 15471 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2017 BB-1, RB | 5.00% | 06/15/2046 | 420 | 421532 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2017 CC-1, RB | 5.00% | 06/15/2048 | 5 | 5013 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB | 5.00% | 06/15/2033 | 30 | 30976 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB | 5.25% | 06/15/2033 | 20 | 20740 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB | 5.00% | 06/15/2036 | 90 | 92249 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB | 5.00% | 06/15/2037 | 115 | 117619 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB<sup>(a)(b)</sup> | 5.00% | 06/15/2027 | 135 | 141453 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB<sup>(a)(b)</sup> | 5.00% | 06/15/2027 | 100 | 104780 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB | 5.00% | 06/15/2032 | 5 | 5175 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB | 5.00% | 06/15/2037 | 205 | 209669 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB | 5.00% | 06/15/2038 | 10 | 10196 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2018 BB-2, Ref. RB<sup>(a)(b)</sup> | 5.00% | 06/15/2027 | 15 | 15717 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2018 BB-2, Ref. RB | 5.00% | 06/15/2031 | 5 | 5187 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2018 DD, Ref. RB | 5.00% | 06/15/2032 | 35 | 36557 |

---

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

---

| |
|:---|
| 200 |
| 200 |
| 200 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-2, Ref. RB | 5.00% | 06/15/2040 | $1000 | $1018835 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2018 EE, Ref. RB | 5.00% | 06/15/2040 | 450 | 458476 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2019, Ref. RB | 5.00% | 06/15/2027 | 270 | 283547 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2020 GG, RB | 5.00% | 06/15/2029 | 5 | 5273 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB | 5.00% | 06/15/2027 | 390 | 409568 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2022 AA-2, Ref. RB | 5.00% | 06/15/2029 | 15 | 15819 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB | 5.00% | 08/01/2033 | 20 | 20708 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB | 5.00% | 08/01/2034 | 5 | 5163 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB | 5.00% | 08/01/2035 | 25 | 25744 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB | 5.00% | 08/01/2037 | 120 | 122835 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB | 5.00% | 08/01/2038 | 5 | 5097 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB | 5.00% | 08/01/2039 | 150 | 152580 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB | 5.00% | 08/01/2040 | 250 | 253730 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB | 5.00% | 08/01/2041 | 255 | 258178 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 A-E-1, RB | 5.00% | 02/01/2038 | 15 | 15235 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 A-E-1, RB | 5.00% | 02/01/2039 | 1015 | &nbsp;&nbsp;&nbsp;&nbsp;1028902 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB | 5.00% | 08/01/2030 | 185 | 193245 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB | 5.00% | 08/01/2032 | 290 | 301129 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB | 5.00% | 08/01/2034 | 365 | 376845 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB | 4.00% | 08/01/2035 | 85 | 85279 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB | 4.00% | 08/01/2037 | 40 | 39669 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB | 5.00% | 08/01/2045 | 35 | 35224 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB | 5.00% | 11/01/2027 | 40 | 41680 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB | 5.00% | 11/01/2028 | 140 | 145829 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB | 5.00% | 11/01/2031 | 65 | 67299 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB | 5.00% | 11/01/2033 | 175 | 180293 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB | 4.00% | 11/01/2034 | 30 | 30150 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB | 5.00% | 02/01/2030 | 80 | 82733 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB | 3.50% | 02/01/2038 | 45 | 41578 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB | 5.00% | 02/01/2043 | 275 | 276848 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB | 5.00% | 05/01/2031 | 240 | 248829 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB | 5.00% | 05/01/2036 | 110 | 112639 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB | 4.00% | 05/01/2037 | 360 | 358271 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB | 5.00% | 05/01/2042 | 305 | 307748 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 F-1, Ref. RB | 5.00% | 05/01/2030 | 60 | 62363 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 F-1, Ref. RB | 5.00% | 05/01/2032 | 5 | 5170 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB | 5.00% | 07/15/2027 | 70 | 73323 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB | 5.00% | 07/15/2029 | 30 | 31371 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB | 5.00% | 07/15/2030 | 185 | 193081 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB | 5.00% | 07/15/2032 | 120 | 124473 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB | 5.00% | 07/15/2035 | 55 | 56657 |
|  New York (City of), NY Transitional Finance Authority, Series 2017, RB | 5.00% | 11/01/2027 | 110 | 116201 |
|  New York (City of), NY Transitional Finance Authority, Series 2017, RB | 5.00% | 02/01/2031 | 50 | 51606 |
|  New York (City of), NY Transitional Finance Authority, Series 2017, RB | 5.00% | 02/01/2032 | 625 | 643429 |
|  New York (City of), NY Transitional Finance Authority, Series 2017, RB | 5.00% | 02/01/2033 | 5 | 5136 |
|  New York (City of), NY Transitional Finance Authority, Series 2017, RB | 5.00% | 02/01/2034 | 45 | 46132 |
|  New York (City of), NY Transitional Finance Authority, Series 2017, RB | 5.00% | 02/01/2036 | 100 | 102104 |
|  New York (City of), NY Transitional Finance Authority, Series 2017, RB | 5.00% | 02/01/2037 | 25 | 25462 |
|  New York (City of), NY Transitional Finance Authority, Series 2017, Ref. RB | 5.00% | 11/01/2029 | 70 | 72842 |
|  New York (City of), NY Transitional Finance Authority, Series 2017, Ref. RB | 5.00% | 11/01/2032 | 40 | 41313 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 S-1, Ref. RB | 5.00% | 07/15/2031 | 15 | 15600 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB | 5.00% | 07/15/2027 | 25 | 26187 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB | 5.00% | 07/15/2027 | 80 | 83798 |
|  New York (City of), NY Transitional Finance Authority, Series 2018-1, RB | 5.00% | 11/01/2029 | 10 | 10525 |
|  New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 5.00% | 11/01/2027 | 515 | 544033 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB | 5.00% | 11/01/2027 | 300 | 316913 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB | 5.00% | 11/01/2027 | 90 | 95074 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB | 5.00% | 11/01/2027 | 635 | 670798 |

---

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

---

| |
|:---|
| 201 |
| 201 |
| 201 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (City of), NY Transitional Finance Authority, Series 2023 A, RB | 5.00% | 05/01/2027 | $35 | $36582 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2027 | 80 | 84510 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.00% | 05/01/2027 | 10 | 10452 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB | 5.00% | 11/01/2027 | 50 | 52819 |
|  New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB | 5.00% | 11/01/2027 | 25 | 26409 |
|  New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2027 | 5 | 5282 |
|  New York (City of), NY Transitional Finance Authority, Series 2025 H, RB | 5.00% | 11/01/2027 | 5 | 5282 |
|  New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2027 | 5 | 5282 |
|  New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2027 | 40 | 42255 |
|  New York (City of), NY Transitional Finance Authority, Subseries 1998 A-2, RB | 5.00% | 11/01/2027 | 285 | &nbsp;&nbsp;&nbsp;&nbsp;301067 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2017 B-1, RB | 5.00% | 08/01/2031 | 25 | 26034 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2017 B-1, RB | 5.00% | 08/01/2033 | 40 | 41415 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2017 F-1, RB | 5.00% | 05/01/2038 | 70 | 71241 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB | 5.00% | 07/15/2027 | 115 | 120460 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2022 S-1A, Ref. RB | 5.00% | 07/15/2027 | 20 | 20949 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2022-1, RB | 5.00% | 11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;165 | 174302 |
|  New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB | 4.00% | 04/01/2027 | 35 | 35687 |
|  New York (State of) Dormitory Authority, Series 2005 B, Ref. RB, (INS - AMBAC)<sup>(c)</sup> | 5.50% | 03/15/2027 | 5 | 5246 |
|  New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 07/01/2027 | 35 | 35653 |
|  New York (State of) Dormitory Authority, Series 2017 A, RB<sup>(a)(b)</sup> | 5.00% | 03/15/2027 | 85 | 88621 |
|  New York (State of) Dormitory Authority, Series 2017 A, RB<sup>(a)</sup> | 5.00% | 03/15/2027 | 85 | 88621 |
|  New York (State of) Dormitory Authority, Series 2017 A, RB<sup>(a)(b)</sup> | 5.00% | 03/15/2027 | 45 | 46917 |
|  New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 10/01/2027 | 95 | 100395 |
|  New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2030 | 25 | 25896 |
|  New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2031 | 25 | 25833 |
|  New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2033 | 20 | 20574 |
|  New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2034 | 25 | 25668 |
|  New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2035 | 50 | 51242 |
|  New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2037 | 10 | 10195 |
|  New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2038 | 90 | 91391 |
|  New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2039 | 35 | 35515 |
|  New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2040 | 125 | 126625 |
|  New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2041 | 700 | 707323 |
|  New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2042 | 240 | 242103 |
|  New York (State of) Dormitory Authority, Series 2017 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 02/15/2027 | 185 | 192584 |
|  New York (State of) Dormitory Authority, Series 2017 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 02/15/2027 | 145 | 150944 |
|  New York (State of) Dormitory Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2027 | 20 | 20959 |
|  New York (State of) Dormitory Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2027 | 35 | 36697 |
|  New York (State of) Dormitory Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2029 | 80 | 83718 |
|  New York (State of) Dormitory Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2030 | 50 | 52191 |
|  New York (State of) Dormitory Authority, Series 2017 A, Ref. RB | 5.00% | 02/15/2032 | 370 | 381127 |
|  New York (State of) Dormitory Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2032 | 75 | 77829 |
|  New York (State of) Dormitory Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2033 | 245 | 253578 |
|  New York (State of) Dormitory Authority, Series 2017 A, Ref. RB | 5.00% | 02/15/2037 | 70 | 71363 |
|  New York (State of) Dormitory Authority, Series 2017 A, Ref. RB | 5.00% | 02/15/2038 | 230 | 234022 |
|  New York (State of) Dormitory Authority, Series 2017 B, Ref. RB<sup>(a)</sup> | 5.00% | 02/15/2027 | 60 | 62460 |
|  New York (State of) Dormitory Authority, Series 2017 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/15/2027 | 80 | 84424 |
|  New York (State of) Dormitory Authority, Series 2017 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/15/2027 | 10 | 10553 |
|  New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 5.00% | 02/15/2030 | 65 | 68012 |
|  New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 5.00% | 02/15/2031 | 65 | 67809 |
|  New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 5.00% | 02/15/2032 | 115 | 119592 |
|  New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 5.00% | 02/15/2033 | 40 | 41481 |
|  New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 5.00% | 02/15/2034 | 25 | 25858 |
|  New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 5.00% | 02/15/2035 | 100 | 103146 |
|  New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 5.00% | 02/15/2037 | 225 | 230835 |
|  New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 5.00% | 02/15/2039 | 5 | 5103 |
|  New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 5.00% | 02/15/2040 | 50 | 50852 |

---

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

---

| |
|:---|
| 202 |
| 202 |
| 202 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 5.00% | 02/15/2041 | $150 | $152107 |
|  New York (State of) Dormitory Authority, Series 2017, Ref. RB<sup>(a)</sup> | 5.00% | 02/15/2027 | 60 | 62460 |
|  New York (State of) Dormitory Authority, Series 2017, Ref. RB | 5.00% | 02/15/2030 | 25 | 25871 |
|  New York (State of) Dormitory Authority, Series 2017, Ref. RB | 5.00% | 02/15/2031 | 55 | 56789 |
|  New York (State of) Dormitory Authority, Series 2017, Ref. RB | 4.00% | 02/15/2034 | 110 | 110593 |
|  New York (State of) Dormitory Authority, Series 2017, Ref. RB | 4.00% | 02/15/2035 | 150 | 150095 |
|  New York (State of) Dormitory Authority, Series 2017, Ref. RB | 5.00% | 02/15/2036 | 60 | 61297 |
|  New York (State of) Dormitory Authority, Series 2017, Ref. RB | 5.00% | 02/15/2039 | 45 | 45704 |
|  New York (State of) Dormitory Authority, Series 2018 1, Ref. RB | 5.00% | 01/15/2027 | 35 | 36270 |
|  New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 10/01/2027 | 1000 | 1025091 |
|  New York (State of) Dormitory Authority, Series 2018 A, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2027 | 10 | 10434 |
|  New York (State of) Dormitory Authority, Series 2018 E, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2027 | 70 | 72982 |
|  New York (State of) Dormitory Authority, Series 2019 A, RB | 5.00% | 10/01/2027 | 215 | 226088 |
|  New York (State of) Dormitory Authority, Series 2019 A, RB | 5.00% | 10/01/2030 | 20 | 20921 |
|  New York (State of) Dormitory Authority, Series 2019 A, RB | 5.00% | 10/01/2033 | 250 | 258799 |
|  New York (State of) Dormitory Authority, Series 2019 A, RB | 5.00% | 10/01/2034 | 220 | 227088 |
|  New York (State of) Dormitory Authority, Series 2019 A, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2027 | 195 | 203458 |
|  New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2027 | 70 | 73888 |
|  New York (State of) Dormitory Authority, Series 2021 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2027 | 70 | 73888 |
|  New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)<sup>(c)</sup> | 5.00% | 10/01/2027 | 165 | 174164 |
|  New York (State of) Dormitory Authority, Series 2022 A, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2027 | 5 | 5217 |
|  New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2027 | 10 | 10555 |
|  New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2027 | 30 | 31251 |
|  New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2027 | 25 | 26043 |
|  New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2027 | 65 | 67769 |
|  New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB | 5.00% | 02/15/2038 | 5 | 5115 |
|  New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB | 5.00% | 02/15/2042 | 305 | 308429 |
|  New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2017, Ref. RB | 5.00% | 07/01/2027 | 40 | 41976 |
|  New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2017, Ref. RB | 5.00% | 07/01/2042 | 160 | 161330 |
|  New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2018 A, Ref. RB | 5.00% | 08/01/2027 | 85 | 87617 |
|  New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB | 5.00% | 07/01/2041 | 720 | 722626 |
|  New York (State of) Dormitory Authority (New York University), Series 1998 A, RB, (INS - NATL)<sup>(c)</sup> | 5.75% | 07/01/2027 | 45 | 46964 |
|  New York (State of) Dormitory Authority (New York University), Series 2015, Ref. RB | 2.80% | 07/01/2027 | 240 | 240011 |
|  New York (State of) Dormitory Authority (New York University), Series 2017 A, Ref. RB | 5.00% | 07/01/2031 | 40 | 41618 |
|  New York (State of) Dormitory Authority (New York University), Series 2017 A, Ref. RB | 5.00% | 07/01/2034 | 35 | 36145 |
|  New York (State of) Dormitory Authority (New York University), Series 2017 A, Ref. RB | 4.00% | 07/01/2035 | 5 | 5015 |
|  New York (State of) Dormitory Authority (New York University), Series 2017 A, Ref. RB | 4.00% | 07/01/2036 | 775 | 775838 |
|  New York (State of) Dormitory Authority (New York University), Series 2017 A, Ref. RB | 5.00% | 07/01/2043 | 100 | 100947 |
|  New York (State of) Dormitory Authority (New York University), Series 2019 A, RB | 5.00% | 07/01/2027 | 55 | 57637 |
|  New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB | 5.00% | 05/01/2027 | 20 | 20817 |
|  New York (State of) Dormitory Authority (St. John's University), Series 2017, Ref. RB | 5.00% | 07/01/2027 | 25 | 26162 |
|  New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/15/2027 | 10 | 10629 |
|  New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/15/2027 | 15 | 15944 |
|  New York (State of) Thruway Authority, Series 2018 L, Ref. RB | 5.00% | 01/01/2027 | 55 | 56975 |
|  New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB | 5.00% | 03/15/2027 | 5 | 5209 |
|  New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2027 | 255 | 264158 |
|  New York (State of) Thruway Authority (Bidding Group 1), Series 2025 A, RB | 5.00% | 03/15/2027 | 50 | 52085 |
|  New York (State of) Utility Debt Securitization Authority, Series 2017, RB | 5.00% | 12/15/2039 | 260 | 266460 |
|  New York (State of) Utility Debt Securitization Authority, Series 2017, RB | 5.00% | 12/15/2041 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1019581 |
|  New York City Health and Hospitals Corp., Series 2021 A, Ref. RB | 5.00% | 02/15/2027 | 30 | 31161 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Series 2017 B-1, RB | 5.00% | 08/01/2029 | 40 | 41884 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Series 2022, RB | 5.00% | 11/01/2027 | 55 | 58101 |
|  New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority Projects - 2nd Resolution Bonds), Series 2017 E, RB | 5.00% | 06/15/2042 | 150 | 151637 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016, Ref. RB | 5.00% | 06/15/2027 | 25 | 25520 |

---

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

---

| |
|:---|
| 203 |
| 203 |
| 203 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB | 5.00% | 06/15/2027 | $40 | $42000 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB | 5.00% | 06/15/2029 | 15 | 15669 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB | 5.00% | 06/15/2031 | 230 | 238959 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB | 5.00% | 06/15/2032 | 15 | 15543 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB | 5.00% | 06/15/2033 | 25 | 25835 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB | 5.00% | 06/15/2034 | 145 | 149469 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB | 5.00% | 06/15/2035 | 90 | 92536 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB | 5.00% | 06/15/2042 | 80 | 80873 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, RB | 5.00% | 06/15/2027 | 55 | 57750 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB | 5.00% | 06/15/2027 | 15 | 15750 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2023, Ref. RB | 5.00% | 06/15/2027 | 60 | 63000 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB | 5.00% | 06/15/2027 | 45 | 47250 |
|  New York State Urban Development Corp., Series 2017 A, Ref. RB | 5.00% | 03/15/2030 | 200 | 207443 |
|  New York State Urban Development Corp., Series 2017 A, Ref. RB | 5.00% | 03/15/2032 | 220 | 227125 |
|  New York State Urban Development Corp., Series 2017 A, Ref. RB | 5.00% | 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473700 |
|  New York State Urban Development Corp., Series 2017 A-G, Ref. RB | 5.00% | 03/15/2034 | 10 | 10273 |
|  New York State Urban Development Corp., Series 2017 A-G, Ref. RB | 5.00% | 03/15/2035 | 15 | 15379 |
|  New York State Urban Development Corp., Series 2017 A-G, Ref. RB | 5.00% | 03/15/2038 | 15 | 15265 |
|  New York State Urban Development Corp., Series 2017 C, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2027 | 20 | 20867 |
|  New York State Urban Development Corp., Series 2017 C, Ref. RB | 5.00% | 03/15/2031 | 35 | 36613 |
|  New York State Urban Development Corp., Series 2017 C, Ref. RB | 5.00% | 03/15/2032 | 5 | 5213 |
|  New York State Urban Development Corp., Series 2017 C, Ref. RB | 5.00% | 03/15/2034 | 35 | 36259 |
|  New York State Urban Development Corp., Series 2017 C, Ref. RB | 5.00% | 03/15/2037 | 90 | 92418 |
|  New York State Urban Development Corp., Series 2017 C, Ref. RB | 5.00% | 03/15/2038 | 35 | 35813 |
|  New York State Urban Development Corp., Series 2017 C, Ref. RB | 5.00% | 03/15/2040 | 150 | 152648 |
|  New York State Urban Development Corp., Series 2017 C, Ref. RB | 5.00% | 03/15/2042 | 25 | 25326 |
|  New York State Urban Development Corp., Series 2017 C-2, Ref. RB | 5.00% | 03/15/2035 | 280 | 289255 |
|  New York State Urban Development Corp., Series 2017 C-2, Ref. RB | 5.00% | 03/15/2036 | 40 | 41200 |
|  New York State Urban Development Corp., Series 2017 C-3, Ref. RB | 5.00% | 03/15/2041 | 180 | 182822 |
|  New York State Urban Development Corp., Series 2017, Ref. RB<sup>(a)(b)</sup> | 5.00% | 03/15/2027 | 105 | 109554 |
|  New York State Urban Development Corp., Series 2017, Ref. RB<sup>(a)(b)</sup> | 5.00% | 03/15/2027 | 80 | 83408 |
|  New York State Urban Development Corp., Series 2017, Ref. RB | 5.00% | 03/15/2031 | 10 | 10350 |
|  New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2027 | 5 | 5209 |
|  New York State Urban Development Corp., Series 2022, Ref. RB<sup>(a)</sup> | 5.00% | 09/15/2027 | 110 | 116345 |
|  Schenectady County Capital Resource Corp. (Union College), Series 2017, Ref. RB | 5.00% | 01/01/2047 | 20 | 20035 |
|  Suffolk (County of), NY, Series 2017 D, Ref. GO Bonds, (INS - BAM)<sup>(c)</sup> | 4.00% | 10/15/2027 | 105 | 108864 |
|  Triborough Bridge & Tunnel Authority, Series 2008 B-2, RB | 5.00% | 11/15/2027 | 120 | 127095 |
|  Triborough Bridge & Tunnel Authority, Series 2017 A, RB | 5.00% | 11/15/2027 | 20 | 20861 |
|  Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2027 | 40 | 41723 |
|  Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2029 | 100 | 104157 |
|  Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2030 | 225 | 233804 |
|  Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2031 | 240 | 248728 |
|  Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2032 | 595 | 615406 |
|  Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2033 | 220 | 226931 |
|  Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2034 | 205 | 211015 |
|  Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2035 | 55 | 56500 |

---

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

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| 204 |
| 204 |
| 204 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2036 | $515 | $527921 |
|  Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2037 | 180 | 184117 |
|  Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2038 | 265 | 270344 |
|  Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB | 5.00% | 11/15/2027 | 80 | 84730 |
|  Triborough Bridge & Tunnel Authority, Subseries 2023 B-2, Ref. RB | 5.00% | 11/15/2027 | 5 | 5296 |
|  Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 E-1, Ref. RB | 5.00% | 11/15/2027 | 155 | 163215 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-2, RB | 5.00% | 11/15/2042 | 300 | 302336 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017, Ref. RB | 5.00% | 11/15/2027 | 55 | 58252 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB | 5.00% | 05/15/2027 | 460 | 481358 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB | 5.00% | 11/15/2027 | 75 | 79434 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB | 5.00% | 11/15/2027 | 85 | 90063 |
|  Westchester (County of), NY, Series 2017 A, GO Bonds | 4.00% | 07/01/2029 | 5 | 5163 |
|  Westchester (County of), NY, Series 2018 A, GO Bonds | 4.00% | 12/01/2027 | 170 | 174325 |
|  |  |  |  | 45768923 |
|  North Carolina-0.97% |  |  |  |  |
|  Charlotte (City of), NC, Series 2023 B, Ref. GO Bonds | 5.00% | 07/01/2027 | 500 | 524889 |
|  Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2017 A, RB | 5.00% | 07/01/2047 | 50 | 50050 |
|  Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022 A, Ref. RB | 5.00% | 01/15/2027 | 100 | 103410 |
|  Guilford (County of), NC, Series 2017, Ref. GO Bonds | 5.00% | 03/01/2027 | 55 | 57235 |
|  Mecklenburg (County of), NC, Series 2017 A, GO Bonds | 4.00% | 04/01/2029 | 40 | 40831 |
|  Mecklenburg (County of), NC, Series 2022, GO Bonds | 5.00% | 09/01/2027 | 10 | 10544 |
|  North Carolina (State of), Series 2016 A, Ref. GO Bonds | 5.00% | 06/01/2027 | 80 | 81611 |
|  North Carolina (State of), Series 2017 B, Ref. RB | 5.00% | 05/01/2027 | 320 | 334676 |
|  North Carolina (State of), Series 2017 B, Ref. RB | 5.00% | 05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;530 | 552569 |
|  North Carolina (State of), Series 2018 A, GO Bonds | 5.00% | 06/01/2027 | 85 | 89096 |
|  North Carolina (State of), Series 2019 B, GO Bonds | 5.00% | 06/01/2027 | 15 | 15723 |
|  North Carolina (State of), Series 2020 A, GO Bonds | 5.00% | 06/01/2027 | 45 | 47168 |
|  North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB | 5.00% | 05/01/2027 | 70 | 73210 |
|  North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB | 5.00% | 05/01/2027 | 175 | 183026 |
|  North Carolina (State of) (Build North Carolina Programs), Series 2022 A, RB | 5.00% | 05/01/2027 | 150 | 156879 |
|  North Carolina (State of) (Garvee), Series 2019, RB | 5.00% | 03/01/2027 | 20 | 20798 |
|  North Carolina (State of) Medical Care Commission (Duke University Health system), Series 2016, Ref. RB | 5.00% | 06/01/2027 | 45 | 46963 |
|  North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB | 5.00% | 01/01/2027 | 20 | 20152 |
|  North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2016 A, Ref. RB | 5.00% | 01/01/2027 | 35 | 35666 |
|  North Carolina (State of) Turnpike Authority, Series 2017, Ref. RB | 5.00% | 01/01/2032 | 30 | 30685 |
|  Wake (County of), NC, Series 2021, RB | 5.00% | 03/01/2027 | 55 | 57211 |
|  Wake (County of), NC, Series 2023 A, Ref. GO Bonds | 5.00% | 05/01/2027 | 80 | 83682 |
|  |  |  |  | 2616074 |
|  North Dakota-0.19% |  |  |  |  |
|  Cass County Joint Water Resource District, Series 2024 A, Ref. RB | 3.45% | 04/01/2027 | 500 | 500608 |
|  Ohio-1.76% |  |  |  |  |
|  Allen (County of), OH, Series 2017 A, Ref. RB | 5.00% | 08/01/2027 | 100 | 104748 |
|  American Municipal Power, Inc. (Combined Hydroelectric), Series 2020, Ref. RB | 5.00% | 02/15/2027 | 60 | 62190 |
|  Chillicothe (City of), OH (Adena Health System Obligated Group), Series 2017, Ref. RB | 5.00% | 12/01/2037 | 25 | 25251 |
|  Columbus (City of), OH, Series 2016-3, Ref. GO Bonds | 5.00% | 02/15/2027 | 85 | 88351 |
|  Columbus (City of), OH, Series 2017 A, GO Bonds | 4.00% | 04/01/2027 | 20 | 20549 |
|  Columbus (City of), OH, Series 2017 A, GO Bonds | 4.00% | 04/01/2029 | 5 | 5117 |
|  Columbus (City of), OH, Series 2017 A, GO Bonds | 4.00% | 04/01/2033 | 130 | 131589 |
|  Columbus (City of), OH, Series 2017, Ref. GO Bonds | 4.00% | 04/01/2030 | 20 | 20553 |
|  Columbus (City of), OH, Series 2017-1, Ref. GO Bonds | 4.00% | 04/01/2027 | 30 | 30824 |
|  Columbus (City of), OH, Series 2017-1, Ref. GO Bonds | 5.00% | 04/01/2029 | 90 | 94488 |
|  Columbus (City of), OH, Series 2018 A, GO Bonds | 5.00% | 04/01/2027 | 120 | 125150 |
|  Columbus (City of), OH, Series 2021 A, GO Bonds | 5.00% | 04/01/2027 | 15 | 15644 |
|  Columbus (City of), OH, Series 2022 A, GO Bonds | 5.00% | 04/01/2027 | 105 | 109506 |
|  Columbus (City of), OH, Series 2023 A, GO Bonds | 5.00% | 08/15/2027 | 185 | 194799 |

---

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

---

| |
|:---|
| 205 |
| 205 |
| 205 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Ohio-(continued) |  |  |  |  |
|  Cuyahoga (County of), OH (Convention Hotel), Series 2014, Ref. RB | 3.00% | 12/01/2027 | $160 | $160064 |
|  Cuyahoga (County of), OH (Convention Hotel), Series 2024, Ref. COP | 5.00% | 12/01/2027 | 40 | 42168 |
|  Franklin (County of), OH (Trinity Health Credit Group), Series 2017, RB | 4.00% | 12/01/2046 | 145 | 124714 |
|  Hamilton (County of), OH, Series 2016 A, Ref. RB | 5.00% | 12/01/2027 | 55 | 58315 |
|  Ohio (State of), Series 2017 B, Ref. GO Bonds | 5.00% | 09/15/2027 | 90 | 94914 |
|  Ohio (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2027 | 130 | 136696 |
|  Ohio (State of), Series 2017 U, Ref. GO Bonds | 5.00% | 05/01/2027 | 125 | 130649 |
|  Ohio (State of), Series 2019 A, GO Bonds<sup>(a)(b)</sup> | 5.00% | 05/01/2027 | 135 | 141078 |
|  Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 05/01/2031 | 45 | 46674 |
|  Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 05/01/2033 | 10 | 10311 |
|  Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 05/01/2038 | 10 | 10190 |
|  Ohio (State of), Series 2019-1, RB | 5.00% | 12/15/2027 | 225 | 238686 |
|  Ohio (State of), Series 2021, RB | 5.00% | 02/01/2027 | 10 | 10369 |
|  Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB | 5.00% | 01/01/2027 | 150 | 154967 |
|  Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2021, Ref. RB | 5.00% | 01/01/2027 | 15 | 15497 |
|  Ohio (State of) (Garvee), Series 2018-1, RB | 5.00% | 12/15/2027 | 210 | 222774 |
|  Ohio (State of) Higher Educational Facility Commission (Case Western Reserve University), Series 2018, Ref. RB | 5.00% | 12/01/2029 | 55 | 57823 |
|  Ohio (State of) Higher Educational Facility Commission (Kenyon College), Series 2017, RB | 5.00% | 07/01/2042 | 500 | 502615 |
|  Ohio (State of) Turnpike & Infrastructure Commission, Series 2010 A, Ref. RB | 5.25% | 02/15/2027 | 95 | 98985 |
|  Ohio (State of) Turnpike & Infrastructure Commission, Series 2018, RB | 5.00% | 02/15/2027 | 80 | 83037 |
|  Ohio (State of) Water Development Authority, Series 2019 A, RB | 5.00% | 06/01/2027 | 40 | 41906 |
|  Ohio (State of) Water Development Authority, Series 2019 A, RB | 5.00% | 12/01/2027 | 90 | 95425 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB | 5.00% | 06/01/2027 | 350 | 366679 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB | 5.00% | 12/01/2027 | 90 | 94233 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 A, Ref. RB | 5.00% | 06/01/2027 | 75 | 78574 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 A, Ref. RB | 5.00% | 12/01/2027 | 40 | 42411 |
|  Ohio State University (The), Series 2017 A, Ref. RB | 5.00% | 12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;240 | 241436 |
|  Ohio State University (The), Series 2020 A, Ref. RB | 5.00% | 12/01/2027 | 100 | 105937 |
|  University of Cincinnati, Series 2017 A, RB | 5.00% | 06/01/2045 | 280 | 280418 |
|  Upper Arlington City School District, Series 2018 A, GO Bonds<sup>(a)(b)</sup> | 5.00% | 12/01/2027 | 15 | 15918 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4732222 |
|  Oklahoma-0.52% |  |  |  |  |
|  Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB | 5.00% | 09/01/2027 | 80 | 81822 |
|  Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2021, RB | 4.00% | 06/01/2027 | 100 | 102369 |
|  Edmond Public Works Authority, Series 2017, RB | 5.00% | 07/01/2042 | 25 | 25142 |
|  Edmond Public Works Authority, Series 2017, RB | 5.00% | 07/01/2047 | 10 | 10008 |
|  Grand River Dam Authority, Series 2016 A, Ref. RB | 5.00% | 06/01/2027 | 115 | 118400 |
|  Oklahoma (State of) Capitol Improvement Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2027 | 95 | 99484 |
|  Oklahoma (State of) Industries Authority (Oklahoma City Public Schools), Series 2024, RB | 5.00% | 04/01/2027 | 100 | 103800 |
|  Oklahoma (State of) Turnpike Authority, Second Series 2017 C, RB | 5.00% | 01/01/2047 | 20 | 20051 |
|  Oklahoma (State of) Turnpike Authority, Series 2017 D, Ref. RB | 5.00% | 01/01/2027 | 40 | 41431 |
|  Oklahoma (State of) Turnpike Authority, Series 2017 E, Ref. RB | 4.00% | 01/01/2029 | 80 | 81342 |
|  Oklahoma (State of) Turnpike Authority, Series 2017 E, Ref. RB | 5.00% | 01/01/2029 | 45 | 46455 |
|  Oklahoma (State of) Turnpike Authority, Series 2017, Ref. RB | 4.00% | 01/01/2031 | 25 | 25330 |
|  Oklahoma (State of) Turnpike Authority, Series 2018 A, RB | 4.00% | 01/01/2039 | 365 | 358170 |
|  Oklahoma (State of) Turnpike Authority, Series 2018 A, RB | 5.00% | 01/01/2040 | 5 | 5063 |
|  Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB | 5.00% | 01/01/2027 | 70 | 72505 |
|  Oklahoma County Independent School District No. 89, Series 2023 A, GO Bonds | 3.00% | 07/01/2027 | 20 | 20210 |
|  Oklahoma County Independent School District No. 89, Series 2024 A, GO Bonds | 4.00% | 07/01/2027 | 55 | 56587 |
|  Tulsa (City of), OK, Series 2024 D, GO Bonds | 4.00% | 10/01/2027 | 10 | 10345 |
|  Tulsa (County of), OK Industrial Authority (Broken Arrow Public Schools), Series 2019 A, RB | 5.00% | 09/01/2027 | 105 | 110081 |
|  |  |  |  | 1388595 |

---

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

---

| |
|:---|
| 206 |
| 206 |
| 206 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Oregon-1.28% |  |  |  |  |
|  Clackamas County School District No. 12 North Clackamas, Series 2017 B, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2033 | $25 | $25864 |
|  Clackamas County School District No. 12 North Clackamas, Series 2017 B, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2034 | 20 | 20642 |
|  Clackamas County School District No. 12 North Clackamas, Series 2017 B, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2037 | 145 | 148260 |
|  Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2027 | 35 | 36605 |
|  Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2032 | 80 | 82965 |
|  Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2033 | 65 | 67248 |
|  Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2034 | 70 | 72198 |
|  Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2035 | 45 | 46303 |
|  Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2036 | 60 | 61527 |
|  Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2037 | 40 | 40899 |
|  Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2038 | 40 | 40726 |
|  Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2027 | 75 | 78507 |
|  Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2029 | 100 | 104168 |
|  Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2030 | 50 | 51933 |
|  Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2031 | 105 | 108835 |
|  Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2037 | 70 | 71574 |
|  Multnomah (County of), OR, Series 2021 A, GO Bonds | 5.00% | 06/15/2027 | 85 | 89051 |
|  Multnomah County School District No. 1, Series 2020, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2027 | 100 | 104729 |
|  Oregon (State of), Series 2017 L, Ref. GO Bonds | 5.00% | 08/01/2042 | 160 | 161555 |
|  Oregon (State of) (Article XI - Q State), Series 2023 A, GO Bonds | 5.00% | 05/01/2027 | 90 | 94067 |
|  Oregon (State of) (Article XI-Q State), Series 2017 A, GO Bonds | 5.00% | 05/01/2042 | 700 | 705990 |
|  Oregon (State of) Department of Transportation, Series 2017 A, RB | 5.00% | 11/15/2027 | 40 | 41711 |
|  Oregon (State of) Department of Transportation, Series 2017 B, Ref. RB | 5.00% | 11/15/2027 | 40 | 41711 |
|  Oregon (State of) Department of Transportation, Series 2017 B, Ref. RB | 5.00% | 11/15/2028 | 30 | 31273 |
|  Oregon (State of) Department of Transportation, Series 2017 B, Ref. RB | 5.00% | 11/15/2029 | 85 | 88490 |
|  Oregon (State of) Facilities Authority (Reed College), Series 2017 A, Ref. RB<sup>(a)(b)</sup> | 4.00% | 07/01/2027 | 50 | 51460 |
|  Oregon (State of) Lottery, Series 2017 C, Ref. RB | 5.00% | 04/01/2030 | 65 | 67427 |
|  Oregon (State of) Lottery, Series 2017 C, Ref. RB | 5.00% | 04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;145 | 150140 |
|  Oregon (State of) Tri-County Metropolitan Transportation District, Series 2018 A, RB<sup>(a)(b)</sup> | 5.00% | 09/01/2027 | 10 | 10534 |
|  Oregon (State of) Tri-County Metropolitan Transportation District, Series 2018 A, RB<sup>(a)(b)</sup> | 5.00% | 09/01/2027 | 30 | 31602 |
|  Oregon Health & Science University, Series 2017 A, RB | 5.00% | 07/01/2042 | 100 | 99678 |
|  Portland Community College District, Series 2023, GO Bonds | 5.00% | 06/15/2027 | 125 | 130957 |
|  Washington & Clackamas Counties School District No. 23J Tigard-Tualatin, Series 2017, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2033 | 45 | 46453 |
|  Washington & Clackamas Counties School District No. 23J Tigard-Tualatin, Series 2017, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2034 | 130 | 133877 |
|  Washington & Multnomah Counties School District No. 48J Beaverton, Series 2017 C, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2027 | 70 | 73298 |
|  Washington & Multnomah Counties School District No. 48J Beaverton, Series 2017 D, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2036 | 180 | 184580 |
|  Washington & Multnomah Counties School District No. 48J Beaverton, Series 2017 D, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2035 | 25 | 25724 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3422561 |
|  Pennsylvania-4.20% |  |  |  |  |
|  Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds | 5.00% | 11/01/2027 | 20 | 20577 |
|  Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2017, RB | 5.00% | 08/01/2027 | 195 | 204782 |

---

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

---

| |
|:---|
| 207 |
| 207 |
| 207 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Pennsylvania-(continued) |  |  |  |  |
|  Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2017, RB | 5.00% | 08/01/2029 | $80 | $83826 |
|  Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2019, Ref. RB | 5.00% | 08/01/2027 | 110 | 115518 |
|  Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2022, Ref. RB | 5.00% | 08/01/2027 | 60 | 62987 |
|  Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2024 A, Ref. RB | 5.00% | 08/01/2027 | 100 | 104978 |
|  Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB | 5.00% | 04/01/2027 | 35 | 36214 |
|  Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB | 5.00% | 07/15/2027 | 65 | 67867 |
|  Allegheny (County of), PA Port Authority, Series 2020, Ref. RB | 5.00% | 03/01/2027 | 150 | 155669 |
|  Chester (County of), PA, Series 2017, Ref. GO Bonds | 5.00% | 11/15/2030 | 25 | 26348 |
|  Chester (County of), PA, Series 2017, Ref. GO Bonds | 4.00% | 11/15/2032 | 100 | 102065 |
|  Delaware (County of), PA Authority (Haverford College), Series 2017 A, Ref. RB | 5.00% | 10/01/2042 | 70 | 70115 |
|  Delaware River Joint Toll Bridge Commission, Series 2017, RB | 5.00% | 07/01/2037 | 10 | 10237 |
|  Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB | 5.00% | 07/01/2033 | 80 | 82690 |
|  Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB | 5.00% | 07/01/2034 | 170 | 175205 |
|  Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB | 5.00% | 07/01/2035 | 10 | 10284 |
|  Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB | 5.00% | 07/01/2036 | 85 | 87199 |
|  Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB | 5.00% | 07/01/2047 | 35 | 35043 |
|  Geisinger Authority (Geisinger Health System), Series 2017 A-2, Ref. RB | 5.00% | 02/15/2032 | 160 | 163512 |
|  Geisinger Authority (Geisinger Health System), Series 2017 A-2, Ref. RB | 5.00% | 02/15/2034 | 120 | 122014 |
|  Geisinger Authority (Geisinger Health System), Series 2017 A-2, Ref. RB | 4.00% | 02/15/2039 | 95 | 89896 |
|  Lehigh (County of), PA Industrial Development Authority (PPL Electric Utilities Corp.), Series 2016, Ref. RB | 2.63% | 02/15/2027 | 135 | 135149 |
|  Monroeville Finance Authority, Series 2012, RB | 5.00% | 02/15/2027 | 30 | 31025 |
|  Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2017, Ref. RB | 5.00% | 11/01/2027 | 10 | 10520 |
|  Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2017, Ref. RB | 5.00% | 11/01/2034 | 60 | 61962 |
|  Pennsylvania (Commonwealth of), First Series 2016, GO Bonds | 5.00% | 02/01/2027 | 15 | 15154 |
|  Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds | 5.00% | 09/15/2027 | 115 | 118003 |
|  Pennsylvania (Commonwealth of), First series 2017, Ref. GO Bonds | 4.00% | 01/01/2030 | 100 | 101707 |
|  Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds | 5.00% | 01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817950 |
|  Pennsylvania (Commonwealth of), First Series 2018, GO Bonds | 5.00% | 03/01/2027 | 5 | 5199 |
|  Pennsylvania (Commonwealth of), First Series 2020, GO Bonds | 5.00% | 05/01/2027 | 155 | 161875 |
|  Pennsylvania (Commonwealth of), First Series 2021, GO Bonds | 5.00% | 05/15/2027 | 225 | 235216 |
|  Pennsylvania (Commonwealth of), First Series 2023, GO Bonds | 5.00% | 09/01/2027 | 115 | 120910 |
|  Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds | 5.00% | 09/15/2027 | 160 | 164096 |
|  Pennsylvania (Commonwealth of), Second Series 2016, Ref. GO Bonds | 5.00% | 01/15/2027 | 190 | 196922 |
|  Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds | 5.00% | 07/15/2027 | 765 | 803185 |
|  Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2027 | 85 | 89650 |
|  Pennsylvania (Commonwealth of), Series 2024, GO Bonds | 5.00% | 08/15/2027 | 10 | 10522 |
|  Pennsylvania (Commonwealth of), Series 2025 A, GO Bonds | 5.00% | 08/15/2027 | 5 | 5261 |
|  Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. RB | 4.00% | 11/15/2035 | 60 | 58762 |
|  Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. RB | 4.00% | 11/15/2037 | 140 | 132343 |
|  Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2017 A, RB | 5.00% | 08/15/2033 | 45 | 46463 |
|  Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2017, RB | 4.00% | 08/15/2034 | 85 | 85314 |
|  Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017 A, RB | 4.00% | 08/15/2036 | 115 | 114124 |
|  Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017 A, RB | 4.00% | 08/15/2042 | 30 | 27645 |
|  Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017 A, RB | 5.00% | 08/15/2042 | 100 | 100339 |
|  Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017, RB | 5.00% | 08/15/2037 | 195 | 198760 |

---

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

---

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|:---|
| 208 |
| 208 |
| 208 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Pennsylvania-(continued) |  |  |  |  |
|  Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017, RB | 4.00% | 08/15/2041 | $270 | $255145 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB | 5.00% | 12/01/2031 | 65 | 68156 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB | 5.00% | 12/01/2032 | 15 | 15683 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB | 5.00% | 12/01/2033 | 45 | 46905 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB | 5.00% | 12/01/2034 | 65 | 67580 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB | 5.00% | 12/01/2035 | 20 | 20666 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB | 5.00% | 12/01/2036 | 85 | 87037 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB | 5.00% | 12/01/2038 | 5 | 5130 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB | 5.00% | 12/01/2041 | 35 | 35574 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009 E, RB | 6.00% | 12/01/2030 | 85 | 90677 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009 E, RB | 6.38% | 12/01/2038 | 55 | 57610 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB | 5.00% | 12/01/2027 | 15 | 15464 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB | 5.00% | 06/01/2027 | 15 | 15263 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A-1, RB | 5.00% | 12/01/2042 | 45 | 45327 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A-1, RB | 5.00% | 12/01/2047 | 210 | 210593 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A-2, Ref. RB | 5.00% | 12/01/2027 | 80 | 84768 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB | 5.00% | 06/01/2036 | 220 | 225454 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB | 5.00% | 06/01/2037 | 165 | 168584 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB | 5.00% | 06/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502187 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB | 5.00% | 06/01/2027 | 5 | 5224 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB | 5.00% | 06/01/2032 | 5 | 5170 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB | 5.00% | 12/01/2031 | 170 | 178254 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB | 5.00% | 12/01/2035 | 30 | 31084 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB | 4.00% | 12/01/2036 | 310 | 311287 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB | 4.00% | 12/01/2037 | 215 | 215183 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB | 4.00% | 12/01/2038 | 215 | 212424 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017-3, Ref. RB | 5.00% | 12/01/2031 | 255 | 266247 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017-3, Ref. RB | 4.00% | 12/01/2037 | 215 | 211965 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017-3, Ref. RB | 4.00% | 12/01/2038 | 75 | 72832 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017-3, Ref. RB | 5.00% | 12/01/2040 | 675 | 679822 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Subseries 2017 B-2, Ref. RB | 5.00% | 06/01/2031 | 80 | 82937 |
|  Pennsylvania State University (The), Series 2017 A, RB | 5.00% | 09/01/2047 | 215 | 215412 |
|  Philadelphia (City of), PA, Fifteenth Series 2017, Ref. RB | 5.00% | 08/01/2042 | 145 | 145498 |
|  Philadelphia (City of), PA, Series 2017 15, Ref. RB | 5.00% | 08/01/2047 | 30 | 29620 |
|  Philadelphia (City of), PA, Series 2017 A, RB | 5.25% | 10/01/2052 | 50 | 49870 |
|  Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds | 5.00% | 08/01/2027 | 10 | 10482 |
|  Philadelphia (City of), PA, Series 2017 A, Ref. RB | 5.00% | 07/01/2042 | 5 | 5027 |
|  Philadelphia (City of), PA, Series 2017 B, Ref. RB | 5.00% | 11/01/2029 | 100 | 104906 |
|  Philadelphia (City of), PA, Series 2017, Ref. GO Bonds | 5.00% | 08/01/2041 | 55 | 55575 |
|  Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2017, Ref. RB | 5.00% | 07/01/2033 | 20 | 20618 |
|  Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2017, Ref. RB | 4.00% | 07/01/2035 | 75 | 75044 |
|  Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2017, Ref. RB | 4.00% | 07/01/2037 | 30 | 29345 |
|  Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2021, Ref. RB | 5.00% | 07/01/2027 | 35 | 36646 |
|  Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB | 5.00% | 09/01/2035 | 40 | 40435 |
|  Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB | 5.00% | 09/01/2042 | 100 | 98867 |
|  Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB | 5.00% | 09/01/2047 | 50 | 48141 |
|  Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (The) (Temple University Health System), Series 2017, Ref. RB | 5.00% | 07/01/2033 | 75 | 75925 |
|  Philadelphia School District (The), Series 2007 A, Ref. GO Bonds, (INS - NATL)<sup>(c)</sup> | 5.00% | 06/01/2027 | 10 | 10417 |
|  Philadelphia School District (The), Series 2016 F, Ref. GO Bonds | 5.00% | 09/01/2027 | 30 | 30609 |

---

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

---

| |
|:---|
| 209 |
| 209 |
| 209 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Pennsylvania-(continued) |  |  |  |  |
|  Pottsville (City of), PA Hospital Authority (Lehigh Valley), Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2027 | $10 | $10354 |
|  Westmoreland (County of), PA Municipal Authority, Series 2017, Ref. RB, (INS - BAM)<sup>(c)</sup> | 5.00% | 08/15/2031 | 50 | 51919 |
|  Westmoreland (County of), PA Municipal Authority, Series 2017, Ref. RB, (INS - BAM)<sup>(c)</sup> | 4.00% | 08/15/2034 | 50 | 50138 |
|  Westmoreland (County of), PA Municipal Authority, Series 2017, Ref. RB, (INS - BAM)<sup>(c)</sup> | 5.00% | 08/15/2036 | 115 | 117819 |
|  |  |  |  | 11277981 |
|  Rhode Island-0.17% |  |  |  |  |
|  Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB | 5.00% | 06/15/2027 | 100 | 101844 |
|  Rhode Island Health & Educational Building Corp. (Brown University), Series 2017 A, Ref. RB | 5.00% | 09/01/2029 | 200 | 209186 |
|  Rhode Island Health & Educational Building Corp. (Brown University), Series 2017 A, Ref. RB | 4.00% | 09/01/2037 | 155 | 153825 |
|  |  |  |  | 464855 |
|  South Carolina-0.47% |  |  |  |  |
|  Greenville County School District, Series 2023, Ref. RB | 5.00% | 12/01/2027 | 445 | 471622 |
|  Horry County School District, Series 2024, GO Bonds | 5.00% | 03/01/2027 | 15 | 15601 |
|  Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB | 4.00% | 11/01/2030 | 105 | 106865 |
|  Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB | 4.00% | 11/01/2031 | 60 | 60619 |
|  Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB | 4.00% | 11/01/2032 | 195 | 196535 |
|  Piedmont Municipal Power Agency, Series 2021 C, Ref. RB | 5.00% | 01/01/2034 | 60 | 60908 |
|  South Carolina (State of) Public Service Authority, Series 2025 B, Ref. RB | 5.00% | 12/01/2027 | 45 | 47540 |
|  South Carolina (State of) Transportation Infrastructure Bank, Series 2017 A, Ref. RB | 5.00% | 10/01/2038 | 65 | 66442 |
|  South Carolina (State of) Transportation Infrastructure Bank, Series 2017 A, Ref. RB | 5.00% | 10/01/2039 | 50 | 50962 |
|  South Carolina (State of) Transportation Infrastructure Bank, Series 2017, Ref. RB | 5.00% | 10/01/2034 | 25 | 25918 |
|  South Carolina (State of) Transportation Infrastructure Bank, Series 2017, Ref. RB | 5.00% | 10/01/2037 | 5 | 5131 |
|  South Carolina (State of) Transportation Infrastructure Bank, Series 2017, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2035 | 25 | 25839 |
|  South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB | 5.00% | 10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;115 | 121315 |
|  |  |  |  | 1255297 |
|  South Dakota-0.01% |  |  |  |  |
|  South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2017, Ref. RB | 4.00% | 07/01/2042 | 30 | 26545 |
|  Tennessee-0.78% |  |  |  |  |
|  Chattanooga (City of), TN, Series 2015 A, Ref. RB<sup>(a)(b)</sup> | 3.00% | 09/01/2025 | 35 | 35000 |
|  Knox (County of), TN Health, Educational & Housing Facility Board (Covenant Health), Series 2016 A, Ref. RB | 5.00% | 01/01/2037 | 15 | 15179 |
|  Knox (County of), TN Health, Educational & Housing Facility Board (Covenant Health), Series 2016 A, Ref. RB | 5.00% | 01/01/2042 | 85 | 85280 |
|  Knox (County of), TN Health, Educational & Housing Facility Board (University Health), Series 2017, Ref. RB | 5.00% | 04/01/2036 | 50 | 50208 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds | 5.00% | 01/01/2027 | 90 | 91885 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017 A, RB | 5.00% | 05/15/2042 | 460 | 462725 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds | 4.00% | 07/01/2027 | 45 | 46429 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds | 4.00% | 07/01/2029 | 20 | 20456 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds | 4.00% | 07/01/2030 | 50 | 51036 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds | 4.00% | 07/01/2034 | 15 | 15095 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds | 5.00% | 07/01/2027 | 200 | 209919 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 A, GO Bonds | 5.00% | 01/01/2027 | 105 | 108771 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 B, Ref. RB | 5.00% | 05/15/2027 | 70 | 73154 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2017 A, RB | 5.00% | 07/01/2048 | 475 | 463972 |
|  Tennessee (State of) School Bond Authority, Series 2017 B, Ref. RB,<br>(CEP - Colorado Higher Education Intercept Program) | 5.00% | 11/01/2027 | 125 | 132156 |
|  Tennessee Energy Acquisition Corp., Series 2006 C, RB | 5.00% | 02/01/2027 | 215 | 219677 |
|  |  |  |  | 2080942 |
|  Texas-7.29% |  |  |  |  |
|  Alamo Community College District, Series 2017, Ref. GO Bonds | 5.00% | 08/15/2027 | 120 | 126262 |
|  Alamo Community College District, Series 2022, GO Notes | 5.00% | 02/15/2027 | 155 | 160997 |
|  Austin (City of), TX, Series 2015, Ref. GO Bonds | 2.95% | 09/01/2027 | 180 | 180039 |
|  Austin (City of), TX, Series 2017, Ref. RB | 5.00% | 11/15/2027 | 85 | 89856 |

---

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

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| 210 |
| 210 |
| 210 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  Austin (City of), TX, Series 2017, Ref. RB<sup>(a)</sup> | 5.00% | 11/15/2027 | $10 | $10532 |
|  Austin (City of), TX, Series 2017, Ref. RB | 5.00% | 11/15/2029 | 65 | 68381 |
|  Austin (City of), TX, Series 2017, Ref. RB | 5.00% | 11/15/2042 | 65 | 65550 |
|  Austin (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2027 | 95 | 100427 |
|  Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2027 | 30 | 31511 |
|  Bexar (County of), TX, Series 2018, Ctfs. of Obligations | 5.00% | 06/15/2042 | 100 | 100783 |
|  Bexar (County of), TX Hospital District, Series 2018, Ctfs. Of Obligations | 5.00% | 02/15/2048 | 75 | 75185 |
|  Board of Regents of the University of Texas System, Series 2016 E, RB | 5.00% | 08/15/2027 | 165 | 173416 |
|  Board of Regents of the University of Texas System, Series 2016 J, RB | 5.00% | 08/15/2027 | 405 | 415439 |
|  Board of Regents of the University of Texas System, Series 2017 B, RB | 5.00% | 08/15/2027 | 205 | 215456 |
|  Board of Regents of the University of Texas System, Series 2019 A, Ref. RB | 5.00% | 08/15/2027 | 80 | 84081 |
|  Board of Regents of the University of Texas System, Series 2024 A, Ref. RB | 5.00% | 08/15/2027 | 80 | 84128 |
|  Board of Regents of the University of Texas System, Series 2025 A, RB | 5.00% | 08/15/2027 | 50 | 52550 |
|  Central Texas Regional Mobility Authority, Series 2021 C, RB | 5.00% | 01/01/2027 | 255 | 256900 |
|  Conroe Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2027 | 285 | 295943 |
|  Cypress-Fairbanks Independent School District, Series 2016, Ref. GO Bonds,<br>(CEP - Texas Permanent School Fund) | 5.00% | 02/15/2027 | 200 | 202300 |
|  Cypress-Fairbanks Independent School District, Series 2020 A, Ref. GO Bonds,<br>(CEP - Texas Permanent School Fund) | 5.00% | 02/15/2027 | 45 | 46721 |
|  Cypress-Fairbanks Independent School District, Series 2023 A, Ref. GO Bonds,<br>(CEP - Texas Permanent School Fund) | 5.00% | 02/15/2027 | 295 | 306284 |
|  Dallas & Fort Worth (Cities of), TX, Series 2020 A, Ref. RB | 5.00% | 11/01/2027 | 55 | 58077 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB | 5.00% | 11/01/2027 | 20 | 21119 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 5.00% | 11/01/2027 | 85 | 89755 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 B, Ref. RB | 5.00% | 11/01/2027 | 50 | 52797 |
|  Dallas (City of), TX, Series 2017, RB | 5.00% | 10/01/2042 | 5 | 5045 |
|  Dallas (City of), TX, Series 2017, RB | 5.00% | 10/01/2046 | 150 | 150583 |
|  Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528840 |
|  Dallas (City of), TX, Series 2024 B, GO Bonds | 5.00% | 02/15/2027 | 30 | 31108 |
|  Dallas (City of), TX, Series 2024 B, Ref. GO Bonds | 5.00% | 02/15/2027 | 10 | 10369 |
|  Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB | 5.00% | 12/01/2027 | 20 | 21147 |
|  Dallas (City of), TX Independent School District, Series 2021 A, Ref. GO Bonds,<br>(CEP - Texas Permanent School Fund) | 5.00% | 02/15/2027 | 40 | 41536 |
|  Dallas (City of), TX Independent School District, Series 2025 C, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2027 | 5 | 5192 |
|  Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds | 5.00% | 02/15/2027 | 50 | 51796 |
|  Dallas College, Series 2022, GO Bonds | 5.00% | 02/15/2033 | 500 | 518023 |
|  Denton Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2037 | 120 | 122583 |
|  Denton Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2038 | 150 | 152758 |
|  Denton Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2039 | 15 | 15234 |
|  Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2027 | 210 | 220465 |
|  Ector County Independent School District, Series 2024 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2027 | 125 | 131449 |
|  El Paso (County of), TX Hospital District, Series 2017, Ref. GO Bonds | 4.00% | 08/15/2038 | 115 | 103715 |
|  Fort Bend Independent School District, Series 2017 E, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2027 | 45 | 46715 |
|  Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2029 | 80 | 83724 |
|  Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2030 | 125 | 130470 |
|  Fort Worth Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2027 | 55 | 57168 |
|  Harris (County of), TX, Series 2020 A, Ref. GO Bonds | 5.00% | 10/01/2027 | 80 | 84393 |
|  Harris (County of), TX, Series 2022 A, Ref. GO Bonds | 5.00% | 08/15/2027 | 265 | 278621 |
|  Harris (County of), TX, Series 2022 A, Ref. RB | 5.00% | 08/15/2027 | 170 | 178505 |
|  Harris (County of), TX, Series 2024 A, RB | 5.00% | 08/15/2027 | 75 | 78752 |
|  Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB | 5.00% | 11/01/2027 | 200 | 205847 |

---

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

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| 211 |
| 211 |
| 211 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2019, Ref. RB | 5.00% | 12/01/2027 | $215 | $227135 |
|  Harris County Cultural Education Facilities Finance Corp. (Teco Project), Series 2017, Ref. RB | 5.00% | 11/15/2031 | 80 | 82719 |
|  Harris County Cultural Education Facilities Finance Corp. (Teco Project), Series 2017, Ref. RB | 4.00% | 11/15/2032 | 50 | 50400 |
|  Houston (City of), TX, Series 2016 A, Ref. GO Bonds | 5.00% | 03/01/2027 | 115 | 116398 |
|  Houston (City of), TX, Series 2016 B, Ref. RB | 5.00% | 11/15/2027 | 65 | 66957 |
|  Houston (City of), TX, Series 2017 A, Ref. GO Bonds | 5.00% | 03/01/2027 | 110 | 114388 |
|  Houston (City of), TX, Series 2017 A, Ref. GO Bonds | 5.00% | 03/01/2030 | 115 | 118706 |
|  Houston (City of), TX, Series 2017 A, Ref. GO Bonds | 4.00% | 03/01/2033 | 30 | 30241 |
|  Houston (City of), TX, Series 2017 B, Ref. RB | 5.00% | 11/15/2027 | 55 | 58118 |
|  Houston (City of), TX, Series 2017 B, Ref. RB | 5.00% | 11/15/2042 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1006373 |
|  Houston (City of), TX, Series 2017, A Ref. GO Bonds | 4.00% | 03/01/2037 | 5 | 4960 |
|  Houston (City of), TX, Series 2018 B, Ref. RB | 5.00% | 07/01/2027 | 70 | 73291 |
|  Houston (City of), TX, Series 2021 A, GO Bonds | 5.00% | 03/01/2027 | 40 | 41596 |
|  Houston (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2027 | 45 | 47551 |
|  Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2027 | 90 | 91035 |
|  Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2042 | 10 | 10091 |
|  Houston Independent School District, Series 2025 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2027 | 30 | 31139 |
|  Hurst-Euless-Bedford Independent School District, Series 2017 A, Ref. GO Bonds | 5.00% | 08/15/2027 | 105 | 110232 |
|  Lewisville Independent School District, Series 2017 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2029 | 110 | 112167 |
|  Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2027 | 150 | 157592 |
|  Liberty Hill Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/01/2049 | 100 | 100196 |
|  Lone Star College System, Series 2017 A, GO Bonds | 5.00% | 08/15/2042 | 50 | 50427 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB | 5.00% | 05/15/2027 | 20 | 20840 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB | 5.00% | 05/15/2027 | 15 | 15630 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 05/15/2027 | 35 | 36517 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB | 5.00% | 05/15/2027 | 50 | 52099 |
|  Midtown Redevelopment Authority, Series 2017, Ref. RB | 5.00% | 01/01/2036 | 50 | 51065 |
|  New Hope Cultural Education Facilities Finance Corp. (Children's Health System of Texas), Series 2017 A, Ref. RB | 5.00% | 08/15/2029 | 110 | 114800 |
|  New Hope Cultural Education Facilities Finance Corp. (Children's Health System of Texas), Series 2017 A, Ref. RB | 5.00% | 08/15/2030 | 5 | 5206 |
|  North East Independent School District, Series 2007, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 02/01/2027 | 90 | 93544 |
|  North East Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2043 | 5 | 5047 |
|  North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2027 | 20 | 20166 |
|  North Texas Tollway Authority, Series 2017 A, Ref. RB | 4.00% | 01/01/2032 | 125 | 126115 |
|  North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2032 | 115 | 117979 |
|  North Texas Tollway Authority, Series 2017 A, Ref. RB | 4.00% | 01/01/2033 | 150 | 150984 |
|  North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2033 | 160 | 163825 |
|  North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2034 | 20 | 20438 |
|  North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2035 | 5 | 5100 |
|  North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2036 | 280 | 285047 |
|  North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2037 | 110 | 111754 |
|  North Texas Tollway Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2032 | 80 | 82143 |
|  North Texas Tollway Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2043 | 115 | 115369 |
|  North Texas Tollway Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2048 | 180 | 179739 |
|  North Texas Tollway Authority, Series 2017 B, Ref. RB, (INS - AGI)<sup>(c)</sup> | 4.00% | 01/01/2034 | 465 | 467244 |
|  North Texas Tollway Authority, Series 2019 B, Ref. RB | 5.00% | 01/01/2027 | 190 | 196722 |
|  North Texas Tollway Authority, Series 2023 A, Ref. RB | 5.00% | 01/01/2027 | 70 | 72495 |

---

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

---

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|:---|
| 212 |
| 212 |
| 212 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  Pearland Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2027 | $25 | $25964 |
|  Permanent University Fund - University of Texas System, Series 2022 A, RB | 5.00% | 07/01/2027 | 105 | 110227 |
|  Plano Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2027 | 170 | 176305 |
|  Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2027 | 140 | 146888 |
|  San Antonio (City of), TX, Series 2016, Ref. RB | 5.00% | 02/01/2027 | 305 | 311482 |
|  San Antonio (City of), TX, Series 2017, Ref. RB | 5.00% | 02/01/2042 | 250 | 250810 |
|  San Antonio (City of), TX, Series 2018, Ref. RB | 5.00% | 02/01/2027 | 150 | 155645 |
|  San Antonio (City of), TX, Series 2019, Ref. GO Bonds | 5.00% | 08/01/2027 | 155 | 162716 |
|  San Antonio (City of), TX, Series 2024, GO Bonds | 5.00% | 02/01/2027 | 20 | 20741 |
|  San Antonio Education Facilities Corp. (Trinity University), Series 2017, RB | 5.00% | 06/01/2047 | 380 | 383226 |
|  Socorro Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2039 | 315 | 319440 |
|  Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2027 | 60 | 60896 |
|  Texas (State of), Series 2017 A, Ref. GO Bonds | 5.00% | 10/01/2032 | 210 | 218675 |
|  Texas (State of), Series 2017 A, Ref. GO Bonds | 5.00% | 10/01/2033 | 140 | 145359 |
|  Texas (State of), Series 2017 A, Ref. GO Bonds | 5.00% | 10/01/2034 | 155 | 160502 |
|  Texas (State of), Series 2017 B, Ref. GO Bonds | 5.00% | 10/01/2033 | 190 | 197273 |
|  Texas (State of), Series 2017, Ref. GO Bonds | 5.00% | 10/01/2029 | 130 | 136696 |
|  Texas (State of), Series 2017, Ref. GO Bonds | 5.00% | 10/01/2030 | 40 | 41926 |
|  Texas (State of), Series 2017, Ref. GO Bonds | 5.00% | 10/01/2030 | 65 | 68131 |
|  Texas (State of), Series 2017, Ref. GO Bonds | 5.00% | 10/01/2031 | 10 | 10443 |
|  Texas (State of), Series 2017, Ref. GO Bonds | 5.00% | 10/01/2031 | 30 | 31328 |
|  Texas (State of), Series 2017, Ref. GO Bonds | 5.00% | 10/01/2032 | 95 | 98924 |
|  Texas (State of), Series 2017, Ref. GO Bonds | 5.00% | 10/01/2034 | 185 | 191567 |
|  Texas (State of), Series 2017, Ref. GO Bonds | 5.00% | 10/01/2035 | 45 | 46456 |
|  Texas (State of), Series 2018 A, Ref. GO Bonds | 5.00% | 10/01/2027 | 185 | 195081 |
|  Texas (State of), Series 2024, Ref. GO Bonds | 5.00% | 10/01/2027 | 175 | 184902 |
|  Texas (State of) Transportation Commission, Series 2021, RB | 5.00% | 08/01/2027 | 10 | 10515 |
|  Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds | 5.00% | 04/01/2027 | 295 | 307519 |
|  Texas (State of) Water Development Board, Series 2016, RB | 5.00% | 04/15/2027 | 25 | 25741 |
|  Texas (State of) Water Development Board, Series 2017 A, RB | 5.00% | 04/15/2027 | 110 | 114784 |
|  Texas (State of) Water Development Board, Series 2017 A, RB | 4.00% | 10/15/2032 | 15 | 15214 |
|  Texas (State of) Water Development Board, Series 2017 A, RB | 4.00% | 10/15/2033 | 30 | 30319 |
|  Texas (State of) Water Development Board, Series 2017 A, RB | 5.00% | 10/15/2042 | 190 | 192039 |
|  Texas (State of) Water Development Board, Series 2017 A, RB | 5.00% | 10/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;820 | 823507 |
|  Texas (State of) Water Development Board, Series 2017, RB | 5.00% | 10/15/2031 | 100 | 104427 |
|  Texas (State of) Water Development Board, Series 2017, RB | 4.00% | 10/15/2034 | 80 | 80582 |
|  Texas (State of) Water Development Board, Series 2017, RB | 4.00% | 04/15/2038 | 40 | 39008 |
|  Texas (State of) Water Development Board, Series 2018, RB | 5.00% | 08/01/2027 | 305 | 320710 |
|  Texas (State of) Water Development Board, Series 2018, RB | 5.00% | 10/15/2027 | 120 | 126810 |
|  Texas (State of) Water Development Board, Series 2018, RB | 5.00% | 08/01/2033 | 5 | 5170 |
|  Texas (State of) Water Development Board, Series 2018, RB | 4.00% | 08/01/2035 | 5 | 5020 |
|  Texas (State of) Water Development Board, Series 2020, RB | 5.00% | 08/01/2027 | 110 | 115666 |
|  Texas A&M University, Series 2017 E, Ref. RB | 5.00% | 05/15/2027 | 185 | 193558 |
|  Texas A&M University, Series 2017 E, Ref. RB | 5.00% | 05/15/2029 | 85 | 88316 |
|  Texas A&M University, Series 2017 E, Ref. RB | 5.00% | 05/15/2030 | 55 | 57020 |
|  Texas A&M University, Series 2024 A, RB | 5.00% | 05/15/2027 | 120 | 125551 |
|  Texas State University Board of Regents, Series 2017 A, Ref. RB | 5.00% | 03/15/2027 | 105 | 109379 |
|  Texas State University Board of Regents, Series 2017 A, Ref. RB | 5.00% | 03/15/2029 | 110 | 113973 |
|  Texas State University Board of Regents, Series 2017 A, Ref. RB | 5.00% | 03/15/2030 | 235 | 242886 |
|  Texas State University Board of Regents, Series 2017 A, Ref. RB | 5.00% | 03/15/2031 | 35 | 36069 |
|  Texas State University Board of Regents, Series 2024, Ref. RB | 5.00% | 03/15/2027 | 45 | 46877 |
|  Trinity River Authority, Series 2017, Ref. RB | 5.00% | 08/01/2030 | 50 | 52123 |
|  University of Houston, Series 2017 A, Ref. RB | 5.00% | 02/15/2027 | 195 | 197242 |
|  Williamson (County of), TX, Series 2024, GO Bonds | 5.00% | 02/15/2027 | 290 | 301304 |
|  |  |  |  | 19563039 |

---

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

---

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| 213 |
| 213 |
| 213 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Utah-0.41% |  |  |  |  |
|  Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2027 | $80 | $83512 |
|  University of Utah (The) (Green Bonds), Series 2022 B, RB | 5.00% | 08/01/2027 | 250 | 262589 |
|  Utah (State of), Series 2017, GO Bonds | 5.00% | 07/01/2027 | 120 | 124284 |
|  Utah (State of), Series 2018, GO Bonds | 5.00% | 07/01/2027 | 45 | 47199 |
|  Utah (State of), Series 2018, GO Bonds | 5.00% | 07/01/2029 | 10 | 10482 |
|  Utah (State of), Series 2020 B, GO Bonds | 5.00% | 07/01/2027 | 130 | 136351 |
|  Utah (State of), Series 2020, GO Bonds | 5.00% | 07/01/2027 | 175 | 183550 |
|  Utah (State of) Transit Authority, Series 2006 C, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.25% | 06/15/2027 | 50 | 51674 |
|  Utah (State of) Transit Authority, Series 2016, Ref. RB | 3.00% | 12/15/2027 | 205 | 205543 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1105184 |
|  Virginia-1.89% |  |  |  |  |
|  Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds | 4.50% | 10/01/2027 | 75 | 78439 |
|  Fairfax (County of), VA, Series 2023 A, GO Bonds | 4.00% | 10/01/2027 | 25 | 25893 |
|  Fairfax (County of), VA, Series 2025 A, GO Bonds | 4.00% | 10/01/2027 | 50 | 51787 |
|  Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. RB | 5.00% | 05/15/2027 | 135 | 140783 |
|  Hampton (City of), VA Roads Transportation Accountability Commission, Series 2023 A, RB | 5.00% | 07/01/2027 | 140 | 146711 |
|  Richmond (City of), VA, Series 2016, Ref. RB | 5.00% | 01/15/2027 | 45 | 45442 |
|  Richmond (City of), VA, Series 2017 B, Ref. GO Bonds | 4.00% | 07/15/2029 | 105 | 107874 |
|  Richmond (City of), VA, Series 2017 D, Ref. GO Bonds | 5.00% | 03/01/2027 | 15 | 15598 |
|  University of Virginia, Series 2017 A, Ref. RB | 5.00% | 04/01/2038 | 20 | 20398 |
|  University of Virginia, Series 2017 A, Ref. RB | 5.00% | 04/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;360 | 366374 |
|  University of Virginia, Series 2017 A, Ref. RB | 5.00% | 04/01/2042 | 25 | 25295 |
|  University of Virginia, Series 2017 B, Ref. RB | 5.00% | 04/01/2044 | 5 | 5047 |
|  Virginia (Commonwealth of) College Building Authority, Series 2015 B, Ref. RB,<br>(CEP - Colorado Higher Education Intercept Program) | 3.00% | 09/01/2027 | 25 | 25006 |
|  Virginia (Commonwealth of) College Building Authority, Series 2016 A, RB | 5.00% | 02/01/2027 | 50 | 50525 |
|  Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB,<br>(CEP - Colorado Higher Education Intercept Program) | 5.00% | 09/01/2027 | 115 | 117733 |
|  Virginia (Commonwealth of) College Building Authority, Series 2019 A, RB | 5.00% | 02/01/2027 | 210 | 218082 |
|  Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2020, RB | 5.00% | 02/01/2027 | 290 | 301160 |
|  Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2021, RB | 5.00% | 02/01/2027 | 75 | 77886 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs),<br>Series 2017 C, RB | 4.00% | 02/01/2033 | 205 | 206442 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs),<br>Series 2017, RB | 5.00% | 02/01/2027 | 135 | 140195 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs),<br>Series 2017, RB | 5.00% | 02/01/2030 | 115 | 118799 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs),<br>Series 2017, RB | 5.00% | 02/01/2031 | 40 | 41242 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs),<br>Series 2017, Ref. RB | 5.00% | 02/01/2027 | 195 | 202504 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs),<br>Series 2019 C, Ref. RB | 5.00% | 02/01/2027 | 265 | 275198 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs),<br>Series 2017, RB | 4.00% | 02/01/2037 | 5 | 4919 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs),<br>Series 2022, RB | 5.00% | 02/01/2027 | 20 | 20770 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs),<br>Series 2023, RB | 5.00% | 02/01/2027 | 80 | 83079 |
|  Virginia (Commonwealth of) Public Building Authority, Series 2017 A, Ref. RB | 5.00% | 08/01/2027 | 70 | 73579 |
|  Virginia (Commonwealth of) Public Building Authority, Series 2017 A, Ref. RB | 5.00% | 08/01/2029 | 60 | 62892 |
|  Virginia (Commonwealth of) Public Building Authority, Series 2017 A, Ref. RB | 4.00% | 08/01/2031 | 170 | 173519 |
|  Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB | 5.00% | 08/01/2027 | 45 | 47301 |
|  Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB | 5.00% | 08/01/2027 | 500 | 525562 |

---

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

---

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| 214 |
| 214 |
| 214 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Virginia-(continued) |  |  |  |  |
|  Virginia (Commonwealth of) Public Building Authority, Series 2022 A, RB | 5.00% | 08/01/2027 | $85 | $89346 |
|  Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB | 5.00% | 05/15/2027 | 60 | 62683 |
|  Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB | 5.00% | 05/15/2029 | 130 | 136920 |
|  Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB | 5.00% | 05/15/2030 | 5 | 5253 |
|  Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB | 5.00% | 05/15/2031 | 115 | 120522 |
|  Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB | 5.00% | 05/15/2032 | 5 | 5227 |
|  Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB | 4.00% | 05/15/2034 | 25 | 25253 |
|  Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB | 4.00% | 05/15/2036 | 155 | 155336 |
|  Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB | 5.00% | 03/15/2027 | 150 | 156047 |
|  Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB | 5.00% | 09/15/2027 | 500 | 526788 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5079409 |
|  Washington-3.92% |  |  |  |  |
|  Auburn School District No. 408 of King & Pierce Counties, Series 2018, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2034 | 25 | 25327 |
|  Auburn School District No. 408 of King & Pierce Counties, Series 2018, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;540 | 560075 |
|  Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB | 5.00% | 11/01/2027 | 35 | 37057 |
|  Energy Northwest, Series 2017 A, Ref. RB. | 5.00% | 07/01/2027 | 200 | 209698 |
|  Energy Northwest (Bonneville Power Administration), Series 2016, Ref. RB | 5.00% | 07/01/2027 | 45 | 45877 |
|  Energy Northwest (Columbia Generating Station), Series 2017 A, Ref. RB | 5.00% | 07/01/2029 | 170 | 177665 |
|  Energy Northwest (Columbia Generating Station), Series 2017 A, Ref. RB | 5.00% | 07/01/2033 | 215 | 222580 |
|  Energy Northwest (Columbia Generating Station), Series 2017 A, Ref. RB | 5.00% | 07/01/2034 | 55 | 56711 |
|  Energy Northwest (No. 1), Series 2020 A, Ref. RB | 5.00% | 07/01/2027 | 95 | 99606 |
|  Energy Northwest (No. 3), Series 2018, Ref. RB | 5.00% | 07/01/2027 | 115 | 120576 |
|  Franklin County School District No. 1 Pasco, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2030 | 135 | 141756 |
|  Franklin County School District No. 1 Pasco, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2031 | 150 | 156904 |
|  Franklin County School District No. 1 Pasco, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2032 | 65 | 67761 |
|  Franklin County School District No. 1 Pasco, Series 2023, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2027 | 60 | 62149 |
|  King (County of), WA, Series 2017, Ref. GO Bonds | 4.00% | 07/01/2030 | 110 | 112367 |
|  King (County of), WA, Series 2017, Ref. RB | 5.00% | 07/01/2049 | 100 | 100108 |
|  King County School District No. 210 Federal Way, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2034 | 110 | 111104 |
|  King County School District No. 210 Federal Way, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2035 | 35 | 35243 |
|  King County School District No. 210 Federal Way, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2036 | 40 | 40151 |
|  King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2027 | 120 | 123714 |
|  King County School District No. 411 Issaquah, Series 2015, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 3.00% | 12/01/2027 | 70 | 70007 |
|  King County School District No. 411 Issaquah, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2032 | 20 | 20947 |
|  King County School District No. 411 Issaquah, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2033 | 130 | 135724 |
|  King County School District No. 414 Lake Washington, Series 2017, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2031 | 45 | 46684 |
|  King County School District No. 414 Lake Washington, Series 2017, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2033 | 105 | 106118 |
|  King County School District No. 414 Lake Washington, Series 2020, Ref. GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2027 | 90 | 93223 |
|  Pierce County School District No. 10 Tacoma, Series 2024, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2027 | 115 | 121750 |

---

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

---

| |
|:---|
| 215 |
| 215 |
| 215 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Washington-(continued) |  |  |  |  |
|  Pierce County School District No. 3 Puyallup, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2033 | $80 | $82662 |
|  Pierce County School District No. 3 Puyallup, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2034 | 55 | 56754 |
|  Pierce County School District No. 3 Puyallup, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2036 | 185 | 189756 |
|  Puyallup School District No. 3 (Washing State School District Credit Enhancement Program), Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2035 | 100 | 102879 |
|  Seattle (City of), WA, Series 2017 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 09/01/2027 | 75 | 78929 |
|  Seattle (City of), WA, Series 2017 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 09/01/2027 | 10 | 10524 |
|  Seattle (City of), WA, Series 2017 C, Ref. RB | 5.00% | 09/01/2029 | 25 | 26245 |
|  Seattle (City of), WA, Series 2017 C, Ref. RB | 5.00% | 09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;150 | 157258 |
|  Seattle (City of), WA, Series 2017 C, Ref. RB | 4.00% | 09/01/2034 | 50 | 50461 |
|  Seattle (City of), WA, Series 2017 C, Ref. RB | 4.00% | 09/01/2035 | 180 | 181124 |
|  Seattle (City of), WA, Series 2017 C, Ref. RB | 4.00% | 09/01/2036 | 180 | 180431 |
|  Seattle (City of), WA (Green Bonds), Series 2020 A, RB | 5.00% | 07/01/2027 | 90 | 94314 |
|  Seattle (Port of), WA, Series 2016, Ref. RB | 5.00% | 02/01/2027 | 60 | 60630 |
|  Seattle (Port of), WA, Series 2022 A, Ref. RB | 5.00% | 08/01/2027 | 110 | 115476 |
|  Spokane County School District No. 354 Mead, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2036 | 25 | 25825 |
|  Spokane County School District No. 81, Series 2017 B, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2030 | 5 | 5131 |
|  Washington (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 08/01/2027 | 195 | 199508 |
|  Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2033 | 80 | 83008 |
|  Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2035 | 70 | 72249 |
|  Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2036 | 50 | 51410 |
|  Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2038 | 115 | 117365 |
|  Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2039 | 5 | 5091 |
|  Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2040 | 10 | 10158 |
|  Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2042 | 150 | 151648 |
|  Washington (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2027 | 420 | 441634 |
|  Washington (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2029 | 275 | 288486 |
|  Washington (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2030 | 95 | 99440 |
|  Washington (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2031 | 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328640 |
|  Washington (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2032 | 75 | 78033 |
|  Washington (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2034 | 210 | 217381 |
|  Washington (State of), Series 2017 D, GO Bonds | 5.00% | 02/01/2027 | 40 | 41528 |
|  Washington (State of), Series 2017 D, GO Bonds | 5.00% | 02/01/2029 | 60 | 62200 |
|  Washington (State of), Series 2017 D, GO Bonds | 5.00% | 02/01/2030 | 55 | 56946 |
|  Washington (State of), Series 2017 D, GO Bonds | 5.00% | 02/01/2031 | 135 | 139491 |
|  Washington (State of), Series 2017 D, GO Bonds | 5.00% | 02/01/2032 | 10 | 10310 |
|  Washington (State of), Series 2017 D, GO Bonds | 5.00% | 02/01/2033 | 105 | 108034 |
|  Washington (State of), Series 2017 D, GO Bonds | 5.00% | 02/01/2034 | 20 | 20539 |
|  Washington (State of), Series 2017 D, GO Bonds | 5.00% | 02/01/2035 | 50 | 51242 |
|  Washington (State of), Series 2017 D, GO Bonds | 5.00% | 02/01/2039 | 30 | 30429 |
|  Washington (State of), Series 2017 D, GO Bonds | 5.00% | 02/01/2040 | 80 | 80936 |
|  Washington (State of), Series 2017 D, GO Bonds | 5.00% | 02/01/2042 | 160 | 161302 |
|  Washington (State of), Series 2017 R, Ref. GO Bonds | 5.00% | 08/01/2033 | 85 | 88196 |
|  Washington (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2034 | 135 | 139745 |
|  Washington (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2035 | 30 | 30964 |
|  Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2027 | 205 | 212831 |
|  Washington (State of), Series 2018 D, Ref. GO Bonds | 5.00% | 08/01/2031 | 70 | 73031 |
|  Washington (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2027 | 110 | 115666 |
|  Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2027 | 50 | 51910 |
|  Washington (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2027 | 125 | 130803 |
|  Washington (State of), Series 2022, Ref. GO Bonds | 4.00% | 07/01/2027 | 15 | 15463 |
|  Washington (State of), Series 2023 R, Ref. GO Bonds | 5.00% | 08/01/2027 | 65 | 68386 |
|  Washington (State of), Series 2024, Ref. GO Bonds | 5.00% | 07/01/2027 | 45 | 47190 |

---

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

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Washington-(continued) |  |  |  |  |
|  Washington (State of), Series 2025 C, GO Bonds | 5.00% | 02/01/2027 | $45 | $46719 |
|  Washington (State of), Series 2025B, Ref. GO Bonds | 5.00% | 07/01/2027 | 110 | 115354 |
|  Washington (State of), Series R-2017A, Ref. GO Bonds | 5.00% | 08/01/2027 | 35 | 35809 |
|  Washington (State of), Series R-2018D, Ref. GO Bonds | 5.00% | 08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;610 | 641186 |
|  Washington (State of), Series R-2018D, Ref. GO Bonds | 5.00% | 08/01/2030 | 75 | 78505 |
|  Washington (State of), Series R-2018D, Ref. GO Bonds | 5.00% | 08/01/2032 | 170 | 176876 |
|  Washington (State of), Series R-2018D, Ref. GO Bonds | 5.00% | 08/01/2035 | 40 | 41285 |
|  Washington (State of), Series R-2022D, Ref. GO Bonds | 4.00% | 07/01/2027 | 160 | 164936 |
|  Washington (State of), Series R-2023B, Ref. GO Bonds | 5.00% | 07/01/2027 | 220 | 230708 |
|  Washington (State of), Series R-2024C, Ref. GO Bonds | 5.00% | 08/01/2027 | 130 | 136771 |
|  Washington (State of) (Bid Group 1), Series 2024 C, GO Bonds | 5.00% | 02/01/2027 | 40 | 41528 |
|  Washington (State of) Health Care Facilities Authority (Seattle Children's Hospital), Series 2017 A, RB | 5.00% | 10/01/2047 | 135 | 133051 |
|  Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB | 5.00% | 08/15/2031 | 110 | 112932 |
|  Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB | 5.00% | 08/15/2034 | 150 | 151937 |
|  Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB | 5.00% | 08/15/2036 | 20 | 20070 |
|  |  |  |  | 10528141 |
|  West Virginia-0.14% |  |  |  |  |
|  West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB | 5.00% | 09/01/2027 | 320 | 335485 |
|  West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB | 5.00% | 09/01/2029 | 35 | 36566 |
|  |  |  |  | 372051 |
|  Wisconsin-1.31% |  |  |  |  |
|  Green Bay Area Public School District, Series 2025, GO Bonds | 5.00% | 04/01/2027 | 5 | 5207 |
|  Middleton-Cross Plains Area School District, Series 2019 A, GO Bonds | 3.25% | 03/01/2036 | 100 | 97060 |
|  Wisconsin (State of), Series 2017 2, Ref. GO Bonds | 5.00% | 11/01/2027 | 185 | 193146 |
|  Wisconsin (State of), Series 2017 3, Ref. GO Bonds | 5.00% | 11/01/2028 | 165 | 172132 |
|  Wisconsin (State of), Series 2017 3, Ref. GO Bonds | 5.00% | 11/01/2030 | 25 | 25983 |
|  Wisconsin (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2027 | 285 | 297550 |
|  Wisconsin (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2028 | 210 | 219077 |
|  Wisconsin (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2029 | 40 | 41673 |
|  Wisconsin (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2031 | 200 | 207272 |
|  Wisconsin (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2031 | 15 | 15545 |
|  Wisconsin (State of), Series 2017-3, Ref. GO Bonds | 5.00% | 11/01/2027 | 135 | 140945 |
|  Wisconsin (State of), Series 2019 A, Ref. RB<sup>(a)</sup> | 5.00% | 05/01/2027 | 275 | 287197 |
|  Wisconsin (State of), Series 2019 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 05/01/2027 | 240 | 250645 |
|  Wisconsin (State of), Series 2019 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 05/01/2027 | 170 | 177540 |
|  Wisconsin (State of), Series 2021-1, Ref. GO Bonds | 5.00% | 05/01/2027 | 90 | 94067 |
|  Wisconsin (State of), Series 2021-2, Ref. GO Bonds | 5.00% | 05/01/2027 | 40 | 41808 |
|  Wisconsin (State of), Series 2023, Ref. GO Bonds | 5.00% | 05/01/2027 | 105 | 109745 |
|  Wisconsin (State of), Series 2024, Ref. GO Bonds | 5.00% | 05/01/2027 | 200 | 209038 |
|  Wisconsin (State of), Series 2025, Ref. GO Bonds | 5.00% | 05/01/2027 | 55 | 57486 |
|  Wisconsin (State of) Department of Transportation, Series 2017-1, Ref. GO Bonds | 5.00% | 07/01/2027 | 150 | 157467 |
|  Wisconsin (State of) Department of Transportation, Series 2017-2, Ref. RB | 5.00% | 07/01/2027 | 80 | 83982 |
|  Wisconsin (State of) Department of Transportation, Series 2024-2, Ref. RB | 5.00% | 07/01/2027 | 130 | 136471 |
|  Wisconsin (State of) Health & Educational Facilities Authority (Froedtert Health), Series 2017, Ref. RB | 5.00% | 04/01/2035 | 40 | 40815 |
|  Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.), Series 2018 A, RB | 5.20% | 12/01/2037 | 450 | 457253 |
|  |  |  |  | 3519104 |
|  TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-92.80% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $249,234,073) |  |  |  | 248991128 |
|  OTHER ASSETS LESS LIABILITIES-7.20% |  |  |  | 19320311 |
|  NET ASSETS-100.00% |  |  |  | $268311439 |

---

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

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

August 31, 2025

---

| | |
|:---|:---|
|  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 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

<sup>(b)</sup> Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

<sup>(c)</sup> Principal and/or interest payments are secured by the bond insurance company listed.

<sup>(d)</sup> Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer's 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.

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)

August 31, 2025

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Municipal Obligations-93.52% |  |  |  |  |
|  Alabama-0.39% |  |  |  |  |
|  Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 5.00% | 11/01/2028 | $190 | $205435 |
|  Auburn University, Series 2018 A, RB | 5.00% | 06/01/2043 | 50 | 50708 |
|  Auburn University, Series 2018 A, RB | 5.00% | 06/01/2048 | 45 | 45343 |
|  Birmingham (City of) & Jefferson (County of), AL Civic Center Authority, Series 2018 A, RB | 5.00% | 07/01/2048 | 5 | 4909 |
|  Birmingham (City of) & Jefferson (County of), AL Civic Center Authority, Series 2018 B, RB | 5.00% | 07/01/2043 | 300 | 298301 |
|  Jefferson (County of), AL, Series 2024, Ref. RB | 5.00% | 10/01/2028 | 120 | 128209 |
|  Jefferson County Board of Education, Series 2018, Revenue Wts | 5.00% | 02/01/2046 | 100 | 99291 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832196 |
|  Alaska-0.07% |  |  |  |  |
|  North Slope (Borough of), AK, Series 2022 A, GO Bonds | 5.00% | 06/30/2028 | 150 | 160900 |
|  Arizona-1.52% |  |  |  |  |
|  Arizona (State of), Series 2019 A, Ref. COP<sup>(a)</sup> | 5.00% | 10/01/2028 | 5 | 5405 |
|  Arizona (State of) Department of Transportation, Series 2023, RB | 5.00% | 07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;150 | 161081 |
|  Arizona (State of) Industrial Development Authority (Equitable School Revolving Fund), Series 2019, RB | 5.00% | 11/01/2044 | 10 | 9733 |
|  Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB | 5.00% | 01/01/2028 | 20 | 21155 |
|  Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2017 A, RB | 4.00% | 01/01/2041 | 50 | 45132 |
|  Maricopa (County of), AZ Industrial Development Authority (Banner Health), Series 2017 A, RB | 5.00% | 01/01/2041 | 250 | 253286 |
|  Maricopa (County of), AZ Industrial Development Authority (HonorHealth), Series 2019 A, Ref. RB | 5.00% | 09/01/2036 | 5 | 5147 |
|  Maricopa (County of), AZ Industrial Development Authority (HonorHealth), Series 2019 A, Ref. RB | 5.00% | 09/01/2037 | 150 | 153598 |
|  Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds | 5.00% | 07/01/2028 | 50 | 53184 |
|  Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds | 5.00% | 07/01/2028 | 150 | 159721 |
|  Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds | 5.00% | 07/01/2030 | 55 | 58341 |
|  Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds | 5.00% | 07/01/2031 | 150 | 158168 |
|  Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018, GO Bonds | 5.00% | 07/01/2032 | 15 | 15725 |
|  Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018, GO Bonds | 5.00% | 07/01/2033 | 35 | 36529 |
|  Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018, GO Bonds | 5.00% | 07/01/2034 | 460 | 478242 |
|  Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018, GO Bonds | 5.00% | 07/01/2035 | 45 | 46599 |
|  Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018, GO Bonds | 5.00% | 07/01/2036 | 35 | 36070 |
|  Mesa (City of), AZ, Series 2014, Ref. RB | 3.00% | 07/01/2028 | 30 | 30003 |
|  Phoenix (City of), AZ Industrial Development Authority (Downtown Phoenix Student Housing, LLC-Arizona State University), Series 2018, Ref. RB | 5.00% | 07/01/2037 | 80 | 80296 |
|  Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2028 | 45 | 47050 |
|  Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB | 5.00% | 01/01/2028 | 25 | 25891 |
|  Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2028 | 105 | 111507 |
|  Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2030 | 185 | 195863 |
|  Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2031 | 15 | 15800 |
|  Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2032 | 15 | 15714 |
|  Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2033 | 195 | 203612 |
|  Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2034 | 35 | 36430 |
|  Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2035 | 25 | 25941 |
|  Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2036 | 175 | 180963 |
|  Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2037 | 425 | 437849 |

---

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

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Arizona-(continued) |  |  |  |  |
|  Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2038 | $15 | $15397 |
|  Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2039 | 115 | 117595 |
|  Salt River Project Agricultural Improvement & Power District, Series 2021 A, Ref. RB | 5.00% | 01/01/2028 | 25 | 26549 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3263576 |
|  Arkansas-0.03% |  |  |  |  |
|  Fort Smith (City of), AR, Series 2018, Ref. RB | 5.00% | 10/01/2033 | 25 | 25976 |
|  Fort Smith (City of), AR, Series 2018, Ref. RB | 5.00% | 10/01/2034 | 30 | 31068 |
|  Little Rock (City of), AR, Series 2022 A, GO Bonds | 3.88% | 02/01/2043 | 15 | 14958 |
|  |  |  |  | 72002 |
|  California-14.99% |  |  |  |  |
|  Alameda (County of), CA Joint Powers Authority (Highland Hospital Project), Series 2023, Ref. RB | 5.00% | 12/01/2028 | 20 | 21820 |
|  Bay Area Toll Authority, Series 2023 F-1, RB | 5.00% | 04/01/2028 | 110 | 118326 |
|  Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB | 5.00% | 04/01/2028 | 80 | 85951 |
|  Brentwood Union School District (Election of 2016), Series 2018, GO Bonds | 4.00% | 08/01/2048 | 190 | 170150 |
|  Cabrillo Unified School District (Election of 2018), Series 2020 B, GO Bonds | 5.00% | 08/01/2050 | 75 | 76066 |
|  California (State of), Series 2003, GO Bonds, (INS - AMBAC)<sup>(b)</sup> | 5.00% | 02/01/2028 | 20 | 21356 |
|  California (State of), Series 2013, Ref. GO Bonds | 3.25% | 10/01/2028 | 20 | 20009 |
|  California (State of), Series 2017, GO Bonds | 5.00% | 08/01/2028 | 25 | 26329 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2028 | 115 | 121113 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2028 | 60 | 63189 |
|  California (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2028 | 245 | 259620 |
|  California (State of), Series 2018, GO Bonds | 5.00% | 10/01/2028 | 195 | 211685 |
|  California (State of), Series 2018, GO Bonds | 5.00% | 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;600 | 647610 |
|  California (State of), Series 2018, Ref. GO Bonds | 5.00% | 08/01/2028 | 330 | 356816 |
|  California (State of), Series 2018, Ref. GO Bonds | 5.00% | 08/01/2036 | 70 | 73117 |
|  California (State of), Series 2019, GO Bonds | 5.00% | 11/01/2028 | 225 | 244715 |
|  California (State of), Series 2019, GO Bonds | 5.00% | 11/01/2031 | 145 | 155749 |
|  California (State of), Series 2019, GO Bonds | 5.00% | 11/01/2032 | 270 | 288364 |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2028 | 360 | 386025 |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2028 | 560 | 600484 |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 10/01/2028 | 115 | 124840 |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 11/01/2034 | 260 | 274978 |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 11/01/2036 | 580 | 607260 |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 11/01/2037 | 200 | 208352 |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 11/01/2039 | 60 | 61990 |
|  California (State of), Series 2020, GO Bonds | 3.00% | 03/01/2028 | 5 | 5074 |
|  California (State of), Series 2020, GO Bonds | 4.00% | 03/01/2028 | 10 | 10446 |
|  California (State of), Series 2020, Ref. GO Bonds | 5.00% | 11/01/2028 | 520 | 565563 |
|  California (State of), Series 2020, Ref. GO Bonds | 5.00% | 11/01/2028 | 25 | 27191 |
|  California (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 10/01/2028 | 225 | 244252 |
|  California (State of), Series 2021, Ref. GO Bonds | 5.00% | 09/01/2028 | 155 | 167942 |
|  California (State of), Series 2021, Ref. GO Bonds | 5.00% | 10/01/2028 | 145 | 157407 |
|  California (State of), Series 2021, Ref. GO Bonds | 5.00% | 12/01/2028 | 320 | 348695 |
|  California (State of), Series 2022, GO Bonds | 5.00% | 04/01/2028 | 220 | 235904 |
|  California (State of), Series 2022, Ref. GO Bonds | 4.00% | 09/01/2028 | 80 | 84249 |
|  California (State of), Series 2022, Ref. GO Bonds | 5.00% | 11/01/2028 | 315 | 342601 |
|  California (State of), Series 2022, Ref. GO Bonds | 5.00% | 04/01/2035 | 550 | 579497 |
|  California (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 09/01/2028 | 30 | 32505 |
|  California (State of), Series 2023, GO Bonds | 5.00% | 10/01/2028 | 60 | 65134 |
|  California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2028 | 80 | 86680 |
|  California (State of), Series 2024, GO Bonds | 5.00% | 08/01/2028 | 250 | 270315 |
|  California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2028 | 80 | 86680 |
|  California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2028 | 25 | 27031 |
|  California (State of) (Bid Group A), Series 2018, GO Bonds | 5.00% | 10/01/2048 | 250 | 253011 |
|  California (State of) (Green Bonds), Series 2014, GO Bonds | 3.00% | 10/01/2028 | 10 | 10003 |
|  California (State of) Community College Financing Authority (NCCD - Orange Coast Properties LLC - Orange Coast College), Series 2018, RB | 5.25% | 05/01/2043 | 100 | 101536 |

---

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

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  California (State of) Community College Financing Authority (NCCD - Orange Coast Properties LLC - Orange Coast College), Series 2018, RB | 5.25% | 05/01/2053 | $20 | $20172 |
|  California (State of) Department of Water Resources, Series 2019 BA, RB | 5.00% | 12/01/2028 | 35 | 38404 |
|  California (State of) Department of Water Resources (Central Valley), Series 2018, Ref. RB | 5.00% | 12/01/2028 | 45 | 49377 |
|  California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB | 5.00% | 12/01/2028 | 80 | 87781 |
|  California (State of) Department of Water Resources (Central Valley), Series 2021, RB | 5.00% | 12/01/2028 | 50 | 54863 |
|  California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, RB | 5.00% | 10/01/2048 | 20 | 19743 |
|  California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2024, RB | 5.00% | 12/01/2028 | 150 | 159132 |
|  California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB | 5.00% | 11/15/2028 | 15 | 15835 |
|  California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB<sup>(a)(c)</sup> | 5.00% | 01/01/2028 | 115 | 122885 |
|  California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB<sup>(a)(c)</sup> | 5.00% | 01/01/2028 | 175 | 186999 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds),<br>Series 2018, RB | 5.00% | 10/01/2028 | 55 | 59129 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds),<br>Series 2018, RB | 5.00% | 10/01/2029 | 150 | 160680 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds),<br>Series 2018, RB | 5.00% | 10/01/2031 | 100 | 106223 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds),<br>Series 2018, RB | 5.00% | 10/01/2032 | 55 | 58233 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds),<br>Series 2018, RB | 5.00% | 10/01/2033 | 55 | 58025 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds),<br>Series 2018, RB | 5.00% | 10/01/2034 | 10 | 10515 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds),<br>Series 2018, RB | 5.00% | 10/01/2035 | 115 | 120562 |
|  California (State of) Infrastructure & Economic Development Bank (Segerstrom Center for the Arts), Series 2017, Ref. RB | 5.00% | 01/01/2028 | 310 | 327545 |
|  California (State of) Infrastructure & Economic Development Bank (The Broad) (Green Bonds), Series 2021, Ref. RB | 5.00% | 06/01/2028 | 105 | 113207 |
|  California (State of) Infrastructure & Economic Development Bank (The J. Paul Getty Trust), Series 2023, Ref. RB | 5.00% | 04/01/2028 | 15 | 16151 |
|  California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB | 5.00% | 05/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249380 |
|  California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB | 5.00% | 05/15/2047 | 165 | 166365 |
|  California (State of) Municipal Finance Authority (Emerson College), Series 2017 B, Ref. RB | 5.00% | 01/01/2042 | 150 | 147364 |
|  California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase II), Series 2018 A, RB | 5.00% | 06/01/2048 | 240 | 240662 |
|  California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase II), Series 2018, RB | 5.00% | 06/01/2043 | 115 | 116658 |
|  California (State of) Public Finance Authority (Sharp Healthcare), Series 2024, Ref. RB | 5.00% | 08/01/2028 | 30 | 32500 |
|  California (State of) Public Works Board, Series 2021 A, Ref. RB | 5.00% | 02/01/2028 | 20 | 21385 |
|  California (State of) Public Works Board, Series 2022 A, Ref. RB | 5.00% | 08/01/2028 | 220 | 238267 |
|  California (State of) Public Works Board, Series 2022 C, Ref. RB | 5.00% | 08/01/2028 | 60 | 64982 |
|  California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB | 5.00% | 10/01/2028 | 110 | 116284 |
|  California (State of) Public Works Board (Various Capital), Series 2019 C, RB | 5.00% | 11/01/2028 | 150 | 163432 |
|  California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB | 5.00% | 12/01/2028 | 255 | 278370 |
|  California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB | 5.00% | 09/01/2028 | 230 | 249623 |
|  California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California),<br>Series 2018, RB | 5.00% | 01/01/2038 | 25 | 25643 |
|  California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California),<br>Series 2018, RB | 5.00% | 01/01/2043 | 10 | 10115 |
|  California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California),<br>Series 2018, RB | 4.38% | 01/01/2048 | 30 | 27592 |

---

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

---

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| 221 |
| 221 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California),<br>Series 2018, RB | 5.00% | 01/01/2048 | $265 | $265807 |
|  California State University, Series 2015 A, Ref. RB<sup>(a)(c)</sup> | 3.25% | 11/01/2025 | 5 | 5007 |
|  California State University, Series 2018 A, Ref. RB | 5.00% | 11/01/2034 | 115 | 121732 |
|  California State University, Series 2018 A, Ref. RB | 5.00% | 11/01/2036 | 150 | 157142 |
|  California State University, Series 2018 A, Ref. RB | 5.00% | 11/01/2038 | 15 | 15532 |
|  California State University, Series 2018 A, Ref. RB | 5.00% | 11/01/2043 | 220 | 223470 |
|  California State University, Series 2018 A, Ref. RB | 5.00% | 11/01/2048 | 150 | 151014 |
|  Chaffey Community College District, Series 2019 A, GO Bonds<sup>(a)(c)</sup> | 3.00% | 06/01/2028 | 10 | 10223 |
|  Chaffey Community College District (Election of 2018), Series 2019 A, GO Bonds<sup>(a)(c)</sup> | 4.00% | 06/01/2028 | 160 | 167948 |
|  Chaffey Community College District (Election of 2018), Series 2019 A, GO Bonds<sup>(a)(c)</sup> | 5.00% | 06/01/2028 | 150 | 161432 |
|  Chaffey Joint Union High School District, Series 2019 D, GO Bonds | 4.00% | 08/01/2049 | 75 | 65765 |
|  Contra Costa (County of), CA Transportation Authority, Series 2018 B, Ref. RB | 5.00% | 03/01/2028 | 125 | 130483 |
|  East Bay Municipal Utility District, Series 2017 B, Ref. RB | 5.00% | 06/01/2028 | 25 | 26240 |
|  East Side Union High School District, Series 2024 A, Ref. GO Bonds, (INS - AGI)<sup>(b)</sup> | 5.00% | 08/01/2028 | 25 | 27120 |
|  El Camino Community College District Fountation (The) (Election of 2012), Series 2018 B, GO Bonds | 5.00% | 08/01/2048 | 155 | 156898 |
|  Grossmont-Cuyamaca Community College District (Election of 2012), Series 2018 B, GO Bonds | 5.00% | 08/01/2044 | 5 | 5107 |
|  Grossmont-Cuyamaca Community College District (Election of 2012), Series 2018 B, GO Bonds | 4.00% | 08/01/2047 | 25 | 22535 |
|  Hartnell Community College District, Series 2020 B, GO Bonds | 3.00% | 08/01/2045 | 75 | 56082 |
|  Hayward Unified School District, Series 2019 A, GO Bonds, (INS - BAM)<sup>(b)</sup> | 5.00% | 08/01/2044 | 120 | 121432 |
|  Long Beach (City of), CA, Series 2018 A, RB | 5.00% | 06/01/2048 | 400 | 404004 |
|  Long Beach Community College District, Series 2019 C, GO Bonds | 4.00% | 08/01/2049 | 150 | 131314 |
|  Los Angeles (City of), CA, Series 2018 B, Ref. RB | 5.00% | 06/01/2028 | 70 | 75706 |
|  Los Angeles (City of), CA, Series 2022 C, Ref. RB | 5.00% | 06/01/2028 | 370 | 400159 |
|  Los Angeles (City of), CA Department of Airports, Series 2019 C, Ref. RB | 5.00% | 05/15/2028 | 65 | 70162 |
|  Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB | 5.00% | 05/15/2028 | 5 | 5397 |
|  Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, RB | 5.00% | 05/15/2044 | 185 | 187490 |
|  Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, RB | 5.00% | 05/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;290 | 291597 |
|  Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020, Ref. RB | 5.00% | 05/15/2028 | 80 | 86353 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB | 5.00% | 07/01/2028 | 180 | 189624 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB | 5.00% | 07/01/2031 | 35 | 36457 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB | 5.00% | 07/01/2032 | 95 | 98588 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB | 5.00% | 07/01/2033 | 125 | 129017 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB | 5.00% | 07/01/2034 | 15 | 15419 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB | 5.00% | 07/01/2037 | 215 | 218979 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB | 5.00% | 07/01/2038 | 170 | 172116 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB | 5.00% | 07/01/2031 | 125 | 131344 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB | 5.00% | 07/01/2033 | 5 | 5196 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB | 5.00% | 07/01/2035 | 65 | 66918 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB | 5.00% | 07/01/2036 | 110 | 112795 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB | 5.00% | 07/01/2037 | 270 | 276156 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB | 5.00% | 07/01/2043 | 420 | 419993 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB | 5.00% | 07/01/2033 | 30 | 31161 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB | 5.00% | 07/01/2034 | 100 | 103361 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB | 5.00% | 07/01/2035 | 110 | 113186 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB | 5.00% | 07/01/2036 | 20 | 20497 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB | 5.00% | 07/01/2037 | 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265789 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB | 5.00% | 07/01/2038 | 10 | 10150 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB | 5.00% | 07/01/2039 | 30 | 30348 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB | 4.00% | 07/01/2028 | 100 | 103770 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 E, Ref. RB | 5.00% | 07/01/2028 | 10 | 10662 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.00% | 07/01/2028 | 5 | 5331 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.00% | 07/01/2028 | 25 | 26655 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2024 E, Ref. RB | 5.00% | 07/01/2028 | 100 | 106622 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB | 5.00% | 07/01/2028 | 45 | 47384 |

---

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

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| 222 |
| 222 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2019 B, RB | 5.00% | 07/01/2032 | $35 | $37267 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2019 B, RB | 5.00% | 07/01/2033 | 40 | 42414 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2019 B, RB | 5.00% | 07/01/2034 | 25 | 26406 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB | 5.00% | 06/01/2028 | 50 | 54076 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB | 5.00% | 07/01/2028 | 50 | 54195 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB | 5.00% | 07/01/2030 | 15 | 16153 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB | 5.00% | 07/01/2031 | 315 | 336857 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB | 5.00% | 07/01/2037 | 60 | 62590 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB | 5.00% | 07/01/2038 | 55 | 57101 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB | 5.00% | 07/01/2039 | 55 | 56895 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB | 5.00% | 07/01/2044 | 475 | 486335 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB | 5.00% | 07/01/2035 | 15 | 15776 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB | 5.00% | 06/01/2028 | 565 | 611211 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2023, Ref. RB | 5.00% | 07/01/2028 | 45 | 48775 |
|  Los Angeles Community College District, Series 2024, GO Bonds | 5.00% | 08/01/2028 | 15 | 16299 |
|  Los Angeles Community College District (Election of 2016), Series 2023 D, GO Bonds | 5.00% | 08/01/2028 | 95 | 103225 |
|  Los Angeles Community College District (Election of 2016), Series 2024 E, GO Bonds | 5.00% | 08/01/2028 | 15 | 16299 |
|  Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB | 5.00% | 12/01/2043 | 150 | 153150 |
|  Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB | 5.00% | 12/01/2051 | 30 | 30314 |
|  Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds | 5.00% | 07/01/2028 | 95 | 102970 |
|  Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds | 5.00% | 07/01/2028 | 220 | 238457 |
|  Los Angeles Unified School District, Series 2020 C, GO Bonds | 5.00% | 07/01/2028 | 185 | 200521 |
|  Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 5.00% | 07/01/2028 | 105 | 113809 |
|  Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2028 | 120 | 130068 |
|  Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds | 5.00% | 07/01/2028 | 160 | 173424 |
|  Los Angeles Unified School District (Election of 2005), Series 2018 M, GO Bonds | 5.25% | 07/01/2042 | 35 | 35728 |
|  Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.00% | 07/01/2028 | 1035 | &nbsp;&nbsp;&nbsp;&nbsp;1106833 |
|  Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.00% | 07/01/2029 | 90 | 95875 |
|  Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.00% | 07/01/2030 | 100 | 106021 |
|  Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.00% | 07/01/2031 | 15 | 15808 |
|  Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.00% | 07/01/2033 | 25 | 26128 |
|  Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.00% | 07/01/2034 | 105 | 109362 |
|  Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.00% | 07/01/2035 | 30 | 31143 |
|  Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.00% | 07/01/2036 | 15 | 15530 |
|  Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.00% | 07/01/2037 | 15 | 15480 |
|  Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.00% | 07/01/2038 | 20 | 20552 |
|  Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.25% | 07/01/2042 | 395 | 403214 |
|  Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds, (INS - BAM)<sup>(b)</sup> | 5.00% | 07/01/2031 | 15 | 15825 |
|  Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds | 5.00% | 07/01/2028 | 25 | 27097 |
|  Los Angeles Unified School District (Green Bonds), Series 2023, GO Bonds | 5.00% | 07/01/2028 | 15 | 16258 |
|  Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds | 5.00% | 07/01/2028 | 110 | 119229 |
|  Metropolitan Water District of Southern California, Series 2018 B, RB | 5.00% | 09/01/2028 | 180 | 196125 |
|  Metropolitan Water District of Southern California, Series 2022 A, Ref. RB | 5.00% | 10/01/2028 | 100 | 109213 |
|  Metropolitan Water District of Southern California, Series 2022 B, Ref. RB | 3.00% | 07/01/2028 | 175 | 178101 |
|  Mountain View Shoreline Regional Park Community, Series 2018 A, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 08/01/2043 | 100 | 101208 |
|  Orange (County of), CA Sanitation District, Series 2017 A, Ref. RB | 5.00% | 02/01/2028 | 20 | 20831 |
|  Oxnard Union High School District, Series 2020 B, GO Bonds | 5.00% | 08/01/2045 | 75 | 75889 |
|  Pasadena Unified School District (Election of 2020), Series 2023 C, GO Bonds | 5.00% | 08/01/2028 | 30 | 32544 |
|  Pittsburg Unified School District Financing Authority (Pittsburg Unified School District Bond Program), Series 2019, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 09/01/2047 | 25 | 25181 |
|  Rancho Santiago Community College District, Series 2005, GO Bonds, (INS - AGI)<sup>(b)</sup> | 5.13% | 09/01/2028 | 55 | 60042 |
|  Redwood City School District (Election of 2015), Series 2018, GO Bonds | 5.25% | 08/01/2044 | 200 | 205522 |
|  Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB | 5.00% | 06/01/2028 | 100 | 106585 |
|  Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB | 5.00% | 06/01/2043 | 185 | 187811 |
|  Sacramento (City of), CA Municipal Utility District, Series 2016 D, Ref. RB | 5.00% | 08/15/2028 | 150 | 163064 |

---

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

---

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|:---|
| 223 |
| 223 |
| 223 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  Sacramento (City of), CA Municipal Utility District, Series 2018 F, Ref. RB | 5.00% | 08/15/2028 | $85 | $92403 |
|  Sacramento (City of), CA Municipal Utility District, Series 2021 I, Ref. RB | 5.00% | 08/15/2028 | 55 | 59790 |
|  Sacramento (City of), CA Municipal Utility District, Series 2022 J, Ref. RB | 5.00% | 08/15/2028 | 15 | 16306 |
|  Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB | 5.00% | 12/01/2028 | 45 | 49228 |
|  Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB | 5.00% | 12/01/2028 | 60 | 65637 |
|  Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB | 5.00% | 10/01/2028 | 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119997 |
|  San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB | 5.00% | 08/01/2043 | 130 | 131936 |
|  San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB | 5.25% | 08/01/2047 | 25 | 25398 |
|  San Diego (County of), CA Water Authority (Green Bonds), Series 2021 S-1, Ref. RB | 5.00% | 05/01/2028 | 280 | 299899 |
|  San Diego Unified School District (Election of 1998), Series 2006 G-1, Ref. GO Bonds, (INS - AGI)<sup>(b)</sup> | 5.25% | 07/01/2028 | 135 | 147407 |
|  San Diego Unified School District (Election of 1998), Series 2006, Ref. GO Bonds, (INS - AGI)<sup>(b)</sup> | 5.25% | 07/01/2028 | 60 | 65514 |
|  San Diego Unified School District (Election of 1998), Series 2024 A, GO Bonds | 5.00% | 07/01/2028 | 20 | 21672 |
|  San Diego Unified School District (Election of 1998), Series 2025, Ref. GO Bonds | 5.00% | 07/01/2028 | 5 | 5418 |
|  San Diego Unified School District (Election of 2018) (Green Bonds), Series 2023, GO Bonds | 5.00% | 07/01/2028 | 100 | 108361 |
|  San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds | 5.00% | 06/15/2030 | 50 | 53658 |
|  San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds | 5.00% | 06/15/2031 | 140 | 149382 |
|  San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds | 4.00% | 06/15/2032 | 140 | 144487 |
|  San Francisco (City & County of), CA, Series 2022, Ref. GO Bonds | 5.00% | 06/15/2028 | 10 | 10821 |
|  San Francisco (City & County of), CA, Series 2024 R1, Ref. GO Bonds | 5.00% | 06/15/2028 | 5 | 5410 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2018, RB | 5.00% | 05/01/2048 | 100 | 100178 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB | 5.00% | 05/01/2028 | 120 | 128460 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2022, Ref. RB | 5.00% | 05/01/2028 | 5 | 5352 |
|  San Francisco (City & County of), CA Public Utilities Commission, Series 2023 B, Ref. RB | 5.00% | 10/01/2028 | 5 | 5464 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB | 5.00% | 11/01/2028 | 95 | 100835 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 B, Ref. RB | 5.00% | 10/01/2043 | 145 | 147209 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB | 5.00% | 10/01/2028 | 30 | 32783 |
|  San Francisco (County of), CA Transportation Authority, Series 2017, RB | 4.00% | 02/01/2028 | 25 | 25681 |
|  San Jose (City of), CA, Series 2019 C, Ref. GO Bonds | 5.00% | 09/01/2028 | 5 | 5451 |
|  San Leandro Unified School District (Election of 2020), Series 2020 A, GO Bonds, (INS - BAM)<sup>(b)</sup> | 4.00% | 08/01/2043 | 55 | 49989 |
|  San Lorenzo Unified School District, Series 2021, GO Bonds | 4.00% | 08/01/2047 | 80 | 72113 |
|  San Mateo (City of), CA Joint Powers Financing Authority (Capital), Series 2018 A, RB | 5.00% | 07/15/2043 | 150 | 152929 |
|  San Mateo County Community College District (Election of 2014), Series 2018 B, GO Bonds | 5.00% | 09/01/2045 | 185 | 188086 |
|  Santa Clara (County of), CA (Election of 2008), Series 2022 D, Ref. GO Bonds | 5.00% | 08/01/2028 | 25 | 27157 |
|  Santa Clara (County of), CA Financing Authority, Series 2018 A, RB | 4.00% | 04/01/2043 | 20 | 18327 |
|  Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB | 5.00% | 04/01/2028 | 95 | 102290 |
|  Santa Monica Community College District (Election of 2016), Series 2018 A, GO Bonds | 5.00% | 08/01/2043 | 20 | 20380 |
|  Southern California Public Power Authority (No.1), Series 2007 A, RB | 5.00% | 11/01/2028 | 100 | 104753 |
|  Sweetwater Union High School District, Series 2024, Ref. GO Bonds | 5.00% | 08/01/2028 | 10 | 10848 |
|  University of California, Series 2018 AZ, Ref. RB | 4.00% | 05/15/2028 | 10 | 10476 |
|  University of California, Series 2018 AZ, Ref. RB | 4.00% | 05/15/2030 | 45 | 46748 |
|  University of California, Series 2018 AZ, Ref. RB | 4.00% | 05/15/2031 | 25 | 25796 |
|  University of California, Series 2018 AZ, Ref. RB | 5.00% | 05/15/2031 | 5 | 5323 |
|  University of California, Series 2018 AZ, Ref. RB | 5.00% | 05/15/2032 | 25 | 26466 |
|  University of California, Series 2018 AZ, Ref. RB | 5.00% | 05/15/2033 | 25 | 26334 |
|  University of California, Series 2018 AZ, Ref. RB | 5.00% | 05/15/2034 | 185 | 193946 |
|  University of California, Series 2018 AZ, Ref. RB | 5.00% | 05/15/2035 | 75 | 78292 |
|  University of California, Series 2018 AZ, Ref. RB | 5.00% | 05/15/2036 | 110 | 114330 |
|  University of California, Series 2018 AZ, Ref. RB | 5.00% | 05/15/2037 | 65 | 67291 |
|  University of California, Series 2018 AZ, Ref. RB | 5.00% | 05/15/2038 | 30 | 30925 |
|  University of California, Series 2018 AZ, Ref. RB | 5.00% | 05/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;480 | 487013 |
|  University of California, Series 2018 AZ, Ref. RB | 5.00% | 05/15/2048 | 125 | 125194 |
|  University of California, Series 2018 AZ, Ref. RB | 5.25% | 05/15/2058 | 565 | 569196 |
|  University of California, Series 2018, Ref. RB | 5.00% | 05/15/2028 | 25 | 26992 |

---

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

---

| |
|:---|
| 224 |
| 224 |
| 224 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  University of California, Series 2022 S, Ref. RB | 5.00% | 05/15/2028 | $5 | $5398 |
|  University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2028 | 45 | 48611 |
|  University of California (Limited), Series 2018 O, Ref. RB | 4.00% | 05/15/2030 | 35 | 36341 |
|  University of California (Limited), Series 2018 O, Ref. RB | 5.00% | 05/15/2031 | 40 | 42566 |
|  University of California (Limited), Series 2018 O, Ref. RB | 5.00% | 05/15/2034 | 20 | 20957 |
|  University of California (Limited), Series 2018 O, Ref. RB | 5.00% | 05/15/2035 | 65 | 67819 |
|  University of California (Limited), Series 2018 O, Ref. RB | 5.00% | 05/15/2036 | 100 | 103884 |
|  University of California (Limited), Series 2018 O, Ref. RB | 5.00% | 05/15/2037 | 80 | 82778 |
|  University of California (Limited), Series 2018 O, Ref. RB | 5.00% | 05/15/2038 | 240 | 247277 |
|  University of California (Limited), Series 2018 O, Ref. RB | 5.00% | 05/15/2039 | 50 | 51342 |
|  University of California (Limited), Series 2018 O, Ref. RB | 5.00% | 05/15/2043 | 285 | 289019 |
|  University of California (Limited), Series 2018 O, Ref. RB | 5.00% | 05/15/2048 | 190 | 190199 |
|  Vacaville Unified School District, Series 2020 D, GO Bonds | 4.00% | 08/01/2045 | 160 | 144631 |
|  Vernon (City of), CA, Series 2021 A, RB | 5.00% | 04/01/2028 | 100 | 105468 |
|  |  |  |  | 32100789 |
|  Colorado-2.22% |  |  |  |  |
|  Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds | 5.50% | 12/01/2028 | 335 | 368054 |
|  Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds | 5.50% | 12/01/2043 | 30 | 31102 |
|  Colorado (State of), Series 2018 A, COP | 5.00% | 12/15/2028 | 90 | 97411 |
|  Colorado (State of), Series 2018 A, COP | 5.00% | 12/15/2030 | 5 | 5353 |
|  Colorado (State of), Series 2018 A, COP | 5.00% | 12/15/2031 | 165 | 175694 |
|  Colorado (State of), Series 2018 A, COP | 5.00% | 12/15/2032 | 65 | 68923 |
|  Colorado (State of), Series 2018 A, COP | 4.00% | 12/15/2034 | 465 | 470422 |
|  Colorado (State of), Series 2018 A, COP | 4.00% | 12/15/2036 | 10 | 10010 |
|  Colorado (State of), Series 2018 M, Ref. COP | 5.00% | 03/15/2031 | 95 | 100087 |
|  Colorado (State of), Series 2018 N, COP | 5.00% | 03/15/2037 | 15 | 15494 |
|  Colorado (State of), Series 2018 N, COP | 5.00% | 03/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;345 | 354009 |
|  Colorado (State of), Series 2020 A, COP | 5.00% | 12/15/2028 | 100 | 108235 |
|  Colorado (State of), Series 2021 A, COP | 5.00% | 12/15/2028 | 40 | 43294 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB | 5.00% | 08/01/2028 | 25 | 26557 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 5.00% | 08/01/2028 | 90 | 95607 |
|  Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB | 5.00% | 01/01/2028 | 10 | 10573 |
|  Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB | 5.00% | 11/01/2028 | 120 | 129939 |
|  Colorado (State of) Regional Transportation District (Green Bonds), Series 2021, Ref. RB | 5.00% | 11/01/2028 | 125 | 135354 |
|  Colorado Springs (City of), CO, Series 2018 A-4, RB | 5.00% | 11/15/2048 | 90 | 90230 |
|  Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds | 5.00% | 08/01/2028 | 380 | 409313 |
|  Denver (City & County of), CO, Series 2022 C, Ref. RB | 5.00% | 11/15/2028 | 45 | 48652 |
|  Denver (City & County of), CO, Series 2023 A, Ref. RB | 5.00% | 11/15/2028 | 15 | 16217 |
|  Denver (City & County of), CO (Wellington E. Webb Municipal Office Building), Series 2023, Ref. COP | 5.00% | 12/01/2028 | 40 | 43260 |
|  Denver City & County School District No. 1, Series 2018 A, GO Bonds | 5.50% | 12/01/2028 | 40 | 42742 |
|  Denver City & County School District No. 1, Series 2021 B, Ref. GO Bonds | 4.00% | 12/01/2028 | 35 | 36821 |
|  Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds | 5.00% | 12/15/2028 | 50 | 54200 |
|  Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds | 5.00% | 12/15/2037 | 25 | 25916 |
|  Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds | 5.00% | 12/15/2038 | 25 | 25778 |
|  E-470 Public Highway Authority, Series 2020 A, Ref. RB | 5.00% | 09/01/2028 | 10 | 10747 |
|  Jefferson County School District R-1, Series 2018, GO Bonds | 5.00% | 12/15/2030 | 110 | 118134 |
|  Jefferson County School District R-1, Series 2018, GO Bonds | 5.00% | 12/15/2031 | 55 | 58778 |
|  Jefferson County School District R-1, Series 2018, GO Bonds | 5.00% | 12/15/2032 | 55 | 58337 |
|  Jefferson County School District R-1, Series 2018, GO Bonds | 5.00% | 12/15/2033 | 75 | 78963 |
|  Jefferson County School District R-1, Series 2018, GO Bonds | 5.00% | 12/15/2034 | 30 | 31442 |
|  Jefferson County School District R-1, Series 2018, GO Bonds | 5.00% | 12/15/2038 | 5 | 5125 |
|  Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds | 5.00% | 12/15/2031 | 80 | 85496 |
|  Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds | 4.00% | 12/15/2033 | 50 | 50823 |
|  Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds | 5.00% | 12/15/2034 | 110 | 115008 |
|  Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds | 4.00% | 12/15/2035 | 50 | 50346 |
|  Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds | 4.00% | 12/15/2036 | 55 | 55121 |
|  Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds | 5.00% | 12/15/2037 | 95 | 97801 |

---

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

---

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| 225 |
| 225 |
| 225 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Colorado-(continued) |  |  |  |  |
|  Loveland (City of), CO Electric & Communications Enterprise, Series 2019 A, RB | 5.00% | 12/01/2044 | $100 | $100271 |
|  Metro Water Recovery, Series 2025 A, Ref. RB | 5.00% | 04/01/2028 | 35 | 37394 |
|  University of Colorado, Series 2017 A-2, Ref. RB<sup>(a)(c)</sup> | 4.00% | 06/01/2028 | 160 | 167380 |
|  University of Colorado, Series 2017 A-2, Ref. RB<sup>(a)(c)</sup> | 4.00% | 06/01/2028 | 80 | 83690 |
|  University of Colorado, Series 2017 A-2, Ref. RB<sup>(a)(c)</sup> | 4.00% | 06/01/2028 | 10 | 10461 |
|  University of Colorado, Series 2017 A-2, Ref. RB<sup>(a)(c)</sup> | 5.00% | 06/01/2028 | 70 | 75083 |
|  University of Colorado, Series 2017 A-2, Ref. RB | 5.00% | 06/01/2028 | 125 | 134007 |
|  University of Colorado, Series 2017 A-2, Ref. RB | 5.00% | 06/01/2030 | 10 | 10646 |
|  University of Colorado, Series 2017 A-2, Ref. RB<sup>(a)</sup> | 4.00% | 06/01/2038 | 85 | 87619 |
|  University of Colorado, Series 2017 A-2, Ref. RB | 4.00% | 06/01/2038 | 170 | 167914 |
|  University of Colorado, Series 2017 A-2, Ref. RB | 4.00% | 06/01/2039 | 25 | 24484 |
|  University of Colorado, Series 2024 A, Ref. RB | 5.00% | 10/01/2028 | 5 | 5401 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4759718 |
|  Connecticut-2.44% |  |  |  |  |
|  Connecticut (State of), Series 2018 A, GO Bonds | 5.00% | 04/15/2033 | 10 | 10483 |
|  Connecticut (State of), Series 2018 A, GO Bonds | 5.00% | 04/15/2034 | 5 | 5224 |
|  Connecticut (State of), Series 2018 A, GO Bonds | 5.00% | 04/15/2035 | 35 | 36425 |
|  Connecticut (State of), Series 2018 A, GO Bonds | 5.00% | 04/15/2037 | 40 | 41324 |
|  Connecticut (State of), Series 2018 A, Ref. GO Bonds | 5.00% | 04/15/2028 | 70 | 74819 |
|  Connecticut (State of), Series 2018 B, RB | 5.00% | 10/01/2028 | 200 | 216055 |
|  Connecticut (State of), Series 2018 B, RB | 5.00% | 10/01/2030 | 75 | 80319 |
|  Connecticut (State of), Series 2018 B, RB | 5.00% | 10/01/2031 | 70 | 74526 |
|  Connecticut (State of), Series 2018 B, RB | 5.00% | 10/01/2032 | 140 | 148308 |
|  Connecticut (State of), Series 2018 B, RB | 5.00% | 10/01/2034 | 25 | 26255 |
|  Connecticut (State of), Series 2018 B, RB | 5.00% | 10/01/2035 | 35 | 36584 |
|  Connecticut (State of), Series 2018 B, RB | 5.00% | 10/01/2038 | 65 | 66940 |
|  Connecticut (State of), Series 2018 C, GO Bonds | 5.00% | 06/15/2028 | 10 | 10730 |
|  Connecticut (State of), Series 2018 C, GO Bonds | 5.00% | 06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;595 | 628007 |
|  Connecticut (State of), Series 2018 E, GO Bonds | 5.00% | 09/15/2028 | 10 | 10792 |
|  Connecticut (State of), Series 2018 E, GO Bonds | 5.00% | 09/15/2032 | 15 | 15881 |
|  Connecticut (State of), Series 2018 E, GO Bonds | 5.00% | 09/15/2033 | 20 | 21081 |
|  Connecticut (State of), Series 2018 E, GO Bonds | 5.00% | 09/15/2035 | 10 | 10449 |
|  Connecticut (State of), Series 2018 E, GO Bonds | 5.00% | 09/15/2037 | 100 | 103469 |
|  Connecticut (State of), Series 2018 F, Ref. GO Bonds | 5.00% | 09/15/2028 | 40 | 43170 |
|  Connecticut (State of), Series 2019 A, GO Bonds | 5.00% | 04/15/2028 | 60 | 64131 |
|  Connecticut (State of), Series 2019 B, Ref. GO Bonds | 5.00% | 02/15/2028 | 130 | 138402 |
|  Connecticut (State of), Series 2020 A, GO Bonds | 5.00% | 01/15/2028 | 20 | 21250 |
|  Connecticut (State of), Series 2020, RB | 5.00% | 05/01/2028 | 80 | 85597 |
|  Connecticut (State of), Series 2021 A, GO Bonds | 4.00% | 01/15/2028 | 230 | 238776 |
|  Connecticut (State of), Series 2021 A, RB | 5.00% | 05/01/2028 | 470 | 502882 |
|  Connecticut (State of), Series 2021 D, RB | 5.00% | 11/01/2028 | 150 | 162329 |
|  Connecticut (State of), Series 2022 A, GO Bonds | 4.00% | 01/15/2028 | 95 | 98625 |
|  Connecticut (State of), Series 2022 D, Ref. GO Bonds | 5.00% | 09/15/2028 | 65 | 70151 |
|  Connecticut (State of), Series 2022 E, GO Bonds | 5.00% | 11/15/2028 | 240 | 259939 |
|  Connecticut (State of), Series 2022 G, Ref. GO Bonds | 5.00% | 11/15/2028 | 280 | 303262 |
|  Connecticut (State of), Series 2023 A, RB | 5.00% | 07/01/2028 | 35 | 37596 |
|  Connecticut (State of), Series 2023 B, Ref. GO Bonds | 5.00% | 08/01/2028 | 95 | 102245 |
|  Connecticut (State of), Series 2023 B, Ref. RB | 5.00% | 07/01/2028 | 15 | 16112 |
|  Connecticut (State of), Series 2024 A, GO Bonds | 5.00% | 01/15/2028 | 175 | 185938 |
|  Connecticut (State of), Series 2024 A-1, RB | 5.00% | 07/01/2028 | 30 | 32225 |
|  Connecticut (State of), Series 2024 B, Ref. RB | 5.00% | 07/01/2028 | 55 | 59079 |
|  Connecticut (State of), Series 2024 C, Ref. GO Bonds | 5.00% | 03/01/2028 | 70 | 74604 |
|  Connecticut (State of), Series 2024 E, Ref. GO Bonds | 5.00% | 09/01/2028 | 10 | 10784 |
|  Connecticut (State of), Series 2024 F, GO Bonds | 5.00% | 11/15/2028 | 5 | 5415 |
|  Connecticut (State of), Series 2025 A, GO Bonds | 5.00% | 03/15/2028 | 130 | 138678 |
|  Connecticut (State of) (Social Bonds), Series 2021 D, Ref. GO Bonds | 5.00% | 07/15/2028 | 115 | 123641 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB | 5.00% | 01/01/2032 | 35 | 36674 |

---

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

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| 226 |
| 226 |
| 226 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Connecticut-(continued) |  |  |  |  |
|  Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB | 5.00% | 01/01/2036 | $85 | $87838 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB | 5.00% | 01/01/2038 | 155 | 158998 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2018 B, RB | 5.00% | 10/01/2033 | 40 | 42183 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2018, RB | 5.00% | 01/01/2028 | 125 | 132688 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2018, RB | 5.00% | 01/01/2030 | 95 | 100357 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2018, RB | 5.00% | 01/01/2031 | 50 | 52608 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2018, RB | 5.00% | 01/01/2034 | 35 | 36430 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.00% | 07/01/2028 | 20 | 21483 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2022 B, Ref. RB | 5.00% | 07/01/2028 | 25 | 26854 |
|  Connecticut (State of) Health & Educational Facilities Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2028 | 5 | 5368 |
|  University of Connecticut, Series 2018 A, RB | 4.00% | 04/15/2038 | 20 | 19995 |
|  University of Connecticut, Series 2018 A, RB | 5.00% | 11/15/2043 | 100 | 101614 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5215592 |
|  Delaware-0.42% |  |  |  |  |
|  Delaware (State of), Series 2017 A, Ref. GO Bonds | 5.00% | 01/01/2028 | 85 | 90407 |
|  Delaware (State of), Series 2019, GO Bonds | 5.00% | 02/01/2028 | 10 | 10658 |
|  Delaware (State of), Series 2020 A, GO Bonds | 5.00% | 01/01/2028 | 40 | 42545 |
|  Delaware (State of) Health Facilities Authority (Beebe Medical Center), Series 2018, RB | 5.00% | 06/01/2050 | 450 | 413868 |
|  Delaware (State of) Transportation Authority, Series 2016, Ref. RB | 3.00% | 07/01/2028 | 100 | 100275 |
|  Delaware (State of) Transportation Authority, Series 2020, Ref. RB | 5.00% | 07/01/2028 | 225 | 242135 |
|  |  |  |  | 899888 |
|  District of Columbia-1.61% |  |  |  |  |
|  District of Columbia, Series 2017 A, Ref. GO Bonds | 5.00% | 06/01/2028 | 300 | 313295 |
|  District of Columbia, Series 2017 A, Ref. RB | 5.00% | 07/01/2037 | 10 | 10127 |
|  District of Columbia, Series 2017 D, GO Bonds | 5.00% | 06/01/2028 | 20 | 20886 |
|  District of Columbia, Series 2018 A, GO Bonds | 5.00% | 06/01/2043 | 260 | 262143 |
|  District of Columbia, Series 2018 B, Ref. GO Bonds | 5.00% | 06/01/2030 | 70 | 74464 |
|  District of Columbia, Series 2018 B, Ref. GO Bonds | 5.00% | 06/01/2031 | 45 | 47658 |
|  District of Columbia, Series 2018 B, Ref. GO Bonds | 5.00% | 06/01/2032 | 55 | 57990 |
|  District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2028 | 140 | 151364 |
|  District of Columbia, Series 2019 A, RB | 5.00% | 03/01/2028 | 85 | 90591 |
|  District of Columbia, Series 2019 C, Ref. RB | 5.00% | 10/01/2028 | 70 | 75619 |
|  District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2028 | 25 | 26644 |
|  District of Columbia, Series 2020 B, Ref. RB | 5.00% | 10/01/2028 | 385 | 415907 |
|  District of Columbia, Series 2020, RB | 5.00% | 12/01/2028 | 240 | 259011 |
|  District of Columbia, Series 2021 E, Ref. GO Bonds | 5.00% | 02/01/2028 | 30 | 31909 |
|  District of Columbia, Series 2022 C, Ref. RB | 5.00% | 12/01/2028 | 90 | 97569 |
|  District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2028 | 30 | 31845 |
|  District of Columbia, Series 2023 B, Ref. GO Bonds | 5.00% | 06/01/2028 | 15 | 16081 |
|  District of Columbia, Series 2024 C, Ref. GO Bonds | 5.00% | 12/01/2028 | 180 | 195138 |
|  District of Columbia (KIPP DC), Series 2017 B, Ref. RB | 5.00% | 07/01/2037 | 25 | 25319 |
|  District of Columbia (KIPP DC), Series 2017 B, Ref. RB | 5.00% | 07/01/2048 | 10 | 9434 |
|  District of Columbia Water & Sewer Authority, Series 2018 B, RB | 5.00% | 10/01/2043 | 80 | 80833 |
|  District of Columbia Water & Sewer Authority, Series 2018 B, RB | 5.00% | 10/01/2049 | 200 | 200754 |
|  District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB | 5.00% | 10/01/2028 | 10 | 10793 |
|  District of Columbia Water & Sewer Authority (Green Bonds), Series 2018 A, RB | 5.00% | 10/01/2049 | 125 | 125471 |
|  Metropolitan Washington Airports Authority, Series 2019 A, Ref. RB | 5.00% | 10/01/2044 | 230 | 230663 |
|  Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2010, RB, (INS - AGI)<sup>(b)</sup> | 6.50% | 10/01/2044 | 50 | 52872 |
|  Washington Convention & Sports Authority, Series 2018 A, Ref. RB | 5.00% | 10/01/2028 | 135 | 141693 |
|  Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2028 | 140 | 150116 |
|  Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 5.00% | 07/15/2028 | 235 | 251913 |
|  |  |  |  | 3458102 |
|  Florida-2.12% |  |  |  |  |
|  Broward (County of), FL School Board, Series 2019 A, Ref. COP | 5.00% | 07/01/2028 | 195 | 208298 |
|  Central Florida Expressway Authority, Series 2018, RB | 5.00% | 07/01/2048 | 185 | 185467 |

---

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

---

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| 227 |
| 227 |
| 227 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Florida-(continued) |  |  |  |  |
|  Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 07/01/2028 | $175 | $187729 |
|  Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(b)</sup> | 5.00% | 07/01/2028 | 60 | 64228 |
|  Florida (State of), Series 2017 A, Ref. RB | 5.00% | 07/01/2028 | 190 | 203712 |
|  Florida (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 06/01/2028 | 108 | 115872 |
|  Florida (State of), Series 2022 C, Ref. GO Bonds | 5.00% | 06/01/2028 | 175 | 187756 |
|  Florida (State of) Department of Management Services, Series 2018 A, Ref. COP | 5.00% | 11/01/2028 | 130 | 140602 |
|  Florida (State of) Department of Transportation, Series 2020 A, Ref. RB | 5.00% | 07/01/2028 | 90 | 96674 |
|  Florida (State of) Department of Transportation, Series 2022 A, Ref. RB | 5.00% | 07/01/2028 | 50 | 53708 |
|  Florida (State of) Municipal Power Agency, Series 2018 A, Ref. RB | 4.00% | 10/01/2028 | 45 | 45912 |
|  Gainesville (City of), FL, Series 2017 A, RB | 5.00% | 10/01/2028 | 100 | 105020 |
|  Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2018 F, RB | 5.00% | 10/01/2043 | 15 | 15141 |
|  Hillsborough (County of), FL School Board (Master Lease Program), Series 2017, Ref. COP | 5.00% | 07/01/2028 | 160 | 167415 |
|  Hillsborough (County of), FL School Board (Master Lease Program), Series 2018, Ref. COP | 5.00% | 07/01/2030 | 105 | 112118 |
|  JEA Electric System, Series 2017 B, Ref. RB | 5.00% | 10/01/2028 | 100 | 105270 |
|  JEA Electric System, Third Series 2024 A, Ref. RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 10/01/2028 | 55 | 59211 |
|  JEA Water & Sewer System, Series 2017 A, Ref. RB | 5.00% | 10/01/2028 | 25 | 26338 |
|  Lee (County of), FL Industrial Development Authority, Series 2019 A-1, Ref. RB | 5.00% | 04/01/2028 | 135 | 142596 |
|  Miami-Dade (County of), FL, Series 2017 B, Ref. RB | 5.00% | 10/01/2028 | 70 | 73587 |
|  Miami-Dade (County of), FL, Series 2019, RB | 5.00% | 10/01/2043 | 115 | 116061 |
|  Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2007 B, Ref. RB,<br>(INS - AMBAC)<sup>(b)</sup> | 5.25% | 04/01/2028 | 5 | 5333 |
|  Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2018 A, RB | 5.00% | 04/01/2053 | 155 | 153752 |
|  Orange (County of), FL School Board, Series 2017 C, COP | 5.00% | 08/01/2028 | 35 | 37567 |
|  Orlando (City of), FL, Series 2018 B, RB | 5.00% | 10/01/2048 | 820 | 821186 |
|  Palm Beach County School District, Series 2017 B, Ref. COP | 5.00% | 08/01/2028 | 165 | 177293 |
|  Palm Beach County School District, Series 2018 B, Ref. COP | 5.00% | 08/01/2028 | 180 | 193410 |
|  Pasco (County of), FL School Board, Series 2018 A, COP, (INS - BAM)<sup>(b)</sup> | 5.00% | 08/01/2043 | 60 | 60938 |
|  Polk County School District, Series 2020 A, Ref. COP | 5.00% | 01/01/2028 | 100 | 105846 |
|  Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital), Series 2018, RB | 5.00% | 07/01/2038 | 20 | 20312 |
|  Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital), Series 2018, RB | 5.00% | 07/01/2041 | 250 | 251103 |
|  South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB | 5.00% | 08/15/2028 | 45 | 46938 |
|  Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017 C, RB | 5.00% | 07/01/2048 | 150 | 150131 |
|  Tampa (City of), FL (Green Bonds), Series 2018, RB | 5.25% | 05/01/2043 | 100 | 102346 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4538870 |
|  Georgia-1.50% |  |  |  |  |
|  Atlanta (City of), GA, Series 2004, RB, (INS - AGI)<sup>(b)</sup> | 5.75% | 11/01/2028 | 40 | 44159 |
|  Atlanta (City of), GA, Series 2018 C, Ref. RB | 5.00% | 11/01/2028 | 65 | 68582 |
|  Atlanta (City of), GA Department of Aviation, Series 2020 A, Ref. RB | 5.00% | 07/01/2028 | 60 | 64364 |
|  DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2028 | 20 | 21587 |
|  Forsyth (County of), GA, Series 2025 A, GO Bonds | 5.00% | 03/01/2028 | 15 | 16009 |
|  Georgia (State of), Series 2016 F, Ref. GO Bonds | 5.00% | 01/01/2028 | 35 | 36275 |
|  Georgia (State of), Series 2017 A-2, GO Bonds | 5.00% | 02/01/2028 | 75 | 77901 |
|  Georgia (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;790 | 829325 |
|  Georgia (State of), Series 2018 A, GO Bonds | 5.00% | 07/01/2028 | 110 | 118377 |
|  Georgia (State of), Series 2018 A, GO Bonds | 5.00% | 07/01/2030 | 55 | 58921 |
|  Georgia (State of), Series 2018 A, GO Bonds | 5.00% | 07/01/2031 | 25 | 26661 |
|  Georgia (State of), Series 2018 A, GO Bonds | 4.00% | 07/01/2034 | 25 | 25343 |
|  Georgia (State of), Series 2018 A, GO Bonds | 3.25% | 07/01/2037 | 200 | 185935 |
|  Georgia (State of), Series 2022 A, GO Bonds | 5.00% | 07/01/2028 | 50 | 53808 |
|  Georgia (State of), Series 2022 C, Ref. GO Bonds | 4.00% | 07/01/2028 | 35 | 36710 |
|  Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2028 | 155 | 167139 |
|  Georgia (State of) (Bidding Group 1), Series 2021 A-1, Ref. GO Bonds | 5.00% | 07/01/2028 | 110 | 118377 |
|  Georgia (State of) (Tranche 1), Series 2019 A, GO Bonds | 5.00% | 07/01/2028 | 35 | 37665 |
|  Georgia (State of) Local Government, Series 1998 A, COP, (INS - NATL)<sup>(b)</sup> | 4.75% | 06/01/2028 | 225 | 232606 |
|  Georgia (State of) Municipal Electric Authority, Series 2018 HH, Ref. RB | 5.00% | 01/01/2044 | 215 | 214438 |
|  Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2019 A, RB | 5.00% | 01/01/2034 | 400 | 416911 |

---

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

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| 228 |
| 228 |
| 228 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Georgia-(continued) |  |  |  |  |
|  Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2028 | $75 | $80605 |
|  Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB | 5.00% | 06/01/2028 | 120 | 128481 |
|  Gwinnett County School District, Series 2025, Ref. GO Bonds | 5.00% | 02/01/2028 | 45 | 47940 |
|  Henry County School District, Series 2021, GO Bonds | 4.00% | 08/01/2028 | 95 | 99363 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3207482 |
|  Hawaii-0.96% |  |  |  |  |
|  Hawaii (State of), Series 2017 FK, GO Bonds | 5.00% | 05/01/2028 | 25 | 26092 |
|  Hawaii (State of), Series 2017 FN, Ref. GO Bonds | 5.00% | 10/01/2028 | 90 | 94882 |
|  Hawaii (State of), Series 2018 FT, GO Bonds | 5.00% | 01/01/2028 | 305 | 323759 |
|  Hawaii (State of), Series 2018 FT, GO Bonds | 5.00% | 01/01/2030 | 195 | 206132 |
|  Hawaii (State of), Series 2018 FT, GO Bonds | 5.00% | 01/01/2031 | 165 | 173799 |
|  Hawaii (State of), Series 2018 FT, GO Bonds | 4.00% | 01/01/2032 | 5 | 5103 |
|  Hawaii (State of), Series 2018 FT, GO Bonds | 5.00% | 01/01/2032 | 40 | 41987 |
|  Hawaii (State of), Series 2018 FT, GO Bonds | 5.00% | 01/01/2033 | 10 | 10465 |
|  Hawaii (State of), Series 2018 FT, GO Bonds | 5.00% | 01/01/2034 | 5 | 5213 |
|  Hawaii (State of), Series 2018 FT, GO Bonds | 3.25% | 01/01/2035 | 10 | 9686 |
|  Hawaii (State of), Series 2018 FT, GO Bonds | 5.00% | 01/01/2035 | 140 | 145333 |
|  Hawaii (State of), Series 2018 FT, GO Bonds | 5.00% | 01/01/2036 | 10 | 10334 |
|  Hawaii (State of), Series 2018 FT, GO Bonds | 4.00% | 01/01/2037 | 30 | 30090 |
|  Hawaii (State of), Series 2018 FT, GO Bonds | 5.00% | 01/01/2038 | 5 | 5122 |
|  Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2028 | 110 | 116766 |
|  Honolulu (City & County of), HI, Series 2022 A, Ref. GO Bonds | 5.00% | 11/01/2028 | 85 | 92040 |
|  Honolulu (City & County of), HI (Green Bonds), Series 2018 A, RB | 5.00% | 07/01/2037 | 145 | 148900 |
|  Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019, GO Bonds | 5.00% | 09/01/2028 | 120 | 129475 |
|  Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019, GO Bonds | 5.00% | 09/01/2030 | 135 | 144402 |
|  Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020, Ref. GO Bonds | 5.00% | 03/01/2028 | 95 | 101296 |
|  Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021 E, GO Bonds | 5.00% | 03/01/2028 | 215 | 229250 |
|  |  |  |  | 2050126 |
|  Idaho-0.20% |  |  |  |  |
|  Idaho (State of) Health Facilities Authority (St. Luke's Health System), Series 2018, Ref. RB | 5.00% | 03/01/2037 | 175 | 178547 |
|  Idaho State Building Authority, Series 2024 A, GO Bonds | 5.00% | 06/01/2028 | 45 | 48292 |
|  Idaho State Building Authority (Schools Modernization), Series 2025, RB | 5.00% | 06/01/2028 | 180 | 193170 |
|  |  |  |  | 420009 |
|  Illinois-3.41% |  |  |  |  |
|  Champaign (County of), IL Community Unit School District No. 4, Series 2020 A, GO Bonds | 5.00% | 01/01/2033 | 70 | 72516 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2017 E, RB | 5.25% | 01/01/2028 | 175 | 181384 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2022 D, Ref. RB | 5.00% | 01/01/2028 | 105 | 111188 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2024 D, Ref. RB | 5.00% | 01/01/2028 | 5 | 5295 |
|  Chicago (City of), IL Metropolitan Water Reclamation District, Series 2024 C, Ref. GO Bonds | 5.00% | 12/01/2028 | 45 | 48682 |
|  Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)<sup>(b)</sup> | 5.00% | 01/01/2028 | 15 | 15887 |
|  Chicago (City of), IL Park District, Series 2023 C, Ref. GO Bonds | 5.00% | 01/01/2028 | 15 | 15807 |
|  Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), Series 2021, Ref. RB | 5.00% | 06/01/2028 | 20 | 21140 |
|  Cook (County of), IL, Series 2021 A, Ref. GO Bonds | 5.00% | 11/15/2028 | 65 | 70003 |
|  Cook (County of), IL, Series 2021 B, Ref. GO Bonds | 4.00% | 11/15/2028 | 145 | 150635 |
|  Cook Kane Lake & McHenry Counties Community College District No. 512, Series 2020, GO Bonds | 4.00% | 12/15/2030 | 105 | 108730 |
|  Illinois (State of), Series 2016, Ref. GO Bonds | 5.00% | 02/01/2028 | 30 | 30978 |
|  Illinois (State of), Series 2017 D, GO Bonds | 5.00% | 11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;870 | 915363 |
|  Illinois (State of), Series 2018 A, GO Bonds | 6.00% | 05/01/2028 | 40 | 43435 |
|  Illinois (State of), Series 2018 A, GO Bonds | 5.00% | 05/01/2030 | 20 | 21103 |
|  Illinois (State of), Series 2018 A, GO Bonds | 5.00% | 05/01/2031 | 15 | 15743 |
|  Illinois (State of), Series 2018 A, GO Bonds | 5.00% | 05/01/2032 | 75 | 78323 |
|  Illinois (State of), Series 2018 A, GO Bonds | 5.00% | 05/01/2033 | 145 | 150714 |
|  Illinois (State of), Series 2018 A, GO Bonds | 5.00% | 05/01/2034 | 210 | 216973 |
|  Illinois (State of), Series 2018 A, GO Bonds | 5.00% | 05/01/2035 | 105 | 107812 |
|  Illinois (State of), Series 2018 A, GO Bonds | 5.00% | 05/01/2036 | 45 | 45976 |

---

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

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| 229 |
| 229 |
| 229 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Illinois-(continued) |  |  |  |  |
|  Illinois (State of), Series 2018 A, GO Bonds | 4.63% | 05/01/2037 | $90 | $90354 |
|  Illinois (State of), Series 2018 A, GO Bonds | 5.00% | 05/01/2040 | 25 | 25149 |
|  Illinois (State of), Series 2018 A, GO Bonds | 5.00% | 05/01/2043 | 100 | 99343 |
|  Illinois (State of), Series 2018 A, Ref. GO Bonds | 5.00% | 10/01/2028 | 110 | 117591 |
|  Illinois (State of), Series 2018 A, Ref. GO Bonds | 5.00% | 10/01/2033 | 15 | 15645 |
|  Illinois (State of), Series 2018 B, Ref. GO Bonds | 5.00% | 10/01/2028 | 15 | 16035 |
|  Illinois (State of), Series 2018 B, Ref. GO Bonds | 5.00% | 10/01/2030 | 95 | 100753 |
|  Illinois (State of), Series 2018 B, Ref. GO Bonds | 5.00% | 10/01/2031 | 210 | 221420 |
|  Illinois (State of), Series 2018 B, Ref. GO Bonds | 5.00% | 10/01/2032 | 15 | 15727 |
|  Illinois (State of), Series 2018 B, Ref. GO Bonds | 5.00% | 10/01/2033 | 215 | 224238 |
|  Illinois (State of), Series 2020 B, GO Bonds | 5.00% | 10/01/2028 | 550 | 587957 |
|  Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 03/01/2028 | 15 | 15856 |
|  Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 12/01/2028 | 20 | 21495 |
|  Illinois (State of), Series 2022 B, Ref. GO Bonds | 5.00% | 03/01/2028 | 35 | 37005 |
|  Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 05/01/2028 | 25 | 26528 |
|  Illinois (State of), Series 2023 C, GO Bonds | 5.00% | 05/01/2028 | 5 | 5306 |
|  Illinois (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 07/01/2028 | 85 | 90502 |
|  Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2028 | 20 | 21223 |
|  Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2028 | 15 | 15823 |
|  Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB | 5.00% | 01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;470 | 486429 |
|  Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2018, Ref. RB<sup>(a)(c)</sup> | 4.25% | 01/01/2028 | 300 | 313165 |
|  Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2018, Ref. RB<sup>(a)(c)</sup> | 5.00% | 01/01/2028 | 215 | 228072 |
|  Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2017, Ref. RB | 5.00% | 07/15/2042 | 25 | 25180 |
|  Illinois (State of) Finance Authority (Northwestern Memorial Healthcare), Series 2017 A, Ref. RB | 5.00% | 07/15/2028 | 75 | 79079 |
|  Illinois (State of) Finance Authority (Northwestern University), Series 2015, RB | 3.00% | 12/01/2028 | 15 | 15006 |
|  Illinois (State of) Finance Authority (Northwestern University), Series 2015, RB | 5.00% | 12/01/2028 | 85 | 91788 |
|  Illinois (State of) Finance Authority (OSF Healthcare System), Series 2018 A, Ref. RB | 5.00% | 05/15/2032 | 145 | 151644 |
|  Illinois (State of) Finance Authority (University of Chicago (The)), Series 2024 B, Ref. RB | 5.00% | 04/01/2028 | 10 | 10627 |
|  Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB | 5.00% | 10/01/2028 | 100 | 107379 |
|  Illinois (State of) Regional Transportation Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2028 | 195 | 202825 |
|  Illinois (State of) Toll Highway Authority, Series 2017 A, RB | 5.00% | 01/01/2039 | 250 | 253637 |
|  Illinois (State of) Toll Highway Authority, Series 2017 A, RB | 5.00% | 01/01/2042 | 405 | 406562 |
|  Illinois (State of) Toll Highway Authority, Series 2019 A, Ref. RB | 5.00% | 01/01/2028 | 55 | 58228 |
|  Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB | 5.00% | 01/01/2028 | 205 | 217033 |
|  Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB | 5.00% | 01/01/2028 | 55 | 58228 |
|  Illinois (State of) Toll Highway Authority, Series 2024 A, Ref. RB | 5.00% | 01/01/2028 | 90 | 95283 |
|  Sales Tax Securitization Corp., Series 2017, Ref. RB | 5.00% | 01/01/2028 | 55 | 57857 |
|  Sales Tax Securitization Corp., Series 2020 A, Ref. RB | 5.00% | 01/01/2028 | 55 | 57857 |
|  Sales Tax Securitization Corp., Series 2021 A, Ref. RB | 5.00% | 01/01/2028 | 20 | 21039 |
|  Southwestern Illinois Development Authority (Hospital Sisters Services, Inc.), Series 2017, RB | 5.00% | 02/15/2028 | 15 | 15833 |
|  Springfield (City of), IL, Series 2024, Ref. RB, (INS - BAM)<sup>(b)</sup> | 5.00% | 03/01/2028 | 70 | 74062 |
|  University of Illinois, Series 2018 A, Ref. RB, (INS - AGI)<sup>(b)</sup> | 4.00% | 04/01/2043 | 35 | 30586 |
|  University of Illinois, Series 2023 A, Ref. RB | 5.00% | 04/01/2028 | 75 | 79683 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;7312719 |
|  Indiana-0.73% |  |  |  |  |
|  Hammond Multi-School Building Corp., Series 2018, RB, (CEP - Colorado Higher Education Intercept Program) | 5.00% | 07/15/2038 | 60 | 61106 |
|  Indiana (State of) Finance Authority, Series 2016 C, Ref. RB | 5.00% | 06/01/2028 | 295 | 316257 |
|  Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB | 5.00% | 10/01/2028 | 85 | 91718 |
|  Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 B, RB | 5.00% | 11/01/2028 | 10 | 10494 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB | 5.00% | 02/01/2028 | 140 | 149011 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2018 A, RB | 5.00% | 02/01/2033 | 175 | 183023 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2018 A, RB | 5.00% | 02/01/2034 | 15 | 15630 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, Ref. RB | 5.00% | 02/01/2028 | 20 | 21292 |
|  Indiana (State of) Municipal Power Agency, Series 2017 A, Ref. RB | 5.00% | 01/01/2031 | 35 | 36761 |
|  Indiana (State of) Municipal Power Agency, Series 2017 A, Ref. RB | 5.00% | 01/01/2032 | 195 | 203935 |

---

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

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| 230 |
| 230 |
| 230 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Indiana-(continued) |  |  |  |  |
|  Indiana (State of) Municipal Power Agency, Series 2017 A, Ref. RB | 5.00% | 01/01/2033 | $100 | $104156 |
|  Indiana (State of) Municipal Power Agency, Series 2017 A, Ref. RB | 5.00% | 01/01/2034 | 35 | 36300 |
|  Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB | 5.00% | 10/01/2030 | 210 | 224635 |
|  Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB | 5.00% | 10/01/2032 | 45 | 47657 |
|  Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB | 5.00% | 10/01/2033 | 10 | 10537 |
|  Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB | 5.00% | 10/01/2034 | 15 | 15730 |
|  Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB | 5.00% | 10/01/2035 | 20 | 20858 |
|  Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB | 5.00% | 10/01/2037 | 15 | 15471 |
|  Indianapolis Local Public Improvement Bond Bank, Series 2017, Ref. RB | 5.00% | 01/01/2040 | 10 | 10165 |
|  |  |  |  | 1574736 |
|  Iowa-0.15% |  |  |  |  |
|  Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB | 5.00% | 08/01/2028 | 135 | 141582 |
|  Iowa (State of) Finance Authority (Green Bonds), Series 2019 A, Ref. RB | 5.00% | 08/01/2032 | 165 | 174604 |
|  |  |  |  | 316186 |
|  Kansas-0.12% |  |  |  |  |
|  Kansas (State of) Department of Transportation, Series 2024 A, Ref. RB | 5.00% | 09/01/2028 | 150 | 161889 |
|  Kansas (State of) Department of Transportation, Series 2025 A, Ref. RB | 5.00% | 09/01/2028 | 20 | 21585 |
|  Lawrence (City of), KS ((Lawrence Memorial Hospital), Series 2018 A, Ref. RB | 5.00% | 07/01/2043 | 80 | 78221 |
|  |  |  |  | 261695 |
|  Kentucky-0.52% |  |  |  |  |
|  Kentucky (Commonwealth of), Series 2018, COP | 5.00% | 04/15/2038 | 120 | 123309 |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 119), Series 2018, RB | 5.00% | 05/01/2036 | 200 | 207109 |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 119), Series 2018, RB | 5.00% | 05/01/2037 | 325 | 335289 |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 119), Series 2018, RB, (INS - BAM)<sup>(b)</sup> | 5.00% | 05/01/2034 | 180 | 188124 |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 130), Series 2024 B, Ref. RB | 5.00% | 11/01/2028 | 30 | 32409 |
|  Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2017 B, Ref. RB | 5.00% | 07/01/2028 | 85 | 88768 |
|  Kentucky Bond Development Corp. (Centre College), Series 2018, RB | 4.50% | 06/01/2048 | 145 | 130522 |
|  Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2023, Ref. RB | 5.00% | 10/01/2028 | 5 | 5346 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1110876 |
|  Louisiana-0.15% |  |  |  |  |
|  Louisiana (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 02/01/2028 | 10 | 10622 |
|  Louisiana (State of) (Garvee), Series 2019 A, RB | 5.00% | 09/01/2028 | 60 | 64520 |
|  Louisiana (State of) (Garvee), Series 2019 A, RB | 5.00% | 09/01/2030 | 115 | 122427 |
|  Louisiana (State of) (Garvee), Series 2019 A, RB | 5.00% | 09/01/2031 | 80 | 84739 |
|  Louisiana (State of) (Garvee), Series 2023, RB | 5.00% | 09/01/2028 | 5 | 5377 |
|  Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Bossier City), Series 2018, RB | 4.00% | 12/01/2043 | 25 | 22866 |
|  New Orleans (Port of), LA Board of Commissioners, Series 2018 A, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 04/01/2048 | 5 | 4941 |
|  |  |  |  | 315492 |
|  Maine-0.13% |  |  |  |  |
|  Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2018 A, RB | 5.00% | 07/01/2043 | 250 | 251344 |
|  Maine (State of) Turnpike Authority, Series 2018, RB | 5.00% | 07/01/2047 | 20 | 20109 |
|  |  |  |  | 271453 |
|  Maryland-3.19% |  |  |  |  |
|  Howard (County of), MD, Series 2017 D, Ref. GO Bonds | 5.00% | 02/15/2028 | 95 | 101305 |
|  Howard (County of), MD, Series 2017 D, Ref. GO Bonds | 5.00% | 02/15/2031 | 15 | 15841 |
|  Howard (County of), MD, Series 2017 D, Ref. GO Bonds | 4.00% | 02/15/2032 | 20 | 20423 |
|  Maryland (State of), Second Series 2018, GO Bonds | 5.00% | 08/01/2030 | 15 | 16052 |
|  Maryland (State of), Second Series 2018, GO Bonds | 5.00% | 08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;220 | 233660 |
|  Maryland (State of), Second Series 2018, GO Bonds | 4.00% | 08/01/2032 | 200 | 205745 |
|  Maryland (State of), Second Series 2018, GO Bonds | 4.00% | 08/01/2033 | 5 | 5123 |
|  Maryland (State of), Second Series 2020 B, Ref. GO Bonds | 5.00% | 08/01/2028 | 390 | 420199 |
|  Maryland (State of), Series 2017 A, GO Bonds | 5.00% | 03/15/2028 | 25 | 25991 |

---

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

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|:---|
| 231 |
| 231 |
| 231 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Maryland-(continued) |  |  |  |  |
|  Maryland (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2028 | $105 | $110157 |
|  Maryland (State of), Series 2018 A, GO Bonds | 5.00% | 03/15/2028 | 300 | 320332 |
|  Maryland (State of), Series 2018 A, GO Bonds | 5.00% | 03/15/2030 | 20 | 21250 |
|  Maryland (State of), Series 2018 A, GO Bonds | 5.00% | 03/15/2031 | 150 | 158785 |
|  Maryland (State of), Series 2018 B, GO Bonds | 5.00% | 08/01/2028 | 195 | 210100 |
|  Maryland (State of), Series 2022 C, Ref. GO Bonds | 4.00% | 03/01/2028 | 10 | 10419 |
|  Maryland (State of), Series 2022 D, Ref. GO Bonds | 4.00% | 08/01/2028 | 160 | 167762 |
|  Maryland (State of), Series 2022, GO Bonds | 5.00% | 06/01/2028 | 50 | 53658 |
|  Maryland (State of), Series 2025 A, GO Bonds | 5.00% | 06/01/2028 | 225 | 241462 |
|  Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds | 5.00% | 08/01/2028 | 510 | 549491 |
|  Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds | 5.00% | 08/01/2028 | 95 | 102356 |
|  Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 03/15/2028 | 365 | 389737 |
|  Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2028 | 225 | 242423 |
|  Maryland (State of) (Bidding Group 1), Series 2021 A, GO Bonds | 5.00% | 03/01/2028 | 15 | 16002 |
|  Maryland (State of) (Bidding Group 1), Series 2023 A, GO Bonds | 5.00% | 03/15/2028 | 20 | 21355 |
|  Maryland (State of) (Bidding Group 2), Series 2025 B, Ref. GO Bonds | 5.00% | 08/01/2028 | 10 | 10774 |
|  Maryland (State of) Department of Transportation, Series 2017, RB | 5.00% | 09/01/2028 | 150 | 157830 |
|  Maryland (State of) Department of Transportation, Series 2019, RB | 5.00% | 10/01/2028 | 70 | 73794 |
|  Maryland (State of) Department of Transportation, Series 2020, RB | 5.00% | 10/01/2028 | 95 | 102685 |
|  Maryland (State of) Department of Transportation, Series 2021 A, RB | 5.00% | 10/01/2028 | 70 | 75663 |
|  Maryland (State of) Department of Transportation, Series 2021 B, Ref. RB | 5.00% | 12/01/2028 | 155 | 168137 |
|  Maryland (State of) Department of Transportation, Series 2022 B, Ref. RB | 5.00% | 12/01/2028 | 20 | 21695 |
|  Maryland (State of) Stadium Authority, Series 2018, RB, (CEP - Colorado Higher Education Intercept Program) | 5.00% | 05/01/2042 | 200 | 202322 |
|  Maryland (State of) Stadium Authority (Baltimore City Public Schools), Series 2018 A, RB, (CEP - Colorado Higher Education Intercept Program) | 5.00% | 05/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;525 | 526808 |
|  Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB | 5.00% | 07/01/2028 | 10 | 10739 |
|  Maryland (State of) Transportation Authority, Series 2024, Ref. RB | 5.00% | 07/01/2028 | 5 | 5369 |
|  Montgomery (County of), MD, Series 2018 A, GO Bonds | 5.00% | 11/01/2028 | 70 | 75910 |
|  Montgomery (County of), MD, Series 2018 A, GO Bonds | 5.00% | 11/01/2031 | 15 | 16037 |
|  Montgomery (County of), MD, Series 2018 A, GO Bonds | 5.00% | 11/01/2032 | 35 | 37151 |
|  Montgomery (County of), MD, Series 2019 A, GO Bonds | 5.00% | 11/01/2028 | 90 | 97598 |
|  Montgomery (County of), MD, Series 2020 A, GO Bonds | 4.00% | 08/01/2028 | 135 | 141589 |
|  Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds | 4.00% | 11/01/2028 | 120 | 126297 |
|  Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds | 5.00% | 08/01/2028 | 145 | 156356 |
|  Prince George's (County of), MD, Series 2017 A, GO Bonds | 3.00% | 09/15/2028 | 10 | 10076 |
|  Prince George's (County of), MD, Series 2018 A, GO Bonds | 5.00% | 07/15/2028 | 145 | 156147 |
|  Prince George's (County of), MD, Series 2018 A, GO Bonds | 5.00% | 07/15/2031 | 100 | 106310 |
|  Prince George's (County of), MD, Series 2018 A, GO Bonds | 4.00% | 07/15/2032 | 155 | 158554 |
|  Prince George's (County of), MD, Series 2018 A, GO Bonds | 5.00% | 07/15/2034 | 5 | 5252 |
|  Prince George's (County of), MD, Series 2019 A, GO Bonds | 5.00% | 07/15/2028 | 45 | 48459 |
|  Prince George's (County of), MD, Series 2020 A, GO Bonds | 5.00% | 07/15/2028 | 120 | 129225 |
|  Prince George's (County of), MD, Series 2020 A, GO Bonds | 5.00% | 07/15/2030 | 165 | 176233 |
|  Prince George's (County of), MD, Series 2020 A, GO Bonds | 5.00% | 07/15/2031 | 30 | 31893 |
|  Prince George's (County of), MD, Series 2020 A, GO Bonds | 5.00% | 07/15/2032 | 10 | 10586 |
|  Prince George's (County of), MD, Series 2020 B, Ref. GO Bonds | 5.00% | 09/15/2028 | 285 | 308109 |
|  Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB | 3.00% | 06/01/2028 | 20 | 20129 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6827355 |
|  Massachusetts-3.18% |  |  |  |  |
|  Lincoln (Town of), MA, Series 2019, GO Bonds | 4.00% | 03/01/2049 | 150 | 133784 |
|  Massachusetts (Commonwealth of), Series 2004 B, Ref. GO Bonds | 5.25% | 08/01/2028 | 35 | 37956 |
|  Massachusetts (Commonwealth of), Series 2004 B, Ref. GO Bonds, (INS - AMBAC)<sup>(b)</sup> | 5.25% | 08/01/2028 | 85 | 92178 |
|  Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)<sup>(b)</sup> | 5.50% | 01/01/2028 | 75 | 80335 |
|  Massachusetts (Commonwealth of), Series 2014 C, GO Bonds | 3.00% | 07/01/2028 | 25 | 25005 |
|  Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2028 | 400 | 430119 |
|  Massachusetts (Commonwealth of), Series 2017 A, Ref. RB | 5.00% | 06/01/2028 | 70 | 74181 |
|  Massachusetts (Commonwealth of), Series 2018 A, GO Bonds | 5.00% | 01/01/2033 | 30 | 31406 |

---

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

---

| |
|:---|
| 232 |
| 232 |
| 232 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Massachusetts-(continued) |  |  |  |  |
|  Massachusetts (Commonwealth of), Series 2018 A, GO Bonds | 5.00% | 01/01/2035 | $80 | $83097 |
|  Massachusetts (Commonwealth of), Series 2018 A, GO Bonds | 5.00% | 01/01/2036 | 70 | 72465 |
|  Massachusetts (Commonwealth of), Series 2018 A, GO Bonds | 5.00% | 01/01/2037 | 35 | 36090 |
|  Massachusetts (Commonwealth of), Series 2018 A, GO Bonds | 5.00% | 01/01/2038 | 435 | 447005 |
|  Massachusetts (Commonwealth of), Series 2018 A, GO Bonds | 5.00% | 01/01/2039 | 20 | 20472 |
|  Massachusetts (Commonwealth of), Series 2018 A, GO Bonds | 5.00% | 01/01/2041 | 20 | 20304 |
|  Massachusetts (Commonwealth of), Series 2018 A, GO Bonds | 5.00% | 01/01/2046 | 75 | 75411 |
|  Massachusetts (Commonwealth of), Series 2018 B, GO Bonds | 5.00% | 01/01/2028 | 15 | 15937 |
|  Massachusetts (Commonwealth of), Series 2018 B, GO Bonds | 5.00% | 01/01/2030 | 25 | 26478 |
|  Massachusetts (Commonwealth of), Series 2018 B, GO Bonds | 5.00% | 01/01/2031 | 40 | 42183 |
|  Massachusetts (Commonwealth of), Series 2018 B, GO Bonds | 5.00% | 01/01/2032 | 45 | 47259 |
|  Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds | 5.00% | 07/01/2028 | 155 | 166671 |
|  Massachusetts (Commonwealth of), Series 2018 D, GO Bonds | 4.00% | 05/01/2036 | 15 | 15085 |
|  Massachusetts (Commonwealth of), Series 2018 E, GO Bonds | 5.00% | 09/01/2032 | 30 | 31836 |
|  Massachusetts (Commonwealth of), Series 2018 E, GO Bonds | 5.00% | 09/01/2037 | 35 | 36289 |
|  Massachusetts (Commonwealth of), Series 2018 E, GO Bonds | 5.00% | 09/01/2038 | 225 | 232140 |
|  Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds | 5.00% | 05/01/2028 | 55 | 58907 |
|  Massachusetts (Commonwealth of), Series 2019 F, GO Bonds | 5.00% | 05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;255 | 273114 |
|  Massachusetts (Commonwealth of), Series 2020 A, GO Bonds | 5.00% | 03/01/2028 | 360 | 384041 |
|  Massachusetts (Commonwealth of), Series 2020 D, GO Bonds | 5.00% | 07/01/2028 | 250 | 268825 |
|  Massachusetts (Commonwealth of), Series 2020 E, GO Bonds | 5.00% | 11/01/2028 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216693 |
|  Massachusetts (Commonwealth of), Series 2021 A, Ref. GO Bonds | 5.00% | 09/01/2028 | 80 | 86365 |
|  Massachusetts (Commonwealth of), Series 2021 C, GO Bonds | 5.00% | 09/01/2028 | 20 | 21591 |
|  Massachusetts (Commonwealth of), Series 2021, RB | 5.00% | 06/01/2041 | 245 | 249358 |
|  Massachusetts (Commonwealth of), Series 2022 A, GO Bonds | 5.00% | 02/01/2028 | 90 | 95815 |
|  Massachusetts (Commonwealth of), Series 2022 D, GO Bonds | 5.00% | 11/01/2028 | 210 | 227528 |
|  Massachusetts (Commonwealth of), Series 2024 A, GO Bonds | 5.00% | 01/01/2028 | 5 | 5312 |
|  Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2018 A, RB | 5.00% | 06/01/2048 | 25 | 25027 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB | 5.00% | 07/01/2028 | 95 | 102370 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2006 A, RB | 5.25% | 07/01/2028 | 35 | 37954 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB | 5.00% | 07/01/2045 | 260 | 261006 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB | 5.00% | 07/01/2050 | 220 | 218962 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB | 5.00% | 07/01/2028 | 10 | 10762 |
|  Massachusetts (Commonwealth of) Development Finance Agency, Series 2020 A-2, Ref. RB | 5.00% | 07/01/2028 | 10 | 10713 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Emerson College), Series 2017 A, Ref. RB | 5.00% | 01/01/2040 | 145 | 144995 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB | 5.00% | 10/15/2028 | 5 | 5417 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB | 5.00% | 07/01/2028 | 240 | 253911 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB | 5.00% | 07/01/2029 | 10 | 10553 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB | 5.00% | 07/01/2030 | 55 | 57714 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB | 5.00% | 07/01/2031 | 285 | 297956 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB | 5.00% | 07/01/2032 | 55 | 57331 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB | 5.00% | 07/01/2033 | 140 | 145464 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB | 5.00% | 07/01/2034 | 70 | 72514 |
|  Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute of Technology), Series 1998 I-1, RB | 5.20% | 01/01/2028 | 90 | 96323 |
|  Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB | 3.05% | 08/15/2028 | 125 | 125024 |
|  Massachusetts (Commonwealth of) School Building Authority, Series 2018 A, RB | 5.25% | 02/15/2048 | 375 | 379412 |
|  Massachusetts (Commonwealth of) School Building Authority, Series 2018 B, RB | 5.25% | 02/15/2048 | 300 | 303530 |

---

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

---

| |
|:---|
| 233 |
| 233 |
| 233 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Massachusetts-(continued) |  |  |  |  |
|  Massachusetts (Commonwealth of) Transportation Trust Fund (Contract Assistance), Series 2018, Ref. RB | 5.00% | 01/01/2028 | $20 | $21263 |
|  Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGI)<sup>(b)</sup>  | 5.25% | 08/01/2028 | 5 | 5437 |
|  |  |  |  | 6804873 |
|  Michigan-0.77% |  |  |  |  |
|  Great Lakes Water Authority, Series 2018 A, RB | 5.00% | 07/01/2043 | 5 | 5067 |
|  Great Lakes Water Authority, Series 2018 A, Ref. RB | 5.00% | 07/01/2028 | 95 | 101613 |
|  Great Lakes Water Authority, Series 2018 B, Ref. RB | 5.00% | 07/01/2028 | 85 | 91183 |
|  Great Lakes Water Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2028 | 10 | 10727 |
|  Great Lakes Water Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2028 | 30 | 32182 |
|  Michigan (State of), Series 2020 B, RB | 5.00% | 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;310 | 336454 |
|  Michigan (State of), Series 2023, RB | 5.00% | 11/15/2028 | 90 | 97680 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2023, Ref. RB | 5.00% | 10/15/2028 | 25 | 26959 |
|  Michigan (State of) Finance Authority (Ascension Health Credit Group), Series 1999, RB | 4.00% | 11/15/2032 | 185 | 187527 |
|  Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB | 5.00% | 04/15/2028 | 20 | 21282 |
|  Michigan (State of) Finance Authority (Charter County of Wayne Criminal Justice Center), Series 2018, RB | 5.00% | 11/01/2043 | 500 | 502013 |
|  Michigan (State of) Hospital Finance Authority (Trinity Health Credit Group), Series 2008, Ref. RB | 5.00% | 12/01/2028 | 15 | 15780 |
|  University of Michigan, Series 2017 A, Ref. RB | 5.00% | 04/01/2028 | 55 | 57336 |
|  Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2018, RB | 5.00% | 12/01/2035 | 5 | 5189 |
|  Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2018, RB | 5.00% | 12/01/2038 | 100 | 101586 |
|  Wayne State University, Series 2018 A, RB | 5.00% | 11/15/2043 | 50 | 50391 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1642969 |
|  Minnesota-1.48% |  |  |  |  |
|  Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), Series 2018 A, Ref. RB | 5.25% | 02/15/2058 | 240 | 236681 |
|  Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), Series 2018, Ref. RB | 4.25% | 02/15/2043 | 300 | 271023 |
|  Metropolitan Council, Series 2021 C, GO Bonds | 5.00% | 12/01/2028 | 170 | 184408 |
|  Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB | 5.00% | 01/01/2028 | 205 | 211812 |
|  Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2023 A, Ref. RB | 5.00% | 01/01/2028 | 10 | 10601 |
|  Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB | 5.00% | 11/15/2033 | 70 | 72183 |
|  Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB | 5.00% | 11/15/2034 | 175 | 179723 |
|  Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB | 5.00% | 11/15/2035 | 20 | 20447 |
|  Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB | 5.00% | 11/15/2036 | 190 | 193276 |
|  Minnesota (State of), Series 2017 A, GO Bonds | 5.00% | 10/01/2028 | 100 | 105562 |
|  Minnesota (State of), Series 2017 D, Ref. GO Bonds | 5.00% | 10/01/2028 | 20 | 21112 |
|  Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2028 | 35 | 37731 |
|  Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2030 | 15 | 16127 |
|  Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2031 | 60 | 64137 |
|  Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2032 | 190 | 201990 |
|  Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2033 | 80 | 84683 |
|  Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2034 | 175 | 184215 |
|  Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2035 | 200 | 209716 |
|  Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2036 | 40 | 41703 |
|  Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2037 | 25 | 25982 |
|  Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2038 | 420 | 434548 |
|  Minnesota (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2028 | 100 | 107802 |
|  Minnesota (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2028 | 125 | 134753 |
|  Minnesota (State of), Series 2021 B, GO Bonds | 5.00% | 09/01/2028 | 45 | 48540 |
|  Minnesota (State of), Series 2024 A, GO Bonds | 5.00% | 08/01/2028 | 25 | 26951 |
|  Minnesota (State of), Series 2024 B, GO Bonds | 5.00% | 08/01/2028 | 40 | 43062 |
|  |  |  |  | 3168768 |

---

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

---

| |
|:---|
| 234 |
| 234 |
| 234 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Mississippi-0.26% |  |  |  |  |
|  Mississippi (State of), Series 2017 A, Ref. GO Bonds | 5.00% | 10/01/2028 | $85 | $89607 |
|  Mississippi (State of), Series 2019 A, RB | 5.00% | 10/15/2036 | 85 | 87385 |
|  Mississippi (State of), Series 2021 C, GO Bonds | 5.00% | 10/01/2034 | 30 | 31543 |
|  Mississippi (State of), Series 2021 C, GO Bonds | 5.00% | 10/01/2035 | 15 | 15702 |
|  Mississippi (State of), Series 2021 C, GO Bonds | 5.00% | 10/01/2036 | 55 | 57345 |
|  Mississippi (State of), Series 2021 C, GO Bonds | 4.00% | 10/01/2040 | 5 | 4787 |
|  Mississippi (State of) Development Bank (Desoto County Mississippi Highway Refunding), Series 2024 A, Ref. RB | 5.00% | 01/01/2028 | 155 | 164026 |
|  West Rankin Utility Authority, Series 2018, RB<sup>(a)(c)</sup> | 5.00% | 01/01/2028 | 90 | 95578 |
|  West Rankin Utility Authority, Series 2018, RB<sup>(a)(c)</sup> | 5.00% | 01/01/2028 | 15 | 15930 |
|  |  |  |  | 561903 |
|  Missouri-0.45% |  |  |  |  |
|  Curators of the University of Missouri (The), Series 2024, Ref. RB | 5.00% | 11/01/2028 | 35 | 37910 |
|  Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB | 5.00% | 05/01/2028 | 70 | 72913 |
|  Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB | 4.00% | 10/01/2028 | 85 | 88665 |
|  Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB | 5.00% | 06/01/2028 | 40 | 42487 |
|  Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB | 5.00% | 06/01/2030 | 145 | 154544 |
|  Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB | 5.00% | 06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;330 | 349954 |
|  Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB | 5.00% | 06/01/2028 | 30 | 31808 |
|  Missouri (State of) Highway & Transportation Commission, Series 2022, RB | 5.00% | 05/01/2028 | 75 | 80287 |
|  Springfield School District No. R-12, Series 2017, Ref. GO Bonds | 4.00% | 03/01/2030 | 65 | 67342 |
|  St. Louis (City of), MO, Series 2005, RB, (INS - NATL)<sup>(b)</sup> | 5.50% | 07/01/2028 | 45 | 48821 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974731 |
|  Montana-0.51% |  |  |  |  |
|  Forsyth (City of), MT (Countryside Phase 2 South-Facilities), Series 2023, Ref. RB | 3.88% | 07/01/2028 | 105 | 107317 |
|  Montana (State of) Facility Finance Authority (Bozeman Deaconess Health Services Obligated Group), Series 2018, RB | 5.00% | 06/01/2048 | 1000 | 988759 |
|  |  |  |  | 1096076 |
|  Nebraska-0.33% |  |  |  |  |
|  Boys Town (Village of), NE (Boys Town), Series 2017, Ref. RB | 3.00% | 09/01/2028 | 250 | 251855 |
|  Lincoln (City of), NE, Series 2020 A, RB | 5.00% | 09/01/2028 | 35 | 37774 |
|  Nebraska (State of) Public Power District, Series 2023 A, RB | 5.00% | 07/01/2028 | 240 | 254585 |
|  Omaha (City of), NE Public Power District, Series 2018 A, RB | 5.00% | 02/01/2028 | 150 | 159291 |
|  |  |  |  | 703505 |
|  Nevada-1.32% |  |  |  |  |
|  Clark (County of), NV, Series 2016 B, Ref. RB | 5.00% | 07/01/2028 | 185 | 198561 |
|  Clark (County of), NV, Series 2017, Ref. GO Bonds | 5.00% | 06/01/2028 | 125 | 130425 |
|  Clark (County of), NV, Series 2018 A, GO Bonds | 5.00% | 06/01/2032 | 25 | 26398 |
|  Clark (County of), NV, Series 2018 A, GO Bonds | 5.00% | 06/01/2034 | 60 | 62845 |
|  Clark (County of), NV, Series 2018 A, GO Bonds | 5.00% | 06/01/2035 | 20 | 20857 |
|  Clark (County of), NV, Series 2018 A, GO Bonds | 5.00% | 06/01/2036 | 10 | 10388 |
|  Clark (County of), NV, Series 2018 A, GO Bonds | 5.00% | 06/01/2037 | 100 | 103483 |
|  Clark (County of), NV, Series 2018 A, GO Bonds | 5.00% | 06/01/2043 | 30 | 30386 |
|  Clark (County of), NV, Series 2018 B, GO Bonds | 5.00% | 12/01/2030 | 30 | 32209 |
|  Clark (County of), NV, Series 2018 B, GO Bonds | 5.00% | 12/01/2031 | 155 | 165596 |
|  Clark (County of), NV, Series 2018 B, GO Bonds | 5.00% | 12/01/2032 | 75 | 79779 |
|  Clark (County of), NV, Series 2018 B, GO Bonds | 5.00% | 12/01/2033 | 125 | 132268 |
|  Clark (County of), NV, Series 2018 B, GO Bonds | 5.00% | 12/01/2034 | 320 | 337090 |
|  Clark (County of), NV, Series 2018 B, GO Bonds | 5.00% | 12/01/2035 | 45 | 47133 |
|  Clark (County of), NV, Series 2018 B, GO Bonds | 4.00% | 12/01/2036 | 20 | 20047 |
|  Clark (County of), NV, Series 2018 B, GO Bonds | 4.00% | 12/01/2037 | 45 | 44900 |
|  Clark (County of), NV, Series 2018 B, GO Bonds | 4.00% | 12/01/2039 | 5 | 4872 |
|  Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB | 5.00% | 07/01/2028 | 105 | 112607 |
|  Clark (County of), NV (Stadium Improvement Bonds), Series 2018 A, GO Bonds | 5.00% | 05/01/2048 | 250 | 250980 |
|  Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB | 5.00% | 07/01/2028 | 60 | 64347 |

---

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

---

| |
|:---|
| 235 |
| 235 |
| 235 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Nevada-(continued) |  |  |  |  |
|  Clark (County of), NV Department of Aviation, Series 2024 A, Ref. RB | 5.00% | 07/01/2028 | $170 | $182317 |
|  Clark County School District, Series 2018 B, GO Bonds, (INS - AGI)<sup>(b)</sup> | 4.00% | 06/15/2037 | 10 | 9990 |
|  Clark County School District, Series 2018 B, GO Bonds, (INS - AGI)<sup>(b)</sup> | 4.00% | 06/15/2038 | 75 | 73585 |
|  Las Vegas (City of), NV Convention & Visitors Authority, Series 2018 B, RB | 5.00% | 07/01/2043 | 370 | 370437 |
|  Las Vegas Valley Water District, Series 2021 C, GO Bonds | 5.00% | 06/01/2028 | 110 | 117987 |
|  North Las Vegas (City of), NV, Series 2018, Ref. GO Bonds, (INS - AGI)<sup>(b)</sup> | 4.00% | 06/01/2041 | 25 | 23397 |
|  Truckee Meadows Water Authority, Series 2017, Ref. RB | 5.00% | 07/01/2028 | 130 | 135933 |
|  Washoe County School District, Series 2018, GO Bonds, (INS - BAM)<sup>(b)</sup> | 4.13% | 10/01/2048 | 45 | 40230 |
|  |  |  |  | 2829047 |
|  New Hampshire-0.08% |  |  |  |  |
|  New Hampshire (State of) Health and Education Facilities Authority (Dartmouth College), Series 2017, Ref. RB | 5.00% | 06/01/2028 | 70 | 75044 |
|  New Hampshire (State of) Health and Education Facilities Authority (Partners Healthcare System), Series 2017, Ref. RB | 5.00% | 07/01/2041 | 105 | 105864 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180908 |
|  New Jersey-3.20% |  |  |  |  |
|  New Jersey (State of), Series 2020 A, GO Bonds | 5.00% | 06/01/2028 | 675 | 722521 |
|  New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)<sup>(b)</sup> | 5.00% | 07/01/2028 | 275 | 286335 |
|  New Jersey (State of) Economic Development Authority, Series 2018 EEE, RB<sup>(a)(c)</sup> | 5.00% | 12/15/2028 | 360 | 390269 |
|  New Jersey (State of) Economic Development Authority, Series 2023, Ref. RB | 5.00% | 03/01/2028 | 90 | 95537 |
|  New Jersey (State of) Economic Development Authority (State House), Series 2017 B, RB | 5.00% | 06/15/2035 | 15 | 15632 |
|  New Jersey (State of) Economic Development Authority (State House), Series 2017 B, RB | 5.00% | 06/15/2036 | 115 | 119217 |
|  New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB | 5.00% | 07/01/2028 | 1025 | 1070811 |
|  New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB | 5.00% | 07/01/2028 | 20 | 20953 |
|  New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group),<br>Series 2017 A, Ref. RB | 5.00% | 07/01/2028 | 100 | 104396 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-1, RB | 5.00% | 06/15/2033 | 500 | 527223 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-1, RN | 5.00% | 06/15/2030 | 10 | 10743 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-1, RN | 5.00% | 06/15/2031 | 285 | 304485 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2014, RN | 5.00% | 06/15/2032 | 115 | 121987 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB | 5.00% | 12/15/2028 | 165 | 178237 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB | 5.00% | 12/15/2030 | 30 | 32145 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB | 4.00% | 12/15/2031 | 70 | 71782 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB | 5.00% | 12/15/2032 | 585 | 619025 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB | 5.00% | 12/15/2033 | 505 | 530759 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB | 5.00% | 12/15/2034 | 85 | 88763 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB, (INS - BAM)<sup>(b)</sup> | 4.00% | 12/15/2037 | 10 | 9768 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2018, RB | 5.00% | 12/15/2035 | 10 | 10384 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB<sup>(a)(c)</sup> | 5.00% | 12/15/2028 | 135 | 146574 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB<sup>(a)(c)</sup> | 5.00% | 12/15/2028 | 25 | 27143 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB<sup>(a)(c)</sup> | 5.00% | 12/15/2028 | 5 | 5429 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB | 5.00% | 06/15/2030 | 130 | 139654 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB | 5.00% | 06/15/2032 | 20 | 21235 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB | 4.00% | 06/15/2038 | 240 | 229425 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB<sup>(a)(c)</sup> | 5.00% | 12/15/2028 | 30 | 32572 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB | 5.00% | 06/15/2032 | 25 | 26543 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB | 5.00% | 12/15/2028 | 105 | 113424 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB | 5.00% | 06/15/2028 | 30 | 32066 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB | 5.00% | 06/15/2028 | 15 | 16033 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, RB | 5.00% | 06/15/2028 | 20 | 21388 |
|  New Jersey (State of) Turnpike Authority, Series 2005 A, Ref. RB, (INS - AGI)<sup>(b)</sup> | 5.25% | 01/01/2028 | 80 | 85409 |
|  New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2028 | 20 | 21193 |
|  New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB | 4.00% | 01/01/2035 | 160 | 160962 |
|  New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2040 | 85 | 86685 |
|  New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB | 4.00% | 01/01/2035 | 70 | 70421 |
|  New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB | 5.00% | 01/01/2036 | 135 | 139233 |
|  New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB | 5.00% | 01/01/2037 | 20 | 20546 |

---

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

---

| |
|:---|
| 236 |
| 236 |
| 236 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  New Jersey-(continued) |  |  |  |  |
|  New Jersey (State of) Turnpike Authority, Series 2020 D, RB | 5.00% | 01/01/2028 | $100 | $103018 |
|  Rutgers The State University of New Jersey, Series 2018 N, RB | 5.00% | 05/01/2028 | 15 | 16033 |
|  |  |  |  | 6845958 |
|  New Mexico-0.43% |  |  |  |  |
|  New Mexico (State of), Series 2021, GO Bonds | 5.00% | 03/01/2028 | 30 | 31951 |
|  New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB | 5.00% | 06/15/2028 | 75 | 80583 |
|  New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB | 5.00% | 06/15/2030 | 90 | 95751 |
|  New Mexico (State of) Finance Authority, Series 2021 A, RB | 5.00% | 06/15/2028 | 225 | 241749 |
|  New Mexico (State of) Severance Tax Permanent Fund, Series 2018, RB | 5.00% | 07/01/2028 | 145 | 155505 |
|  New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB | 5.00% | 07/01/2028 | 75 | 80434 |
|  New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB | 5.00% | 07/01/2028 | 210 | 225215 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911188 |
|  New York-20.81% |  |  |  |  |
|  Battery Park (City of), NY Authority, Series 2023 B, Ref. RB | 5.00% | 11/01/2028 | 160 | 174378 |
|  Build NYC Resource Corp. (The Young Men's and Women's Hebrew Association), Series 2024, RB | 5.00% | 12/01/2028 | 250 | 268426 |
|  Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2023 A, Ref. RB | 5.00% | 05/01/2028 | 15 | 16029 |
|  Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2028 | 40 | 41420 |
|  Long Island (City of), NY Power Authority, Series 2018, RB | 5.00% | 09/01/2033 | 55 | 58011 |
|  Long Island (City of), NY Power Authority, Series 2018, RB | 5.00% | 09/01/2034 | 50 | 52467 |
|  Long Island (City of), NY Power Authority, Series 2018, RB | 5.00% | 09/01/2035 | 75 | 78299 |
|  Long Island (City of), NY Power Authority, Series 2018, RB | 5.00% | 09/01/2037 | 65 | 67338 |
|  Long Island (City of), NY Power Authority, Series 2018, RB | 5.00% | 09/01/2038 | 15 | 15450 |
|  Long Island (City of), NY Power Authority, Series 2019 A, RB | 5.00% | 09/01/2030 | 205 | 219460 |
|  Long Island (City of), NY Power Authority, Series 2019 A, RB | 5.00% | 09/01/2031 | 780 | 831053 |
|  Long Island (City of), NY Power Authority, Series 2019 A, RB | 4.00% | 09/01/2034 | 5 | 5040 |
|  Long Island (City of), NY Power Authority, Series 2023 F, Ref. RB | 5.00% | 09/01/2028 | 35 | 37795 |
|  Metropolitan Transportation Authority, Series 2012 A, Ref. RB | 3.00% | 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;815 | 815072 |
|  Metropolitan Transportation Authority, Series 2017 D, Ref. RB | 5.00% | 11/15/2030 | 180 | 190626 |
|  Metropolitan Transportation Authority, Series 2017 D, Ref. RB | 5.00% | 11/15/2032 | 200 | 209844 |
|  Metropolitan Transportation Authority, Series 2017 D, Ref. RB | 5.00% | 11/15/2033 | 185 | 193149 |
|  Metropolitan Transportation Authority, Series 2017 D, Ref. RB | 5.00% | 11/15/2035 | 90 | 93038 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB | 5.00% | 11/15/2028 | 20 | 21054 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB | 5.00% | 11/15/2028 | 20 | 21269 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB | 5.00% | 11/15/2029 | 130 | 138086 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB | 5.00% | 11/15/2031 | 90 | 94872 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB | 4.00% | 11/15/2032 | 245 | 247140 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB | 5.00% | 11/15/2034 | 170 | 176645 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB | 4.00% | 11/15/2035 | 590 | 589270 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB | 4.00% | 11/15/2037 | 80 | 77753 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB | 4.00% | 11/15/2038 | 165 | 155790 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB, (INS - BAM)<sup>(b)</sup> | 5.00% | 11/15/2031 | 5 | 5277 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017, Ref. RB | 5.00% | 11/15/2028 | 150 | 161642 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017, Ref. RB | 5.00% | 11/15/2030 | 85 | 90018 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2018 B, Ref. RB | 5.00% | 11/15/2028 | 65 | 70045 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2019 A-2, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 11/15/2044 | 35 | 35264 |
|  Monroe County Industrial Development Corp. (Rochester Schools Modernization), Series 2018, RB | 5.00% | 05/01/2030 | 20 | 21293 |
|  Monroe County Industrial Development Corp. (Rochester Schools Modernization), Series 2018, RB | 5.00% | 05/01/2031 | 25 | 26517 |
|  Monroe County Industrial Development Corp. (Rochester Schools Modernization), Series 2018, RB | 5.00% | 05/01/2032 | 60 | 63347 |
|  Monroe County Industrial Development Corp. (Rochester Schools Modernization), Series 2018, RB | 5.00% | 05/01/2033 | 65 | 68368 |
|  Monroe County Industrial Development Corp. (Rochester Schools Modernization), Series 2018, RB | 5.00% | 05/01/2034 | 35 | 36677 |
|  Nassau (County of), NY Interim Finance Authority, Series 2024 A, RB | 5.00% | 11/15/2028 | 30 | 32725 |
|  Nassau Health Care Corp., Series 2009, Ref. RB | 5.00% | 08/01/2028 | 5 | 5390 |
|  New York & New Jersey (States of) Port Authority, Series 2018, Ref. RB | 5.00% | 09/01/2033 | 25 | 26398 |
|  New York & New Jersey (States of) Port Authority, Series 2022, Ref. RB | 4.00% | 12/01/2028 | 20 | 21073 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB | 5.00% | 09/01/2035 | 25 | 26187 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB | 5.00% | 09/01/2036 | 50 | 52154 |

---

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

---

| |
|:---|
| 237 |
| 237 |
| 237 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB | 4.00% | 09/01/2038 | $55 | $54241 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB | 5.00% | 09/01/2048 | 125 | 125568 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Forty Three Series 2023, Ref. RB | 5.00% | 12/01/2028 | 95 | 103114 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB | 5.00% | 07/15/2028 | 60 | 64578 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB | 5.00% | 07/15/2030 | 175 | 186588 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB | 5.00% | 07/15/2032 | 25 | 26431 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB | 5.00% | 07/15/2033 | 30 | 31608 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB | 5.00% | 07/15/2034 | 200 | 210069 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB | 5.00% | 07/15/2035 | 105 | 109839 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB | 5.00% | 07/15/2036 | 180 | 187584 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB | 5.00% | 07/15/2038 | 5 | 5168 |
|  New York (City of), NY, Series 2005 1, GO Bonds | 5.00% | 09/01/2028 | 250 | 268311 |
|  New York (City of), NY, Series 2012-1, GO Bonds | 5.00% | 04/01/2028 | 15 | 15952 |
|  New York (City of), NY, Series 2017 1, GO Bonds | 5.00% | 08/01/2028 | 160 | 167950 |
|  New York (City of), NY, Series 2017 A, Ref. GO Bonds | 5.00% | 08/01/2028 | 215 | 225683 |
|  New York (City of), NY, Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2028 | 90 | 95369 |
|  New York (City of), NY, Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2031 | 30 | 31396 |
|  New York (City of), NY, Series 2017 C, Ref. GO Bonds | 4.00% | 08/01/2034 | 50 | 50323 |
|  New York (City of), NY, Series 2017, A Ref. GO Bonds | 5.00% | 08/01/2029 | 10 | 10575 |
|  New York (City of), NY, Series 2018 E, GO Bonds | 5.00% | 03/01/2031 | 5 | 5250 |
|  New York (City of), NY, Series 2018 E-1, GO Bonds | 5.25% | 03/01/2031 | 5 | 5280 |
|  New York (City of), NY, Series 2018 E-1, GO Bonds | 5.00% | 03/01/2032 | 60 | 62759 |
|  New York (City of), NY, Series 2018 E-1, GO Bonds | 5.25% | 03/01/2035 | 50 | 52117 |
|  New York (City of), NY, Series 2018 E-1, GO Bonds | 5.00% | 03/01/2037 | 5 | 5142 |
|  New York (City of), NY, Series 2018 E-1, GO Bonds | 5.00% | 03/01/2040 | 25 | 25411 |
|  New York (City of), NY, Series 2019 E, Ref. GO Bonds | 5.00% | 08/01/2028 | 165 | 176763 |
|  New York (City of), NY, Series 2020 A-1, Ref. GO Bonds | 5.00% | 08/01/2028 | 285 | 305317 |
|  New York (City of), NY, Series 2020 B-1, Ref. GO Bonds | 5.00% | 11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;570 | 613773 |
|  New York (City of), NY, Series 2020 C, Ref. GO Bonds | 5.00% | 08/01/2028 | 55 | 58921 |
|  New York (City of), NY, Series 2020 C-1, Ref. GO Bonds | 5.00% | 08/01/2028 | 290 | 310674 |
|  New York (City of), NY, Series 2021-1, GO Bonds | 5.00% | 08/01/2028 | 70 | 74990 |
|  New York (City of), NY, Series 2022 A-1, GO Bonds | 5.00% | 09/01/2028 | 105 | 112691 |
|  New York (City of), NY, Series 2022 B-1, Ref. GO Bonds | 5.00% | 08/01/2028 | 140 | 149980 |
|  New York (City of), NY, Series 2022 C, Ref. GO Bonds | 5.00% | 08/01/2028 | 105 | 112485 |
|  New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2028 | 45 | 48208 |
|  New York (City of), NY, Series 2023 C, Ref. GO Bonds | 5.00% | 08/01/2028 | 135 | 144624 |
|  New York (City of), NY, Series 2023 F-1, Ref. GO Bonds | 5.00% | 08/01/2028 | 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294605 |
|  New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2028 | 10 | 10615 |
|  New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2028 | 30 | 31904 |
|  New York (City of), NY, Subseries 2008 J-5, GO Bonds | 5.00% | 08/01/2028 | 300 | 321387 |
|  New York (City of), NY, Subseries 2008 L-6, GO Bonds | 5.00% | 04/01/2028 | 170 | 180789 |
|  New York (City of), NY, Subseries 2018 D-1, GO Bonds | 5.00% | 12/01/2033 | 540 | 567557 |
|  New York (City of), NY, Subseries 2018 D-1, GO Bonds | 5.00% | 12/01/2034 | 10 | 10466 |
|  New York (City of), NY, Subseries 2018 D-1, GO Bonds | 5.00% | 12/01/2035 | 30 | 31265 |
|  New York (City of), NY, Subseries 2018 D-1, GO Bonds | 5.00% | 12/01/2036 | 50 | 51890 |
|  New York (City of), NY, Subseries 2018 D-1, GO Bonds | 5.00% | 12/01/2037 | 15 | 15491 |
|  New York (City of), NY, Subseries 2018 D-1, GO Bonds | 5.00% | 12/01/2038 | 125 | 128465 |
|  New York (City of), NY, Subseries 2018 D-1, GO Bonds | 5.00% | 12/01/2039 | 315 | 322614 |
|  New York (City of), NY, Subseries 2018 D-1, GO Bonds | 5.00% | 12/01/2040 | 80 | 81679 |
|  New York (City of), NY, Subseries 2018 D-1, GO Bonds | 5.00% | 12/01/2041 | 570 | 579275 |
|  New York (City of), NY, Subseries 2018 D-1, GO Bonds | 5.00% | 12/01/2044 | 40 | 40305 |
|  New York (City of), NY, Subseries 2018 F-1, GO Bonds | 5.00% | 04/01/2033 | 235 | 245203 |
|  New York (City of), NY, Subseries 2018 F-1, GO Bonds | 5.00% | 04/01/2034 | 340 | 353560 |
|  New York (City of), NY, Subseries 2018 F-1, GO Bonds | 5.00% | 04/01/2035 | 95 | 98464 |
|  New York (City of), NY, Subseries 2018 F-1, GO Bonds | 5.00% | 04/01/2036 | 40 | 41316 |
|  New York (City of), NY, Subseries 2018 F-1, GO Bonds | 5.00% | 04/01/2037 | 25 | 25724 |
|  New York (City of), NY, Subseries 2018 F-1, GO Bonds | 5.00% | 04/01/2038 | 65 | 66617 |
|  New York (City of), NY, Subseries 2018 F-1, GO Bonds | 5.00% | 04/01/2040 | 80 | 81355 |

---

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

---

| |
|:---|
| 238 |
| 238 |
| 238 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (City of), NY, Subseries 2018 F-1, GO Bonds | 5.00% | 04/01/2043 | $110 | $110874 |
|  New York (City of), NY, Subseries 2018 F-1, GO Bonds | 5.00% | 04/01/2045 | 240 | 241145 |
|  New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.00% | 10/01/2028 | 65 | 69876 |
|  New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.00% | 09/01/2028 | 15 | 16099 |
|  New York (City of), NY Industrial Development Agency, Series 2021, Ref. RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 01/01/2028 | 35 | 36867 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB<sup>(a)(c)</sup> | 5.00% | 06/15/2028 | 30 | 32217 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB | 5.00% | 06/15/2034 | 15 | 15751 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB | 5.00% | 06/15/2039 | 105 | 108124 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB | 5.00% | 06/15/2040 | 165 | 169233 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2018, Ref. RB | 5.00% | 06/15/2038 | 55 | 56918 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, RB | 5.00% | 06/15/2049 | 280 | 280809 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, RB | 5.25% | 06/15/2049 | 100 | 100984 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, Ref. RB | 5.00% | 06/15/2037 | 235 | 244281 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB | 5.00% | 06/15/2028 | 15 | 16155 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB | 5.00% | 06/15/2028 | 250 | 269243 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB | 5.00% | 06/15/2045 | 290 | 293089 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2025 DD, Ref. RB | 5.00% | 06/15/2028 | 85 | 91543 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2025, Ref. RB | 5.00% | 06/15/2028 | 20 | 21539 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2020 AA-2, RB | 5.00% | 06/15/2028 | 90 | 96927 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-2, RB | 5.00% | 06/15/2030 | 25 | 26906 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB | 5.00% | 06/15/2028 | 65 | 70003 |
|  New York (City of), NY Transitional Finance Authority, Series 1998 A-1, RB | 5.00% | 11/01/2028 | 190 | 205314 |
|  New York (City of), NY Transitional Finance Authority, Series 2002-1, Ref. RB | 5.00% | 11/01/2028 | 105 | 113463 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB | 5.00% | 07/15/2028 | 10 | 10468 |
|  New York (City of), NY Transitional Finance Authority, Series 2017, RB | 5.00% | 11/01/2028 | 10 | 10538 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 A, Ref. RB | 5.00% | 07/15/2032 | 15 | 15850 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB | 5.00% | 05/01/2034 | 30 | 31266 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB | 5.00% | 05/01/2035 | 565 | 587110 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB | 5.00% | 05/01/2036 | 95 | 98320 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB | 5.00% | 05/01/2037 | 10 | 10308 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB | 5.00% | 05/01/2038 | 105 | 107820 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB | 5.00% | 05/01/2039 | 30 | 30716 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB | 5.00% | 05/01/2041 | 250 | 254181 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 S, RB | 5.00% | 07/15/2031 | 10 | 10609 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB | 5.00% | 07/15/2032 | 65 | 68685 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB | 5.00% | 07/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262446 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB | 5.00% | 07/15/2035 | 5 | 5225 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB | 5.00% | 07/15/2036 | 40 | 41574 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB | 5.00% | 07/15/2043 | 165 | 166985 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB | 5.00% | 07/15/2045 | 240 | 242083 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB | 5.00% | 07/15/2028 | 90 | 96659 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB | 5.00% | 07/15/2030 | 110 | 117284 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB | 5.00% | 07/15/2031 | 15 | 15913 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB | 5.00% | 07/15/2033 | 65 | 68503 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB | 5.00% | 07/15/2035 | 260 | 271691 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB | 5.00% | 07/15/2033 | 525 | 553293 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB | 5.00% | 07/15/2034 | 310 | 325433 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB | 5.25% | 07/15/2036 | 50 | 52334 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB | 5.00% | 07/15/2037 | 55 | 56866 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB | 5.00% | 07/15/2043 | 95 | 96143 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB | 5.00% | 07/15/2028 | 65 | 69809 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB | 5.00% | 07/15/2034 | 110 | 115476 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB | 5.00% | 07/15/2037 | 415 | 429077 |
|  New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 5.00% | 11/01/2028 | 295 | 318777 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB | 5.00% | 11/01/2028 | 80 | 86448 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2028 | 85 | 91358 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB | 5.00% | 11/01/2028 | 340 | 367404 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB | 5.00% | 07/15/2028 | 185 | 198687 |

---

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

---

| |
|:---|
| 239 |
| 239 |
| 239 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2028 | $215 | $232329 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 C, GO Bonds | 5.00% | 05/01/2028 | 125 | 133578 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.00% | 05/01/2028 | 155 | 165637 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB | 5.00% | 11/01/2028 | 25 | 27015 |
|  New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB | 5.00% | 11/01/2028 | 60 | 64836 |
|  New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2028 | 20 | 21612 |
|  New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2028 | 35 | 37821 |
|  New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2028 | 40 | 43224 |
|  New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2028 | 35 | 37821 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2012 A-6, RB | 5.00% | 08/01/2028 | 10 | 10748 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB | 5.00% | 08/01/2033 | 90 | 94394 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB | 5.00% | 08/01/2035 | 85 | 88528 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB | 5.00% | 08/01/2036 | 30 | 31100 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB | 5.00% | 08/01/2037 | 10 | 10328 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB | 5.00% | 08/01/2040 | 55 | 56210 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB | 5.00% | 08/01/2042 | 500 | 507144 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB | 5.00% | 08/01/2035 | 145 | 151019 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB | 5.00% | 08/01/2036 | 180 | 186600 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB | 5.25% | 08/01/2037 | 55 | 57227 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018 S-2A, Ref. RB | 5.00% | 07/15/2034 | 25 | 26245 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB | 5.00% | 07/15/2028 | 215 | 230907 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB | 5.00% | 07/15/2030 | 235 | 250561 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB | 5.00% | 07/15/2031 | 100 | 106089 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB | 5.00% | 07/15/2033 | 245 | 258203 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB | 5.00% | 07/15/2035 | 35 | 36574 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB | 5.00% | 07/15/2036 | 285 | 296217 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB | 5.00% | 07/15/2037 | 195 | 201614 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3A, Ref. RB | 5.00% | 07/15/2032 | 165 | 174355 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3A, Ref. RB | 5.00% | 07/15/2034 | 110 | 115476 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3A, Ref. RB | 4.00% | 07/15/2038 | 15 | 14680 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018 S-4A, Ref. RB | 5.00% | 07/15/2033 | 25 | 26347 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018 S-4A, Ref. RB | 5.25% | 07/15/2035 | 20 | 21046 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018, RB | 5.00% | 08/01/2034 | 105 | 109753 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018, RB | 5.00% | 08/01/2038 | 5 | 5140 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018, RB | 4.00% | 08/01/2039 | 105 | 99294 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2021 F-1, Ref. RB | 5.00% | 11/01/2028 | 60 | 64989 |
|  New York (State of), Series 2019 A, GO Bonds | 5.00% | 03/01/2028 | 5 | 5359 |
|  New York (State of), Series 2025 C, Ref. GO Bonds | 5.00% | 03/15/2028 | 25 | 26822 |
|  New York (State of) Dormitory Authority, Series 2005 B, Ref. RB, (INS - AMBAC)<sup>(b)</sup> | 5.50% | 03/15/2028 | 30 | 32324 |
|  New York (State of) Dormitory Authority, Series 2018 1, Ref. RB | 5.00% | 01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318679 |
|  New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 10/01/2028 | 10 | 10834 |
|  New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 03/15/2031 | 125 | 131877 |
|  New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 03/15/2032 | 115 | 120921 |
|  New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 07/01/2032 | 125 | 131982 |
|  New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 07/01/2033 | 150 | 157754 |
|  New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 03/15/2034 | 270 | 282068 |
|  New York (State of) Dormitory Authority, Series 2018 A, RB | 4.00% | 07/01/2035 | 195 | 195966 |
|  New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 03/15/2036 | 5 | 5188 |
|  New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 07/01/2036 | 190 | 196999 |
|  New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 07/01/2038 | 95 | 97699 |
|  New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 03/15/2039 | 150 | 153866 |
|  New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 07/01/2039 | 335 | 343538 |
|  New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 07/01/2040 | 380 | 388419 |
|  New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 03/15/2041 | 35 | 35702 |
|  New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 07/01/2048 | 150 | 151049 |
|  New York (State of) Dormitory Authority, Series 2018 A, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2028 | 170 | 182132 |
|  New York (State of) Dormitory Authority, Series 2018 A, Ref. RB<sup>(a)(c)</sup> | 5.00% | 09/15/2028 | 10 | 10848 |
|  New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 5.00% | 03/15/2030 | 45 | 48115 |

---

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

---

| |
|:---|
| 240 |
| 240 |
| 240 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 5.00% | 09/15/2030 | $10 | $10672 |
|  New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 5.00% | 03/15/2031 | 130 | 138462 |
|  New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 5.00% | 03/15/2032 | 285 | 302148 |
|  New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 5.00% | 08/01/2032 | 375 | 384033 |
|  New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 5.25% | 03/15/2037 | 20 | 20877 |
|  New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 5.25% | 03/15/2039 | 100 | 103415 |
|  New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 5.00% | 03/15/2040 | 115 | 117423 |
|  New York (State of) Dormitory Authority, Series 2018 C, Ref. RB<sup>(a)(c)</sup> | 5.00% | 03/15/2028 | 15 | 16051 |
|  New York (State of) Dormitory Authority, Series 2018 C, Ref. RB | 5.00% | 03/15/2031 | 95 | 100228 |
|  New York (State of) Dormitory Authority, Series 2018 C, Ref. RB | 5.00% | 03/15/2032 | 100 | 105126 |
|  New York (State of) Dormitory Authority, Series 2018 C, Ref. RB | 5.00% | 03/15/2033 | 10 | 10478 |
|  New York (State of) Dormitory Authority, Series 2018 C, Ref. RB | 5.00% | 03/15/2034 | 50 | 52229 |
|  New York (State of) Dormitory Authority, Series 2018 C, Ref. RB | 5.00% | 03/15/2039 | 10 | 10258 |
|  New York (State of) Dormitory Authority, Series 2018 E, Ref. RB<sup>(a)(c)</sup> | 5.00% | 09/15/2028 | 5 | 5417 |
|  New York (State of) Dormitory Authority, Series 2018 E, Ref. RB | 5.00% | 03/15/2030 | 325 | 347693 |
|  New York (State of) Dormitory Authority, Series 2018 E, Ref. RB | 5.00% | 03/15/2032 | 80 | 84885 |
|  New York (State of) Dormitory Authority, Series 2018 E, Ref. RB | 5.00% | 03/15/2033 | 35 | 36989 |
|  New York (State of) Dormitory Authority, Series 2018 E, Ref. RB | 5.00% | 03/15/2034 | 225 | 236912 |
|  New York (State of) Dormitory Authority, Series 2018 E, Ref. RB | 5.00% | 03/15/2035 | 250 | 262234 |
|  New York (State of) Dormitory Authority, Series 2018 E, Ref. RB | 5.00% | 03/15/2048 | 655 | 664050 |
|  New York (State of) Dormitory Authority, Series 2018, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2028 | 55 | 58855 |
|  New York (State of) Dormitory Authority, Series 2018, Ref. RB | 5.00% | 03/15/2030 | 65 | 68817 |
|  New York (State of) Dormitory Authority, Series 2018, Ref. RB | 5.00% | 03/15/2031 | 130 | 138501 |
|  New York (State of) Dormitory Authority, Series 2018-1, Ref. RB | 5.00% | 01/15/2032 | 160 | 167004 |
|  New York (State of) Dormitory Authority, Series 2019 A, RB | 5.00% | 10/01/2028 | 5 | 5255 |
|  New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 10/01/2028 | 30 | 32427 |
|  New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 10/01/2032 | 50 | 52756 |
|  New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 10/01/2033 | 10 | 10468 |
|  New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 10/01/2034 | 100 | 104333 |
|  New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 10/01/2035 | 45 | 46783 |
|  New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 10/01/2028 | 155 | 167539 |
|  New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 5.00% | 03/15/2028 | 65 | 69239 |
|  New York (State of) Dormitory Authority, Series 2022 A, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2028 | 65 | 69639 |
|  New York (State of) Dormitory Authority, Series 2023, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 10/01/2028 | 15 | 16213 |
|  New York (State of) Dormitory Authority, Series 2024 A, GO Bonds, (INS - AGI)<sup>(b)</sup> | 5.00% | 10/01/2028 | 120 | 129708 |
|  New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212216 |
|  New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2028 | 60 | 63913 |
|  New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2028 | 175 | 186771 |
|  New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 A, RB<sup>(a)</sup> | 5.00% | 03/15/2028 | 30 | 32102 |
|  New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 C, Ref. RB | 5.00% | 03/15/2035 | 325 | 338399 |
|  New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 C, Ref. RB | 5.00% | 03/15/2036 | 130 | 134869 |
|  New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 A, RB | 5.00% | 03/15/2030 | 285 | 301722 |
|  New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 A, RB | 5.00% | 03/15/2033 | 370 | 387745 |
|  New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 A, RB | 5.00% | 03/15/2037 | 10 | 10337 |
|  New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB | 5.00% | 03/15/2028 | 40 | 42690 |
|  New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB | 5.00% | 03/15/2036 | 220 | 229805 |
|  New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB | 5.00% | 03/15/2037 | 70 | 72795 |
|  New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB | 5.00% | 03/15/2039 | 425 | 437622 |
|  New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB | 5.00% | 03/15/2040 | 270 | 276802 |
|  New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB | 5.00% | 03/15/2043 | 50 | 50903 |
|  New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB | 5.00% | 03/15/2044 | 15 | 15235 |
|  New York (State of) Dormitory Authority (Bidding Group 3), Series 2018 A, RB | 5.00% | 03/15/2038 | 150 | 154412 |
|  New York (State of) Dormitory Authority (Bidding Group 3), Series 2018 A, RB | 5.00% | 03/15/2042 | 155 | 157941 |
|  New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB | 5.00% | 03/15/2044 | 95 | 96326 |
|  New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB | 5.00% | 03/15/2045 | 100 | 101305 |
|  New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB | 5.00% | 03/15/2038 | 305 | 313937 |
|  New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB | 5.00% | 03/15/2042 | 15 | 15285 |
|  New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB | 5.00% | 03/15/2043 | 200 | 203647 |

---

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

---

| |
|:---|
| 241 |
| 241 |
| 241 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (State of) Dormitory Authority (Columbia University), Series 2018 B, Ref. RB | 5.00% | 10/01/2038 | $340 | $348842 |
|  New York (State of) Dormitory Authority (General Purpose), Series 2018 A, Ref. RB | 5.25% | 03/15/2038 | 635 | 659068 |
|  New York (State of) Dormitory Authority (New York University), Series 2017 A, Ref. RB | 5.00% | 07/01/2028 | 10 | 10475 |
|  New York (State of) Dormitory Authority (New York University), Series 2019 A, RB | 5.00% | 07/01/2028 | 25 | 26875 |
|  New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), Series 2023 B, Ref. RB | 5.00% | 07/01/2028 | 10 | 10739 |
|  New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 11/15/2028 | 240 | 261491 |
|  New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 11/15/2028 | 65 | 70821 |
|  New York (State of) Thruway Authority, Series 2018 L, Ref. RB | 5.00% | 01/01/2028 | 55 | 58512 |
|  New York (State of) Thruway Authority, Series 2018 L, Ref. RB | 5.00% | 01/01/2030 | 95 | 100239 |
|  New York (State of) Thruway Authority, Series 2018 L, Ref. RB | 5.00% | 01/01/2031 | 20 | 21029 |
|  New York (State of) Thruway Authority, Series 2018 L, Ref. RB | 5.00% | 01/01/2032 | 25 | 26163 |
|  New York (State of) Thruway Authority, Series 2018 L, Ref. RB | 5.00% | 01/01/2033 | 40 | 41708 |
|  New York (State of) Thruway Authority, Series 2018 L, Ref. RB | 5.00% | 01/01/2034 | 5 | 5194 |
|  New York (State of) Thruway Authority, Series 2018 L, Ref. RB | 5.00% | 01/01/2035 | 60 | 62063 |
|  New York (State of) Thruway Authority, Series 2018 L, Ref. RB | 3.50% | 01/01/2037 | 30 | 29052 |
|  New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB | 5.00% | 03/15/2028 | 20 | 21335 |
|  New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2028 | 5 | 5319 |
|  New York (State of) Thruway Authority, Series 2024 Q, Ref. RB | 5.00% | 01/01/2028 | 15 | 15958 |
|  New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB | 5.00% | 03/15/2028 | 25 | 26669 |
|  New York City Health and Hospitals Corp., Series 2021 A, Ref. RB | 5.00% | 02/15/2028 | 85 | 90264 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Series 2018 C-2, RB | 5.00% | 05/01/2032 | 10 | 10489 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Series 2020, RB | 5.00% | 08/01/2028 | 55 | 59114 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Series 2022, RB | 5.00% | 11/01/2028 | 80 | 86448 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Subseries 2018, RB | 5.00% | 08/01/2034 | 80 | 83621 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB | 5.00% | 06/15/2028 | 50 | 52312 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2018 A, Ref. RB | 5.00% | 06/15/2030 | 40 | 42745 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2018 B, RB | 5.00% | 06/15/2043 | 40 | 40486 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2018 B, RB | 5.00% | 06/15/2048 | 150 | 150811 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 B, Ref. RB | 5.00% | 06/15/2028 | 65 | 70076 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, RB | 5.00% | 06/15/2028 | 100 | 107810 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2023, Ref. RB | 5.00% | 06/15/2028 | 20 | 21562 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB | 5.00% | 06/15/2028 | 15 | 16171 |
|  New York State Urban Development Corp., Series 2019 A, RB | 5.00% | 03/15/2035 | 195 | 202768 |
|  New York State Urban Development Corp., Series 2019 A, RB | 5.00% | 03/15/2037 | 45 | 46339 |
|  New York State Urban Development Corp., Series 2019 A, RB | 5.00% | 03/15/2038 | 130 | 133145 |
|  New York State Urban Development Corp., Series 2019 A, RB | 5.00% | 03/15/2039 | 85 | 86717 |
|  New York State Urban Development Corp., Series 2019 A, RB | 5.00% | 03/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137229 |
|  New York State Urban Development Corp., Series 2019 A, RB | 5.00% | 03/15/2044 | 105 | 105665 |
|  New York State Urban Development Corp., Series 2019 A, RB | 5.00% | 03/15/2045 | 50 | 50260 |
|  New York State Urban Development Corp., Series 2019, RB | 5.00% | 03/15/2036 | 155 | 160370 |
|  New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2028 | 175 | 186860 |
|  New York State Urban Development Corp., Series 2022, Ref. RB<sup>(a)</sup> | 5.00% | 09/15/2028 | 5 | 5424 |
|  New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB | 5.00% | 03/15/2028 | 105 | 112197 |
|  New York Transportation Development Corp. (Termial 4 John F. Kennedy International Airport), Series 2020, Ref. RB | 5.00% | 12/01/2028 | 75 | 80141 |
|  Sufflock (County of), NY, Series 2017 D, Ref. GO Bonds, (INS - BAM)<sup>(b)</sup> | 4.00% | 10/15/2028 | 20 | 20647 |
|  Suffolk (County of), NY Water Authority, Series 2013, Ref. RB | 3.00% | 06/01/2028 | 10 | 10002 |
|  Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2028 | 165 | 178921 |
|  Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB | 5.00% | 11/15/2028 | 565 | 612668 |

---

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

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| 242 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  Triborough Bridge & Tunnel Authority, Series 2025 A, RB | 5.00% | 02/01/2028 | $1050 | $1116311 |
|  Triborough Bridge & Tunnel Authority, Series 2025 A, RB | 5.00% | 03/01/2028 | 90 | 96055 |
|  Triborough Bridge & Tunnel Authority, Series 2025, RB | 5.00% | 12/01/2028 | 55 | 59590 |
|  Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022, Ref. RB | 5.00% | 11/15/2028 | 65 | 70526 |
|  Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023, RB | 5.00% | 11/15/2028 | 245 | 263356 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-1, Ref. RB | 5.00% | 11/15/2028 | 330 | 357841 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB | 5.00% | 11/15/2043 | 5 | 5041 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB | 5.00% | 11/15/2044 | 325 | 326884 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB | 5.00% | 11/15/2046 | 10 | 10028 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB | 5.00% | 11/15/2033 | 30 | 31429 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB | 5.00% | 11/15/2034 | 45 | 46978 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB | 5.00% | 11/15/2035 | 160 | 166265 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB | 5.00% | 11/15/2036 | 30 | 31018 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB | 5.00% | 11/15/2037 | 80 | 82247 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB | 5.00% | 05/15/2028 | 130 | 139435 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, Ref. RB | 5.00% | 11/15/2028 | 190 | 206030 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB | 5.00% | 11/15/2028 | 335 | 363480 |
|  |  |  |  | 44561152 |
|  North Carolina-1.14% |  |  |  |  |
|  Charlotte (City of), NC, Series 2018, Ref. RB | 5.00% | 07/01/2028 | 245 | 263448 |
|  Charlotte (City of), NC, Series 2018, Ref. RB | 5.00% | 07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;445 | 473930 |
|  Charlotte (City of), NC, Series 2018, Ref. RB | 5.00% | 07/01/2032 | 40 | 42432 |
|  Charlotte (City of), NC, Series 2018, Ref. RB | 5.00% | 07/01/2033 | 15 | 15846 |
|  Charlotte (City of), NC, Series 2018, Ref. RB | 5.00% | 07/01/2034 | 20 | 21029 |
|  Charlotte (City of), NC, Series 2023 B, Ref. GO Bonds | 5.00% | 07/01/2028 | 10 | 10762 |
|  Mecklenburg (County of), NC, Series 2022, GO Bonds | 5.00% | 09/01/2028 | 25 | 27012 |
|  New York (State of) Dormitory Authority, Series 2019 A, RB | 5.00% | 05/01/2028 | 70 | 74935 |
|  North Carolina (State of), Series 2017 B, Ref. RB | 5.00% | 05/01/2028 | 175 | 182673 |
|  North Carolina (State of), Series 2018 A, GO Bonds | 5.00% | 06/01/2028 | 15 | 16114 |
|  North Carolina (State of), Series 2018 A, GO Bonds | 5.00% | 06/01/2030 | 55 | 58674 |
|  North Carolina (State of), Series 2018 A, GO Bonds | 5.00% | 06/01/2031 | 250 | 265210 |
|  North Carolina (State of), Series 2019 B, GO Bonds | 5.00% | 06/01/2028 | 10 | 10743 |
|  North Carolina (State of), Series 2020 A, GO Bonds | 5.00% | 06/01/2028 | 80 | 85942 |
|  North Carolina (State of), Series 2021, RB | 5.00% | 03/01/2028 | 35 | 37285 |
|  North Carolina (State of), Series 2022 A, RB | 5.00% | 05/01/2028 | 5 | 5352 |
|  North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB | 5.00% | 05/01/2028 | 285 | 305092 |
|  North Carolina (State of) (Garvee), Series 2019, RB | 5.00% | 03/01/2028 | 30 | 31958 |
|  North Carolina (State of) (Garvee), Series 2025, Ref. RB | 5.00% | 03/01/2028 | 55 | 58590 |
|  North Carolina (State of) Medical Care Commission (Duke University Health system), Series 2016, Ref. RB | 5.00% | 06/01/2028 | 95 | 101531 |
|  North Carolina (State of) Turnpike Authority, Series 2018 A, Ref. RB | 4.00% | 01/01/2033 | 15 | 15296 |
|  North Carolina (State of) Turnpike Authority, Series 2018 A, Ref. RB | 4.00% | 01/01/2034 | 70 | 70823 |
|  North Carolina (State of) Turnpike Authority, Series 2018 A, Ref. RB | 4.00% | 01/01/2035 | 25 | 25215 |
|  Raleigh (City of), NC, Series 2024, Ref. RB | 5.00% | 10/01/2028 | 10 | 10815 |
|  Wake (County of), NC, Series 2021, RB | 5.00% | 03/01/2028 | 215 | 229250 |
|  |  |  |  | 2439957 |
|  North Dakota-0.09% |  |  |  |  |
|  University of North Dakota, Series 2018, COP | 5.00% | 04/01/2057 | 195 | 194379 |
|  Ohio-2.46% |  |  |  |  |
|  Allen (County of), OH, Series 2017 A, Ref. RB | 5.00% | 08/01/2028 | 80 | 84548 |
|  Allen (County of), OH, Series 2017 A, Ref. RB | 5.00% | 08/01/2029 | 125 | 131893 |
|  Allen (County of), OH, Series 2017 A, Ref. RB | 4.00% | 08/01/2038 | 20 | 19041 |
|  Allen (County of), OH (Mercy Health), Series 2020, Ref. RB | 5.00% | 12/01/2028 | 30 | 32221 |
|  American Municipal Power, Inc. (Combined Hydroelectric), Series 2020, Ref. RB | 5.00% | 02/15/2028 | 20 | 21229 |
|  Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)<sup>(b)</sup> | 5.25% | 12/01/2028 | 45 | 49017 |

---

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

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| 243 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Ohio-(continued) |  |  |  |  |
|  Cleveland (City of), OH, Series 2018, GO Bonds | 5.00% | 12/01/2043 | $130 | $131513 |
|  Columbus (City of), OH, Series 2016 3, Ref. GO Bonds | 5.00% | 02/15/2028 | 40 | 41501 |
|  Columbus (City of), OH, Series 2017-1, Ref. GO Bonds | 5.00% | 04/01/2028 | 115 | 121118 |
|  Columbus (City of), OH, Series 2018 A, GO Bonds | 5.00% | 04/01/2028 | 60 | 64166 |
|  Columbus (City of), OH, Series 2018 A, GO Bonds | 5.00% | 04/01/2030 | 25 | 26761 |
|  Columbus (City of), OH, Series 2018 A, GO Bonds | 5.00% | 04/01/2031 | 40 | 42507 |
|  Columbus (City of), OH, Series 2018 A, GO Bonds | 5.00% | 04/01/2032 | 55 | 58035 |
|  Columbus (City of), OH, Series 2018 A, GO Bonds | 5.00% | 04/01/2033 | 10 | 10502 |
|  Columbus (City of), OH, Series 2018 A, GO Bonds | 5.00% | 04/01/2034 | 25 | 26135 |
|  Columbus (City of), OH, Series 2021 A, GO Bonds | 5.00% | 04/01/2028 | 60 | 64166 |
|  Columbus (City of), OH, Series 2023 A, GO Bonds | 5.00% | 08/15/2028 | 95 | 102507 |
|  Columbus (City of), OH, Series 2024 A, GO Bonds | 5.00% | 08/15/2028 | 90 | 97112 |
|  Franklin (County of), OH, Series 2018, RB | 5.00% | 06/01/2048 | 150 | 150309 |
|  Miami Valley Career Technology Center, Series 2018, GO Bonds | 3.75% | 12/01/2047 | 35 | 28699 |
|  Northeast Ohio Regional Sewer District, Series 2017, Ref. RB | 4.00% | 11/15/2037 | 35 | 34806 |
|  Ohio (State of), Series 2016 A, Ref. GO Bonds | 5.00% | 09/01/2028 | 65 | 70191 |
|  Ohio (State of), Series 2017 B, Ref. GO Bonds | 5.00% | 09/01/2028 | 130 | 140382 |
|  Ohio (State of), Series 2017 B, Ref. GO Bonds | 5.00% | 09/15/2028 | 135 | 145905 |
|  Ohio (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2028 | 105 | 113131 |
|  Ohio (State of), Series 2017 U, Ref. GO Bonds | 5.00% | 05/01/2028 | 150 | 160655 |
|  Ohio (State of), Series 2019-1, RB | 5.00% | 12/15/2028 | 190 | 206273 |
|  Ohio (State of), Series 2021, RB | 5.00% | 02/01/2028 | 50 | 53206 |
|  Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB | 5.00% | 01/01/2030 | 120 | 126376 |
|  Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB | 5.00% | 01/01/2031 | 125 | 131232 |
|  Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB | 5.00% | 01/01/2033 | 100 | 104256 |
|  Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB | 4.00% | 01/01/2036 | 345 | 345518 |
|  Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB | 5.00% | 01/01/2028 | 80 | 84640 |
|  Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB | 5.00% | 01/01/2032 | 625 | 653734 |
|  Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB | 4.00% | 01/01/2034 | 50 | 50450 |
|  Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2021, Ref. RB | 5.00% | 01/01/2028 | 15 | 15870 |
|  Ohio (State of) Turnpike & Infrastructure Commission, Series 2017 A, Ref. RB | 5.00% | 02/15/2028 | 15 | 15499 |
|  Ohio (State of) Turnpike & Infrastructure Commission, Series 2018 A, RB | 4.00% | 02/15/2032 | 130 | 133018 |
|  Ohio (State of) Turnpike & Infrastructure Commission, Series 2018 A, RB | 4.00% | 02/15/2033 | 90 | 91679 |
|  Ohio (State of) Turnpike & Infrastructure Commission, Series 2018, RB | 5.00% | 02/15/2032 | 10 | 10502 |
|  Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB | 5.00% | 02/15/2028 | 130 | 138306 |
|  Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB | 5.00% | 02/15/2030 | 165 | 174656 |
|  Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB | 5.00% | 02/15/2031 | 100 | 105461 |
|  Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB | 5.00% | 02/15/2033 | 145 | 151723 |
|  Ohio (State of) Water Development Authority, Series 2018, RB | 5.00% | 06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;165 | 175747 |
|  Ohio (State of) Water Development Authority, Series 2019 A, RB | 5.00% | 06/01/2028 | 190 | 203901 |
|  Ohio (State of) Water Development Authority, Series 2019 A, RB | 5.00% | 12/01/2028 | 220 | 238790 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 A, Ref. RB | 5.00% | 06/01/2028 | 75 | 80487 |
|  University of Cincinnati, Series 2018 A, Ref. RB | 5.00% | 06/01/2044 | 5 | 5043 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5264417 |
|  Oklahoma-0.27% |  |  |  |  |
|  Oklahoma (State of) Capitol Improvement Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2028 | 175 | 187729 |
|  Oklahoma (State of) Industries Authority (Oklahoma City Public Schools), Series 2024, RB | 5.00% | 04/01/2028 | 20 | 21269 |
|  Oklahoma (State of) Turnpike Authority, Series 2017 D D, Ref. RB | 5.00% | 01/01/2028 | 200 | 211413 |
|  Oklahoma County Independent School District No. 89, Series 2024 A, GO Bonds | 4.00% | 07/01/2028 | 15 | 15653 |
|  Tulsa (County of), OK Industrial Authority (Broken Arrow Public Schools), Series 2019, RB | 5.00% | 09/01/2028 | 125 | 133931 |
|  |  |  |  | 569995 |
|  Oregon-0.79% |  |  |  |  |
|  Benton & Linn (Counties of), OR Consolidated School District No. 509J & 509A Corvallis, Series 2018 B, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2037 | 100 | 103439 |
|  Multnomah (County of), OR, Series 2021 A, GO Bonds | 5.00% | 06/15/2028 | 150 | 160956 |

---

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

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| 244 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Oregon-(continued) |  |  |  |  |
|  Multnomah County School District No. 1, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2028 | $80 | $85888 |
|  Oregon (State of) (Article XI - Q State), Series 2023, GO Bonds | 5.00% | 05/01/2028 | 180 | 192786 |
|  Oregon (State of) Lottery, Series 2025 A, Ref. RB | 5.00% | 04/01/2028 | 30 | 32044 |
|  Oregon (State of) Tri-County Metropolitan Transportation District (Garvee), Series 2018 A, RB | 4.00% | 10/01/2033 | 25 | 25140 |
|  Oregon City School District No. 62, Series 2018 B, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2049 | 370 | 373274 |
|  Portland (City of), OR, Series 2019 A, Ref. RB | 5.00% | 03/01/2028 | 135 | 143914 |
|  Portland Community College District, Series 2023, GO Bonds | 5.00% | 06/15/2028 | 50 | 53610 |
|  Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2032 | 150 | 157540 |
|  Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2033 | 25 | 26161 |
|  Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2034 | 45 | 46935 |
|  Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 06/15/2035 | 105 | 105726 |
|  Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2036 | 15 | 15531 |
|  Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2037 | 55 | 56759 |
|  Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2038 | 5 | 5136 |
|  Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2039 | 5 | 5119 |
|  University of Oregon, Series 2018 A, RB | 5.00% | 04/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;105 | 105364 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1695322 |
|  Pennsylvania-3.82% |  |  |  |  |
|  Allegheny (County of), PA, Series 2018 C-77, GO Bonds | 5.00% | 11/01/2043 | 135 | 136768 |
|  Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2017, Ref. RB | 5.00% | 08/01/2028 | 110 | 115409 |
|  Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue),<br>Series 2018 A, Ref. RB | 5.00% | 04/01/2032 | 30 | 31294 |
|  Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue),<br>Series 2018 A, Ref. RB | 4.00% | 04/01/2037 | 20 | 19085 |
|  Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue),<br>Series 2018 A, Ref. RB | 4.00% | 04/01/2044 | 55 | 47529 |
|  Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue),<br>Series 2018 A, Ref. RB | 5.00% | 04/01/2047 | 450 | 433603 |
|  Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue),<br>Series 2018, Ref. RB | 5.00% | 04/01/2033 | 265 | 275520 |
|  Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue),<br>Series 2018, Ref. RB | 4.00% | 04/01/2038 | 150 | 140374 |
|  Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2018, Ref. RB | 5.00% | 04/01/2028 | 45 | 47543 |
|  Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB | 5.00% | 07/15/2028 | 35 | 37139 |
|  Allegheny (County of), PA Port Authority, Series 2020, Ref. RB | 5.00% | 03/01/2028 | 40 | 42511 |
|  Allegheny (County of), PA Sanitary Authority, Series 2018, RB | 5.00% | 06/01/2045 | 100 | 100316 |
|  Bucks (County of), PA Industrial Development Authority (St. Luke's University Health Network), Series 2019, RB | 3.00% | 08/15/2050 | 180 | 117631 |
|  Delaware Valley Regional Finance Authority, Series 1998 A, RB, (INS - AMBAC)<sup>(b)</sup> | 5.50% | 08/01/2028 | 290 | 314302 |
|  DuBois (City of), PA Hospital Authority (Penn Highlands Healthcare), Series 2018, Ref. RB | 4.00% | 07/15/2048 | 30 | 22156 |
|  Erie Sewer Authority, Series 2018 B, Ref. RB, (INS - AGI)<sup>(b)</sup> | 4.00% | 12/01/2041 | 30 | 28637 |
|  Monroeville Finance Authority, Series 2022 B, Ref. RB | 5.00% | 02/15/2028 | 30 | 31579 |
|  Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2018, Ref. RB | 4.00% | 11/01/2038 | 100 | 95099 |
|  Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds | 5.00% | 01/01/2028 | 285 | 294571 |
|  Pennsylvania (Commonwealth of), First Series 2018, GO Bonds | 5.00% | 03/01/2028 | 90 | 95852 |
|  Pennsylvania (Commonwealth of), First Series 2018, GO Bonds | 4.00% | 03/01/2037 | 210 | 209764 |
|  Pennsylvania (Commonwealth of), First Series 2018, GO Bonds, (INS - AGI)<sup>(b)</sup> | 4.00% | 03/01/2033 | 10 | 10217 |
|  Pennsylvania (Commonwealth of), First Series 2018, GO Bonds, (INS - AGI)<sup>(b)</sup> | 4.00% | 03/01/2034 | 20 | 20366 |
|  Pennsylvania (Commonwealth of), First Series 2018, GO Bonds, (INS - AGI)<sup>(b)</sup> | 3.75% | 03/01/2039 | 415 | 403540 |
|  Pennsylvania (Commonwealth of), First Series 2018, GO Bonds, (INS - BAM)<sup>(b)</sup> | 4.00% | 03/01/2035 | 150 | 150848 |
|  Pennsylvania (Commonwealth of), First Series 2018-1, GO Bonds | 5.00% | 03/01/2032 | 565 | 592781 |
|  Pennsylvania (Commonwealth of), First Series 2020, GO Bonds | 5.00% | 05/01/2028 | 200 | 213832 |
|  Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds | 5.00% | 09/01/2028 | 95 | 102358 |

---

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

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Pennsylvania-(continued) |  |  |  |  |
|  Pennsylvania (Commonwealth of), Second Series 2016, Ref. GO Bonds | 5.00% | 01/15/2028 | $400 | $413810 |
|  Pennsylvania (Commonwealth of), Series 2018, GO Bonds | 4.00% | 03/01/2036 | 65 | 65140 |
|  Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds | 5.00% | 07/15/2028 | 325 | 349139 |
|  Pennsylvania (Commonwealth of), Series 2021, GO Bonds | 5.00% | 05/15/2028 | 10 | 10701 |
|  Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2028 | 165 | 178092 |
|  Pennsylvania (Commonwealth of), Series 2024, GO Bonds | 5.00% | 08/15/2028 | 20 | 21527 |
|  Pennsylvania (Commonwealth of) (Bid Group A), Series 2023, GO Bonds | 5.00% | 09/01/2028 | 200 | 215490 |
|  Pennsylvania (Commonwealth of) (Municipal Real Estate Funding, LLC), Series 2018 A, Ref. COP | 5.00% | 07/01/2043 | 135 | 136089 |
|  Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania),<br>Series 2018 A, RB | 5.00% | 02/15/2048 | 10 | 10043 |
|  Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District), Series 2003, RB,<br>(INS - AGI)<sup>(b)</sup> | 5.50% | 06/01/2028 | 40 | 43057 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2013 A-2, RB | 5.00% | 12/01/2038 | 120 | 123381 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB | 5.00% | 06/01/2028 | 15 | 15683 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A, RB | 5.00% | 12/01/2048 | 300 | 301480 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A-2, RB | 5.00% | 12/01/2043 | 560 | 566744 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A-2, RB | 5.00% | 12/01/2048 | 200 | 200689 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB | 5.00% | 12/01/2039 | 40 | 40630 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB | 5.00% | 12/01/2043 | 365 | 367916 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019, Ref. RB | 5.00% | 12/01/2030 | 35 | 37287 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Subseries 2013 A-2, RB | 5.00% | 12/01/2033 | 140 | 147641 |
|  Peters Township School District Washington County, Series 2018 C, GO Bonds | 5.00% | 09/01/2040 | 35 | 35693 |
|  Philadelphia (City of), PA, Series 2018 A, RB | 5.00% | 10/01/2043 | 10 | 10086 |
|  Philadelphia (City of), PA, Series 2018 A, RB | 5.00% | 10/01/2048 | 65 | 64596 |
|  Philadelphia (City of), PA Authority for Industrial Development, Series 2019, Ref. RB | 5.00% | 10/01/2028 | 160 | 171413 |
|  State College Area School District, Series 2018, GO Bonds | 5.00% | 05/15/2044 | 185 | 188143 |
|  West Shore School District, Series 2020, GO Bonds | 4.00% | 11/15/2045 | 380 | 341136 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;8186230 |
|  South Carolina-0.88% |  |  |  |  |
|  Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2023, Ref. RB | 5.00% | 12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;155 | 167783 |
|  Columbia (City of), SC, Series 2018, RB<sup>(a)(c)</sup> | 5.00% | 02/01/2028 | 30 | 31924 |
|  Florence (County of), SC, Series 2021, GO Bonds | 5.00% | 06/01/2028 | 95 | 101741 |
|  Florence (County of), SC, Series 2023, RB | 5.00% | 06/01/2028 | 90 | 96286 |
|  Greenville County School District, Series 2023, Ref. RB | 5.00% | 12/01/2028 | 60 | 65105 |
|  Horry County School District, Series 2024, GO Bonds | 5.00% | 03/01/2028 | 25 | 26644 |
|  South Carolina (State of) Jobs-Economic Development Authority (McLeod Health), Series 2018, RB | 5.00% | 11/01/2043 | 150 | 150160 |
|  South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018 A, Ref. RB | 5.00% | 05/01/2035 | 115 | 119213 |
|  South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018 A, Ref. RB | 5.00% | 05/01/2043 | 250 | 250750 |
|  South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018, Ref. RB | 5.00% | 05/01/2032 | 110 | 115336 |
|  South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018, Ref. RB | 5.00% | 05/01/2033 | 160 | 167190 |
|  South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018, Ref. RB | 5.00% | 05/01/2034 | 55 | 57258 |
|  South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018, Ref. RB | 5.00% | 05/01/2037 | 75 | 77106 |
|  South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018, Ref. RB | 5.00% | 05/01/2038 | 225 | 230204 |
|  South Carolina (State of) Public Service Authority, Series 2025 B, Ref. RB | 5.00% | 12/01/2028 | 5 | 5398 |
|  South Carolina (State of) Transportation Infrastructure Bank, Series 2019 A, RB | 5.00% | 10/01/2032 | 30 | 31864 |
|  South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB | 5.00% | 10/01/2028 | 170 | 183542 |
|  |  |  |  | 1877504 |
|  Tennessee-0.66% |  |  |  |  |
|  Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2018 A, Ref. RB | 5.00% | 07/01/2035 | 205 | 211178 |

---

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

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Tennessee-(continued) |  |  |  |  |
|  Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2018 A, Ref. RB | 5.00% | 07/01/2037 | $150 | $153507 |
|  Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2018 A, Ref. RB | 4.00% | 07/01/2040 | 80 | 73808 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds | 4.00% | 07/01/2028 | 65 | 67976 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds | 5.00% | 07/01/2030 | 145 | 154435 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds | 5.00% | 07/01/2031 | 110 | 116564 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds | 5.00% | 07/01/2032 | 115 | 121285 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds | 4.00% | 07/01/2033 | 50 | 50802 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds | 4.00% | 07/01/2035 | 115 | 115647 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds | 5.00% | 01/01/2028 | 80 | 84883 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 B, Ref. RB | 5.00% | 05/15/2028 | 15 | 16060 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2023, RB | 5.00% | 07/01/2028 | 225 | 238949 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1405094 |
|  Texas-7.28% |  |  |  |  |
|  Alamo Community College District, Series 2022, GO Notes | 5.00% | 02/15/2028 | 90 | 95662 |
|  Alvin Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 3.38% | 02/15/2040 | 15 | 13020 |
|  Arlington (City of), TX, Series 2018 A, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 02/15/2043 | 15 | 15058 |
|  Austin (City of), TX, Series 2022, Ref. RB | 5.00% | 11/15/2028 | 55 | 59428 |
|  Austin (City of), TX, Series 2022, Ref. RB | 5.00% | 11/15/2028 | 110 | 118855 |
|  Austin (City of), TX, Series 2023, Ref. RB | 5.00% | 11/15/2028 | 10 | 10786 |
|  Austin Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2032 | 5 | 5275 |
|  Austin Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/01/2033 | 210 | 213410 |
|  Austin Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/01/2034 | 45 | 45562 |
|  Austin Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/01/2035 | 100 | 100876 |
|  Austin Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/01/2036 | 10 | 10046 |
|  Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2028 | 30 | 32238 |
|  Bexar (County of), TX, Series 2019, Ref. GO Bonds | 4.00% | 06/15/2037 | 20 | 20041 |
|  Bexar (County of), TX, Series 2019, Ref. GO Bonds | 4.00% | 06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;155 | 153863 |
|  Bexar (County of), TX Hospital District, Series 2022, Ctfs. of Obligations | 5.00% | 02/15/2047 | 100 | 100616 |
|  Board of Regents of Stephen F. Austin State University, Series 2019 A, RB | 5.00% | 10/15/2042 | 145 | 146823 |
|  Board of Regents of the University of Texas System, Series 2020 C, Ref. RB | 5.00% | 08/15/2028 | 40 | 43054 |
|  Board of Regents of the University of Texas System, Series 2021 A, Ref. RB | 5.00% | 08/15/2028 | 210 | 226033 |
|  Board of Regents of the University of Texas System, Series 2024 A, Ref. RB | 5.00% | 08/15/2028 | 440 | 473592 |
|  Board of Regents of the University of Texas System, Series 2025 A, RB | 5.00% | 08/15/2028 | 20 | 21527 |
|  Comal Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2028 | 45 | 47864 |
|  Conroe Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2028 | 35 | 37236 |
|  Conroe Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2028 | 60 | 63834 |
|  Corpus Christi Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2031 | 65 | 66714 |
|  Corpus Christi Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2032 | 115 | 117515 |
|  Cypress-Fairbanks Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2028 | 85 | 90431 |
|  Cypress-Fairbanks Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2028 | 15 | 15958 |
|  Cypress-Fairbanks Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2028 | 5 | 5319 |
|  Dallas & Fort Worth (Cities of), TX, Series 2020 A, Ref. RB | 5.00% | 11/01/2028 | 55 | 59416 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB | 5.00% | 11/01/2028 | 30 | 32409 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 B, Ref. RB | 5.00% | 11/01/2028 | 20 | 21606 |
|  Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2028 | 140 | 148807 |
|  Dallas (City of), TX, Series 2024 B, Ctfs. of Obligations | 5.00% | 02/15/2028 | 5 | 5315 |

---

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

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  Dallas (City of), TX, Series 2024 B, Ref. GO Bonds | 5.00% | 02/15/2028 | $55 | $58460 |
|  Dallas (City of), TX Area Rapid Transit, Series 2007, Ref. RB, (INS - AMBAC)<sup>(b)</sup> | 5.25% | 12/01/2028 | 65 | 70738 |
|  Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB | 5.00% | 12/01/2028 | 45 | 48623 |
|  Dallas (City of), TX Independent School District, Series 2021 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2028 | 30 | 31957 |
|  Dallas (City of), TX Independent School District, Series 2025 C, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2028 | 5 | 5326 |
|  Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds | 5.00% | 08/15/2030 | 205 | 217967 |
|  Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds | 5.00% | 08/15/2032 | 15 | 15790 |
|  Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds | 4.00% | 08/15/2034 | 80 | 80752 |
|  Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds | 5.00% | 02/15/2028 | 20 | 21140 |
|  Dallas College, Series 2022, GO Bonds | 5.00% | 02/15/2028 | 100 | 106266 |
|  Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2028 | 15 | 16141 |
|  El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2034 | 60 | 60837 |
|  El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2035 | 10 | 10096 |
|  El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2036 | 45 | 45232 |
|  El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2037 | 20 | 20016 |
|  El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2038 | 255 | 253432 |
|  Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2028 | 40 | 41918 |
|  Fort Bend Independent School District, Series 2019 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2031 | 75 | 78979 |
|  Fort Bend Independent School District, Series 2019 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2032 | 95 | 97318 |
|  Fort Bend Independent School District, Series 2019 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2033 | 155 | 158130 |
|  Fort Bend Independent School District, Series 2019 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2034 | 90 | 91418 |
|  Fort Worth Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2028 | 5 | 5311 |
|  Grand Parkway Transportation Corp., Series 2018 A, RB | 5.00% | 10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286101 |
|  Grand Parkway Transportation Corp., Series 2018 A, RB | 5.00% | 10/01/2035 | 25 | 25912 |
|  Grand Parkway Transportation Corp., Series 2018 A, RB | 5.00% | 10/01/2036 | 80 | 82577 |
|  Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB | 5.00% | 10/01/2033 | 75 | 78323 |
|  Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB | 5.00% | 10/01/2037 | 5 | 5143 |
|  Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB | 5.00% | 10/01/2038 | 325 | 332883 |
|  Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB | 5.00% | 10/01/2043 | 405 | 409340 |
|  Harris (County of), TX, Series 2018 A, Ref. RB | 4.00% | 08/15/2036 | 5 | 5007 |
|  Harris (County of), TX, Series 2020 A, Ref. GO Bonds | 5.00% | 10/01/2028 | 30 | 32371 |
|  Harris (County of), TX Metropolitan Transit Authority, Series 2018, RB | 5.00% | 11/01/2030 | 85 | 91031 |
|  Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB | 5.00% | 08/15/2031 | 510 | 535395 |
|  Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB | 5.00% | 08/15/2033 | 35 | 36494 |
|  Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB | 4.00% | 08/15/2038 | 215 | 209664 |
|  Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB | 5.00% | 08/15/2043 | 110 | 110691 |
|  Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB | 5.00% | 08/15/2028 | 505 | 543405 |
|  Houston (City of), TX, Series 2017 A, Ref. GO Bonds | 5.00% | 03/01/2028 | 20 | 20723 |
|  Houston (City of), TX, Series 2018 B, Ref. RB | 5.00% | 07/01/2028 | 110 | 117813 |
|  Houston (City of), TX, Series 2018 B, Ref. RB | 5.00% | 07/01/2030 | 40 | 42524 |
|  Houston (City of), TX, Series 2018 D, Ref. RB | 5.00% | 07/01/2030 | 30 | 31893 |
|  Houston (City of), TX, Series 2018 D, Ref. RB | 5.00% | 07/01/2031 | 20 | 21132 |
|  Houston (City of), TX, Series 2018 D, Ref. RB | 5.00% | 11/15/2031 | 60 | 63686 |
|  Houston (City of), TX, Series 2018 D, Ref. RB | 5.00% | 07/01/2033 | 10 | 10456 |
|  Houston (City of), TX, Series 2018 D, Ref. RB | 5.00% | 07/01/2034 | 55 | 57149 |
|  Houston (City of), TX, Series 2018 D, Ref. RB | 5.00% | 07/01/2035 | 215 | 222511 |
|  Houston (City of), TX, Series 2018 D, Ref. RB | 5.00% | 07/01/2037 | 15 | 15322 |
|  Houston (City of), TX, Series 2018 D, Ref. RB | 5.00% | 07/01/2038 | 30 | 30505 |
|  Houston (City of), TX, Series 2018 D, Ref. RB | 5.00% | 11/15/2043 | 220 | 222699 |
|  Houston (City of), TX, Series 2019 A, Ref. GO Bonds | 5.00% | 03/01/2028 | 105 | 111486 |

---

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

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  Houston (City of), TX, Series 2021 A, GO Bonds | 5.00% | 03/01/2028 | $20 | $21235 |
|  Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2028 | 180 | 186805 |
|  Hurst-Euless-Bedford Independent School District, Series 2017 A, Ref. GO Bonds | 5.00% | 08/15/2028 | 160 | 167578 |
|  Katy Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2028 | 10 | 10629 |
|  Lewisville Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 3.00% | 08/15/2028 | 35 | 35005 |
|  Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2028 | 115 | 123678 |
|  Little Elm Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2046 | 35 | 35181 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2018, Ref. RB | 5.00% | 05/15/2043 | 60 | 60150 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2018, Ref. RB | 5.00% | 05/15/2048 | 180 | 177510 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB | 5.00% | 05/15/2028 | 20 | 21300 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB | 5.00% | 05/15/2028 | 25 | 26624 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 05/15/2028 | 25 | 26679 |
|  Nacogdoches Independent School District, Series 2019, GO Bonds<sup>(a)(c)</sup> | 5.00% | 02/15/2028 | 20 | 21229 |
|  Nacogdoches Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)<sup>(a)(c)</sup> | 5.00% | 02/15/2028 | 10 | 10614 |
|  North East Independent School District, Series 2007, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 02/01/2028 | 40 | 42740 |
|  North East Independent School District, Series 2015, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<sup>(a)(c)</sup> | 2.95% | 10/01/2025 | 15 | 15003 |
|  North Texas Municipal Water District, Series 2021 A, Ref. RB | 5.00% | 09/01/2028 | 100 | 107685 |
|  North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2038 | 190 | 193922 |
|  North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2039 | 45 | 45744 |
|  North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583892 |
|  North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2048 | 235 | 235220 |
|  North Texas Tollway Authority, Series 2018, Ref. RB | 5.00% | 01/01/2035 | 135 | 139427 |
|  North Texas Tollway Authority, Series 2018, Ref. RB | 5.00% | 01/01/2036 | 145 | 149099 |
|  North Texas Tollway Authority, Series 2018, Ref. RB | 4.00% | 01/01/2037 | 575 | 558812 |
|  North Texas Tollway Authority, Series 2018, Ref. RB | 5.00% | 01/01/2048 | 50 | 50018 |
|  North Texas Tollway Authority, Series 2019 B, Ref. RB | 5.00% | 01/01/2028 | 50 | 52900 |
|  Pearland Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2028 | 140 | 148911 |
|  Pecos Barstow Toyah Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2035 | 600 | 622052 |
|  Permanent University Fund - Texas A&M University System, Series 2025 A, Ref. RB | 5.00% | 07/01/2028 | 35 | 37526 |
|  Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB | 5.25% | 07/01/2028 | 75 | 81009 |
|  Permanent University Fund - University of Texas System, Series 2022 A, RB. | 5.00% | 07/01/2028 | 40 | 42909 |
|  Permanent University Fund - University of Texas System, Series 2025 A, Ref. RB | 5.00% | 07/01/2028 | 60 | 64381 |
|  Plano Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2028 | 110 | 117001 |
|  Plano Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2028 | 10 | 10636 |
|  Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2028 | 105 | 112884 |
|  San Antonio (City of), TX, Series 2018, Ref. RB | 5.00% | 02/01/2028 | 150 | 158928 |
|  San Antonio (City of), TX, Series 2019, Ref. GO Bonds | 5.00% | 08/01/2028 | 210 | 225523 |
|  San Antonio (City of), TX, Series 2019, Ref. RB | 4.00% | 02/01/2028 | 5 | 5187 |
|  San Antonio (City of), TX Water System, Series 2018 A, Ref. RB | 5.00% | 05/15/2048 | 190 | 190652 |
|  Texas (State of), Series 2024, Ref. GO Bonds | 5.00% | 10/01/2028 | 55 | 59466 |
|  Texas (State of) Transportation Commission, Series 2018, RB | 5.00% | 08/01/2028 | 105 | 110099 |
|  Texas (State of) Water Development Board, Series 2018 A, RB | 5.00% | 10/15/2028 | 135 | 143888 |
|  Texas (State of) Water Development Board, Series 2018 A, RB | 5.00% | 10/15/2029 | 150 | 159393 |
|  Texas (State of) Water Development Board, Series 2018 A, RB | 5.00% | 10/15/2031 | 75 | 78823 |
|  Texas (State of) Water Development Board, Series 2018 A, RB | 4.00% | 10/15/2033 | 20 | 20230 |
|  Texas (State of) Water Development Board, Series 2018 A, RB | 4.00% | 10/15/2034 | 55 | 55408 |
|  Texas (State of) Water Development Board, Series 2018 A, RB | 5.00% | 10/15/2043 | 450 | 455285 |
|  Texas (State of) Water Development Board, Series 2018 B, RB | 5.00% | 04/15/2030 | 280 | 299725 |
|  Texas (State of) Water Development Board, Series 2018 B, RB | 5.00% | 10/15/2032 | 105 | 110834 |

---

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

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| 249 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal<br>Amount<br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  Texas (State of) Water Development Board, Series 2018 B, RB | 4.00% | 10/15/2034 | $80 | $80702 |
|  Texas (State of) Water Development Board, Series 2018 B, RB | 4.00% | 10/15/2037 | 20 | 19997 |
|  Texas (State of) Water Development Board, Series 2018 B, RB | 5.00% | 10/15/2038 | 85 | 87606 |
|  Texas (State of) Water Development Board, Series 2018 B, RB | 5.00% | 04/15/2049 | 225 | 226207 |
|  Texas (State of) Water Development Board, Series 2018, RB | 5.00% | 04/15/2031 | 270 | 287197 |
|  Texas (State of) Water Development Board, Series 2020, RB | 5.00% | 08/01/2028 | 105 | 113038 |
|  Texas (State of) Water Development Board, Series 2021, RB | 5.00% | 08/01/2028 | 70 | 75359 |
|  Texas (State of) Water Development Board, Series 2023 A, RB | 5.00% | 10/15/2028 | 40 | 43259 |
|  Texas A&M University, Series 2017 E, Ref. RB | 5.00% | 05/15/2028 | 10 | 10405 |
|  Texas State University Board of Regents, Series 2017 A, Ref. RB | 5.00% | 03/15/2028 | 150 | 155784 |
|  Tomball Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)<sup>(a)(c)</sup> | 5.00% | 02/15/2028 | 65 | 69154 |
|  Trinity River Authority, Series 2017, Ref. RB | 5.00% | 08/01/2028 | 25 | 26200 |
|  Trinity River Authority, Series 2018, Ref. RB | 5.00% | 08/01/2036 | 15 | 15537 |
|  Trinity River Authority, Series 2018, Ref. RB | 5.00% | 08/01/2037 | 25 | 25793 |
|  Williamson (County of), TX, Series 2024, GO Bonds | 5.00% | 02/15/2028 | 35 | 37210 |
|  |  |  |  | 15589149 |
|  Utah-0.37% |  |  |  |  |
|  Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2028 | 20 | 21324 |
|  Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2028 | 10 | 10662 |
|  Nebo School District, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 07/01/2028 | 150 | 161167 |
|  Salt Lake City (City of), UT, Series 2018 B, RB | 5.00% | 07/01/2048 | 40 | 39916 |
|  University of Utah (The), Series 2018 A, RB | 5.00% | 08/01/2044 | 75 | 75488 |
|  University of Utah (The) (Green Bonds), Series 2022 B, RB | 5.00% | 08/01/2028 | 70 | 75174 |
|  Utah (State of), Series 2020 B, GO Bonds | 5.00% | 07/01/2028 | 90 | 96854 |
|  Utah (State of), Series 2020, GO Bonds | 5.00% | 07/01/2028 | 25 | 26904 |
|  Utah (State of) Transit Authority, Series 2016, Ref. RB | 3.00% | 12/15/2028 | 180 | 180320 |
|  Utal (State of) State Building Ownership Authority (state Facilities Master Lease Program), Series 2024, Ref. RB | 5.00% | 05/15/2028 | 105 | 112363 |
|  |  |  |  | 800172 |
|  Virginia-1.36% |  |  |  |  |
|  Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds | 5.00% | 10/01/2028 | 55 | 59535 |
|  Fairfax (County of), VA, Series 2023 A, GO Bonds | 4.00% | 10/01/2028 | 60 | 63115 |
|  Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. RB | 5.00% | 05/15/2028 | 80 | 85393 |
|  Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018 A, RB<sup>(a)(c)</sup> | 5.00% | 01/01/2028 | 95 | 101111 |
|  Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018 A, RB<sup>(a)(c)</sup> | 5.50% | 01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;255 | 274285 |
|  Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018 A, RB | 5.00% | 07/01/2042 | 30 | 30301 |
|  Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018, RB | 5.00% | 07/01/2048 | 280 | 280821 |
|  Richmond (City of), VA, Series 2017 D, Ref. GO Bonds | 5.00% | 03/01/2028 | 95 | 101392 |
|  Virginia (Commonwealth of), Series 2025 B, Ref. GO Bonds | 5.00% | 06/01/2028 | 25 | 26884 |
|  Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2021, RB | 5.00% | 02/01/2028 | 100 | 106291 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB | 5.00% | 02/01/2028 | 385 | 409221 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB | 5.00% | 02/01/2031 | 25 | 26320 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 A, RB | 5.00% | 02/01/2028 | 160 | 170066 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB | 5.00% | 02/01/2028 | 255 | 271042 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2017, RB | 5.00% | 02/01/2028 | 45 | 46608 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2017, Ref. RB | 5.00% | 02/01/2030 | 45 | 47539 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2023, RB | 5.00% | 02/01/2028 | 15 | 15944 |

---

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

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Virginia-(continued) |  |  |  |  |
|  Virginia (Commonwealth of) Public Building Authority, Series 2017 A, Ref. RB | 5.00% | 08/01/2028 | $30 | $31520 |
|  Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB | 5.00% | 08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;175 | 188551 |
|  Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB | 5.00% | 08/01/2028 | 245 | 263971 |
|  Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB | 5.00% | 08/01/2028 | 35 | 37710 |
|  Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB | 5.00% | 05/15/2028 | 25 | 26357 |
|  Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB | 5.00% | 03/15/2028 | 215 | 225836 |
|  Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB | 5.00% | 05/15/2028 | 20 | 21408 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2911221 |
|  Washington-3.53% |  |  |  |  |
|  Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB | 5.00% | 11/01/2028 | 270 | 292794 |
|  Energy Northwest, Series 2018 A, Ref. RB | 5.00% | 07/01/2032 | 95 | 100386 |
|  Energy Northwest, Series 2018 A, Ref. RB | 5.00% | 07/01/2033 | 60 | 63118 |
|  Energy Northwest, Series 2018 A, Ref. RB | 5.00% | 07/01/2034 | 125 | 130851 |
|  Energy Northwest, Series 2018 C, Ref. RB | 5.00% | 07/01/2030 | 140 | 149254 |
|  Energy Northwest, Series 2018 C, Ref. RB | 5.00% | 07/01/2031 | 95 | 100864 |
|  Energy Northwest, Series 2018 C, Ref. RB | 5.00% | 07/01/2032 | 55 | 58118 |
|  Energy Northwest, Series 2018 C, Ref. RB | 5.00% | 07/01/2033 | 95 | 99937 |
|  Energy Northwest, Series 2018 C, Ref. RB | 5.00% | 07/01/2034 | 95 | 99446 |
|  Energy Northwest (No. 1), Series 2017 A, Ref. RB | 5.00% | 07/01/2028 | 130 | 135981 |
|  Energy Northwest (No. 1), Series 2020 A, Ref. RB | 5.00% | 07/01/2028 | 240 | 257730 |
|  Energy Northwest (No. 1), Series 2022 A, Ref. RB | 5.00% | 07/01/2028 | 190 | 203982 |
|  Energy Northwest (No. 3), Series 2017 A, Ref. RB | 5.00% | 07/01/2028 | 170 | 177821 |
|  Energy Northwest (No. 3), Series 2018, Ref. RB | 5.00% | 07/01/2028 | 175 | 187928 |
|  Energy Northwest (No. 3), Series 2024 B, Ref. RB | 5.00% | 07/01/2028 | 130 | 139604 |
|  Franklin County School District No. 1 Pasco, Series 2023, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2028 | 110 | 115547 |
|  King & Snohomish Counties School District No. 417 Northshore, Series 2018, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2035 | 25 | 25984 |
|  King & Snohomish Counties School District No. 417 Northshore, Series 2018, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2036 | 145 | 150139 |
|  King (County of), WA, Series 2021 A, GO Bonds | 5.00% | 01/01/2028 | 35 | 37169 |
|  King County School District No. 412 Shoreline, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2031 | 70 | 74538 |
|  King County School District No. 412 Shoreline, Series 2018, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2036 | 25 | 25074 |
|  King County School District No. 414 Lake Washington, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2028 | 90 | 94394 |
|  North Thurston Public Schools, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2028 | 100 | 108312 |
|  Seattle (City of), WA, Series 2017 C, Ref. RB | 5.00% | 09/01/2028 | 110 | 115609 |
|  Seattle (Port of), WA, Series 2022 A, Ref. RB | 5.00% | 08/01/2028 | 190 | 204601 |
|  Snohomish County School District No. 201 Snohomish, Series 2020, Ref. GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2028 | 355 | 385437 |
|  Washington (State of), Series 2017 D, GO Bonds | 5.00% | 02/01/2028 | 20 | 20742 |
|  Washington (State of), Series 2017 R, Ref. GO Bonds | 5.00% | 08/01/2028 | 170 | 178500 |
|  Washington (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2032 | 70 | 73974 |
|  Washington (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2033 | 80 | 84156 |
|  Washington (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2034 | 360 | 377418 |
|  Washington (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2035 | 130 | 135726 |
|  Washington (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2036 | 65 | 67566 |
|  Washington (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2037 | 45 | 46603 |
|  Washington (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2039 | 165 | 169421 |
|  Washington (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2042 | 50 | 50824 |
|  Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2028 | 10 | 10641 |
|  Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2030 | 50 | 52930 |
|  Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2031 | 110 | 116049 |
|  Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2032 | 100 | 104948 |
|  Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2033 | 60 | 62754 |

---

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

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Washington-(continued) |  |  |  |  |
|  Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2034 | $15 | $15639 |
|  Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2035 | 50 | 51964 |
|  Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2036 | 60 | 62103 |
|  Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2037 | 15 | 15469 |
|  Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2038 | 125 | 128446 |
|  Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2039 | 100 | 102408 |
|  Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2040 | 50 | 50985 |
|  Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2041 | 190 | 193130 |
|  Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2042 | 40 | 40549 |
|  Washington (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2028 | 80 | 86148 |
|  Washington (State of), Series 2020 C, Ref. GO Bonds | 5.00% | 02/01/2028 | 160 | 170260 |
|  Washington (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2028 | 20 | 21452 |
|  Washington (State of), Series 2023 R, Ref. GO Bonds | 5.00% | 08/01/2028 | 100 | 107685 |
|  Washington (State of), Series 2024 R-2025B, Ref. GO Bonds | 5.00% | 07/01/2028 | 140 | 150462 |
|  Washington (State of), Series 2025 A, GO Bonds | 5.00% | 08/01/2028 | 5 | 5384 |
|  Washington (State of), Series 2025 C, GO Bonds | 5.00% | 02/01/2028 | 15 | 15962 |
|  Washington (State of), Series R-2018D, Ref. GO Bonds | 5.00% | 08/01/2028 | 105 | 110250 |
|  Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2028 | 80 | 86148 |
|  Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds | 5.00% | 08/01/2028 | 30 | 32305 |
|  Washington (State of) (Bid Group 1), Series 2022 C, GO Bonds | 5.00% | 02/01/2028 | 15 | 15962 |
|  Washington (State of) (Bid Group 1), Series 2023 B, GO Bonds | 5.00% | 02/01/2028 | 290 | 308596 |
|  Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds | 5.00% | 08/01/2028 | 5 | 5384 |
|  Washington (State of) (Bid Group 2), Series 2022 C, Ref. GO Bonds | 4.00% | 07/01/2028 | 85 | 88987 |
|  Washington (State of) (Bid Group 2), Series R-2022D, GO Bonds | 4.00% | 07/01/2028 | 25 | 26173 |
|  Washington (State of) Health Care Facilities Authority (Multicare Health System), Series 2017 B, Ref. RB | 5.00% | 08/15/2037 | 125 | 126944 |
|  Washington (State of) Health Care Facilities Authority (Providence St. Joseph Health), Series 2018 B, Ref. RB | 5.00% | 10/01/2031 | 130 | 135081 |
|  Washington (State of) Health Care Facilities Authority (Providence St. Joseph Health), Series 2018, Ref. RB | 5.00% | 10/01/2032 | 25 | 25842 |
|  Washington (State of) Health Care Facilities Authority (Providence St. Joseph Health), Series 2018, Ref. RB | 5.00% | 10/01/2033 | 140 | 144476 |
|  Whatcom (County of), WA Bellingham School District No. 501, Series 2018, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2036 | 145 | 150977 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;7562041 |
|  West Virginia-0.65% |  |  |  |  |
|  Morgantown Utility Board, Inc., Series 2018 B, RB | 5.00% | 12/01/2043 | 5 | 5047 |
|  West Virginia (State of), Series 2018 B, GO Bonds | 5.00% | 06/01/2031 | 90 | 95340 |
|  West Virginia (State of), Series 2018 B, GO Bonds | 5.00% | 12/01/2031 | 5 | 5284 |
|  West Virginia (State of), Series 2018 B, GO Bonds | 5.00% | 06/01/2032 | 110 | 115981 |
|  West Virginia (State of), Series 2018 B, GO Bonds | 5.00% | 12/01/2032 | 100 | 105246 |
|  West Virginia (State of), Series 2018 B, GO Bonds | 5.00% | 06/01/2033 | 60 | 63035 |
|  West Virginia (State of), Series 2018 B, GO Bonds | 5.00% | 12/01/2033 | 55 | 57685 |
|  West Virginia (State of), Series 2018 B, GO Bonds | 5.00% | 06/01/2034 | 75 | 78536 |
|  West Virginia (State of), Series 2018 B, GO Bonds | 5.00% | 12/01/2034 | 140 | 146347 |
|  West Virginia (State of), Series 2018 B, GO Bonds | 5.00% | 06/01/2035 | 35 | 36510 |
|  West Virginia (State of), Series 2018 B, GO Bonds | 5.00% | 06/01/2036 | 65 | 67557 |
|  West Virginia (State of), Series 2018 B, GO Bonds | 5.00% | 12/01/2036 | 45 | 46687 |
|  West Virginia (State of), Series 2018 B, GO Bonds | 5.00% | 12/01/2038 | 5 | 5143 |
|  West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds | 5.00% | 06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;200 | 206979 |
|  West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds | 5.00% | 12/01/2039 | 55 | 56409 |
|  West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds | 5.00% | 12/01/2040 | 150 | 153404 |
|  West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds | 5.00% | 12/01/2041 | 35 | 35648 |
|  West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB | 5.00% | 09/01/2028 | 60 | 62772 |
|  West Virginia (State of) Parkways Authority, Series 2018, RB. | 5.00% | 06/01/2043 | 40 | 40494 |
|  |  |  |  | 1384104 |

---

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

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount <br>(000) | Value |
|  Wisconsin-0.53% |  |  |  |  |
|  University of Wisconsin Hospitals & Clinics, Series 2018 A, Ref. RB | 5.00% | 04/01/2043 | $65 | $65196 |
|  Wisconsin (State of), Series 2020 A, GO Bonds | 4.00% | 05/01/2040 | 100 | 97917 |
|  Wisconsin (State of), Series 2021-1, Ref. GO Bonds | 5.00% | 05/01/2028 | 60 | 64214 |
|  Wisconsin (State of), Series 2021-2, Ref. GO Bonds | 5.00% | 05/01/2028 | 155 | 165886 |
|  Wisconsin (State of), Series 2023, Ref. GO Bonds | 5.00% | 05/01/2028 | 35 | 37458 |
|  Wisconsin (State of), Series 2024 C, GO Bonds | 5.00% | 05/01/2028 | 120 | 128428 |
|  Wisconsin (State of), Series 2024, Ref. GO Bonds | 5.00% | 05/01/2028 | 155 | 165886 |
|  Wisconsin (State of), Series 2025, Ref. GO Bonds | 5.00% | 05/01/2028 | 10 | 10702 |
|  Wisconsin (State of) Department of Transportation, Series 2017 1, Ref. RB | 5.00% | 07/01/2028 | 245 | 256579 |
|  Wisconsin (State of) Department of Transportation, Series 2017-2, Ref. RB | 5.00% | 07/01/2028 | 15 | 15709 |
|  Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group), |  |  |  |  |
|  Series 2019, Ref. RB | 5.00% | 11/15/2028 | 50 | 53865 |
|  Wisconsin (State of) Health & Educational Facilities Authority (Milwaukee Regional Medical Center), Series 2018, Ref. RB | 4.00% | 04/01/2039 | 80 | 77221 |
|  |  |  |  | 1139061 |
|  TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-93.52% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $200,820,302) |  |  |  | 200269486 |
|  OTHER ASSETS LESS LIABILITIES-6.48% |  |  |  | 13865255 |
|  NET ASSETS-100.00% |  |  |  | $214134741 |

---

---

| | |
|:---|:---|
|  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 |

---

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.

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)

August 31, 2025

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Municipal Obligations-94.76% |  |  |  |  |
|  Alabama-0.37% |  |  |  |  |
|  Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2025 B, Ref. RB | 5.00% | 09/01/2029 | $250 | $274892 |
|  Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 5.00% | 11/01/2029 | 215 | 237061 |
|  Jefferson (County of), AL, Series 2024, Ref. RB | 5.00% | 10/01/2029 | 130 | 140962 |
|  Lower Alabama Gas District (The), Series 2016 A, RB | 5.00% | 09/01/2029 | 15 | 15893 |
|  University of Alabama (The), Series 2019 A, Ref. RB | 4.00% | 07/01/2034 | 45 | 45751 |
|  University of Alabama (The), Series 2019 A, Ref. RB | 4.00% | 07/01/2035 | 25 | 25217 |
|  |  |  |  | 739776 |
|  Alaska-0.10% |  |  |  |  |
|  Alaska (State of), Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2029 | 25 | 27435 |
|  North Slope (Borough of), AK, Series 2022 A, GO Bonds | 5.00% | 06/30/2029 | 165 | 180510 |
|  |  |  |  | 207945 |
|  Arizona-1.02% |  |  |  |  |
|  Arizona (State of), Series 2019 A, Ref. COP<sup>(a)</sup> | 5.00% | 10/01/2029 | 170 | 187535 |
|  Arizona (State of) Department of Transportation, Series 2023, RB | 5.00% | 07/01/2029 | 225 | 246944 |
|  Arizona (State of) Industrial Development Authority (Equitable School Revolving Fund), Series 2024, RB | 5.00% | 11/01/2029 | 55 | 58817 |
|  Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB | 5.00% | 01/01/2029 | 250 | 269500 |
|  Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2024 D, Ref. RB | 5.00% | 12/01/2029 | 5 | 5457 |
|  Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds | 5.00% | 07/01/2029 | 55 | 59565 |
|  Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds | 5.00% | 07/01/2029 | 160 | 170505 |
|  Mesa (City of), AZ, Series 2014, Ref. RB | 3.25% | 07/01/2029 | 25 | 25006 |
|  Mesa (City of), AZ, Series 2019 A, RB | 5.00% | 07/01/2043 | 200 | 202601 |
|  Phoenix Civic Improvement Corp., Series 2019 A, RB | 5.00% | 07/01/2039 | 15 | 15344 |
|  Phoenix Civic Improvement Corp., Series 2019 A, RB | 5.00% | 07/01/2045 | 355 | 355464 |
|  Phoenix Civic Improvement Corp., Series 2019, RB | 5.00% | 07/01/2044 | 130 | 131747 |
|  Phoenix Civic Improvement Corp., Series 2019, RB | 5.00% | 07/01/2049 | 10 | 9999 |
|  Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2029 | 135 | 143258 |
|  Salt River Project Agricultural Improvement & Power District, Series 2021 A, Ref. RB | 5.00% | 01/01/2029 | 145 | 157568 |
|  Salt River Project Agricultural Improvement & Power District, Series 2025 B, Ref. RB | 5.00% | 01/01/2029 | 5 | 5433 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2044743 |
|  California-16.31% |  |  |  |  |
|  Bay Area Toll Authority, Series 2023 F-1, RB | 5.00% | 04/01/2029 | 20 | 22050 |
|  Bay Area Toll Authority (San Francisco Bay Area), Series 2019 S-8, Ref. RB<sup>(a)(b)</sup> | 5.00% | 10/01/2029 | 85 | 94468 |
|  Bay Area Toll Authority (San Francisco Bay Area), Series 2019 S-H, Ref. RB<sup>(a)(b)</sup> | 5.00% | 04/01/2029 | 125 | 137178 |
|  Bay Area Toll Authority (San Francisco Bay Area), Series 2019 S-H, Ref. RB<sup>(a)(b)</sup> | 5.00% | 04/01/2029 | 45 | 49384 |
|  California (State of), Series 2015 C, Ref. GO Bonds | 3.00% | 09/01/2029 | 100 | 100017 |
|  California (State of), Series 2015, GO Bonds | 3.00% | 03/01/2029 | 15 | 15003 |
|  California (State of), Series 2015, Ref. GO Bonds | 3.00% | 03/01/2029 | 250 | 250047 |
|  California (State of), Series 2015, Ref. GO Bonds | 3.00% | 08/01/2029 | 10 | 10002 |
|  California (State of), Series 2018, GO Bonds | 5.00% | 10/01/2029 | 125 | 135466 |
|  California (State of), Series 2018, Ref. GO Bonds | 5.00% | 08/01/2029 | 35 | 37793 |
|  California (State of), Series 2019, GO Bonds | 5.00% | 11/01/2029 | 750 | 832932 |
|  California (State of), Series 2019, GO Bonds | 5.00% | 04/01/2031 | 700 | 759914 |
|  California (State of), Series 2019, GO Bonds | 5.00% | 04/01/2032 | 220 | 237505 |
|  California (State of), Series 2019, GO Bonds | 5.00% | 04/01/2033 | 35 | 37591 |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2029 | 1030 | 1130347 |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2029 | 40 | 43897 |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 10/01/2029 | 75 | 83168 |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2031 | 45 | 48852 |

---

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

---

| |
|:---|
| 254 |
| 254 |
| 254 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 10/01/2031 | $835 | $912998 |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2032 | 40 | 43183 |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 10/01/2032 | 1050 | 1141535 |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2033 | 260 | 279245 |
|  California (State of), Series 2019, Ref. GO Bonds | 4.00% | 10/01/2034 | 330 | 340898 |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2035 | 370 | 393405 |
|  California (State of), Series 2019, Ref. GO Bonds | 4.00% | 10/01/2037 | 10 | 10043 |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2038 | 25 | 26093 |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 10/01/2039 | 40 | 41667 |
|  California (State of), Series 2020, GO Bonds | 5.00% | 03/01/2029 | 140 | 153362 |
|  California (State of), Series 2020, GO Bonds | 5.00% | 11/01/2029 | 15 | 16659 |
|  California (State of), Series 2020, Ref. GO Bonds | 5.00% | 11/01/2029 | 225 | 249880 |
|  California (State of), Series 2021 C, Ref. GO Bonds | 5.00% | 10/01/2029 | 5 | 5545 |
|  California (State of), Series 2021, GO Bonds | 5.00% | 10/01/2029 | 595 | 659799 |
|  California (State of), Series 2021, Ref. GO Bonds | 5.00% | 09/01/2029 | 20 | 22144 |
|  California (State of), Series 2021, Ref. GO Bonds | 5.00% | 10/01/2029 | 15 | 16634 |
|  California (State of), Series 2021, Ref. GO Bonds | 5.00% | 12/01/2029 | 20 | 22245 |
|  California (State of), Series 2022, GO Bonds | 5.00% | 04/01/2029 | 10 | 10974 |
|  California (State of), Series 2022, Ref. GO Bonds | 4.00% | 09/01/2029 | 40 | 42687 |
|  California (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 09/01/2029 | 235 | 260196 |
|  California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2029 | 280 | 310021 |
|  California (State of), Series 2023, Ref. GO Bonds | 5.00% | 10/01/2029 | 10 | 11089 |
|  California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2029 | 685 | 757118 |
|  California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2029 | 35 | 38685 |
|  California (State of) (Bidding Group B), Series 2020 B, Ref. GO Bonds | 5.00% | 11/01/2029 | 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410913 |
|  California (State of) Department of Veterans Affairs (Veteran's Farm & Home Purchase), Series 2020 A, RB | 2.45% | 12/01/2045 | 50 | 33100 |
|  California (State of) Department of Water Resources, Series 2019 BA, RB | 5.00% | 12/01/2031 | 110 | 119971 |
|  California (State of) Department of Water Resources, Series 2019 BA, RB | 5.00% | 12/01/2034 | 165 | 176837 |
|  California (State of) Department of Water Resources (Central Valley), Series 2018, Ref. RB | 5.00% | 12/01/2029 | 80 | 87313 |
|  California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB | 5.00% | 12/01/2029 | 20 | 22160 |
|  California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB | 5.00% | 12/01/2030 | 60 | 65944 |
|  California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB | 5.00% | 12/01/2032 | 25 | 27093 |
|  California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB | 5.00% | 12/01/2033 | 75 | 80793 |
|  California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB | 5.00% | 12/01/2029 | 275 | 308833 |
|  California (State of) Department of Water Resources (Central Valley), Series 2021, RB | 5.00% | 12/01/2029 | 25 | 28076 |
|  California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB | 5.00% | 05/01/2029 | 260 | 287876 |
|  California (State of) Health Facilities Financing Authority (Marshall Medical Center), Series 2020 A, Ref. RB,<br>(INS - Cal-Mortgage)<sup>(c)</sup> | 4.00% | 11/01/2040 | 45 | 43898 |
|  California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2020 B, Ref. RB | 5.00% | 11/01/2029 | 545 | 597724 |
|  California (State of) Infrastructure & Economic Development Bank (California Academy of Sciences) (Green Bonds), Series 2024, Ref. RB | 3.25% | 08/01/2029 | 90 | 91334 |
|  California (State of) Infrastructure & Economic Development Bank (California State Teachers' Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB | 5.00% | 08/01/2044 | 500 | 504131 |
|  California (State of) Infrastructure & Economic Development Bank (California State Teachers' Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB | 5.00% | 08/01/2049 | 135 | 135043 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds),<br>Series 2023, RB | 5.00% | 10/01/2029 | 60 | 67032 |
|  California (State of) Infrastructure & Economic Development Bank (Equitable School Revolving Fund) (Social Bonds), Series 2024, RB | 5.00% | 11/01/2029 | 5 | 5365 |
|  California (State of) Municipal Finance Authority (Town and Country Manor), Series 2019, Ref. RB,<br>(INS - Cal-Mortgage)<sup>(c)</sup> | 5.00% | 07/01/2049 | 230 | 233538 |
|  California (State of) Public Works Board, Series 2021 A, Ref. RB | 5.00% | 02/01/2029 | 150 | 164376 |
|  California (State of) Public Works Board, Series 2022 A, Ref. RB | 5.00% | 08/01/2029 | 95 | 105266 |
|  California (State of) Public Works Board (Various Capital), Series 2019 C, RB | 5.00% | 11/01/2029 | 155 | 172597 |
|  California (State of) Public Works Board (Various Capital), Series 2019 C, RB | 5.00% | 11/01/2031 | 10 | 10865 |
|  California (State of) Public Works Board (Various Capital), Series 2019 C, RB | 5.00% | 11/01/2032 | 30 | 32343 |

---

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

---

| |
|:---|
| 255 |
| 255 |
| 255 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  California (State of) Public Works Board (Various Capital), Series 2019 C, RB | 5.00% | 11/01/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;100 | $107380 |
|  California (State of) Public Works Board (Various Capital), Series 2019 C, RB | 5.00% | 11/01/2034 | 240 | 256378 |
|  California (State of) Public Works Board (Various Capital), Series 2019 C, RB | 5.00% | 11/01/2044 | 250 | 254955 |
|  California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB | 5.00% | 09/01/2029 | 50 | 55503 |
|  California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB | 5.00% | 09/01/2029 | 15 | 16651 |
|  California State University, Series 2019 A, RB | 5.00% | 11/01/2039 | 545 | 564532 |
|  California State University, Series 2019 A, RB | 5.00% | 11/01/2040 | 145 | 149167 |
|  California State University, Series 2019 A, RB | 5.00% | 11/01/2049 | 100 | 100553 |
|  East Bay Municipal Utility District (Green Bonds), Series 2019 A, RB | 5.00% | 06/01/2049 | 200 | 202684 |
|  Etiwanda School District (Election of 2016), Series 2020 A, GO Bonds | 4.00% | 08/01/2049 | 100 | 87542 |
|  Long Beach (City of), CA, Series 2019 A, RB | 5.00% | 05/15/2044 | 75 | 76947 |
|  Los Angeles (City of), CA, Series 2022 C, Ref. RB | 5.00% | 06/01/2029 | 185 | 205303 |
|  Los Angeles (City of), CA Department of Airports, Series 2018, Ref. RB | 5.00% | 05/15/2043 | 110 | 112346 |
|  Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB | 5.00% | 05/15/2033 | 370 | 401586 |
|  Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB | 5.00% | 05/15/2034 | 205 | 221331 |
|  Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB | 5.00% | 05/15/2036 | 100 | 106374 |
|  Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB | 5.00% | 05/15/2029 | 5 | 5530 |
|  Los Angeles (City of), CA Department of Airports, Series 2020, Ref. RB | 5.00% | 05/15/2031 | 25 | 27448 |
|  Los Angeles (City of), CA Department of Airports, Series 2020, Ref. RB | 5.00% | 05/15/2035 | 230 | 246453 |
|  Los Angeles (City of), CA Department of Airports, Series 2020, Ref. RB | 5.00% | 05/15/2037 | 345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364803 |
|  Los Angeles (City of), CA Department of Airports, Series 2020, Ref. RB | 5.00% | 05/15/2038 | 25 | 26256 |
|  Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB | 5.00% | 05/15/2032 | 40 | 43659 |
|  Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB | 5.00% | 05/15/2039 | 125 | 130516 |
|  Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB | 5.00% | 05/15/2040 | 285 | 295704 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB | 5.00% | 07/01/2030 | 15 | 15988 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB | 5.00% | 07/01/2033 | 30 | 31518 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB | 5.00% | 07/01/2036 | 555 | 574411 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB | 5.00% | 07/01/2037 | 80 | 82427 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB | 5.00% | 07/01/2039 | 230 | 234032 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB | 5.25% | 07/01/2049 | 120 | 120609 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB | 5.00% | 07/01/2030 | 40 | 42635 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB | 5.00% | 07/01/2031 | 40 | 42410 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB | 5.00% | 07/01/2032 | 305 | 321894 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB | 5.00% | 07/01/2033 | 15 | 15759 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2019 C, RB | 5.00% | 07/01/2042 | 45 | 45277 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB | 5.00% | 07/01/2032 | 185 | 196694 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB | 5.00% | 07/01/2037 | 80 | 82765 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB | 5.00% | 07/01/2029 | 70 | 76076 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB | 4.00% | 07/01/2029 | 145 | 151471 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 E, Ref. RB | 5.00% | 07/01/2029 | 65 | 70642 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.00% | 07/01/2029 | 60 | 65254 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.00% | 07/01/2029 | 15 | 16302 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB | 5.00% | 07/01/2029 | 160 | 173889 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB | 5.00% | 06/01/2029 | 105 | 116443 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2024 A, Ref. RB | 5.00% | 06/01/2029 | 40 | 44359 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB | 5.00% | 07/01/2029 | 45 | 48573 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB | 5.00% | 06/01/2029 | 270 | 299528 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2023, Ref. RB | 5.00% | 07/01/2029 | 80 | 88889 |
|  Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB | 5.00% | 12/01/2044 | 155 | 157468 |
|  Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB | 5.00% | 12/01/2049 | 75 | 75051 |
|  Los Angeles Community College District, Series 2024, GO Bonds | 5.00% | 08/01/2029 | 15 | 16717 |
|  Los Angeles Community College District (Election of 2016), Series 2023 D, GO Bonds | 5.00% | 08/01/2029 | 65 | 72438 |
|  Los Angeles Community College District (Election of 2016), Series 2024 E, GO Bonds | 5.00% | 08/01/2029 | 60 | 66866 |
|  Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds | 2.00% | 07/01/2029 | 45 | 43557 |

---

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

---

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|:---|
| 256 |
| 256 |
| 256 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds | 5.00% | 07/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;210 | $233169 |
|  Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds | 5.00% | 07/01/2031 | 45 | 49357 |
|  Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds | 5.00% | 07/01/2032 | 145 | 157654 |
|  Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds | 4.00% | 07/01/2033 | 150 | 153749 |
|  Los Angeles Unified School District, Series 2020 C, GO Bonds | 5.00% | 07/01/2029 | 390 | 433028 |
|  Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 5.00% | 07/01/2029 | 180 | 199859 |
|  Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2029 | 95 | 105481 |
|  Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds | 5.00% | 07/01/2029 | 415 | 460787 |
|  Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds | 5.00% | 07/01/2029 | 160 | 177653 |
|  Los Angeles Unified School District (Green Bonds), Series 2023, COP<sup>(a)</sup> | 5.00% | 10/01/2029 | 15 | 16578 |
|  Los Angeles Unified School District (Green Bonds), Series 2023, GO Bonds | 5.00% | 07/01/2029 | 30 | 33310 |
|  Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds | 5.00% | 07/01/2029 | 30 | 33310 |
|  Martinez Unified School District (Election of 2016), Series 2021, GO Bonds, (INS - AGI)<sup>(c)</sup> | 4.00% | 08/01/2051 | 25 | 21728 |
|  Metropolitan Water District of Southern California, Series 2019 A, Ref. RB | 5.00% | 07/01/2029 | 285 | 316889 |
|  Metropolitan Water District of Southern California, Series 2019 A, Ref. RB | 5.00% | 07/01/2030 | 50 | 54607 |
|  Metropolitan Water District of Southern California, Series 2019 A, Ref. RB | 5.00% | 07/01/2031 | 75 | 81426 |
|  Metropolitan Water District of Southern California, Series 2019 A, Ref. RB | 5.00% | 07/01/2034 | 165 | 176430 |
|  Metropolitan Water District of Southern California, Series 2019 A, Ref. RB | 5.00% | 07/01/2037 | 70 | 73437 |
|  Metropolitan Water District of Southern California, Series 2019 A, Ref. RB | 5.00% | 07/01/2039 | 250 | 259876 |
|  Metropolitan Water District of Southern California, Series 2020 A, RB | 5.00% | 10/01/2045 | 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163728 |
|  Metropolitan Water District of Southern California, Series 2020 A, RB | 5.00% | 10/01/2049 | 115 | 117074 |
|  Metropolitan Water District of Southern California, Series 2020 A, Ref. RB | 5.00% | 07/01/2029 | 145 | 161224 |
|  Metropolitan Water District of Southern California, Series 2022 A, Ref. RB | 5.00% | 10/01/2029 | 45 | 50349 |
|  Mt. San Antonio Community College District (Election of 2008), Series 2019 A, GO Bonds | 4.00% | 08/01/2049 | 150 | 132181 |
|  Mt. San Antonio Community College District (Election of 2018), Series 2019 A, GO Bonds | 5.00% | 08/01/2044 | 120 | 123421 |
|  Norwalk-La Mirada Unified School District, Series 2019 D, GO Bonds | 4.00% | 08/01/2048 | 100 | 87400 |
|  Orange (County of), CA Local Transportation Authority, Series 2019, RB | 5.00% | 02/15/2032 | 55 | 59621 |
|  Orange (County of), CA Local Transportation Authority, Series 2019, RB | 5.00% | 02/15/2033 | 25 | 26974 |
|  Orange (County of), CA Local Transportation Authority, Series 2019, RB | 5.00% | 02/15/2034 | 85 | 91241 |
|  Orange (County of), CA Local Transportation Authority, Series 2019, RB | 5.00% | 02/15/2035 | 20 | 21364 |
|  Orange (County of), CA Local Transportation Authority, Series 2019, RB | 5.00% | 02/15/2036 | 150 | 159401 |
|  Orange (County of), CA Local Transportation Authority, Series 2019, RB | 5.00% | 02/15/2037 | 75 | 79324 |
|  Orange (County of), CA Local Transportation Authority, Series 2019, RB | 4.00% | 02/15/2038 | 20 | 20036 |
|  Orange (County of), CA Local Transportation Authority, Series 2019, RB | 5.00% | 02/15/2039 | 200 | 209458 |
|  Orange (County of), CA Local Transportation Authority, Series 2019, RB | 5.00% | 02/15/2041 | 5 | 5185 |
|  Pasadena Unified School District (Election of 2020), Series 2023 C, GO Bonds | 5.00% | 08/01/2029 | 115 | 127701 |
|  Pleasant Valley School District, Series 2021 B, GO Bonds | 4.00% | 08/01/2046 | 100 | 90515 |
|  Rancho Santiago Community College District, Series 2005, GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.13% | 09/01/2029 | 85 | 95141 |
|  Riverside (City of), CA, Series 2019 A, Ref. RB | 5.00% | 10/01/2036 | 65 | 68552 |
|  Riverside (City of), CA, Series 2019 A, Ref. RB | 5.00% | 10/01/2037 | 220 | 230741 |
|  Riverside (City of), CA, Series 2019 A, Ref. RB | 5.00% | 10/01/2038 | 35 | 36478 |
|  Riverside (City of), VA, Series 2019 A, Ref. RB | 5.00% | 10/01/2043 | 10 | 10207 |
|  Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB | 5.00% | 08/15/2037 | 145 | 153984 |
|  Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB | 5.00% | 08/15/2038 | 60 | 63270 |
|  Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB | 5.00% | 08/15/2039 | 185 | 194248 |
|  Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB | 5.00% | 08/15/2040 | 55 | 57465 |
|  Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 N-1, Ref. RB | 5.00% | 11/15/2029 | 10 | 11186 |
|  Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB | 5.00% | 12/01/2029 | 105 | 117508 |
|  Sacramento Transportation Authority (Measure A), Series 2023 A, Ref. RB | 5.00% | 10/01/2029 | 140 | 156407 |
|  Salinas Union High School District, Series 2020 B, Ref. GO Bonds | 4.00% | 08/01/2049 | 40 | 35306 |
|  San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB | 5.00% | 07/01/2032 | 25 | 26992 |
|  San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB | 5.00% | 07/01/2033 | 185 | 198780 |
|  San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB | 5.00% | 07/01/2035 | 65 | 68974 |
|  San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB | 5.00% | 07/01/2036 | 115 | 121386 |
|  San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB | 4.00% | 07/01/2037 | 15 | 15076 |
|  San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB | 4.00% | 07/01/2038 | 20 | 19882 |
|  San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB | 5.00% | 07/01/2039 | 120 | 124492 |
|  San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB | 5.00% | 07/01/2044 | 295 | 299689 |

---

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

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| 257 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB | 5.00% | 04/01/2029 | $5 | $5524 |
|  San Diego Unified School District (Election of 1998), Series 2025 A, GO Bonds | 5.00% | 07/01/2029 | 15 | 16673 |
|  San Diego Unified School District (Green Bonds), Series 2022 F-2, GO Bonds | 5.00% | 07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;130 | 144495 |
|  San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds | 5.00% | 06/15/2029 | 15 | 16209 |
|  San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds | 5.00% | 06/15/2029 | 65 | 72098 |
|  San Francisco (City & County of), CA, Series 2024-R1, Ref. GO Bonds | 5.00% | 06/15/2029 | 150 | 166379 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB | 5.00% | 05/01/2037 | 275 | 288944 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 F, RB | 5.00% | 05/01/2050 | 190 | 190788 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, RB | 5.00% | 05/01/2049 | 105 | 105516 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB | 5.00% | 05/01/2029 | 5 | 5471 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB | 5.00% | 05/01/2031 | 10 | 10840 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB | 5.00% | 05/01/2032 | 10 | 10783 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB | 5.00% | 05/01/2033 | 90 | 96572 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB | 5.00% | 05/01/2035 | 15 | 15941 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB | 5.00% | 05/01/2036 | 40 | 42251 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB | 5.00% | 05/01/2038 | 200 | 208687 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB | 5.00% | 05/01/2039 | 290 | 301214 |
|  San Francisco (City & County of), CA Public Utilities Commission, Series 2023 B, Ref. RB | 5.00% | 10/01/2029 | 65 | 72889 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB | 5.00% | 10/01/2029 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112137 |
|  San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2020 C-1, GO Bonds | 4.00% | 08/01/2035 | 70 | 71012 |
|  San Jose (City of), CA, Series 2019 A-1, GO Bonds | 5.00% | 09/01/2047 | 35 | 35563 |
|  San Jose (City of), CA, Series 2019 C, Ref. GO Bonds | 5.00% | 09/01/2029 | 90 | 99383 |
|  San Jose (City of), CA, Series 2019 C, Ref. GO Bonds | 5.00% | 09/01/2030 | 235 | 257859 |
|  San Jose (City of), CA, Series 2019 C, Ref. GO Bonds | 5.00% | 09/01/2031 | 85 | 92307 |
|  San Jose (City of), CA, Series 2019 C, Ref. GO Bonds | 5.00% | 09/01/2032 | 15 | 16199 |
|  San Jose (City of), CA, Series 2019 C, Ref. GO Bonds | 5.00% | 09/01/2033 | 110 | 118147 |
|  San Jose (City of), CA, Series 2019 C, Ref. GO Bonds | 5.00% | 09/01/2034 | 5 | 5345 |
|  San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB | 5.00% | 08/01/2049 | 10 | 10246 |
|  Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB | 5.00% | 04/01/2029 | 10 | 11047 |
|  Southern California Public Power Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2029 | 20 | 21751 |
|  Sweetwater Union High School District, Series 2024, Ref. GO Bonds | 5.00% | 08/01/2029 | 10 | 11104 |
|  University of California, Series 2018 AZ, Ref. RB | 4.00% | 05/15/2029 | 30 | 31332 |
|  University of California, Series 2022 S, Ref. RB | 5.00% | 05/15/2029 | 45 | 49819 |
|  University of California, Series 2023 BM, Ref. RB | 5.00% | 05/15/2029 | 15 | 16618 |
|  University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2029 | 440 | 487448 |
|  University of California, Series 2023 BQ, RB | 5.00% | 05/15/2029 | 735 | 814260 |
|  University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2029 | 130 | 144019 |
|  University of California, Series 2024 BW, Ref. RB | 5.00% | 05/15/2029 | 365 | 404361 |
|  University of California, Series 2024 BX, RB | 5.00% | 05/15/2029 | 140 | 155097 |
|  University of California, Series 2025, Ref. RB | 5.00% | 05/15/2029 | 20 | 22157 |
|  University of California (Limited), Series 2018 O, Ref. RB | 4.00% | 05/15/2029 | 135 | 140922 |
|  |  |  |  | 32823379 |
|  Colorado-2.79% |  |  |  |  |
|  Adams & Arapahoe Joint School District No. 28J Aurora, Series 2021 A, GO Bonds | 5.00% | 12/01/2029 | 90 | 99485 |
|  Arapahoe County School District No. 5 Cherry Creek, Series 2020, Ref. GO Bonds | 5.00% | 12/15/2029 | 70 | 77486 |

---

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

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| 258 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Colorado-(continued) |  |  |  |  |
|  Colorado (State of), Series 2018 A, COP | 5.00% | 12/15/2029 | $30 | $32266 |
|  Colorado (State of), Series 2020 A, COP | 5.00% | 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;150 | 165398 |
|  Colorado (State of), Series 2021 A, COP | 5.00% | 12/15/2029 | 45 | 49619 |
|  Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2019 A, Ref. RB | 5.00% | 11/15/2037 | 50 | 52260 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB | 5.00% | 08/01/2029 | 75 | 81021 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB | 5.00% | 08/01/2031 | 100 | 106490 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB | 5.00% | 08/01/2032 | 70 | 74042 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB | 5.00% | 08/01/2033 | 60 | 63131 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB | 5.00% | 08/01/2034 | 50 | 52301 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB | 5.00% | 08/01/2035 | 60 | 62378 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB | 5.00% | 08/01/2036 | 70 | 72382 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 5.00% | 08/01/2029 | 255 | 275471 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 5.00% | 08/01/2031 | 65 | 69218 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 5.00% | 08/01/2032 | 170 | 179816 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 5.00% | 08/01/2033 | 125 | 131523 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 5.00% | 08/01/2034 | 255 | 266736 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 5.00% | 08/01/2035 | 65 | 67576 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 5.00% | 08/01/2036 | 260 | 268848 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 5.00% | 08/01/2037 | 95 | 97757 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 5.00% | 08/01/2038 | 60 | 61341 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 5.00% | 08/01/2039 | 135 | 137469 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2024 A, Ref. RB | 5.00% | 12/01/2029 | 95 | 102970 |
|  Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB | 5.00% | 11/01/2031 | 50 | 53600 |
|  Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB | 5.00% | 11/01/2032 | 175 | 185743 |
|  Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB | 5.00% | 11/01/2033 | 200 | 211035 |
|  Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB | 5.00% | 11/01/2034 | 190 | 199373 |
|  Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB | 5.00% | 11/01/2039 | 80 | 81591 |
|  Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB | 5.00% | 01/01/2029 | 200 | 215999 |
|  Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB | 5.00% | 11/01/2029 | 320 | 353504 |
|  Colorado (State of) Regional Transportation District (Green Bonds), Series 2021, Ref. RB | 5.00% | 11/01/2029 | 10 | 11047 |
|  Colorado Springs (City of), CO, Series 2019 A, Ref. RB | 5.00% | 11/15/2029 | 260 | 287845 |
|  Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds | 5.00% | 08/01/2029 | 280 | 308483 |
|  Denver (City & County of), CO, Series 2022 C, Ref. RB | 5.00% | 11/15/2029 | 10 | 11020 |
|  Denver (City & County of), CO, Series 2023 A, Ref. RB | 5.00% | 11/15/2029 | 5 | 5493 |
|  Denver (City & County of), CO (Wellington E. Webb Municipal Office Building), Series 2023, Ref. COP | 5.00% | 12/01/2029 | 90 | 99179 |
|  Jefferson County School District R-1, Series 2018, GO Bonds | 5.00% | 12/15/2029 | 110 | 118668 |
|  Metro Water Recovery, Series 2025 A, Ref. RB | 5.00% | 04/01/2029 | 50 | 54600 |
|  Pueblo City Schools, Series 2020, GO Bonds | 5.00% | 12/15/2039 | 55 | 56768 |
|  St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield),<br>Series 2024, GO Bonds | 5.00% | 12/15/2029 | 45 | 49910 |
|  University of Colorado, Series 2017 A-2, Ref. RB | 5.00% | 06/01/2029 | 75 | 80088 |
|  University of Colorado Hospital Authority, Series 2024 A, Ref. RB | 5.00% | 11/15/2029 | 280 | 307629 |
|  Weld County School District No. 6 Greeley, Series 2020, GO Bonds | 5.00% | 12/01/2044 | 275 | 277846 |
|  Weld County School District No. RE-2 Eaton, Series 2019, GO Bonds | 5.00% | 12/01/2044 | 5 | 5079 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5621484 |
|  Connecticut-1.98% |  |  |  |  |
|  Connecticut (State of), Series 2015 F, GO Bonds | 3.25% | 11/15/2029 | 220 | 220287 |
|  Connecticut (State of), Series 2018 E, GO Bonds | 5.00% | 09/15/2029 | 35 | 37585 |
|  Connecticut (State of), Series 2019 A, GO Bonds | 5.00% | 04/15/2029 | 215 | 234887 |
|  Connecticut (State of), Series 2019 A, GO Bonds | 5.00% | 04/15/2031 | 10 | 10781 |
|  Connecticut (State of), Series 2019 A, GO Bonds | 5.00% | 04/15/2032 | 775 | 831413 |
|  Connecticut (State of), Series 2019 A, GO Bonds | 5.00% | 04/15/2034 | 40 | 42426 |
|  Connecticut (State of), Series 2019 A, GO Bonds | 5.00% | 04/15/2035 | 150 | 158221 |
|  Connecticut (State of), Series 2019 A, GO Bonds | 5.00% | 04/15/2036 | 45 | 47202 |
|  Connecticut (State of), Series 2019 A, GO Bonds | 5.00% | 04/15/2039 | 125 | 128937 |
|  Connecticut (State of), Series 2019 B, Ref. GO Bonds | 5.00% | 02/15/2029 | 5 | 5444 |

---

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

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| 259 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Connecticut-(continued) |  |  |  |  |
|  Connecticut (State of), Series 2020 A, GO Bonds | 5.00% | 01/15/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;170 | $184771 |
|  Connecticut (State of), Series 2020 A, RB | 5.00% | 05/01/2029 | 90 | 98413 |
|  Connecticut (State of), Series 2020 C, GO Bonds | 4.00% | 06/01/2029 | 265 | 280217 |
|  Connecticut (State of), Series 2021 A, GO Bonds | 4.00% | 01/15/2029 | 25 | 26316 |
|  Connecticut (State of), Series 2021 A, RB | 5.00% | 05/01/2029 | 185 | 202294 |
|  Connecticut (State of), Series 2021 D, RB | 5.00% | 11/01/2029 | 5 | 5519 |
|  Connecticut (State of), Series 2022 A, GO Bonds | 4.00% | 01/15/2029 | 110 | 115793 |
|  Connecticut (State of), Series 2022 B, Ref. RB | 5.00% | 07/01/2029 | 175 | 192000 |
|  Connecticut (State of), Series 2022 E, GO Bonds | 5.00% | 11/15/2029 | 85 | 93888 |
|  Connecticut (State of), Series 2023 A, RB | 5.00% | 07/01/2029 | 65 | 71314 |
|  Connecticut (State of), Series 2023 B, Ref. RB | 5.00% | 07/01/2029 | 60 | 65829 |
|  Connecticut (State of), Series 2024 A, GO Bonds | 5.00% | 01/15/2029 | 100 | 108689 |
|  Connecticut (State of), Series 2024 A-1, RB | 5.00% | 07/01/2029 | 15 | 16457 |
|  Connecticut (State of), Series 2024 B, Ref. RB | 5.00% | 07/01/2029 | 5 | 5486 |
|  Connecticut (State of), Series 2024 C, Ref. GO Bonds | 5.00% | 03/01/2029 | 45 | 49041 |
|  Connecticut (State of), Series 2024 F, GO Bonds | 5.00% | 11/15/2029 | 115 | 127025 |
|  Connecticut (State of), Series 2025 A, GO Bonds | 5.00% | 03/15/2029 | 20 | 21813 |
|  Connecticut (State of) (Green Bonds), Series 2019 A, RB | 4.00% | 02/01/2038 | 65 | 65638 |
|  Connecticut (State of) (Green Bonds), Series 2019 A, RB | 5.00% | 02/01/2039 | 20 | 20741 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2018, RB | 5.00% | 01/01/2029 | 5 | 5292 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.00% | 07/01/2029 | 60 | 65829 |
|  Connecticut (State of) Health & Educational Facilities Authority, Series 1997, RB | 5.00% | 07/01/2029 | 125 | 137095 |
|  Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2017 B-1, Ref. RB | 5.00% | 07/01/2029 | 180 | 197416 |
|  Hartford (City of), CT, Series 2023, Ref. RB | 5.00% | 04/01/2029 | 100 | 108769 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3982828 |
|  Delaware-0.26% |  |  |  |  |
|  Delaware (State of), Series 2020 A, GO Bonds | 5.00% | 01/01/2029 | 25 | 27226 |
|  Delaware (State of), Series 2022, Ref. GO Bonds | 5.00% | 03/01/2029 | 90 | 98367 |
|  Delaware (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2029 | 150 | 164521 |
|  Delaware (State of) Health Facilities Authority (Christiana Health Care Systems), Series 2020, Ref. RB | 5.00% | 10/01/2045 | 125 | 125248 |
|  Delaware (State of) Transportation Authority, Series 2020, Ref. RB | 5.00% | 07/01/2029 | 105 | 115565 |
|  |  |  |  | 530927 |
|  District of Columbia-2.58% |  |  |  |  |
|  District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2029 | 75 | 81523 |
|  District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2030 | 510 | 551307 |
|  District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2031 | 120 | 128979 |
|  District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2032 | 215 | 229820 |
|  District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2033 | 85 | 90328 |
|  District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2034 | 25 | 26412 |
|  District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2035 | 95 | 99784 |
|  District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2037 | 40 | 41516 |
|  District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2038 | 15 | 15487 |
|  District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2040 | 140 | 143448 |
|  District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2044 | 150 | 151430 |
|  District of Columbia, Series 2019 A, RB | 5.00% | 03/01/2029 | 165 | 179817 |
|  District of Columbia, Series 2019 A, RB | 5.00% | 03/01/2031 | 95 | 103239 |
|  District of Columbia, Series 2019 A, RB | 5.00% | 03/01/2032 | 50 | 53930 |
|  District of Columbia, Series 2019 A, RB | 5.00% | 03/01/2033 | 10 | 10721 |
|  District of Columbia, Series 2019 A, RB | 5.00% | 03/01/2034 | 260 | 277118 |
|  District of Columbia, Series 2019 A, RB | 5.00% | 03/01/2035 | 165 | 174817 |
|  District of Columbia, Series 2019 A, RB | 5.00% | 03/01/2036 | 20 | 21023 |
|  District of Columbia, Series 2019 A, RB | 4.00% | 03/01/2037 | 20 | 20039 |
|  District of Columbia, Series 2019 A, RB | 5.00% | 03/01/2044 | 65 | 65644 |
|  District of Columbia, Series 2019 C, Ref. RB | 3.00% | 10/01/2029 | 30 | 30421 |
|  District of Columbia, Series 2019 C, Ref. RB | 5.00% | 10/01/2029 | 105 | 115744 |
|  District of Columbia, Series 2019 C, Ref. RB | 5.00% | 10/01/2031 | 100 | 108365 |

---

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

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  District of Columbia-(continued) |  |  |  |  |
|  District of Columbia, Series 2019 C, Ref. RB | 5.00% | 10/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;100 | $107668 |
|  District of Columbia, Series 2019 C, Ref. RB | 5.00% | 10/01/2033 | 240 | 256808 |
|  District of Columbia, Series 2019 C, Ref. RB | 5.00% | 10/01/2034 | 145 | 154262 |
|  District of Columbia, Series 2019, RB | 5.00% | 07/01/2049 | 135 | 127109 |
|  District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2029 | 230 | 250654 |
|  District of Columbia, Series 2020 B, Ref. RB | 5.00% | 10/01/2029 | 10 | 11023 |
|  District of Columbia, Series 2020, RB | 5.00% | 12/01/2029 | 125 | 137377 |
|  District of Columbia, Series 2020, RB | 5.00% | 12/01/2031 | 110 | 119165 |
|  District of Columbia, Series 2020, RB | 5.00% | 12/01/2032 | 205 | 220740 |
|  District of Columbia, Series 2020, RB | 5.00% | 12/01/2033 | 30 | 32100 |
|  District of Columbia, Series 2020, RB | 5.00% | 12/01/2034 | 60 | 63881 |
|  District of Columbia, Series 2021 E, Ref. GO Bonds | 5.00% | 02/01/2029 | 165 | 179504 |
|  District of Columbia, Series 2022 C, Ref. RB | 5.00% | 12/01/2029 | 75 | 82904 |
|  District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2029 | 80 | 86880 |
|  District of Columbia, Series 2023 B, Ref. GO Bonds | 5.00% | 06/01/2029 | 165 | 180727 |
|  District of Columbia, Series 2024 B, GO Bonds | 5.00% | 08/01/2029 | 60 | 65938 |
|  District of Columbia, Series 2024 C, Ref. GO Bonds | 5.00% | 12/01/2029 | 5 | 5527 |
|  Metropolitan Washington Airports Authority, Series 2019, Ref. RB | 4.00% | 10/01/2037 | 135 | 131392 |
|  Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2019, Ref. RB | 4.00% | 10/01/2035 | 5 | 5003 |
|  Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2029 | 180 | 196870 |
|  Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 5.00% | 07/15/2029 | 50 | 54686 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5191130 |
|  Florida-3.04% |  |  |  |  |
|  Broward (County of), FL, Series 2019 A, RB | 5.00% | 10/01/2038 | 230 | 238836 |
|  Broward (County of), FL, Series 2019 A, RB | 5.00% | 10/01/2039 | 60 | 62017 |
|  Broward (County of), FL, Series 2019 A, RB | 5.00% | 10/01/2040 | 115 | 118408 |
|  Broward (County of), FL School Board, Series 2019 B, Ref. COP | 5.00% | 07/01/2029 | 340 | 370291 |
|  Central Florida Expressway Authority, Series 2019 A, RB | 5.00% | 07/01/2044 | 55 | 55592 |
|  Central Florida Expressway Authority, Series 2019 B, RB | 5.00% | 07/01/2037 | 95 | 98837 |
|  Central Florida Expressway Authority, Series 2019 B, RB | 5.00% | 07/01/2038 | 90 | 93084 |
|  Central Florida Expressway Authority, Series 2019 B, RB | 5.00% | 07/01/2049 | 30 | 30009 |
|  Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 07/01/2029 | 490 | 536658 |
|  Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(c)</sup> | 5.00% | 07/01/2029 | 375 | 409700 |
|  Florida (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 06/01/2029 | 160 | 175431 |
|  Florida (State of), Series 2022 B, Ref. GO Bonds | 5.00% | 06/01/2029 | 4 | 4383 |
|  Florida (State of), Series 2024 A, Ref. GO Bonds | 5.00% | 06/01/2029 | 185 | 203052 |
|  Florida (State of) (Capital Outlay), Series 2015 E, Ref. GO Bonds | 3.00% | 06/01/2029 | 5 | 5000 |
|  Florida (State of) (Right-of-Way Acquisition), Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2029 | 135 | 148166 |
|  Florida (State of) Department of Management Services, Series 2018 A, Ref. COP | 5.00% | 11/01/2029 | 30 | 33066 |
|  Florida (State of) Department of Transportation, Series 2020 A, Ref. RB | 5.00% | 07/01/2029 | 185 | 203043 |
|  Florida (State of) Higher Educational Facilities Financial Authority (Ringling College), Series 2019, RB | 5.00% | 03/01/2049 | 170 | 156344 |
|  Florida (State of) Higher Educational Facilities Financial Authority (St. Leo Univeristy), Series 2019, Ref. RB | 5.00% | 03/01/2039 | 100 | 80007 |
|  Florida (State of) Municipal Power Agency, Series 2018 A, Ref. RB | 3.00% | 10/01/2029 | 80 | 80147 |
|  Gainesville (City of), FL, Series 2019 A, RB | 5.00% | 10/01/2044 | 105 | 105663 |
|  Gainesville (City of), FL, Series 2019 A, RB | 5.00% | 10/01/2047 | 100 | 100034 |
|  Hillsborough (County of), FL Industrial Development Authority (Baycare Health System), Series 2024 C, Ref. RB | 5.00% | 11/15/2029 | 720 | 790442 |
|  Hillsborough (County of), FL School Board, Series 2020, Ref. COP | 5.00% | 07/01/2029 | 10 | 10864 |
|  Jacksonville (City of), FL (Brooks Rehabilitation), Series 2020, Ref. RB | 5.00% | 11/01/2050 | 150 | 140506 |
|  JEA Electric System, Series 2024 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2029 | 60 | 65821 |
|  Lee (County of), FL Industrial Development Authority, Series 2019 A-1, Ref. RB | 5.00% | 04/01/2029 | 75 | 80669 |
|  Lee (County of), FL Industrial Development Authority, Series 2019 A-1, Ref. RB | 5.00% | 04/01/2033 | 60 | 63004 |
|  Lee (County of), FL Industrial Development Authority, Series 2019 A-1, Ref. RB | 5.00% | 04/01/2034 | 80 | 83511 |
|  Lee (County of), FL Industrial Development Authority, Series 2019 A-1, Ref. RB | 5.00% | 04/01/2036 | 220 | 227021 |
|  Lee (County of), FL Industrial Development Authority, Series 2019 A-1, Ref. RB | 5.00% | 04/01/2037 | 50 | 51340 |

---

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

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| 261 |
| 261 |
| 261 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Florida-(continued) |  |  |  |  |
|  Lee (County of), FL Industrial Development Authority, Series 2019, RB | 4.00% | 04/01/2037 | $5 | $4796 |
|  Lee (County of), FL Industrial Development Authority, Series 2019, Ref. RB | 5.00% | 04/01/2035 | 40 | 41529 |
|  Miami-Dade (County of), FL, Series 2009 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 6.88% | 10/01/2034 | 15 | 17061 |
|  Miami-Dade (County of), FL, Series 2019 B, RB | 5.00% | 10/01/2044 | 15 | 15111 |
|  Miami-Dade (County of), FL, Series 2025, Ref. GO Bonds | 5.00% | 07/01/2029 | 30 | 32880 |
|  Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2007 B, Ref. RB,<br>(INS - AMBAC)<sup>(c)</sup> | 5.25% | 04/01/2029 | 95 | 103459 |
|  Orange (County of), FL Convention Center, Series 2017, Ref. RB | 5.00% | 10/01/2029 | 100 | 109701 |
|  Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2019 A, RB | 5.00% | 10/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;235 | 229205 |
|  Orange (County of), FL School Board, Series 2017 C, Ref. COP | 5.00% | 08/01/2029 | 40 | 43802 |
|  Palm Beach County School District, Series 2018 C, Ref. COP | 5.00% | 08/01/2029 | 280 | 299246 |
|  Polk County School District, Series 2019, RB | 5.00% | 10/01/2033 | 195 | 207886 |
|  Tampa Bay (City of), FL Water, Series 2001 A, Ref. RB<sup>(a)</sup> | 6.00% | 10/01/2029 | 165 | 185007 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6110629 |
|  Georgia-2.09% |  |  |  |  |
|  Atlanta (City of), GA, Series 2004, RB, (INS - AGI)<sup>(c)</sup> | 5.75% | 11/01/2029 | 85 | 96234 |
|  Atlanta (City of), GA, Series 2019 C, RB | 5.00% | 07/01/2035 | 135 | 142506 |
|  Atlanta (City of), GA, Series 2019 C, RB | 5.00% | 07/01/2036 | 160 | 167772 |
|  Atlanta (City of), GA, Series 2019 C, RB | 5.00% | 07/01/2037 | 30 | 31231 |
|  Atlanta (City of), GA (Department of Aviation), Series 2019 C, RB | 5.00% | 07/01/2038 | 20 | 20696 |
|  Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds | 5.00% | 12/01/2029 | 70 | 77437 |
|  Atlanta (City of), GA Department of Aviation, Series 2020 A, Ref. RB | 5.00% | 07/01/2029 | 155 | 169759 |
|  Columbia (County of), GA Public Facilities Authority, Series 2024, RB | 5.00% | 04/01/2029 | 145 | 158759 |
|  DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2029 | 45 | 49549 |
|  Fayette (County of), GA Public Facilities Authority, Series 2024, RB | 5.00% | 07/01/2029 | 95 | 104338 |
|  Forsyth (County of), GA, Series 2025, GO Bonds | 5.00% | 03/01/2029 | 55 | 60094 |
|  Fulton (County of), GA Development Authority (Georgia Institute of Technology), Series 2019, RB | 5.00% | 06/15/2044 | 150 | 151334 |
|  Georgia (State of), Series 2018 A, GO Bonds | 5.00% | 07/01/2029 | 140 | 150443 |
|  Georgia (State of), Series 2019 A, GO Bonds | 5.00% | 07/01/2031 | 45 | 48995 |
|  Georgia (State of), Series 2022 A, GO Bonds | 5.00% | 07/01/2029 | 55 | 60491 |
|  Georgia (State of), Series 2022 C, Ref. GO Bonds | 4.00% | 07/01/2029 | 70 | 74329 |
|  Georgia (State of), Series 2023 C, Ref. GO Bonds | 4.00% | 01/01/2029 | 90 | 95079 |
|  Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2029 | 210 | 231362 |
|  Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2029 | 105 | 115483 |
|  Georgia (State of) (Tranche 1), Series 2019 A, GO Bonds | 5.00% | 07/01/2029 | 135 | 148479 |
|  Georgia (State of) (Tranche 2), Series 2019 A, GO Bonds | 5.00% | 07/01/2032 | 50 | 54155 |
|  Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2029 | 260 | 285458 |
|  Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB | 5.00% | 06/01/2029 | 140 | 153028 |
|  Gwinnett (County of), GA Water & Sewerage Authority, Series 2019, Ref. RB | 5.00% | 08/01/2029 | 85 | 93580 |
|  Gwinnett County School District, Series 2019, GO Bonds | 5.00% | 02/01/2038 | 15 | 15676 |
|  Gwinnett County School District, Series 2019, GO Bonds | 5.00% | 02/01/2041 | 195 | 200507 |
|  Henry County School District, Series 2021, GO Bonds | 4.00% | 08/01/2029 | 185 | 195505 |
|  Main Street Natural Gas, Inc., Series 2019 A, RB | 5.00% | 05/15/2043 | 100 | 99900 |
|  Private Colleges & Universities Authority (Emory University), Series 2019 A, Ref. RB | 5.00% | 09/01/2029 | 185 | 202458 |
|  Private Colleges & Universities Authority (Emory University), Series 2019 A, Ref. RB | 5.00% | 09/01/2037 | 70 | 72691 |
|  Private Colleges & Universities Authority (Emory University), Series 2022 A, Ref. RB | 5.00% | 09/01/2029 | 200 | 218874 |
|  Private Colleges & Universities Authority (Emory University) (Green Bonds), Series 2019, Ref. RB | 5.00% | 09/01/2048 | 250 | 250940 |
|  Rockdale (County of), GA Development Authority (Piedmont Healthcare, Inc.), Series 2019 A, RB | 5.00% | 07/01/2049 | 5 | 5002 |
|  Savannah (City of), GA Hospital Authority (St. Josephs Candler Health System), Series 2019 A, Ref. RB | 4.00% | 07/01/2039 | 225 | 208972 |
|  |  |  |  | 4211116 |
|  Hawaii-0.97% |  |  |  |  |
|  Hawaii (State of), Series 2018 FT, GO Bonds | 5.00% | 01/01/2029 | 80 | 84818 |
|  Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2029 | 45 | 48870 |
|  Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2031 | 165 | 177416 |
|  Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2032 | 65 | 69552 |

---

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

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| 262 |
| 262 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Hawaii-(continued) |  |  |  |  |
|  Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2033 | $35 | $37292 |
|  Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;120 | 127215 |
|  Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2035 | 100 | 105360 |
|  Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2036 | 35 | 36643 |
|  Hawaii (State of), Series 2019 FW, GO Bonds | 4.00% | 01/01/2037 | 40 | 40168 |
|  Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2037 | 20 | 20798 |
|  Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2038 | 180 | 186175 |
|  Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2039 | 50 | 51488 |
|  Honolulu (City & County of), HI, Series 2019 A, RB | 5.00% | 07/01/2044 | 25 | 25319 |
|  Honolulu (City & County of), HI, Series 2019 B, Ref. RB | 5.00% | 07/01/2036 | 325 | 341675 |
|  Honolulu (City & County of), HI, Series 2022 A, Ref. GO Bonds | 5.00% | 11/01/2029 | 390 | 430181 |
|  Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019 A, GO Bonds | 5.00% | 09/01/2029 | 60 | 64406 |
|  Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020, Ref. GO Bonds | 5.00% | 03/01/2029 | 35 | 38118 |
|  Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds | 5.00% | 03/01/2029 | 50 | 54455 |
|  Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2023, Ref. GO Bonds | 5.00% | 03/01/2029 | 15 | 16336 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1956285 |
|  Idaho-0.51% |  |  |  |  |
|  Idaho (State of) Housing & Finance Association, Series 2019, Ref. RB | 5.00% | 07/15/2033 | 190 | 202828 |
|  Idaho (State of) Housing & Finance Association, Series 2019, Ref. RB | 5.00% | 07/15/2034 | 40 | 42497 |
|  Idaho (State of) Housing & Finance Association, Series 2019, Ref. RB | 5.00% | 07/15/2035 | 95 | 100285 |
|  Idaho (State of) Housing & Finance Association, Series 2019, Ref. RB | 5.00% | 07/15/2037 | 35 | 36550 |
|  Idaho (State of) Housing & Finance Association (Garvee), Series 2021 A, Ref. RB | 5.00% | 07/15/2029 | 115 | 125600 |
|  Idaho State Building Authority, Series 2024 A, RB | 5.00% | 06/01/2029 | 475 | 520991 |
|  |  |  |  | 1028751 |
|  Illinois-4.79% |  |  |  |  |
|  Chicago (City of), IL, Series 2019 A, GO Bonds | 5.00% | 01/01/2029 | 125 | 131234 |
|  Chicago (City of), IL, Series 2019 A, GO Bonds | 5.50% | 01/01/2035 | 100 | 103117 |
|  Chicago (City of), IL, Series 2019 A, GO Bonds | 5.00% | 01/01/2040 | 200 | 192910 |
|  Chicago (City of), IL, Series 2019 A, GO Bonds | 5.00% | 01/01/2044 | 1010 | 920917 |
|  Chicago (City of), IL, Series 2021 B, Ref. GO Bonds | 4.00% | 01/01/2029 | 307 | 312336 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2018 B, RB | 5.00% | 01/01/2036 | 155 | 161384 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2018 B, RB | 5.00% | 01/01/2037 | 90 | 93279 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2018 B, RB | 5.00% | 01/01/2038 | 165 | 170141 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2018 B, RB | 5.00% | 01/01/2039 | 35 | 35895 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2018 B, RB | 5.00% | 01/01/2048 | 365 | 365029 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2022, Ref. RB | 5.00% | 01/01/2029 | 30 | 32440 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2024 D, Ref. RB | 5.00% | 01/01/2029 | 5 | 5407 |
|  Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2021 A, GO Bonds | 5.00% | 12/01/2029 | 190 | 209458 |
|  Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)<sup>(c)</sup> | 5.00% | 01/01/2029 | 15 | 16225 |
|  Chicago (City of), IL Transit Authority, Series 2020 A, Ref. RB | 5.00% | 12/01/2045 | 230 | 230494 |
|  Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), Series 2021, Ref. RB | 5.00% | 06/01/2029 | 200 | 215038 |
|  Cook (County of), IL, Series 2022 A, Ref. GO Bonds | 5.00% | 11/15/2029 | 270 | 295738 |
|  Cook Kane Lake & McHenry Counties Community College District No. 512, Series 2020, GO Bonds | 4.00% | 12/15/2029 | 75 | 77949 |
|  Illinois (State of), Series 2016, GO Bonds | 3.50% | 06/01/2029 | 5 | 5011 |
|  Illinois (State of), Series 2018 A, GO Bonds | 5.00% | 05/01/2029 | 55 | 58206 |
|  Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 03/01/2029 | 50 | 53843 |
|  Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 12/01/2029 | 85 | 92805 |
|  Illinois (State of), Series 2022 A, GO Bonds | 5.00% | 03/01/2029 | 80 | 86148 |
|  Illinois (State of), Series 2022 B, GO Bonds | 5.00% | 10/01/2029 | 120 | 130919 |
|  Illinois (State of), Series 2022 B, Ref. GO Bonds | 5.00% | 03/01/2029 | 40 | 43074 |
|  Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 05/01/2029 | 35 | 38011 |
|  Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 12/01/2029 | 180 | 196151 |
|  Illinois (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 07/01/2029 | 130 | 141013 |
|  Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2029 | 35 | 37644 |
|  Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds | 5.00% | 11/01/2031 | 250 | 268412 |

---

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

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| 263 |
| 263 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Illinois-(continued) |  |  |  |  |
|  Illinois (State of) Finance Authority (Green Bonds) (Clean Water Initiative), Series 2019, RB | 5.00% | 07/01/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;250 | $266409 |
|  Illinois (State of) Finance Authority (Green Bonds) (Clean Water Initiative), Series 2019, RB | 5.00% | 07/01/2034 | 155 | 164273 |
|  Illinois (State of) Finance Authority (Green Bonds) (Clean Water Initiative), Series 2019, RB | 5.00% | 07/01/2036 | 500 | 523951 |
|  Illinois (State of) Finance Authority (Green Bonds) (Clean Water Initiative), Series 2019, RB | 5.00% | 07/01/2037 | 365 | 380512 |
|  Illinois (State of) Finance Authority (University of Chicago (The)), Series 2024 B, Ref. RB | 5.00% | 04/01/2029 | 5 | 5424 |
|  Illinois (State of) Regional Transportation Authority, Series 2004 A, RB, (INS - AGI)<sup>(c)</sup> | 5.75% | 06/01/2029 | 95 | 104082 |
|  Illinois (State of) Toll Highway Authority, Series 2019 A, RB | 5.00% | 01/01/2040 | 80 | 81736 |
|  Illinois (State of) Toll Highway Authority, Series 2019 A, RB | 5.00% | 01/01/2041 | 90 | 91538 |
|  Illinois (State of) Toll Highway Authority, Series 2019 A, RB | 5.00% | 01/01/2044 | 725 | 727971 |
|  Illinois (State of) Toll Highway Authority, Series 2019 A, Ref. RB | 5.00% | 01/01/2031 | 70 | 74783 |
|  Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB | 5.00% | 01/01/2029 | 105 | 113574 |
|  Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB | 5.00% | 01/01/2029 | 265 | 286640 |
|  Kendall Kane & Will Counties Community Unit School District No. 308, Series 2020 A, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.00% | 02/01/2029 | 145 | 155574 |
|  Sales Tax Securitization Corp., Series 2018 C, Ref. RB | 5.00% | 01/01/2029 | 85 | 91151 |
|  Sales Tax Securitization Corp., Series 2018 C, Ref. RB | 5.50% | 01/01/2031 | 130 | 140005 |
|  Sales Tax Securitization Corp., Series 2018 C, Ref. RB | 5.50% | 01/01/2032 | 100 | 107144 |
|  Sales Tax Securitization Corp., Series 2018 C, Ref. RB | 5.00% | 01/01/2043 | 395 | 395958 |
|  Sales Tax Securitization Corp., Series 2018 C, Ref. RB | 5.25% | 01/01/2043 | 655 | 661560 |
|  Sales Tax Securitization Corp., Series 2020 A, Ref. RB | 5.00% | 01/01/2029 | 295 | 316349 |
|  Sales Tax Securitization Corp., Series 2021 A, Ref. RB | 5.00% | 01/01/2029 | 115 | 123323 |
|  Will (County of), IL, Series 2019, GO Bonds | 4.00% | 11/15/2047 | 130 | 111574 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;9643759 |
|  Indiana-1.02% |  |  |  |  |
|  Indiana (State of) Finance Authority, Series 2016 C, Ref. RB | 5.00% | 06/01/2029 | 475 | 520275 |
|  Indiana (State of) Finance Authority (Citizens Wastewater of Westfield), Series 2019, Ref. RB | 5.00% | 10/01/2048 | 150 | 149844 |
|  Indiana (State of) Finance Authority (CWA Authority), Series 2021-1, Ref. RB | 5.00% | 10/01/2029 | 130 | 143142 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2017 C, Ref. RB | 5.00% | 02/01/2029 | 65 | 68947 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB | 5.00% | 02/01/2033 | 105 | 111639 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB | 5.00% | 02/01/2034 | 30 | 31714 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB | 5.00% | 02/01/2036 | 75 | 78391 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB | 5.00% | 02/01/2037 | 25 | 25996 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB | 5.00% | 02/01/2038 | 70 | 72394 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB | 5.00% | 02/01/2039 | 65 | 66841 |
|  Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB | 5.00% | 10/01/2029 | 20 | 21469 |
|  Indianapolis Local Public Improvement Bond Bank, Series 2019 A, RB. | 5.25% | 02/01/2039 | 20 | 20683 |
|  Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB | 5.00% | 02/01/2036 | 430 | 447360 |
|  Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB | 5.00% | 02/01/2037 | 10 | 10342 |
|  Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB | 5.00% | 02/01/2049 | 150 | 149878 |
|  Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB | 5.00% | 02/01/2054 | 130 | 127994 |
|  |  |  |  | 2046909 |
|  Iowa-0.57% |  |  |  |  |
|  Iowa (State of), Series 2019 A, Ref. RB | 5.00% | 06/01/2029 | 215 | 235007 |
|  Iowa (State of), Series 2019 A, Ref. RB | 5.00% | 06/01/2031 | 195 | 210538 |
|  Iowa (State of), Series 2019 A, Ref. RB | 5.00% | 06/01/2032 | 135 | 144909 |
|  Iowa (State of), Series 2019 A, Ref. RB | 5.00% | 06/01/2033 | 105 | 112034 |
|  Iowa (State of), Series 2019 A, Ref. RB | 5.00% | 06/01/2034 | 35 | 37131 |
|  Iowa (State of) Finance Authority (Unitypoint Health), Series 2018 B, Ref. RB | 5.00% | 02/15/2048 | 405 | 400077 |
|  |  |  |  | 1139696 |
|  Kansas-0.08% |  |  |  |  |
|  Kansas (State of) Department of Transportation, Series 2024 A, Ref. RB | 5.00% | 09/01/2029 | 135 | 148767 |
|  Kansas (State of) Department of Transportation, Series 2025 A, Ref. RB | 5.00% | 09/01/2029 | 20 | 22039 |
|  |  |  |  | 170806 |
|  Kentucky-0.35% |  |  |  |  |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 130), Series 2024 B, Ref. RB | 5.00% | 11/01/2029 | 190 | 209021 |

---

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

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| 264 |
| 264 |
| 264 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Kentucky-(continued) |  |  |  |  |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB | 5.00% | 10/01/2029 | $85 | $93454 |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 132), Series 2025 A, RB | 5.00% | 04/01/2029 | 60 | 65369 |
|  Kentucky (Commonwealth of) Turnpike Authority (Revitalizaton), Series 2024 A, Ref. RB | 5.00% | 07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;140 | 153385 |
|  Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2020 A, RB | 5.00% | 10/01/2038 | 180 | 185002 |
|  |  |  |  | 706231 |
|  Louisiana-0.63% |  |  |  |  |
|  East Baton Rouge (Parish of), LA Sewerage Commission, Series 2019 A, Ref. RB | 4.00% | 02/01/2040 | 15 | 14497 |
|  Jefferson (Parish of), LA Sales Tax District, Series 2019 B, RB, (INS - AGI)<sup>(c)</sup> | 4.00% | 12/01/2036 | 125 | 125768 |
|  Jefferson (Parish of), LA Sales Tax District, Series 2019 B, RB, (INS - AGI)<sup>(c)</sup> | 4.00% | 12/01/2037 | 40 | 40006 |
|  Jefferson (Parish of), LA Sales Tax District, Series 2019 B, Ref. RB, (INS - AGI)<sup>(c)</sup> | 4.00% | 12/01/2039 | 300 | 290819 |
|  Louisiana (State of), Series 2019 A, GO Bonds | 5.00% | 03/01/2032 | 15 | 16016 |
|  Louisiana (State of), Series 2019 A, GO Bonds | 5.00% | 03/01/2033 | 60 | 63854 |
|  Louisiana (State of), Series 2019 A, GO Bonds | 5.00% | 03/01/2034 | 55 | 58025 |
|  Louisiana (State of), Series 2019 A, GO Bonds | 5.00% | 03/01/2035 | 5 | 5246 |
|  Louisiana (State of), Series 2019 A, GO Bonds | 5.00% | 03/01/2036 | 195 | 203481 |
|  Louisiana (State of), Series 2019 A, GO Bonds | 5.00% | 03/01/2037 | 5 | 5181 |
|  Louisiana (State of), Series 2019 A, GO Bonds | 5.00% | 03/01/2038 | 5 | 5174 |
|  Louisiana (State of), Series 2019 A, GO Bonds | 5.00% | 03/01/2039 | 15 | 15447 |
|  Louisiana (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 02/01/2029 | 200 | 216964 |
|  Louisiana (State of) (Garvee), Series 2019 A, RB | 5.00% | 09/01/2029 | 100 | 106864 |
|  Louisiana (State of) (Garvee), Series 2023, RB | 5.00% | 09/01/2029 | 95 | 104041 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1271383 |
|  Maryland-2.34% |  |  |  |  |
|  Anne Arundel (County of), MD, Series 2019, GO Bonds | 5.00% | 10/01/2048 | 100 | 100932 |
|  Baltimore (City of), MD (Wastewater), Series 2019 A, RB | 5.00% | 07/01/2049 | 10 | 10027 |
|  Baltimore (County of), MD, Series 2019, GO Bonds | 4.00% | 03/01/2035 | 165 | 166742 |
|  Baltimore (County of), MD, Series 2019, GO Bonds | 4.00% | 03/01/2036 | 25 | 25098 |
|  Baltimore (County of), MD, Series 2019, GO Bonds | 4.00% | 03/01/2037 | 15 | 15006 |
|  Howard (County of), MD, Series 2017 D, Ref. GO Bonds | 5.00% | 02/15/2029 | 10 | 10650 |
|  Maryland (State of), First Series 2019, GO Bonds | 5.00% | 03/15/2031 | 90 | 97257 |
|  Maryland (State of), First Series 2019, GO Bonds | 5.00% | 03/15/2032 | 520 | 558637 |
|  Maryland (State of), First Series 2019, GO Bonds | 4.00% | 03/15/2033 | 5 | 5157 |
|  Maryland (State of), Second Series 2018, GO Bonds | 5.00% | 08/01/2029 | 175 | 187888 |
|  Maryland (State of), Series 2018 A, GO Bonds | 5.00% | 03/15/2029 | 125 | 133125 |
|  Maryland (State of), Series 2019, GO Bonds | 5.00% | 03/15/2029 | 155 | 169163 |
|  Maryland (State of), Series 2022 C, Ref. GO Bonds | 4.00% | 03/01/2029 | 10 | 10560 |
|  Maryland (State of), Series 2022 D, Ref. GO Bonds | 4.00% | 08/01/2029 | 105 | 111446 |
|  Maryland (State of), Series 2022, GO Bonds | 5.00% | 06/01/2029 | 45 | 49323 |
|  Maryland (State of), Series 2025 A, GO Bonds | 5.00% | 06/01/2029 | 5 | 5480 |
|  Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds | 5.00% | 08/01/2029 | 10 | 10998 |
|  Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds | 5.00% | 08/01/2029 | 455 | 500388 |
|  Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 03/15/2029 | 60 | 65482 |
|  Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2029 | 385 | 423405 |
|  Maryland (State of) (Bidding Group 1), Series 2021 A, GO Bonds | 5.00% | 03/01/2029 | 85 | 92693 |
|  Maryland (State of) (Bidding Group 2), Second Series 2019 A, GO Bonds | 5.00% | 08/01/2031 | 95 | 103185 |
|  Maryland (State of) (Bidding Group 2), Series 2025 B, Ref. GO Bonds | 5.00% | 08/01/2029 | 10 | 10998 |
|  Maryland (State of) Department of Transportation, Series 2016, RB | 4.00% | 11/01/2029 | 100 | 100020 |
|  Maryland (State of) Department of Transportation, Series 2020, RB | 5.00% | 10/01/2029 | 180 | 198418 |
|  Maryland (State of) Department of Transportation, Series 2021 A, RB | 5.00% | 10/01/2029 | 100 | 110233 |
|  Maryland (State of) Department of Transportation, Series 2022 B, Ref. RB | 5.00% | 12/01/2029 | 90 | 99485 |
|  Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB | 5.00% | 07/01/2029 | 110 | 120559 |
|  Maryland (State of) Transportation Authority, Series 2024, Ref. RB | 5.00% | 07/01/2029 | 60 | 65759 |
|  Maryland Water Infrastructure Financing Administration Bay Restoration Fund, Series 2015, RB | 3.00% | 03/01/2029 | 5 | 5000 |
|  Montgomery (County of), MD, Series 2018 A, GO Bonds | 5.00% | 11/01/2029 | 100 | 108142 |
|  Montgomery (County of), MD, Series 2019 A, GO Bonds | 5.00% | 11/01/2029 | 100 | 110638 |
|  Montgomery (County of), MD, Series 2019 A, GO Bonds | 4.00% | 11/01/2033 | 5 | 5126 |

---

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

---

| |
|:---|
| 265 |
| 265 |
| 265 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Maryland-(continued) |  |  |  |  |
|  Montgomery (County of), MD, Series 2020 A, GO Bonds | 4.00% | 08/01/2029 | $30 | $31819 |
|  Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds | 4.00% | 11/01/2029 | 50 | 53161 |
|  Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds | 5.00% | 08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;195 | 214759 |
|  Prince George's (County of), MD, Series 2017 A, GO Bonds | 3.00% | 09/15/2029 | 115 | 115702 |
|  Prince George's (County of), MD, Series 2018 A, GO Bonds | 5.00% | 07/15/2029 | 80 | 85811 |
|  Prince George's (County of), MD, Series 2019 A, GO Bonds | 5.00% | 07/15/2029 | 155 | 170551 |
|  Prince George's (County of), MD, Series 2019 A, GO Bonds | 4.00% | 07/15/2031 | 10 | 10426 |
|  Prince George's (County of), MD, Series 2019 A, GO Bonds | 4.00% | 07/15/2032 | 110 | 113756 |
|  Prince George's (County of), MD, Series 2020 A, GO Bonds | 5.00% | 07/15/2029 | 15 | 16090 |
|  Prince George's (County of), MD, Series 2020 B, Ref. GO Bonds | 5.00% | 09/15/2029 | 45 | 49676 |
|  Prince George's (County of), MD, Series 2022 A, GO Bonds | 5.00% | 07/01/2029 | 25 | 27486 |
|  Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB | 3.00% | 06/01/2029 | 25 | 25144 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4701401 |
|  Massachusetts-4.01% |  |  |  |  |
|  Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)<sup>(c)</sup> | 5.50% | 01/01/2029 | 5 | 5496 |
|  Massachusetts (Commonwealth of), Series 2018 B, GO Bonds | 5.00% | 01/01/2029 | 40 | 42434 |
|  Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds | 5.00% | 07/01/2029 | 430 | 472103 |
|  Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds | 5.00% | 09/01/2029 | 65 | 71602 |
|  Massachusetts (Commonwealth of), Series 2019 A, GO Bonds | 5.00% | 01/01/2031 | 195 | 210020 |
|  Massachusetts (Commonwealth of), Series 2019 A, GO Bonds | 5.00% | 01/01/2032 | 45 | 48186 |
|  Massachusetts (Commonwealth of), Series 2019 A, GO Bonds | 5.25% | 01/01/2033 | 20 | 21478 |
|  Massachusetts (Commonwealth of), Series 2019 A, GO Bonds | 5.00% | 01/01/2035 | 30 | 31634 |
|  Massachusetts (Commonwealth of), Series 2019 A, GO Bonds | 5.00% | 01/01/2036 | 100 | 104951 |
|  Massachusetts (Commonwealth of), Series 2019 A, GO Bonds | 5.00% | 01/01/2037 | 75 | 78281 |
|  Massachusetts (Commonwealth of), Series 2019 A, GO Bonds | 5.00% | 01/01/2038 | 180 | 186974 |
|  Massachusetts (Commonwealth of), Series 2019 A, GO Bonds | 5.00% | 01/01/2039 | 15 | 15497 |
|  Massachusetts (Commonwealth of), Series 2019 A, GO Bonds | 5.25% | 01/01/2044 | 350 | 358650 |
|  Massachusetts (Commonwealth of), Series 2019 C, GO Bonds | 5.00% | 05/01/2040 | 70 | 72027 |
|  Massachusetts (Commonwealth of), Series 2019 C, GO Bonds | 5.00% | 05/01/2041 | 105 | 107554 |
|  Massachusetts (Commonwealth of), Series 2019 C, GO Bonds | 5.00% | 05/01/2042 | 5 | 5100 |
|  Massachusetts (Commonwealth of), Series 2019 C, GO Bonds | 5.00% | 05/01/2043 | 160 | 162676 |
|  Massachusetts (Commonwealth of), Series 2019 C, GO Bonds | 5.00% | 05/01/2044 | 25 | 25331 |
|  Massachusetts (Commonwealth of), Series 2019 C, GO Bonds | 5.00% | 05/01/2045 | 25 | 25282 |
|  Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds | 5.00% | 05/01/2029 | 140 | 153191 |
|  Massachusetts (Commonwealth of), Series 2019 F, GO Bonds | 5.00% | 05/01/2029 | 20 | 21884 |
|  Massachusetts (Commonwealth of), Series 2019 G, GO Bonds | 5.00% | 09/01/2029 | 245 | 269886 |
|  Massachusetts (Commonwealth of), Series 2019 G, GO Bonds | 4.00% | 09/01/2038 | 10 | 9803 |
|  Massachusetts (Commonwealth of), Series 2020 A, GO Bonds | 5.00% | 03/01/2029 | 120 | 130861 |
|  Massachusetts (Commonwealth of), Series 2020 D, GO Bonds | 5.00% | 07/01/2029 | 65 | 71364 |
|  Massachusetts (Commonwealth of), Series 2020 E, GO Bonds | 5.00% | 11/01/2029 | 235 | 259604 |
|  Massachusetts (Commonwealth of), Series 2021 A, Ref. GO Bonds | 5.00% | 09/01/2029 | 425 | 468169 |
|  Massachusetts (Commonwealth of), Series 2021 C, GO Bonds | 5.00% | 09/01/2029 | 150 | 165236 |
|  Massachusetts (Commonwealth of), Series 2022 A, GO Bonds | 5.00% | 02/01/2029 | 55 | 59873 |
|  Massachusetts (Commonwealth of), Series 2022 A, Ref. GO Bonds | 5.00% | 10/01/2029 | 525 | 579151 |
|  Massachusetts (Commonwealth of), Series 2023 A, GO Bonds | 5.00% | 05/01/2029 | 5 | 5471 |
|  Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds | 5.00% | 03/01/2029 | 165 | 179933 |
|  Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2029 | 40 | 43769 |
|  Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2019 A, RB | 5.00% | 06/01/2049 | 410 | 410940 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB | 5.00% | 07/01/2029 | 35 | 38562 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 B, RB, (INS - NATL)<sup>(c)</sup> | 5.50% | 07/01/2029 | 125 | 140005 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2006 A, RB | 5.25% | 07/01/2029 | 45 | 49991 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority (Green Bonds), Series 2021, Ref. RB | 5.00% | 07/01/2041 | 375 | 384372 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority (Green Bonds), Series 2021, Ref. RB | 5.00% | 07/01/2042 | 120 | 122464 |
|  Massachusetts (Commonwealth of) Development Finance Agency, Series 2019 A, Ref. RB | 5.00% | 07/01/2044 | 55 | 51420 |

---

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

---

| |
|:---|
| 266 |
| 266 |
| 266 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Massachusetts-(continued) |  |  |  |  |
|  Massachusetts (Commonwealth of) Development Finance Agency, Series 2022, Ref. RB | 5.00% | 10/01/2029 | $5 | $5493 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2020 A-2, Ref. RB | 5.00% | 07/01/2029 | 30 | 32765 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB | 5.00% | 10/15/2029 | 255 | 282332 |
|  Massachusetts (Commonwealth of) Port Authority, Series 2019 B, RB | 5.00% | 07/01/2044 | 25 | 25240 |
|  Massachusetts (Commonwealth of) School Building Authority, Series 2019 A, RB | 5.00% | 02/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;595 | 603615 |
|  Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB | 5.00% | 01/01/2031 | 80 | 86189 |
|  Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB | 5.00% | 01/01/2032 | 205 | 219177 |
|  Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB | 5.00% | 01/01/2034 | 330 | 349591 |
|  Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB | 5.00% | 01/01/2035 | 160 | 168765 |
|  Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 C, Ref. RB | 5.00% | 01/01/2033 | 5 | 5327 |
|  Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 C, Ref. RB | 5.00% | 01/01/2035 | 35 | 36997 |
|  Massachusetts (Commonwealth of) Transportation Trust Fund (Contract Assistance), Series 2018 A, Ref. RB | 5.00% | 01/01/2029 | 95 | 103330 |
|  Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGI)<sup>(c)</sup>  | 5.25% | 08/01/2029 | 95 | 105812 |
|  Massachusetts Development Finance Agency, Series 2025, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 07/01/2029 | 5 | 5442 |
|  University of Massachusetts Building Authority, Series 2019-1, RB | 5.00% | 05/01/2029 | 5 | 5462 |
|  University of Massachusetts Building Authority, Series 2020 1, RB | 5.00% | 11/01/2033 | 40 | 42947 |
|  University of Massachusetts Building Authority, Series 2020 1, RB | 5.00% | 11/01/2034 | 55 | 58525 |
|  University of Massachusetts Building Authority, Series 2020 1, RB | 5.00% | 11/01/2050 | 265 | 265307 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;8063541 |
|  Michigan-1.79% |  |  |  |  |
|  Detroit City School District, Series 2001 A, GO Bonds, (INS - AGI)<sup>(c)</sup> | 6.00% | 05/01/2029 | 350 | 377117 |
|  Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.25% | 05/01/2029 | 130 | 142425 |
|  Great Lakes Water Authority, Series 2018 B, Ref. RB | 5.00% | 07/01/2029 | 105 | 114877 |
|  Great Lakes Water Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2029 | 70 | 76585 |
|  Lansing (City of), MI Board of Water & Light, Series 2019 A, RB | 5.00% | 07/01/2044 | 285 | 286843 |
|  Lansing (City of), MI Board of Water & Light, Series 2019 A, RB | 5.00% | 07/01/2048 | 145 | 145479 |
|  Michigan (State of), Series 2020 B, RB | 5.00% | 11/15/2029 | 240 | 265805 |
|  Michigan (State of), Series 2023, RB | 5.00% | 11/15/2029 | 205 | 227042 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2019, Ref. RB | 5.00% | 04/15/2036 | 375 | 392777 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2023 II, Ref. RB | 5.00% | 10/15/2029 | 25 | 27483 |
|  Michigan (State of) Finance Authority, Series 2019 A, Ref. RB | 5.00% | 12/01/2041 | 190 | 192606 |
|  Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB | 5.00% | 04/15/2029 | 85 | 92307 |
|  Michigan (State of) Finance Authority (CHE Trinity Health Credit Group), Series 2013 MI-4, Ref. RB | 5.00% | 12/01/2039 | 115 | 118283 |
|  Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2013, Ref. RB | 4.00% | 12/01/2035 | 320 | 319032 |
|  Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2013, Ref. RB | 4.00% | 12/01/2036 | 130 | 129287 |
|  Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2013, Ref. RB | 4.00% | 12/01/2038 | 220 | 213479 |
|  Michigan State University Board of Trustees, Series 2019 B, RB | 5.00% | 02/15/2048 | 385 | 386370 |
|  Michigan State University Board of Trustees, Series 2023 A, Ref. RB | 5.00% | 08/15/2029 | 95 | 104218 |
|  |  |  |  | 3612015 |
|  Minnesota-1.27% |  |  |  |  |
|  Metropolitan Council, Series 2021 C, GO Bonds | 5.00% | 12/01/2029 | 135 | 149227 |
|  Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2029 | 75 | 80813 |
|  Minnesota (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2029 | 5 | 5503 |
|  Minnesota (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2031 | 30 | 32616 |
|  Minnesota (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2032 | 120 | 129574 |
|  Minnesota (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2033 | 80 | 85927 |
|  Minnesota (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2034 | 165 | 176245 |
|  Minnesota (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2036 | 360 | 380110 |
|  Minnesota (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2037 | 150 | 157720 |
|  Minnesota (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2039 | 35 | 36442 |
|  Minnesota (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2029 | 95 | 104589 |
|  Minnesota (State of), Series 2021 A, GO Bonds | 5.00% | 09/01/2029 | 465 | 512606 |
|  Minnesota (State of), Series 2021 B, GO Bonds | 5.00% | 09/01/2029 | 75 | 82588 |
|  Minnesota (State of), Series 2022 A, Ref. RB | 5.00% | 03/01/2029 | 5 | 5430 |

---

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

---

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|:---|
| 267 |
| 267 |
| 267 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Minnesota-(continued) |  |  |  |  |
|  Minnesota (State of), Series 2024 D, Ref. GO Bonds | 5.00% | 08/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;130 | $143071 |
|  Minnesota (State of) Public Facilities Authority, Series 2023 B, RB | 5.00% | 03/01/2029 | 25 | 27289 |
|  Rochester (City of), MN (Mayo Clinic), Series 2016 B, Ref. RB | 5.00% | 11/15/2029 | 100 | 110119 |
|  St. Cloud (City of), MN (CentraCare Health System), Series 2019, Ref. RB | 5.00% | 05/01/2048 | 250 | 244584 |
|  University of Minnesota, Series 2019 A, RB | 5.00% | 04/01/2044 | 90 | 91305 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2555758 |
|  Mississippi-0.18% |  |  |  |  |
|  Mississippi (State of), Series 2019 B, GO Bonds | 5.00% | 10/01/2033 | 250 | 268616 |
|  Mississippi (State of), Series 2019 B, GO Bonds | 4.00% | 10/01/2036 | 45 | 44735 |
|  Mississippi (State of), Series 2019 B, GO Bonds | 4.00% | 10/01/2037 | 30 | 29757 |
|  Mississippi (State of) Development Bank (Desoto County Mississippi Highway Refunding), Series 2024 A, Ref. RB | 5.00% | 01/01/2029 | 10 | 10790 |
|  |  |  |  | 353898 |
|  Missouri-0.47% |  |  |  |  |
|  Curators of the University of Missouri (The), Series 2024, Ref. RB | 5.00% | 11/01/2029 | 20 | 22119 |
|  Jackson County Reorganized School District No. 7, Series 2020, Ref. GO Bonds | 4.00% | 03/01/2031 | 110 | 114680 |
|  Jackson County Reorganized School District No. 7, Series 2020, Ref. GO Bonds | 4.00% | 03/01/2038 | 15 | 15010 |
|  Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB | 5.00% | 06/01/2029 | 105 | 112479 |
|  Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2022 A, RB | 5.00% | 06/01/2029 | 80 | 86192 |
|  Missouri (State of) Highway & Transportation Commission, Series 2022 A, RB | 5.00% | 05/01/2029 | 55 | 60182 |
|  Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2025, Ref. RB | 5.00% | 12/01/2029 | 55 | 60330 |
|  Springdale (City of), AR, Series 2025, Ref. RB | 5.00% | 08/01/2029 | 5 | 5487 |
|  Springfield School District No. R-12, Series 2017, Ref. GO Bonds | 4.00% | 03/01/2029 | 50 | 51894 |
|  Springfield School District No. R-12, Series 2019, GO Bonds | 4.00% | 03/01/2035 | 75 | 76508 |
|  Springfield School District No. R-12, Series 2019, GO Bonds | 5.00% | 03/01/2036 | 300 | 313248 |
|  Springfield School District No. R-12, Series 2019, GO Bonds | 5.00% | 03/01/2037 | 10 | 10385 |
|  St. Louis (City of), MO, Series 2005, RB, (INS - NATL)<sup>(c)</sup> | 5.50% | 07/01/2029 | 15 | 16672 |
|  |  |  |  | 945186 |
|  Nebraska-0.37% |  |  |  |  |
|  Omaha (City of), NE Public Power District, Series 2018 A, RB | 5.00% | 02/01/2029 | 205 | 217475 |
|  Omaha (City of), NE Public Power District, Series 2019 A, RB | 5.00% | 02/01/2031 | 40 | 43058 |
|  Omaha (City of), NE Public Power District, Series 2019 A, RB | 5.00% | 02/01/2032 | 115 | 123198 |
|  Omaha (City of), NE Public Power District, Series 2019 A, RB | 5.00% | 02/01/2033 | 310 | 329704 |
|  Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2024, Ref. RB | 5.00% | 01/01/2029 | 30 | 32430 |
|  |  |  |  | 745865 |
|  Nevada-1.09% |  |  |  |  |
|  Clark (County of), NV, Series 2020 C, Ref. RB | 5.00% | 07/01/2029 | 130 | 142479 |
|  Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB | 5.00% | 07/01/2029 | 55 | 60216 |
|  Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB | 5.00% | 07/01/2031 | 140 | 150784 |
|  Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB | 5.00% | 07/01/2032 | 100 | 107066 |
|  Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB | 5.00% | 07/01/2033 | 35 | 37254 |
|  Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB | 5.00% | 07/01/2029 | 95 | 103827 |
|  Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB | 5.00% | 07/01/2031 | 215 | 231562 |
|  Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB | 5.00% | 07/01/2032 | 85 | 91006 |
|  Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB | 5.00% | 07/01/2033 | 5 | 5322 |
|  Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB | 5.00% | 07/01/2034 | 40 | 42300 |
|  Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB | 5.00% | 07/01/2035 | 130 | 136751 |
|  Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB | 5.00% | 07/01/2041 | 30 | 30517 |
|  Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB | 5.00% | 07/01/2042 | 10 | 10128 |
|  Clark (County of), NV Department of Aviation, Series 2019 D, Ref. RB | 5.00% | 07/01/2031 | 45 | 48466 |
|  Clark (County of), NV Department of Aviation, Series 2019 D, Ref. RB | 5.00% | 07/01/2032 | 235 | 251606 |
|  Clark (County of), NV Department of Aviation, Series 2024 A, Ref. RB | 5.00% | 07/01/2029 | 60 | 65690 |
|  Clark (County of), NV Department of Aviation, Series 2024 B, RN | 5.00% | 07/01/2029 | 230 | 251812 |
|  Clark County School District, Series 2024 B, GO Bonds | 5.00% | 06/15/2029 | 5 | 5456 |
|  Humboldt (County of), NV, Series 2016, Ref. RB | 3.55% | 10/01/2029 | 245 | 251228 |

---

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

---

| |
|:---|
| 268 |
| 268 |
| 268 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Nevada-(continued) |  |  |  |  |
|  Las Vegas Valley Water District, Series 2021 C, GO Bonds | 5.00% | 06/01/2029 | $80 | $87776 |
|  Washoe (County of), NV (Fuel Tax), Series 2018, Ref. RB | 5.00% | 02/01/2042 | 85 | 85976 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2197222 |
|  New Jersey-2.83% |  |  |  |  |
|  Cherry Hill Township School District, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 08/01/2035 | 10 | 10182 |
|  Cherry Hill Township School District, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 08/01/2037 | 10 | 10080 |
|  Gloucester (County of), NJ Improvement Authority (The) (Rowan University), Series 2019, RB | 5.00% | 07/01/2044 | 25 | 25362 |
|  New Jersey (State of), Series 2020 A, GO Bonds | 5.00% | 06/01/2029 | 1100 | 1201537 |
|  New Jersey (State of), Series 2021, GO Bonds | 2.00% | 06/01/2029 | 250 | 240835 |
|  New Jersey (State of) Economic Development Authority, Series 2005 N-1, Ref. RB, (INS - NATL)<sup>(c)</sup> | 5.50% | 09/01/2029 | 115 | 128433 |
|  New Jersey (State of) Economic Development Authority, Series 2019 MMM, Ref. RB | 5.00% | 06/15/2033 | 250 | 267687 |
|  New Jersey (State of) Economic Development Authority, Series 2019 MMM, Ref. RB | 5.00% | 06/15/2034 | 560 | 594750 |
|  New Jersey (State of) Economic Development Authority, Series 2019 MMM, Ref. RB | 4.00% | 06/15/2035 | 5 | 5004 |
|  New Jersey (State of) Economic Development Authority, Series 2019, RB | 5.00% | 06/15/2039 | 35 | 35999 |
|  New Jersey (State of) Economic Development Authority, Series 2019, RB | 5.00% | 06/15/2044 | 250 | 251457 |
|  New Jersey (State of) Economic Development Authority, Series 2019, Ref. RB | 4.00% | 06/15/2036 | 10 | 9861 |
|  New Jersey (State of) Economic Development Authority, Series 2020, RB | 5.00% | 11/01/2031 | 35 | 37918 |
|  New Jersey (State of) Economic Development Authority, Series 2020, RB | 5.00% | 11/01/2033 | 20 | 21311 |
|  New Jersey (State of) Economic Development Authority, Series 2020, RB | 5.00% | 11/01/2034 | 20 | 21148 |
|  New Jersey (State of) Economic Development Authority (Transit Transportation), Series 2020, RB | 5.00% | 11/01/2029 | 45 | 49422 |
|  New Jersey (State of) Economic Development Authority (Transit Transportation), Series 2020, RB | 5.00% | 11/01/2032 | 40 | 42988 |
|  New Jersey (State of) Economic Development Authority (Transit Transportation), Series 2020, RB | 5.00% | 11/01/2044 | 225 | 226083 |
|  New Jersey (State of) Educational Facilities Authority, Series 2024, Ref. RB | 5.00% | 03/01/2029 | 80 | 87212 |
|  New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2024, Ref. RB | 5.00% | 07/01/2029 | 115 | 125818 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2014, RB | 5.00% | 06/15/2029 | 75 | 80924 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB | 5.00% | 12/15/2029 | 185 | 199214 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB | 5.00% | 12/15/2031 | 35 | 37960 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB | 5.00% | 12/15/2032 | 55 | 59156 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB | 5.00% | 12/15/2033 | 100 | 106629 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB | 5.00% | 12/15/2039 | 290 | 297510 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB | 5.00% | 06/15/2029 | 110 | 119951 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB | 5.00% | 06/15/2029 | 25 | 27262 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB | 5.00% | 06/15/2029 | 95 | 103631 |
|  New Jersey (State of) Turnpike Authority, Series 2005 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.25% | 01/01/2029 | 120 | 131156 |
|  New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2029 | 20 | 21116 |
|  New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB | 5.00% | 01/01/2029 | 100 | 105580 |
|  New Jersey (State of) Turnpike Authority, Series 2019 A, RB. | 5.00% | 01/01/2048 | 555 | 557940 |
|  New Jersey (State of) Turnpike Authority, Series 2022 C, Ref. RB | 5.00% | 01/01/2029 | 310 | 335728 |
|  New Jersey (State of) Turnpike Authority, Series 2025 B, RB | 5.00% | 01/01/2029 | 85 | 92055 |
|  South Jersey Transportation Authority, Series 2019 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/01/2029 | 20 | 21907 |
|  |  |  |  | 5690806 |
|  New Mexico-0.51% |  |  |  |  |
|  Farmington (City of), NM (Four Corners), Series 2011, Ref. RB | 1.80% | 04/01/2029 | 20 | 18928 |
|  New Mexico (State of), Series 2023, GO Bonds | 5.00% | 03/01/2029 | 95 | 103598 |
|  New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB | 5.00% | 06/15/2029 | 115 | 122704 |
|  New Mexico (State of) Finance Authority, Series 2021 A, RB | 5.00% | 06/15/2029 | 205 | 224791 |
|  New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB | 5.00% | 07/01/2029 | 205 | 224441 |
|  New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB | 5.00% | 07/01/2029 | 120 | 131380 |
|  New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB | 5.00% | 07/01/2029 | 185 | 202545 |
|  |  |  |  | 1028387 |
|  New York-15.39% |  |  |  |  |
|  Battery Park (City of), NY Authority, Series 2019 B, Ref. RB | 5.00% | 11/01/2038 | 370 | 386816 |
|  Battery Park (City of), NY Authority, Series 2019 B, Ref. RB | 5.00% | 11/01/2039 | 50 | 52045 |
|  Battery Park (City of), NY Authority, Series 2019 B, Ref. RB | 5.00% | 11/01/2040 | 45 | 46676 |
|  Battery Park (City of), NY Authority, Series 2023 B, Ref. RB | 5.00% | 11/01/2029 | 105 | 116920 |

---

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

---

| |
|:---|
| 269 |
| 269 |
| 269 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  Battery Park (City of), NY Authority (Green Bonds), Series 2019 A, RB | 5.00% | 11/01/2049 | $15 | $15196 |
|  Long Island (City of), NY Power Authority, Series 2003 C, RB, (INS - AGI)<sup>(c)</sup> | 5.25% | 09/01/2029 | 180 | 196374 |
|  Long Island (City of), NY Power Authority, Series 2018, RB | 5.00% | 09/01/2029 | 45 | 48331 |
|  Long Island (City of), NY Power Authority, Series 2023 F, Ref. RB. | 5.00% | 09/01/2029 | 25 | 27549 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB | 5.00% | 11/15/2038 | 90 | 92557 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB | 5.00% | 11/15/2039 | 130 | 133009 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB | 5.00% | 11/15/2040 | 105 | 106990 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB | 5.00% | 11/15/2042 | 170 | 171526 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB, (INS - BAM)<sup>(c)</sup> | 5.00% | 11/15/2043 | 10 | 10053 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB, (INS - BAM)<sup>(c)</sup> | 5.00% | 11/15/2044 | 125 | 125219 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB | 5.00% | 11/15/2029 | 75 | 82149 |
|  Nassau (County of), NY Interim Finance Authority, Series 2024 A, RB | 5.00% | 11/15/2029 | 95 | 105900 |
|  Nassau Health Care Corp., Series 2009, Ref. RB | 5.00% | 08/01/2029 | 50 | 55047 |
|  New York & New Jersey (States of) Port Authority, Series 2019, RB | 4.00% | 11/01/2038 | 15 | 14793 |
|  New York & New Jersey (States of) Port Authority, Series 2019, Ref. RB | 5.00% | 09/01/2034 | 40 | 42468 |
|  New York & New Jersey (States of) Port Authority, Series 2019, Ref. RB | 4.00% | 09/01/2038 | 5 | 4941 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB | 5.00% | 07/15/2029 | 40 | 42783 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB | 5.00% | 11/01/2033 | 50 | 53461 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB | 5.00% | 11/01/2034 | 15 | 15949 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB | 5.00% | 11/01/2036 | 205 | 215238 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB | 5.00% | 11/01/2044 | 220 | 222444 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Thirteenth Series 2019, Ref. RB | 5.00% | 09/01/2031 | 250 | 269863 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Thirteenth Series 2019, Ref. RB | 5.00% | 09/01/2033 | 130 | 138746 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Thirteenth Series 2019, Ref. RB | 5.00% | 09/01/2035 | 35 | 36952 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB | 5.00% | 09/01/2032 | 55 | 59061 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB | 5.00% | 09/01/2035 | 50 | 52788 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB | 4.00% | 09/01/2037 | 25 | 24999 |
|  New York (City of), NY, Series 2005-1, GO Bonds | 5.00% | 09/01/2029 | 25 | 27319 |
|  New York (City of), NY, Series 2017 C, Ref. GO Bonds | 3.00% | 08/01/2029 | 50 | 50221 |
|  New York (City of), NY, Series 2019 B-1, GO Bonds | 5.00% | 10/01/2031 | 1165 | &nbsp;&nbsp;&nbsp;&nbsp;1263002 |
|  New York (City of), NY, Series 2019 B-1, GO Bonds | 5.00% | 10/01/2032 | 75 | 80816 |
|  New York (City of), NY, Series 2019 B-1, GO Bonds | 5.00% | 10/01/2033 | 60 | 64254 |
|  New York (City of), NY, Series 2019 B-1, GO Bonds | 5.00% | 10/01/2034 | 170 | 181071 |
|  New York (City of), NY, Series 2019 B-1, GO Bonds | 4.00% | 10/01/2035 | 45 | 45091 |
|  New York (City of), NY, Series 2019 B-1, GO Bonds | 4.00% | 10/01/2037 | 10 | 9770 |
|  New York (City of), NY, Series 2019 B-1, GO Bonds | 4.00% | 10/01/2040 | 5 | 4702 |
|  New York (City of), NY, Series 2019 B-1, GO Bonds | 5.00% | 10/01/2042 | 50 | 50809 |
|  New York (City of), NY, Series 2019 B-1, GO Bonds | 5.00% | 10/01/2043 | 30 | 30387 |
|  New York (City of), NY, Series 2019 E, Ref. GO Bonds | 5.00% | 08/01/2029 | 35 | 37895 |
|  New York (City of), NY, Series 2019 E, Ref. GO Bonds | 5.00% | 08/01/2030 | 115 | 124037 |
|  New York (City of), NY, Series 2019 E, Ref. GO Bonds | 5.00% | 08/01/2031 | 65 | 69675 |
|  New York (City of), NY, Series 2019 E, Ref. GO Bonds | 5.00% | 08/01/2032 | 30 | 31990 |
|  New York (City of), NY, Series 2019 E, Ref. GO Bonds | 5.00% | 08/01/2033 | 110 | 116676 |
|  New York (City of), NY, Series 2019 E, Ref. GO Bonds | 5.00% | 08/01/2034 | 225 | 237494 |
|  New York (City of), NY, Series 2020 A-1, Ref. GO Bonds | 5.00% | 08/01/2029 | 65 | 70924 |
|  New York (City of), NY, Series 2020 B-1, Ref. GO Bonds | 5.00% | 11/01/2029 | 35 | 38344 |
|  New York (City of), NY, Series 2020 C, GO Bonds | 5.00% | 08/01/2029 | 30 | 32734 |
|  New York (City of), NY, Series 2020 C-1, Ref. GO Bonds | 5.00% | 08/01/2029 | 70 | 76379 |
|  New York (City of), NY, Series 2021-1, GO Bonds | 5.00% | 08/01/2029 | 80 | 87291 |
|  New York (City of), NY, Series 2022 A-1, GO Bonds | 5.00% | 09/01/2029 | 60 | 65567 |
|  New York (City of), NY, Series 2022 B-1, Ref. GO Bonds | 5.00% | 08/01/2029 | 50 | 54557 |
|  New York (City of), NY, Series 2022 C, Ref. GO Bonds | 5.00% | 08/01/2029 | 430 | 469187 |
|  New York (City of), NY, Series 2023 C, Ref. GO Bonds | 5.00% | 08/01/2029 | 15 | 16367 |
|  New York (City of), NY, Series 2023 F-1, Ref. GO Bonds | 5.00% | 08/01/2029 | 140 | 152759 |
|  New York (City of), NY, Series 2023, A GO Bonds | 5.00% | 08/01/2029 | 5 | 5456 |
|  New York (City of), NY, Series 2024 A, GO Bonds | 5.00% | 08/01/2029 | 20 | 21823 |
|  New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2029 | 45 | 48726 |
|  New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2029 | 75 | 81335 |

---

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

---

| |
|:---|
| 270 |
| 270 |
| 270 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (City of), NY, Series 2025, Ref. GO Bonds | 5.00% | 08/01/2029 | $10 | $10911 |
|  New York (City of), NY, Subseries 2008 L-6, GO Bonds | 5.00% | 04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;250 | 269350 |
|  New York (City of), NY, Subseries 2019 A-1, GO Bonds | 5.00% | 08/01/2035 | 365 | 385675 |
|  New York (City of), NY, Subseries 2019 A-1, GO Bonds | 5.00% | 08/01/2039 | 235 | 241662 |
|  New York (City of), NY, Subseries 2019 A-1, GO Bonds | 5.00% | 08/01/2041 | 20 | 20395 |
|  New York (City of), NY, Subseries 2019 A-1, GO Bonds | 5.00% | 08/01/2043 | 335 | 339163 |
|  New York (City of), NY, Subseries 2020 B-1, GO Bonds | 5.00% | 10/01/2036 | 60 | 63029 |
|  New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.00% | 10/01/2029 | 10 | 10942 |
|  New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.00% | 09/01/2029 | 530 | 579171 |
|  New York (City of), NY Industrial Development Agency, Subseries 2019 FF-2, Ref. RB | 4.00% | 06/15/2036 | 10 | 10063 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-1, RB | 5.00% | 06/15/2049 | 200 | 200942 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2019 CC, Ref. RB | 5.00% | 06/15/2029 | 150 | 165283 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB | 4.00% | 06/15/2040 | 500 | 480541 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB | 5.00% | 06/15/2044 | 105 | 107066 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB | 5.00% | 06/15/2049 | 10 | 10043 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, Ref. RB | 4.00% | 06/15/2039 | 5 | 4869 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB | 5.00% | 06/15/2032 | 120 | 130118 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB | 5.00% | 06/15/2040 | 530 | 549528 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-2, RB | 5.00% | 06/15/2029 | 75 | 82642 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB | 4.00% | 06/15/2029 | 25 | 26606 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB | 5.00% | 06/15/2029 | 440 | 484832 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2019 EE-2, Ref. RB | 5.00% | 06/15/2040 | 495 | 511441 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB | 5.00% | 06/15/2033 | 35 | 37423 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB | 5.00% | 06/15/2034 | 295 | 313714 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB | 5.00% | 06/15/2035 | 125 | 132195 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB | 5.00% | 06/15/2038 | 215 | 223732 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB | 4.00% | 06/15/2041 | 90 | 84255 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB | 5.00% | 06/15/2029 | 90 | 99308 |
|  New York (City of), NY Transitional Finance Authority, Series 2002 1, Ref. RB | 5.00% | 11/01/2029 | 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402148 |
|  New York (City of), NY Transitional Finance Authority, Series 2010, RB | 5.00% | 05/01/2029 | 90 | 98248 |
|  New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB | 5.00% | 07/15/2029 | 30 | 32096 |
|  New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB | 5.00% | 11/01/2035 | 860 | 906820 |
|  New York (City of), NY Transitional Finance Authority, Series 2019 C-1, RB | 5.00% | 11/01/2035 | 110 | 115315 |
|  New York (City of), NY Transitional Finance Authority, Series 2019 C-1, RB | 4.00% | 11/01/2036 | 25 | 24824 |
|  New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 5.00% | 08/01/2029 | 100 | 109700 |
|  New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 5.00% | 11/01/2029 | 450 | 495799 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB | 5.00% | 11/01/2029 | 175 | 192811 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB | 5.00% | 11/01/2029 | 270 | 297479 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2029 | 55 | 60335 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB | 5.00% | 11/01/2029 | 145 | 159757 |
|  New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB | 5.00% | 07/15/2029 | 30 | 32800 |
|  New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB | 5.00% | 11/01/2029 | 85 | 93651 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2029 | 75 | 82633 |
|  New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2029 | 10 | 10916 |
|  New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2029 | 55 | 60040 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.00% | 05/01/2029 | 5 | 5458 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB | 5.00% | 11/01/2029 | 60 | 66106 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB | 5.00% | 05/01/2029 | 15 | 16375 |
|  New York (City of), NY Transitional Finance Authority, Series 2025 A, RB | 5.00% | 05/01/2029 | 15 | 16375 |
|  New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2029 | 15 | 16527 |
|  New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2029 | 10 | 11018 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2012 A-6, RB | 5.00% | 08/01/2029 | 140 | 153580 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB | 5.00% | 07/15/2029 | 115 | 123034 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB | 5.00% | 05/01/2035 | 470 | 494111 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB | 5.00% | 05/01/2036 | 40 | 41764 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB | 5.00% | 05/01/2037 | 295 | 306356 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB | 5.00% | 05/01/2039 | 115 | 118390 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB | 5.00% | 05/01/2040 | 565 | 579632 |

---

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

---

| |
|:---|
| 271 |
| 271 |
| 271 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (City of), NY Transitional Finance Authority, Subseries 2019 B-1, RB | 4.00% | 11/01/2040 | $20 | $18748 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1A, Ref. RB | 5.00% | 07/15/2029 | 45 | 49357 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2024 A-1, Ref. RB | 5.00% | 11/01/2029 | 75 | 82633 |
|  New York (State of) Dormitory Authority, Series 2005 B, Ref. RB, (INS - AMBAC)<sup>(c)</sup> | 5.50% | 03/15/2029 | 20 | 22115 |
|  New York (State of) Dormitory Authority, Series 2018, Ref. RB | 5.00% | 01/15/2029 | 10 | 10552 |
|  New York (State of) Dormitory Authority, Series 2019 A, RB | 5.00% | 07/01/2033 | 80 | 85579 |
|  New York (State of) Dormitory Authority, Series 2019 A, RB | 5.00% | 07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;230 | 242901 |
|  New York (State of) Dormitory Authority, Series 2019 A, RB | 5.00% | 07/01/2036 | 95 | 99701 |
|  New York (State of) Dormitory Authority, Series 2019 A, RB | 5.00% | 07/01/2037 | 405 | 422576 |
|  New York (State of) Dormitory Authority, Series 2019 A, RB | 5.00% | 07/01/2039 | 355 | 366291 |
|  New York (State of) Dormitory Authority, Series 2019 A, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2029 | 15 | 16458 |
|  New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2032 | 350 | 372415 |
|  New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2033 | 80 | 84733 |
|  New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2035 | 350 | 367046 |
|  New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2036 | 5 | 5215 |
|  New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2037 | 225 | 233478 |
|  New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2038 | 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118590 |
|  New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2041 | 490 | 499237 |
|  New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2042 | 50 | 50746 |
|  New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2043 | 100 | 101296 |
|  New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2044 | 300 | 303356 |
|  New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2045 | 30 | 30306 |
|  New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2046 | 35 | 35304 |
|  New York (State of) Dormitory Authority, Series 2019, RB | 4.00% | 07/01/2032 | 275 | 285044 |
|  New York (State of) Dormitory Authority, Series 2019, RB | 5.00% | 07/01/2036 | 100 | 105241 |
|  New York (State of) Dormitory Authority, Series 2019, RB | 4.00% | 07/01/2037 | 205 | 204685 |
|  New York (State of) Dormitory Authority, Series 2019, RB | 4.00% | 07/01/2038 | 195 | 192312 |
|  New York (State of) Dormitory Authority, Series 2019, RB | 5.00% | 07/01/2039 | 450 | 465603 |
|  New York (State of) Dormitory Authority, Series 2020 A, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2029 | 25 | 26921 |
|  New York (State of) Dormitory Authority, Series 2020 A, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2029 | 5 | 5486 |
|  New York (State of) Dormitory Authority, Series 2020 D, Ref. RB<sup>(a)</sup> | 5.00% | 02/15/2029 | 50 | 54757 |
|  New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2029 | 10 | 11031 |
|  New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2031 | 55 | 59713 |
|  New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2032 | 75 | 80991 |
|  New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2033 | 170 | 182579 |
|  New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGI)<sup>(c)</sup> | 4.00% | 10/01/2034 | 10 | 10145 |
|  New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 5.00% | 03/15/2029 | 185 | 201443 |
|  New York (State of) Dormitory Authority, Series 2021, RB | 5.00% | 03/15/2029 | 65 | 70777 |
|  New York (State of) Dormitory Authority, Series 2022 A, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2029 | 40 | 43887 |
|  New York (State of) Dormitory Authority, Series 2023 A, Ref. RB | 5.00% | 03/15/2029 | 255 | 277665 |
|  New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2029 | 115 | 125467 |
|  New York (State of) Dormitory Authority, Series 2023, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2029 | 15 | 16547 |
|  New York (State of) Dormitory Authority, Series 2023, Ref. RB | 5.00% | 08/01/2029 | 15 | 16555 |
|  New York (State of) Dormitory Authority, Series 2024 A, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2029 | 5 | 5516 |
|  New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2029 | 70 | 76222 |
|  New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2029 | 10 | 10910 |
|  New York (State of) Dormitory Authority (Bid Group 2), Series 2019 A, Ref. RB | 5.00% | 03/15/2031 | 385 | 412114 |
|  New York (State of) Dormitory Authority (Bid Group 3), Series 2019 A, Ref. RB | 5.00% | 03/15/2040 | 330 | 337256 |
|  New York (State of) Dormitory Authority (Bidding Group 2), Series 2019 A, Ref. RB | 5.00% | 03/15/2034 | 40 | 42160 |
|  New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2019, RB | 5.00% | 07/01/2029 | 30 | 32937 |
|  New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2019, RB | 5.00% | 07/01/2035 | 95 | 100609 |
|  New York (State of) Dormitory Authority (New York University), Series 2019 A, RB | 5.00% | 07/01/2029 | 35 | 38414 |
|  New York (State of) Dormitory Authority (New York University), Series 2019 A, RB | 5.00% | 07/01/2031 | 15 | 16244 |
|  New York (State of) Dormitory Authority (New York University), Series 2019 A, RB | 5.00% | 07/01/2032 | 80 | 86078 |
|  New York (State of) Dormitory Authority (New York University), Series 2019 A, RB | 5.00% | 07/01/2034 | 170 | 180800 |
|  New York (State of) Dormitory Authority (New York University), Series 2019 A, RB | 5.00% | 07/01/2038 | 35 | 36275 |
|  New York (State of) Dormitory Authority (New York University), Series 2019 A, RB | 5.00% | 07/01/2042 | 15 | 15246 |
|  New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB | 5.00% | 05/01/2029 | 5 | 5407 |

---

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

---

| |
|:---|
| 272 |
| 272 |
| 272 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (State of) Dormitory Authority (Rochester Institute of Technology), Series 2019 A, RB | 5.00% | 07/01/2049 | $&nbsp;&nbsp;&nbsp;&nbsp;260 | $260168 |
|  New York (State of) Dormitory Authority (Rockefeller University), Series 2019 A, Ref. RB | 5.00% | 07/01/2035 | 505 | 534255 |
|  New York (State of) Dormitory Authority (Rockefeller University) (Green Bonds), Series 2019 B, RB | 5.00% | 07/01/2050 | 400 | 400120 |
|  New York (State of) Energy Research & Development Authority (New Yourk State Electric & Gas Corp.),<br>Series 1994 D, Ref. RB | 3.50% | 10/01/2029 | 55 | 55127 |
|  New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/15/2029 | 5 | 5572 |
|  New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/15/2029 | 165 | 183862 |
|  New York (State of) Thruway Authority, Series 2018 L, Ref. RB | 5.00% | 01/01/2029 | 15 | 15872 |
|  New York (State of) Thruway Authority, Series 2019 B, RB | 5.00% | 01/01/2029 | 125 | 135876 |
|  New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2029 | 10 | 10897 |
|  New York (State of) Thruway Authority, Series 2024 Q, Ref. RB | 5.00% | 01/01/2029 | 40 | 43588 |
|  New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB | 5.00% | 03/15/2029 | 115 | 125344 |
|  New York City Health and Hospitals Corp., Series 2021 A, Ref. RB | 5.00% | 02/15/2029 | 90 | 97492 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Series 2010 F-5, RB | 5.00% | 02/01/2029 | 115 | 124912 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Series 2019 B-1, RB | 4.00% | 11/01/2039 | 40 | 38020 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Series 2019, RB | 5.00% | 11/01/2039 | 10 | 10273 |
|  New York Liberty Development Corp. (Green Bonds) (4 World Trade Center), Series 2021 A, Ref. RB | 1.45% | 11/15/2029 | 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198461 |
|  New York State Environmental Facilities Corp., Series 2019 B, Ref. RB | 5.00% | 06/15/2029 | 15 | 16540 |
|  New York State Environmental Facilities Corp. (2010 Master Financing Program) (Green Bonds), Series 2019, RB | 5.00% | 08/15/2044 | 15 | 15346 |
|  New York State Environmental Facilities Corp. (2010 Master Financing Program) (Green Bonds), Series 2019, RB | 5.00% | 02/15/2049 | 10 | 10137 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 B, Ref. RB | 5.00% | 06/15/2033 | 340 | 366569 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 B, Ref. RB | 5.00% | 06/15/2034 | 45 | 48236 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 B, Ref. RB | 5.00% | 06/15/2035 | 50 | 53244 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 B, Ref. RB | 5.00% | 06/15/2036 | 75 | 79361 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 B, Ref. RB | 4.00% | 06/15/2037 | 205 | 207435 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 B, Ref. RB | 5.00% | 06/15/2044 | 70 | 71528 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2023, Ref. RB | 5.00% | 06/15/2029 | 25 | 27566 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB | 5.00% | 06/15/2029 | 155 | 170912 |
|  New York State Urban Development Corp., Series 2019 A, Ref. RB | 5.00% | 03/15/2035 | 170 | 179436 |
|  New York State Urban Development Corp., Series 2019 A, Ref. RB | 5.00% | 03/15/2036 | 410 | 430106 |
|  New York State Urban Development Corp., Series 2019 A, Ref. RB | 5.00% | 03/15/2038 | 175 | 181703 |
|  New York State Urban Development Corp., Series 2019 A, Ref. RB | 5.00% | 03/15/2039 | 10 | 10331 |
|  New York State Urban Development Corp., Series 2019 A, Ref. RB | 5.00% | 03/15/2040 | 330 | 338565 |
|  New York State Urban Development Corp., Series 2019 A, Ref. RB | 5.00% | 03/15/2041 | 45 | 45975 |
|  New York State Urban Development Corp., Series 2020 A, RB<sup>(a)</sup> | 5.00% | 03/15/2029 | 20 | 21943 |
|  New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2029 | 145 | 158300 |
|  New York State Urban Development Corp., Series 2022, Ref. RB | 5.00% | 09/15/2029 | 260 | 286702 |
|  New York State Urban Development Corp. (Bidding Group 1), Series 2023 A, RB | 5.00% | 03/15/2029 | 25 | 27329 |
|  New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB | 5.00% | 03/15/2029 | 60 | 65504 |
|  New York Transportation Development Corp. (Termial 4 John F. Kennedy International Airport), Series 2020, Ref. RB | 5.00% | 12/01/2029 | 30 | 32480 |
|  Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB | 5.00% | 12/01/2039 | 25 | 25792 |
|  Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB | 5.00% | 12/01/2040 | 100 | 102741 |
|  Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB | 4.00% | 12/01/2041 | 5 | 4732 |
|  Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB | 5.00% | 12/01/2045 | 95 | 95956 |
|  Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB | 5.00% | 11/15/2029 | 45 | 49800 |
|  Triborough Bridge & Tunnel Authority, Series 2022, Ref. RB | 5.00% | 11/15/2029 | 110 | 121781 |
|  Triborough Bridge & Tunnel Authority, Series 2025 B-2, RB | 5.00% | 03/15/2029 | 145 | 158455 |

---

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

---

| |
|:---|
| 273 |
| 273 |
| 273 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2019 A, RB | 5.00% | 11/15/2049 | $&nbsp;&nbsp;&nbsp;&nbsp;100 | $100043 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB | 5.00% | 05/15/2029 | 290 | 318006 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB | 5.00% | 11/15/2029 | 40 | 44267 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB | 5.00% | 11/15/2029 | 55 | 60890 |
|  Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2025, RB | 5.00% | 12/01/2029 | 40 | 44164 |
|  |  |  |  | 30975882 |
|  North Carolina-1.47% |  |  |  |  |
|  Charlotte (City of), NC, Series 2018, Ref. RB | 5.00% | 07/01/2029 | 100 | 107374 |
|  Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2018 A, Ref. RB | 5.00% | 01/15/2033 | 55 | 58320 |
|  Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022, Ref. RB | 5.00% | 01/15/2029 | 20 | 21636 |
|  Mecklenburg (County of), NC, Series 2022, GO Bonds | 5.00% | 09/01/2029 | 90 | 99323 |
|  North Carolina (State of), Series 2019 A, RB | 5.00% | 05/01/2031 | 15 | 16211 |
|  North Carolina (State of), Series 2019 A, RB | 4.00% | 05/01/2033 | 60 | 61303 |
|  North Carolina (State of), Series 2019 B, GO Bonds | 4.00% | 06/01/2031 | 110 | 114875 |
|  North Carolina (State of), Series 2020 A, GO Bonds | 5.00% | 06/01/2029 | 15 | 16475 |
|  North Carolina (State of), Series 2021, RB | 5.00% | 03/01/2029 | 40 | 43522 |
|  North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB | 5.00% | 05/01/2029 | 310 | 339208 |
|  North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB | 5.00% | 05/01/2032 | 185 | 198891 |
|  North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB | 4.00% | 05/01/2034 | 170 | 172815 |
|  North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB | 5.00% | 05/01/2029 | 125 | 136778 |
|  North Carolina (State of) (Build North Carolina Programs), Series 2022 A, RB | 5.00% | 05/01/2029 | 170 | 186017 |
|  North Carolina (State of) (Garvee), Series 2019, RB | 5.00% | 03/01/2029 | 25 | 27201 |
|  North Carolina (State of) (Garvee), Series 2019, RB | 5.00% | 03/01/2031 | 155 | 167030 |
|  North Carolina (State of) (Garvee), Series 2019, RB | 5.00% | 03/01/2032 | 90 | 96481 |
|  North Carolina (State of) (Garvee), Series 2019, RB | 5.00% | 03/01/2033 | 70 | 74689 |
|  North Carolina (State of) (Garvee), Series 2019, RB | 5.00% | 03/01/2034 | 20 | 21229 |
|  North Carolina (State of) (Garvee), Series 2025, Ref. RB | 5.00% | 03/01/2029 | 30 | 32641 |
|  North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB | 5.00% | 01/01/2031 | 5 | 5305 |
|  North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 01/01/2032 | 505 | 535955 |
|  North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 01/01/2034 | 5 | 5258 |
|  North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 01/01/2035 | 10 | 10464 |
|  North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 01/01/2036 | 50 | 52091 |
|  North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 01/01/2038 | 10 | 10293 |
|  Raleigh (City of), NC, Series 2024, Ref. RB | 5.00% | 10/01/2029 | 90 | 99357 |
|  Wake (County of), NC, Series 2021, RB | 5.00% | 03/01/2029 | 165 | 179759 |
|  Wake (County of), NC, Series 2023 A, Ref. GO Bonds | 5.00% | 05/01/2029 | 5 | 5480 |
|  Wake (County of), NC, Series 2024 B, Ref. GO Bonds | 5.00% | 09/01/2029 | 50 | 55179 |
|  |  |  |  | 2951160 |
|  Ohio-2.81% |  |  |  |  |
|  Allen (County of), OH (Mercy Health), Series 2020, Ref. RB | 5.00% | 12/01/2029 | 245 | 267400 |
|  American Municipal Power, Inc. (Prairie State Energy Campus), Series 2020 A, Ref. RB | 5.00% | 02/15/2029 | 30 | 32487 |
|  American Municipal Power, Inc. (Prairie State Energy Campus), Series 2023, Ref. RB | 5.00% | 02/15/2029 | 5 | 5414 |
|  Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)<sup>(c)</sup> | 5.25% | 12/01/2029 | 45 | 50040 |
|  Columbus (City of), OH, Series 2016 A, GO Bonds | 3.00% | 08/15/2029 | 10 | 10001 |
|  Columbus (City of), OH, Series 2018 A, GO Bonds | 5.00% | 04/01/2029 | 50 | 53838 |
|  Columbus (City of), OH, Series 2021 A, GO Bonds | 5.00% | 04/01/2029 | 85 | 92943 |
|  Columbus (City of), OH, Series 2023 A, GO Bonds | 5.00% | 08/15/2029 | 80 | 88144 |
|  Columbus (City of), OH, Series 2024 A, GO Bonds | 5.00% | 08/15/2029 | 10 | 11018 |
|  Montgomery (County of), OH (Premier Health Partners Obligated Group), Series 2019, Ref. RB | 5.00% | 11/15/2037 | 150 | 153192 |
|  Northeast Ohio Regional Sewer District, Series 2019, Ref. RB | 4.00% | 11/15/2036 | 40 | 40129 |
|  Northeast Ohio Regional Sewer District, Series 2019, Ref. RB | 4.00% | 11/15/2037 | 35 | 34606 |
|  Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 06/15/2031 | 95 | 103039 |
|  Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 06/15/2032 | 80 | 86179 |
|  Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 06/15/2033 | 5 | 5354 |
|  Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 06/15/2034 | 120 | 127612 |
|  Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 06/15/2035 | 280 | 296117 |

---

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

---

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|:---|
| 274 |
| 274 |
| 274 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Ohio-(continued) |  |  |  |  |
|  Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 06/15/2036 | $&nbsp;&nbsp;&nbsp;&nbsp;225 | $236642 |
|  Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 06/15/2037 | 110 | 115067 |
|  Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 06/15/2038 | 150 | 155771 |
|  Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 06/15/2039 | 35 | 36145 |
|  Ohio (State of), Series 2019, RB | 4.00% | 01/01/2040 | 130 | 123757 |
|  Ohio (State of), Series 2019, RB | 4.00% | 01/01/2041 | 85 | 80138 |
|  Ohio (State of), Series 2019-1, RB | 5.00% | 12/15/2029 | 335 | 370828 |
|  Ohio (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 09/15/2029 | 35 | 38637 |
|  Ohio (State of), Series 2021, RB | 5.00% | 02/01/2029 | 25 | 27215 |
|  Ohio (State of), Series 2025 A, GO Bonds | 5.00% | 03/01/2029 | 35 | 38217 |
|  Ohio (State of), Series 2025 A, GO Bonds | 5.00% | 06/15/2029 | 30 | 32953 |
|  Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB | 5.00% | 01/01/2029 | 85 | 89683 |
|  Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2021, Ref. RB | 5.00% | 01/01/2029 | 20 | 21607 |
|  Ohio (State of) Air Quality Development Authority (Ohio Valley Electric Corp.), Series 2019 A, Ref. PCR | 3.25% | 09/01/2029 | 60 | 59568 |
|  Ohio (State of) Turnpike & Infrastructure Commission, Series 2022, Ref. RB | 5.00% | 02/15/2029 | 10 | 10870 |
|  Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB | 5.00% | 02/15/2029 | 150 | 159110 |
|  Ohio (State of) Water Development Authority, Series 2019 A, RB | 5.00% | 06/01/2029 | 305 | 332164 |
|  Ohio (State of) Water Development Authority, Series 2019, RB | 5.00% | 12/01/2029 | 245 | 269304 |
|  Ohio (State of) Water Development Authority, Series 2019, RB | 5.00% | 12/01/2038 | 55 | 57256 |
|  Ohio (State of) Water Development Authority (Fresh Water), Series 2019, RB | 5.00% | 12/01/2037 | 115 | 120416 |
|  Ohio (State of) Water Development Authority (Fresh Water), Series 2019, RB | 5.00% | 12/01/2039 | 100 | 103523 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB | 5.00% | 12/01/2035 | 505 | 535177 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB | 5.00% | 12/01/2036 | 250 | 263247 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB | 5.00% | 12/01/2037 | 240 | 251303 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB | 5.00% | 12/01/2038 | 100 | 104101 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB | 5.00% | 12/01/2039 | 150 | 155284 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB | 5.00% | 12/01/2044 | 40 | 40456 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 D, RB | 5.00% | 12/01/2029 | 125 | 138387 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 E, RB | 5.00% | 12/01/2029 | 50 | 55206 |
|  Ohio State University (The), Series 2020 A, Ref. RB | 5.00% | 12/01/2029 | 150 | 165808 |
|  |  |  |  | 5645353 |
|  Oklahoma-0.35% |  |  |  |  |
|  Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB | 3.00% | 09/01/2029 | 100 | 100005 |
|  Canadian (County of), OK Educational Facilities Authority (Yukon Public Schools), Series 2023, RB | 5.00% | 09/01/2029 | 225 | 244179 |
|  Oklahoma (State of) Capitol Improvement Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2029 | 255 | 279281 |
|  Oklahoma (State of) Industries Authority (Oklahoma City Public Schools), Series 2024, RB | 5.00% | 04/01/2029 | 5 | 5419 |
|  Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB | 5.00% | 01/01/2029 | 75 | 80950 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709834 |
|  Oregon-1.29% |  |  |  |  |
|  Multnomah (County of), OR, Series 2021 A, GO Bonds | 5.00% | 06/15/2029 | 190 | 208271 |
|  Multnomah County School District No. 1, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2029 | 65 | 71300 |
|  Multnomah County School District No. 1, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2029 | 95 | 104208 |
|  Oregon (State of) (Article XI-Q State), Series 2019 A, GO Bonds | 5.00% | 05/01/2032 | 115 | 123690 |
|  Oregon (State of) (Article XI-Q State), Series 2019 A, GO Bonds | 5.00% | 05/01/2033 | 150 | 160235 |
|  Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds | 5.00% | 05/01/2029 | 420 | 459882 |
|  Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB | 5.00% | 11/15/2035 | 5 | 5302 |
|  Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB | 5.00% | 11/15/2036 | 170 | 179258 |
|  Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB | 5.00% | 11/15/2037 | 15 | 15672 |
|  Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB | 5.00% | 11/15/2038 | 35 | 36166 |
|  Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB | 5.00% | 11/15/2039 | 10 | 10316 |
|  Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB | 5.00% | 11/15/2042 | 250 | 254064 |
|  Oregon (State of) Department of Transportation, Series 2024 A, Ref. RB | 5.00% | 11/15/2029 | 140 | 154698 |
|  Portland (City of), OR, Series 2019 A, Ref. RB | 5.00% | 03/01/2029 | 90 | 98050 |
|  Portland (City of), OR, Series 2019 A, Ref. RB | 5.00% | 03/01/2031 | 10 | 10885 |

---

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

---

| |
|:---|
| 275 |
| 275 |
| 275 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Oregon-(continued) |  |  |  |  |
|  Portland (City of), OR, Series 2019 A, Ref. RB | 5.00% | 03/01/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;195 | $209211 |
|  Portland (City of), OR, Series 2019 A, Ref. RB | 5.00% | 03/01/2034 | 120 | 128040 |
|  Salem Hospital Facility Authority (Salem Health), Series 2019, Ref. RB | 5.00% | 05/15/2044 | 250 | 250087 |
|  Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2029 | 5 | 5324 |
|  Washington & Clackamas Counties School District No. 23J Tigar, Series 2019 A, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2038 | 25 | 25971 |
|  Washington & Clackamas Counties School District No. 23J Tigard-Tualatin, Series 2019 A, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2039 | 15 | 15501 |
|  Washington & Clackamas Counties School District No. 23J Tigard-Tualatin, Series 2019 A, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2040 | 75 | 77146 |
|  |  |  |  | 2603277 |
|  Pennsylvania-4.67% |  |  |  |  |
|  Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB | 5.00% | 07/15/2034 | 105 | 110039 |
|  Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB | 4.00% | 07/15/2036 | 265 | 256992 |
|  Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB | 4.00% | 07/15/2038 | 250 | 232201 |
|  Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB | 5.00% | 07/15/2029 | 15 | 16170 |
|  Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB | 5.00% | 07/15/2032 | 25 | 26481 |
|  Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB | 5.00% | 07/15/2033 | 135 | 142207 |
|  Allegheny (County of), PA Port Authority, Series 2020, Ref. RB | 5.00% | 03/01/2029 | 75 | 81419 |
|  Armstrong School District, Series 2019 A, Ref. GO Bonds, (INS - BAM)<sup>(c)</sup> | 4.00% | 03/15/2041 | 50 | 47302 |
|  Delaware (State of) River Port Authority, Series 2018 A, RB | 5.00% | 01/01/2029 | 50 | 54016 |
|  Delaware (State of) River Port Authority, Series 2018 A, RB | 5.00% | 01/01/2031 | 20 | 21459 |
|  Delaware (State of) River Port Authority, Series 2018 A, RB | 5.00% | 01/01/2032 | 45 | 48004 |
|  Delaware (State of) River Port Authority, Series 2018 A, RB | 5.00% | 01/01/2033 | 50 | 52931 |
|  Delaware (State of) River Port Authority, Series 2018 A, RB | 5.00% | 01/01/2034 | 100 | 106208 |
|  Delaware (State of) River Port Authority, Series 2018 A, RB | 5.00% | 01/01/2035 | 75 | 78585 |
|  Delaware (State of) River Port Authority, Series 2018 A, RB | 5.00% | 01/01/2036 | 160 | 166691 |
|  Delaware (State of) River Port Authority, Series 2018 A, RB | 5.00% | 01/01/2037 | 80 | 82990 |
|  Delaware (State of) River Port Authority, Series 2018 A, RB | 5.00% | 01/01/2038 | 40 | 41309 |
|  Delaware (State of) River Port Authority, Series 2018 A, RB | 5.00% | 01/01/2040 | 65 | 66766 |
|  Delaware Valley Regional Finance Authority, Series 2022 D, RB | 4.00% | 03/01/2029 | 5 | 5234 |
|  Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB | 5.00% | 11/01/2046 | 5 | 4923 |
|  Lehigh (County of), PA Industrial Development Authority (PPL Electric Utilities Corp.), Series 2016 A, Ref. RB | 3.00% | 09/01/2029 | 405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407367 |
|  Monroeville Finance Authority, Series 2022 B, Ref. RB | 5.00% | 02/15/2029 | 25 | 26773 |
|  Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2019, Ref. RB | 5.00% | 09/01/2031 | 55 | 59068 |
|  Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2019, Ref. RB | 5.00% | 09/01/2033 | 120 | 127609 |
|  Montgomery (County of), PA Industrial Development Authority (Constellation Energy Generation, LLC), Series 2023 B, Ref. RB | 4.10% | 06/01/2029 | 275 | 285701 |
|  North Allegheny School District, Series 2019, GO Bonds | 4.00% | 05/01/2044 | 200 | 182692 |
|  Pennsylvania (Commonwealth of), First Series 2021, GO Bonds | 5.00% | 05/15/2029 | 300 | 327743 |
|  Pennsylvania (Commonwealth of), First Series 2023, GO Bonds | 5.00% | 09/01/2029 | 235 | 258210 |
|  Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds | 5.00% | 09/01/2029 | 260 | 285679 |
|  Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds | 5.00% | 07/15/2029 | 685 | 750793 |
|  Pennsylvania (Commonwealth of), Series 2020, GO Bonds | 5.00% | 05/01/2029 | 25 | 27291 |
|  Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2029 | 140 | 154039 |
|  Pennsylvania (Commonwealth of), Series 2024, GO Bonds | 5.00% | 08/15/2029 | 5 | 5489 |
|  Pennsylvania (Commonwealth of), Series 2025 B, Ref. GO Bonds | 5.00% | 08/15/2029 | 15 | 16467 |

---

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

---

| |
|:---|
| 276 |
| 276 |
| 276 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Pennsylvania-(continued) |  |  |  |  |
|  Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2019, RB | 5.00% | 08/15/2031 | $5 | $5393 |
|  Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2019, RB | 5.00% | 08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;125 | 134066 |
|  Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District), Series 2006 B, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 06/01/2029 | 150 | 162222 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB | 5.00% | 12/01/2033 | 25 | 26943 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB | 5.00% | 12/01/2034 | 485 | 519100 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB | 5.00% | 12/01/2035 | 170 | 180624 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB | 5.00% | 12/01/2038 | 110 | 114151 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB | 5.00% | 12/01/2039 | 65 | 67354 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB | 5.00% | 12/01/2044 | 360 | 357061 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB | 5.00% | 12/01/2044 | 200 | 199342 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB | 5.00% | 12/01/2049 | 30 | 30105 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019, Ref. RB | 5.00% | 12/01/2029 | 35 | 37484 |
|  Philadelphia (City of), PA, Series 2019 B, GO Bonds | 5.00% | 02/01/2031 | 35 | 37949 |
|  Philadelphia (City of), PA, Series 2019 B, GO Bonds | 5.00% | 02/01/2032 | 5 | 5385 |
|  Philadelphia (City of), PA, Series 2019 B, GO Bonds | 5.00% | 02/01/2033 | 30 | 32154 |
|  Philadelphia (City of), PA, Series 2019 B, GO Bonds | 5.00% | 02/01/2034 | 200 | 213273 |
|  Philadelphia (City of), PA, Series 2019 B, GO Bonds | 5.00% | 02/01/2035 | 510 | 540896 |
|  Philadelphia (City of), PA, Series 2019 B, GO Bonds | 5.00% | 02/01/2037 | 100 | 104845 |
|  Philadelphia (City of), PA, Series 2019 B, GO Bonds | 5.00% | 02/01/2038 | 170 | 177302 |
|  Philadelphia (City of), PA, Series 2019 B, GO Bonds | 5.00% | 02/01/2039 | 50 | 51819 |
|  Philadelphia (City of), PA, Series 2019 B, RB | 5.00% | 11/01/2044 | 110 | 110561 |
|  Philadelphia (City of), PA, Series 2019 B, RB | 5.00% | 11/01/2049 | 250 | 248171 |
|  Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2021, Ref. RB | 5.00% | 07/01/2029 | 5 | 5451 |
|  Philadelphia School District (The), Series 2019 A, GO Bonds | 5.00% | 09/01/2031 | 185 | 198253 |
|  Philadelphia School District (The), Series 2019 A, GO Bonds | 5.00% | 09/01/2032 | 30 | 31970 |
|  Philadelphia School District (The), Series 2019 A, GO Bonds | 4.00% | 09/01/2035 | 40 | 40290 |
|  Philadelphia School District (The), Series 2019 A, GO Bonds | 4.00% | 09/01/2036 | 270 | 270553 |
|  Philadelphia School District (The), Series 2019 A, GO Bonds | 4.00% | 09/01/2037 | 165 | 164059 |
|  Philadelphia School District (The), Series 2019 A, GO Bonds | 4.00% | 09/01/2038 | 190 | 185694 |
|  Philadelphia School District (The), Series 2019 A, GO Bonds | 5.00% | 09/01/2044 | 235 | 234094 |
|  Philadelphia School District (The), Series 2019 C, Ref. GO Bonds | 5.00% | 09/01/2033 | 60 | 63551 |
|  Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group), Series 2019, Ref. RB | 5.00% | 06/01/2044 | 10 | 9956 |
|  Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group), Series 2023, Ref. RB | 5.00% | 06/01/2029 | 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212269 |
|  University of Pittsburgh-of the Commonwealth System of Higher Education, Series 2023, Ref. RB | 5.00% | 02/15/2029 | 60 | 65021 |
|  |  |  |  | 9394209 |
|  Rhode Island-0.20% |  |  |  |  |
|  Rhode Island Health & Educational Building Corp. (Brown University), Series 2019 A, Ref. RB | 5.00% | 09/01/2029 | 375 | 411437 |
|  South Carolina-0.35% |  |  |  |  |
|  Columbia (City of), SC, Series 2019 A, RB<sup>(a)(b)</sup> | 5.00% | 02/01/2029 | 145 | 157846 |
|  Columbia (City of), SC, Series 2019 A, RB | 4.00% | 02/01/2044 | 15 | 13730 |
|  Horry County School District, Series 2024, GO Bonds | 5.00% | 03/01/2029 | 25 | 27201 |
|  South Carolina (State of) Transportation Infrastructure Bank, Series 2016 A, Ref. RB | 3.00% | 10/01/2029 | 135 | 135019 |
|  South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB | 5.00% | 10/01/2029 | 215 | 236824 |
|  Spartanburg County School District No. 7, Series 2019 D, GO Bonds | 5.00% | 03/01/2048 | 130 | 130765 |
|  |  |  |  | 701385 |
|  Tennessee-0.35% |  |  |  |  |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds | 5.00% | 07/01/2029 | 135 | 144610 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds | 5.00% | 01/01/2029 | 15 | 16280 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 A, GO Bonds | 5.00% | 01/01/2029 | 325 | 352734 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 B, Ref. RB | 5.00% | 05/15/2029 | 70 | 76551 |

---

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

---

| |
|:---|
| 277 |
| 277 |
| 277 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Tennessee-(continued) |  |  |  |  |
|  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 | $80 | $86308 |
|  Tennessee (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2029 | 20 | 21921 |
|  |  |  |  | 698404 |
|  Texas-7.30% |  |  |  |  |
|  Alamo Community College District, Series 2022, GO Notes | 5.00% | 02/15/2029 | 95 | 103072 |
|  Austin (City of), TX, Series 2019 B, RB | 5.00% | 11/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;100 | 101263 |
|  Austin (City of), TX, Series 2019 B, RB | 5.00% | 11/15/2049 | 235 | 235911 |
|  Austin (City of), TX, Series 2022, Ref. RB | 5.00% | 11/15/2029 | 30 | 33036 |
|  Austin Independent School District, Series 2023, GO Bonds | 5.00% | 08/01/2048 | 100 | 100894 |
|  Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2029 | 85 | 93224 |
|  Board of Regents of the University of Texas System, Series 2019 A, Ref. RB | 5.00% | 08/15/2029 | 90 | 98804 |
|  Board of Regents of the University of Texas System, Series 2019 A, Ref. RB | 5.00% | 08/15/2031 | 70 | 75969 |
|  Board of Regents of the University of Texas System, Series 2019 A, Ref. RB | 5.00% | 08/15/2032 | 65 | 69816 |
|  Board of Regents of the University of Texas System, Series 2019 A, Ref. RB | 5.00% | 08/15/2033 | 100 | 106722 |
|  Board of Regents of the University of Texas System, Series 2019 A, Ref. RB | 5.00% | 08/15/2038 | 50 | 51883 |
|  Board of Regents of the University of Texas System, Series 2019 A, Ref. RB | 5.00% | 08/15/2039 | 30 | 31008 |
|  Board of Regents of the University of Texas System, Series 2019 B, RB | 5.00% | 08/15/2029 | 185 | 203097 |
|  Board of Regents of the University of Texas System, Series 2024 A, Ref. RB | 5.00% | 08/15/2029 | 110 | 120760 |
|  Board of Regents of the University of Texas System, Series 2024 B, RB | 5.00% | 08/15/2029 | 65 | 71358 |
|  Collin County Community College District, Series 2020 A, GO Bonds | 5.00% | 08/15/2031 | 115 | 124179 |
|  Collin County Community College District, Series 2020 A, GO Bonds | 5.00% | 08/15/2032 | 45 | 48316 |
|  Collin County Community College District, Series 2020 A, GO Bonds | 5.00% | 08/15/2033 | 75 | 80099 |
|  Collin County Community College District, Series 2020 A, GO Bonds | 4.00% | 08/15/2034 | 90 | 91843 |
|  Collin County Community College District, Series 2020 A, GO Bonds | 4.00% | 08/15/2035 | 90 | 91229 |
|  Collin County Community College District, Series 2020 A, GO Bonds | 4.00% | 08/15/2036 | 45 | 45315 |
|  Collin County Community College District, Series 2020 A, GO Bonds | 4.00% | 08/15/2037 | 45 | 45009 |
|  Comal Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2029 | 75 | 81450 |
|  Conroe Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2029 | 65 | 70680 |
|  Conroe Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2029 | 5 | 5437 |
|  Cypress-Fairbanks Independent School District, Series 2019 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2031 | 55 | 59131 |
|  Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2031 | 30 | 32254 |
|  Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2032 | 90 | 96145 |
|  Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2033 | 230 | 244488 |
|  Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2035 | 10 | 10507 |
|  Cypress-Fairbanks Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2029 | 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163109 |
|  Dallas & Fort Worth (Cities of), TX, Series 2023 B, Ref. RB | 5.00% | 11/01/2029 | 340 | 373895 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB | 5.00% | 11/01/2029 | 80 | 87975 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB | 5.00% | 11/01/2029 | 25 | 27492 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 5.00% | 11/01/2029 | 20 | 21994 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB | 5.00% | 11/01/2029 | 50 | 54985 |
|  Dallas (City of) TX, Series 2024 B, Ref. GO Bonds | 5.00% | 02/15/2029 | 10 | 10857 |
|  Dallas (City of) TX, Series 2024 C, Ref. GO Bonds | 5.00% | 02/15/2029 | 100 | 108566 |
|  Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2029 | 40 | 43426 |
|  Dallas (City of), TX, Series 2024 B, Ctfs. of Obligations | 5.00% | 02/15/2029 | 55 | 59711 |
|  Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB | 5.00% | 12/01/2029 | 35 | 38480 |
|  Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB | 5.00% | 12/01/2031 | 35 | 37960 |
|  Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB | 5.00% | 12/01/2032 | 25 | 26961 |

---

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

---

| |
|:---|
| 278 |
| 278 |
| 278 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB | 5.00% | 12/01/2033 | $45 | $48242 |
|  Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB | 5.00% | 12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;340 | 361855 |
|  Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2031 | 80 | 83352 |
|  Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2032 | 40 | 41347 |
|  Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2033 | 30 | 30820 |
|  Dallas (City of), TX Independent School District, Series 2025 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2029 | 160 | 174139 |
|  Dallas (City of), TX Independent School District, Series 2025 C, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2029 | 45 | 48977 |
|  Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds | 5.00% | 08/15/2029 | 75 | 80060 |
|  Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2029 | 45 | 49402 |
|  Frisco Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2036 | 75 | 78461 |
|  Garland (City of), TX, Series 2019, Ref. RB | 5.00% | 03/01/2044 | 150 | 150571 |
|  Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2029 | 15 | 16316 |
|  Harris (County of) & Houston (City of), TX Sports Authority, Series 2024 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/15/2029 | 25 | 27237 |
|  Harris (County of), TX, Series 2022 A, Ref. GO Bonds | 5.00% | 08/15/2029 | 50 | 54832 |
|  Harris (County of), TX Flood Control District, Series 2020 A, GO Bonds | 4.00% | 10/01/2045 | 250 | 222650 |
|  Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB | 5.00% | 08/15/2029 | 20 | 21925 |
|  Harris County Cultural Education Facilities Finance Corp. (Baylor College of Medicine), Series 2024 A, RB | 5.00% | 05/15/2029 | 50 | 53613 |
|  Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2019, Ref. RB | 5.00% | 12/01/2029 | 230 | 252969 |
|  Harris County Cultural Education Facilities Finance Corp. (Texas Children's Hospital), Series 2024, Ref. RB | 5.00% | 10/01/2029 | 100 | 109864 |
|  Houston (City of), TX, Series 2018 B, Ref. RB | 5.00% | 07/01/2029 | 15 | 15996 |
|  Houston (City of), TX, Series 2018 D, Ref. RB | 5.00% | 07/01/2029 | 55 | 58650 |
|  Houston (City of), TX, Series 2019 A, Ref. GO Bonds | 5.00% | 03/01/2029 | 270 | 292355 |
|  Houston (City of), TX, Series 2019 A, Ref. GO Bonds | 5.00% | 03/01/2031 | 60 | 64138 |
|  Houston (City of), TX, Series 2019 A, Ref. GO Bonds | 5.00% | 03/01/2032 | 75 | 79667 |
|  Houston (City of), TX, Series 2019 B, RB | 5.00% | 11/15/2049 | 30 | 30218 |
|  Houston (City of), TX, Series 2024 A, Ref. RB | 5.00% | 11/15/2029 | 35 | 38498 |
|  Houston Community College System, Series 2020, Ref. GO Bonds | 5.00% | 02/15/2035 | 90 | 94416 |
|  Houston Independent School District, Series 2025 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2029 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108566 |
|  Klein Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2029 | 5 | 5483 |
|  Lewisville Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2035 | 100 | 101365 |
|  Lewisville Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2036 | 95 | 95873 |
|  Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2029 | 135 | 148206 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, RB | 5.00% | 05/15/2044 | 560 | 561695 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB | 5.00% | 05/15/2029 | 50 | 54291 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB | 5.00% | 05/15/2031 | 500 | 534806 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB | 5.00% | 05/15/2032 | 20 | 21251 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB | 5.00% | 05/15/2036 | 250 | 259959 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2020, Ref. RB | 5.00% | 05/15/2034 | 35 | 36782 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2020, Ref. RB | 5.00% | 05/15/2035 | 500 | 522645 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB | 5.00% | 05/15/2029 | 15 | 16287 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 05/15/2029 | 20 | 21775 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 05/15/2029 | 10 | 10888 |
|  Matagorda County Navigation District No. 1 (Central Power And Light Co.), Series 2001, Ref. RB | 2.60% | 11/01/2029 | 260 | 252157 |
|  Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2029 | 85 | 92340 |

---

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

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| 279 |
| 279 |
| 279 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  North East Independent School District, Series 2007, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 02/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;230 | $251145 |
|  North Texas Municipal Water District, Series 2021 A, Ref. RB | 5.00% | 09/01/2029 | 55 | 60432 |
|  North Texas Tollway Authority, Series 2019 A, Ref. RB | 4.00% | 01/01/2037 | 100 | 100420 |
|  North Texas Tollway Authority, Series 2019 A, Ref. RB | 5.00% | 01/01/2038 | 155 | 159828 |
|  North Texas Tollway Authority, Series 2019 B, Ref. RB | 5.00% | 01/01/2029 | 35 | 37777 |
|  North Texas Tollway Authority, Series 2020 A, Ref. RB | 4.00% | 01/01/2035 | 125 | 126604 |
|  North Texas Tollway Authority, Series 2024 A, Ref. RB | 5.00% | 01/01/2029 | 20 | 21613 |
|  Permanent University Fund - Texas A&M University System, Series 2025 A, Ref. RB | 5.00% | 07/01/2029 | 35 | 38306 |
|  Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB | 5.25% | 07/01/2029 | 10 | 11051 |
|  Permanent University Fund - University of Texas System, Series 2022 A, RB | 5.00% | 07/01/2029 | 205 | 224520 |
|  Permanent University Fund - University of Texas System, Series 2025 A, Ref. RB | 5.00% | 07/01/2029 | 10 | 10960 |
|  Pflugerville Independent School District, Series 2023 A, GO Bonds | 5.00% | 02/15/2048 | 200 | 201153 |
|  Plano Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2029 | 40 | 43302 |
|  Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2029 | 155 | 169914 |
|  Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2031 | 85 | 91952 |
|  Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/01/2032 | 115 | 118828 |
|  San Antonio (City of), TX, Series 2018 A, RB | 5.00% | 02/01/2048 | 35 | 35091 |
|  San Antonio (City of), TX, Series 2019, Ref. GO Bonds | 5.00% | 08/01/2029 | 70 | 76571 |
|  San Antonio (City of), TX, Series 2019, Ref. GO Bonds | 5.00% | 08/01/2031 | 235 | 253315 |
|  San Antonio (City of), TX, Series 2019, Ref. GO Bonds | 5.00% | 08/01/2032 | 130 | 139176 |
|  San Antonio (City of), TX, Series 2019, Ref. RB | 4.00% | 02/01/2029 | 25 | 26255 |
|  San Antonio (City of), TX Water System, Series 2019 C, Ref. RB | 5.00% | 05/15/2034 | 180 | 192470 |
|  San Antonio Public Facilities Corp., Series 2022, Ref. RB | 5.00% | 09/15/2029 | 10 | 10866 |
|  Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB | 5.00% | 07/01/2032 | 180 | 189707 |
|  Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB | 5.00% | 07/01/2033 | 70 | 73374 |
|  Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB | 5.00% | 07/01/2034 | 200 | 208763 |
|  Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB | 5.00% | 07/01/2035 | 145 | 150608 |
|  Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB | 5.00% | 07/01/2036 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103413 |
|  Tarrant County Cultural Education Facilities Finance Corp. (Cook Children's Medical Center), Series 2020, Ref. RB | 3.00% | 12/01/2050 | 125 | 87451 |
|  Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds | 5.00% | 04/01/2029 | 25 | 27174 |
|  Texas (State of) Water Development Board, Series 2019 A, RB | 5.00% | 04/15/2031 | 155 | 168993 |
|  Texas (State of) Water Development Board, Series 2019 A, RB | 5.00% | 04/15/2032 | 135 | 146127 |
|  Texas (State of) Water Development Board, Series 2019 A, RB | 4.00% | 10/15/2036 | 125 | 126073 |
|  Texas (State of) Water Development Board, Series 2019 A, RB | 4.00% | 10/15/2038 | 15 | 14906 |
|  Texas (State of) Water Development Board, Series 2020, RB | 5.00% | 08/01/2029 | 100 | 109897 |
|  Texas (State of) Water Development Board, Series 2021, RB | 5.00% | 08/01/2029 | 45 | 49454 |
|  Texas (State of) Water Development Board, Series 2023 A, RB | 5.00% | 10/15/2029 | 50 | 55152 |
|  Texas A&M University, Series 2024 A, RB | 5.00% | 05/15/2029 | 100 | 109173 |
|  Texas Private Activity Bond Surface Transportation Corp., Series 2019, Ref. RB | 5.00% | 12/31/2031 | 40 | 42588 |
|  Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 A, Ref. RB | 5.00% | 12/31/2032 | 60 | 63522 |
|  Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 A, Ref. RB | 5.00% | 12/31/2033 | 90 | 94751 |
|  Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 A, Ref. RB | 4.00% | 12/31/2038 | 250 | 233565 |
|  Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019, Ref. RB | 5.00% | 12/31/2035 | 35 | 36428 |
|  Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019, Ref. RB | 5.00% | 12/31/2036 | 60 | 62087 |
|  Travis (County of), TX, Series 2019 A, Ctfs. of Obligations | 5.00% | 03/01/2034 | 25 | 26409 |
|  Travis (County of), TX, Series 2019 A, Ctfs. of Obligations | 5.00% | 03/01/2035 | 255 | 268040 |
|  Travis (County of), TX, Series 2019 A, Ctfs. of Obligations | 5.00% | 03/01/2038 | 185 | 191748 |
|  Travis (County of), TX, Series 2019 A, Ctfs. of Obligations | 5.00% | 03/01/2039 | 15 | 15479 |

---

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

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| 280 |
| 280 |
| 280 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  Travis (County of), TX, Series 2019 A, Ctfs. Of Obligations | 5.00% | 03/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;110 | $117504 |
|  Travis (County of), TX, Series 2019 A, Ctfs. Of Obligations | 5.00% | 03/01/2037 | 20 | 20827 |
|  Trinity River Authority, Series 2020, Ref. RB | 5.00% | 08/01/2029 | 100 | 109309 |
|  Webb (County of), TX, Series 2020, Ctfs. Of Obligations | 4.00% | 02/15/2045 | 15 | 13393 |
|  Williamson (County of), TX, Series 2020, GO Bonds | 4.00% | 02/15/2033 | 260 | 265654 |
|  |  |  |  | 14686367 |
|  Utah-0.52% |  |  |  |  |
|  Board of Regents of Utah University, Series 1998 A, Ref. RB, (INS - NATL)<sup>(c)</sup> | 5.50% | 04/01/2029 | 100 | 105805 |
|  Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2029 | 80 | 86823 |
|  Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2029 | 45 | 48838 |
|  Salt Lake City (City of), UT, Series 2020, RB | 4.00% | 02/01/2047 | 250 | 222560 |
|  University of Utah (The) (Green Bonds), Series 2022 B, RB | 5.00% | 08/01/2029 | 150 | 164197 |
|  Utah (State of), Series 2020, GO Bonds | 5.00% | 07/01/2029 | 130 | 141100 |
|  Utah (State of), Series 2020, GO Bonds | 5.00% | 07/01/2030 | 50 | 54062 |
|  Utah (State of), Series 2020, GO Bonds | 5.00% | 07/01/2031 | 55 | 59080 |
|  Utah (State of), Series 2020, GO Bonds | 5.00% | 07/01/2032 | 25 | 26705 |
|  Utah (State of) Transit Authority, Series 2006 C, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.25% | 06/15/2029 | 65 | 70754 |
|  Utah State Building Ownership Authority, Series 2024, Ref. RB | 5.00% | 05/15/2029 | 70 | 76499 |
|  |  |  |  | 1056423 |
|  Vermont-0.09% |  |  |  |  |
|  Vermont (State of) Educational & Health Buildings Financing Agency (Middlebury College), Series 2020, Ref. RB | 5.00% | 11/01/2049 | 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175288 |
|  Virginia-1.23% |  |  |  |  |
|  Arlington (County of), VA, Series 2016 B, Ref. GO Bonds | 2.50% | 08/15/2029 | 25 | 24632 |
|  Charles City (County of), VA Economic Development Authority (Wate Management, Inc.), Series 2004 A, RB | 2.88% | 02/01/2029 | 30 | 29456 |
|  Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds | 5.00% | 10/01/2029 | 175 | 193410 |
|  Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. RB | 5.00% | 05/15/2029 | 95 | 103503 |
|  Loudoun (County of), VA Economic Development Authority, Series 2020, Ref. RB | 4.00% | 12/01/2033 | 60 | 61727 |
|  Richmond (City of), VA, Series 2017 D, Ref. GO Bonds | 5.00% | 03/01/2029 | 90 | 98272 |
|  Virginia (Commonwealth of) College Building Authority, Series 2019 A, RB | 5.00% | 02/01/2029 | 50 | 54344 |
|  Virginia (Commonwealth of) College Building Authority, Series 2019 A, RB | 5.00% | 02/01/2031 | 110 | 118222 |
|  Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2021, RB | 5.00% | 02/01/2029 | 180 | 195638 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs),<br>Series 2017 E, Ref. RB | 5.00% | 02/01/2029 | 380 | 402391 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs),<br>Series 2019 C, Ref. RB | 5.00% | 02/01/2029 | 60 | 65213 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs),<br>Series 2022 A, RB | 5.00% | 02/01/2029 | 190 | 206506 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs),<br>Series 2023 A, RB | 5.00% | 02/01/2029 | 15 | 16303 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs),<br>Series 2023, Ref. RB | 5.00% | 02/01/2029 | 25 | 27172 |
|  Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB | 5.00% | 08/01/2029 | 60 | 66032 |
|  Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB | 5.00% | 08/01/2029 | 385 | 423708 |
|  Virginia (Commonwealth of) Public Building Authority, Series 2022 A, RB | 5.00% | 08/01/2029 | 10 | 11005 |
|  Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC), Series 2020, Ref. RB | 4.00% | 11/01/2039 | 40 | 37956 |
|  Virginia (Commonwealth of) Small Business Financing Authority (Sentara Healthcare), Series 2020, Ref. RB | 4.00% | 11/01/2037 | 75 | 73648 |
|  Virginia (Commonwealth of) Small Business Financing Authority (Sentara Healthcare), Series 2020, Ref. RB | 4.00% | 11/01/2038 | 90 | 86634 |
|  Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB | 5.00% | 05/15/2029 | 160 | 174975 |
|  |  |  |  | 2470747 |

---

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

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| 281 |
| 281 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Washington-3.33% |  |  |  |  |
|  Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB | 5.00% | 11/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;160 | $177087 |
|  Energy Northwest (Columbia Generating Station), Series 2019 A, Ref. RB | 5.00% | 07/01/2035 | 80 | 84340 |
|  Energy Northwest (Columbia Generating Station), Series 2019 A, Ref. RB | 5.00% | 07/01/2037 | 390 | 407067 |
|  Energy Northwest (Columbia Generating Station), Series 2019, Ref. RB | 5.00% | 07/01/2036 | 290 | 304243 |
|  Energy Northwest (Columbia Generating Station), Series 2019, Ref. RB | 5.00% | 07/01/2038 | 30 | 31028 |
|  King County School District No. 210 Federal Way, Series 2019, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2029 | 135 | 143075 |
|  North Thurston Public Schools, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2029 | 15 | 16562 |
|  Pierce County School District No. 403 Bethel, Series 2019, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2036 | 95 | 99480 |
|  Seattle (Port of), WA, Series 2022 A, Ref. RB | 5.00% | 08/01/2029 | 125 | 137469 |
|  Snohomish County School District No. 201 Snohomish, Series 2020, Ref. GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2029 | 280 | 309151 |
|  Spokane County School District No. 81, Series 2019, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2034 | 90 | 95243 |
|  Spokane County School District No. 81, Series 2019, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2035 | 175 | 184177 |
|  Spokane County School District No. 81, Series 2019, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2036 | 5 | 5236 |
|  Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2029 | 330 | 350217 |
|  Washington (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2029 | 90 | 98978 |
|  Washington (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2031 | 65 | 70467 |
|  Washington (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2035 | 80 | 84656 |
|  Washington (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2036 | 95 | 99951 |
|  Washington (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2039 | 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217492 |
|  Washington (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2042 | 335 | 342383 |
|  Washington (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2044 | 325 | 330110 |
|  Washington (State of), Series 2019 C, GO Bonds | 5.00% | 02/01/2029 | 70 | 76202 |
|  Washington (State of), Series 2019 C, GO Bonds | 5.00% | 02/01/2031 | 135 | 145315 |
|  Washington (State of), Series 2019 C, GO Bonds | 5.00% | 02/01/2032 | 70 | 74744 |
|  Washington (State of), Series 2019 C, GO Bonds | 5.00% | 02/01/2033 | 95 | 100975 |
|  Washington (State of), Series 2019 C, GO Bonds | 5.00% | 02/01/2034 | 55 | 58198 |
|  Washington (State of), Series 2019 C, GO Bonds | 5.00% | 02/01/2035 | 245 | 258166 |
|  Washington (State of), Series 2019 C, GO Bonds | 5.00% | 02/01/2036 | 280 | 293579 |
|  Washington (State of), Series 2019 C, GO Bonds | 5.00% | 02/01/2037 | 55 | 57388 |
|  Washington (State of), Series 2019 C, GO Bonds | 5.00% | 02/01/2039 | 5 | 5166 |
|  Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2032 | 65 | 69836 |
|  Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2033 | 185 | 197717 |
|  Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2034 | 100 | 106398 |
|  Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2038 | 50 | 52026 |
|  Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2041 | 5 | 5131 |
|  Washington (State of), Series 2021, Ref. GO Bonds | 5.00% | 06/01/2029 | 140 | 153450 |
|  Washington (State of), Series 2024, Ref. GO Bonds | 5.00% | 07/01/2029 | 80 | 87833 |
|  Washington (State of), Series 2025 C, GO Bonds | 5.00% | 02/01/2029 | 85 | 92530 |
|  Washington (State of), Series 2025A, GO Bonds | 5.00% | 08/01/2029 | 10 | 10998 |
|  Washington (State of), Series R-2023B, Ref. GO Bonds | 5.00% | 07/01/2029 | 55 | 60385 |
|  Washington (State of), Series R-2024A, Ref. GO Bonds | 5.00% | 02/01/2029 | 35 | 38101 |
|  Washington (State of), Series R-2024C, Ref. GO Bonds | 5.00% | 08/01/2029 | 85 | 93479 |
|  Washington (State of), Series R-2025B, Ref. GO Bonds | 5.00% | 07/01/2029 | 195 | 214093 |
|  Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds | 5.00% | 08/01/2029 | 75 | 82482 |
|  Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds | 5.00% | 02/01/2029 | 40 | 43544 |
|  Washington (State of) (Bid Group 1), Series 2022 C, GO Bonds | 5.00% | 02/01/2029 | 380 | 413665 |
|  Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds | 5.00% | 08/01/2029 | 50 | 54988 |
|  Washington (State of) (Bid Group 2), Series R-2022C, Ref. GO Bonds | 4.00% | 07/01/2029 | 10 | 10607 |
|  Washington (State of) (Bid Group 2), Series R-2023A, Ref. GO Bonds | 5.00% | 08/01/2029 | 225 | 247445 |
|  |  |  |  | 6692853 |

---

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

---

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| 282 |
| 282 |
| 282 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  West Virginia-0.44% |  |  |  |  |
|  West Virginia (State of) (Bid Group 1), Series 2019, GO Bonds | 5.00% | 12/01/2036 | $&nbsp;&nbsp;&nbsp;&nbsp;220 | $231497 |
|  West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds | 5.00% | 12/01/2040 | 195 | 200307 |
|  West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds | 5.00% | 06/01/2041 | 185 | 189244 |
|  West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds | 5.00% | 12/01/2041 | 25 | 25564 |
|  West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds | 5.00% | 12/01/2043 | 95 | 96601 |
|  West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds | 5.00% | 06/01/2044 | 25 | 25265 |
|  West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital Obligated Group), Series 2018, Ref. RB | 5.00% | 01/01/2043 | 125 | 111166 |
|  |  |  |  | 879644 |
|  Wisconsin-0.65% |  |  |  |  |
|  Fond Du Lac (County of), WI, Series 2019 A, GO Notes | 3.00% | 03/01/2029 | 140 | 140474 |
|  Wisconsin (State of), Series 2020 1, Ref. GO Bonds | 5.00% | 05/01/2029 | 150 | 164078 |
|  Wisconsin (State of), Series 2021 1, Ref. GO Bonds | 5.00% | 05/01/2029 | 120 | 131262 |
|  Wisconsin (State of), Series 2021-2, Ref. GO Bonds | 5.00% | 05/01/2029 | 140 | 153139 |
|  Wisconsin (State of), Series 2023, Ref. GO Bonds | 5.00% | 05/01/2029 | 35 | 38285 |
|  Wisconsin (State of), Series 2024, Ref. GO Bonds | 5.00% | 05/01/2029 | 85 | 92977 |
|  Wisconsin (State of), Series 2024-1, Ref. GO Bonds | 5.00% | 05/01/2029 | 180 | 196893 |
|  Wisconsin (State of), Series 2025, Ref. GO Bonds | 5.00% | 05/01/2029 | 55 | 60162 |
|  Wisconsin (State of) Department of Transportation, Series 2023 1, Ref. RB | 5.00% | 07/01/2029 | 105 | 115281 |
|  Wisconsin (State of) Department of Transportation, Series 2025, Ref. RB | 5.00% | 07/01/2029 | 25 | 27448 |
|  Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group), Series 2019, Ref. RB | 5.00% | 11/15/2029 | 170 | 186490 |
|  |  |  |  | 1306489 |
|  TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-94.76%<br>(Cost $191,897,730) |  |  |  | 190680608 |
|  OTHER ASSETS LESS LIABILITIES-5.24% |  |  |  | 10542220 |
|  NET ASSETS-100.00% |  |  |  | $201222828 |

---

---

| | |
|:---|:---|
|  Investment Abbreviations: | Investment Abbreviations: |
|  AGI | -Assured Guaranty, Inc. |
|  AMBAC | -American Municipal Bond Assurance Corp. |
|  BAM | -Build America Mutual Assurance Co. |
|  CEP | -Credit Enhancement Provider |
|  COP | -Certificates of Participation |
|  Ctfs. | -Certificates |
|  GO | -General Obligation |
|  INS | -Insurer |
|  NATL | -National Public Finance Guarantee Corp. |
|  PCR | -Pollution Control Revenue Bonds |
|  RB | -Revenue Bonds |
|  Ref. | -Refunding |
|  RN | -Revenue Notes |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

<sup>(b)</sup> Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

<sup>(c)</sup> Principal and/or interest payments are secured by the bond insurance company listed.

<sup>(d)</sup> Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer's 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.

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)

August 31, 2025

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Municipal Obligations-95.79% |  |  |  |  |
|  Alabama-1.21% |  |  |  |  |
|  Alabama (State of) Federal Aid Highway Finance Authority, Series 2025 B, Ref. RB | 5.00% | 09/01/2030 | $25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27918 |
|  Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 5.00% | 11/01/2030 | 30 | 33564 |
|  Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 5.00% | 11/01/2032 | 130 | 143198 |
|  Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 5.00% | 11/01/2033 | 360 | 393541 |
|  Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 5.00% | 11/01/2034 | 370 | 401564 |
|  Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 5.00% | 11/01/2035 | 200 | 215147 |
|  Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 4.00% | 11/01/2036 | 155 | 155076 |
|  Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 5.00% | 11/01/2037 | 355 | 375465 |
|  Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 5.00% | 11/01/2039 | 270 | 281517 |
|  Jefferson (County of), AL, Series 2024, Ref. RB | 5.00% | 10/01/2030 | 90 | 98562 |
|  |  |  |  | 2125552 |
|  Alaska-0.04% |  |  |  |  |
|  Alaska (State of), Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2030 | 70 | 78044 |
|  Arizona-1.03% |  |  |  |  |
|  Arizona (State of) Department of Transportation, Series 2023, RB | 5.00% | 07/01/2030 | 75 | 83627 |
|  Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 07/01/2030 | 100 | 109970 |
|  Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB | 5.00% | 07/15/2030 | 50 | 55807 |
|  Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2024 D, Ref. RB | 5.00% | 12/01/2030 | 75 | 82628 |
|  Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds | 5.00% | 07/01/2030 | 20 | 21956 |
|  Mesa (City of), AZ, Series 2014, Ref. RB | 3.25% | 07/01/2030 | 25 | 25003 |
|  Mesa (City of), AZ, Series 2020, Ref. RB | 4.00% | 07/01/2034 | 100 | 102249 |
|  Phoenix Civic Improvement Corp., Series 2020 A, RB | 5.00% | 07/01/2040 | 235 | 243457 |
|  Phoenix Civic Improvement Corp., Series 2020 A, RB | 5.00% | 07/01/2044 | 165 | 168037 |
|  Phoenix Civic Improvement Corp. (Green Bonds), Series 2020, RB | 5.00% | 07/01/2044 | 150 | 152761 |
|  Salt River Project Agricultural Improvement & Power District, Series 2019, RB | 5.00% | 01/01/2035 | 285 | 304788 |
|  Salt River Project Agricultural Improvement & Power District, Series 2019, RB | 5.00% | 01/01/2037 | 375 | 395351 |
|  Salt River Project Agricultural Improvement & Power District, Series 2025 B, Ref. RB | 5.00% | 01/01/2030 | 45 | 49849 |
|  Scottsdale Municipal Property Corp., Series 2006, Ref. RB | 5.00% | 07/01/2030 | 10 | 10761 |
|  |  |  |  | 1806244 |
|  California-16.25% |  |  |  |  |
|  Anaheim (City of), CA Housing & Public Improvements Authority, Series 2024 A, GO Bonds | 5.00% | 10/01/2032 | 130 | 142462 |
|  Anaheim (City of), CA Housing & Public Improvements Authority, Series 2024 A, GO Bonds | 5.00% | 10/01/2033 | 45 | 48975 |
|  Antelope Valley Community College District, Series 2020 B, GO Bonds | 4.00% | 08/01/2045 | 45 | 41182 |
|  Bay Area Toll Authority, Series 2025, Ref. RB | 5.00% | 04/01/2030 | 25 | 28118 |
|  Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB | 5.00% | 04/01/2030 | 245 | 275553 |
|  California (State of), Series 2015, Ref. GO Bonds | 3.50% | 12/01/2030 | 75 | 75011 |
|  California (State of), Series 2019, GO Bonds | 5.00% | 04/01/2030 | 30 | 32749 |
|  California (State of), Series 2019, GO Bonds | 5.00% | 10/01/2030 | 200 | 220212 |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2030 | 255 | 284792 |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2030 | 10 | 10916 |
|  California (State of), Series 2020 B, GO Bonds | 5.00% | 11/01/2034 | 350 | 381773 |
|  California (State of), Series 2020, GO Bonds | 5.00% | 03/01/2030 | 95 | 105954 |
|  California (State of), Series 2020, GO Bonds | 5.00% | 03/01/2030 | 5 | 5577 |
|  California (State of), Series 2020, GO Bonds | 5.00% | 03/01/2032 | 95 | 104393 |
|  California (State of), Series 2020, GO Bonds | 5.00% | 11/01/2032 | 75 | 83070 |
|  California (State of), Series 2020, GO Bonds | 5.00% | 03/01/2033 | 65 | 70861 |
|  California (State of), Series 2020, GO Bonds | 5.00% | 03/01/2034 | 200 | 216791 |
|  California (State of), Series 2020, GO Bonds | 5.00% | 03/01/2034 | 250 | 270989 |
|  California (State of), Series 2020, GO Bonds | 4.00% | 11/01/2034 | 290 | 302301 |
|  California (State of), Series 2020, GO Bonds | 5.00% | 03/01/2035 | 10 | 10763 |
|  California (State of), Series 2020, GO Bonds | 5.00% | 03/01/2035 | 635 | 683474 |

---

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

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| 284 |
| 284 |
| 284 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  California (State of), Series 2020, GO Bonds | 5.00% | 11/01/2035 | $30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32479 |
|  California (State of), Series 2020, GO Bonds | 4.00% | 03/01/2036 | 5 | 5101 |
|  California (State of), Series 2020, Ref. GO Bonds<sup>(b)(c)</sup> | 4.00% | 03/01/2030 | 15 | 16026 |
|  California (State of), Series 2020, Ref. GO Bonds<sup>(b)(c)</sup> | 5.00% | 03/01/2030 | 15 | 16662 |
|  California (State of), Series 2020, Ref. GO Bonds<sup>(b)(c)</sup> | 5.00% | 03/01/2030 | 10 | 11108 |
|  California (State of), Series 2020, Ref. GO Bonds | 4.00% | 11/01/2030 | 95 | 102143 |
|  California (State of), Series 2020, Ref. GO Bonds<sup>(b)(c)</sup> | 4.00% | 11/01/2030 | 5 | 5366 |
|  California (State of), Series 2020, Ref. GO Bonds | 5.00% | 11/01/2030 | 210 | 237226 |
|  California (State of), Series 2020, Ref. GO Bonds | 5.00% | 03/01/2032 | 50 | 54944 |
|  California (State of), Series 2020, Ref. GO Bonds | 5.00% | 03/01/2032 | 430 | 472515 |
|  California (State of), Series 2020, Ref. GO Bonds | 5.00% | 11/01/2032 | 220 | 243672 |
|  California (State of), Series 2020, Ref. GO Bonds | 5.00% | 03/01/2033 | 105 | 114468 |
|  California (State of), Series 2020, Ref. GO Bonds | 5.00% | 03/01/2033 | 15 | 16353 |
|  California (State of), Series 2020, Ref. GO Bonds | 4.00% | 11/01/2036 | 285 | 290203 |
|  California (State of), Series 2020, Ref. GO Bonds | 4.00% | 03/01/2038 | 225 | 226015 |
|  California (State of), Series 2020, Ref. GO Bonds | 4.00% | 11/01/2039 | 15 | 14960 |
|  California (State of), Series 2020, Ref. GO Bonds | 4.00% | 11/01/2040 | 30 | 29601 |
|  California (State of), Series 2021 C, Ref. GO Bonds | 5.00% | 10/01/2030 | 25 | 28199 |
|  California (State of), Series 2021, GO Bonds | 5.00% | 10/01/2030 | 320 | 360943 |
|  California (State of), Series 2021, GO Bonds<sup>(b)(c)</sup> | 5.00% | 12/01/2030 | 5 | 5612 |
|  California (State of), Series 2021, GO Bonds | 5.00% | 12/01/2034 | 160 | 174636 |
|  California (State of), Series 2021, GO Bonds | 5.00% | 12/01/2035 | 185 | 200395 |
|  California (State of), Series 2021, GO Bonds | 5.00% | 12/01/2036 | 160 | 172035 |
|  California (State of), Series 2021, GO Bonds | 5.00% | 12/01/2043 | 55 | 56819 |
|  California (State of), Series 2021, Ref. GO Bonds | 5.00% | 09/01/2030 | 125 | 140780 |
|  California (State of), Series 2021, Ref. GO Bonds | 5.00% | 12/01/2030 | 535 | 604986 |
|  California (State of), Series 2022, GO Bonds | 5.00% | 04/01/2030 | 180 | 201030 |
|  California (State of), Series 2022, Ref. GO Bonds | 5.00% | 09/01/2030 | 55 | 61943 |
|  California (State of), Series 2022, Ref. GO Bonds | 5.00% | 11/01/2030 | 420 | 474451 |
|  California (State of), Series 2023, GO Bonds | 5.00% | 10/01/2030 | 30 | 33838 |
|  California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2030 | 40 | 45050 |
|  California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2030 | 105 | 118255 |
|  California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2030 | 90 | 101362 |
|  California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2030 | 15 | 16894 |
|  California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2030 | 55 | 61862 |
|  California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2030 | 15 | 16871 |
|  California (State of), Series 2024, Ref. GO Bonds | 5.00% | 09/01/2030 | 20 | 22525 |
|  California (State of) (Bid Group B), Series 2020, GO Bonds | 5.00% | 11/01/2036 | 175 | 188078 |
|  California (State of) Department of Water Resources, Series 2020 BB, Ref. RB | 5.00% | 12/01/2030 | 45 | 51581 |
|  California (State of) Department of Water Resources, Series 2020 BB, Ref. RB | 5.00% | 12/01/2032 | 110 | 123644 |
|  California (State of) Department of Water Resources, Series 2020 BB, Ref. RB | 5.00% | 12/01/2034 | 55 | 60951 |
|  California (State of) Department of Water Resources, Series 2020 BB, Ref. RB | 5.00% | 12/01/2035 | 240 | 263492 |
|  California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB | 5.00% | 12/01/2033 | 315 | 351437 |
|  California (State of) Department of Water Resources (Central Valley), Series 2021, RB | 5.00% | 12/01/2030 | 60 | 68775 |
|  California (State of) Department of Water Resources (Central Valley), Series 2022 BF, Ref. RB | 5.00% | 12/01/2030 | 10 | 11462 |
|  California (State of) Department of Water Resources (Central Valley), Series 2025 BG, RB | 5.00% | 12/01/2030 | 20 | 22925 |
|  California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB | 5.00% | 04/01/2032 | 75 | 81733 |
|  California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB | 5.00% | 04/01/2033 | 60 | 64966 |
|  California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB | 4.00% | 04/01/2037 | 75 | 74276 |
|  California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB | 4.00% | 04/01/2038 | 150 | 146365 |
|  California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB | 4.00% | 08/15/2050 | 400 | 347325 |
|  California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group) (Green Bonds), Series 2020, RB | 5.00% | 11/01/2030 | 350 | 392298 |

---

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

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| 285 |
| 285 |
| 285 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB | 5.00% | 10/01/2030 | $25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28495 |
|  California (State of) Infrastructure & Economic Development Bank(Segerstorm Center for The Arts), Series 2023, Ref. RB | 5.00% | 07/01/2030 | 480 | 527856 |
|  California (State of) Public Finance Authority (Sharp Healthcare), Series 2024, Ref. RB | 5.00% | 08/01/2030 | 5 | 5631 |
|  California (State of) Public Works Board, Series 2022 A, Ref. RB | 5.00% | 08/01/2030 | 70 | 78977 |
|  California (State of) Public Works Board, Series 2022 C, Ref. RB | 5.00% | 08/01/2030 | 25 | 28206 |
|  California (State of) Public Works Board (Various Capital), Series 2019 C, RB | 5.00% | 11/01/2030 | 245 | 268453 |
|  California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB | 5.00% | 12/01/2030 | 40 | 45338 |
|  California (State of) Public Works Board (Various Capital), Series 2023 C, Ref. RB | 5.00% | 09/01/2030 | 80 | 90381 |
|  California (State of) Statewide Communities Development Authority (Odd Fellows Home of California), Series 2023, Ref. RB, (INS - Cal-Mortgage)<sup>(a)</sup> | 4.00% | 04/01/2043 | 50 | 46668 |
|  California State University, Series 2020 C, RB | 4.00% | 11/01/2051 | 25 | 21716 |
|  Cambrian School District, Series 2022, GO Bonds | 4.00% | 08/01/2052 | 25 | 21543 |
|  Chino Valley Unified School District, Series 2020 B, GO Bonds | 5.00% | 08/01/2055 | 445 | 449225 |
|  Clovis Unified School District (Election of 2020), Series 2022 B, GO Bonds | 5.00% | 08/01/2047 | 50 | 50763 |
|  East Bay Municipal Utility District, Series 2024 B, Ref. RB | 5.00% | 06/01/2030 | 50 | 56665 |
|  East Side Union High School District, Series 2024 B, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2030 | 40 | 45369 |
|  Eastern Municipal Water District Financing Authority, Series 2020 A, Ref. RB | 5.00% | 07/01/2036 | 80 | 86827 |
|  Inglewood Unified School District, Series 2021 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 08/01/2046 | 25 | 22606 |
|  Long Beach (City of), CA, Series 2020 B, Ref. RB | 5.00% | 05/15/2032 | 5 | 5508 |
|  Long Beach (City of), CA Bond Finance Authority, Series 2007 A, RB | 5.50% | 11/15/2030 | 50 | 55296 |
|  Los Angeles (City of), CA, Series 2022 C, Ref. RB | 5.00% | 06/01/2030 | 85 | 96208 |
|  Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB | 5.00% | 05/15/2033 | 40 | 43795 |
|  Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB | 5.00% | 05/15/2034 | 200 | 217701 |
|  Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB | 4.00% | 05/15/2035 | 30 | 30818 |
|  Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB | 4.00% | 05/15/2036 | 305 | 311284 |
|  Los Angeles (City of), CA Department of Airports, Series 2020 D, RB | 5.00% | 05/15/2044 | 255 | 260969 |
|  Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 B, Ref. RB | 4.00% | 05/15/2040 | 10 | 9762 |
|  Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020, Ref. RB | 5.00% | 05/15/2030 | 25 | 27622 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB | 5.00% | 07/01/2040 | 440 | 448697 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB | 5.00% | 07/01/2041 | 45 | 45761 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB | 5.00% | 07/01/2050 | 245 | 245160 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB | 4.00% | 07/01/2030 | 85 | 89069 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB | 5.00% | 07/01/2039 | 55 | 56404 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB | 5.00% | 07/01/2040 | 80 | 81408 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB | 5.00% | 07/01/2050 | 25 | 24988 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB | 5.00% | 07/01/2033 | 60 | 64520 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB | 5.00% | 07/01/2034 | 365 | 389696 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB | 5.00% | 07/01/2036 | 190 | 199889 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB | 5.00% | 07/01/2037 | 195 | 203862 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB | 5.00% | 07/01/2038 | 15 | 15546 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB | 5.00% | 07/01/2040 | 5 | 5099 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB | 5.00% | 07/01/2041 | 150 | 152538 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.00% | 07/01/2030 | 100 | 110446 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2024 A, RB | 5.00% | 07/01/2030 | 575 | 635614 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB | 5.00% | 07/01/2030 | 20 | 22108 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2024 E, Ref. RB | 5.00% | 07/01/2030 | 150 | 165669 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB | 5.00% | 06/01/2030 | 30 | 33999 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2024 A, Ref. RB | 5.00% | 06/01/2030 | 5 | 5667 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB | 4.00% | 06/01/2035 | 200 | 204998 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB | 4.00% | 06/01/2036 | 275 | 279673 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB | 5.00% | 06/01/2036 | 315 | 339682 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB | 4.00% | 06/01/2037 | 30 | 30265 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB | 5.00% | 06/01/2037 | 425 | 454677 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB | 5.00% | 06/01/2030 | 60 | 67999 |

---

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

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| 286 |
| 286 |
| 286 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB | 5.00% | 06/01/2032 | $50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55634 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB | 5.00% | 06/01/2033 | 205 | 226671 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB | 5.00% | 06/01/2034 | 200 | 219382 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2023, Ref. RB | 5.00% | 07/01/2030 | 45 | 51076 |
|  Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB | 5.00% | 12/01/2045 | 150 | 152134 |
|  Los Angeles Community College District, Series 2024, GO Bonds | 5.00% | 08/01/2030 | 5 | 5691 |
|  Los Angeles Community College District (Election of 2016), Series 2023 D, GO Bonds | 5.00% | 08/01/2030 | 110 | 125205 |
|  Los Angeles Community College District (Election of 2016), Series 2024 E, GO Bonds | 5.00% | 08/01/2030 | 75 | 85367 |
|  Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds | 5.00% | 07/01/2030 | 120 | 132418 |
|  Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds | 5.00% | 07/01/2032 | 285 | 318722 |
|  Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds | 5.00% | 07/01/2033 | 75 | 83339 |
|  Los Angeles Unified School District, Series 2020 C, GO Bonds | 5.00% | 07/01/2030 | 40 | 45361 |
|  Los Angeles Unified School District, Series 2020 C, GO Bonds | 4.00% | 07/01/2032 | 40 | 42151 |
|  Los Angeles Unified School District, Series 2020 C, GO Bonds | 4.00% | 07/01/2033 | 25 | 26094 |
|  Los Angeles Unified School District, Series 2020 C, GO Bonds | 4.00% | 07/01/2035 | 60 | 61436 |
|  Los Angeles Unified School District, Series 2020 C, GO Bonds | 4.00% | 07/01/2038 | 30 | 30052 |
|  Los Angeles Unified School District, Series 2020 C, GO Bonds | 4.00% | 07/01/2039 | 15 | 14864 |
|  Los Angeles Unified School District, Series 2020 C, GO Bonds | 4.00% | 07/01/2044 | 20 | 18287 |
|  Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 5.00% | 07/01/2030 | 40 | 45361 |
|  Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 5.00% | 07/01/2032 | 415 | 464104 |
|  Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 5.00% | 07/01/2033 | 380 | 422249 |
|  Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 5.00% | 07/01/2035 | 965 | 1053099 |
|  Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 4.00% | 07/01/2036 | 35 | 35600 |
|  Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 4.00% | 07/01/2038 | 20 | 20035 |
|  Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 4.00% | 07/01/2040 | 90 | 87846 |
|  Los Angeles Unified School District, Series 2020, GO Bonds | 4.00% | 07/01/2037 | 25 | 25244 |
|  Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2030 | 90 | 102063 |
|  Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds | 5.00% | 07/01/2030 | 135 | 153095 |
|  Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds | 5.00% | 07/01/2030 | 255 | 289180 |
|  Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds | 5.00% | 07/01/2030 | 145 | 164435 |
|  Los Angeles Unified School District (Green Bonds), Series 2023, COP<sup>(b)</sup> | 5.00% | 10/01/2030 | 75 | 84213 |
|  Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds | 5.00% | 07/01/2030 | 30 | 34021 |
|  Metropolitan Water District of Southern California, Series 2020 C, Ref. RB | 5.00% | 07/01/2038 | 50 | 53352 |
|  Metropolitan Water District of Southern California, Series 2020 C, Ref. RB | 5.00% | 07/01/2039 | 165 | 174955 |
|  Metropolitan Water District of Southern California, Series 2020 C, Ref. RB | 5.00% | 07/01/2040 | 205 | 215584 |
|  Montebello Unified School District, Series 2022 B, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2044 | 5 | 5110 |
|  Montebello Unified School District, Series 2022 B, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2050 | 5 | 5030 |
|  Northern California Power Agency (Hydroelectric No. 1), Series 2022, Ref. RB | 5.00% | 07/01/2030 | 105 | 118816 |
|  Orange (County of), CA Local Transportation Authority, Series 2019, RB | 5.00% | 02/15/2030 | 10 | 10971 |
|  Sacramento (City of), CA Financing Authority (Westlake and Regency Park), Series 2006, Ref. RB, (INS - AMBAC)<sup>(a)</sup> | 5.25% | 12/01/2030 | 185 | 205213 |
|  Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB | 5.00% | 08/15/2030 | 75 | 83103 |
|  Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB | 5.00% | 08/15/2035 | 40 | 43567 |
|  Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB | 5.00% | 08/15/2036 | 265 | 286587 |
|  Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB | 5.00% | 08/15/2037 | 190 | 204158 |
|  Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB | 5.00% | 08/15/2038 | 25 | 26632 |
|  Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB | 5.00% | 08/15/2050 | 120 | 121979 |
|  Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB | 5.00% | 12/01/2030 | 15 | 17089 |
|  Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB | 5.00% | 12/01/2041 | 35 | 36734 |
|  Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB | 5.00% | 12/01/2050 | 300 | 304916 |
|  Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB | 5.00% | 12/01/2030 | 25 | 28482 |
|  Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB | 5.00% | 10/01/2030 | 55 | 62688 |
|  San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB | 5.00% | 10/15/2046 | 120 | 122130 |
|  San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB | 5.00% | 04/01/2030 | 10 | 11298 |
|  San Diego (County of), CA Regional Transportation Commission (Green Bonds), Series 2020 A, Ref. RB | 4.00% | 04/01/2048 | 30 | 26785 |
|  San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB | 5.00% | 05/01/2030 | 85 | 96387 |

---

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

---

| |
|:---|
| 287 |
| 287 |
| 287 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  San Diego Community College District, Series 2024, GO Bonds | 5.00% | 08/01/2030 | $65 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74017 |
|  San Diego Unified School District (Election of 2018), Series 2020 D-2, GO Bonds | 4.00% | 07/01/2036 | 65 | 66521 |
|  San Diego Unified School District (Green Bonds), Series 2022 F-2, GO Bonds | 5.00% | 07/01/2030 | 80 | 90684 |
|  San Francisco (City & County of), CA, Series 2022-R1, Ref. GO Bonds | 5.00% | 06/15/2030 | 95 | 107646 |
|  San Francisco (City & County of), CA, Series 2024 R-1, Ref. GO Bonds | 5.00% | 06/15/2030 | 45 | 50990 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB | 5.00% | 05/01/2030 | 5 | 5450 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2020, Ref. RB | 4.00% | 05/01/2038 | 65 | 65219 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2020-B, Ref. RB | 4.00% | 05/01/2037 | 35 | 35367 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2020 A, RB | 5.00% | 11/01/2045 | 20 | 20419 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2020 A, RB | 5.00% | 11/01/2050 | 280 | 283372 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB | 5.00% | 10/01/2030 | 50 | 57249 |
|  San Francisco (County of), CA Transportation Authority, Series 2017, RB | 3.00% | 02/01/2030 | 210 | 210700 |
|  San Francisco Unified School District (Election of 2016), Series 2022 C, GO Bonds | 5.00% | 06/15/2039 | 15 | 15706 |
|  San Francisco Unified School District (Election of 2016), Series 2022 C, GO Bonds | 5.00% | 06/15/2041 | 170 | 175876 |
|  San Rafael City High School District, Series 2022 A, GO Bonds | 5.25% | 08/01/2052 | 100 | 102614 |
|  Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB | 5.00% | 04/01/2030 | 20 | 22615 |
|  Santa Rosa (City of), CA, Series 2020 A, RB | 5.00% | 09/01/2033 | 55 | 60975 |
|  Santa Rosa (City of), CA, Series 2020 A, RB | 5.00% | 09/01/2034 | 160 | 175775 |
|  Santa Rosa (City of), CA, Series 2020 A, RB | 5.00% | 09/01/2035 | 35 | 38153 |
|  Southern California Public Power Authority (Mangolia Power), Series 2020 A-1, Ref. RB | 5.00% | 07/01/2036 | 125 | 131845 |
|  Tulare (County of), CA Local Health Care District, Series 2020, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.00% | 08/01/2039 | 70 | 69067 |
|  Turlock (City of), CA Irrigation District, Series 2019, Ref. RB | 5.00% | 01/01/2044 | 20 | 20506 |
|  Turlock (City of), CA Irrigation District, Series 2020, Ref. RB | 5.00% | 01/01/2041 | 375 | 388790 |
|  Union Sanitary District Financing Authority, Series 2025 A, RB | 5.00% | 03/15/2030 | 60 | 67635 |
|  University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2032 | 110 | 122266 |
|  University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2033 | 195 | 215036 |
|  University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2034 | 25 | 27293 |
|  University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2035 | 105 | 113436 |
|  University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2036 | 75 | 80172 |
|  University of California, Series 2020 BE, Ref. RB | 4.00% | 05/15/2037 | 10 | 10129 |
|  University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2038 | 380 | 399672 |
|  University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2039 | 220 | 230667 |
|  University of California, Series 2020 BE, Ref. RB | 4.00% | 05/15/2040 | 15 | 14692 |
|  University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2041 | 45 | 46647 |
|  University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2043 | 100 | 102569 |
|  University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2030 | 90 | 101699 |
|  University of California, Series 2025, Ref. RB | 5.00% | 05/15/2030 | 20 | 22600 |
|  |  |  |  | 28499732 |
|  Colorado-2.13% |  |  |  |  |
|  Arapahoe County School District No. 5 Cherry Creek, Series 2021, GO Bonds | 5.00% | 12/15/2038 | 65 | 68162 |
|  Arapahoe County School District No. 5 Cherry Creek, Series 2021, GO Bonds | 5.00% | 12/15/2039 | 15 | 15653 |
|  Colorado (State of), Series 2020 A, COP | 5.00% | 12/15/2030 | 45 | 50293 |
|  Colorado (State of), Series 2020 A, COP | 5.00% | 12/15/2032 | 45 | 49226 |
|  Colorado (State of), Series 2020 A, COP | 5.00% | 12/15/2033 | 110 | 119545 |
|  Colorado (State of), Series 2020 A, COP | 4.00% | 12/15/2034 | 40 | 40783 |
|  Colorado (State of), Series 2020 A, COP | 4.00% | 12/15/2037 | 5 | 4932 |
|  Colorado (State of), Series 2021 A, COP | 5.00% | 12/15/2030 | 170 | 189995 |
|  Colorado (State of) Bridge & Tunnel Enterprise, Series 2024 B, Ref. RB | 5.00% | 12/01/2030 | 50 | 56251 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 5.00% | 08/01/2030 | 45 | 48321 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019, Ref. RB | 5.00% | 08/01/2030 | 55 | 59059 |
|  Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB | 5.00% | 11/01/2030 | 230 | 248500 |
|  Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB | 5.00% | 01/01/2030 | 5 | 5496 |
|  Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB | 5.00% | 01/01/2032 | 35 | 37877 |
|  Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB | 4.00% | 01/01/2035 | 10 | 10025 |

---

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

---

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|:---|
| 288 |
| 288 |
| 288 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Colorado-(continued) |  |  |  |  |
|  Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB | 4.00% | 01/01/2036 | $125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123950 |
|  Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB | 4.00% | 01/01/2037 | 60 | 59228 |
|  Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB | 4.00% | 01/01/2038 | 205 | 200497 |
|  Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 B, Ref. RB | 4.00% | 01/01/2040 | 305 | 287570 |
|  Colorado Springs (City of), CO, Series 2020 C, RB | 5.00% | 11/15/2050 | 250 | 250685 |
|  Colorado Springs (City of), CO, Series 2022 A, Ref. RB | 5.00% | 11/15/2030 | 15 | 16851 |
|  Denver (City & County of), CO, Series 2020 A, GO Bonds | 5.00% | 08/01/2033 | 275 | 300739 |
|  Denver (City & County of), CO, Series 2020 A-1, Ref. RB | 5.00% | 11/15/2032 | 45 | 49404 |
|  Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds | 5.00% | 08/01/2030 | 220 | 246471 |
|  Denver (City & County of), CO, Series 2022 C, RB | 5.00% | 11/15/2030 | 5 | 5588 |
|  Denver (City & County of), CO, Series 2023, Ref. COP | 5.00% | 12/01/2030 | 10 | 11146 |
|  Denver City & County School District No. 1, Series 2021, GO Bonds | 5.00% | 12/01/2032 | 25 | 27544 |
|  Denver City & County School District No. 1, Series 2021, GO Bonds | 5.00% | 12/01/2033 | 250 | 273653 |
|  Denver City & County School District No. 1, Series 2021, GO Bonds | 5.00% | 12/01/2034 | 230 | 250312 |
|  Denver City & County School District No. 1, Series 2021, GO Bonds | 4.00% | 12/01/2037 | 5 | 5031 |
|  Denver City & County School District No. 1, Series 2021, GO Bonds | 5.00% | 12/01/2038 | 50 | 52863 |
|  Denver City & County School District No. 1, Series 2021, GO Bonds | 5.00% | 12/01/2039 | 20 | 21013 |
|  E-470 Public Highway Authority, Series 2020 A, Ref. RB | 5.00% | 09/01/2034 | 35 | 37807 |
|  E-470 Public Highway Authority, Series 2020 A, Ref. RB | 5.00% | 09/01/2036 | 75 | 79713 |
|  Jefferson County School District R-1, Series 2020, GO Bonds | 4.00% | 12/15/2032 | 115 | 120218 |
|  Jefferson County School District R-1, Series 2020, GO Bonds | 4.00% | 12/15/2033 | 135 | 139494 |
|  Jefferson County School District R-1, Series 2020, GO Bonds | 4.00% | 12/15/2034 | 15 | 15366 |
|  Jefferson County School District R-1, Series 2020, GO Bonds | 4.00% | 12/15/2035 | 60 | 61037 |
|  Jefferson County School District R-1, Series 2020, GO Bonds | 4.00% | 12/15/2036 | 50 | 50528 |
|  Jefferson County School District R-1, Series 2020, GO Bonds | 4.00% | 12/15/2037 | 20 | 19995 |
|  University of Colorado, Series 2025 B, Ref. RB | 5.00% | 06/01/2030 | 15 | 16690 |
|  Weld County School District No. RE-5J, Series 2021, GO Bonds | 4.00% | 12/01/2045 | 10 | 8854 |
|  |  |  |  | 3736365 |
|  Connecticut-2.34% |  |  |  |  |
|  Connecticut (State of), Series 2016 A, GO Bonds | 3.00% | 03/15/2030 | 25 | 25046 |
|  Connecticut (State of), Series 2019 A, GO Bonds | 5.00% | 04/15/2030 | 35 | 37964 |
|  Connecticut (State of), Series 2020 A, GO Bonds | 5.00% | 01/15/2030 | 95 | 105138 |
|  Connecticut (State of), Series 2020 A, GO Bonds | 5.00% | 01/15/2032 | 5 | 5445 |
|  Connecticut (State of), Series 2020 A, GO Bonds | 4.00% | 01/15/2033 | 5 | 5193 |
|  Connecticut (State of), Series 2020 A, GO Bonds | 4.00% | 01/15/2034 | 40 | 41213 |
|  Connecticut (State of), Series 2020 A, GO Bonds | 4.00% | 01/15/2035 | 70 | 71366 |
|  Connecticut (State of), Series 2020 A, GO Bonds | 4.00% | 01/15/2036 | 30 | 30314 |
|  Connecticut (State of), Series 2020 A, GO Bonds | 4.00% | 01/15/2037 | 25 | 25150 |
|  Connecticut (State of), Series 2020 A, GO Bonds | 4.00% | 01/15/2038 | 35 | 35058 |
|  Connecticut (State of), Series 2020 A, GO Bonds | 5.00% | 01/15/2040 | 10 | 10307 |
|  Connecticut (State of), Series 2020 A, RB | 5.00% | 05/01/2034 | 100 | 107842 |
|  Connecticut (State of), Series 2020 A, RB | 5.00% | 05/01/2038 | 350 | 366566 |
|  Connecticut (State of), Series 2020 C, GO Bonds | 4.00% | 06/01/2030 | 95 | 101256 |
|  Connecticut (State of), Series 2020 C, GO Bonds | 4.00% | 06/01/2032 | 45 | 47185 |
|  Connecticut (State of), Series 2020 C, GO Bonds | 4.00% | 06/01/2033 | 395 | 410135 |
|  Connecticut (State of), Series 2020 C, GO Bonds | 4.00% | 06/01/2035 | 70 | 71334 |
|  Connecticut (State of), Series 2020 C, GO Bonds | 4.00% | 06/01/2037 | 250 | 251129 |
|  Connecticut (State of), Series 2020, RB | 5.00% | 05/01/2030 | 355 | 394685 |
|  Connecticut (State of), Series 2020, RB | 5.00% | 05/01/2032 | 110 | 120186 |
|  Connecticut (State of), Series 2020, RB | 5.00% | 05/01/2033 | 170 | 184552 |
|  Connecticut (State of), Series 2020, RB | 5.00% | 05/01/2037 | 130 | 137048 |
|  Connecticut (State of), Series 2020, RB | 5.00% | 05/01/2040 | 15 | 15491 |
|  Connecticut (State of), Series 2021 A, GO Bonds | 4.00% | 01/15/2030 | 40 | 42517 |
|  Connecticut (State of), Series 2021 A, RB | 5.00% | 05/01/2030 | 95 | 105620 |
|  Connecticut (State of), Series 2021 D, RB | 5.00% | 11/01/2030 | 55 | 61562 |
|  Connecticut (State of), Series 2022 A, GO Bonds | 4.00% | 01/15/2030 | 10 | 10629 |
|  Connecticut (State of), Series 2022 B, Ref. RB | 5.00% | 07/01/2030 | 50 | 55727 |

---

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

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| 289 |
| 289 |
| 289 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Connecticut-(continued) |  |  |  |  |
|  Connecticut (State of), Series 2022 D, Ref. GO Bonds | 5.00% | 09/15/2030 | $270 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301778 |
|  Connecticut (State of), Series 2022 E, GO Bonds | 5.00% | 11/15/2030 | 40 | 44790 |
|  Connecticut (State of), Series 2022 G, Ref. GO Bonds | 5.00% | 11/15/2030 | 110 | 123173 |
|  Connecticut (State of), Series 2023 B, Ref. RB | 5.00% | 07/01/2030 | 250 | 278635 |
|  Connecticut (State of), Series 2024 A, GO Bonds | 5.00% | 01/15/2030 | 60 | 66403 |
|  Connecticut (State of), Series 2024 A-1, RB | 5.00% | 07/01/2030 | 15 | 16718 |
|  Connecticut (State of), Series 2024 E, Ref. GO Bonds | 5.00% | 09/01/2030 | 25 | 27931 |
|  Connecticut (State of) (Green Bonds), Series 2021 B, GO Bonds | 4.00% | 06/01/2030 | 40 | 42634 |
|  Connecticut (State of) (Green Bonds), Series 2021 D, Ref. GO Bonds | 5.00% | 07/15/2030 | 75 | 83637 |
|  Connecticut (State of) (Social Bonds), Series 2024 C, Ref. GO Bonds | 5.00% | 03/01/2030 | 5 | 5545 |
|  Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2020 A, RB | 4.00% | 07/01/2038 | 100 | 94531 |
|  Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2020 A, RB | 4.00% | 07/01/2039 | 25 | 23219 |
|  New Haven (City of), CT, Series 2024, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2030 | 100 | 110517 |
|  |  |  |  | 4095169 |
|  Delaware-0.68% |  |  |  |  |
|  Delaware (State of), Series 2020 A, GO Bonds | 5.00% | 01/01/2030 | 250 | 277595 |
|  Delaware (State of), Series 2020 A, GO Bonds | 4.00% | 01/01/2032 | 100 | 104931 |
|  Delaware (State of), Series 2020 A, GO Bonds | 4.00% | 01/01/2033 | 10 | 10417 |
|  Delaware (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2030 | 275 | 306899 |
|  Delaware (State of) Transportation Authority, Series 2020, RB | 5.00% | 07/01/2033 | 40 | 43617 |
|  Delaware (State of) Transportation Authority, Series 2020, Ref. RB | 5.00% | 07/01/2030 | 275 | 307695 |
|  Delaware (State of) Transportation Authority, Series 2020, Ref. RB | 5.00% | 07/01/2032 | 45 | 49401 |
|  Delaware (State of) Transportation Authority (Garvee), Series 2020, Ref. RB | 5.00% | 09/01/2032 | 25 | 27298 |
|  Delaware (State of) Transportation Authority (Garvee), Series 2020, Ref. RB | 5.00% | 09/01/2033 | 15 | 16213 |
|  Delaware (State of) Transportation Authority (Garvee), Series 2020, Ref. RB | 5.00% | 09/01/2034 | 40 | 42865 |
|  |  |  |  | 1186931 |
|  District of Columbia-2.17% |  |  |  |  |
|  District of Columbia, Series 2019 A, RB | 5.00% | 03/01/2030 | 65 | 71061 |
|  District of Columbia, Series 2019 C, Ref. RB | 5.00% | 10/01/2030 | 20 | 21835 |
|  District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2030 | 50 | 55449 |
|  District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2032 | 200 | 217913 |
|  District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2033 | 125 | 135338 |
|  District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2034 | 250 | 268916 |
|  District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2035 | 50 | 53320 |
|  District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2036 | 195 | 206130 |
|  District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2037 | 170 | 178667 |
|  District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2038 | 290 | 302741 |
|  District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2039 | 75 | 77865 |
|  District of Columbia, Series 2020 B, Ref. RB | 5.00% | 10/01/2030 | 120 | 134193 |
|  District of Columbia, Series 2020 C, RB | 5.00% | 05/01/2033 | 125 | 135530 |
|  District of Columbia, Series 2020 C, RB | 5.00% | 05/01/2035 | 220 | 234812 |
|  District of Columbia, Series 2020 C, RB | 5.00% | 05/01/2036 | 35 | 37022 |
|  District of Columbia, Series 2020 C, RB | 5.00% | 05/01/2037 | 60 | 63096 |
|  District of Columbia, Series 2020 C, RB | 4.00% | 05/01/2038 | 25 | 24869 |
|  District of Columbia, Series 2020 C, RB | 4.00% | 05/01/2040 | 10 | 9544 |
|  District of Columbia, Series 2020, RB | 5.00% | 12/01/2030 | 60 | 65510 |
|  District of Columbia, Series 2022 C, Ref. RB | 5.00% | 12/01/2030 | 20 | 22406 |
|  District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2030 | 20 | 22121 |
|  District of Columbia, Series 2023 B, Ref. GO Bonds | 5.00% | 06/01/2030 | 110 | 122449 |
|  District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2030 | 45 | 50215 |
|  District of Columbia, Series 2024 A, Ref. RB | 5.00% | 10/01/2030 | 60 | 67097 |
|  District of Columbia, Series 2024 C, Ref. GO Bonds | 5.00% | 12/01/2030 | 10 | 11203 |
|  Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2030 | 35 | 38827 |
|  Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2032 | 55 | 59985 |
|  Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2033 | 80 | 86508 |

---

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

---

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|:---|
| 290 |
| 290 |
| 290 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  District of Columbia-(continued) |  |  |  |  |
|  Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2035 | $100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106746 |
|  Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2036 | 25 | 26502 |
|  Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2037 | 530 | 558050 |
|  Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2039 | 105 | 108995 |
|  Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2045 | 225 | 226897 |
|  |  |  |  | 3801812 |
|  Florida-2.89% |  |  |  |  |
|  Brevard County School District, Series 2024 A, Ref. COP | 5.00% | 07/01/2030 | 110 | 121964 |
|  Broward (County of), FL School Board, Series 2020 A, COP | 5.00% | 07/01/2030 | 105 | 116069 |
|  Broward (County of), FL School Board, Series 2020 A, COP | 5.00% | 07/01/2032 | 160 | 174237 |
|  Broward (County of), FL School Board, Series 2020 A, COP | 5.00% | 07/01/2033 | 105 | 113617 |
|  Broward (County of), FL School Board, Series 2020 A, COP | 5.00% | 07/01/2034 | 155 | 166736 |
|  Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2030 | 215 | 239315 |
|  Central Florida Expressway Authority, Series 2024 B, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2030 | 40 | 44524 |
|  Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2030 | 25 | 27707 |
|  Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2032 | 205 | 222538 |
|  Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2033 | 250 | 269567 |
|  Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2034 | 135 | 144526 |
|  Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2035 | 100 | 106317 |
|  Florida (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2030 | 267 | 297470 |
|  Florida (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 06/01/2030 | 30 | 33466 |
|  Florida (State of), Series 2022 B, Ref. GO Bonds | 5.00% | 06/01/2030 | 75 | 83595 |
|  Florida (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 06/01/2030 | 70 | 78088 |
|  Florida (State of) (Capital Outlay), Series 2015 E, Ref. GO Bonds | 3.00% | 06/01/2030 | 60 | 59981 |
|  Florida (State of) (Right-of-Way Acquisition), Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2030 | 115 | 128339 |
|  Jacksonville (City of), FL, Series 2015, Ref. RB | 3.00% | 10/01/2030 | 195 | 195016 |
|  JEA Electric System, Series 2020 3-A, Ref. RB | 5.00% | 10/01/2034 | 115 | 123327 |
|  JEA Electric System, Series 2020 3-A, Ref. RB | 5.00% | 10/01/2035 | 115 | 122253 |
|  JEA Electric System, Third Series 2024 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2030 | 55 | 61172 |
|  JEA Water & Sewer System, Series 2024 A, Ref. RB | 5.00% | 10/01/2030 | 5 | 5576 |
|  Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds | 3.00% | 07/01/2030 | 55 | 55004 |
|  Miami-Dade (County of), FL, Series 2016, GO Bonds | 4.00% | 07/01/2036 | 45 | 45698 |
|  Miami-Dade (County of), FL, Series 2020 A, Ref. RB | 5.00% | 10/01/2032 | 55 | 59910 |
|  Miami-Dade (County of), FL, Series 2020 A, Ref. RB | 5.00% | 10/01/2033 | 20 | 21612 |
|  Miami-Dade (County of), FL, Series 2020 A, Ref. RB | 4.00% | 10/01/2037 | 115 | 112671 |
|  Miami-Dade (County of), FL, Series 2020 A, Ref. RB | 4.00% | 10/01/2038 | 45 | 43448 |
|  Miami-Dade (County of), FL, Series 2020 A, Ref. RB | 4.00% | 10/01/2041 | 100 | 93297 |
|  Miami-Dade (County of), FL, Series 2020 C, RB | 4.00% | 04/01/2036 | 145 | 146613 |
|  Miami-Dade (County of), FL, Series 2021, RB | 5.00% | 10/01/2030 | 35 | 39051 |
|  Miami-Dade (County of), FL, Series 2024 B, RB | 5.00% | 10/01/2030 | 80 | 89260 |
|  Miami-Dade (County of), FL Transit System, Series 2020 A, RB | 5.00% | 07/01/2043 | 80 | 81666 |
|  North Miami Beach (City of), FL, Series 2020 A, RB | 5.00% | 08/01/2049 | 250 | 250532 |
|  Palm Beach County School District, Series 2020 A, COP | 5.00% | 08/01/2033 | 130 | 139825 |
|  Palm Beach County School District, Series 2020 A, COP | 5.00% | 08/01/2034 | 120 | 128364 |
|  Palm Beach County School District, Series 2025 A, Ref. COP | 5.00% | 08/01/2030 | 15 | 16680 |
|  Pasco (County of), FL School Board, Series 2020 C, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2033 | 55 | 59676 |
|  Pasco (County of), FL School Board, Series 2020 C, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2034 | 45 | 48516 |
|  Pasco (County of), FL School Board, Series 2020 C, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2035 | 115 | 122785 |
|  Polk (County of), FL, Series 2020, Ref. RB | 4.00% | 10/01/2043 | 375 | 339942 |
|  Sarasota (County of), FL, Series 2020 A, RB | 5.00% | 10/01/2045 | 5 | 5088 |
|  Tampa (City of), FL, Series 2020 A, RB | 5.00% | 10/01/2046 | 225 | 229851 |
|  |  |  |  | 5064889 |
|  Georgia-1.86% |  |  |  |  |
|  Atlanta (City of), GA, Series 2004, RB, (INS - AGI)<sup>(a)</sup> | 5.75% | 11/01/2030 | 120 | 138334 |
|  Atlanta (City of), GA (Green Bonds), Series 2024, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 11/01/2030 | 45 | 50253 |
|  Atlanta (City of), GA Department of Aviation, Series 2020 A, Ref. RB | 5.00% | 07/01/2030 | 80 | 89047 |
|  DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2030 | 35 | 39175 |

---

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

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|:---|
| 291 |
| 291 |
| 291 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Georgia-(continued) |  |  |  |  |
|  Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2020, Ref. RB | 5.00% | 02/15/2032 | $125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135665 |
|  Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2020, Ref. RB | 5.00% | 02/15/2033 | 140 | 150936 |
|  Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2024, RB | 5.00% | 10/15/2030 | 5 | 5533 |
|  Georgia (State of), Series 2015 A, GO Bonds | 3.00% | 02/01/2030 | 95 | 95031 |
|  Georgia (State of), Series 2022 A, GO Bonds | 5.00% | 07/01/2030 | 80 | 89511 |
|  Georgia (State of), Series 2023 C, Ref. GO Bonds | 4.00% | 01/01/2030 | 85 | 90718 |
|  Georgia (State of) (Bid Group 2), Series 2020 A, GO Bonds | 4.00% | 08/01/2034 | 60 | 61761 |
|  Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2030 | 220 | 246471 |
|  Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2032 | 90 | 99190 |
|  Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 4.00% | 08/01/2035 | 95 | 97039 |
|  Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2030 | 30 | 33567 |
|  Georgia (State of) (Bidding Group 2), Series 2020 A, GO Bonds | 5.00% | 08/01/2033 | 120 | 131395 |
|  Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds | 5.00% | 07/01/2030 | 215 | 240562 |
|  Georgia (State of) (Tranche 2), Series 2019 A, GO Bonds | 5.00% | 07/01/2030 | 55 | 60246 |
|  Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2030 | 85 | 94777 |
|  Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB | 5.00% | 06/01/2030 | 45 | 49943 |
|  Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB | 5.00% | 06/01/2032 | 125 | 136680 |
|  Gwinnett County School District, Series 2025, Ref. GO Bonds | 5.00% | 02/01/2030 | 95 | 105551 |
|  Henry County School District, Series 2021, GO Bonds | 4.00% | 08/01/2030 | 20 | 21293 |
|  Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2024 B, RB | 5.00% | 07/01/2030 | 80 | 89163 |
|  Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB | 5.00% | 09/01/2030 | 65 | 72232 |
|  Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB | 5.00% | 09/01/2032 | 55 | 60029 |
|  Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB | 5.00% | 09/01/2033 | 340 | 368320 |
|  Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB | 5.00% | 09/01/2034 | 50 | 53867 |
|  Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB | 4.00% | 09/01/2035 | 285 | 287018 |
|  Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB | 4.00% | 09/01/2037 | 10 | 9952 |
|  Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB | 4.00% | 09/01/2038 | 30 | 29705 |
|  Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB | 4.00% | 09/01/2039 | 10 | 9836 |
|  Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB | 4.00% | 09/01/2040 | 25 | 24315 |
|  |  |  |  | 3267115 |
|  Hawaii-0.63% |  |  |  |  |
|  Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2030 | 30 | 32418 |
|  Hawaii (State of), Series 2020 C, RB | 5.00% | 07/01/2050 | 125 | 125988 |
|  Hawaii (State of), Series 2020 D, Ref. RB | 5.00% | 07/01/2030 | 500 | 556306 |
|  Hawaii (State of), Series 2020 D, Ref. RB | 5.00% | 07/01/2032 | 35 | 38205 |
|  Hawaii (State of), Series 2020 D, Ref. RB | 5.00% | 07/01/2033 | 5 | 5423 |
|  Hawaii (State of), Series 2020 D, Ref. RB | 4.00% | 07/01/2035 | 5 | 5060 |
|  Honolulu (City & County of), HI, Series 2023, Ref. GO Bonds | 5.00% | 03/01/2030 | 30 | 33270 |
|  Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds | 5.00% | 03/01/2030 | 90 | 99809 |
|  Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds | 5.00% | 03/01/2030 | 190 | 210707 |
|  |  |  |  | 1107186 |
|  Idaho-0.06% |  |  |  |  |
|  Idaho State Building Authority, Series 2024 A, RB | 5.00% | 06/01/2030 | 50 | 55825 |
|  Idaho State Building Authority (School Modernization Facilities), Series 2025, RB | 5.00% | 06/01/2030 | 50 | 55825 |
|  |  |  |  | 111650 |
|  Illinois-4.64% |  |  |  |  |
|  Chicago (City of), IL, Series 2020 A, Ref. GO Bonds | 5.00% | 01/01/2030 | 160 | 169296 |
|  Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2030 | 310 | 339393 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2020 A, Ref. RB | 5.00% | 01/01/2034 | 200 | 213953 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2020 A, Ref. RB | 4.00% | 01/01/2035 | 310 | 311214 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2020 A, Ref. RB | 4.00% | 01/01/2037 | 590 | 582938 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2020 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 01/01/2037 | 85 | 84898 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2020 B, Ref. RB | 5.00% | 01/01/2032 | 45 | 48686 |

---

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

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| 292 |
| 292 |
| 292 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Illinois-(continued) |  |  |  |  |
|  Chicago (City of), IL (O'Hare International Airport), Series 2024 D, Ref. RB | 5.00% | 01/01/2030 | $55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60546 |
|  Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 C, Ref. GO Bonds | 5.00% | 12/01/2030 | 70 | 78240 |
|  Cook (County of), IL, Series 2021 A, Ref. GO Bonds | 5.00% | 11/15/2033 | 275 | 296619 |
|  Cook (County of), IL, Series 2021 A, Ref. RB | 5.00% | 11/15/2038 | 65 | 67741 |
|  Illinois (State of), Series 2016, GO Bonds | 3.50% | 06/01/2030 | 35 | 35048 |
|  Illinois (State of), Series 2020 B, GO Bonds | 5.00% | 10/01/2030 | 245 | 269393 |
|  Illinois (State of), Series 2020 C, GO Bonds | 4.00% | 10/01/2037 | 25 | 23541 |
|  Illinois (State of), Series 2020, GO Bonds | 5.50% | 05/01/2030 | 5 | 5404 |
|  Illinois (State of), Series 2020, GO Bonds | 5.50% | 05/01/2039 | 290 | 302317 |
|  Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 03/01/2030 | 40 | 43745 |
|  Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 12/01/2030 | 205 | 226193 |
|  Illinois (State of), Series 2022 B, Ref. GO Bonds | 5.00% | 03/01/2030 | 50 | 54659 |
|  Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 05/01/2030 | 105 | 115200 |
|  Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 12/01/2030 | 95 | 104578 |
|  Illinois (State of), Series 2023 C, GO Bonds | 5.00% | 05/01/2030 | 70 | 76800 |
|  Illinois (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 07/01/2030 | 195 | 214360 |
|  Illinois (State of), Series 2024 A, RB | 5.00% | 06/15/2030 | 65 | 71160 |
|  Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2030 | 100 | 109714 |
|  Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2030 | 105 | 114718 |
|  Illinois (State of), Series 2025 A, RB | 5.00% | 06/15/2030 | 10 | 10948 |
|  Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2008 A, Ref. RB | 5.00% | 11/01/2030 | 160 | 166668 |
|  Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB | 5.00% | 07/01/2030 | 85 | 94449 |
|  Illinois (State of) Finance Authority (Green Bonds), Series 2025 B, RB | 5.00% | 07/01/2030 | 10 | 11112 |
|  Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2020, Ref. RB | 5.00% | 08/15/2033 | 225 | 242698 |
|  Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2020, Ref. RB | 5.00% | 08/15/2034 | 95 | 101866 |
|  Illinois (State of) Finance Authority (Northshore University Health), Series 2020, Ref. RB | 5.00% | 08/15/2035 | 445 | 473118 |
|  Illinois (State of) Finance Authority (Northshore University Health), Series 2020, Ref. RB | 4.00% | 08/15/2036 | 330 | 323202 |
|  Illinois (State of) Finance Authority (Northshore University Health), Series 2020, Ref. RB | 4.00% | 08/15/2037 | 345 | 333077 |
|  Illinois (State of) Finance Authority (Northshore University Health), Series 2020, Ref. RB | 4.00% | 08/15/2038 | 185 | 174930 |
|  Illinois (State of) Regional Transportation Authority, Series 2000, RB, (INS - NATL)<sup>(a)</sup> | 6.50% | 07/01/2030 | 30 | 33326 |
|  Illinois (State of) Sports Facilities Authority (The), Series 2019, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 06/15/2030 | 15 | 16043 |
|  Illinois (State of) Toll Highway Authority, Series 2019 A, Ref. RB | 5.00% | 01/01/2030 | 240 | 257992 |
|  Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB | 5.00% | 01/01/2030 | 110 | 121140 |
|  Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB | 5.00% | 01/01/2030 | 365 | 401964 |
|  Rosemont (Village of), IL, Series 2020 A, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 12/01/2042 | 100 | 100992 |
|  Sales Tax Securitization Corp., Series 2020 A, Ref. RB | 5.00% | 01/01/2030 | 115 | 125118 |
|  Sales Tax Securitization Corp., Series 2020 A, Ref. RB | 5.00% | 01/01/2036 | 25 | 26152 |
|  Sales Tax Securitization Corp., Series 2020 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 4.00% | 01/01/2040 | 225 | 210019 |
|  Sales Tax Securitization Corp., Series 2021 A, Ref. RB | 5.00% | 01/01/2030 | 550 | 598389 |
|  Sales Tax Securitization Corp., Series 2023 C, Ref. RB | 5.00% | 01/01/2038 | 20 | 20763 |
|  Sales Tax Securitization Corp. (Social Bonds), Series 2023 A, Ref. RB | 4.00% | 01/01/2042 | 10 | 9282 |
|  Springfield (City of), IL, Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 03/01/2030 | 40 | 43576 |
|  University of Illinois, Series 2023 A, Ref. RB | 5.00% | 04/01/2030 | 195 | 214660 |
|  Wisconsin (State of) Health & Educational Facilities Authority (Unitypoint Health), Series 2024 B, Ref. RB | 5.00% | 04/01/2030 | 10 | 11022 |
|  |  |  |  | 8142860 |
|  Indiana-0.56% |  |  |  |  |
|  Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB | 5.00% | 10/01/2030 | 175 | 195168 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2021 A, Ref. RB | 5.00% | 02/01/2030 | 280 | 309980 |
|  Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.), Series 2012 A, RB | 4.25% | 11/01/2030 | 35 | 35836 |
|  Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.), Series 2012 B, RB | 3.00% | 11/01/2030 | 260 | 255155 |
|  Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB | 5.00% | 02/01/2030 | 160 | 174538 |
|  Indiana (State of) Municipal Power Agency, Series 2025 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2030 | 15 | 16526 |
|  |  |  |  | 987203 |

---

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

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| 293 |
| 293 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Iowa-0.26% |  |  |  |  |
|  Iowa (State of), Series 2019 A, Ref. RB | 5.00% | 06/01/2030 | $100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108685 |
|  Iowa (State of) Finance Authority (Green Bonds), Series 2020 A, RB | 5.00% | 08/01/2038 | 190 | 199664 |
|  Iowa (State of) Finance Authority (Green Bonds), Series 2020 A, RB | 5.00% | 08/01/2044 | 120 | 122796 |
|  Iowa (State of) Finance Authority (Green Bonds), Series 2020 A, RB | 5.00% | 08/01/2049 | 15 | 15111 |
|  |  |  |  | 446256 |
|  Kansas-0.03% |  |  |  |  |
|  Kansas (State of) Department of Transportation, Series 2024 A, Ref. RB | 5.00% | 09/01/2030 | 25 | 27956 |
|  Kansas (State of) Department of Transportation, Series 2025 A, Ref. RB | 5.00% | 09/01/2030 | 15 | 16773 |
|  |  |  |  | 44729 |
|  Kentucky-0.21% |  |  |  |  |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 130), Series 2024 B, Ref. RB | 5.00% | 11/01/2030 | 55 | 61167 |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB | 5.00% | 10/01/2030 | 150 | 166984 |
|  Kentucky (Commonwealth of) Turnpike Authority (Revitalizaton), Series 2024, Ref. RB | 5.00% | 07/01/2030 | 75 | 83446 |
|  Kentucky Bond Development Corp. (Kentucky Communications Network Authority), Series 2019, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 09/01/2049 | 50 | 49448 |
|  |  |  |  | 361045 |
|  Louisiana-0.51% |  |  |  |  |
|  Louisiana (State of), Series 2019 A, GO Bonds | 5.00% | 03/01/2030 | 80 | 86581 |
|  Louisiana (State of), Series 2020 A, GO Bonds | 5.00% | 03/01/2035 | 10 | 10711 |
|  Louisiana (State of), Series 2020 A, GO Bonds | 5.00% | 03/01/2036 | 150 | 158561 |
|  Louisiana (State of), Series 2020 A, GO Bonds | 5.00% | 03/01/2037 | 10 | 10546 |
|  Louisiana (State of), Series 2020 A, GO Bonds | 5.00% | 03/01/2039 | 45 | 46860 |
|  Louisiana (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 02/01/2030 | 75 | 82898 |
|  Louisiana (State of), Series 2024 E, GO Bonds | 5.00% | 09/01/2030 | 60 | 66884 |
|  Louisiana (State of) (Garvee), Series 2023, RB | 5.00% | 09/01/2030 | 100 | 111226 |
|  Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Entergy Louisiana LLC), Series 2021, Ref. RB | 2.00% | 06/01/2030 | 220 | 203948 |
|  Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2020, Ref. RB | 5.00% | 04/01/2045 | 110 | 110238 |
|  |  |  |  | 888453 |
|  Maine-0.01% |  |  |  |  |
|  Maine (State of) Turnpike Authority, Series 2020, RB | 5.00% | 07/01/2050 | 15 | 15082 |
|  Maryland-3.12% |  |  |  |  |
|  Baltimore (City of), MD (Water), Series 2020 A, RB | 5.00% | 07/01/2050 | 100 | 100449 |
|  Baltimore (County of), MD, Series 2020, GO Bonds | 4.00% | 03/01/2036 | 125 | 126393 |
|  Baltimore (County of), MD, Series 2020, GO Bonds | 4.00% | 03/01/2037 | 35 | 35176 |
|  Baltimore (County of), MD, Series 2020, GO Bonds | 4.00% | 03/01/2038 | 10 | 9923 |
|  Maryland (State of), First Series 2019, GO Bonds | 5.00% | 03/15/2030 | 270 | 293638 |
|  Maryland (State of), Series 2015 A, GO Bonds | 3.00% | 03/01/2030 | 115 | 115009 |
|  Maryland (State of), Series 2015 A, GO Bonds | 3.25% | 08/01/2030 | 60 | 60008 |
|  Maryland (State of), Series 2020, GO Bonds | 5.00% | 08/01/2030 | 165 | 184447 |
|  Maryland (State of), Series 2020, GO Bonds | 5.00% | 08/01/2032 | 305 | 335406 |
|  Maryland (State of), Series 2020, GO Bonds | 5.00% | 08/01/2033 | 195 | 212677 |
|  Maryland (State of), Series 2020, GO Bonds | 4.00% | 03/15/2034 | 5 | 5147 |
|  Maryland (State of), Series 2020, RB | 5.00% | 10/01/2032 | 10 | 10967 |
|  Maryland (State of), Series 2022, GO Bonds | 5.00% | 06/01/2030 | 105 | 117082 |
|  Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds | 5.00% | 08/01/2030 | 120 | 134143 |
|  Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 03/15/2030 | 195 | 216734 |
|  Maryland (State of) (Bidding Group 1), Series 2021 A, GO Bonds | 5.00% | 03/01/2030 | 160 | 177726 |
|  Maryland (State of) (Bidding Group 1), Series 2023 A, GO Bonds | 5.00% | 03/15/2030 | 10 | 11114 |
|  Maryland (State of) (Bidding Group 1), Series 2024, GO Bonds | 5.00% | 06/01/2030 | 55 | 61329 |
|  Maryland (State of) (Bidding Group 2), Second Series 2019 A, GO Bonds | 5.00% | 08/01/2030 | 300 | 328381 |
|  Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds | 5.00% | 03/15/2032 | 150 | 164239 |
|  Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds | 5.00% | 03/15/2033 | 240 | 260792 |
|  Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds | 5.00% | 08/01/2034 | 250 | 270697 |
|  Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds | 4.00% | 03/15/2035 | 10 | 10211 |

---

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

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| 294 |
| 294 |
| 294 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Maryland-(continued) |  |  |  |  |
|  Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds | 5.00% | 08/01/2035 | $215 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230945 |
|  Maryland (State of) Department of Transportation, Series 2015, RB | 3.00% | 12/15/2030 | 10 | 10000 |
|  Maryland (State of) Department of Transportation, Series 2016, RB | 3.00% | 11/01/2030 | 60 | 60002 |
|  Maryland (State of) Department of Transportation, Series 2020, RB | 5.00% | 10/01/2030 | 190 | 212569 |
|  Maryland (State of) Department of Transportation, Series 2020, RB | 5.00% | 10/01/2033 | 210 | 228773 |
|  Maryland (State of) Department of Transportation, Series 2020, RB | 5.00% | 10/01/2034 | 45 | 48679 |
|  Maryland (State of) Department of Transportation, Series 2021 A, RB | 4.00% | 10/01/2030 | 350 | 368215 |
|  Maryland (State of) Transportation Authority, Series 2020, RB | 5.00% | 07/01/2033 | 25 | 27233 |
|  Maryland (State of) Transportation Authority, Series 2020, RB | 5.00% | 10/01/2035 | 25 | 26821 |
|  Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB | 5.00% | 07/01/2030 | 75 | 83554 |
|  Maryland (State of) Transportation Authority, Series 2024, Ref. RB | 5.00% | 07/01/2030 | 20 | 22281 |
|  Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB | 5.00% | 07/01/2030 | 120 | 133687 |
|  Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB | 5.00% | 07/01/2032 | 15 | 16452 |
|  Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB | 5.00% | 07/01/2034 | 65 | 70360 |
|  Maryland Water Infrastructure Financing Administration Bay Restoration Fund, Series 2015, RB | 3.00% | 03/01/2030 | 20 | 19919 |
|  Montgomery (County of), MD, Series 2020 A, GO Bonds | 4.00% | 08/01/2030 | 40 | 42682 |
|  Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds | 4.00% | 11/01/2030 | 110 | 117499 |
|  Montgomery (County of), MD (Consolidated Public Improvement), Series 2021 A, Ref. GO Bonds | 5.00% | 08/01/2030 | 65 | 72789 |
|  Prince George's (County of), MD, Series 2019 A, GO Bonds | 5.00% | 07/15/2030 | 270 | 294486 |
|  Prince George's (County of), MD, Series 2021 A, GO Bonds | 5.00% | 07/01/2030 | 20 | 22368 |
|  Prince George's (County of), MD, Series 2022 A, GO Bonds | 5.00% | 07/01/2030 | 95 | 106249 |
|  Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB | 3.00% | 06/01/2030 | 20 | 20061 |
|  |  |  |  | 5477312 |
|  Massachusetts-4.17% |  |  |  |  |
|  Massachusetts (Commonwealth of), Series 2004 A, Ref. GO Bonds, (INS - AMBAC)<sup>(a)</sup> | 5.50% | 08/01/2030 | 50 | 56276 |
|  Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)<sup>(a)</sup> | 5.50% | 01/01/2030 | 35 | 39258 |
|  Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds | 5.00% | 07/01/2030 | 100 | 111647 |
|  Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds | 5.00% | 09/01/2030 | 60 | 67153 |
|  Massachusetts (Commonwealth of), Series 2019 A, GO Bonds | 5.00% | 01/01/2030 | 170 | 184196 |
|  Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds | 5.00% | 05/01/2030 | 55 | 61251 |
|  Massachusetts (Commonwealth of), Series 2019 G, GO Bonds | 5.00% | 09/01/2030 | 90 | 98650 |
|  Massachusetts (Commonwealth of), Series 2020 B, GO Bonds | 4.00% | 03/01/2032 | 30 | 31378 |
|  Massachusetts (Commonwealth of), Series 2020 B, GO Bonds | 4.00% | 03/01/2033 | 25 | 25938 |
|  Massachusetts (Commonwealth of), Series 2020 B, Ref. GO Bonds | 5.00% | 07/01/2032 | 30 | 32917 |
|  Massachusetts (Commonwealth of), Series 2020 B, Ref. GO Bonds | 5.00% | 07/01/2034 | 55 | 59612 |
|  Massachusetts (Commonwealth of), Series 2020 D, GO Bonds | 5.00% | 07/01/2030 | 500 | 558236 |
|  Massachusetts (Commonwealth of), Series 2020 D, GO Bonds | 5.00% | 07/01/2036 | 260 | 277314 |
|  Massachusetts (Commonwealth of), Series 2020 D, GO Bonds | 5.00% | 07/01/2037 | 105 | 111144 |
|  Massachusetts (Commonwealth of), Series 2020 D, GO Bonds | 5.00% | 07/01/2038 | 135 | 141843 |
|  Massachusetts (Commonwealth of), Series 2020 D, GO Bonds | 5.00% | 07/01/2040 | 475 | 492729 |
|  Massachusetts (Commonwealth of), Series 2020 D, GO Bonds | 5.00% | 07/01/2041 | 70 | 72193 |
|  Massachusetts (Commonwealth of), Series 2020 D, GO Bonds | 5.00% | 07/01/2045 | 610 | 619117 |
|  Massachusetts (Commonwealth of), Series 2020 D, GO Bonds | 5.00% | 07/01/2048 | 450 | 454097 |
|  Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds | 4.00% | 11/01/2034 | 85 | 87054 |
|  Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds | 4.00% | 11/01/2035 | 295 | 299280 |
|  Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds | 4.00% | 11/01/2036 | 20 | 20140 |
|  Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds | 4.00% | 11/01/2037 | 10 | 9952 |
|  Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds | 4.00% | 11/01/2040 | 5 | 4765 |
|  Massachusetts (Commonwealth of), Series 2020 E, GO Bonds | 5.00% | 11/01/2032 | 85 | 93587 |
|  Massachusetts (Commonwealth of), Series 2020 E, GO Bonds | 5.00% | 11/01/2033 | 215 | 235139 |
|  Massachusetts (Commonwealth of), Series 2020 E, GO Bonds | 5.00% | 11/01/2045 | 435 | 441901 |
|  Massachusetts (Commonwealth of), Series 2020 E, GO Bonds | 5.00% | 11/01/2050 | 380 | 382845 |
|  Massachusetts (Commonwealth of), Series 2021 A, Ref. GO Bonds | 5.00% | 09/01/2030 | 30 | 33577 |
|  Massachusetts (Commonwealth of), Series 2021 C, GO Bonds | 5.00% | 09/01/2030 | 280 | 313382 |
|  Massachusetts (Commonwealth of), Series 2022 A, Ref. GO Bonds | 5.00% | 10/01/2030 | 5 | 5602 |
|  Massachusetts (Commonwealth of), Series 2023, GO Bonds | 5.00% | 05/01/2030 | 55 | 61251 |
|  Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds | 5.00% | 03/01/2030 | 220 | 244373 |

---

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

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| 295 |
| 295 |
| 295 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Massachusetts-(continued) |  |  |  |  |
|  Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2030 | $5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5568 |
|  Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds | 5.00% | 11/01/2030 | 20 | 22427 |
|  Massachusetts (Commonwealth of), Series 2024 G, GO Bonds | 5.00% | 12/01/2030 | 5 | 5612 |
|  Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2021 B, RB | 5.00% | 06/01/2043 | 105 | 106685 |
|  Massachusetts (Commonwealth of) (Rail Enhancement Program) (Green Bonds), Series 2021 A, RB | 5.00% | 06/01/2051 | 35 | 35017 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2004 B, Ref. RB | 5.25% | 07/01/2030 | 210 | 229199 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB | 5.00% | 07/01/2030 | 5 | 5602 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2006 A, RB | 5.25% | 07/01/2030 | 50 | 56756 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2007 A-1, Ref. RB | 5.25% | 07/01/2030 | 180 | 203706 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB | 5.00% | 07/01/2034 | 30 | 32502 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2020 A-2, Ref. RB | 5.00% | 07/01/2037 | 65 | 68081 |
|  Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Boston College), Series 2000, RB | 5.50% | 06/01/2030 | 20 | 22480 |
|  Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute of Technology), Series 2004 M, RB | 5.25% | 07/01/2030 | 150 | 170122 |
|  Massachusetts (Commonwealth of) School Building Authority (Social Bonds), Series 2020 A, RB | 5.00% | 08/15/2045 | 250 | 254384 |
|  Massachusetts (Commonwealth of) School Building Authority (Social Bonds), Series 2020 A, RB | 5.00% | 08/15/2050 | 115 | 115885 |
|  Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB | 5.00% | 01/01/2030 | 45 | 48773 |
|  Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGI)<sup>(a)</sup>  | 5.25% | 08/01/2030 | 95 | 107856 |
|  University of Massachusetts Building Authority, Series 2022-1, RB | 5.00% | 11/01/2052 | 100 | 100077 |
|  |  |  |  | 7318529 |
|  Michigan-1.27% |  |  |  |  |
|  Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.25% | 05/01/2030 | 205 | 228534 |
|  Great Lakes Water Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2030 | 95 | 105470 |
|  Michigan (State of), Series 2018, GO Bonds | 3.00% | 05/01/2030 | 80 | 80173 |
|  Michigan (State of), Series 2020 B, RB | 5.00% | 11/15/2032 | 60 | 65926 |
|  Michigan (State of), Series 2020 B, RB | 5.00% | 11/15/2033 | 720 | 784939 |
|  Michigan (State of), Series 2020, RB | 5.00% | 11/15/2030 | 235 | 264240 |
|  Michigan (State of), Series 2023, RB | 5.00% | 11/15/2030 | 80 | 89954 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2020 I, Ref. RB | 5.00% | 10/15/2030 | 165 | 183838 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2025 I, Ref. RB | 5.00% | 04/15/2030 | 50 | 55344 |
|  Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB | 5.00% | 04/15/2030 | 35 | 38628 |
|  Michigan (State of) Hospital Finance Authority (Ascension Health Senior Credit Group), Series 2010, Ref. RB | 5.00% | 11/15/2047 | 235 | 235357 |
|  Walled Lake Consolidated School District, Series 2020, GO Bonds | 5.00% | 05/01/2050 | 95 | 95640 |
|  |  |  |  | 2228043 |
|  Minnesota-1.11% |  |  |  |  |
|  Minnesota (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2030 | 10 | 10943 |
|  Minnesota (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2030 | 115 | 128837 |
|  Minnesota (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2033 | 45 | 48911 |
|  Minnesota (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2034 | 40 | 43258 |
|  Minnesota (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2035 | 50 | 53688 |
|  Minnesota (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2036 | 65 | 69332 |
|  Minnesota (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2038 | 35 | 36876 |
|  Minnesota (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2040 | 140 | 146639 |
|  Minnesota (State of), Series 2021 A, GO Bonds | 5.00% | 09/01/2030 | 295 | 330908 |
|  Minnesota (State of), Series 2021 B, GO Bonds | 5.00% | 09/01/2030 | 60 | 67093 |
|  Minnesota (State of), Series 2022 A, Ref. RB | 5.00% | 03/01/2030 | 145 | 160217 |
|  Minnesota (State of), Series 2023 E, Ref. GO Bonds | 5.00% | 08/01/2030 | 220 | 245713 |
|  Minnesota (State of), Series 2023, COP | 5.00% | 11/01/2030 | 130 | 144910 |
|  Minnesota (State of), Series 2024 A, GO Bonds | 5.00% | 08/01/2030 | 45 | 50415 |
|  Minnesota (State of), Series 2024 B, GO Bonds | 5.00% | 08/01/2030 | 5 | 5584 |
|  Minnesota (State of), Series 2024 D, Ref. GO Bonds | 5.00% | 08/01/2030 | 100 | 112032 |

---

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

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| 296 |
| 296 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Minnesota-(continued) |  |  |  |  |
|  Minnesota (State of) Public Facilities Authority, Series 2023 A, RB | 5.00% | 03/01/2030 | $90 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100215 |
|  Minnesota (State of) Public Facilities Authority, Series 2023 B, Ref. RB | 5.00% | 03/01/2030 | 165 | 183727 |
|  |  |  |  | 1939298 |
|  Mississippi-0.06% |  |  |  |  |
|  Mississippi (State of), Series 2021 A, GO Bonds | 4.00% | 06/01/2034 | 70 | 70798 |
|  Mississippi (State of), Series 2021 A, GO Bonds | 4.00% | 06/01/2035 | 30 | 30096 |
|  Mississippi (State of) Development Bank (Desoto County Mississippi Highway Refunding), Series 2024 A, Ref. RB | 5.00% | 01/01/2030 | 5 | 5481 |
|  |  |  |  | 106375 |
|  Missouri-0.64% |  |  |  |  |
|  Curators of the University of Missouri (The), Series 2020 B, RB | 5.00% | 11/01/2030 | 460 | 516540 |
|  Curators of the University of Missouri (The), Series 2024, Ref. RB | 5.00% | 11/01/2030 | 10 | 11229 |
|  Jackson County Reorganized School District No. 7, Series 2020, Ref. GO Bonds | 4.00% | 03/01/2030 | 120 | 125858 |
|  Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2023 A, RB | 5.00% | 05/01/2030 | 5 | 5522 |
|  Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB | 5.00% | 06/01/2030 | 105 | 114617 |
|  Missouri (State of) Highway & Transportation Commission, Series 2022 A, RB | 5.00% | 05/01/2030 | 105 | 116836 |
|  Springfield (City of), MO, Series 2015, Ref. RB<sup>(b)(c)</sup> | 3.38% | 09/16/2025 | 20 | 20007 |
|  St. Louis (City of), MO, Series 2005, RB, (INS - NATL)<sup>(a)</sup> | 5.50% | 07/01/2030 | 190 | 215322 |
|  |  |  |  | 1125931 |
|  Nebraska-0.39% |  |  |  |  |
|  Omaha (City of), NE Public Power District, Series 2021 A, RB | 5.00% | 02/01/2046 | 650 | 656362 |
|  Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2024, Ref. RB | 5.00% | 01/01/2030 | 30 | 32999 |
|  |  |  |  | 689361 |
|  Nevada-0.44% |  |  |  |  |
|  Clark (County of), NV, Series 2019, Ref. RB | 5.00% | 07/01/2030 | 60 | 65126 |
|  Clark (County of), NV, Series 2020 C, Ref. RB | 5.00% | 07/01/2030 | 140 | 155901 |
|  Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB | 5.00% | 07/01/2030 | 40 | 43417 |
|  Clark (County of), NV Department of Aviation, Series 2019, Ref. RB | 5.00% | 07/01/2030 | 90 | 97723 |
|  Clark (County of), NV Department of Aviation, Series 2024 A, Ref. RB | 5.00% | 07/01/2030 | 5 | 5563 |
|  Clark County School District, Series 2020 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 06/15/2040 | 50 | 47105 |
|  Las Vegas Valley Water District, Series 2021 C, GO Bonds | 5.00% | 06/01/2030 | 215 | 239740 |
|  Nevada (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2030 | 100 | 111272 |
|  |  |  |  | 765847 |
|  New Jersey-1.87% |  |  |  |  |
|  New Jersey (State of), Series 2020 A, GO Bonds | 4.00% | 06/01/2030 | 475 | 506062 |
|  New Jersey (State of), Series 2021, GO Bonds | 2.00% | 06/01/2030 | 615 | 581833 |
|  New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB | 3.38% | 07/01/2030 | 200 | 197656 |
|  New Jersey (State of) Economic Development Authority (New Jersey Transportation Bonds), Series 2020 A, RB | 5.00% | 11/01/2030 | 20 | 21827 |
|  New Jersey (State of) Educational Facilities Authority, Series 2024 A, GO Bonds | 5.00% | 03/01/2030 | 235 | 261035 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN | 5.00% | 06/15/2030 | 70 | 77494 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB | 4.00% | 06/15/2035 | 385 | 385411 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB | 5.00% | 06/15/2035 | 250 | 266371 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB | 4.00% | 06/15/2036 | 10 | 9887 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB | 5.00% | 06/15/2036 | 145 | 153249 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB | 5.00% | 06/15/2037 | 10 | 10490 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB | 5.00% | 06/15/2039 | 15 | 15518 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB | 5.00% | 06/15/2045 | 50 | 50209 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB | 5.00% | 06/15/2030 | 130 | 143980 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB | 5.00% | 06/15/2030 | 195 | 215878 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, RB | 5.00% | 06/15/2030 | 70 | 77494 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2030 | 160 | 177216 |

---

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

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| 297 |
| 297 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New Jersey-(continued) |  |  |  |  |
|  New Jersey (State of) Turnpike Authority, Series 2005 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 01/01/2030 | $15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16705 |
|  New Jersey (State of) Turnpike Authority, Series 2022 C, Ref. RB | 5.00% | 01/01/2030 | 105 | 115724 |
|  |  |  |  | 3284039 |
|  New Mexico-0.38% |  |  |  |  |
|  New Mexico (State of), Series 2023, GO Bonds | 5.00% | 03/01/2030 | 75 | 83140 |
|  New Mexico (State of) Finance Authority, Series 2021 A, RB | 5.00% | 06/15/2030 | 235 | 262079 |
|  New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB | 5.00% | 07/01/2030 | 140 | 155699 |
|  New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB | 5.00% | 07/01/2030 | 155 | 172380 |
|  |  |  |  | 673298 |
|  New York-21.72% |  |  |  |  |
|  Battery Park (City of), NY Authority, Series 2023 B, Ref. RB | 5.00% | 11/01/2030 | 15 | 16976 |
|  Brookhaven Local Development Corp. (Long Island Community Hospital), Series 2020, Ref. RB | 5.00% | 10/01/2050 | 150 | 148424 |
|  Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021, Ref. RB | 5.00% | 02/15/2030 | 30 | 33460 |
|  Long Island (City of), NY Power Authority, Series 2020 A, Ref. RB | 5.00% | 09/01/2034 | 70 | 75580 |
|  Long Island (City of), NY Power Authority, Series 2020 A, Ref. RB | 5.00% | 09/01/2035 | 25 | 26761 |
|  Long Island (City of), NY Power Authority, Series 2020 A, Ref. RB | 5.00% | 09/01/2036 | 45 | 47764 |
|  Long Island (City of), NY Power Authority, Series 2020 A, Ref. RB | 5.00% | 09/01/2037 | 275 | 290010 |
|  Long Island (City of), NY Power Authority, Series 2020 A, Ref. RB | 4.00% | 09/01/2039 | 70 | 68708 |
|  Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB | 5.00% | 09/01/2030 | 60 | 67243 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB | 4.00% | 11/15/2040 | 10 | 9163 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 11/15/2041 | 25 | 22722 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB | 4.75% | 11/15/2045 | 620 | 594338 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB | 5.00% | 11/15/2050 | 1525 | 1494272 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB | 5.25% | 11/15/2055 | 550 | 548306 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2020 D-1, RB | 5.00% | 11/15/2043 | 5 | 5025 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2020 D-1, RB | 5.00% | 11/15/2044 | 125 | 125153 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB | 5.00% | 11/15/2030 | 295 | 326986 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB | 5.00% | 11/15/2032 | 230 | 250192 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB | 5.00% | 11/15/2033 | 175 | 188832 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB | 5.00% | 11/15/2030 | 200 | 221686 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2024 B, Ref. RB | 5.00% | 11/15/2030 | 70 | 77590 |
|  New York & New Jersey (States of) Port Authority, One Hundred Eighty Third Series 2014, RB | 3.25% | 12/15/2030 | 80 | 80010 |
|  New York & New Jersey (States of) Port Authority, Series 2012, RB | 3.00% | 12/01/2030 | 45 | 44999 |
|  New York & New Jersey (States of) Port Authority, Series 2020-222, Ref. RB | 4.00% | 07/15/2040 | 35 | 33865 |
|  New York & New Jersey (States of) Port Authority, Series 2021, Ref. RB | 5.00% | 07/15/2030 | 15 | 16727 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB | 5.00% | 09/01/2030 | 25 | 27931 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB | 4.00% | 12/01/2030 | 35 | 37360 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB | 5.00% | 09/01/2030 | 130 | 141356 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB | 5.00% | 07/15/2032 | 105 | 115115 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB | 5.00% | 07/15/2033 | 140 | 152443 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB | 5.00% | 07/15/2034 | 260 | 281320 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB | 5.00% | 07/15/2035 | 275 | 295850 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB | 4.00% | 07/15/2036 | 70 | 70513 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB | 4.00% | 07/15/2037 | 15 | 15044 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB | 4.00% | 07/15/2038 | 10 | 9914 |
|  New York (City of), NY, Series 2005-1, GO Bonds | 5.00% | 09/01/2030 | 15 | 16602 |
|  New York (City of), NY, Series 2019 B-1, GO Bonds | 5.00% | 10/01/2030 | 90 | 98289 |
|  New York (City of), NY, Series 2020 A-1, Ref. GO Bonds | 5.00% | 08/01/2030 | 240 | 265357 |
|  New York (City of), NY, Series 2020 A-1, Ref. GO Bonds | 4.00% | 08/01/2034 | 5 | 5067 |
|  New York (City of), NY, Series 2020 B-1, Ref. GO Bonds | 5.00% | 11/01/2030 | 50 | 55428 |

---

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

---

| |
|:---|
| 298 |
| 298 |
| 298 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (City of), NY, Series 2020 B-1, Ref. GO Bonds | 5.00% | 11/01/2032 | $250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272871 |
|  New York (City of), NY, Series 2020 C, GO Bonds | 5.00% | 08/01/2032 | 365 | 397538 |
|  New York (City of), NY, Series 2020 C, GO Bonds | 5.00% | 08/01/2033 | 135 | 145765 |
|  New York (City of), NY, Series 2020 C, GO Bonds | 5.00% | 08/01/2034 | 10 | 10710 |
|  New York (City of), NY, Series 2020 C, GO Bonds | 5.00% | 08/01/2035 | 150 | 159377 |
|  New York (City of), NY, Series 2020 C, GO Bonds | 4.00% | 08/01/2036 | 30 | 29916 |
|  New York (City of), NY, Series 2020 C, GO Bonds | 5.00% | 08/01/2038 | 200 | 207805 |
|  New York (City of), NY, Series 2020 C, GO Bonds | 5.00% | 08/01/2042 | 70 | 71340 |
|  New York (City of), NY, Series 2020 C-1, Ref. GO Bonds | 5.00% | 08/01/2030 | 795 | 878994 |
|  New York (City of), NY, Series 2020 C-1, Ref. GO Bonds | 5.00% | 08/01/2032 | 30 | 32674 |
|  New York (City of), NY, Series 2020 C-1, Ref. GO Bonds | 5.00% | 08/01/2033 | 500 | 539869 |
|  New York (City of), NY, Series 2020 C-1, Ref. GO Bonds | 5.00% | 08/01/2034 | 25 | 26776 |
|  New York (City of), NY, Series 2020 D-1, GO Bonds | 4.00% | 03/01/2036 | 500 | 500643 |
|  New York (City of), NY, Series 2020 D-1, GO Bonds | 5.00% | 03/01/2037 | 25 | 26159 |
|  New York (City of), NY, Series 2020 D-1, GO Bonds | 5.00% | 03/01/2038 | 15 | 15587 |
|  New York (City of), NY, Series 2020 D-1, GO Bonds | 5.00% | 03/01/2039 | 20 | 20660 |
|  New York (City of), NY, Series 2020 D-1, GO Bonds | 5.00% | 03/01/2043 | 100 | 101373 |
|  New York (City of), NY, Series 2021 C, GO Bonds | 5.00% | 08/01/2030 | 430 | 475431 |
|  New York (City of), NY, Series 2021-1, GO Bonds | 5.00% | 04/01/2030 | 60 | 66049 |
|  New York (City of), NY, Series 2021-1, GO Bonds | 5.00% | 08/01/2030 | 25 | 27641 |
|  New York (City of), NY, Series 2022 B-1, Ref. GO Bonds | 5.00% | 08/01/2030 | 95 | 105037 |
|  New York (City of), NY, Series 2022 C, Ref. GO Bonds | 5.00% | 08/01/2030 | 35 | 38698 |
|  New York (City of), NY, Series 2023, A GO Bonds | 5.00% | 08/01/2030 | 10 | 11057 |
|  New York (City of), NY, Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2030 | 105 | 116094 |
|  New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2030 | 110 | 120954 |
|  New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2030 | 35 | 38529 |
|  New York (City of), NY, Series 2025, Ref. GO Bonds | 5.00% | 08/01/2030 | 30 | 33170 |
|  New York (City of), NY, Subseries 2008 L-6, GO Bonds | 5.00% | 04/01/2030 | 90 | 97537 |
|  New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.00% | 10/01/2030 | 20 | 22154 |
|  New York (City of), NY, Subseries 2023 F-1, Ref. GO Bonds | 5.00% | 08/01/2030 | 280 | 309583 |
|  New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.00% | 09/01/2030 | 25 | 27670 |
|  New York (City of), NY Industrial Development Agency, Series 2020, Ref. RB | 5.00% | 06/15/2041 | 10 | 10337 |
|  New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 03/01/2030 | 5 | 5465 |
|  New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 03/01/2032 | 280 | 286388 |
|  New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2030 | 295 | 321835 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2020 DD-1, RB | 5.00% | 06/15/2030 | 125 | 140185 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2020 EE, Ref. RB | 5.00% | 06/15/2030 | 165 | 185044 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2020 FF, Ref. RB | 5.00% | 06/15/2041 | 70 | 72387 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2020 GG, RB | 5.00% | 06/15/2030 | 175 | 196258 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2020 GG-1, RB | 5.00% | 06/15/2048 | 400 | 401631 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2020 GG-1, RB | 5.00% | 06/15/2050 | 250 | 250737 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB | 5.00% | 06/15/2041 | 50 | 51683 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB | 5.00% | 06/15/2050 | 190 | 190613 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2022 AA-2, Ref. RB | 5.00% | 06/15/2032 | 225 | 249120 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2022 E, Ref. RB | 5.00% | 06/15/2030 | 235 | 263547 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2021 AA-2, Ref. RB | 5.00% | 06/15/2030 | 115 | 128970 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2021 AA-2, Ref. RB | 5.00% | 06/15/2032 | 195 | 215904 |
|  New York (City of), NY Transitional Finance Authority, Series 2010 F-5, RB | 5.00% | 02/01/2030 | 355 | 392541 |
|  New York (City of), NY Transitional Finance Authority, Series 2010, RB | 5.00% | 05/01/2030 | 60 | 66595 |
|  New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB | 4.00% | 05/01/2037 | 15 | 14768 |
|  New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB | 4.00% | 05/01/2040 | 5 | 4665 |
|  New York (City of), NY Transitional Finance Authority, Series 2020 D, RB | 5.00% | 11/01/2037 | 70 | 73326 |
|  New York (City of), NY Transitional Finance Authority, Series 2020, RB | 5.00% | 05/01/2033 | 430 | 468742 |
|  New York (City of), NY Transitional Finance Authority, Series 2020, RB | 5.00% | 05/01/2033 | 335 | 365183 |
|  New York (City of), NY Transitional Finance Authority, Series 2020, RB | 5.00% | 05/01/2034 | 280 | 301498 |

---

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

---

| |
|:---|
| 299 |
| 299 |
| 299 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (City of), NY Transitional Finance Authority, Series 2020, RB | 5.00% | 05/01/2034 | $100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107678 |
|  New York (City of), NY Transitional Finance Authority, Series 2020, RB | 5.00% | 05/01/2037 | 105 | 110392 |
|  New York (City of), NY Transitional Finance Authority, Series 2020, RB | 4.00% | 11/01/2038 | 10 | 9532 |
|  New York (City of), NY Transitional Finance Authority, Series 2020, RB | 4.00% | 11/01/2039 | 5 | 4703 |
|  New York (City of), NY Transitional Finance Authority, Series 2020, RB | 4.00% | 05/01/2040 | 25 | 23326 |
|  New York (City of), NY Transitional Finance Authority, Series 2020, RB | 5.00% | 05/01/2041 | 550 | 563545 |
|  New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 5.00% | 11/01/2030 | 205 | 229037 |
|  New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 5.00% | 11/01/2032 | 125 | 136602 |
|  New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 5.00% | 11/01/2033 | 420 | 456338 |
|  New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 4.00% | 11/01/2035 | 325 | 325166 |
|  New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 5.00% | 11/01/2036 | 55 | 58017 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 A, Ref. RB | 4.00% | 11/01/2034 | 30 | 30342 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB | 5.00% | 11/01/2030 | 70 | 78208 |
|  New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB | 5.00% | 11/01/2030 | 150 | 167588 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2030 | 110 | 122533 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB | 5.00% | 11/01/2030 | 90 | 100553 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB | 5.00% | 07/15/2030 | 90 | 99841 |
|  New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB | 5.00% | 11/01/2030 | 35 | 39104 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2030 | 60 | 67035 |
|  New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2030 | 125 | 138741 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.00% | 05/01/2030 | 30 | 33298 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB | 5.00% | 11/01/2030 | 45 | 50276 |
|  New York (City of), NY Transitional Finance Authority, Series 2024, RB | 5.00% | 05/01/2030 | 10 | 11099 |
|  New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB | 5.00% | 11/01/2030 | 25 | 27931 |
|  New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB | 5.00% | 11/01/2030 | 90 | 100553 |
|  New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2030 | 30 | 33518 |
|  New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2030 | 25 | 27931 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB | 3.00% | 11/01/2030 | 100 | 100014 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2020 C-1, RB | 5.00% | 05/01/2035 | 235 | 251112 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2021 C-1, RB | 5.00% | 05/01/2032 | 50 | 54798 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2021 C-1, RB | 4.00% | 05/01/2035 | 55 | 55224 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2021 C-1, RB | 4.00% | 05/01/2036 | 10 | 9953 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2021 D-1, RB | 5.00% | 11/01/2034 | 50 | 53641 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2021 D-1, RB | 5.00% | 11/01/2036 | 65 | 68565 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB | 5.00% | 07/15/2030 | 205 | 227417 |
|  New York (City of), NY Trust for Cultural Resources (The) (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB | 5.00% | 12/01/2032 | 295 | 323287 |
|  New York (City of), NY Trust for Cultural Resources (The) (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB | 4.00% | 12/01/2033 | 10 | 10211 |
|  New York (City of), NY Trust for Cultural Resources (The) (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB | 4.00% | 12/01/2034 | 110 | 111598 |
|  New York (City of), NY Trust for Cultural Resources (The) (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB | 4.00% | 12/01/2035 | 10 | 10044 |
|  New York (State of), Series 2023 C, Ref. GO Bonds | 5.00% | 03/15/2030 | 60 | 67291 |
|  New York (State of) Dormitory Authority, Series 2005 B, Ref. RB, (INS - AMBAC)<sup>(a)</sup> | 5.50% | 03/15/2030 | 35 | 39520 |
|  New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2030 | 70 | 75386 |
|  New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 07/01/2030 | 65 | 70809 |
|  New York (State of) Dormitory Authority, Series 2019 D, Ref. RB | 5.00% | 02/15/2030 | 110 | 121703 |
|  New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 5.00% | 03/15/2030 | 160 | 177252 |
|  New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 5.00% | 07/01/2030 | 175 | 195976 |
|  New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 5.00% | 03/15/2032 | 255 | 279740 |
|  New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 5.00% | 03/15/2033 | 40 | 43467 |
|  New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 4.00% | 03/15/2034 | 205 | 207159 |
|  New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 4.00% | 03/15/2035 | 150 | 150796 |
|  New York (State of) Dormitory Authority, Series 2020 A-2, Ref. RB | 5.00% | 07/01/2030 | 220 | 246370 |
|  New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 5.00% | 02/15/2032 | 120 | 130443 |
|  New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 5.00% | 02/15/2033 | 295 | 317975 |
|  New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 5.00% | 02/15/2034 | 830 | 888505 |

---

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

---

| |
|:---|
| 300 |
| 300 |
| 300 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 5.00% | 02/15/2035 | $120 | $127519 |
|  New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 4.00% | 02/15/2036 | 205 | 205065 |
|  New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 4.00% | 02/15/2039 | 280 | 272659 |
|  New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 4.00% | 02/15/2040 | 25 | 23606 |
|  New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 5.00% | 02/15/2041 | 405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413632 |
|  New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2030 | 125 | 136646 |
|  New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 5.00% | 03/15/2030 | 55 | 60930 |
|  New York (State of) Dormitory Authority, Series 2021, RB | 5.00% | 07/01/2030 | 5 | 5570 |
|  New York (State of) Dormitory Authority, Series 2021, Ref. RB | 5.00% | 03/15/2030 | 5 | 5539 |
|  New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2030 | 90 | 100736 |
|  New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2033 | 410 | 444608 |
|  New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2034 | 420 | 452263 |
|  New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2036 | 385 | 408728 |
|  New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2042 | 365 | 373231 |
|  New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 5.00% | 03/15/2030 | 55 | 60930 |
|  New York (State of) Dormitory Authority, Series 2022, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2032 | 85 | 92873 |
|  New York (State of) Dormitory Authority, Series 2022, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2035 | 170 | 181704 |
|  New York (State of) Dormitory Authority, Series 2022, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2037 | 230 | 242114 |
|  New York (State of) Dormitory Authority, Series 2023 A, Ref. RB | 5.00% | 03/15/2030 | 510 | 564990 |
|  New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2030 | 30 | 33316 |
|  New York (State of) Dormitory Authority, Series 2023 A-2, Ref. RB | 5.00% | 09/15/2030 | 50 | 55306 |
|  New York (State of) Dormitory Authority, Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2030 | 35 | 39175 |
|  New York (State of) Dormitory Authority, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2030 | 5 | 5596 |
|  New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2030 | 30 | 33235 |
|  New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2030 | 25 | 27764 |
|  New York (State of) Dormitory Authority (Bidding Group 2), Series 2020 A, Ref. RB | 4.00% | 03/15/2036 | 360 | 359827 |
|  New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB | 5.00% | 02/15/2048 | 15 | 15038 |
|  New York (State of) Power Authority (Green Bonds), Series 2024 A, RB | 5.00% | 11/15/2030 | 40 | 45459 |
|  New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2030 | 25 | 28254 |
|  New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2030 | 10 | 11302 |
|  New York (State of) Thruway Authority, Series 2019 B, RB | 5.00% | 01/01/2036 | 25 | 26535 |
|  New York (State of) Thruway Authority, Series 2019 B, RB | 4.00% | 01/01/2038 | 60 | 59116 |
|  New York (State of) Thruway Authority, Series 2019 B, RB | 4.00% | 01/01/2039 | 20 | 19459 |
|  New York (State of) Thruway Authority, Series 2019 B, Ref. RB | 5.00% | 01/01/2030 | 5 | 5539 |
|  New York (State of) Thruway Authority, Series 2020 N, RB | 5.00% | 01/01/2033 | 35 | 37908 |
|  New York (State of) Thruway Authority, Series 2020 N, RB | 5.00% | 01/01/2034 | 20 | 21507 |
|  New York (State of) Thruway Authority, Series 2020 N, RB | 5.00% | 01/01/2035 | 60 | 64091 |
|  New York (State of) Thruway Authority, Series 2020 N, RB | 5.00% | 01/01/2036 | 55 | 58369 |
|  New York (State of) Thruway Authority, Series 2020 N, RB | 5.00% | 01/01/2037 | 240 | 252927 |
|  New York (State of) Thruway Authority, Series 2020 N, RB | 5.00% | 01/01/2038 | 150 | 156934 |
|  New York (State of) Thruway Authority, Series 2020 N, RB | 5.00% | 01/01/2039 | 25 | 25989 |
|  New York (State of) Thruway Authority, Series 2020 N, RB | 4.00% | 01/01/2041 | 35 | 32437 |
|  New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2030 | 15 | 16662 |
|  New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB | 5.00% | 03/15/2030 | 230 | 254695 |
|  New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB | 5.00% | 03/15/2030 | 245 | 271306 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Series 2020, RB | 4.00% | 05/01/2038 | 25 | 24274 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 B, Ref. RB | 5.00% | 06/15/2030 | 125 | 137033 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, RB | 5.00% | 06/15/2030 | 45 | 50532 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB | 5.00% | 06/15/2030 | 15 | 16844 |
|  New York State Urban Development Corp., Series 2020 A, RB | 5.00% | 03/15/2030 | 190 | 211263 |
|  New York State Urban Development Corp., Series 2020 A, RB | 5.00% | 03/15/2035 | 105 | 111950 |
|  New York State Urban Development Corp., Series 2020 A, RB | 5.00% | 03/15/2036 | 745 | 789085 |
|  New York State Urban Development Corp., Series 2020 A, RB | 5.00% | 03/15/2037 | 190 | 199918 |
|  New York State Urban Development Corp., Series 2020 A, RB | 4.00% | 03/15/2039 | 20 | 19175 |
|  New York State Urban Development Corp., Series 2020 A, RB | 4.00% | 03/15/2040 | 5 | 4722 |

---

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

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|:---|
| 301 |
| 301 |
| 301 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York State Urban Development Corp., Series 2020 A, RB | 5.00% | 03/15/2041 | $190 | $193997 |
|  New York State Urban Development Corp., Series 2020 A, RB | 5.00% | 03/15/2042 | 20 | 20339 |
|  New York State Urban Development Corp., Series 2020 C, Ref. RB | 5.00% | 03/15/2038 | 105 | 109729 |
|  New York State Urban Development Corp., Series 2020 C, Ref. RB | 4.00% | 03/15/2041 | 20 | 18637 |
|  New York State Urban Development Corp., Series 2020 C, Ref. RB | 5.00% | 03/15/2047 | 350 | 351163 |
|  New York State Urban Development Corp., Series 2020 E, Ref. RB | 5.00% | 03/15/2033 | 105 | 112845 |
|  New York State Urban Development Corp., Series 2020 E, Ref. RB | 4.00% | 03/15/2034 | 125 | 126770 |
|  New York State Urban Development Corp., Series 2020 E, Ref. RB | 4.00% | 03/15/2035 | 120 | 121176 |
|  New York State Urban Development Corp., Series 2020 E, Ref. RB | 4.00% | 03/15/2036 | 160 | 160753 |
|  New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2030 | 120 | 133429 |
|  New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2032 | 65 | 70988 |
|  New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2033 | 80 | 86585 |
|  New York State Urban Development Corp., Series 2020, Ref. RB | 4.00% | 03/15/2034 | 460 | 467168 |
|  New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2035 | 160 | 170591 |
|  New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2036 | 80 | 84734 |
|  New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2043 | 105 | 106406 |
|  New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2044 | 235 | 237572 |
|  New York State Urban Development Corp., Series 2022, Ref. RB | 5.00% | 03/15/2030 | 55 | 61155 |
|  New York State Urban Development Corp., Series 2022, Ref. RB | 5.00% | 09/15/2030 | 165 | 184834 |
|  New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB | 5.00% | 03/15/2030 | 90 | 100236 |
|  New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB | 5.00% | 03/15/2030 | 260 | 289096 |
|  New York State Urban Development Corp. (Green Bonds), Series 2023, Ref. RB | 5.00% | 03/15/2030 | 30 | 33357 |
|  New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 C, Ref. RB | 5.00% | 12/01/2033 | 130 | 139155 |
|  New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 C, Ref. RB | 5.00% | 12/01/2034 | 315 | 335017 |
|  New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 C, Ref. RB | 5.00% | 12/01/2036 | 75 | 78656 |
|  New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB | 5.00% | 12/01/2032 | 75 | 80823 |
|  New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB | 5.00% | 12/01/2035 | 125 | 132491 |
|  New York Transportation Development Corp. (Terminal 4 John F. Kennedy International Airport), Series 2020, Ref. RB | 5.00% | 12/01/2037 | 25 | 26033 |
|  Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB | 5.00% | 11/15/2030 | 210 | 236020 |
|  Triborough Bridge & Tunnel Authority, Series 2018 D, RB | 5.00% | 11/15/2033 | 150 | 164149 |
|  Triborough Bridge & Tunnel Authority, Series 2018 D, RB | 5.00% | 11/15/2034 | 65 | 70613 |
|  Triborough Bridge & Tunnel Authority, Series 2024 A-2, Ref. RB | 5.00% | 11/15/2030 | 95 | 106771 |
|  Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023, RB | 5.00% | 11/15/2030 | 300 | 334333 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB | 5.00% | 11/15/2049 | 940 | 944419 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB | 5.00% | 11/15/2054 | 325 | 323902 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 B, RB | 5.00% | 05/15/2030 | 105 | 117101 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB | 5.00% | 11/15/2030 | 110 | 123630 |
|  Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2025, RB | 5.00% | 12/01/2030 | 5 | 5596 |
|  Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020 A, Ref. RB | 5.00% | 09/01/2037 | 45 | 46463 |
|  Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020, Ref. RB | 5.00% | 09/01/2033 | 45 | 48104 |
|  Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020, Ref. RB | 5.00% | 09/01/2034 | 95 | 100639 |
|  Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020, Ref. RB | 5.00% | 09/01/2035 | 20 | 20923 |
|  Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020, Ref. RB | 5.00% | 09/01/2036 | 145 | 150682 |
|  Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020, Ref. RB | 5.00% | 09/01/2038 | 125 | 128058 |
|  |  |  |  | 38079630 |
|  North Carolina-1.56% |  |  |  |  |
|  Charlotte (City of), NC, Series 2020, Ref. RB | 5.00% | 07/01/2030 | 70 | 78289 |
|  Charlotte (City of), NC, Series 2020, Ref. RB | 5.00% | 07/01/2032 | 20 | 22021 |
|  Charlotte (City of), NC, Series 2020, Ref. RB | 5.00% | 07/01/2033 | 15 | 16403 |
|  Charlotte (City of), NC, Series 2020, Ref. RB | 5.00% | 07/01/2034 | 40 | 43410 |
|  Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022, Ref. RB | 5.00% | 01/15/2030 | 85 | 93478 |

---

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

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| 302 |
| 302 |
| 302 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  North Carolina-(continued) |  |  |  |  |
|  Guilford (County of), NC, Series 2025, GO Bonds | 5.00% | 03/01/2030 | $15 | $16696 |
|  Mecklenburg (County of), NC, Series 2022, GO Bonds | 5.00% | 09/01/2030 | 295 | 330908 |
|  North Carolina (State of), Series 2019 B, GO Bonds | 5.00% | 06/01/2030 | 35 | 38177 |
|  North Carolina (State of), Series 2020 A, GO Bonds | 5.00% | 06/01/2030 | 500 | 558963 |
|  North Carolina (State of), Series 2020 B, RB | 5.00% | 05/01/2030 | 70 | 77891 |
|  North Carolina (State of), Series 2020 B, RB | 5.00% | 05/01/2032 | 75 | 82140 |
|  North Carolina (State of), Series 2020 B, RB | 5.00% | 05/01/2033 | 95 | 103276 |
|  North Carolina (State of), Series 2021, RB | 5.00% | 03/01/2030 | 65 | 71909 |
|  North Carolina (State of), Series 2022 A, RB | 5.00% | 05/01/2030 | 85 | 94581 |
|  North Carolina (State of) (Garvee), Series 2019, RB | 5.00% | 03/01/2030 | 230 | 249243 |
|  North Carolina (State of) (Garvee), Series 2025, Ref. RB | 5.00% | 03/01/2030 | 50 | 55314 |
|  North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB | 5.00% | 01/01/2043 | 250 | 251743 |
|  North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2049 | 110 | 110120 |
|  North Carolina State University at Raleigh, Series 2020 A, Ref. RB | 5.00% | 10/01/2030 | 25 | 27667 |
|  Raleigh (City of), NC, Series 2024, Ref. RB | 5.00% | 10/01/2030 | 10 | 11193 |
|  Wake (County of), NC, Series 2021, RB | 5.00% | 03/01/2030 | 110 | 122038 |
|  Wake (County of), NC, Series 2023 A, Ref. GO Bonds | 5.00% | 05/01/2030 | 115 | 128339 |
|  Wake (County of), NC, Series 2024 B, Ref. GO Bonds | 5.00% | 09/01/2030 | 130 | 145824 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2729623 |
|  Ohio-2.23% |  |  |  |  |
|  Allen (County of), OH (Bon Secours Mercy Health, Inc.), Series 2020, Ref. RB | 5.00% | 12/01/2030 | 45 | 49258 |
|  American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB | 5.00% | 02/15/2030 | 30 | 33005 |
|  American Municipal Power, Inc. (Prairie State Energy Campus), Series 2019, Ref. RB | 5.00% | 02/15/2033 | 240 | 259058 |
|  American Municipal Power, Inc. (Prairie State Energy Campus), Series 2019, Ref. RB | 5.00% | 02/15/2035 | 70 | 74402 |
|  American Municipal Power, Inc. (Prairie State Energy Campus), Series 2019, Ref. RB | 5.00% | 02/15/2036 | 25 | 26342 |
|  American Municipal Power, Inc. (Prairie State Energy Campus), Series 2021, Ref. RB | 5.00% | 02/15/2032 | 80 | 87069 |
|  American Municipal Power, Inc. (Prairie State Energy Campus), Series 2021, Ref. RB | 5.00% | 02/15/2033 | 60 | 64764 |
|  American Municipal Power, Inc. (Prairie State Energy Campus), Series 2021, Ref. RB | 4.00% | 02/15/2036 | 60 | 60129 |
|  American Municipal Power, Inc. (Prairie State Energy Campus), Series 2021, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 02/15/2033 | 50 | 53894 |
|  American Municipal Power, Inc. (Prairie State Energy Campus), Series 2021, Ref. RB, (INS - BAM)<sup>(a)</sup> | 4.00% | 02/15/2034 | 190 | 194321 |
|  Columbus (City of), OH, Series 2021 A, GO Bonds | 5.00% | 04/01/2030 | 45 | 50092 |
|  Columbus (City of), OH, Series 2021 A, GO Bonds | 5.00% | 04/01/2032 | 165 | 182776 |
|  Columbus (City of), OH, Series 2021 A, GO Bonds | 5.00% | 04/01/2033 | 65 | 71540 |
|  Columbus (City of), OH, Series 2021 A, GO Bonds | 5.00% | 04/01/2034 | 15 | 16396 |
|  Columbus (City of), OH, Series 2021 A, GO Bonds | 5.00% | 04/01/2035 | 70 | 75883 |
|  Columbus (City of), OH, Series 2021 A, GO Bonds | 5.00% | 04/01/2036 | 40 | 42960 |
|  Columbus (City of), OH, Series 2024 A, GO Bonds | 5.00% | 08/15/2030 | 35 | 39164 |
|  Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 06/15/2030 | 40 | 44628 |
|  Ohio (State of), Series 2019-1, RB | 5.00% | 12/15/2030 | 185 | 207731 |
|  Ohio (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 09/15/2030 | 275 | 307919 |
|  Ohio (State of), Series 2021, RB | 5.00% | 02/01/2030 | 55 | 61011 |
|  Ohio (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2030 | 50 | 55961 |
|  Ohio (State of), Series 2025 A, GO Bonds | 5.00% | 03/01/2030 | 150 | 166618 |
|  Ohio (State of), Series 2025 A, GO Bonds | 5.00% | 06/15/2030 | 40 | 44628 |
|  Ohio (State of), Series 2025 B, Ref. GO Bonds | 5.00% | 11/01/2030 | 10 | 11214 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB | 5.00% | 06/01/2032 | 20 | 21901 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB | 5.00% | 12/01/2032 | 115 | 125541 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB | 5.00% | 06/01/2033 | 55 | 59776 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB | 5.00% | 12/01/2033 | 20 | 21672 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB | 5.00% | 12/01/2034 | 50 | 53882 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB | 5.00% | 12/01/2036 | 275 | 292133 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB | 5.00% | 12/01/2037 | 145 | 153016 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB | 5.00% | 12/01/2038 | 40 | 41852 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB | 5.00% | 12/01/2039 | 250 | 260078 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB | 5.00% | 12/01/2040 | 225 | 233121 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB | 5.00% | 12/01/2050 | 135 | 135845 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 B, RB | 4.00% | 12/01/2037 | 55 | 55529 |

---

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

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| 303 |
| 303 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Ohio-(continued) |  |  |  |  |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 B, RB | 4.00% | 12/01/2038 | $10 | $10005 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 A, Ref. RB | 5.00% | 12/01/2030 | 20 | 22469 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 E, RB | 5.00% | 12/01/2030 | 130 | 146049 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3913632 |
|  Oklahoma-0.12% |  |  |  |  |
|  Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2021, RB | 4.00% | 06/01/2030 | 50 | 52175 |
|  Oklahoma (State of) Capitol Improvement Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2030 | 40 | 44505 |
|  Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB | 5.00% | 01/01/2030 | 100 | 109782 |
|  |  |  |  | 206462 |
|  Oregon-1.16% |  |  |  |  |
|  Hillsboro School District No. 1J, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 06/15/2039 | 5 | 4843 |
|  Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB | 5.00% | 08/15/2036 | 75 | 78486 |
|  Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB | 5.00% | 08/15/2037 | 15 | 15576 |
|  Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds | 5.00% | 05/01/2030 | 20 | 22292 |
|  Oregon (State of) Department of Transportation, Series 2020 A, RB | 5.00% | 11/15/2035 | 50 | 53816 |
|  Oregon (State of) Department of Transportation, Series 2020 A, RB | 5.00% | 11/15/2036 | 25 | 26714 |
|  Oregon (State of) Department of Transportation, Series 2020 A, RB | 5.00% | 11/15/2037 | 80 | 84537 |
|  Oregon (State of) Department of Transportation, Series 2020 A, RB | 5.00% | 11/15/2039 | 90 | 93896 |
|  Oregon (State of) Department of Transportation, Series 2020 A, RB | 5.00% | 11/15/2040 | 140 | 145660 |
|  Oregon (State of) Department of Transportation, Series 2024, Ref. RB | 5.00% | 11/15/2030 | 205 | 229868 |
|  Oregon (State of) Facilities Authority, Series 2020, Ref. RB | 5.00% | 10/01/2040 | 110 | 110248 |
|  Portland (City of), OR, Series 2019 A, Ref. RB | 5.00% | 03/01/2030 | 50 | 54712 |
|  Portland (City of), OR, Series 2023 A, Ref. RB | 5.00% | 12/01/2030 | 35 | 39193 |
|  Salem-Keizer School District No. 24J, Series 2020 B, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2032 | 635 | 696158 |
|  Salem-Keizer School District No. 24J, Series 2020 B, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2033 | 55 | 59871 |
|  Salem-Keizer School District No. 24J, Series 2020 B, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2034 | 200 | 215978 |
|  Salem-Keizer School District No. 24J, Series 2020 C, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 06/15/2036 | 105 | 105684 |
|  |  |  |  | 2037532 |
|  Pennsylvania-2.22% |  |  |  |  |
|  Allegheny (County of), PA, Series 2020 C-78, GO Bonds | 4.00% | 11/01/2045 | 10 | 8942 |
|  Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2020, RB | 5.00% | 02/01/2030 | 160 | 176990 |
|  Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB | 5.00% | 07/15/2030 | 115 | 123641 |
|  Delaware (State of) River Port Authority, Series 2018 A, RB | 5.00% | 01/01/2030 | 15 | 16174 |
|  Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB | 5.00% | 04/01/2035 | 140 | 147599 |
|  Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB | 4.00% | 04/01/2039 | 85 | 80540 |
|  Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB | 5.00% | 04/01/2050 | 205 | 199795 |
|  Monroeville Finance Authority, Series 2022 B, Ref. RB | 5.00% | 02/15/2030 | 50 | 54285 |
|  Pennsylvania (Commonwealth of), First Series 2015, GO Bonds<sup>(b)(c)</sup> | 3.00% | 09/11/2025 | 350 | 350040 |
|  Pennsylvania (Commonwealth of), First Series 2020, GO Bonds | 5.00% | 05/01/2030 | 175 | 194237 |
|  Pennsylvania (Commonwealth of), First Series 2020, GO Bonds | 4.00% | 05/01/2032 | 65 | 67719 |
|  Pennsylvania (Commonwealth of), First Series 2020, GO Bonds | 4.00% | 05/01/2033 | 250 | 257960 |
|  Pennsylvania (Commonwealth of), First Series 2020, GO Bonds | 4.00% | 05/01/2034 | 55 | 56267 |
|  Pennsylvania (Commonwealth of), First Series 2021, GO Bonds | 5.00% | 05/15/2030 | 60 | 66633 |
|  Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds | 5.00% | 09/01/2030 | 65 | 72490 |
|  Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2030 | 150 | 167438 |
|  Pennsylvania (Commonwealth of) (Bid Group A), Series 2024, Ref. GO Bonds | 4.00% | 02/15/2030 | 30 | 31778 |
|  Pennsylvania (Commonwealth of) (Bid Group C), First Series 2023, GO Bonds | 5.00% | 09/01/2030 | 105 | 117100 |
|  Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2020 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/01/2046 | 40 | 40216 |

---

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

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| 304 |
| 304 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Pennsylvania-(continued) |  |  |  |  |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 B, RB | 5.00% | 12/01/2045 | $285 | $288302 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 B, RB | 5.00% | 12/01/2050 | 150 | 150545 |
|  Philadelphia (City of), PA, Series 2020 A, RB | 5.00% | 11/01/2040 | 65 | 67169 |
|  Philadelphia (City of), PA, Series 2020 A, RB | 5.00% | 11/01/2045 | 305 | 305242 |
|  Philadelphia (City of), PA, Series 2020 A, RB | 5.00% | 11/01/2050 | 35 | 34674 |
|  Philadelphia (City of), PA, Series 2020, Ref. RB | 5.00% | 10/01/2039 | 185 | 192002 |
|  Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2030 | 5 | 5554 |
|  Philadelphia (City of), PA, Sixteenth Series 2020 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2050 | 140 | 140107 |
|  Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2021, Ref. RB | 5.00% | 07/01/2030 | 60 | 66411 |
|  Ridley School District, Series 2022, GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.00% | 11/15/2043 | 460 | 418802 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3898652 |
|  Rhode Island-0.28% |  |  |  |  |
|  Rhode Island Commerce Corp. (Garvee), Series 2020 A, RB | 5.00% | 05/15/2034 | 95 | 101836 |
|  Rhode Island Commerce Corp. (Garvee), Series 2020 A, RB | 5.00% | 05/15/2035 | 120 | 127620 |
|  Rhode Island Commerce Corp. (Garvee), Series 2020, RB | 5.00% | 05/15/2032 | 75 | 81462 |
|  Rhode Island Commerce Corp. (Garvee), Series 2020, RB | 5.00% | 05/15/2033 | 170 | 183451 |
|  |  |  |  | 494369 |
|  South Carolina-0.55% |  |  |  |  |
|  County Square Redevelopment Corp., Series 2025, RB | 5.00% | 04/01/2030 | 30 | 33367 |
|  Horry County School District, Series 2024, GO Bonds | 5.00% | 03/01/2030 | 60 | 66458 |
|  South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2020, Ref. RB | 5.00% | 12/01/2046 | 10 | 9729 |
|  South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB | 5.00% | 12/01/2032 | 90 | 97528 |
|  South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB | 4.00% | 12/01/2037 | 375 | 364875 |
|  South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB | 5.00% | 12/01/2043 | 160 | 159836 |
|  South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 4.00% | 12/01/2040 | 145 | 137697 |
|  South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB | 5.00% | 10/01/2030 | 90 | 100645 |
|  |  |  |  | 970135 |
|  Tennessee-0.45% |  |  |  |  |
|  Knox (County of), TN Health, Educational & Housing Facility Board (University Health System), Series 2020 A, RB | 5.00% | 09/01/2030 | 65 | 67500 |
|  Memphis (City of), TN, Series 2020 B, Ref. RB | 5.00% | 10/01/2045 | 75 | 76005 |
|  Metropolitan Nashville Airport Authority (The), Series 2019 A, RB | 5.00% | 07/01/2049 | 70 | 70144 |
|  Metropolitan Nashville Airport Authority (The), Series 2019 A, RB | 5.00% | 07/01/2054 | 100 | 99850 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds | 5.00% | 01/01/2030 | 115 | 127194 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 A, GO Bonds | 5.00% | 01/01/2030 | 30 | 33181 |
|  Shelby (County of), TN, Series 2020, GO Bonds | 4.00% | 04/01/2040 | 140 | 134771 |
|  Tennessee (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2030 | 160 | 178559 |
|  |  |  |  | 787204 |
|  Texas-7.73% |  |  |  |  |
|  Alamo Community College District, Series 2022, GO Notes | 5.00% | 02/15/2030 | 95 | 104685 |
|  Arlington Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2030 | 50 | 55386 |
|  Austin (City of), TX, Series 2020 A, Ref. RB | 5.00% | 11/15/2050 | 325 | 326482 |
|  Austin (City of), TX, Series 2020 C, Ref. RB | 5.00% | 11/15/2045 | 5 | 5070 |
|  Austin (City of), TX, Series 2022, Ref. RB | 5.00% | 11/15/2030 | 55 | 61416 |
|  Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2030 | 250 | 278400 |
|  Bexar (County of), TX, Series 2021, Ctfs. Of Obligation | 4.00% | 06/15/2044 | 95 | 85746 |
|  Board of Regents of the University of Texas System, Series 2020 A, Ref. RB | 5.00% | 08/15/2030 | 325 | 362384 |
|  Board of Regents of the University of Texas System, Series 2024 A, Ref. RB | 5.00% | 08/15/2030 | 75 | 83627 |
|  Board of Regents of the University of Texas System, Series 2025 A, RB | 5.00% | 08/15/2030 | 5 | 5575 |
|  Central Texas Regional Mobility Authority, Series 2020 B, Ref. RB | 5.00% | 01/01/2045 | 120 | 120365 |
|  Central Texas Regional Mobility Authority, Series 2020 E, RB | 5.00% | 01/01/2045 | 45 | 45137 |

---

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

---

| |
|:---|
| 305 |
| 305 |
| 305 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  Clear Creek Independent School District, Series 2013 B, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2030 | $25 | $27626 |
|  Clear Creek Independent School District, Series 2024 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2030 | 10 | 11051 |
|  Conroe Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2030 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276597 |
|  Conroe Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2030 | 55 | 60851 |
|  Crandall Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2046 | 30 | 27391 |
|  Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2030 | 190 | 205117 |
|  Cypress-Fairbanks Independent School District, Series 2023 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2030 | 25 | 27638 |
|  Cypress-Fairbanks Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2030 | 35 | 38693 |
|  Dallas & Fort Worth (Cities of), TX, Series 2020 A, Ref. RB | 5.00% | 11/01/2030 | 40 | 44608 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB | 5.00% | 11/01/2032 | 200 | 218997 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB | 4.00% | 11/01/2034 | 445 | 453219 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB | 4.00% | 11/01/2035 | 220 | 220929 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB | 5.00% | 11/01/2030 | 90 | 100368 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB | 5.00% | 11/01/2032 | 130 | 142348 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB | 5.00% | 11/01/2033 | 105 | 114050 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB | 4.00% | 11/01/2034 | 135 | 137494 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB | 4.00% | 11/01/2035 | 45 | 45190 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021 A, Ref. RB | 5.00% | 11/01/2034 | 20 | 21548 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 5.00% | 11/01/2030 | 70 | 78064 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 B, Ref. RB | 5.00% | 11/01/2030 | 60 | 66912 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB | 5.00% | 11/01/2030 | 175 | 195160 |
|  Dallas (City of), TX, Series 2020 C, Ref. RB | 5.00% | 10/01/2033 | 90 | 97725 |
|  Dallas (City of), TX, Series 2020 C, Ref. RB | 4.00% | 10/01/2037 | 20 | 19819 |
|  Dallas (City of), TX, Series 2020 C, Ref. RB | 5.00% | 10/01/2038 | 105 | 110183 |
|  Dallas (City of), TX, Series 2020 C, Ref. RB | 5.00% | 10/01/2045 | 180 | 181563 |
|  Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2030 | 20 | 22048 |
|  Dallas (City of), TX, Series 2024 B, Ctfs. of Obligations | 5.00% | 02/15/2030 | 35 | 38584 |
|  Dallas (City of), TX, Series 2024 B, Ref. GO Bonds | 5.00% | 02/15/2030 | 15 | 16536 |
|  Dallas (City of), TX, Series 2024 C, Ref. GO Bonds | 5.00% | 02/15/2030 | 125 | 137799 |
|  Dallas (City of), TX Area Rapid Transit, Series 2007, Ref. RB, (INS - AMBAC)<sup>(a)</sup> | 5.25% | 12/01/2030 | 310 | 348649 |
|  Dallas (City of), TX Area Rapid Transit, Series 2021 B, Ref. RB | 5.00% | 12/01/2047 | 305 | 307709 |
|  Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2030 | 115 | 124625 |
|  Dallas College, Series 2022, GO Bonds | 5.00% | 02/15/2030 | 65 | 71713 |
|  Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2030 | 70 | 77880 |
|  Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2030 | 65 | 71915 |
|  Harris (County of), TX, Series 2021, Ref. RB | 4.00% | 08/15/2039 | 40 | 38787 |
|  Harris (County of), TX, Series 2022 A, Ref. GO Bonds | 5.00% | 08/15/2030 | 105 | 116871 |
|  Harris (County of), TX, Series 2022 A, Ref. RB | 5.00% | 08/15/2030 | 5 | 5553 |
|  Harris (County of), TX, Series 2024 A, RB | 5.00% | 08/15/2030 | 15 | 16659 |
|  Harris (County of), TX Port Authority of Houston, Series 2020 A-2, Ref. GO Bonds | 4.00% | 10/01/2036 | 35 | 35244 |
|  Harris (County of), TX Port Authority of Houston, Series 2020 A-2, Ref. GO Bonds | 4.00% | 10/01/2037 | 160 | 159459 |
|  Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB | 5.00% | 08/15/2030 | 95 | 105507 |
|  Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB | 4.00% | 08/15/2040 | 15 | 14250 |
|  Houston (City of), TX, Series 2019 A, Ref. GO Bonds | 5.00% | 03/01/2030 | 105 | 112872 |
|  Houston (City of), TX, Series 2019 A, Ref. RB | 5.00% | 11/15/2032 | 185 | 202150 |
|  Houston (City of), TX, Series 2019 A, Ref. RB | 5.00% | 11/15/2033 | 70 | 75893 |
|  Houston (City of), TX, Series 2020 B, Ref. RB | 5.00% | 07/01/2030 | 20 | 22156 |
|  Houston (City of), TX, Series 2020 C, Ref. RB | 5.00% | 11/15/2034 | 120 | 129242 |
|  Houston (City of), TX, Series 2020 C, Ref. RB | 4.00% | 11/15/2035 | 25 | 25393 |
|  Houston (City of), TX, Series 2020 C, Ref. RB | 4.00% | 11/15/2036 | 40 | 40326 |

---

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

---

| |
|:---|
| 306 |
| 306 |
| 306 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  Houston (City of), TX, Series 2020 C, Ref. RB | 4.00% | 11/15/2037 | $50 | $50050 |
|  Houston (City of), TX, Series 2020 C, Ref. RB | 5.00% | 11/15/2045 | 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126339 |
|  Houston (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2030 | 10 | 11130 |
|  Houston Independent School District, Series 2025 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2030 | 40 | 44202 |
|  Humble Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2044 | 10 | 9274 |
|  Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2030 | 500 | 557514 |
|  Lamar Consolidated Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2043 | 25 | 23496 |
|  Lewisville Independent School District, Series 2023, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2030 | 5 | 5570 |
|  Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2030 | 110 | 122545 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2020, RB | 5.00% | 05/15/2045 | 170 | 170321 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB | 5.00% | 05/15/2038 | 15 | 15560 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB | 5.00% | 05/15/2039 | 125 | 128652 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB | 5.00% | 05/15/2041 | 190 | 192774 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB | 5.00% | 05/15/2046 | 85 | 85056 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB | 5.00% | 05/15/2051 | 210 | 206328 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB | 5.00% | 05/15/2030 | 5 | 5513 |
|  Matagorda County Navigation District No. 1 (Aep Texas Central Co.), Series 2005 A, Ref. RB, (INS - AMBAC)<sup>(a)</sup> | 4.40% | 05/01/2030 | 605 | 636062 |
|  Matagorda County Navigation District No. 1 (Aep Texas Central Co.), Series 2008, Ref. RB | 4.00% | 06/01/2030 | 15 | 15006 |
|  Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2030 | 55 | 60778 |
|  North East Independent School District, Series 2007, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 02/01/2030 | 60 | 66836 |
|  North Texas Municipal Water District, Series 2021 A, Ref. RB | 4.00% | 09/01/2030 | 10 | 10613 |
|  North Texas Tollway Authority, Series 2021 B, RB | 5.00% | 01/01/2030 | 75 | 82208 |
|  North Texas Tollway Authority, Series 2023 B, Ref. RB | 5.00% | 01/01/2030 | 20 | 21922 |
|  North Texas Tollway Authority, Series 2024 B, Ref. RB | 5.00% | 01/01/2030 | 10 | 10961 |
|  Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB | 5.25% | 07/01/2030 | 285 | 320592 |
|  Permanent University Fund - University of Texas System, Series 2022 A, RB | 5.00% | 07/01/2030 | 65 | 72351 |
|  Plainview Independent School District, Series 2020 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2046 | 25 | 25103 |
|  Plano Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2030 | 115 | 126826 |
|  Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2030 | 255 | 278052 |
|  San Antonio (City of), TX, Series 2019, Ref. GO Bonds | 5.00% | 08/01/2030 | 150 | 162918 |
|  San Antonio (City of), TX, Series 2019, Ref. RB | 4.00% | 02/01/2030 | 45 | 47655 |
|  San Antonio (City of), TX, Series 2019, Ref. RB | 5.00% | 02/01/2034 | 45 | 47835 |
|  San Antonio (City of), TX, Series 2019, Ref. RB | 5.00% | 02/01/2035 | 105 | 110854 |
|  San Antonio (City of), TX, Series 2019, Ref. RB | 5.00% | 02/01/2036 | 170 | 178153 |
|  San Antonio (City of), TX, Series 2019, Ref. RB | 5.00% | 02/01/2037 | 85 | 88448 |
|  San Antonio (City of), TX, Series 2020, RB | 5.00% | 02/01/2045 | 25 | 25249 |
|  San Antonio (City of), TX, Series 2020, RB | 5.00% | 02/01/2049 | 110 | 110446 |
|  San Antonio (City of), TX Water System, Series 2020 A, Ref. RB | 5.00% | 05/15/2045 | 25 | 25193 |
|  San Antonio (City of), TX Water System, Series 2020 A, Ref. RB | 5.00% | 05/15/2050 | 320 | 322290 |
|  San Antonio Public Facilities Corp., Series 2022, Ref. RB | 5.00% | 09/15/2030 | 5 | 5501 |
|  Spring Independent School District, Series 2024 B, Ref. GO Bonds | 5.00% | 08/15/2030 | 50 | 55163 |
|  Tarrant (County of), TX Regional Water District, Series 2024, Ref. RB | 5.00% | 03/01/2030 | 130 | 143584 |
|  Tarrant County College District, Series 2022, GO Bonds | 5.00% | 08/15/2030 | 45 | 49845 |
|  Texas (State of), Series 2024, Ref. GO Bonds | 5.00% | 10/01/2030 | 230 | 257320 |
|  Texas (State of) Transportation Commission, Series 2020, RB | 4.00% | 10/15/2033 | 130 | 133969 |
|  Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds | 5.00% | 04/01/2030 | 25 | 27634 |
|  Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 A, Ref. RB | 5.00% | 08/15/2039 | 265 | 274508 |
|  Texas (State of) Water Development Board, Series 2020, RB | 5.00% | 08/01/2030 | 245 | 272915 |
|  Texas (State of) Water Development Board, Series 2020, RB | 5.00% | 08/01/2033 | 5 | 5416 |
|  Texas (State of) Water Development Board, Series 2020, RB | 4.00% | 08/01/2034 | 40 | 40959 |

---

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

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| 307 |
| 307 |
| 307 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  Texas (State of) Water Development Board, Series 2020, RB | 4.00% | 08/01/2035 | $105 | $106878 |
|  Texas (State of) Water Development Board, Series 2020, RB | 4.00% | 08/01/2036 | 35 | 35419 |
|  Texas (State of) Water Development Board, Series 2020, RB | 4.00% | 08/01/2037 | 10 | 10058 |
|  Texas (State of) Water Development Board, Series 2020, RB | 4.00% | 08/01/2038 | 140 | 139371 |
|  Texas (State of) Water Development Board, Series 2020, RB | 4.00% | 10/15/2045 | 25 | 22183 |
|  Texas (State of) Water Development Board, Series 2021, RB | 5.00% | 08/01/2030 | 65 | 72406 |
|  Texas (State of) Water Development Board, Series 2023 A, RB | 5.00% | 10/15/2030 | 55 | 61419 |
|  Texas A&M University, Series 2024 A, RB | 5.00% | 05/15/2030 | 20 | 22202 |
|  Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB | 4.00% | 06/30/2032 | 50 | 50957 |
|  Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB | 4.00% | 12/31/2032 | 15 | 15219 |
|  Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB | 4.00% | 06/30/2033 | 25 | 25251 |
|  Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB | 4.00% | 06/30/2039 | 15 | 13817 |
|  Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB | 4.00% | 06/30/2040 | 10 | 9041 |
|  Texas Private Activity Bond Surface Transportation Corp. (LBJ Infrastructure Group LLC I-635 Managed Lanes), Series 2020, Ref. RB | 4.00% | 12/31/2035 | 60 | 58738 |
|  Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 A, Ref. RB | 5.00% | 12/31/2030 | 10 | 10717 |
|  Trinity River Authority, Series 2019, Ref. RB | 5.00% | 08/01/2030 | 45 | 48963 |
|  Trinity River Authority, Series 2020, Ref. RB | 5.00% | 08/01/2030 | 25 | 27702 |
|  University of Houston, Series 2022 A, Ref. RB | 5.00% | 02/15/2030 | 100 | 109797 |
|  Williamson (County of), TX, Series 2024, GO Notes | 5.00% | 02/15/2030 | 60 | 66117 |
|  Wylie Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2030 | 5 | 5563 |
|  |  |  |  | 13554541 |
|  Utah-0.37% |  |  |  |  |
|  Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2030 | 195 | 214256 |
|  Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2030 | 25 | 27469 |
|  University of Utah (The) (Green Bonds), Series 2022 B, RB | 5.00% | 08/01/2030 | 210 | 233106 |
|  Utah (County of), UT (IHC Health Services, Inc.), Series 2020 A, RB | 5.00% | 05/15/2043 | 100 | 101319 |
|  Utah (County of), UT (IHC Health Services, Inc.), Series 2020 A, RB | 5.00% | 05/15/2050 | 65 | 64754 |
|  |  |  |  | 640904 |
|  Virginia-1.35% |  |  |  |  |
|  Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds | 5.00% | 10/01/2030 | 65 | 72247 |
|  Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds | 5.00% | 10/01/2031 | 130 | 143181 |
|  Fairfax (County of), VA, Series 2023 A, GO Bonds | 4.00% | 10/01/2030 | 5 | 5379 |
|  Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2023, Ref. RB | 5.00% | 05/15/2030 | 115 | 127282 |
|  Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB | 4.00% | 07/01/2040 | 175 | 171475 |
|  Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB | 5.00% | 07/01/2050 | 150 | 150569 |
|  Virginia (Commonwealth of) College Building Authority, Series 2019 A, RB | 5.00% | 02/01/2030 | 5 | 5402 |
|  Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2020, RB | 5.00% | 02/01/2034 | 50 | 53595 |
|  Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2022 A, RB | 5.00% | 02/01/2030 | 100 | 110707 |
|  Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2024, RB | 5.00% | 02/01/2030 | 35 | 38748 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB | 5.00% | 02/01/2030 | 75 | 81392 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2020 A, RB | 5.00% | 02/01/2035 | 150 | 159812 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2021 A, RB | 5.00% | 02/01/2030 | 140 | 154990 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, Ref. RB | 5.00% | 02/01/2030 | 280 | 309980 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2020, RB | 4.00% | 02/01/2036 | 100 | 100221 |
|  Virginia (Commonwealth of) Public Building Authority, Series 2020 A, RB | 4.00% | 08/01/2040 | 45 | 43327 |

---

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

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| 308 |
| 308 |
| 308 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Virginia-(continued) |  |  |  |  |
|  Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB | 5.00% | 08/01/2030 | $70 | $78319 |
|  Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB | 5.00% | 08/01/2030 | 60 | 67131 |
|  Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB | 5.00% | 08/01/2030 | 235 | 262928 |
|  Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB | 5.00% | 05/15/2030 | 205 | 228047 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2364732 |
|  Washington-4.33% |  |  |  |  |
|  Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB | 5.00% | 11/01/2030 | 115 | 129254 |
|  Clark County School District No. 114 Evergreen, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2035 | 150 | 152242 |
|  Clark County School District No. 114 Evergreen, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2036 | 20 | 20162 |
|  Clark County School District No. 114 Evergreen, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2037 | 40 | 39758 |
|  Clark County School District No. 114 Evergreen, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2038 | 100 | 98928 |
|  Energy Northwest, Series 2024 A, Ref. RB | 5.00% | 07/01/2030 | 25 | 27827 |
|  Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB | 5.00% | 07/01/2037 | 200 | 210751 |
|  Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB | 4.00% | 07/01/2039 | 250 | 245874 |
|  Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB | 5.00% | 07/01/2039 | 195 | 202412 |
|  Energy Northwest (Columbia Generating Station), Series 2020, Ref. RB | 5.00% | 07/01/2033 | 65 | 70602 |
|  Energy Northwest (Columbia Generating Station), Series 2020, Ref. RB | 5.00% | 07/01/2038 | 95 | 99197 |
|  Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB | 4.00% | 07/01/2030 | 35 | 37326 |
|  King (County of), WA, Series 2019, GO Bonds | 5.00% | 01/01/2030 | 35 | 37817 |
|  King (County of), WA, Series 2021 A, GO Bonds | 5.00% | 01/01/2030 | 75 | 83083 |
|  King County School District No. 411 Issaquah, Series 2016, GO Bonds, (CEP - Oregon School Bond Guaranty) | 3.00% | 12/01/2030 | 110 | 110024 |
|  King County School District No. 411 Issaquah, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2033 | 70 | 72305 |
|  King County School District No. 411 Issaquah, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2030 | 250 | 280340 |
|  North Thurston Public Schools, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2034 | 125 | 128095 |
|  North Thurston Public Schools, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2035 | 40 | 40563 |
|  North Thurston Public Schools, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2036 | 15 | 15122 |
|  Pierce County School District No. 10 Tacoma (Social Bonds), Series 2020 B, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2041 | 10 | 9355 |
|  Pierce County School District No. 401 Peninsula, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2037 | 40 | 39759 |
|  Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2030 | 150 | 168126 |
|  Washington (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2030 | 60 | 65518 |
|  Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2037 | 120 | 126957 |
|  Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2038 | 40 | 41998 |
|  Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2039 | 10 | 10439 |
|  Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2040 | 10 | 10384 |
|  Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2041 | 75 | 77423 |
|  Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2042 | 150 | 154065 |
|  Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2043 | 205 | 209819 |
|  Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2030 | 105 | 116475 |
|  Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2032 | 45 | 48966 |
|  Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2033 | 75 | 81042 |
|  Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2034 | 70 | 75182 |
|  Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2035 | 150 | 160256 |
|  Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2036 | 305 | 323807 |
|  Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2037 | 150 | 158275 |
|  Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2038 | 155 | 162558 |
|  Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2041 | 130 | 133852 |
|  Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2043 | 260 | 265485 |

---

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

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| 309 |
| 309 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Washington-(continued) |  |  |  |  |
|  Washington (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2030 | $50 | $55754 |
|  Washington (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2033 | 20 | 21672 |
|  Washington (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2034 | 70 | 75379 |
|  Washington (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2036 | 55 | 58493 |
|  Washington (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2038 | 80 | 83946 |
|  Washington (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2039 | 75 | 78262 |
|  Washington (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2040 | 30 | 31115 |
|  Washington (State of), Series 2021, Ref. GO Bonds | 5.00% | 06/01/2032 | 125 | 136592 |
|  Washington (State of), Series 2021, Ref. GO Bonds | 5.00% | 06/01/2037 | 190 | 200790 |
|  Washington (State of), Series 2024, Ref. GO Bonds | 5.00% | 07/01/2030 | 35 | 39077 |
|  Washington (State of), Series 2025 C, GO Bonds | 5.00% | 02/01/2030 | 20 | 22186 |
|  Washington (State of), Series 2025A, GO Bonds | 5.00% | 08/01/2030 | 40 | 44714 |
|  Washington (State of), Series R-2023B, Ref. GO Bonds | 5.00% | 07/01/2030 | 120 | 133977 |
|  Washington (State of), Series R-2024A, Ref. GO Bonds | 5.00% | 02/01/2030 | 50 | 55464 |
|  Washington (State of), Series R-2024C, Ref. GO Bonds | 5.00% | 08/01/2030 | 50 | 55893 |
|  Washington (State of), Series R-2025B, Ref. GO Bonds | 5.00% | 07/01/2030 | 10 | 11165 |
|  Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2030 | 100 | 111786 |
|  Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2032 | 95 | 103975 |
|  Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2033 | 120 | 130202 |
|  Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2034 | 145 | 156467 |
|  Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2035 | 545 | 584181 |
|  Washington (State of) (Bid Group 1), Series 2021 A, Ref. GO Bonds | 5.00% | 08/01/2030 | 35 | 39125 |
|  Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds | 5.00% | 02/01/2030 | 55 | 61011 |
|  Washington (State of) (Bid Group 1), Series 2022 A-1, GO Bonds | 5.00% | 08/01/2030 | 80 | 89429 |
|  Washington (State of) (Bid Group 1), Series 2022 C, GO Bonds | 5.00% | 02/01/2030 | 55 | 61011 |
|  Washington (State of) (Bid Group 1), Series 2023 B, GO Bonds | 5.00% | 02/01/2030 | 30 | 33279 |
|  Washington (State of) (Bid Group 1), Series 2024 C, GO Bonds | 5.00% | 02/01/2030 | 75 | 83196 |
|  Washington (State of) (Bid Group 2), Series R-2022D, GO Bonds | 4.00% | 07/01/2030 | 45 | 48096 |
|  Washington (State of) (Bid Group 2), Series R-2023A, Ref. GO Bonds | 5.00% | 08/01/2030 | 40 | 44714 |
|  Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB | 5.00% | 09/01/2050 | 100 | 96635 |
|  Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB | 5.00% | 09/01/2055 | 40 | 39089 |
|  Washington (State of) Health Care Facilities Authority (Seattle Children's Hospital), Series 2015 B, Ref. RB | 5.00% | 10/01/2038 | 250 | 259090 |
|  |  |  |  | 7587188 |
|  Wisconsin-0.76% |  |  |  |  |
|  Racine Unified School District, Series 2025, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 04/01/2030 | 5 | 5515 |
|  Wisconsin (State of), Series 2020-1, Ref. GO Bonds | 5.00% | 05/01/2030 | 170 | 189163 |
|  Wisconsin (State of), Series 2021 1, Ref. GO Bonds | 5.00% | 05/01/2030 | 340 | 378325 |
|  Wisconsin (State of), Series 2021-2, Ref. GO Bonds | 5.00% | 05/01/2030 | 115 | 127963 |
|  Wisconsin (State of), Series 2022-4, Ref. GO Bonds | 5.00% | 05/01/2030 | 275 | 305999 |
|  Wisconsin (State of), Series 2024-1, Ref. GO Bonds | 5.00% | 05/01/2030 | 60 | 66763 |
|  Wisconsin (State of), Series 2024-2, Ref. GO Bonds | 5.00% | 05/01/2030 | 15 | 16691 |
|  Wisconsin (State of), Series 2025-3, GO Bonds | 5.00% | 05/01/2030 | 120 | 133527 |
|  Wisconsin (State of) Department of Transportation, Series 2023-1, Ref. RB | 5.00% | 07/01/2030 | 90 | 100482 |
|  |  |  |  | 1324428 |
|  TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-95.79%<br>(Cost $169,566,163) |  |  |  | 167963382 |
|  OTHER ASSETS LESS LIABILITIES-4.21% |  |  |  | 7375419 |
|  NET ASSETS-100.00% |  |  |  | $175338801 |

---

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

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| 310 |
| 310 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

August 31, 2025

---

| | |
|:---|:---|
| 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 |

---

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.

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| 311 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)

August 31, 2025

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Municipal Obligations-93.68% |  |  |  |  |
|  Alabama-0.29% |  |  |  |  |
|  Alabama (State of) Federal Aid Highway Finance Authority, Series 2025 B, Ref. RB | 5.00% | 09/01/2031 | $85 | $95851 |
|  Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 5.00% | 11/01/2031 | 105 | 116536 |
|  Board of Trustees of the Alabama Community College System, Series 2021, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 09/01/2046 | 15 | 13177 |
|  Jefferson (County of), AL, Series 2024, Ref. Revenue Wts | 5.00% | 10/01/2031 | 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104521 |
|  |  |  |  | 330085 |
|  Alaska-0.04% |  |  |  |  |
|  Alaska (State of), Series 2024 A, Ref. GO Bonds. | 5.00% | 08/01/2031 | 35 | 39420 |
|  Matanuska-Susitna (Borough of), AK, Series 2025, RB | 5.00% | 09/01/2031 | 5 | 5565 |
|  |  |  |  | 44985 |
|  Arizona-0.87% |  |  |  |  |
|  Arizona (State of) Department of Transportation, Series 2023, RB | 5.00% | 07/01/2031 | 10 | 11261 |
|  Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB | 5.00% | 07/15/2031 | 50 | 56409 |
|  Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds | 5.00% | 07/01/2031 | 20 | 22134 |
|  Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds | 5.00% | 07/01/2033 | 75 | 82060 |
|  Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds | 5.00% | 07/01/2034 | 115 | 124890 |
|  Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds | 4.00% | 07/01/2035 | 215 | 218755 |
|  Mesa (City of), AZ, Series 2021, Ref. RB | 4.00% | 07/01/2035 | 90 | 91714 |
|  Phoenix Civic Improvement Corp., Series 2021 A, RB | 5.00% | 07/01/2045 | 120 | 122186 |
|  Salt River Project Agricultural Improvement & Power District, Series 2020 A, Ref. RB | 5.00% | 01/01/2045 | 150 | 153264 |
|  Salt River Project Agricultural Improvement & Power District, Series 2022 A, Ref. RB | 5.00% | 01/01/2031 | 100 | 112290 |
|  |  |  |  | 994963 |
|  Arkansas-0.16% |  |  |  |  |
|  University of Arkansas, Series 2021 A, RB | 5.00% | 12/01/2045 | 180 | 181832 |
|  California-18.48% |  |  |  |  |
|  Alameda (County of), CA Joint Powers Authority (Highland Hospital Project), Series 2023, Ref. RB | 5.00% | 12/01/2031 | 5 | 5726 |
|  Bay Area Toll Authority, Series 2024 S-11, Ref. RB | 5.00% | 04/01/2031 | 25 | 28465 |
|  Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB | 5.00% | 04/01/2031 | 40 | 45656 |
|  California (State of), Series 2012, GO Bonds | 3.50% | 09/01/2031 | 5 | 5001 |
|  California (State of), Series 2015 C, Ref. GO Bonds | 3.25% | 09/01/2031 | 120 | 119999 |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2031 | 265 | 300246 |
|  California (State of), Series 2020, GO Bonds | 5.00% | 03/01/2031 | 35 | 39620 |
|  California (State of), Series 2020, GO Bonds | 5.00% | 11/01/2031 | 165 | 184562 |
|  California (State of), Series 2020, GO Bonds | 5.00% | 11/01/2031 | 10 | 11186 |
|  California (State of), Series 2020, Ref. GO Bonds | 5.00% | 03/01/2031 | 55 | 60960 |
|  California (State of), Series 2020, Ref. GO Bonds | 5.00% | 11/01/2031 | 85 | 95078 |
|  California (State of), Series 2021, GO Bonds | 4.00% | 10/01/2033 | 360 | 379598 |
|  California (State of), Series 2021, GO Bonds | 4.00% | 10/01/2034 | 275 | 288004 |
|  California (State of), Series 2021, GO Bonds | 4.00% | 10/01/2035 | 25 | 25852 |
|  California (State of), Series 2021, GO Bonds | 4.00% | 10/01/2036 | 150 | 153034 |
|  California (State of), Series 2021, Ref. GO Bonds | 5.00% | 09/01/2031 | 160 | 182041 |
|  California (State of), Series 2021, Ref. GO Bonds | 5.00% | 12/01/2031 | 65 | 74152 |
|  California (State of), Series 2021, Ref. GO Bonds | 5.00% | 10/01/2032 | 325 | 363702 |
|  California (State of), Series 2021, Ref. GO Bonds | 5.00% | 10/01/2037 | 75 | 80748 |
|  California (State of), Series 2021, Ref. GO Bonds | 5.00% | 09/01/2041 | 475 | 498971 |
|  California (State of), Series 2021, Ref. GO Bonds | 5.00% | 10/01/2041 | 230 | 240880 |
|  California (State of), Series 2022, GO Bonds | 5.00% | 04/01/2031 | 265 | 300246 |
|  California (State of), Series 2022, GO Bonds | 5.00% | 09/01/2031 | 60 | 68265 |
|  California (State of), Series 2022, Ref. GO Bonds | 5.00% | 11/01/2031 | 105 | 119679 |
|  California (State of), Series 2023, GO Bonds | 5.00% | 10/01/2031 | 350 | 398574 |
|  California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2031 | 20 | 22755 |
|  California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2031 | 205 | 233240 |

---

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

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| 312 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2031 | $5 | $5689 |
|  California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2031 | 35 | 39821 |
|  California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2031 | 200 | 227367 |
|  California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2031 | 250 | 284208 |
|  California (State of) (Bid Group C), Series 2021 C, Ref. GO Bonds | 5.00% | 10/01/2031 | 370 | 421350 |
|  California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB | 5.00% | 12/01/2031 | 20 | 22689 |
|  California (State of) Department of Water Resources (Central Valley), Series 2021, RB | 5.00% | 12/01/2031 | 210 | 240447 |
|  California (State of) Department of Water Resources (Central Valley), Series 2021, RB | 5.00% | 12/01/2032 | 55 | 62356 |
|  California (State of) Department of Water Resources (Central Valley), Series 2021, RB | 5.00% | 12/01/2033 | 80 | 90083 |
|  California (State of) Department of Water Resources (Central Valley), Series 2021, RB | 4.00% | 12/01/2034 | 10 | 10513 |
|  California (State of) Department of Water Resources (Central Valley), Series 2021, RB | 4.00% | 12/01/2035 | 20 | 20905 |
|  California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2024, RB | 5.00% | 12/01/2031 | 25 | 27222 |
|  California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021, Ref. RB,<br>(INS - BAM)<sup>(a)</sup> | 4.00% | 08/15/2048 | 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592058 |
|  California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021 A, Ref. RB | 5.00% | 08/15/2051 | 300 | 305781 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds),<br>Series 2023, RB | 5.00% | 10/01/2031 | 20 | 23056 |
|  California (State of) Public Works Board, Series 2021 A, Ref. RB | 5.00% | 02/01/2031 | 270 | 305787 |
|  California (State of) Public Works Board, Series 2022 A, Ref. RB | 5.00% | 08/01/2031 | 105 | 119553 |
|  California (State of) Public Works Board, Series 2022 A, Ref. RB | 5.00% | 08/01/2033 | 125 | 139807 |
|  California (State of) Public Works Board, Series 2022 A, Ref. RB | 5.00% | 08/01/2035 | 15 | 16410 |
|  California (State of) Public Works Board, Series 2022 A, Ref. RB | 5.00% | 08/01/2036 | 15 | 16283 |
|  California (State of) Public Works Board, Series 2022 C, Ref. RB | 5.00% | 08/01/2031 | 70 | 79702 |
|  California (State of) Public Works Board, Series 2022 C, Ref. RB | 5.00% | 08/01/2033 | 30 | 33554 |
|  California (State of) Public Works Board, Series 2022 C, Ref. RB | 5.00% | 08/01/2035 | 20 | 21880 |
|  California (State of) Public Works Board (Green Bonds), Series 2021, RB | 5.00% | 11/01/2031 | 15 | 17124 |
|  California (State of) Public Works Board (Green Bonds), Series 2021, RB | 5.00% | 11/01/2033 | 15 | 16814 |
|  California (State of) Public Works Board (Green Bonds), Series 2021, RB | 4.00% | 11/01/2035 | 150 | 155063 |
|  California (State of) Public Works Board (Green Bonds), Series 2021, RB | 4.00% | 11/01/2036 | 10 | 10187 |
|  California (State of) Public Works Board (Green Bonds), Series 2021, RB | 4.00% | 11/01/2041 | 100 | 95677 |
|  California (State of) Public Works Board (Green Bonds), Series 2021, RB | 5.00% | 11/01/2046 | 105 | 106911 |
|  California (State of) Public Works Board (Sacramento Region New Natural Resources Headquarters) (Green Bonds),<br>Series 2021, RB | 5.00% | 11/01/2034 | 75 | 83052 |
|  California (State of) Public Works Board (Various Capital), Series 2021 B, RB | 5.00% | 05/01/2034 | 45 | 49770 |
|  California (State of) Public Works Board (Various Capital), Series 2021 B, RB | 5.00% | 05/01/2035 | 55 | 60085 |
|  California (State of) Public Works Board (Various Capital), Series 2021 B, RB | 4.00% | 05/01/2036 | 20 | 20423 |
|  California (State of) Public Works Board (Various Capital), Series 2022 A, Ref. RB | 5.00% | 08/01/2034 | 300 | 332510 |
|  California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB | 5.00% | 12/01/2031 | 10 | 11427 |
|  California (State of) Public Works Board (Various Capital), Series 2023 C, Ref. RB | 5.00% | 09/01/2031 | 20 | 22791 |
|  California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB | 5.00% | 09/01/2031 | 110 | 125350 |
|  Contra Costa (County of), CA Transportation Authority, Series 2021 A, Ref. RB | 5.00% | 03/01/2031 | 15 | 17171 |
|  Contra Costa (County of), CA Transportation Authority, Series 2021 A, Ref. RB | 4.00% | 03/01/2033 | 55 | 58530 |
|  Contra Costa (County of), CA Transportation Authority, Series 2021 A, Ref. RB | 4.00% | 03/01/2034 | 80 | 84250 |
|  Contra Costa (County of), CA Water District, Series 2021 W, Ref. RB | 5.00% | 10/01/2051 | 50 | 51055 |
|  East Bay Municipal Utility District, Series 2022 B-2, Ref. RB | 5.00% | 06/01/2031 | 35 | 40250 |
|  East Side Union High School District, Series 2024 B, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2031 | 5 | 5746 |
|  Hacienda La Puente Unified School District (Election of 2016), Series 2023 A, GO Bonds | 5.00% | 08/01/2047 | 135 | 138058 |
|  Los Angeles (City of), CA, Series 2021 B, Ref. RB | 5.00% | 05/15/2034 | 15 | 16587 |
|  Los Angeles (City of), CA, Series 2021 B, Ref. RB | 5.00% | 05/15/2040 | 85 | 89476 |
|  Los Angeles (City of), CA, Series 2022 C, Ref. RB | 5.00% | 06/01/2031 | 115 | 131781 |
|  Los Angeles (City of), CA, Series 2025 A, Ref. RB | 5.00% | 06/01/2031 | 5 | 5735 |
|  Los Angeles (City of), CA (Green Bonds), Series 2025, Ref. RB | 5.00% | 05/15/2031 | 15 | 17102 |
|  Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB | 5.00% | 05/15/2031 | 100 | 110890 |
|  Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB | 5.00% | 05/15/2033 | 125 | 139186 |
|  Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB | 5.00% | 05/15/2035 | 80 | 87809 |
|  Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB | 5.00% | 05/15/2036 | 100 | 108605 |
|  Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB | 5.00% | 05/15/2037 | 95 | 102419 |

---

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

---

| |
|:---|
| 313 |
| 313 |
| 313 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB | 5.00% | 05/15/2041 | $25 | $26101 |
|  Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 B, Ref. RB | 5.00% | 05/15/2045 | 20 | 20497 |
|  Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 B, Ref. RB | 5.00% | 05/15/2048 | 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365771 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB | 5.00% | 07/01/2035 | 90 | 95981 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB | 5.00% | 07/01/2037 | 240 | 252159 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB | 5.00% | 07/01/2041 | 185 | 189383 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB | 5.00% | 07/01/2046 | 105 | 105208 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB | 5.00% | 07/01/2046 | 115 | 115495 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB | 5.00% | 07/01/2048 | 50 | 49962 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2021 C, RB | 5.00% | 07/01/2040 | 20 | 20633 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2021, RB | 5.00% | 07/01/2045 | 55 | 55274 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2021, RB | 5.00% | 07/01/2051 | 325 | 324675 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 A, RB | 5.00% | 07/01/2037 | 130 | 136860 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 A, RB | 5.00% | 07/01/2039 | 65 | 67368 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 A, RB | 5.00% | 07/01/2041 | 345 | 353847 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 A, RB | 5.00% | 07/01/2051 | 5 | 4995 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022, RB | 5.00% | 07/01/2040 | 20 | 20633 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.00% | 07/01/2031 | 115 | 128051 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB | 5.00% | 07/01/2031 | 20 | 22270 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB | 5.00% | 07/01/2031 | 15 | 16719 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2024 E, Ref. RB | 5.00% | 07/01/2031 | 20 | 22270 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB | 5.00% | 06/01/2031 | 215 | 246872 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB | 5.00% | 06/01/2033 | 125 | 141259 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB | 4.00% | 06/01/2036 | 115 | 117581 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB | 4.00% | 06/01/2038 | 5 | 5011 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB | 4.00% | 06/01/2039 | 10 | 9917 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB | 5.00% | 07/01/2040 | 25 | 26624 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, Ref. RB | 4.00% | 06/01/2034 | 145 | 150985 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, Ref. RB | 4.00% | 06/01/2037 | 40 | 40482 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB | 5.00% | 06/01/2031 | 15 | 16864 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB | 5.00% | 06/01/2031 | 75 | 86162 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Prop C), Series 2021 A, RB | 5.00% | 07/01/2042 | 15 | 15757 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2021 A, RB | 5.00% | 07/01/2038 | 100 | 108023 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2021 A, RB | 5.00% | 07/01/2041 | 65 | 68721 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2021 A, RB | 5.00% | 07/01/2046 | 160 | 165074 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2023, Ref. RB | 5.00% | 07/01/2031 | 35 | 40228 |
|  Los Angeles (County of), CA Public Works Financing Authority, Series 2022 G, Ref. RB | 5.00% | 12/01/2040 | 30 | 31543 |
|  Los Angeles (County of), CA Public Works Financing Authority, Series 2022 G, Ref. RB | 5.00% | 12/01/2041 | 140 | 145981 |
|  Los Angeles Community College District, Series 2024, GO Bonds | 5.00% | 08/01/2031 | 160 | 184459 |
|  Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds | 3.00% | 07/01/2031 | 120 | 119988 |
|  Los Angeles Unified School District, Series 2020 C, GO Bonds | 4.00% | 07/01/2031 | 65 | 68948 |
|  Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2031 | 120 | 136542 |
|  Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds | 4.00% | 07/01/2032 | 270 | 285918 |
|  Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds | 5.00% | 07/01/2031 | 210 | 241491 |
|  Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds | 5.00% | 07/01/2031 | 140 | 160994 |
|  Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds | 5.00% | 07/01/2031 | 55 | 63248 |
|  Metropolitan Water District of Southern California, Series 2021 A, RB | 5.00% | 10/01/2046 | 65 | 67150 |
|  Metropolitan Water District of Southern California, Series 2021 A, RB | 5.00% | 10/01/2051 | 150 | 152722 |
|  Metropolitan Water District of Southern California, Series 2022 A, Ref. RB | 5.00% | 10/01/2031 | 25 | 28820 |
|  Metropolitan Water District of Southern California, Series 2022 B, Ref. RB | 5.00% | 07/01/2031 | 15 | 17241 |
|  Metropolitan Water District of Southern California, Series 2024 A, Ref. RB | 5.00% | 04/01/2031 | 5 | 5730 |
|  Mountain House Public Financing Authority (Green Bonds), Series 2023, RB, (INS - BAM)<sup>(a)</sup> | 4.25% | 12/01/2052 | 65 | 60240 |

---

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

---

| |
|:---|
| 314 |
| 314 |
| 314 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  Northern California Power Agency (Hydroelectric No. 1), Series 2022, Ref. RB | 5.00% | 07/01/2031 | $10 | $11458 |
|  Ontario (City of), CA International Airport Authority, Series 2021 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2046 | 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152550 |
|  Orange (County of), CA Sanitation District, Series 2022 A, Ref. COP | 5.00% | 02/01/2031 | 65 | 74326 |
|  Orange (County of), CA Sanitation District, Series 2022 A, Ref. COP | 5.00% | 02/01/2033 | 20 | 22511 |
|  Peninsula Corridor Joint Powers Board (Green Bonds), Series 2022 A, RB | 5.00% | 06/01/2051 | 150 | 152562 |
|  Peralta Community College District, Series 2025, Ref. GO Bonds | 5.00% | 08/01/2031 | 5 | 5746 |
|  Regents of the University of California Medical Center, Series 2016 L, Ref. RB | 2.50% | 05/15/2031 | 100 | 95606 |
|  Rialto Public Financing Authority (Police Station), Series 2023 A, RB | 5.25% | 06/01/2053 | 200 | 206092 |
|  Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 N-1, Ref. RB | 5.00% | 11/15/2031 | 40 | 46130 |
|  Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB | 5.00% | 12/01/2031 | 150 | 172803 |
|  Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB | 5.00% | 12/01/2033 | 30 | 33964 |
|  Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB | 5.00% | 10/01/2031 | 5 | 5764 |
|  San Bernardino Community College District (Election of 2018), Series 2023 B, GO Bonds | 5.00% | 08/01/2049 | 15 | 15191 |
|  San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB | 5.00% | 07/01/2046 | 200 | 203979 |
|  San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB | 5.00% | 07/01/2051 | 250 | 252419 |
|  San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB | 5.00% | 07/01/2056 | 160 | 161115 |
|  San Diego (County of), CA Regional Transportation Commission, Series 2021 B, Ref. RB | 5.00% | 04/01/2045 | 220 | 226467 |
|  San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB | 5.00% | 04/01/2031 | 35 | 40107 |
|  San Diego (County of), CA Water Authority (Green Bonds), Series 2021 A, Ref. RB | 5.00% | 05/01/2031 | 55 | 63090 |
|  San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB | 5.00% | 05/01/2031 | 130 | 149122 |
|  San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB | 4.00% | 05/01/2033 | 20 | 21147 |
|  San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB | 4.00% | 05/01/2034 | 50 | 52310 |
|  San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB | 4.00% | 05/01/2035 | 100 | 103544 |
|  San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB | 4.00% | 05/01/2036 | 65 | 66518 |
|  San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB | 4.00% | 05/01/2037 | 70 | 70913 |
|  San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB | 4.00% | 05/01/2038 | 10 | 10028 |
|  San Diego Unified School District (Election of 2018) (Green Bonds), Series 2021 E-2, GO Bonds | 5.00% | 07/01/2031 | 30 | 34446 |
|  San Diego Unified School District (Green Bonds), Series 2021 E-2, GO Bonds | 4.00% | 07/01/2033 | 185 | 196053 |
|  San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds | 5.00% | 06/15/2031 | 55 | 63116 |
|  San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017 B, COP | 3.00% | 04/01/2031 | 205 | 203480 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 B, Ref. RB | 5.00% | 05/01/2031 | 5 | 5647 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 B, Ref. RB | 5.00% | 05/01/2034 | 80 | 88172 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 B, Ref. RB | 5.00% | 05/01/2035 | 25 | 27352 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 B, Ref. RB | 5.00% | 05/01/2036 | 105 | 113789 |
|  San Francisco (City & County of), CA Public Utilities Commission, Series 2023 B, Ref. RB | 5.00% | 10/01/2031 | 105 | 121365 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB | 5.00% | 10/01/2044 | 145 | 149503 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB | 5.00% | 10/01/2046 | 55 | 56224 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023, Ref. RB | 5.00% | 11/01/2031 | 30 | 34713 |
|  San Francisco (City of), CA Municipal Transportation Agency (Green Bonds), Series 2021 C, RB | 4.00% | 03/01/2046 | 15 | 13423 |
|  San Francisco (County of), CA Transportation Authority, Series 2017, RB | 3.00% | 02/01/2031 | 15 | 15021 |
|  Santa Clara (County of), CA (Election of 2008), Series 2013 B, GO Bonds | 3.00% | 08/01/2031 | 70 | 69386 |
|  Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB | 5.00% | 04/01/2031 | 25 | 28648 |
|  Santa Monica-Malibu Unified School District (Election of 2018), Series 2023 C, GO Bonds | 5.00% | 08/01/2039 | 150 | 160961 |
|  Santa Monica-Malibu Unified School District (Election of 2018), Series 2023 C, GO Bonds | 5.00% | 08/01/2041 | 45 | 47508 |
|  University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2031 | 20 | 22433 |
|  University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2031 | 180 | 206260 |
|  University of California, Series 2023 BQ, RB | 5.00% | 05/15/2031 | 10 | 11459 |
|  University of California, Series 2023, Ref. RB | 5.00% | 05/15/2031 | 15 | 17188 |
|  University of California, Series 2024 BW, Ref. RB | 5.00% | 05/15/2031 | 265 | 303660 |
|  University of California, Series 2024 BX, RB | 5.00% | 05/15/2031 | 5 | 5729 |
|  University of California, Series 2025, Ref. RB | 5.00% | 05/15/2031 | 40 | 45835 |
|  University of California (Limited), Series 2021 Q, Ref. RB | 5.00% | 05/15/2033 | 80 | 89751 |
|  University of California (Limited), Series 2021 Q, Ref. RB | 5.00% | 05/15/2034 | 120 | 133161 |
|  University of California (Limited), Series 2021 Q, Ref. RB | 5.00% | 05/15/2035 | 75 | 82198 |

---

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

---

| |
|:---|
| 315 |
| 315 |
| 315 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  University of California (Limited), Series 2021 Q, Ref. RB | 4.00% | 05/15/2036 | $85 | $87133 |
|  University of California (Limited), Series 2021 Q, Ref. RB | 4.00% | 05/15/2037 | 10 | 10144 |
|  University of California (Limited), Series 2021 Q, Ref. RB | 4.00% | 05/15/2039 | 30 | 29713 |
|  University of California (Limited), Series 2021 Q, Ref. RB | 5.00% | 05/15/2046 | 600 | 612610 |
|  Ventura County Community College District, Series 2015, Ref. GO Bonds | 3.13% | 08/01/2031 | 260 | 260017 |
|  West County Facilities Financing Authority (Green Bonds), Series 2021, RB | 4.00% | 06/01/2051 | 150 | 129318 |
|  |  |  |  | 21040200 |
|  Colorado-1.57% |  |  |  |  |
|  Colorado (State of), Series 2020 A, COP | 5.00% | 12/15/2031 | 80 | 88315 |
|  Colorado (State of), Series 2021 A, COP | 5.00% | 12/15/2031 | 65 | 73095 |
|  Colorado (State of), Series 2021 A, COP | 5.00% | 12/15/2033 | 10 | 11016 |
|  Colorado (State of), Series 2021 A, COP | 5.00% | 12/15/2034 | 15 | 16395 |
|  Colorado (State of), Series 2021 A, COP | 4.00% | 12/15/2035 | 210 | 212827 |
|  Colorado (State of) Bridge & Tunnel Enterprise, Series 2024 B, Ref. RB | 5.00% | 12/01/2031 | 10 | 11334 |
|  Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021, Ref. RB | 5.00% | 11/15/2039 | 110 | 114529 |
|  Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021, Ref. RB | 5.00% | 11/15/2040 | 195 | 201950 |
|  Colorado (State of) Health Facilities Authority (Adventist HealtHdObligated Group), Series 2021, Ref. RB | 5.00% | 11/15/2041 | 55 | 56528 |
|  Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022 A, Ref. RB | 5.00% | 05/15/2031 | 140 | 156292 |
|  Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB | 5.00% | 11/01/2031 | 5 | 5653 |
|  Colorado (State of) Regional Transportation District (Fastracks), Series 2023 A, Ref. RB | 5.00% | 11/01/2031 | 70 | 79146 |
|  Colorado (State of) Regional Transportation District (Green Bonds), Series 2021 B, Ref. RB | 4.00% | 11/01/2040 | 15 | 14649 |
|  Denver (City & County of), CO, Series 2012 B, RB | 4.00% | 11/15/2031 | 85 | 85029 |
|  Denver (City & County of), CO, Series 2022 C, Ref. RB | 5.00% | 11/15/2031 | 15 | 16902 |
|  Denver City & County School District No. 1, Series 2021, GO Bonds | 5.00% | 12/01/2031 | 160 | 177391 |
|  Grand County School District No. 2 East Grand, Series 2022, GO Bonds | 4.00% | 12/01/2046 | 20 | 17561 |
|  Jefferson County School District R-1, Series 2020, GO Bonds | 4.00% | 12/15/2031 | 100 | 105679 |
|  Northern Colorado Water Conservancy District, Series 2022, COP | 5.25% | 07/01/2052 | 80 | 81254 |
|  University of Colorado, Series 2023 A, RB | 4.00% | 06/01/2031 | 40 | 42802 |
|  University of Colorado Hospital Authority, Series 2024 B, Ref. RB | 5.00% | 11/15/2031 | 190 | 213858 |
|  |  |  |  | 1782205 |
|  Connecticut-2.60% |  |  |  |  |
|  Connecticut (State of), Series 2020 A, GO Bonds | 5.00% | 01/15/2031 | 160 | 175320 |
|  Connecticut (State of), Series 2020 A, RB | 5.00% | 05/01/2031 | 25 | 27494 |
|  Connecticut (State of), Series 2021 A, GO Bonds | 4.00% | 01/15/2031 | 195 | 208108 |
|  Connecticut (State of), Series 2021 A, RB | 5.00% | 05/01/2031 | 150 | 168578 |
|  Connecticut (State of), Series 2021 A, RB | 5.00% | 05/01/2033 | 45 | 49685 |
|  Connecticut (State of), Series 2021 A, RB | 5.00% | 05/01/2034 | 25 | 27345 |
|  Connecticut (State of), Series 2021 A, RB | 5.00% | 05/01/2035 | 20 | 21705 |
|  Connecticut (State of), Series 2021 A, RB | 4.00% | 05/01/2036 | 140 | 141501 |
|  Connecticut (State of), Series 2021 A, RB | 4.00% | 05/01/2037 | 300 | 301778 |
|  Connecticut (State of), Series 2021 A, RB | 4.00% | 05/01/2038 | 15 | 15015 |
|  Connecticut (State of), Series 2021 A, RB | 5.00% | 05/01/2041 | 225 | 233676 |
|  Connecticut (State of), Series 2021 D, RB | 5.00% | 11/01/2031 | 150 | 169325 |
|  Connecticut (State of), Series 2021 D, RB | 5.00% | 11/01/2035 | 50 | 54413 |
|  Connecticut (State of), Series 2021 D, RB | 5.00% | 11/01/2041 | 165 | 171770 |
|  Connecticut (State of), Series 2022 A, GO Bonds | 4.00% | 01/15/2031 | 55 | 58697 |
|  Connecticut (State of), Series 2022 D, Ref. GO Bonds | 5.00% | 09/15/2031 | 30 | 33824 |
|  Connecticut (State of), Series 2022 E, GO Bonds | 5.00% | 11/15/2031 | 60 | 67753 |
|  Connecticut (State of), Series 2022 G, Ref. GO Bonds | 5.00% | 11/15/2031 | 45 | 50815 |
|  Connecticut (State of), Series 2023 B, Ref. GO Bonds | 5.00% | 08/01/2031 | 105 | 118260 |
|  Connecticut (State of), Series 2023 B, Ref. RB | 5.00% | 07/01/2031 | 55 | 61902 |
|  Connecticut (State of), Series 2024 A, GO Bonds | 5.00% | 01/15/2031 | 165 | 184913 |
|  Connecticut (State of), Series 2024 A-1, RB | 5.00% | 07/01/2031 | 190 | 213844 |
|  Connecticut (State of), Series 2024 C, Ref. GO Bonds | 5.00% | 03/01/2031 | 20 | 22443 |
|  Connecticut (State of), Series 2024 E, Ref. GO Bonds | 5.00% | 09/01/2031 | 60 | 67624 |
|  Connecticut (State of), Series 2024 F, GO Bonds | 5.00% | 11/15/2031 | 65 | 73399 |

---

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

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|:---|
| 316 |
| 316 |
| 316 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Connecticut-(continued) |  |  |  |  |
|  Connecticut (State of) (Green Bonds), Series 2021 B, GO Bonds | 4.00% | 06/01/2031 | $40 | $42714 |
|  Connecticut (State of) (Green Bonds), Series 2021 B, GO Bonds | 4.00% | 06/01/2034 | 50 | 51804 |
|  Connecticut (State of) (Green Bonds), Series 2021 D, Ref. GO Bonds | 5.00% | 07/15/2031 | 105 | 118214 |
|  Hartford (City of), CT, Series 2023, Ref. RB | 5.00% | 04/01/2031 | 10 | 11164 |
|  New Haven (City of), CT, Series 2024, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2031 | 10 | 11147 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2954230 |
|  Delaware-0.44% |  |  |  |  |
|  Delaware (State of), Series 2020 A, GO Bonds | 5.00% | 01/01/2031 | 135 | 148992 |
|  Delaware (State of), Series 2021, Ref. GO Bonds | 5.00% | 02/01/2031 | 125 | 140891 |
|  Delaware (State of), Series 2022, Ref. GO Bonds | 5.00% | 03/01/2031 | 50 | 56408 |
|  Delaware (State of) Transportation Authority, Series 2020, Ref. RB | 5.00% | 07/01/2031 | 140 | 154720 |
|  |  |  |  | 501011 |
|  District of Columbia-1.85% |  |  |  |  |
|  District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2031 | 30 | 33002 |
|  District of Columbia, Series 2020 B, Ref. RB | 5.00% | 10/01/2031 | 60 | 67642 |
|  District of Columbia, Series 2021 D, GO Bonds | 5.00% | 02/01/2033 | 5 | 5498 |
|  District of Columbia, Series 2021 D, GO Bonds | 5.00% | 02/01/2034 | 130 | 141489 |
|  District of Columbia, Series 2021 D, GO Bonds | 5.00% | 02/01/2035 | 65 | 70098 |
|  District of Columbia, Series 2021 D, GO Bonds | 4.00% | 02/01/2036 | 45 | 45779 |
|  District of Columbia, Series 2021 D, GO Bonds | 4.00% | 02/01/2037 | 30 | 30239 |
|  District of Columbia, Series 2021 D, GO Bonds | 5.00% | 02/01/2038 | 255 | 268374 |
|  District of Columbia, Series 2021 D, GO Bonds | 5.00% | 02/01/2041 | 45 | 46362 |
|  District of Columbia, Series 2021 D, GO Bonds | 5.00% | 02/01/2046 | 175 | 176617 |
|  District of Columbia, Series 2021 E, Ref. GO Bonds | 5.00% | 02/01/2034 | 95 | 103523 |
|  District of Columbia, Series 2021 E, Ref. GO Bonds | 5.00% | 02/01/2035 | 110 | 118707 |
|  District of Columbia, Series 2021 E, Ref. GO Bonds | 4.00% | 02/01/2037 | 230 | 231833 |
|  District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2031 | 95 | 106373 |
|  Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2031 | 90 | 99021 |
|  Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 5.00% | 07/15/2031 | 10 | 11201 |
|  Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 5.00% | 07/15/2033 | 80 | 87815 |
|  Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 4.00% | 07/15/2034 | 15 | 15446 |
|  Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 5.00% | 07/15/2037 | 30 | 31880 |
|  Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 4.00% | 07/15/2038 | 75 | 74875 |
|  Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 5.00% | 07/15/2041 | 325 | 335545 |
|  |  |  |  | 2101319 |
|  Florida-2.71% |  |  |  |  |
|  Broward (County of), FL (Convention Center Expansion), Series 2021, RB | 4.00% | 09/01/2036 | 145 | 146743 |
|  Broward (County of), FL (Convention Center Expansion), Series 2021, RB | 4.00% | 09/01/2039 | 5 | 4882 |
|  Broward (County of), FL School Board, Series 2020 A, COP | 5.00% | 07/01/2031 | 170 | 186539 |
|  Central Florida Expressway Authority, Series 2021 D, RB | 5.00% | 07/01/2031 | 15 | 16737 |
|  Central Florida Expressway Authority, Series 2021 D, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2033 | 80 | 87619 |
|  Central Florida Expressway Authority, Series 2021 D, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2034 | 95 | 103170 |
|  Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2031 | 20 | 22452 |
|  Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 07/01/2034 | 100 | 103632 |
|  Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 07/01/2035 | 205 | 210860 |
|  Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 07/01/2038 | 15 | 14793 |
|  Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2031 | 85 | 92929 |
|  Florida (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2031 | 170 | 191680 |
|  Florida (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 06/01/2031 | 95 | 107223 |
|  Florida (State of) (Right-of-Way Acquisition), Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2031 | 55 | 61997 |
|  Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB | 3.00% | 10/01/2031 | 75 | 73900 |
|  Florida Development Finance Corp. (Lakeland Regional Health System), Series 2021, Ref. RB | 4.00% | 11/15/2033 | 75 | 75661 |
|  Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2022 B, RB | 5.00% | 10/01/2047 | 135 | 136703 |
|  Jacksonville (City of), FL, Series 2015, Ref. RB | 3.00% | 10/01/2031 | 130 | 129519 |
|  Jacksonville (City of), FL, Series 2023 A, Ref. RB | 5.00% | 10/01/2031 | 10 | 11238 |
|  Miami-Dade (County of), FL, Series 2020 A, Ref. RB | 5.00% | 10/01/2031 | 30 | 32891 |

---

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

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| 317 |
| 317 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Florida-(continued) |  |  |  |  |
|  Miami-Dade (County of), FL, Series 2021 B-2, Ref. RB | 4.00% | 10/01/2041 | $10 | $9387 |
|  Miami-Dade (County of), FL, Series 2021, RB | 5.00% | 10/01/2032 | 45 | 49740 |
|  Miami-Dade (County of), FL, Series 2021, RB | 4.00% | 10/01/2033 | 115 | 119317 |
|  Miami-Dade (County of), FL, Series 2021, RB | 4.00% | 10/01/2034 | 35 | 36071 |
|  Miami-Dade (County of), FL, Series 2021, RB | 4.00% | 10/01/2035 | 25 | 25517 |
|  Miami-Dade (County of), FL, Series 2021, RB | 3.00% | 10/01/2036 | 5 | 4519 |
|  Miami-Dade (County of), FL, Series 2021, RB | 4.00% | 10/01/2038 | 10 | 9892 |
|  Miami-Dade (County of), FL, Series 2021, RB | 5.00% | 10/01/2046 | 85 | 86106 |
|  Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023, RB | 5.00% | 10/01/2031 | 145 | 161489 |
|  Orlando (City of), FL Utilities Commission, Series 2021 A, RB | 4.00% | 10/01/2040 | 5 | 4840 |
|  Palm Beach County School District, Series 2021 A, COP | 5.00% | 08/01/2036 | 205 | 219024 |
|  Palm Beach County School District, Series 2021 A, COP | 5.00% | 08/01/2038 | 115 | 120481 |
|  Palm Beach County School District, Series 2021 A, COP | 5.00% | 08/01/2040 | 85 | 88209 |
|  Palm Beach County School District, Series 2025 A, Ref. COP | 5.00% | 08/01/2031 | 5 | 5608 |
|  Pasco (County of), FL School Board, Series 2021 A, Ref. COP | 5.00% | 08/01/2031 | 15 | 16729 |
|  Pasco (County of), FL School Board, Series 2021 B, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2046 | 80 | 80687 |
|  South Florida Water Management District, Series 2016, Ref. COP | 3.00% | 10/01/2031 | 215 | 212323 |
|  Wildwood (City of), FL Utility Dependent District (South Sumter Utility), Series 2021, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2046 | 10 | 10114 |
|  Wildwood (City of), FL Utility Dependent District (South Sumter Utility), Series 2021, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2052 | 15 | 15103 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3086324 |
|  Georgia-1.27% |  |  |  |  |
|  Atlanta (City of), GA (Green Bonds), Series 2024, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 11/01/2031 | 15 | 16905 |
|  Atlanta (City of), GA (Social Bonds), Series 2022 A-1, Ref. GO Bonds | 5.00% | 12/01/2031 | 30 | 33983 |
|  Atlanta (City of), GA Department of Aviation, Series 2023 F, Ref. RB | 5.00% | 07/01/2031 | 5 | 5616 |
|  Augusta (City of), GA, Series 2024 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2031 | 10 | 11256 |
|  DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2031 | 55 | 62038 |
|  Georgia (State of), Series 2021 A, Ref. GO Bonds | 4.00% | 07/01/2034 | 25 | 25873 |
|  Georgia (State of), Series 2021 A, Ref. GO Bonds | 4.00% | 07/01/2035 | 35 | 35883 |
|  Georgia (State of), Series 2021 A, Ref. GO Bonds | 4.00% | 07/01/2038 | 20 | 20021 |
|  Georgia (State of), Series 2021 A, Ref. GO Bonds | 4.00% | 07/01/2039 | 10 | 9993 |
|  Georgia (State of), Series 2022 A, GO Bonds | 5.00% | 07/01/2031 | 115 | 130162 |
|  Georgia (State of), Series 2023 C, Ref. GO Bonds | 5.00% | 01/01/2031 | 15 | 16891 |
|  Georgia (State of) (Bid Group 1), Series 2023 A, GO Bonds | 5.00% | 07/01/2031 | 15 | 16978 |
|  Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2031 | 70 | 79229 |
|  Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2033 | 95 | 105903 |
|  Georgia (State of) (Bidding Group 2), Series 2020 A, GO Bonds | 5.00% | 08/01/2031 | 130 | 144515 |
|  Georgia (State of) (Bidding Group 2), Series 2021 A, Ref. GO Bonds | 4.00% | 07/01/2037 | 185 | 186853 |
|  Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds | 5.00% | 07/01/2031 | 120 | 135821 |
|  Georgia (State of) Municipal Electric Authority (Project One), Series 2020, Ref. RB | 5.00% | 01/01/2045 | 10 | 10027 |
|  Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2031 | 15 | 16891 |
|  Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB | 5.00% | 06/01/2031 | 70 | 77039 |
|  Gwinnett County School District, Series 2025, Ref. GO Bonds | 5.00% | 02/01/2031 | 150 | 168907 |
|  Henry County School District, Series 2021, GO Bonds<sup>(b)(c)</sup> | 4.00% | 08/01/2031 | 15 | 16087 |
|  Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2024 B, RB | 5.00% | 07/01/2031 | 15 | 16900 |
|  Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB | 5.00% | 09/01/2031 | 90 | 98859 |
|  |  |  |  | 1442630 |
|  Hawaii-0.49% |  |  |  |  |
|  Hawaii (State of) State Highway Fund, Series 2021, RB | 5.00% | 01/01/2035 | 30 | 32575 |
|  Hawaii (State of) State Highway Fund, Series 2021, RB | 5.00% | 01/01/2036 | 70 | 75427 |
|  Hawaii (State of) State Highway Fund, Series 2021, RB | 5.00% | 01/01/2041 | 90 | 92992 |
|  Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020, Ref. GO Bonds | 5.00% | 03/01/2031 | 55 | 60443 |
|  Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds | 5.00% | 03/01/2031 | 180 | 202182 |
|  Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2023, Ref. GO Bonds | 5.00% | 03/01/2031 | 85 | 95475 |
|  |  |  |  | 559094 |

---

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

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| 318 |
| 318 |
| 318 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Idaho-0.21% |  |  |  |  |
|  Idaho (State of) Housing & Finance Association (Garvee), Series 2021 A, Ref. RB | 4.00% | 07/15/2038 | $30 | $29160 |
|  Idaho (State of) Housing & Finance Association (Garvee), Series 2021 A, Ref. RB | 4.00% | 07/15/2039 | 15 | 14236 |
|  Idaho State Building Authority, Series 2024 A, RB | 5.00% | 06/01/2031 | 150 | 169385 |
|  Idaho State Building Authority (School Modernization Facilities), Series 2025, RB | 5.00% | 06/01/2031 | 25 | 28231 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241012 |
|  Illinois-4.89% |  |  |  |  |
|  Chicago (City of), IL, Series 2021 A, Ref. GO Bonds | 5.00% | 01/01/2033 | 150 | 156412 |
|  Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2031 | 25 | 27626 |
|  Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/01/2031 | 275 | 305645 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2024 D, Ref. RB | 5.00% | 01/01/2031 | 20 | 22268 |
|  Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 C, Ref. GO Bonds | 5.00% | 12/01/2031 | 120 | 135343 |
|  Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2021 B, GO Bonds | 5.00% | 12/01/2033 | 15 | 16450 |
|  Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 12/01/2046 | 315 | 320058 |
|  Cook (County of), IL, Series 2021 A, Ref. GO Bonds. | 5.00% | 11/15/2031 | 255 | 279159 |
|  Illinois (State of), Series 2016, GO Bonds | 3.50% | 06/01/2031 | 5 | 4998 |
|  Illinois (State of), Series 2020 B, GO Bonds | 5.00% | 10/01/2031 | 150 | 163419 |
|  Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 03/01/2031 | 25 | 27524 |
|  Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 12/01/2031 | 215 | 237819 |
|  Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 03/01/2034 | 215 | 230492 |
|  Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 03/01/2036 | 70 | 73612 |
|  Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 03/01/2037 | 30 | 31265 |
|  Illinois (State of), Series 2021 B, GO Bonds | 5.00% | 12/01/2033 | 80 | 86690 |
|  Illinois (State of), Series 2022 A, GO Bonds | 5.00% | 03/01/2031 | 45 | 49615 |
|  Illinois (State of), Series 2022 B, Ref. GO Bonds | 5.00% | 03/01/2031 | 85 | 93717 |
|  Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 05/01/2031 | 65 | 71727 |
|  Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 12/01/2031 | 35 | 38715 |
|  Illinois (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 07/01/2031 | 100 | 110436 |
|  Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2031 | 65 | 71727 |
|  Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2031 | 5 | 5513 |
|  Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB | 5.00% | 08/15/2033 | 105 | 114296 |
|  Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB | 5.00% | 08/15/2035 | 180 | 192240 |
|  Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB | 5.00% | 08/15/2036 | 45 | 47686 |
|  Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB | 4.00% | 08/15/2038 | 40 | 37561 |
|  Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB | 5.00% | 01/01/2031 | 130 | 145289 |
|  Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB | 5.00% | 07/01/2034 | 280 | 304639 |
|  Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB | 5.00% | 07/01/2035 | 110 | 118758 |
|  Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB | 5.00% | 07/01/2036 | 105 | 112388 |
|  Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB | 4.00% | 07/01/2037 | 50 | 49605 |
|  Illinois (State of) Finance Authority (The University of Chicago), Series 2024 A, Ref. RB | 5.00% | 04/01/2031 | 35 | 39017 |
|  Illinois (State of) Finance Authority (The University of Chicago), Series 2024 B, Ref. RB | 5.00% | 04/01/2031 | 40 | 44590 |
|  Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB | 5.00% | 10/01/2031 | 60 | 67107 |
|  Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2022, Ref. RB,<br>(INS - BAM)<sup>(a)</sup> | 4.00% | 12/15/2042 | 20 | 18068 |
|  Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB | 5.00% | 01/01/2031 | 95 | 103608 |
|  Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB | 5.00% | 01/01/2031 | 260 | 283560 |
|  Illinois (State of) Toll Highway Authority, Series 2020 A, RB | 5.00% | 01/01/2040 | 90 | 92708 |
|  Illinois (State of) Toll Highway Authority, Series 2020 A, RB | 5.00% | 01/01/2041 | 15 | 15334 |
|  Illinois (State of) Toll Highway Authority, Series 2020 A, RB | 5.00% | 01/01/2045 | 655 | 658469 |
|  Sales Tax Securitization Corp., Series 2021 A, Ref. RB | 5.00% | 01/01/2031 | 125 | 137285 |
|  Southwestern Illinois Development Authority (Southwestern Illinois Prevention District Council), Series 2023, RB,<br>(INS - BAM)<sup>(a)</sup> | 5.50% | 12/01/2040 | 260 | 274540 |
|  Springfield (City of), IL, Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 03/01/2031 | 35 | 38465 |
|  University of Illinois, Series 2023 A, Ref. RB | 5.00% | 04/01/2031 | 105 | 116820 |
|  |  |  |  | 5572263 |

---

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

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| 319 |
| 319 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Indiana-1.35% |  |  |  |  |
|  Crown Point Multi School Building Corp., Series 2021, RB, (CEP - Colorado Higher Education Intercept Program) | 5.00% | 07/15/2032 | $40 | $43782 |
|  Crown Point Multi School Building Corp., Series 2021, RB, (CEP - Colorado Higher Education Intercept Program) | 5.00% | 07/15/2033 | 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103255 |
|  Crown Point Multi School Building Corp., Series 2021, RB, (CEP - Colorado Higher Education Intercept Program) | 5.00% | 07/15/2034 | 60 | 64772 |
|  Crown Point Multi School Building Corp., Series 2021, RB, (CEP - Colorado Higher Education Intercept Program) | 5.00% | 07/15/2035 | 30 | 32151 |
|  Crown Point Multi School Building Corp., Series 2021, RB, (CEP - Colorado Higher Education Intercept Program) | 5.00% | 07/15/2036 | 80 | 85084 |
|  Crown Point Multi School Building Corp., Series 2021, RB, (CEP - Colorado Higher Education Intercept Program) | 5.00% | 01/15/2040 | 130 | 134920 |
|  Indiana (State of) Finance Authority (CWA Authority), Series 2021 1, Ref. RB | 5.00% | 10/01/2031 | 30 | 33678 |
|  Indiana (State of) Finance Authority (CWA Authority), Series 2021 1, Ref. RB | 5.00% | 10/01/2037 | 70 | 74304 |
|  Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB | 5.00% | 10/01/2033 | 340 | 374995 |
|  Indiana (State of) Finance Authority (CWA Authority), Series 2021-1, Ref. RB | 5.00% | 10/01/2034 | 20 | 21845 |
|  Indiana (State of) Finance Authority (CWA Authority), Series 2021-1, Ref. RB | 4.00% | 10/01/2035 | 65 | 66245 |
|  Indiana (State of) Finance Authority (CWA Authority), Series 2021-1, Ref. RB | 4.00% | 10/01/2036 | 35 | 35364 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2021, Ref. RB | 5.00% | 02/01/2031 | 70 | 78522 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB | 5.00% | 02/01/2031 | 25 | 28044 |
|  Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB | 5.00% | 02/01/2031 | 30 | 33031 |
|  Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB | 5.00% | 06/01/2031 | 40 | 44626 |
|  Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB | 5.00% | 06/01/2033 | 80 | 87460 |
|  Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB | 5.00% | 06/01/2034 | 100 | 108476 |
|  Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 06/01/2036 | 55 | 55628 |
|  Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 06/01/2037 | 5 | 4998 |
|  Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 06/01/2039 | 10 | 9509 |
|  Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 06/01/2040 | 15 | 14060 |
|  |  |  |  | 1534749 |
|  Iowa-0.11% |  |  |  |  |
|  Iowa (State of) Finance Authority (Green Bonds), Series 2023, Ref. RB | 5.00% | 08/01/2031 | 110 | 123763 |
|  Kansas-0.39% |  |  |  |  |
|  Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2047 | 100 | 100061 |
|  Johnson (County of), KS Unified School District No. 233 (Olathe), Series 2022 A, Ref. GO Bonds | 5.00% | 09/01/2037 | 85 | 91033 |
|  Kansas (State of) Department of Transportation, Series 2024 A, Ref. RB | 5.00% | 09/01/2031 | 90 | 101490 |
|  Leavenworth County Unified School District No. 458, Series 2024, GO Bonds | 5.00% | 09/01/2049 | 150 | 149997 |
|  |  |  |  | 442581 |
|  Kentucky-0.07% |  |  |  |  |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB | 5.00% | 10/01/2031 | 45 | 50330 |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 132), Series 2025 A, RB | 5.00% | 04/01/2031 | 25 | 27883 |
|  |  |  |  | 78213 |
|  Louisiana-0.49% |  |  |  |  |
|  Louisiana (State of), Series 2021 A, GO Bonds | 5.00% | 03/01/2039 | 180 | 189421 |
|  Louisiana (State of), Series 2023 A, GO Bonds | 5.00% | 02/01/2031 | 85 | 95166 |
|  Louisiana (State of), Series 2024 E, GO Bonds | 5.00% | 09/01/2031 | 190 | 213137 |
|  Louisiana (State of) (Garvee), Series 2023, RB | 5.00% | 09/01/2031 | 55 | 61633 |
|  |  |  |  | 559357 |
|  Maryland-2.78% |  |  |  |  |
|  Maryland (State of), Series 2016, GO Bonds | 3.00% | 06/01/2031 | 100 | 99807 |
|  Maryland (State of), Series 2020, GO Bonds | 5.00% | 08/01/2031 | 145 | 160836 |
|  Maryland (State of), Series 2022, GO Bonds | 5.00% | 06/01/2031 | 75 | 84607 |
|  Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds | 5.00% | 08/01/2031 | 90 | 101681 |
|  Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds | 5.00% | 08/01/2033 | 110 | 122081 |
|  Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 03/15/2031 | 35 | 38654 |
|  Maryland (State of) (Bidding Group 1), Series 2021 A, GO Bonds | 5.00% | 03/01/2031 | 235 | 264473 |

---

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

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|:---|
| 320 |
| 320 |
| 320 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Maryland-(continued) |  |  |  |  |
|  Maryland (State of) (Bidding Group 1), Series 2023 A, GO Bonds | 5.00% | 03/15/2031 | $205 | $230795 |
|  Maryland (State of) (Bidding Group 1), Series 2024, GO Bonds | 5.00% | 06/01/2031 | 125 | 141012 |
|  Maryland (State of) (Bidding Group 2), Second Series 2021 A, GO Bonds | 5.00% | 08/01/2034 | 105 | 115482 |
|  Maryland (State of) (Bidding Group 2), Second Series 2021 A, GO Bonds | 4.00% | 08/01/2035 | 45 | 46071 |
|  Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds | 5.00% | 03/01/2033 | 220 | 243327 |
|  Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds | 5.00% | 03/01/2034 | 60 | 65782 |
|  Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds | 5.00% | 03/01/2035 | 200 | 217118 |
|  Maryland (State of) Department of Transportation, Series 2016, RB | 3.00% | 11/01/2031 | 40 | 39876 |
|  Maryland (State of) Department of Transportation, Series 2017, RB | 3.00% | 09/01/2031 | 205 | 204650 |
|  Maryland (State of) Department of Transportation, Series 2019, RB | 2.13% | 10/01/2031 | 320 | 296206 |
|  Maryland (State of) Department of Transportation, Series 2020, RB | 5.00% | 10/01/2031 | 120 | 132878 |
|  Maryland (State of) Stadium Authority (Football Stadium Issue), Series 2023 A, RB | 5.00% | 03/01/2031 | 5 | 5586 |
|  Maryland (State of) Transportation Authority, Series 2017, RB | 3.13% | 05/01/2031 | 5 | 5000 |
|  Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB | 5.00% | 07/01/2046 | 160 | 161554 |
|  Maryland (State of) Transportation Authority, Series 2024, Ref. RB | 5.00% | 07/01/2031 | 15 | 16874 |
|  Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB | 5.00% | 07/01/2031 | 15 | 16565 |
|  Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds | 5.00% | 08/01/2031 | 25 | 28289 |
|  Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds | 4.00% | 08/01/2033 | 50 | 52107 |
|  Montgomery (County of), MD, Series 2024 B, Ref. GO Bonds | 5.00% | 12/01/2031 | 100 | 113523 |
|  Prince George's (County of), MD, Series 2021 A, GO Bonds | 5.00% | 07/01/2031 | 50 | 56448 |
|  Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB | 3.00% | 06/01/2031 | 100 | 100020 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3161302 |
|  Massachusetts-3.17% |  |  |  |  |
|  Boston (City of), MA, Series 2022 A, GO Bonds | 5.00% | 11/01/2031 | 35 | 40173 |
|  Boston (City of), MA, Series 2025 A, GO Bonds | 5.00% | 02/01/2031 | 25 | 28450 |
|  Massachusetts (Commonwealth of), Series 2015 D, GO Bonds | 3.00% | 09/01/2031 | 35 | 35001 |
|  Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds | 5.00% | 09/01/2031 | 60 | 67837 |
|  Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds | 5.00% | 05/01/2031 | 10 | 11272 |
|  Massachusetts (Commonwealth of), Series 2020 D, GO Bonds | 5.00% | 07/01/2031 | 5 | 5527 |
|  Massachusetts (Commonwealth of), Series 2020 E, GO Bonds | 5.00% | 11/01/2031 | 35 | 38827 |
|  Massachusetts (Commonwealth of), Series 2021 A, Ref. RB | 5.00% | 06/01/2041 | 165 | 170782 |
|  Massachusetts (Commonwealth of), Series 2021 A, Ref. RB | 5.00% | 06/01/2042 | 150 | 153904 |
|  Massachusetts (Commonwealth of), Series 2021 C, GO Bonds | 5.00% | 09/01/2031 | 165 | 186552 |
|  Massachusetts (Commonwealth of), Series 2021 D, GO Bonds | 5.00% | 09/01/2048 | 250 | 252902 |
|  Massachusetts (Commonwealth of), Series 2021 D, GO Bonds | 5.00% | 09/01/2049 | 200 | 201959 |
|  Massachusetts (Commonwealth of), Series 2021 D, GO Bonds | 5.00% | 09/01/2050 | 95 | 95817 |
|  Massachusetts (Commonwealth of), Series 2021 D, GO Bonds | 5.00% | 09/01/2051 | 335 | 337476 |
|  Massachusetts (Commonwealth of), Series 2022 A, GO Bonds | 5.00% | 02/01/2031 | 245 | 275486 |
|  Massachusetts (Commonwealth of), Series 2022 A, Ref. GO Bonds | 5.00% | 10/01/2031 | 90 | 101840 |
|  Massachusetts (Commonwealth of), Series 2022 D, GO Bonds | 5.00% | 11/01/2031 | 40 | 45299 |
|  Massachusetts (Commonwealth of), Series 2023 A, GO Bonds | 5.00% | 05/01/2031 | 30 | 33817 |
|  Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds | 5.00% | 03/01/2031 | 65 | 73152 |
|  Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds | 5.00% | 11/01/2031 | 130 | 147222 |
|  Massachusetts (Commonwealth of), Series 2024 C, Ref. GO Bonds | 5.00% | 09/01/2031 | 135 | 152634 |
|  Massachusetts (Commonwealth of), Series 2024 G, GO Bonds | 5.00% | 12/01/2031 | 65 | 73670 |
|  Massachusetts (Commonwealth of), Series 2025 B, GO Bonds | 5.00% | 06/01/2031 | 100 | 112810 |
|  Massachusetts (Commonwealth of) (Rail Enhancement Program) (Green Bonds), Series 2022, RB | 5.00% | 06/01/2050 | 430 | 431607 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB | 5.00% | 07/01/2031 | 65 | 73645 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2006 A, RB | 5.25% | 07/01/2031 | 85 | 97500 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB | 5.00% | 07/01/2031 | 120 | 135821 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB | 4.00% | 07/01/2036 | 50 | 50233 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB | 4.00% | 07/01/2037 | 10 | 9947 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2025 B, RB | 5.00% | 07/01/2031 | 5 | 5665 |
|  Massachusetts (Commonwealth of) Clean Water Trust (The) (Green Bonds), Series 2021-23B, RB | 5.00% | 02/01/2041 | 5 | 5188 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Southcoast Health System Obligated Group), Series 2021 G, Ref. RB | 5.00% | 07/01/2050 | 125 | 120129 |
|  Massachusetts (Commonwealth of) Port Authority, Series 2021 D, RB | 5.00% | 07/01/2051 | 15 | 15039 |

---

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

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| 321 |
| 321 |
| 321 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Massachusetts-(continued) |  |  |  |  |
|  Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGI)<sup>(a)</sup>  | 5.25% | 08/01/2031 | $10 | $11505 |
|  University of Massachusetts Building Authority, Series 2021-1, Ref. RB | 5.00% | 11/01/2031 | 5 | 5581 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3604269 |
|  Michigan-1.04% |  |  |  |  |
|  Great Lakes Water Authority, Series 2025 A, Ref. RB | 5.00% | 07/01/2031 | 30 | 33644 |
|  Michigan (State of), Series 2020 B, RB | 5.00% | 11/15/2031 | 155 | 171925 |
|  Michigan (State of), Series 2021 A, RB | 5.00% | 11/15/2034 | 105 | 115350 |
|  Michigan (State of), Series 2021 A, RB | 5.00% | 11/15/2035 | 65 | 70782 |
|  Michigan (State of), Series 2021 A, RB | 4.00% | 11/15/2036 | 100 | 100025 |
|  Michigan (State of), Series 2021, RB | 5.00% | 11/15/2033 | 230 | 254777 |
|  Michigan (State of), Series 2021, RB | 4.00% | 11/15/2037 | 60 | 59781 |
|  Michigan (State of), Series 2023, RB | 5.00% | 11/15/2031 | 5 | 5680 |
|  Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB | 5.00% | 04/15/2031 | 85 | 94828 |
|  Muskegon Public Schools, Series 2021 II, GO Bonds | 5.00% | 05/01/2046 | 120 | 121186 |
|  Muskegon Public Schools, Series 2021 II, GO Bonds | 5.00% | 05/01/2051 | 50 | 50195 |
|  Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2021 A, RB | 5.00% | 12/01/2046 | 100 | 100441 |
|  |  |  |  | 1178614 |
|  Minnesota-1.01% |  |  |  |  |
|  Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2023 A, Ref. RB | 5.00% | 01/01/2031 | 30 | 33386 |
|  Minneapolis (City of), MN (Allina Health System), Series 2021, RB | 4.00% | 11/15/2037 | 25 | 24017 |
|  Minneapolis (City of), MN (Allina Health System), Series 2021, RB | 4.00% | 11/15/2038 | 20 | 18774 |
|  Minneapolis (City of), MN (Allina Health System), Series 2021, RB | 4.00% | 11/15/2039 | 30 | 27961 |
|  Minnesota (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2031 | 105 | 115790 |
|  Minnesota (State of), Series 2021 A, GO Bonds | 5.00% | 09/01/2031 | 40 | 45344 |
|  Minnesota (State of), Series 2021 A, GO Bonds | 4.00% | 09/01/2033 | 30 | 31260 |
|  Minnesota (State of), Series 2021 A, GO Bonds | 4.00% | 09/01/2036 | 45 | 45420 |
|  Minnesota (State of), Series 2021 A, GO Bonds | 4.00% | 09/01/2037 | 115 | 115423 |
|  Minnesota (State of), Series 2021 B, GO Bonds | 5.00% | 09/01/2031 | 105 | 118591 |
|  Minnesota (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 08/01/2031 | 70 | 79290 |
|  Minnesota (State of), Series 2023 E, Ref. GO Bonds | 5.00% | 08/01/2031 | 50 | 56431 |
|  Minnesota (State of), Series 2023, COP | 5.00% | 11/01/2031 | 245 | 275528 |
|  Minnesota (State of), Series 2024 B, GO Bonds | 5.00% | 08/01/2031 | 5 | 5643 |
|  Minnesota (State of) (Bidding Group 1), Series 2024 A, GO Bonds | 5.00% | 08/01/2031 | 15 | 16991 |
|  Minnesota (State of) Public Facilities Authority, Series 2023 A, RB | 5.00% | 03/01/2031 | 80 | 90252 |
|  Rochester (City of), MN (Mayo Clinic), Series 2016 B, Ref. RB | 5.00% | 11/15/2031 | 45 | 50678 |
|  |  |  |  | 1150779 |
|  Missouri-0.53% |  |  |  |  |
|  Curators of the University of Missouri (The), Series 2024, Ref. RB | 5.00% | 11/01/2031 | 15 | 17014 |
|  Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB | 5.00% | 06/01/2031 | 210 | 231006 |
|  Missouri (State of) Highway & Transportation Commission, Series 2022, RB | 5.00% | 05/01/2031 | 15 | 16883 |
|  Springfield (City of), MO, Series 2015, Ref. RB<sup>(b)(c)</sup> | 4.00% | 09/16/2025 | 40 | 40024 |
|  St. Charles County Francis Howell R-III School District, Series 2022, Ref. GO Bonds | 5.00% | 03/01/2042 | 150 | 153012 |
|  St. Louis (City of), MO, Series 2005, RB, (INS - NATL)<sup>(a)</sup> | 5.50% | 07/01/2031 | 130 | 149122 |
|  |  |  |  | 607061 |
|  Nebraska-0.09% |  |  |  |  |
|  Central Plains Energy Project (Project No. 3), Series 2017 A, Ref. RB | 5.00% | 09/01/2031 | 100 | 106595 |
|  Nevada-0.44% |  |  |  |  |
|  Clark (County of), NV, Series 2022 A, Ref. GO Bonds | 4.00% | 06/01/2031 | 10 | 10673 |
|  Clark (County of), NV Department of Aviation, Series 2021 A, RB | 5.00% | 07/01/2033 | 10 | 11012 |
|  Clark (County of), NV Department of Aviation, Series 2021, RB | 5.00% | 07/01/2034 | 45 | 49161 |
|  Clark (County of), NV Department of Aviation, Series 2021, RB | 5.00% | 07/01/2035 | 245 | 265334 |
|  Las Vegas Valley Water District, Series 2021 C, GO Bonds | 5.00% | 06/01/2031 | 110 | 123778 |
|  Nevada (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2031 | 35 | 39394 |
|  |  |  |  | 499352 |

---

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

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| 322 |
| 322 |
| 322 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New Jersey-2.42% |  |  |  |  |
|  Jersey City (City of), NJ Redevelopment Agency (Bayfront Redevelopment), Series 2022, RB | 4.00% | 12/15/2031 | $110 | $116236 |
|  New Jersey (State of), Series 2020 A, GO Bonds | 4.00% | 06/01/2031 | 955 | 1019270 |
|  New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 3.13% | 07/01/2031 | 75 | 73626 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RB | 5.00% | 06/15/2033 | 5 | 5467 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN | 5.00% | 06/15/2031 | 45 | 50288 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN | 5.00% | 06/15/2034 | 90 | 97356 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB | 5.00% | 06/15/2031 | 155 | 173214 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB | 5.00% | 06/15/2033 | 25 | 27333 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB | 5.00% | 06/15/2031 | 110 | 122926 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB | 5.00% | 06/15/2033 | 50 | 55031 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB | 5.00% | 06/15/2034 | 105 | 114248 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB | 5.00% | 06/15/2035 | 80 | 86123 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB | 4.00% | 06/15/2038 | 10 | 9559 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 5.00% | 06/15/2036 | 220 | 234619 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB | 5.00% | 06/15/2031 | 100 | 111751 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2031 | 60 | 67058 |
|  New Jersey (State of) Turnpike Authority, Series 2025 B, RB | 5.00% | 01/01/2031 | 350 | 390240 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2754345 |
|  New Mexico-0.34% |  |  |  |  |
|  New Mexico (State of), Series 2023, GO Bonds | 5.00% | 03/01/2031 | 15 | 16840 |
|  New Mexico (State of) (Various Capital), Series 2025, GO Bonds | 5.00% | 03/01/2031 | 15 | 16514 |
|  New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB | 5.00% | 07/01/2031 | 215 | 241117 |
|  New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB | 5.00% | 07/01/2031 | 45 | 50467 |
|  New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB | 5.00% | 07/01/2031 | 55 | 61681 |
|  |  |  |  | 386619 |
|  New York-18.89% |  |  |  |  |
|  Battery Park (City of), NY Authority, Series 2023 B, Ref. RB | 5.00% | 11/01/2031 | 45 | 51484 |
|  Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021 A, Ref. RB | 5.00% | 02/15/2031 | 45 | 50887 |
|  Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB | 5.00% | 09/01/2031 | 45 | 50825 |
|  Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB | 4.00% | 09/01/2033 | 55 | 57617 |
|  Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB | 4.00% | 09/01/2039 | 195 | 191196 |
|  Metropolitan Transportation Authority, Series 2015 F, Ref.RB | 3.25% | 11/15/2031 | 165 | 158640 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB | 5.00% | 11/15/2031 | 60 | 66954 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2024 B, Ref. RB | 5.00% | 11/15/2031 | 5 | 5580 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2025, Ref. RB | 5.00% | 11/15/2031 | 45 | 50216 |
|  Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB | 5.00% | 11/15/2031 | 140 | 159003 |
|  Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB | 4.00% | 11/15/2032 | 40 | 42790 |
|  Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB | 5.00% | 11/15/2032 | 160 | 180132 |
|  Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB | 4.00% | 11/15/2033 | 200 | 211933 |
|  Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB | 5.00% | 11/15/2033 | 65 | 72573 |
|  Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB | 4.00% | 11/15/2034 | 315 | 331007 |
|  Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB | 5.00% | 11/15/2034 | 50 | 55329 |
|  Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB | 5.00% | 11/15/2035 | 15 | 16457 |
|  New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB | 3.00% | 12/01/2031 | 40 | 39532 |
|  New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB | 5.00% | 07/15/2033 | 160 | 176985 |
|  New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB | 4.00% | 07/15/2035 | 55 | 55888 |
|  New York & New Jersey (States of) Port Authority, Series 2021, Ref. RB | 4.00% | 07/15/2036 | 170 | 171477 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Forty Fourth Series 2024, Ref. RB | 5.00% | 07/15/2031 | 5 | 5632 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Forty Three Series 2023, Ref. RB | 5.00% | 12/01/2031 | 10 | 11303 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Twenty Four Series 2021, Ref. RB | 5.00% | 07/15/2031 | 30 | 33793 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fourth Series 2021, Ref. RB | 4.00% | 07/15/2034 | 35 | 35815 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fourth Series 2021, Ref. RB | 4.00% | 07/15/2040 | 90 | 87081 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB | 5.00% | 07/15/2031 | 25 | 27602 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Twenty-Fourth Series 2021, Ref. RB | 4.00% | 07/15/2039 | 10 | 9810 |
|  New York (City of), NY, Series 2008 L-5, GO Bonds | 5.00% | 04/01/2033 | 105 | 114520 |
|  New York (City of), NY, Series 2008 L-5, GO Bonds | 5.00% | 04/01/2034 | 90 | 97394 |

---

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

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|:---|
| 323 |
| 323 |
| 323 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (City of), NY, Series 2012-1, GO Bonds | 5.00% | 04/01/2033 | $150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163600 |
|  New York (City of), NY, Series 2012-1, GO Bonds | 5.00% | 04/01/2035 | 75 | 80466 |
|  New York (City of), NY, Series 2020 A-1, Ref. GO Bonds | 5.00% | 08/01/2031 | 250 | 274641 |
|  New York (City of), NY, Series 2020 B-1, Ref. GO Bonds | 5.00% | 11/01/2031 | 245 | 269806 |
|  New York (City of), NY, Series 2020 C, GO Bonds | 5.00% | 08/01/2031 | 280 | 307597 |
|  New York (City of), NY, Series 2020 C-1, Ref. GO Bonds | 5.00% | 08/01/2031 | 275 | 302105 |
|  New York (City of), NY, Series 2021 A-1, GO Bonds | 5.00% | 08/01/2033 | 70 | 76496 |
|  New York (City of), NY, Series 2021 A-1, GO Bonds | 5.00% | 08/01/2036 | 210 | 223211 |
|  New York (City of), NY, Series 2021 A-1, GO Bonds | 4.00% | 08/01/2038 | 5 | 4855 |
|  New York (City of), NY, Series 2021 A-1, GO Bonds | 5.00% | 08/01/2047 | 345 | 345021 |
|  New York (City of), NY, Series 2021 F-1, GO Bonds | 5.00% | 03/01/2036 | 25 | 26554 |
|  New York (City of), NY, Series 2021 F-1, GO Bonds | 5.00% | 03/01/2037 | 50 | 52705 |
|  New York (City of), NY, Series 2021 F-1, GO Bonds | 5.00% | 03/01/2039 | 75 | 77892 |
|  New York (City of), NY, Series 2021 F-1, GO Bonds | 5.00% | 03/01/2042 | 165 | 168094 |
|  New York (City of), NY, Series 2021 F-1, GO Bonds | 5.00% | 03/01/2044 | 280 | 282793 |
|  New York (City of), NY, Series 2021 F-1, GO Bonds | 5.00% | 03/01/2050 | 40 | 40013 |
|  New York (City of), NY, Series 2021-1, GO Bonds | 5.00% | 04/01/2031 | 70 | 77689 |
|  New York (City of), NY, Series 2021-1, GO Bonds | 5.00% | 08/01/2031 | 65 | 72306 |
|  New York (City of), NY, Series 2021-1, GO Bonds | 5.00% | 04/01/2034 | 95 | 102805 |
|  New York (City of), NY, Series 2022 B-1, GO Bonds | 5.00% | 10/01/2031 | 10 | 11137 |
|  New York (City of), NY, Series 2022 B-1, Ref. GO Bonds | 5.00% | 08/01/2031 | 50 | 55620 |
|  New York (City of), NY, Series 2022 C, Ref. GO Bonds | 5.00% | 08/01/2031 | 5 | 5562 |
|  New York (City of), NY, Series 2023 C, Ref. GO Bonds | 5.00% | 08/01/2031 | 45 | 50058 |
|  New York (City of), NY, Series 2023 F-1, Ref. GO Bonds | 5.00% | 08/01/2031 | 85 | 94554 |
|  New York (City of), NY, Series 2023, GO Bonds | 5.00% | 08/01/2031 | 10 | 11124 |
|  New York (City of), NY, Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2031 | 5 | 5562 |
|  New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2031 | 15 | 16637 |
|  New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2031 | 10 | 11098 |
|  New York (City of), NY, Series 2024 E, Ref. GO Bonds | 5.00% | 08/01/2031 | 5 | 5562 |
|  New York (City of), NY, Series 2025, Ref. GO Bonds | 5.00% | 08/01/2031 | 40 | 44496 |
|  New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.00% | 05/01/2031 | 45 | 49973 |
|  New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.00% | 09/01/2031 | 125 | 139127 |
|  New York (City of), NY, Subseries 2025 G-1, GO Bonds | 5.00% | 02/01/2031 | 35 | 38794 |
|  New York (City of), NY Educational Construction Fund, Series 2021 B, RB, (CEP - Colorado Higher Education Intercept Program) | 5.00% | 04/01/2052 | 100 | 100319 |
|  New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB,<br>(INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2031 | 50 | 55121 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2020 EE, Ref. RB | 5.00% | 06/15/2031 | 245 | 277460 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2020, RB | 5.00% | 06/15/2031 | 5 | 5593 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB | 5.00% | 06/15/2048 | 315 | 315264 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB | 5.00% | 06/15/2044 | 235 | 239211 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB | 5.00% | 06/15/2051 | 155 | 155052 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB | 5.00% | 06/15/2031 | 335 | 379384 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB | 4.00% | 06/15/2036 | 35 | 35336 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-2, RB | 5.00% | 06/15/2035 | 180 | 195971 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB | 5.00% | 06/15/2031 | 100 | 113249 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2025, Ref. RB | 5.00% | 06/15/2031 | 15 | 16987 |
|  New York (City of), NY Transitional Finance Authority, Series 2010 G-5, RB | 5.00% | 05/01/2031 | 40 | 44178 |
|  New York (City of), NY Transitional Finance Authority, Series 2020, RB | 5.00% | 05/01/2031 | 50 | 55223 |
|  New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 5.00% | 08/01/2031 | 5 | 5485 |
|  New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 5.00% | 11/01/2031 | 140 | 153939 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB | 5.00% | 11/01/2031 | 20 | 22420 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB | 5.00% | 11/01/2033 | 80 | 87660 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB | 5.00% | 11/01/2034 | 170 | 184652 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB | 4.00% | 11/01/2035 | 15 | 15009 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB | 5.00% | 08/01/2034 | 50 | 54267 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB | 5.00% | 08/01/2035 | 170 | 182860 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB | 4.00% | 08/01/2038 | 35 | 33522 |

---

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

---

| |
|:---|
| 324 |
| 324 |
| 324 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB | 5.00% | 02/01/2035 | $135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144828 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB | 5.00% | 02/01/2036 | 215 | 228809 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB | 5.00% | 02/01/2037 | 75 | 79120 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB | 4.00% | 02/01/2043 | 20 | 18049 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB | 5.00% | 11/01/2031 | 215 | 237369 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB | 5.00% | 11/01/2032 | 125 | 136951 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB | 5.00% | 11/01/2033 | 120 | 130458 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB | 5.00% | 11/01/2034 | 170 | 183377 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB | 4.00% | 11/01/2036 | 15 | 14842 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB | 4.00% | 11/01/2037 | 5 | 4929 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB | 4.00% | 11/01/2038 | 25 | 23864 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2031 | 50 | 55937 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB | 5.00% | 11/01/2031 | 100 | 112100 |
|  New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB | 5.00% | 11/01/2031 | 40 | 44840 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2031 | 125 | 140124 |
|  New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2031 | 5 | 5583 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.00% | 05/01/2031 | 95 | 106077 |
|  New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2031 | 70 | 78470 |
|  New York (City of), NY Transitional Finance Authority, Series 2025 H, RB | 5.00% | 11/01/2031 | 15 | 16815 |
|  New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2031 | 5 | 5605 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2010 F-5, RB | 5.00% | 02/01/2031 | 90 | 100282 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB | 5.00% | 07/15/2031 | 175 | 195813 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB | 4.00% | 07/15/2034 | 245 | 250314 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB | 4.00% | 07/15/2035 | 225 | 228039 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1A, Ref. RB | 5.00% | 07/15/2033 | 190 | 210925 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2022 S-1A, Ref. RB | 5.00% | 07/15/2031 | 160 | 179029 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2024 A-1, Ref. RB | 5.00% | 11/01/2031 | 270 | 302669 |
|  New York (City of), NY Trust for Cultural Resources (The) (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB | 5.00% | 12/01/2031 | 140 | 154748 |
|  New York (State of), Series 2023 C, Ref. GO Bonds | 5.00% | 03/15/2031 | 15 | 17078 |
|  New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 5.00% | 07/01/2031 | 270 | 306067 |
|  New York (State of) Dormitory Authority, Series 2020 A-2, Ref. RB | 5.00% | 07/01/2031 | 40 | 44629 |
|  New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 5.00% | 02/15/2031 | 215 | 235871 |
|  New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 5.00% | 03/15/2031 | 380 | 425524 |
|  New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 5.00% | 03/15/2033 | 190 | 208574 |
|  New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 4.00% | 03/15/2034 | 20 | 20230 |
|  New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 5.00% | 03/15/2034 | 165 | 179544 |
|  New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 5.00% | 03/15/2035 | 150 | 161760 |
|  New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 5.00% | 03/15/2036 | 185 | 197788 |
|  New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 5.00% | 03/15/2049 | 110 | 110479 |
|  New York (State of) Dormitory Authority, Series 2021, RB | 5.00% | 03/15/2031 | 235 | 263153 |
|  New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 5.00% | 03/15/2031 | 120 | 134376 |
|  New York (State of) Dormitory Authority, Series 2022, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2031 | 25 | 27520 |
|  New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2034 | 165 | 179937 |
|  New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2036 | 80 | 85586 |
|  New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2037 | 145 | 153915 |
|  New York (State of) Dormitory Authority, Series 2023 A, Ref. RB | 5.00% | 03/15/2031 | 360 | 403128 |
|  New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2031 | 130 | 146144 |
|  New York (State of) Dormitory Authority, Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2031 | 90 | 101624 |
|  New York (State of) Dormitory Authority, Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2035 | 90 | 97251 |
|  New York (State of) Dormitory Authority, Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2038 | 20 | 21039 |
|  New York (State of) Dormitory Authority, Series 2023, Ref. RB | 5.00% | 08/01/2031 | 5 | 5678 |
|  New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 10/01/2031 | 45 | 51137 |
|  New York (State of) Dormitory Authority, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2031 | 10 | 11292 |
|  New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2031 | 215 | 240757 |
|  New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2031 | 30 | 33725 |
|  New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2031 | 40 | 44792 |
|  New York (State of) Dormitory Authority, Series 2025, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2031 | 10 | 11292 |

---

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

---

| |
|:---|
| 325 |
| 325 |
| 325 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (State of) Dormitory Authority (Bidding Group 2), Series 2020 A, Ref. RB | 5.00% | 03/15/2031 | $125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138512 |
|  New York (State of) Dormitory Authority (Fordham University), Series 2021 A, Ref. RB | 4.00% | 07/01/2037 | 30 | 29377 |
|  New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB | 4.00% | 07/01/2040 | 45 | 44289 |
|  New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB | 5.00% | 07/01/2051 | 75 | 74966 |
|  New York (State of) Dormitory Authority (New York University), Series 2025 A, Ref. RB | 5.00% | 07/01/2031 | 5 | 5625 |
|  New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB | 5.00% | 05/01/2031 | 20 | 22155 |
|  New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), Series 2023 B, RB | 5.00% | 07/01/2031 | 10 | 11232 |
|  New York (State of) Power Authority (Green Bonds), Series 2024 A, RB | 5.00% | 11/15/2031 | 25 | 28676 |
|  New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2031 | 125 | 142607 |
|  New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2033 | 10 | 11143 |
|  New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2034 | 65 | 71792 |
|  New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2035 | 10 | 10942 |
|  New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 11/15/2037 | 40 | 40398 |
|  New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 11/15/2038 | 40 | 39864 |
|  New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 11/15/2040 | 30 | 29101 |
|  New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB | 5.00% | 03/15/2031 | 95 | 106277 |
|  New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB | 5.00% | 03/15/2035 | 5 | 5400 |
|  New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB | 4.00% | 03/15/2038 | 10 | 9771 |
|  New York (State of) Thruway Authority, Series 2021 O, Ref. RB | 5.00% | 01/01/2033 | 5 | 5535 |
|  New York (State of) Thruway Authority, Series 2021 O, Ref. RB | 5.00% | 01/01/2034 | 40 | 43938 |
|  New York (State of) Thruway Authority, Series 2021 O, Ref. RB | 5.00% | 01/01/2035 | 30 | 32734 |
|  New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2031 | 30 | 33783 |
|  New York (State of) Thruway Authority, Series 2024 Q, Ref. RB | 5.00% | 01/01/2031 | 15 | 16891 |
|  New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB | 5.00% | 03/15/2031 | 90 | 100684 |
|  New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2036 | 45 | 44902 |
|  New York (State of) Thruway Authority (Group 1), Series 2021 O, Ref. RB | 4.00% | 01/01/2038 | 15 | 14652 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, RB | 5.00% | 06/15/2031 | 50 | 56797 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2023, Ref. RB | 5.00% | 06/15/2031 | 200 | 227190 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB | 5.00% | 06/15/2031 | 60 | 68157 |
|  New York State Urban Development Corp., Series 2020 E, Ref. RB | 5.00% | 03/15/2031 | 20 | 21835 |
|  New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2031 | 195 | 214728 |
|  New York State Urban Development Corp., Series 2022, Ref. RB | 5.00% | 03/15/2031 | 5 | 5613 |
|  New York State Urban Development Corp., Series 2022, Ref. RB | 5.00% | 09/15/2031 | 5 | 5637 |
|  New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB | 5.00% | 03/15/2031 | 5 | 5643 |
|  New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB | 5.00% | 03/15/2036 | 195 | 209034 |
|  New York State Urban Development Corp. (Bidding Group 2), Series 2021 A, Ref. RB | 4.00% | 03/15/2039 | 50 | 48181 |
|  New York State Urban Development Corp. (Green Bonds), Series 2023, Ref. RB | 5.00% | 03/15/2031 | 75 | 84190 |
|  New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB | 5.00% | 12/01/2031 | 50 | 54245 |
|  Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB | 5.00% | 05/15/2051 | 1050 | 1054589 |
|  Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB | 5.00% | 05/15/2037 | 75 | 80195 |
|  Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB | 5.00% | 05/15/2038 | 185 | 195828 |
|  Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB | 5.00% | 05/15/2039 | 175 | 183987 |
|  Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB | 5.00% | 05/15/2040 | 40 | 41799 |
|  Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB | 5.00% | 05/15/2041 | 50 | 51788 |
|  Triborough Bridge & Tunnel Authority, Series 2021 C-2, Ref. RB | 4.00% | 05/15/2034 | 130 | 135772 |
|  Triborough Bridge & Tunnel Authority, Series 2021 C-2, Ref. RB | 4.00% | 05/15/2035 | 75 | 77530 |
|  Triborough Bridge & Tunnel Authority, Series 2024 A-2, Ref. RB | 5.00% | 11/15/2031 | 100 | 113471 |
|  Triborough Bridge & Tunnel Authority, Subseries 2021 B-1, Ref. RB | 5.00% | 05/15/2046 | 175 | 176285 |
|  Triborough Bridge & Tunnel Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 05/15/2031 | 155 | 173153 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB | 5.00% | 11/15/2051 | 480 | 480935 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB | 5.00% | 11/15/2056 | 50 | 49374 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 C-1A, RB | 5.00% | 05/15/2051 | 40 | 40188 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB | 5.00% | 05/15/2031 | 210 | 236444 |

---

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

---

| |
|:---|
| 326 |
| 326 |
| 326 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB | 4.00% | 11/15/2031 | $30 | $32140 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB | 5.00% | 11/15/2031 | 80 | 90483 |
|  Trust for Cultural Resources of The City of New York (The) (Green Bonds), Series 2021, Ref. RB | 5.00% | 07/01/2031 | 20 | 22498 |
|  |  |  |  | 21498381 |
|  North Carolina-1.07% |  |  |  |  |
|  Charlotte (City of), NC, Series 2022 A, Ref. RB | 5.00% | 07/01/2031 | 100 | 113011 |
|  Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022 A, Ref. RB | 5.00% | 01/15/2031 | 30 | 33397 |
|  Guildford (City of), NC, Series 2025, GO Bonds | 5.00% | 03/01/2031 | 55 | 61988 |
|  Mecklenburg (County of), NC, Series 2022, GO Bonds | 5.00% | 09/01/2031 | 100 | 113299 |
|  North Carolina (State of), Series 2013 A, RB | 3.00% | 05/01/2031 | 15 | 14898 |
|  North Carolina (State of), Series 2020 A, GO Bonds | 5.00% | 06/01/2031 | 20 | 22162 |
|  North Carolina (State of), Series 2021 A, Ref. RB | 5.00% | 05/01/2031 | 30 | 33732 |
|  North Carolina (State of), Series 2021, RB | 5.00% | 03/01/2031 | 35 | 39199 |
|  North Carolina (State of), Series 2021, RB | 5.00% | 03/01/2033 | 35 | 38618 |
|  North Carolina (State of), Series 2021, RB | 4.00% | 03/01/2035 | 20 | 20310 |
|  North Carolina (State of), Series 2022 A, RB | 5.00% | 05/01/2031 | 40 | 44977 |
|  North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB | 5.00% | 05/01/2031 | 305 | 336223 |
|  North Carolina (State of) Medical Care Commission, Series 2021 A, RB | 4.00% | 02/01/2036 | 5 | 4990 |
|  Wake (County of), NC, Series 2021, RB | 5.00% | 03/01/2031 | 95 | 106759 |
|  Wake (County of), NC, Series 2021, RB | 4.00% | 03/01/2033 | 15 | 15494 |
|  Wake (County of), NC, Series 2021, RB | 4.00% | 03/01/2034 | 15 | 15379 |
|  Wake (County of), NC, Series 2023 A, Ref. GO Bonds | 5.00% | 05/01/2031 | 145 | 163855 |
|  Wake (County of), NC, Series 2024 B, Ref. GO Bonds | 5.00% | 09/01/2031 | 40 | 45343 |
|  |  |  |  | 1223634 |
|  Ohio-2.92% |  |  |  |  |
|  American Municipal Power, Inc. (AMP Fremont Energy Center), Series 2021, Ref. RB | 5.00% | 02/15/2034 | 30 | 32573 |
|  American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB | 5.00% | 02/15/2031 | 30 | 33341 |
|  American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB | 5.00% | 02/15/2033 | 135 | 147934 |
|  American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB | 5.00% | 02/15/2035 | 20 | 21504 |
|  American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB | 4.00% | 02/15/2036 | 100 | 100259 |
|  Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)<sup>(a)</sup> | 5.25% | 12/01/2031 | 20 | 22892 |
|  Cleveland (City of), OH, Series 2025 A, Ref. RB | 5.00% | 01/01/2031 | 5 | 5530 |
|  Columbus (City of), OH, Series 2023 A, GO Bonds | 5.00% | 08/15/2031 | 145 | 163874 |
|  Columbus (City of), OH, Series 2024 A, GO Bonds | 5.00% | 08/15/2031 | 35 | 39556 |
|  Hilliard (City of), OH, Series 2022, RB | 5.00% | 12/01/2058 | 50 | 49836 |
|  Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB | 4.00% | 08/01/2041 | 10 | 9060 |
|  Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB | 4.00% | 08/01/2051 | 10 | 8236 |
|  Ohio (State of), Series 2019-1, RB | 5.00% | 12/15/2031 | 5 | 5663 |
|  Ohio (State of), Series 2021 A, GO Bonds | 5.00% | 05/01/2037 | 5 | 5352 |
|  Ohio (State of), Series 2021 A, GO Bonds | 4.00% | 06/15/2037 | 10 | 10118 |
|  Ohio (State of), Series 2021 A, GO Bonds | 5.00% | 05/01/2040 | 130 | 136001 |
|  Ohio (State of), Series 2021 A, GO Bonds | 5.00% | 06/15/2041 | 240 | 250303 |
|  Ohio (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 09/15/2031 | 90 | 101793 |
|  Ohio (State of), Series 2021 C, Ref. GO Bonds | 5.00% | 03/15/2031 | 35 | 39404 |
|  Ohio (State of), Series 2021, RB | 5.00% | 02/01/2031 | 30 | 33701 |
|  Ohio (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2031 | 30 | 33919 |
|  Ohio (State of) Turnpike & Infrastructure Commission, Series 2013 A-4, RB | 5.70% | 02/15/2034 | 130 | 146730 |
|  Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB | 5.00% | 02/15/2046 | 355 | 359453 |
|  Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB | 5.00% | 02/15/2051 | 70 | 70184 |
|  Ohio (State of) Turnpike & Infrastructure Commission, Series 2022, Ref. RB | 5.00% | 02/15/2031 | 105 | 117257 |
|  Ohio (State of) Water Development Authority, Series 2021 A, RB | 5.00% | 12/01/2035 | 170 | 184330 |
|  Ohio (State of) Water Development Authority, Series 2021 A, RB | 5.00% | 12/01/2037 | 115 | 122623 |
|  Ohio (State of) Water Development Authority, Series 2021 A, RB | 5.00% | 12/01/2038 | 160 | 169225 |
|  Ohio (State of) Water Development Authority, Series 2021, RB | 5.00% | 06/01/2046 | 170 | 173071 |
|  Ohio (State of) Water Development Authority, Series 2024 A, GO Bonds | 5.00% | 06/01/2031 | 10 | 11292 |

---

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

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| 327 |
| 327 |
| 327 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Ohio-(continued) |  |  |  |  |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2021 A, RB | 5.00% | 12/01/2038 | $15 | $15917 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2021 A, RB | 4.00% | 12/01/2039 | 5 | 4951 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2021 A, RB | 5.00% | 12/01/2040 | 140 | 146458 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2021 A, RB | 4.00% | 12/01/2041 | 15 | 14501 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2021 A, RB | 5.00% | 12/01/2046 | 115 | 117049 |
|  Ohio State University (The) (Green Bonds), Series 2021, RB | 5.00% | 12/01/2033 | 25 | 27730 |
|  Ohio State University (The) (Green Bonds), Series 2021, RB | 5.00% | 12/01/2034 | 100 | 110118 |
|  Ohio State University (The) (Green Bonds), Series 2021, RB | 5.00% | 12/01/2036 | 150 | 162514 |
|  Tipp (City of), Ohio Exempted Village School District, Series 2024 B, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 11/01/2054 | 115 | 116088 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3320340 |
|  Oklahoma-0.26% |  |  |  |  |
|  Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2021, RB | 4.00% | 06/01/2031 | 100 | 103759 |
|  Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB | 5.00% | 01/01/2031 | 165 | 183363 |
|  Oklahoma (State of) Water Resources Board, Series 2024 B, RB | 4.38% | 10/01/2054 | 5 | 4588 |
|  University of Oklahoma (The), Series 2021 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2046 | 10 | 10092 |
|  |  |  |  | 301802 |
|  Oregon-0.21% |  |  |  |  |
|  Oregon (State of), Series 2021, GO Bonds | 5.00% | 05/01/2036 | 35 | 37667 |
|  Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds | 5.00% | 05/01/2031 | 130 | 146539 |
|  Oregon (State of) (Q State), Series 2021 A, GO Bonds | 5.00% | 05/01/2035 | 50 | 54398 |
|  |  |  |  | 238604 |
|  Pennsylvania-2.72% |  |  |  |  |
|  Lancaster School District, Series 2023, GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.00% | 04/01/2040 | 65 | 63940 |
|  Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds | 3.00% | 01/01/2031 | 335 | 331604 |
|  Pennsylvania (Commonwealth of), First Series 2020, GO Bonds | 5.00% | 05/01/2031 | 35 | 38620 |
|  Pennsylvania (Commonwealth of), First Series 2021, GO Bonds | 5.00% | 05/15/2031 | 60 | 67352 |
|  Pennsylvania (Commonwealth of), First Series 2021, GO Bonds | 4.00% | 05/15/2033 | 350 | 363258 |
|  Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds | 5.00% | 09/01/2031 | 20 | 22483 |
|  Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds | 5.00% | 09/01/2031 | 45 | 50586 |
|  Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2031 | 105 | 118123 |
|  Pennsylvania (Commonwealth of), Series 2024, GO Bonds | 5.00% | 08/15/2031 | 25 | 28122 |
|  Pennsylvania (Commonwealth of), Series 2025 A, GO Bonds | 5.00% | 08/15/2031 | 5 | 5624 |
|  Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2023 A-1, RB | 5.00% | 05/15/2031 | 330 | 362124 |
|  Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2021 A, Ref. RB | 5.00% | 08/15/2044 | 175 | 178344 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB | 5.00% | 12/01/2046 | 125 | 125129 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB | 5.00% | 12/01/2047 | 95 | 95500 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB | 5.00% | 12/01/2037 | 55 | 58368 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB | 5.00% | 12/01/2046 | 110 | 110070 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB | 5.00% | 12/01/2046 | 375 | 378156 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB | 5.00% | 12/01/2051 | 100 | 100144 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 C, Ref. RB | 5.00% | 12/01/2046 | 145 | 146079 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 A, Ref. RB | 5.00% | 12/01/2031 | 15 | 16982 |
|  Philadelphia (City of), PA, Series 2021 A, GO Bonds | 5.00% | 05/01/2035 | 50 | 54084 |
|  Philadelphia (City of), PA, Series 2021 A, GO Bonds | 5.00% | 05/01/2036 | 10 | 10734 |
|  Philadelphia (City of), PA, Series 2021 A, GO Bonds | 4.00% | 05/01/2039 | 10 | 9428 |
|  Philadelphia (City of), PA, Series 2021 C, RB | 5.00% | 10/01/2046 | 275 | 278591 |
|  Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2031 | 5 | 5603 |
|  Philadelphia (City of), PA, Series 2025 C, Ref. GO Bonds | 5.00% | 08/01/2031 | 20 | 22456 |

---

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

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| 328 |
| 328 |
| 328 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Pennsylvania-(continued) |  |  |  |  |
|  Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2021, Ref. RB | 5.00% | 07/01/2031 | $15 | $16762 |
|  Pittsburgh (City of), PA Water & Sewer Authority, Series 2019 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2031 | 30 | 33724 |
|  |  |  |  | 3091990 |
|  Rhode Island-0.02% |  |  |  |  |
|  Rhode Island Commerce Corp. (Garvee), Series 2020 A, RB | 5.00% | 05/15/2031 | 20 | 21900 |
|  South Carolina-0.93% |  |  |  |  |
|  Lexington & Richland School District No. 5, Series 2021 B, Ref. GO Bonds | 4.00% | 03/01/2031 | 5 | 5332 |
|  Piedmont Municipal Power Agency, Series 2021 D, Ref. RB | 4.00% | 01/01/2033 | 40 | 40623 |
|  SCAGO Educational Facilities Corp. for Pickens School District, Series 2015, Ref. RB | 3.50% | 12/01/2031 | 25 | 24836 |
|  South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB | 5.00% | 11/01/2031 | 260 | 287740 |
|  South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB | 5.00% | 12/01/2031 | 10 | 10960 |
|  South Carolina (State of) Public Service Authority, Series 2021 B, RB | 4.00% | 12/01/2039 | 350 | 330877 |
|  South Carolina (State of) Public Service Authority, Series 2021 B, RB | 5.00% | 12/01/2040 | 15 | 15356 |
|  South Carolina (State of) Public Service Authority, Series 2021 B, RB | 5.00% | 12/01/2043 | 45 | 45217 |
|  South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB | 5.00% | 12/01/2031 | 45 | 50071 |
|  South Carolina (State of) Transportation Infrastructure Bank, Series 2021 A, Ref. RB | 4.00% | 10/01/2033 | 135 | 141037 |
|  South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB | 5.00% | 10/01/2031 | 10 | 11292 |
|  University of South Carolina (Campus Village), Series 2021 A, RB | 5.00% | 05/01/2046 | 100 | 101285 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1064626 |
|  South Dakota-0.21% |  |  |  |  |
|  South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2024 A, Ref. RB | 5.00% | 07/01/2031 | 215 | 235863 |
|  Tennessee-0.52% |  |  |  |  |
|  Clarksville (City of), TN, Series 2021 A, RB | 5.00% | 02/01/2045 | 105 | 106489 |
|  Johnson City (City of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2023 A, Ref. RB | 5.00% | 07/01/2031 | 180 | 196887 |
|  Memphis (City of), TN, Series 2022 A, Ref. GO Bonds | 5.00% | 10/01/2047 | 50 | 50525 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 A, RB | 5.00% | 05/15/2046 | 150 | 150759 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds | 4.00% | 01/01/2031 | 30 | 31907 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 A, GO Bonds | 5.00% | 01/01/2031 | 20 | 22426 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2021 A, RB | 5.00% | 07/01/2031 | 30 | 32971 |
|  Tennessee (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2031 | 5 | 5650 |
|  |  |  |  | 597614 |
|  Texas-7.26% |  |  |  |  |
|  Austin (City of), TX, Series 2021, Ref. RB | 5.00% | 11/15/2046 | 160 | 162745 |
|  Austin (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2031 | 75 | 84372 |
|  Austin Independent School District, Series 2021, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/01/2036 | 65 | 66089 |
|  Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2031 | 125 | 140495 |
|  Bexar (County of), TX, Series 2022 B, Ctfs. of Obligations | 4.75% | 06/15/2048 | 20 | 19978 |
|  Board of Regents of the University of Texas System, Series 2020 C, Ref. RB | 5.00% | 08/15/2031 | 155 | 174266 |
|  Board of Regents of the University of Texas System, Series 2021 A, Ref. RB | 5.00% | 08/15/2031 | 110 | 123673 |
|  Board of Regents of the University of Texas System, Series 2023 A, RB | 5.00% | 08/15/2031 | 290 | 326047 |
|  Board of Regents of the University of Texas System, Series 2024 A, Ref. RB | 5.00% | 08/15/2031 | 20 | 22486 |
|  Central Texas Regional Mobility Authority, Series 2021 B, RB | 5.00% | 01/01/2046 | 205 | 205216 |
|  Central Texas Regional Mobility Authority, Series 2021 D, Ref. RB | 4.00% | 01/01/2037 | 155 | 154673 |
|  Central Texas Regional Mobility Authority, Series 2021 D, Ref. RB | 4.00% | 01/01/2038 | 35 | 34396 |
|  Clear Creek Independent School District, Series 2013 B, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2031 | 100 | 111566 |
|  Clear Creek Independent School District, Series 2024 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2031 | 30 | 33470 |
|  Comal Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/01/2036 | 100 | 101604 |

---

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

---

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| 329 |
| 329 |
| 329 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  Comal Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2031 | $175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194678 |
|  Cypress-Fairbanks Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2037 | 15 | 15123 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB | 5.00% | 11/01/2031 | 80 | 88262 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB | 5.00% | 11/01/2031 | 70 | 77229 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 5.00% | 11/01/2031 | 15 | 16842 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB | 5.00% | 11/01/2031 | 5 | 5614 |
|  Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2031 | 20 | 22281 |
|  Dallas (City of), TX, Series 2024 A, Ctfs. Of Obligations | 5.00% | 02/15/2031 | 195 | 217240 |
|  Dallas (City of), TX Area Rapid Transit, Series 2007, Ref. RB, (INS - AMBAC)<sup>(a)</sup> | 5.25% | 12/01/2031 | 95 | 107917 |
|  Dallas College, Series 2022, GO Bonds | 5.00% | 02/15/2031 | 100 | 111674 |
|  Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2031 | 75 | 84016 |
|  El Paso (City of), TX, Series 2022, RB | 5.00% | 03/01/2046 | 170 | 171929 |
|  El Paso (City of), TX, Series 2022, RB | 5.00% | 03/01/2052 | 10 | 10049 |
|  Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2031 | 90 | 100700 |
|  Georgetown (City of), TX, Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/15/2042 | 90 | 92348 |
|  Harris (County of), TX, Series 2022 A, Ref. GO Bonds | 5.00% | 08/15/2031 | 40 | 44879 |
|  Harris (County of), TX, Series 2024 A, RB | 5.00% | 08/15/2031 | 60 | 67248 |
|  Harris (County of), TX, Series 2024 A, Ref. GO Bonds | 5.00% | 09/15/2031 | 20 | 22455 |
|  Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2024, Ref. RB | 5.00% | 07/01/2031 | 85 | 95228 |
|  Harris County Cultural Education Facilities Finance Corp. (Texas Children's Hospital), Series 2024, Ref. RB | 5.00% | 10/01/2031 | 395 | 441998 |
|  Houston (City of), TX, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2031 | 160 | 179711 |
|  Houston (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2031 | 10 | 11207 |
|  Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2031 | 15 | 16873 |
|  Lamar Consolidated Independent School District, Series 2024 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2031 | 65 | 72553 |
|  Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2031 | 50 | 56186 |
|  Lower Colorado River Authority, Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2033 | 45 | 49270 |
|  Lower Colorado River Authority, Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2034 | 140 | 151969 |
|  Lower Colorado River Authority, Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2035 | 30 | 32267 |
|  Lower Colorado River Authority, Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2036 | 155 | 165291 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021 A, RB | 5.00% | 05/15/2046 | 200 | 200214 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB | 5.00% | 05/15/2036 | 40 | 42598 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB | 5.00% | 05/15/2037 | 175 | 184732 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB | 5.00% | 05/15/2038 | 30 | 31353 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB | 5.00% | 05/15/2040 | 15 | 15414 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB | 5.00% | 05/15/2042 | 40 | 40584 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB | 5.00% | 05/15/2047 | 45 | 45006 |
|  Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2031 | 60 | 67133 |
|  North Texas Municipal Water District, Series 2021 A, Ref. RB | 4.00% | 09/01/2031 | 55 | 57739 |
|  North Texas Municipal Water District, Series 2025, Ref. RB | 5.00% | 09/01/2031 | 100 | 112472 |
|  North Texas Tollway Authority, Series 2021 B, RB | 5.00% | 01/01/2031 | 10 | 11076 |
|  North Texas Tollway Authority, Series 2021 B, RB | 4.00% | 01/01/2033 | 10 | 10253 |
|  North Texas Tollway Authority, Series 2021 B, RB | 4.00% | 01/01/2034 | 130 | 132189 |
|  Permanent University Fund - Texas A&M University System, Series 2025 A, Ref. RB | 5.00% | 07/01/2031 | 40 | 44951 |
|  Permanent University Fund - University of Texas System, Series 2022 A, RB | 5.00% | 07/01/2031 | 60 | 67392 |
|  Permanent University Fund - University of Texas System, Series 2024 A, Ref. RB | 5.00% | 07/01/2031 | 115 | 129234 |
|  Plano Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2031 | 50 | 55729 |
|  Plano Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2031 | 5 | 5565 |
|  Rockwall Independent School District, Series 2022 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2047 | 190 | 192386 |
|  Sabine-Neches Navigation District (Sabine-Neches Waterway), Series 2022, GO Bonds | 5.25% | 02/15/2052 | 265 | 268603 |
|  San Antonio (City of), TX, Series 2021 A, RB | 5.00% | 02/01/2038 | 20 | 20801 |
|  San Antonio (City of), TX, Series 2021 A, RB | 5.00% | 02/01/2039 | 140 | 144322 |

---

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

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| 330 |
| 330 |
| 330 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  San Antonio (City of), TX, Series 2021 A, RB | 5.00% | 02/01/2040 | $160 | $163502 |
|  San Antonio (City of), TX, Series 2021 A, RB | 5.00% | 02/01/2041 | 125 | 127094 |
|  San Antonio (City of), TX, Series 2021 A, RB | 5.00% | 02/01/2046 | 130 | 130132 |
|  San Antonio (City of), TX, Series 2024 D, Ref. RB | 5.00% | 02/01/2031 | 35 | 38887 |
|  San Antonio (City of), TX Water System, Series 2021 A, Ref. RB | 5.00% | 05/15/2046 | 100 | 100898 |
|  San Antonio Public Facilities Corp., Series 2022, Ref. RB | 5.00% | 09/15/2031 | 5 | 5540 |
|  Tarrant (County of), TX Regional Water District, Series 2024, Ref. RB | 5.00% | 03/01/2031 | 15 | 16743 |
|  Tarrant County College District, Series 2022, GO Bonds | 5.00% | 08/15/2031 | 45 | 50279 |
|  Tennessee (State of), Series 2024, Ref. GO Bonds | 5.00% | 10/01/2031 | 110 | 124273 |
|  Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds | 5.00% | 04/01/2031 | 90 | 100526 |
|  Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2024 C, Ref. RB | 5.00% | 08/15/2031 | 255 | 283879 |
|  Texas (State of) Water Development Board, Series 2020, RB | 5.00% | 08/01/2031 | 30 | 32981 |
|  Texas (State of) Water Development Board, Series 2021, RB | 5.00% | 08/01/2031 | 75 | 84210 |
|  Texas (State of) Water Development Board, Series 2021, RB | 5.00% | 08/01/2033 | 80 | 88105 |
|  Texas (State of) Water Development Board, Series 2021, RB | 5.00% | 08/01/2034 | 100 | 109375 |
|  Texas (State of) Water Development Board, Series 2021, RB | 4.00% | 08/01/2035 | 35 | 35646 |
|  Texas (State of) Water Development Board, Series 2021, RB | 4.00% | 08/01/2036 | 90 | 91031 |
|  Texas (State of) Water Development Board, Series 2023 A, RB | 5.00% | 10/15/2031 | 10 | 11248 |
|  Texas A&M University, Series 2024 A, RB | 5.00% | 05/15/2031 | 65 | 72965 |
|  Texas State University Board of Regents, Series 2024 A, RB | 5.00% | 02/15/2031 | 20 | 22270 |
|  Texas State University Board of Regents, Series 2024, Ref. RB | 5.00% | 03/15/2031 | 50 | 55745 |
|  Trinity River Authority, Series 2020, Ref. RB | 3.00% | 08/01/2031 | 80 | 79651 |
|  University of Houston, Series 2022 A, Ref. RB | 5.00% | 02/15/2031 | 40 | 44370 |
|  Williamson (County of), TX, Series 2024, GO Notes | 5.00% | 02/15/2031 | 30 | 33405 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;8266614 |
|  Utah-1.64% |  |  |  |  |
|  Granite School District Board of Education, Series 2021, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/01/2031 | 105 | 118450 |
|  Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2031 | 50 | 55448 |
|  Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2034 | 40 | 42936 |
|  Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2035 | 30 | 31940 |
|  Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2037 | 40 | 41867 |
|  Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2038 | 10 | 10365 |
|  Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2039 | 200 | 205863 |
|  Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2040 | 20 | 20467 |
|  Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2041 | 200 | 203420 |
|  Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2042 | 120 | 120788 |
|  Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2043 | 10 | 10032 |
|  Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2044 | 320 | 320600 |
|  Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2045 | 270 | 269304 |
|  Salt Lake City (City of), UT, Series 2021 B, RB | 5.00% | 07/01/2046 | 110 | 111180 |
|  University of Utah (The) (Green Bonds), Series 2022 A, RB | 5.00% | 08/01/2046 | 65 | 65691 |
|  University of Utah (The) (Green Bonds), Series 2022 B, RB | 5.00% | 08/01/2031 | 140 | 156786 |
|  Utah (State of) Transit Authority, Series 2007 A, Ref. RB, (INS - NATL)<sup>(a)</sup> | 5.00% | 06/15/2031 | 70 | 77248 |
|  |  |  |  | 1862385 |
|  Virginia-1.18% |  |  |  |  |
|  Fairfax (County of), VA, Series 2021 A, RB | 5.00% | 07/15/2046 | 10 | 10163 |
|  Fairfax (County of), VA, Series 2023 A, GO Bonds | 4.00% | 10/01/2031 | 20 | 21526 |
|  Fairfax (County of), VA, Series 2024 A, GO Bonds | 5.00% | 10/01/2031 | 30 | 34001 |
|  Norfolk (City of), VA, Series 2021 A, GO Bonds | 5.00% | 03/01/2033 | 155 | 171600 |
|  Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2021, RB | 5.00% | 02/01/2031 | 90 | 100908 |
|  Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2022, RB | 5.00% | 02/01/2031 | 50 | 56060 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs),<br>Series 2021 A, RB | 4.00% | 02/01/2033 | 5 | 5175 |

---

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

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| 331 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Virginia-(continued) |  |  |  |  |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs),<br>Series 2023 A, RB | 5.00% | 02/01/2031 | $110 | $123333 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs),<br>Series 2023 B, Ref. RB | 5.00% | 02/01/2031 | 145 | 162575 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs),<br>Series 2021, RB | 4.00% | 02/01/2037 | 45 | 44896 |
|  Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB | 5.00% | 08/01/2031 | 130 | 146797 |
|  Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB | 5.00% | 08/01/2033 | 230 | 255007 |
|  Virginia (Commonwealth of) Public Building Authority, Series 2021 A-2, RB | 4.00% | 08/01/2036 | 50 | 50599 |
|  Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB | 5.00% | 08/01/2031 | 35 | 39522 |
|  Virginia (Commonwealth of) Transportation Board (I-81 Regional Corridor), Series 2021, RB | 5.00% | 05/15/2057 | 120 | 120405 |
|  Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB | 5.00% | 05/15/2031 | 5 | 5624 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1348191 |
|  Washington-4.88% |  |  |  |  |
|  Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB | 5.00% | 11/01/2031 | 45 | 51043 |
|  Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB | 5.00% | 11/01/2033 | 190 | 211331 |
|  Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB | 5.00% | 11/01/2034 | 140 | 154190 |
|  Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB | 5.00% | 11/01/2036 | 55 | 59572 |
|  Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB | 4.00% | 11/01/2040 | 150 | 146956 |
|  Energy Northwest, Series 2024 A, Ref. RB | 5.00% | 07/01/2031 | 70 | 78744 |
|  Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB | 5.00% | 07/01/2040 | 285 | 296242 |
|  Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB | 5.00% | 07/01/2041 | 330 | 340915 |
|  Energy Northwest (No. 3), Series 2024 A, Ref. RB | 5.00% | 07/01/2031 | 15 | 16874 |
|  Energy Northwest (No. 3), Series 2025 A, Ref. RB | 5.00% | 07/01/2031 | 35 | 39372 |
|  King (County of), WA, Series 2021 A, GO Bonds | 5.00% | 01/01/2031 | 50 | 56171 |
|  Seattle (Port of), WA, Series 2022 A, Ref. RB | 5.00% | 08/01/2031 | 5 | 5634 |
|  Snohomish (County of), WA Public Utility District No. 1, Series 2021 A, RB | 5.00% | 12/01/2046 | 250 | 252397 |
|  Spokane County School District No. 81, Series 2012, GO Bonds, (CEP - Oregon School Bond Guaranty) | 3.00% | 12/01/2031 | 30 | 29839 |
|  Spokane County School District No. 81, Series 2021, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2039 | 25 | 24463 |
|  Tacoma (City of), WA (Green Bonds), Series 2021, Ref. RB | 5.00% | 01/01/2046 | 150 | 151587 |
|  Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2031 | 255 | 279868 |
|  Washington (State of), Series 2021 C, GO Bonds | 5.00% | 02/01/2038 | 80 | 84780 |
|  Washington (State of), Series 2021 C, GO Bonds | 5.00% | 02/01/2039 | 35 | 36772 |
|  Washington (State of), Series 2021 C, GO Bonds | 5.00% | 02/01/2041 | 80 | 82889 |
|  Washington (State of), Series 2021 C, GO Bonds | 5.00% | 02/01/2042 | 65 | 66962 |
|  Washington (State of), Series 2021 C, GO Bonds | 5.00% | 02/01/2044 | 50 | 51118 |
|  Washington (State of), Series 2021 C, GO Bonds | 5.00% | 02/01/2045 | 150 | 152912 |
|  Washington (State of), Series 2021, Ref. GO Bonds | 5.00% | 06/01/2031 | 85 | 93556 |
|  Washington (State of), Series 2024 R-2025B, Ref. GO Bonds | 5.00% | 07/01/2031 | 35 | 39412 |
|  Washington (State of), Series 2024, Ref. GO Bonds | 5.00% | 07/01/2031 | 60 | 67564 |
|  Washington (State of), Series 2025 A, GO Bonds | 5.00% | 08/01/2031 | 10 | 11269 |
|  Washington (State of), Series R-2021C, Ref. GO Bonds | 5.00% | 08/01/2031 | 15 | 16903 |
|  Washington (State of), Series R-2021C, Ref. GO Bonds | 4.00% | 08/01/2035 | 50 | 51002 |
|  Washington (State of), Series R-2021C, Ref. GO Bonds | 4.00% | 08/01/2036 | 40 | 40395 |
|  Washington (State of), Series R-2023B, Ref. GO Bonds | 5.00% | 07/01/2031 | 60 | 67564 |
|  Washington (State of), Series R-2024C, Ref. GO Bonds | 5.00% | 08/01/2031 | 25 | 28172 |
|  Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2031 | 15 | 16563 |
|  Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds | 5.00% | 08/01/2031 | 260 | 292986 |
|  Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds | 5.00% | 08/01/2034 | 155 | 169793 |
|  Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds | 5.00% | 08/01/2035 | 90 | 97758 |
|  Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds | 5.00% | 08/01/2036 | 150 | 161659 |
|  Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds | 5.00% | 08/01/2037 | 135 | 144255 |
|  Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds | 5.00% | 08/01/2038 | 95 | 100603 |
|  Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds | 5.00% | 08/01/2039 | 5 | 5257 |
|  Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds | 5.00% | 02/01/2031 | 60 | 67305 |

---

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

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Washington-(continued) |  |  |  |  |
|  Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds | 5.00% | 02/01/2033 | $35 | $38426 |
|  Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds | 5.00% | 02/01/2034 | 50 | 54575 |
|  Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds | 5.00% | 02/01/2035 | 45 | 48761 |
|  Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds | 5.00% | 02/01/2036 | 45 | 48393 |
|  Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds | 5.00% | 02/01/2037 | 125 | 133440 |
|  Washington (State of) (Bid Group 1), Series 2022 A-1, GO Bonds | 5.00% | 08/01/2031 | 30 | 33806 |
|  Washington (State of) (Bid Group 1), Series 2022 C, GO Bonds | 5.00% | 02/01/2031 | 180 | 201913 |
|  Washington (State of) (Bid Group 1), Series 2023 B, GO Bonds | 5.00% | 02/01/2031 | 95 | 106565 |
|  Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds | 5.00% | 08/01/2031 | 55 | 61978 |
|  Washington (State of) (Bid Group 1), Series 2024 C, GO Bonds | 5.00% | 02/01/2031 | 5 | 5609 |
|  Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds | 5.00% | 08/01/2040 | 145 | 151558 |
|  Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds | 5.00% | 08/01/2042 | 10 | 10309 |
|  Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds | 5.00% | 08/01/2044 | 10 | 10222 |
|  Washington (State of) (Bid Group 2), Series R-2023A, Ref. GO Bonds | 5.00% | 08/01/2031 | 145 | 163396 |
|  Washington (State of) (Bidding Group 2), Series 2021 A, GO Bonds | 5.00% | 08/01/2041 | 210 | 218115 |
|  Washington (State of) (Bidding Group 2), Series 2021 A, GO Bonds | 5.00% | 08/01/2043 | 5 | 5131 |
|  Whatcom (County of), WA Bellingham School District No. 501, Series 2021, GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2037 | 120 | 121269 |
|  |  |  |  | 5556113 |
|  West Virginia-0.11% |  |  |  |  |
|  West Virginia (State of) Parkways Authority, Series 2021, RB | 5.00% | 06/01/2047 | 125 | 125889 |
|  Wisconsin-0.76% |  |  |  |  |
|  Pleasant Prairie (Village of), WI, Series 2023 A, GO Bonds | 4.00% | 08/01/2033 | 50 | 52365 |
|  Wisconsin (State of), Series 2021 1, Ref. GO Bonds | 5.00% | 05/01/2031 | 130 | 143447 |
|  Wisconsin (State of), Series 2021-2, Ref. GO Bonds | 5.00% | 05/01/2031 | 130 | 143447 |
|  Wisconsin (State of), Series 2022 A, GO Bonds | 5.00% | 05/01/2036 | 55 | 59202 |
|  Wisconsin (State of), Series 2022-4, Ref. GO Bonds | 5.00% | 05/01/2031 | 45 | 50649 |
|  Wisconsin (State of), Series 2023-2, Ref. GO Bonds | 5.00% | 05/01/2031 | 100 | 112554 |
|  Wisconsin (State of), Series 2024-2, Ref. GO Bonds | 5.00% | 05/01/2031 | 80 | 90043 |
|  Wisconsin (State of) Department of Transportation, Series 2023-1, Ref. RB | 5.00% | 07/01/2031 | 80 | 90316 |
|  Wisconsin (State of) Department of Transportation, Series 2024-2, Ref. RB | 5.00% | 07/01/2031 | 110 | 124184 |
|  |  |  |  | 866207 |
|  TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-93.68%<br>(Cost $107,281,905) |  |  |  | 106639905 |
|  OTHER ASSETS LESS LIABILITIES-6.32% |  |  |  | 7190563 |
|  NET ASSETS-100.00% |  |  |  | $113830468 |

---

---

| | |
|:---|:---|
| 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 |

---

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

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2025

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.

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)

August 31, 2025

Schedule of Investments

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Municipal Obligations-96.86% |  |  |  |  |
|  Alabama-0.40% |  |  |  |  |
|  Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB | 5.00% | 07/01/2034 | $40 | $44035 |
|  Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB | 5.00% | 07/01/2035 | 40 | 43521 |
|  Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB | 5.00% | 07/01/2037 | 105 | 112278 |
|  Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB | 5.00% | 07/01/2042 | 145 | 148103 |
|  Jefferson (County of), AL, Series 2024, Ref. Revenue Wts | 5.00% | 10/01/2032 | 100 | 110532 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458469 |
|  Arizona-0.74% |  |  |  |  |
|  Arizona (State of) Department of Transportation, Series 2023, RB | 5.00% | 07/01/2032 | 50 | 56790 |
|  Arizona (State of) Industrial Development Authority (Equitable School Revolving Fund), Series 2022, RB | 5.00% | 11/01/2047 | 50 | 48130 |
|  Arizona (State of) Industrial Development Authority (Social Bonds), Series 2023, RB | 5.25% | 11/01/2048 | 35 | 34650 |
|  Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB | 5.00% | 07/15/2032 | 20 | 22723 |
|  Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB | 5.00% | 07/15/2034 | 50 | 55680 |
|  Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB | 5.00% | 07/15/2035 | 5 | 5515 |
|  Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB | 5.00% | 07/15/2036 | 165 | 180358 |
|  Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB | 5.00% | 07/15/2038 | 115 | 123368 |
|  Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds | 5.00% | 07/01/2032 | 20 | 22058 |
|  Maricopa County Unified School District No. 60 Higley, Series 2023, Ref. COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 06/01/2053 | 25 | 25043 |
|  Mesa (City of), AZ, Series 2022 A, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 07/01/2046 | 5 | 5059 |
|  Salt River Project Agricultural Improvement & Power District, Series 2022 A, Ref. RB | 5.00% | 01/01/2032 | 220 | 249403 |
|  Salt River Project Agricultural Improvement & Power District, Series 2025 B, Ref. RB | 5.00% | 01/01/2032 | 20 | 22673 |
|  |  |  |  | 851450 |
|  Arkansas-0.13% |  |  |  |  |
|  University of Arkansas (Fayetteville Campus), Series 2022 A, RB | 5.00% | 11/01/2047 | 25 | 25325 |
|  University of Arkansas (Fayetteville Campus), Series 2022 A, RB | 5.25% | 11/01/2052 | 125 | 127699 |
|  |  |  |  | 153024 |
|  California-15.61% |  |  |  |  |
|  Alameda (County of), CA Transportation Commission, Series 2022, RB | 5.00% | 03/01/2045 | 30 | 31178 |
|  Alhambra Unified School District (Election of 2016), Series 2022 B, GO Bonds | 5.25% | 08/01/2047 | 165 | 171700 |
|  Alisal Union School District, Series 2022 B, COP | 4.25% | 08/01/2054 | 25 | 22827 |
|  Alum Rock Union Elementary School District (Election of 2016), Series 2022 A, Ref. GO Bonds | 5.25% | 08/01/2047 | 20 | 20697 |
|  Bay Area Toll Authority, Series 2024 F-2, RB | 5.00% | 04/01/2040 | 45 | 47932 |
|  Bay Area Toll Authority, Series 2024, Ref. RB | 5.00% | 04/01/2032 | 15 | 17277 |
|  Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB | 5.00% | 04/01/2043 | 80 | 83373 |
|  Brentwood Union School District (Election of 2016), Series 2022, GO Bonds | 5.25% | 08/01/2052 | 165 | 170614 |
|  California (State of), Series 2007, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.25% | 08/01/2032 | 250 | 286173 |
|  California (State of), Series 2016, Ref. GO Bonds | 2.50% | 09/01/2032 | 85 | 79911 |
|  California (State of), Series 2016, Ref. GO Bonds | 3.00% | 09/01/2032 | 110 | 109553 |
|  California (State of), Series 2018, GO Bonds | 3.00% | 10/01/2032 | 170 | 166512 |
|  California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2032 | 185 | 211510 |
|  California (State of), Series 2021 C, Ref. GO Bonds | 5.00% | 10/01/2032 | 50 | 56446 |
|  California (State of), Series 2021, Ref. GO Bonds | 5.00% | 09/01/2032 | 70 | 78963 |
|  California (State of), Series 2022, GO Bonds | 5.00% | 04/01/2032 | 135 | 154345 |
|  California (State of), Series 2022, GO Bonds | 5.00% | 09/01/2032 | 245 | 281130 |
|  California (State of), Series 2022, GO Bonds | 5.00% | 09/01/2034 | 110 | 123585 |
|  California (State of), Series 2022, GO Bonds | 5.00% | 09/01/2035 | 125 | 138900 |
|  California (State of), Series 2022, GO Bonds | 5.00% | 09/01/2036 | 35 | 38566 |
|  California (State of), Series 2022, GO Bonds | 5.00% | 09/01/2039 | 60 | 64366 |
|  California (State of), Series 2022, GO Bonds | 5.25% | 09/01/2047 | 5 | 5224 |
|  California (State of), Series 2022, GO Bonds | 5.00% | 09/01/2052 | 215 | 221550 |
|  California (State of), Series 2022, Ref. GO Bonds | 5.00% | 11/01/2032 | 220 | 252754 |
|  California (State of), Series 2022, Ref. GO Bonds | 5.00% | 04/01/2035 | 195 | 216305 |

---

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

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| 335 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  California (State of), Series 2022, Ref. GO Bonds | 5.00% | 09/01/2035 | $540 | $600048 |
|  California (State of), Series 2022, Ref. GO Bonds | 5.00% | 09/01/2036 | 55 | 60604 |
|  California (State of), Series 2022, Ref. GO Bonds | 5.00% | 04/01/2037 | 10 | 10869 |
|  California (State of), Series 2022, Ref. GO Bonds | 5.00% | 11/01/2037 | 115 | 125080 |
|  California (State of), Series 2022, Ref. GO Bonds | 5.00% | 04/01/2042 | 250 | 261827 |
|  California (State of), Series 2022, Ref. GO Bonds | 5.00% | 09/01/2042 | 175 | 183738 |
|  California (State of), Series 2022, Ref. GO Bonds | 5.00% | 11/01/2042 | 435 | 456865 |
|  California (State of), Series 2023, GO Bonds | 5.00% | 10/01/2032 | 20 | 22964 |
|  California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2032 | 50 | 57374 |
|  California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2032 | 25 | 28687 |
|  California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2032 | 10 | 11475 |
|  California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2032 | 80 | 91733 |
|  California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2032 | 15 | 17200 |
|  California (State of), Series 2024, Ref. GO Bonds | 5.00% | 09/01/2032 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229494 |
|  California (State of) Department of Water Resources, Series 2022, Ref. RB | 5.00% | 12/01/2035 | 5 | 5661 |
|  California (State of) Department of Water Resources (Central Valley), Series 2022 BF, RB | 5.00% | 12/01/2034 | 15 | 17183 |
|  California (State of) Department of Water Resources (Central Valley), Series 2022 BF, Ref. RB | 5.00% | 12/01/2032 | 210 | 245168 |
|  California (State of) Educational Facilities Authority (Stanford University), Series 2012 U-2, Ref. RB | 5.00% | 10/01/2032 | 35 | 40849 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB | 5.00% | 10/01/2032 | 50 | 58215 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB | 5.00% | 10/01/2034 | 20 | 22888 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB | 5.00% | 10/01/2035 | 60 | 67825 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB | 5.00% | 10/01/2036 | 30 | 33545 |
|  California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving Fund), Series 2022, RB | 5.00% | 10/01/2047 | 370 | 384500 |
|  California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving Fund), Series 2022, RB | 5.00% | 10/01/2052 | 100 | 103252 |
|  California (State of) Municipal Finance Authority (Palomar Health), Series 2022 A, Ref. COP, (INS - AGI)<sup>(a)</sup> | 5.25% | 11/01/2052 | 50 | 50121 |
|  California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022 A, RB | 4.00% | 07/15/2051 | 335 | 294399 |
|  California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB | 5.00% | 12/01/2035 | 340 | 377650 |
|  California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB | 5.00% | 12/01/2036 | 150 | 164883 |
|  California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB | 5.00% | 09/01/2032 | 80 | 91853 |
|  California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB | 5.00% | 12/01/2032 | 125 | 143784 |
|  California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB | 5.00% | 12/01/2034 | 5 | 5644 |
|  California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB | 5.00% | 12/01/2037 | 20 | 21764 |
|  California (State of) Statewide Communities Development Authority (Enloe Medical Center),<br>Series 2022 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 08/15/2052 | 205 | 207160 |
|  Chaffey Joint Union High School District (Election of 2012), Series 2023 G, GO Bonds | 5.25% | 08/01/2052 | 115 | 118707 |
|  Coachella Valley Water District, Series 2022 A, COP | 5.00% | 08/01/2047 | 15 | 15344 |
|  Contra Costa Transportation Authority Sales Tax Revenue, Series 2021 A, Ref. RB | 4.00% | 03/01/2032 | 15 | 16138 |
|  East Bay Municipal Utility District, Series 2022 B-2, Ref. RB | 5.00% | 06/01/2032 | 15 | 17457 |
|  East Bay Municipal Utility District (Green Bonds), Series 2022 A, RB | 5.00% | 06/01/2036 | 20 | 22301 |
|  East Bay Municipal Utility District (Green Bonds), Series 2022 A, RB | 5.00% | 06/01/2038 | 40 | 43716 |
|  Indio Finance Authority, Series 2022 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 11/01/2042 | 100 | 106719 |
|  Indio Finance Authority, Series 2022 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 11/01/2052 | 100 | 104245 |
|  Kern High School District (Election of 2022), Series 2023 A, GO Bonds | 5.00% | 08/01/2032 | 20 | 23249 |
|  Los Angeles (City of), CA, Series 2022 C, Ref. RB | 5.00% | 06/01/2032 | 55 | 63601 |
|  Los Angeles (City of), CA (Green Bonds), Series 2022 A, RB | 5.00% | 06/01/2047 | 35 | 35908 |
|  Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2022 B, RB | 4.00% | 05/15/2048 | 45 | 40310 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2032 | 125 | 139506 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2034 | 5 | 5472 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2037 | 5 | 5310 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2039 | 120 | 125236 |

---

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

---

| |
|:---|
| 336 |
| 336 |
| 336 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2043 | $125 | $127323 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2047 | 25 | 25001 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB | 5.00% | 07/01/2036 | 140 | 149619 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB | 5.00% | 07/01/2037 | 40 | 42408 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB | 5.00% | 07/01/2038 | 45 | 47212 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB | 5.00% | 07/01/2039 | 10 | 10420 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB | 5.00% | 07/01/2042 | 10 | 10245 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB | 5.00% | 07/01/2047 | 55 | 55150 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB | 5.00% | 07/01/2052 | 250 | 250147 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2036 | 100 | 107348 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2037 | 195 | 207551 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2038 | 145 | 152618 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2038 | 25 | 26158 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2039 | 80 | 83587 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2039 | 40 | 41566 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2040 | 20 | 20680 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2040 | 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187073 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2041 | 55 | 56577 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2041 | 10 | 10336 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2042 | 50 | 51085 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2042 | 15 | 15392 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2043 | 30 | 30522 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB | 5.00% | 07/01/2039 | 50 | 52303 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB | 5.00% | 07/01/2041 | 155 | 160205 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB | 5.00% | 07/01/2047 | 35 | 35102 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB | 5.00% | 07/01/2052 | 200 | 200126 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.00% | 07/01/2032 | 5 | 5580 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB | 5.00% | 06/01/2032 | 65 | 73967 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2024, GO Bonds | 5.00% | 08/01/2032 | 15 | 17457 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB | 5.00% | 06/01/2032 | 75 | 86930 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Measure R), Series 2024 A, Ref. RB | 5.00% | 06/01/2032 | 10 | 11604 |
|  Los Angeles Community College District (Election of 2008), Series 2022 L, GO Bonds | 5.00% | 08/01/2036 | 155 | 173386 |
|  Los Angeles Community College District (Election of 2008), Series 2022 L, GO Bonds | 5.00% | 08/01/2037 | 105 | 116512 |
|  Los Angeles Community College District (Election of 2008), Series 2022, GO Bonds | 5.00% | 08/01/2035 | 5 | 5644 |
|  Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds | 3.00% | 07/01/2032 | 45 | 44393 |
|  Los Angeles Unified School District, Series 2021 RYRR, GO Bonds | 5.00% | 07/01/2032 | 75 | 86382 |
|  Los Angeles Unified School District, Series 2021 RYRR, GO Bonds | 5.00% | 07/01/2033 | 65 | 74298 |
|  Los Angeles Unified School District, Series 2021 RYRR, GO Bonds | 5.00% | 07/01/2034 | 70 | 79067 |
|  Los Angeles Unified School District, Series 2021 RYRR, GO Bonds | 5.00% | 07/01/2035 | 20 | 22342 |
|  Los Angeles Unified School District, Series 2021 RYRR, GO Bonds | 4.00% | 07/01/2036 | 80 | 81753 |
|  Los Angeles Unified School District, Series 2021 RYRR, GO Bonds | 4.00% | 07/01/2038 | 15 | 15050 |
|  Los Angeles Unified School District, Series 2021 RYRR, GO Bonds | 4.00% | 07/01/2039 | 120 | 119162 |
|  Los Angeles Unified School District, Series 2021 RYRR, GO Bonds | 4.00% | 07/01/2040 | 10 | 9761 |
|  Los Angeles Unified School District, Series 2021 RYRR, GO Bonds | 4.00% | 07/01/2041 | 100 | 95378 |
|  Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds | 5.00% | 07/01/2032 | 205 | 238374 |
|  Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds | 5.00% | 07/01/2032 | 10 | 11628 |
|  Metropolitan Water District of Southern California, Series 2022 B, Ref. RB | 5.00% | 07/01/2032 | 35 | 40650 |
|  Metropolitan Water District of Southern California, Series 2022 B, Ref. RB | 5.00% | 07/01/2036 | 50 | 55711 |
|  Metropolitan Water District of Southern California, Series 2024 A, Ref. RB | 5.00% | 04/01/2032 | 15 | 17375 |
|  Northern California Power Agency (Hydroelectric No. 1), Series 2022, Ref. RB | 5.00% | 07/01/2032 | 60 | 69277 |
|  Pasadena Area Community College District, Series 2023 A-1, Ref. GO Bonds | 5.00% | 08/01/2048 | 150 | 153735 |
|  Peralta Community College District, Series 2022 B, GO Bonds | 5.25% | 08/01/2042 | 90 | 95895 |
|  Regents of the University of California Medical Center, Series 2022 P, RB | 5.00% | 05/15/2034 | 100 | 111864 |
|  Regents of the University of California Medical Center, Series 2022 P, RB | 5.00% | 05/15/2037 | 145 | 156471 |
|  Regents of the University of California Medical Center, Series 2022 P, RB | 5.00% | 05/15/2038 | 100 | 106509 |
|  Regents of the University of California Medical Center, Series 2022 P, RB | 5.00% | 05/15/2039 | 255 | 268558 |
|  Regents of the University of California Medical Center, Series 2022 P, RB | 5.00% | 05/15/2040 | 75 | 78342 |

---

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

---

| |
|:---|
| 337 |
| 337 |
| 337 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  Regents of the University of California Medical Center, Series 2022 P, RB | 5.00% | 05/15/2041 | $25 | $25912 |
|  Regents of the University of California Medical Center, Series 2022 P, RB | 5.00% | 05/15/2042 | 195 | 200647 |
|  Regents of the University of California Medical Center, Series 2022 P, RB | 5.00% | 05/15/2047 | 240 | 241709 |
|  Riverside (City of), CA, Series 2022 A, RB | 5.00% | 10/01/2052 | 10 | 10216 |
|  Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 N-1, Ref. RB | 5.00% | 11/15/2032 | 20 | 23311 |
|  Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB | 5.00% | 12/01/2032 | 150 | 174471 |
|  Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB | 5.00% | 10/01/2032 | 35 | 40750 |
|  San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB | 5.00% | 05/15/2047 | 20 | 20493 |
|  San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB | 5.00% | 05/15/2052 | 200 | 202968 |
|  San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB | 5.00% | 04/01/2032 | 5 | 5798 |
|  San Diego (County of), CA Water Authority, Series 2022 A, RB | 5.00% | 05/01/2047 | 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108084 |
|  San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB | 5.00% | 05/01/2032 | 5 | 5681 |
|  San Diego Unified School District (Green Bonds), Series 2022 F2, GO Bonds | 5.00% | 07/01/2042 | 25 | 26388 |
|  San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds | 5.00% | 06/15/2032 | 10 | 11609 |
|  San Francisco (City & County of), CA, Series 2024 R1, Ref. GO Bonds | 5.00% | 06/15/2032 | 85 | 98674 |
|  San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017 B, COP | 3.00% | 04/01/2032 | 20 | 19591 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2022 B, Ref. RB | 5.00% | 05/01/2052 | 150 | 151788 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 B, Ref. RB | 5.00% | 05/01/2032 | 100 | 112073 |
|  San Francisco (City & County of), CA Public Utilities Commission, Series 2023 A, RB | 5.00% | 11/01/2053 | 10 | 10144 |
|  San Francisco (City & County of), CA Public Utilities Commission, Series 2023 B, Ref. RB | 5.00% | 10/01/2035 | 5 | 5628 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB | 5.00% | 10/01/2032 | 70 | 81649 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB | 5.00% | 10/01/2036 | 40 | 44512 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB | 5.00% | 10/01/2037 | 35 | 38577 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB | 5.00% | 10/01/2038 | 40 | 43581 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 C, Ref. RB | 5.00% | 11/01/2032 | 250 | 291827 |
|  San Francisco (City of), CA, Series 2025, Ref. RB | 5.00% | 11/01/2032 | 15 | 17510 |
|  San Francisco (County of), CA Transportation Authority, Series 2017, RB | 3.00% | 02/01/2032 | 25 | 24926 |
|  San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022, GO Bonds | 5.00% | 08/01/2039 | 190 | 203581 |
|  San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022, GO Bonds | 5.25% | 08/01/2047 | 90 | 93579 |
|  San Joaquin Hills Transportation Corridor Agency, Series 2021, Ref. RB | 4.00% | 01/15/2034 | 45 | 46237 |
|  San Jose (City of), CA Financing Authority (Green bonds), Series 2022 B, RB | 5.00% | 11/01/2047 | 110 | 113380 |
|  San Leandro Unified School District (Election of 2020), Series 2022 B, GO Bonds | 5.25% | 08/01/2048 | 120 | 124102 |
|  Santa Clara (County of), CA (Election of 2008), Series 2022 D, Ref. GO Bonds | 5.00% | 08/01/2034 | 40 | 45727 |
|  Santa Clara (County of), CA Water District (Green Bonds), Series 2022 A, RB | 5.00% | 08/01/2047 | 60 | 61879 |
|  Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB | 5.00% | 04/01/2032 | 55 | 63710 |
|  Santa Clarita Community College District (Election of 2016), Series 2022, GO Bonds | 5.25% | 08/01/2048 | 20 | 20804 |
|  Santa Rosa High School District (Election of 2022), Series 2023 A, GO Bonds | 5.00% | 08/01/2053 | 155 | 156903 |
|  South Orange (County of), CA Public Financing Authority (County of Orange Sheriff-Coroner), Series 2022, RB | 5.00% | 06/01/2047 | 15 | 15521 |
|  State Center Community College District, Series 2022 C, GO Bonds | 5.00% | 08/01/2047 | 75 | 76810 |
|  University of California, Series 2022 BK, RB | 5.00% | 05/15/2032 | 310 | 358104 |
|  University of California, Series 2022 BK, RB | 5.00% | 05/15/2052 | 250 | 252851 |
|  University of California, Series 2022 S, Ref. RB | 5.00% | 05/15/2032 | 30 | 34615 |
|  University of California, Series 2022 S, Ref. RB | 5.00% | 05/15/2034 | 145 | 163434 |
|  University of California, Series 2022 S, Ref. RB | 5.00% | 05/15/2035 | 35 | 38889 |
|  University of California, Series 2022 S, Ref. RB | 5.00% | 05/15/2036 | 40 | 43831 |
|  University of California, Series 2022 S, Ref. RB | 5.00% | 05/15/2037 | 5 | 5427 |
|  University of California, Series 2022 S, Ref. RB | 5.00% | 05/15/2038 | 150 | 160953 |
|  University of California, Series 2023 BM, Ref. RB | 5.00% | 05/15/2032 | 125 | 144397 |
|  University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2032 | 140 | 161725 |
|  University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2032 | 120 | 138621 |
|  University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2032 | 10 | 11552 |

---

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

---

| |
|:---|
| 338 |
| 338 |
| 338 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  Ventura Unified School District (Election of 2022), Series 2023 A, GO Bonds | 5.00% | 08/01/2046 | $65 | $66966 |
|  Vista Unified School District, Series 2022 B, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.25% | 08/01/2048 | 165 | 171828 |
|  |  |  |  | 17921664 |
|  Colorado-2.84% |  |  |  |  |
|  Brighton (City of), CO (Water System), Series 2022, RB | 5.00% | 06/01/2052 | 200 | 201723 |
|  Colorado (State of), Series 2021 A, COP | 5.00% | 12/15/2032 | 55 | 61053 |
|  Colorado (State of), Series 2022, COP | 6.00% | 12/15/2038 | 195 | 222434 |
|  Colorado (State of), Series 2022, COP | 6.00% | 12/15/2039 | 115 | 130271 |
|  Colorado (State of), Series 2022, COP | 6.00% | 12/15/2040 | 100 | 112739 |
|  Colorado (State of), Series 2022, COP | 6.00% | 12/15/2041 | 60 | 67098 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB | 5.25% | 11/01/2038 | 25 | 26434 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB | 5.00% | 11/01/2041 | 45 | 45572 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB | 5.50% | 11/01/2047 | 250 | 254380 |
|  Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022 A, Ref. RB | 5.00% | 05/15/2032 | 80 | 89838 |
|  Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022 A, Ref. RB | 5.00% | 05/15/2047 | 90 | 90487 |
|  Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022, Ref. RB | 5.00% | 05/15/2052 | 260 | 260312 |
|  Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 A, Ref. RB | 5.00% | 05/15/2034 | 20 | 21928 |
|  Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 A, Ref. RB | 5.00% | 05/15/2036 | 75 | 80705 |
|  Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 A, Ref. RB | 5.00% | 05/15/2037 | 500 | 533734 |
|  Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024, Ref. RB | 5.00% | 05/15/2032 | 10 | 11230 |
|  Denver (City & County of), CO, Series 2022 B, RB | 5.00% | 11/15/2047 | 10 | 10121 |
|  Denver (City & County of), CO, Series 2022 B, RB | 5.25% | 11/15/2053 | 100 | 102164 |
|  Denver (City & County of), CO, Series 2022 C, Ref. RB | 5.25% | 11/15/2053 | 50 | 51052 |
|  Denver (City & County of), CO, Series 2023, Ref. COP | 5.00% | 12/01/2032 | 30 | 33855 |
|  Denver (City & County of), CO Board of Water Commissioners (The), Series 2022 A, RB | 5.00% | 12/15/2052 | 250 | 253625 |
|  Denver City & County School District No. 1, Series 2022 A, GO Bonds | 5.00% | 12/01/2034 | 15 | 16675 |
|  Denver City & County School District No. 1, Series 2022 A, GO Bonds | 5.00% | 12/01/2038 | 80 | 85722 |
|  Denver City & County School District No. 1, Series 2022 A, GO Bonds | 5.00% | 12/01/2040 | 50 | 52919 |
|  Denver City & County School District No. 1, Series 2022 A, GO Bonds | 5.00% | 12/01/2042 | 100 | 103804 |
|  Denver City & County School District No. 1, Series 2022 A, GO Bonds | 5.00% | 12/01/2045 | 160 | 163816 |
|  Parker Water & Sanitation District, Series 2012, Ref. GO Bonds | 3.00% | 08/01/2032 | 100 | 98767 |
|  Weld County School District No. RE-4, Series 2023, GO Bonds | 5.25% | 12/01/2047 | 80 | 82646 |
|  |  |  |  | 3265104 |
|  Connecticut-1.45% |  |  |  |  |
|  Connecticut (State of), Series 2016 E, GO Bonds | 3.00% | 10/15/2032 | 105 | 103359 |
|  Connecticut (State of), Series 2021 A, GO Bonds | 3.00% | 01/15/2032 | 75 | 74626 |
|  Connecticut (State of), Series 2021 A, RB | 5.00% | 05/01/2032 | 45 | 50091 |
|  Connecticut (State of), Series 2022 A, GO Bonds | 4.00% | 01/15/2032 | 175 | 186589 |
|  Connecticut (State of), Series 2022 A, GO Bonds | 4.00% | 01/15/2034 | 90 | 93627 |
|  Connecticut (State of), Series 2022 B, Ref. RB | 5.00% | 07/01/2032 | 50 | 56691 |
|  Connecticut (State of), Series 2022 E, GO Bonds | 5.00% | 11/15/2032 | 15 | 17048 |
|  Connecticut (State of), Series 2022 E, GO Bonds | 5.00% | 11/15/2034 | 5 | 5560 |
|  Connecticut (State of), Series 2022 F, GO Bonds | 5.00% | 11/15/2036 | 125 | 136552 |
|  Connecticut (State of), Series 2022 F, GO Bonds | 5.00% | 11/15/2040 | 30 | 31749 |
|  Connecticut (State of), Series 2022 G, Ref. GO Bonds | 5.00% | 11/15/2032 | 10 | 11366 |
|  Connecticut (State of), Series 2023 A, RB | 5.00% | 07/01/2032 | 20 | 22676 |
|  Connecticut (State of), Series 2023 B, Ref. GO Bonds | 5.00% | 08/01/2032 | 45 | 51053 |
|  Connecticut (State of), Series 2023 B, Ref. RB | 5.00% | 07/01/2032 | 50 | 56691 |
|  Connecticut (State of), Series 2024 A, GO Bonds | 5.00% | 01/15/2032 | 55 | 62132 |
|  Connecticut (State of), Series 2024 C, Ref. GO Bonds | 5.00% | 03/01/2032 | 10 | 11309 |
|  Connecticut (State of), Series 2025 B, Ref. GO Bonds | 5.00% | 12/01/2032 | 20 | 22738 |
|  Connecticut (State of) (Green Bonds), Series 2021 B, GO Bonds | 3.00% | 06/01/2032 | 125 | 124059 |
|  Connecticut (State of) (Green Bonds), Series 2022 B, GO Bonds | 4.00% | 01/15/2035 | 95 | 97341 |
|  Connecticut (State of) (Green Bonds), Series 2022 B, GO Bonds | 4.00% | 01/15/2036 | 15 | 15202 |
|  Connecticut (State of) (Green Bonds), Series 2022 B, GO Bonds | 4.00% | 01/15/2037 | 70 | 70551 |
|  Connecticut (State of) (Green Bonds), Series 2022 F, GO Bonds | 5.00% | 11/15/2035 | 30 | 33049 |
|  Connecticut (State of) (Green Bonds), Series 2022 F, GO Bonds | 5.00% | 11/15/2037 | 45 | 48615 |

---

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

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| 339 |
| 339 |
| 339 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Connecticut-(continued) |  |  |  |  |
|  Connecticut (State of) (Green Bonds), Series 2022 F, GO Bonds | 5.00% | 11/15/2038 | $80 | $85731 |
|  Connecticut (State of) (Green Bonds), Series 2022 F, GO Bonds | 5.00% | 11/15/2039 | 65 | 69083 |
|  Connecticut (State of) (Green Bonds), Series 2022 F, GO Bonds | 5.00% | 11/15/2041 | 20 | 20996 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.00% | 07/01/2032 | 50 | 56691 |
|  Connecticut (State of) Health & Educational Facilities Authority, Series 2022 M, Ref. RB | 4.00% | 07/01/2035 | 35 | 35067 |
|  Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2024, Ref. RB | 5.00% | 07/01/2032 | 15 | 16967 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1667209 |
|  Delaware-0.10% |  |  |  |  |
|  Delaware (State of), Series 2022, Ref. GO Bonds | 5.00% | 03/01/2032 | 26 | 29619 |
|  Delaware (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2032 | 75 | 85566 |
|  |  |  |  | 115185 |
|  District of Columbia-1.99% |  |  |  |  |
|  District of Columbia, Series 2022 A, RB | 5.00% | 07/01/2032 | 250 | 282955 |
|  District of Columbia, Series 2022 A, RB | 5.00% | 07/01/2034 | 85 | 94148 |
|  District of Columbia, Series 2022 A, RB | 5.00% | 07/01/2035 | 145 | 158609 |
|  District of Columbia, Series 2022 A, RB | 5.00% | 07/01/2036 | 95 | 102574 |
|  District of Columbia, Series 2022 A, RB | 5.00% | 07/01/2037 | 85 | 90997 |
|  District of Columbia, Series 2022 A, RB | 5.00% | 07/01/2039 | 80 | 84169 |
|  District of Columbia, Series 2022 A, RB | 5.00% | 07/01/2040 | 50 | 52291 |
|  District of Columbia, Series 2022 A, RB | 5.00% | 07/01/2041 | 110 | 114298 |
|  District of Columbia, Series 2022 A, RB | 5.00% | 07/01/2042 | 240 | 247550 |
|  District of Columbia, Series 2022 A, RB | 5.00% | 07/01/2047 | 180 | 182470 |
|  District of Columbia, Series 2022 C, Ref. RB | 5.00% | 12/01/2032 | 10 | 11348 |
|  District of Columbia, Series 2022 C, Ref. RB | 5.00% | 12/01/2035 | 15 | 16418 |
|  District of Columbia, Series 2022 C, Ref. RB | 5.00% | 12/01/2036 | 150 | 161985 |
|  District of Columbia, Series 2022, RB | 5.00% | 07/01/2038 | 55 | 58293 |
|  District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2032 | 60 | 67647 |
|  District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2032 | 55 | 62287 |
|  District of Columbia, Series 2025 A, Ref. RB | 5.00% | 06/01/2032 | 50 | 56557 |
|  District of Columbia Water & Sewer Authority, Series 2022 C1, RB | 5.00% | 10/01/2035 | 155 | 170023 |
|  District of Columbia Water & Sewer Authority (Green Bonds), Series 2022 B, RB | 5.00% | 10/01/2047 | 220 | 222816 |
|  Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 5.00% | 07/15/2032 | 45 | 49871 |
|  |  |  |  | 2287306 |
|  Florida-4.06% |  |  |  |  |
|  Bay County School Board, Series 2022 A, COP, (INS - AGI)<sup>(a)</sup> | 4.25% | 07/01/2047 | 70 | 65700 |
|  Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022 A, Ref. RB | 5.00% | 04/01/2042 | 50 | 50394 |
|  Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022, Ref. RB | 5.00% | 04/01/2047 | 250 | 246722 |
|  Broward (County of), FL, Series 2022, RB | 5.00% | 01/01/2047 | 150 | 150717 |
|  Broward (County of), FL School Board, Series 2022 B, COP | 5.00% | 07/01/2035 | 105 | 115413 |
|  Broward (County of), FL School Board, Series 2022 B, COP | 5.00% | 07/01/2036 | 85 | 92598 |
|  Central Florida Expressway Authority, Series 2016 A, Ref. RB | 3.00% | 07/01/2032 | 100 | 98640 |
|  Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2032 | 35 | 38837 |
|  Central Florida Expressway Authority, Series 2024 B, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2032 | 20 | 22636 |
|  Florida (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2032 | 80 | 91070 |
|  Florida (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 06/01/2032 | 45 | 51257 |
|  Florida (State of), Series 2024 A, Ref. GO Bonds | 5.00% | 06/01/2032 | 125 | 142545 |
|  Florida (State of) (Right-of-Way Acquisition), Series 2021 B, Ref. GO Bonds | 5.00% | 07/01/2032 | 105 | 119400 |
|  Florida (State of) Department of Transportation, Series 2022, RB | 5.00% | 07/01/2047 | 20 | 20393 |
|  Florida (State of) Department of Transportation, Series 2022, RB | 5.00% | 07/01/2052 | 100 | 101335 |
|  Florida (State of) Municipal Power Agency, Series 2021 A, RB | 3.00% | 10/01/2032 | 15 | 14481 |
|  Fort Lauderdale (City of), FL, Series 2023 A, RB | 5.00% | 07/01/2053 | 100 | 101049 |
|  Jacksonville (City of), FL, Series 2015, Ref. RB | 3.25% | 10/01/2032 | 100 | 99998 |
|  Jacksonville (City of), FL, Series 2023 A, Ref. RB | 5.00% | 10/01/2032 | 100 | 113302 |
|  Jacksonville (City of), FL, Series 2025, RB | 5.00% | 10/01/2032 | 20 | 22660 |

---

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

---

| |
|:---|
| 340 |
| 340 |
| 340 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Florida-(continued) |  |  |  |  |
|  JEA Electric System, Third Series 2024 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2032 | $30 | $33929 |
|  Manatee (County of), FL, Series 2022, Ref. RB | 5.25% | 10/01/2047 | 75 | 77319 |
|  Miami-Dade (County of), FL, Series 2022 A, RB | 5.00% | 04/01/2046 | 100 | 101573 |
|  Miami-Dade (County of), FL, Series 2024 B, RB | 5.00% | 10/01/2032 | 50 | 56754 |
|  Miami-Dade (County of), FL Transit System, Series 2022, RB | 5.00% | 07/01/2043 | 30 | 30812 |
|  Miami-Dade (County of), FL Transit System, Series 2022, RB | 5.00% | 07/01/2046 | 10 | 10118 |
|  Miami-Dade (County of), FL Transit System, Series 2022, RB | 5.00% | 07/01/2047 | 25 | 25229 |
|  Miami-Dade (County of), FL Transit System, Series 2022, RB | 5.00% | 07/01/2048 | 195 | 197114 |
|  Miami-Dade (County of), FL Transit System, Series 2022, RB | 5.00% | 07/01/2049 | 555 | 559562 |
|  Miami-Dade (County of), FL Transit System, Series 2022, RB | 5.00% | 07/01/2051 | 10 | 10032 |
|  Miami-Dade (County of), FL Transit System, Series 2022, RB | 5.00% | 07/01/2052 | 55 | 55895 |
|  Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023 A, RB | 5.00% | 10/01/2032 | 160 | 179326 |
|  Orange (County of), FL School Board, Series 2021 A, Ref. COP | 5.00% | 08/01/2032 | 40 | 44979 |
|  Palm Beach County School District, Series 2022 B, COP | 5.25% | 08/01/2035 | 95 | 105441 |
|  Palm Beach County School District, Series 2022 B, COP | 5.25% | 08/01/2036 | 75 | 82413 |
|  Palm Beach County School District, Series 2022 B, COP | 5.25% | 08/01/2038 | 50 | 53791 |
|  Palm Beach County School District, Series 2022 B, COP | 5.25% | 08/01/2039 | 30 | 32064 |
|  Palm Beach County School District, Series 2022 B, COP | 5.25% | 08/01/2040 | 50 | 53150 |
|  Pasco (County of), FL School Board, Series 2021 A, Ref. COP | 5.00% | 08/01/2032 | 15 | 16827 |
|  Sarasota (County of), FL, Series 2022, RB | 5.25% | 10/01/2047 | 25 | 25971 |
|  Sarasota (County of), FL, Series 2022, RB | 5.25% | 10/01/2052 | 135 | 137567 |
|  Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital), Series 2022, RB | 5.00% | 07/01/2052 | 100 | 97010 |
|  Seminole (County of), FL, Series 2022, Ref. RB | 5.00% | 10/01/2052 | 75 | 75406 |
|  Seminole (County of), FL, Series 2025, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2032 | 15 | 16954 |
|  St. Johns (County of), FL, Series 2022, RB | 5.00% | 06/01/2052 | 250 | 255390 |
|  Tallahassee (City of), FL, Series 2024, RB | 5.00% | 10/01/2049 | 10 | 10159 |
|  Tampa (City of), FL (Green Bonds), Series 2022 A, RB | 5.00% | 10/01/2052 | 100 | 101492 |
|  Tampa (City of), FL (Green Bonds), Series 2022 A, RB | 5.25% | 10/01/2057 | 100 | 102610 |
|  Tampa Bay (City of), FL Water (Green Bonds), Series 2022, RB | 5.00% | 10/01/2052 | 200 | 203596 |
|  Tolomato Community Development District, Series 2022 A, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 05/01/2040 | 160 | 150010 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4661640 |
|  Georgia-2.26% |  |  |  |  |
|  Atlanta (City of), GA, Series 2022 A-1, GO Bonds | 5.00% | 12/01/2037 | 15 | 16313 |
|  Atlanta (City of), GA, Series 2022 C, RB | 5.00% | 07/01/2041 | 20 | 20839 |
|  Atlanta (City of), GA, Series 2022 C, RB | 5.00% | 07/01/2042 | 110 | 113720 |
|  Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds<sup>(b)(c)</sup> | 5.00% | 12/01/2032 | 65 | 73806 |
|  Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds | 5.00% | 12/01/2036 | 180 | 197617 |
|  Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds | 5.00% | 12/01/2038 | 30 | 32265 |
|  Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds | 5.00% | 12/01/2039 | 35 | 37376 |
|  Atlanta (City of), GA (Social Bonds), Series 2022 A-1, Ref. GO Bonds | 5.00% | 12/01/2035 | 20 | 22160 |
|  Atlanta (City of), GA Department of Aviation, Series 2022 A, RB | 5.00% | 07/01/2047 | 150 | 151651 |
|  DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2032 | 50 | 56857 |
|  DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2034 | 40 | 44552 |
|  DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2035 | 30 | 33086 |
|  DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2036 | 65 | 70954 |
|  DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2037 | 50 | 54062 |
|  DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2038 | 105 | 112229 |
|  DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2039 | 15 | 15902 |
|  DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2040 | 85 | 89453 |
|  DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2041 | 10 | 10421 |
|  Georgia (State of), Series 2022 A, GO Bonds | 5.00% | 07/01/2034 | 25 | 28008 |
|  Georgia (State of), Series 2022 A, GO Bonds | 5.00% | 07/01/2036 | 10 | 10955 |
|  Georgia (State of), Series 2023 C, Ref. GO Bonds | 5.00% | 01/01/2032 | 35 | 39809 |
|  Georgia (State of) (Bid Group 1), Series 2022 A, GO Bonds. | 5.00% | 07/01/2032 | 30 | 34275 |
|  Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2032 | 140 | 157250 |
|  Georgia (State of) (Bidding Group 1), Series 2023 A, GO Bonds | 5.00% | 07/01/2032 | 50 | 57124 |

---

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

---

| |
|:---|
| 341 |
| 341 |
| 341 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Georgia-(continued) |  |  |  |  |
|  Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds | 5.00% | 07/01/2032 | $80 | $91399 |
|  Georgia (State of) Municipal Electric Authority, Series 2021 A, Ref. RB | 5.00% | 01/01/2034 | 55 | 60075 |
|  Georgia (State of) Municipal Electric Authority, Series 2021, Ref. RB | 5.00% | 01/01/2046 | 60 | 60010 |
|  Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2035 | 10 | 11040 |
|  Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2036 | 25 | 27357 |
|  Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2037 | 15 | 16274 |
|  Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2038 | 10 | 10741 |
|  Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2041 | 65 | 68238 |
|  Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2042 | 20 | 20820 |
|  Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2047 | 80 | 81768 |
|  Georgia (State of) Ports Authority, Series 2022, RB | 5.25% | 07/01/2052 | 300 | 308681 |
|  Gwinnett County School District, Series 2025, Ref. GO Bonds | 5.00% | 02/01/2032 | 100 | 113642 |
|  Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2023 B, RB | 5.00% | 07/01/2032 | 15 | 17047 |
|  Paulding (County of), GA Hospital Authority, Series 2022, Ref. RB | 5.00% | 04/01/2042 | 15 | 15338 |
|  Private Colleges & Universities Authority (Emory University), Series 2022 A, Ref. RB | 5.00% | 09/01/2032 | 190 | 213760 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2596874 |
|  Guam-0.08% |  |  |  |  |
|  Guam (Territory of) Power Authority, Series 2022 A, Ref. RB | 5.00% | 10/01/2034 | 25 | 27196 |
|  Guam (Territory of) Power Authority, Series 2022 A, Ref. RB | 5.00% | 10/01/2041 | 60 | 61086 |
|  |  |  |  | 88282 |
|  Hawaii-0.06% |  |  |  |  |
|  Hawaii (State of), Series 2016 FB, GO Bonds | 3.00% | 04/01/2032 | 50 | 49385 |
|  Honolulu (City & County of), HI (Green Bonds), Series 2022 A, RB | 4.13% | 07/01/2047 | 25 | 22330 |
|  |  |  |  | 71715 |
|  Idaho-0.20% |  |  |  |  |
|  Idaho (State of) Housing & Finance Association, Series 2022, RB | 5.00% | 08/15/2047 | 210 | 213124 |
|  Idaho State Building Authority (Schools Modernization), Series 2025, RB | 5.00% | 06/01/2032 | 10 | 11397 |
|  |  |  |  | 224521 |
|  Illinois-5.92% |  |  |  |  |
|  Chicago (City of), IL, Series 2021 A, Ref. GO Bonds | 5.00% | 01/01/2032 | 125 | 131353 |
|  Chicago (City of), IL, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 01/01/2048 | 150 | 153994 |
|  Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2032 | 205 | 227608 |
|  Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/01/2032 | 35 | 38616 |
|  Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2035 | 25 | 27081 |
|  Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/01/2035 | 275 | 295262 |
|  Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2036 | 150 | 161043 |
|  Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/01/2036 | 85 | 90495 |
|  Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/01/2037 | 30 | 31666 |
|  Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2038 | 20 | 21098 |
|  Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/01/2038 | 45 | 47081 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2022, Ref. RB | 5.00% | 01/01/2040 | 15 | 15602 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2022, Ref. RB | 5.00% | 01/01/2041 | 70 | 72279 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2039 | 35 | 36984 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2024 D, Ref. RB | 5.00% | 01/01/2032 | 175 | 196116 |
|  Chicago (City of), IL Metropolitan Water Reclamation District, Series 2007 C, Ref. GO Bonds | 5.25% | 12/01/2032 | 70 | 80669 |
|  Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 01/01/2032 | 55 | 61738 |
|  Cook (County of), IL, Series 2022 A, Ref. RB | 5.25% | 11/15/2045 | 150 | 153292 |
|  Cook (County of), IL, Series 2024, Ref. RB | 5.00% | 11/15/2042 | 20 | 20290 |
|  Illinois (State of), Series 2016 D, Ref. RB | 3.00% | 06/15/2032 | 45 | 42339 |
|  Illinois (State of), Series 2016, GO Bonds | 4.00% | 06/01/2032 | 20 | 20026 |
|  Illinois (State of), Series 2020 B, GO Bonds | 4.00% | 10/01/2032 | 60 | 61161 |
|  Illinois (State of), Series 2021 B, GO Bonds | 5.00% | 12/01/2032 | 40 | 43784 |
|  Illinois (State of), Series 2022 A, GO Bonds | 5.00% | 03/01/2032 | 80 | 88557 |
|  Illinois (State of), Series 2022 A, GO Bonds | 5.00% | 03/01/2034 | 50 | 54187 |
|  Illinois (State of), Series 2022 A, GO Bonds | 5.00% | 03/01/2035 | 90 | 96461 |

---

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

---

| |
|:---|
| 342 |
| 342 |
| 342 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Illinois-(continued) |  |  |  |  |
|  Illinois (State of), Series 2022 A, GO Bonds | 5.00% | 03/01/2036 | $85 | $90088 |
|  Illinois (State of), Series 2022 A, GO Bonds | 5.25% | 03/01/2038 | 260 | 273902 |
|  Illinois (State of), Series 2022 A, GO Bonds | 5.50% | 03/01/2042 | 150 | 155658 |
|  Illinois (State of), Series 2022 A, GO Bonds | 5.50% | 03/01/2047 | 75 | 76737 |
|  Illinois (State of), Series 2022 B, GO Bonds | 5.00% | 10/01/2034 | 35 | 37902 |
|  Illinois (State of), Series 2022 B, GO Bonds | 5.25% | 10/01/2035 | 150 | 162770 |
|  Illinois (State of), Series 2022 C, GO Bonds | 5.00% | 10/01/2038 | 5 | 5189 |
|  Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 05/01/2032 | 225 | 249144 |
|  Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 12/01/2032 | 60 | 66482 |
|  Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 05/01/2035 | 140 | 149980 |
|  Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 05/01/2036 | 100 | 105138 |
|  Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 05/01/2037 | 65 | 68129 |
|  Illinois (State of), Series 2023 B, GO Bonds | 5.25% | 05/01/2038 | 90 | 94515 |
|  Illinois (State of), Series 2023 B, GO Bonds | 5.25% | 05/01/2039 | 60 | 62741 |
|  Illinois (State of), Series 2023 B, GO Bonds | 5.25% | 05/01/2040 | 25 | 26001 |
|  Illinois (State of), Series 2023 B, GO Bonds | 5.25% | 05/01/2041 | 15 | 15472 |
|  Illinois (State of), Series 2023 B, GO Bonds | 5.50% | 05/01/2047 | 200 | 203955 |
|  Illinois (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 07/01/2032 | 10 | 11076 |
|  Illinois (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 07/01/2034 | 240 | 260018 |
|  Illinois (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 07/01/2035 | 105 | 112427 |
|  Illinois (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 07/01/2036 | 270 | 285771 |
|  Illinois (State of), Series 2024 A, RB | 5.00% | 06/15/2032 | 145 | 161053 |
|  Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2032 | 45 | 49829 |
|  Illinois (State of) Finance Authority (Green Bonds), Series 2025 B, RB | 5.00% | 07/01/2032 | 25 | 28279 |
|  Illinois (State of) Finance Authority (Northshore - Edward-Elmhurst Health Credit Group), Series 2022 A, Ref. RB | 5.00% | 08/15/2038 | 15 | 15781 |
|  Illinois (State of) Finance Authority (Northshore - Edward-Elmhurst Health Credit Group), Series 2022 A, Ref. RB | 5.00% | 08/15/2039 | 35 | 36435 |
|  Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2022 A, Ref. RB | 5.00% | 08/15/2047 | 340 | 337043 |
|  Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2022 A, Ref. RB | 5.00% | 08/15/2051 | 405 | 395466 |
|  Illinois (State of) Finance Authority (The University of Chicago), Series 2024 A, Ref. RB | 5.00% | 04/01/2032 | 25 | 28020 |
|  Illinois (State of) Finance Authority (The University of Chicago), Series 2024 B, Ref. RB | 5.00% | 04/01/2032 | 5 | 5604 |
|  Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB | 5.00% | 10/01/2032 | 30 | 33725 |
|  Illinois (State of) Toll Highway Authority, Series 2021 A, RB | 5.00% | 01/01/2041 | 30 | 31077 |
|  Illinois (State of) Toll Highway Authority, Series 2021 A, RB | 5.00% | 01/01/2043 | 120 | 122011 |
|  Illinois (State of) Toll Highway Authority, Series 2021 A, RB | 5.00% | 01/01/2046 | 565 | 567946 |
|  Sales Tax Securitization Corp., Series 2021 A, Ref. RB | 5.00% | 01/01/2032 | 165 | 182297 |
|  Sales Tax Securitization Corp., Series 2023 C, Ref. RB | 5.00% | 01/01/2032 | 15 | 16691 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6793134 |
|  Indiana-0.91% |  |  |  |  |
|  Greater Clark Building Corp., Series 2022, RB, (CEP - Colorado Higher Education Intercept Program) | 6.00% | 01/15/2042 | 5 | 5442 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB | 5.00% | 02/01/2034 | 30 | 33342 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB | 5.00% | 02/01/2035 | 120 | 131944 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB | 5.00% | 02/01/2036 | 55 | 59814 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB | 5.00% | 02/01/2037 | 130 | 139758 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB | 5.00% | 02/01/2038 | 35 | 37545 |
|  Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB | 5.00% | 02/01/2032 | 15 | 16608 |
|  Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB | 4.00% | 02/01/2034 | 55 | 56659 |
|  Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB | 5.00% | 02/01/2035 | 120 | 130568 |
|  Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB | 4.00% | 02/01/2036 | 85 | 85784 |
|  Indianapolis Local Public Improvement Bond Bank, Series 2022, RB | 5.00% | 01/01/2053 | 185 | 183662 |

---

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

---

| |
|:---|
| 343 |
| 343 |
| 343 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Indiana-(continued) |  |  |  |  |
|  IPS Multi-School Building Corp. (Social Bonds), Series 2023, RB,<br>(CEP - Colorado Higher Education Intercept Program) | 5.25% | 07/15/2041 | $20 | $20840 |
|  Merrillville Multi School Building Corp., Series 2022, RB,<br>(CEP - Colorado Higher Education Intercept Program) | 5.00% | 01/15/2042 | 135 | 139980 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1041946 |
|  Iowa-0.35% |  |  |  |  |
|  Iowa (State of) Finance Authority (Green Bonds), Series 2022, Ref. RB | 5.00% | 08/01/2047 | 80 | 81472 |
|  Iowa (State of) Finance Authority (Iowa Fertilizer Co.), Series 2022, Ref. RB<sup>(b)(c)</sup> | 5.00% | 12/01/2032 | 280 | 317934 |
|  |  |  |  | 399406 |
|  Kansas-0.02% |  |  |  |  |
|  Wyandotte County Unified School District No. 203 (Piper), Series 2022 A, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.25% | 09/01/2052 | 25 | 25501 |
|  Kentucky-0.28% |  |  |  |  |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 127), Series 2022 A, RB | 5.25% | 06/01/2039 | 85 | 90300 |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 127), Series 2022 A, RB | 5.25% | 06/01/2040 | 15 | 15870 |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB | 5.00% | 10/01/2032 | 15 | 16903 |
|  Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2022, Ref. RB | 5.00% | 07/01/2032 | 110 | 121873 |
|  Scott County School District Finance Corp., Series 2022, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 09/01/2041 | 75 | 77573 |
|  |  |  |  | 322519 |
|  Louisiana-0.66% |  |  |  |  |
|  Louisiana (State of), Series 2022 A, GO Bonds | 4.00% | 04/01/2039 | 50 | 49089 |
|  Louisiana (State of), Series 2024 E, GO Bonds | 5.00% | 09/01/2032 | 65 | 73347 |
|  Louisiana (State of) (Garvee), Series 2023, RB | 5.00% | 09/01/2032 | 110 | 124200 |
|  Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Westlake Chemical Corp.), Series 2007, Ref. RB | 3.50% | 11/01/2032 | 225 | 217206 |
|  Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023 A, Ref. RB | 5.00% | 10/15/2036 | 35 | 37861 |
|  Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023 A, Ref. RB | 5.00% | 10/15/2048 | 35 | 35252 |
|  Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023, Ref. RB | 5.00% | 10/15/2037 | 165 | 176776 |
|  Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023, Ref. RB | 5.00% | 10/15/2052 | 40 | 40047 |
|  |  |  |  | 753778 |
|  Maine-0.07% |  |  |  |  |
|  University of Maine System, Series 2022, RB | 5.50% | 03/01/2057 | 75 | 77142 |
|  Maryland-1.49% |  |  |  |  |
|  Baltimore (County of), MD, Series 2022, GO Bonds | 4.00% | 03/01/2041 | 80 | 76833 |
|  Maryland (State of), First Series 2022 A, GO Bonds | 5.00% | 06/01/2035 | 135 | 148996 |
|  Maryland (State of), First Series 2022 A, GO Bonds | 5.00% | 06/01/2036 | 50 | 54544 |
|  Maryland (State of), First Series 2022 A, GO Bonds | 5.00% | 06/01/2037 | 5 | 5402 |
|  Maryland (State of), Series 2017 A, GO Bonds | 3.25% | 03/15/2032 | 85 | 85178 |
|  Maryland (State of), Series 2022 A, GO Bonds | 5.00% | 06/01/2032 | 130 | 147818 |
|  Maryland (State of) (Bidding Group 1), Series 2023 A, GO Bonds | 5.00% | 03/15/2032 | 25 | 28377 |
|  Maryland (State of) (Bidding Group 1), Series 2024, GO Bonds | 5.00% | 06/01/2032 | 10 | 11371 |
|  Maryland (State of) (Bidding Group 2), Second Series 2019 A, GO Bonds | 2.00% | 08/01/2032 | 95 | 85821 |
|  Maryland (State of) (Bidding Group 2), Second Series 2021 A, GO Bonds | 5.00% | 08/01/2032 | 120 | 134412 |
|  Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds | 5.00% | 03/01/2032 | 225 | 250991 |
|  Maryland (State of) (Bidding Group 2), Series 2022 A, GO Bonds | 5.00% | 06/01/2034 | 95 | 105882 |
|  Maryland (State of) Department of Transportation, Series 2017, RB | 3.25% | 05/01/2032 | 15 | 15000 |
|  Maryland (State of) Department of Transportation, Series 2021 A, RB | 3.00% | 10/01/2032 | 180 | 177537 |
|  Maryland (State of) Stadium Authority, Series 2022 A, RB | 4.00% | 06/01/2047 | 10 | 8770 |
|  Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB | 3.00% | 07/01/2032 | 50 | 49477 |
|  Maryland Economic Development Corp. (Morgan State University), Series 2022, RB | 5.75% | 07/01/2053 | 200 | 206025 |
|  Prince George's (County of), MD, Series 2021 A, GO Bonds | 4.00% | 07/01/2032 | 80 | 84506 |
|  Prince George's (County of), MD, Series 2022 A, GO Bonds | 5.00% | 07/01/2032 | 15 | 17067 |

---

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

---

| |
|:---|
| 344 |
| 344 |
| 344 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Maryland-(continued) |  |  |  |  |
|  Prince George's (County of), MD, Series 2022 A, GO Bonds | 5.00% | 07/01/2034 | $10 | $11144 |
|  Prince George's (County of), MD, Series 2022 A, GO Bonds | 5.00% | 07/01/2036 | 5 | 5449 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1710600 |
|  Massachusetts-3.50% |  |  |  |  |
|  Boston (City of), MA, Series 2022 A, GO Bonds | 5.00% | 11/01/2034 | 20 | 22624 |
|  Boston (City of), MA, Series 2022 A, GO Bonds | 5.00% | 11/01/2035 | 5 | 5603 |
|  Boston (City of), MA, Series 2022 A, GO Bonds | 5.00% | 11/01/2036 | 5 | 5542 |
|  Boston (City of), MA, Series 2022 A, GO Bonds | 5.00% | 11/01/2040 | 10 | 10702 |
|  Boston (City of), MA, Series 2022, GO Bonds | 5.00% | 11/01/2041 | 5 | 5307 |
|  Boston (City of), MA, Series 2023 A, GO Bonds | 5.00% | 11/01/2032 | 55 | 63654 |
|  Massachusetts (Commonwealth of), Series 2015 D, GO Bonds | 3.00% | 09/01/2032 | 40 | 39912 |
|  Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds | 5.00% | 09/01/2032 | 150 | 170582 |
|  Massachusetts (Commonwealth of), Series 2022 A, GO Bonds | 4.00% | 02/01/2034 | 25 | 26033 |
|  Massachusetts (Commonwealth of), Series 2022 A-1, Ref. RB | 5.00% | 07/01/2037 | 15 | 16255 |
|  Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.00% | 10/01/2032 | 200 | 227564 |
|  Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.00% | 10/01/2034 | 80 | 89320 |
|  Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.00% | 10/01/2035 | 35 | 38554 |
|  Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.00% | 10/01/2036 | 125 | 136205 |
|  Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.00% | 10/01/2037 | 195 | 210590 |
|  Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.00% | 10/01/2038 | 115 | 122917 |
|  Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.00% | 10/01/2039 | 5 | 5301 |
|  Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.00% | 10/01/2040 | 110 | 115763 |
|  Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.00% | 10/01/2041 | 35 | 36537 |
|  Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.25% | 10/01/2047 | 255 | 264163 |
|  Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.00% | 10/01/2052 | 225 | 226754 |
|  Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.25% | 10/01/2052 | 330 | 339654 |
|  Massachusetts (Commonwealth of), Series 2022 E, GO Bonds | 5.00% | 11/01/2047 | 90 | 91468 |
|  Massachusetts (Commonwealth of), Series 2022 E, GO Bonds | 5.00% | 11/01/2048 | 130 | 131748 |
|  Massachusetts (Commonwealth of), Series 2022 E, GO Bonds | 5.00% | 11/01/2052 | 430 | 433375 |
|  Massachusetts (Commonwealth of), Series 2023 A, GO Bonds | 5.00% | 05/01/2032 | 10 | 11343 |
|  Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds | 5.00% | 11/01/2032 | 170 | 193529 |
|  Massachusetts (Commonwealth of), Series 2024 C, GO Bonds | 5.00% | 08/01/2032 | 5 | 5683 |
|  Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2022 B, RB | 5.00% | 06/01/2052 | 105 | 105662 |
|  Massachusetts (Commonwealth of) Development Finance Agency, Series 2022, Ref. RB | 5.00% | 10/01/2040 | 105 | 109950 |
|  Massachusetts (Commonwealth of) Development Finance Agency, Series 2022, Ref. RB | 5.00% | 10/01/2041 | 30 | 31165 |
|  Massachusetts (Commonwealth of) Development Finance Agency, Series 2023, RB | 5.00% | 07/01/2032 | 260 | 289833 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Green Bonds) (Harvard University), Series 2022, RB | 5.00% | 11/15/2032 | 110 | 126099 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Merrimack College), Series 2022, RB | 5.00% | 07/01/2052 | 55 | 51324 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Northern University), Series 2022, Ref. RB | 5.00% | 10/01/2035 | 5 | 5491 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Northern University), Series 2022, Ref. RB | 5.00% | 10/01/2039 | 45 | 47475 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Northern University), Series 2022, Ref. RB | 5.00% | 10/01/2044 | 130 | 132826 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Springfield College), Series 2022, Ref. RB | 5.00% | 10/01/2038 | 20 | 21261 |
|  Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute of Technology), Series 2002 K, RB | 5.50% | 07/01/2032 | 30 | 35389 |
|  Quincy (City of), MA, Series 2022 B, GO Bonds | 5.00% | 07/01/2047 | 20 | 20419 |
|  |  |  |  | 4023576 |
|  Michigan-1.49% |  |  |  |  |
|  Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.25% | 05/01/2032 | 95 | 106398 |
|  Great Lakes Water Authority, Series 2022 A, RB | 5.25% | 07/01/2052 | 500 | 513009 |
|  Great Lakes Water Authority, Series 2022 B, RB | 5.25% | 07/01/2047 | 165 | 170228 |
|  Great Lakes Water Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2032 | 20 | 22584 |

---

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

---

| |
|:---|
| 345 |
| 345 |
| 345 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Michigan-(continued) |  |  |  |  |
|  Michigan (State of), Series 2018, GO Bonds | 3.25% | 05/01/2032 | $30 | $30047 |
|  Michigan (State of), Series 2021 A, RB | 5.00% | 11/15/2032 | 25 | 27917 |
|  Michigan (State of), Series 2023, RB. | 5.00% | 11/15/2032 | 45 | 51554 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB | 5.00% | 10/15/2047 | 15 | 15186 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB | 5.25% | 10/15/2057 | 150 | 152215 |
|  Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB | 5.00% | 04/15/2032 | 30 | 33632 |
|  Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB | 5.00% | 04/15/2036 | 115 | 123467 |
|  Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB | 5.00% | 04/15/2037 | 30 | 31970 |
|  Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB | 4.00% | 04/15/2038 | 270 | 263399 |
|  Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB | 5.00% | 04/15/2038 | 40 | 42133 |
|  Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2022 A, RB | 5.00% | 12/01/2032 | 100 | 110324 |
|  Michigan State University Board of Trustees, Series 2023 A, Ref. RB | 5.00% | 02/15/2032 | 20 | 22584 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1716647 |
|  Minnesota-1.33% |  |  |  |  |
|  Duluth (City of), MN Economic Development Authority (St. Luke's Hospital of Duluth), Series 2022 B, RB. | 5.25% | 06/15/2052 | 535 | 541423 |
|  Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2022 A, Ref. RB | 5.00% | 01/01/2052 | 10 | 9988 |
|  Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2023 A, Ref. RB | 5.00% | 01/01/2032 | 105 | 117799 |
|  Minnesota (State of), Series 2021 A, GO Bonds | 5.00% | 09/01/2032 | 80 | 89960 |
|  Minnesota (State of), Series 2021 B, GO Bonds | 4.00% | 09/01/2032 | 10 | 10531 |
|  Minnesota (State of), Series 2023 E, Ref. GO Bonds | 5.00% | 08/01/2032 | 50 | 56893 |
|  Minnesota (State of), Series 2023, COP | 5.00% | 11/01/2032 | 10 | 11329 |
|  Minnesota (State of), Series 2024 A, GO Bonds | 5.00% | 08/01/2032 | 185 | 211505 |
|  Osseo Independent School District No. 279, Series 2024 A, GO Bonds,<br>(CEP - Ohio School District) | 5.00% | 02/01/2034 | 5 | 5523 |
|  Osseo Independent School District No. 279, Series 2024 A, GO Bonds,<br>(CEP - Ohio School District) | 5.00% | 02/01/2035 | 150 | 164203 |
|  Osseo Independent School District No. 279, Series 2024 A, GO Bonds,<br>(CEP - Ohio School District) | 5.00% | 02/01/2036 | 20 | 21662 |
|  Rochester (City of), MN (Mayo Clinic), Series 2022, Ref. RB | 4.00% | 11/15/2039 | 50 | 49056 |
|  Rochester (City of), MN (Mayo Clinic), Series 2022, Ref. RB | 5.00% | 11/15/2057 | 150 | 150439 |
|  Rosemount-Apple Valley-Eagan Independent School District No. 196, Series 2023 A, GO Bonds, (CEP - Ohio School District) | 5.00% | 02/01/2032 | 5 | 5651 |
|  Rosemount-Apple Valley-Eagan Independent School District No. 196, Series 2023 A, GO Bonds, (CEP - Ohio School District) | 5.00% | 02/01/2035 | 15 | 16493 |
|  Rosemount-Apple Valley-Eagan Independent School District No. 196, Series 2023 A, GO Bonds, (CEP - Ohio School District) | 5.00% | 02/01/2036 | 60 | 65380 |
|  |  |  |  | 1527835 |
|  Mississippi-0.19% |  |  |  |  |
|  University of Mississippi Educational Building Corp. (New Facilities), Series 2022, RB | 4.50% | 10/01/2052 | 235 | 219352 |
|  Missouri-0.52% |  |  |  |  |
|  Jefferson City School District, Series 2023 A, GO Bonds | 5.50% | 03/01/2043 | 5 | 5278 |
|  Metropolitan St. Louis Sewer District, Series 2022 B, Ref. RB | 5.25% | 05/01/2052 | 100 | 102912 |
|  Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB | 5.00% | 06/01/2032 | 55 | 60825 |
|  Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.), Series 2016, Ref. RB | 3.00% | 11/15/2032 | 70 | 69153 |
|  Missouri (State of) Highway & Transportation Commission, Series 2022 A, RB | 5.00% | 05/01/2032 | 100 | 113500 |
|  Missouri Development Finance Board, Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 06/01/2037 | 100 | 100325 |
|  Springfield School District No. R-12, Series 2023, GO Bonds. | 5.00% | 03/01/2040 | 60 | 63133 |
|  St. Louis School District, Series 2023, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 04/01/2042 | 75 | 77596 |
|  |  |  |  | 592722 |
|  Montana-0.22% |  |  |  |  |
|  Montana State Board of Regents, Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 11/15/2052 | 250 | 256031 |
|  Nebraska-0.35% |  |  |  |  |
|  Omaha (City of), NE Public Power District, Series 2022 A, RB. | 5.25% | 02/01/2052 | 340 | 347649 |
|  Omaha (City of), NE Public Power District, Series 2023 B, Ref. RB | 5.00% | 02/01/2032 | 50 | 56726 |
|  |  |  |  | 404375 |

---

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

---

| |
|:---|
| 346 |
| 346 |
| 346 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Nevada-0.47% |  |  |  |  |
|  Clark (County of), NV, Series 2022, RB | 5.00% | 07/01/2036 | $150 | $162919 |
|  Clark (County of), NV, Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 07/01/2040 | 70 | 66392 |
|  Clark (County of), NV Department of Aviation, Series 2024 A, Ref. RB | 5.00% | 07/01/2032 | 50 | 56393 |
|  Las Vegas Valley Water District, Series 2021 C, GO Bonds | 3.00% | 06/01/2032 | 40 | 39483 |
|  Las Vegas Valley Water District, Series 2022 C, Ref. GO Bonds | 4.00% | 06/01/2041 | 20 | 19066 |
|  Las Vegas Valley Water District, Series 2022 C, Ref. GO Bonds | 4.00% | 06/01/2042 | 205 | 192231 |
|  |  |  |  | 536484 |
|  New Jersey-2.77% |  |  |  |  |
|  Bergen County Improvement Authority (The), Series 2022, Ref. RB | 5.00% | 08/01/2047 | 80 | 82042 |
|  New Jersey (State of), Series 2020 A, GO Bonds | 4.00% | 06/01/2032 | 500 | 533497 |
|  New Jersey (State of), Series 2021, GO Bonds | 2.00% | 06/01/2032 | 80 | 71511 |
|  New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022 A, RB | 5.25% | 11/01/2042 | 50 | 51695 |
|  New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022 A, RB | 5.25% | 11/01/2047 | 15 | 15284 |
|  New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022, RB | 5.00% | 11/01/2036 | 25 | 26764 |
|  New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022, RB | 5.00% | 11/01/2037 | 20 | 21204 |
|  New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022, RB | 5.25% | 11/01/2040 | 125 | 131073 |
|  New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2022 A, RB | 5.00% | 03/01/2032 | 55 | 62481 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN | 5.00% | 06/15/2032 | 30 | 33178 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB | 5.00% | 06/15/2032 | 450 | 497673 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022 A, RB. | 4.00% | 06/15/2042 | 25 | 22460 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB | 5.00% | 06/15/2032 | 25 | 28062 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB | 5.00% | 06/15/2034 | 30 | 32829 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB | 5.00% | 06/15/2035 | 90 | 97373 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB | 5.00% | 06/15/2036 | 95 | 101754 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB | 5.00% | 06/15/2037 | 75 | 79356 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB | 5.00% | 06/15/2038 | 15 | 15769 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB | 5.00% | 06/15/2032 | 35 | 39000 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 5.25% | 06/15/2032 | 20 | 22781 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB<sup>(b)(c)</sup> | 5.00% | 12/15/2032 | 25 | 28615 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB<sup>(b)(c)</sup> | 5.50% | 12/15/2032 | 10 | 11774 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 5.00% | 06/15/2035 | 30 | 32616 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 5.25% | 06/15/2036 | 45 | 49204 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 5.00% | 06/15/2037 | 45 | 47927 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 5.00% | 06/15/2038 | 110 | 115996 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 5.25% | 06/15/2039 | 75 | 79736 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 5.00% | 06/15/2040 | 50 | 51855 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 5.00% | 06/15/2042 | 50 | 51024 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 5.25% | 06/15/2043 | 95 | 97974 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, RB | 5.00% | 06/15/2032 | 50 | 56124 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2032 | 65 | 72961 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2024 A, Ref. RB | 5.00% | 06/15/2032 | 300 | 336744 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2032 | 105 | 117905 |
|  Newark (City of), NJ, Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.38% | 11/15/2052 | 45 | 47283 |
|  Union County Utilities Authority, Series 2011, Ref. RB | 4.00% | 06/15/2032 | 15 | 15002 |
|  |  |  |  | 3178526 |
|  New Mexico-0.21% |  |  |  |  |
|  New Mexico (State of), Series 2023, GO Bonds | 5.00% | 03/01/2032 | 40 | 45314 |
|  New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB | 5.00% | 07/01/2032 | 80 | 90281 |
|  New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB | 5.00% | 07/01/2032 | 90 | 101566 |
|  |  |  |  | 237161 |
|  New York-19.88% |  |  |  |  |
|  Battery Park (City of), NY Authority, Series 2023 B, Ref. RB | 5.00% | 11/01/2032 | 10 | 11545 |
|  Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021 A, Ref. RB | 4.00% | 02/15/2037 | 75 | 75672 |
|  Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021 A, Ref. RB | 4.00% | 02/15/2038 | 15 | 15014 |
|  Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021, Ref. RB | 5.00% | 02/15/2032 | 5 | 5719 |
|  Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021, Ref. RB | 5.00% | 02/15/2034 | 30 | 33534 |

---

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

---

| |
|:---|
| 347 |
| 347 |
| 347 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021, Ref. RB | 4.00% | 02/15/2039 | $60 | $59307 |
|  Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB | 4.00% | 09/01/2032 | 50 | 52767 |
|  Metropolitan Transportation Authority, Series 2016 D, Ref. RB | 3.00% | 11/15/2032 | 60 | 55334 |
|  Metropolitan Transportation Authority (Bidding Group 1), Series 2022 A, RB | 4.00% | 11/15/2039 | 15 | 14319 |
|  Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB | 5.00% | 11/15/2044 | 20 | 20293 |
|  Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB | 5.00% | 11/15/2047 | 210 | 210840 |
|  Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB | 5.00% | 11/15/2049 | 40 | 40042 |
|  Nassau County Local Economic Assistance Corp. (Cold Spring Harbor Laboratory), Series 2024, RB | 5.00% | 01/01/2032 | 30 | 34216 |
|  New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB | 3.00% | 12/01/2032 | 255 | 246692 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Forty Fourth Series 2024, Ref. RB | 5.00% | 07/15/2032 | 60 | 68127 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Thirty Third Series 2022, Ref. RB | 5.25% | 08/01/2052 | 150 | 153680 |
|  New York (City of), NY, Series 2006 J, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 06/01/2032 | 130 | 145777 |
|  New York (City of), NY, Series 2008 L-5, GO Bonds | 5.00% | 04/01/2032 | 20 | 22025 |
|  New York (City of), NY, Series 2012-1, GO Bonds | 5.00% | 04/01/2032 | 45 | 49555 |
|  New York (City of), NY, Series 2021 A-1, GO Bonds | 5.00% | 08/01/2032 | 5 | 5520 |
|  New York (City of), NY, Series 2022 A-1, GO Bonds | 5.00% | 09/01/2034 | 180 | 197469 |
|  New York (City of), NY, Series 2022 A-1, GO Bonds | 5.00% | 09/01/2035 | 20 | 21728 |
|  New York (City of), NY, Series 2022 A-1, GO Bonds | 5.00% | 09/01/2036 | 20 | 21508 |
|  New York (City of), NY, Series 2022 A-1, GO Bonds | 5.00% | 09/01/2037 | 80 | 85492 |
|  New York (City of), NY, Series 2022 A-1, GO Bonds | 5.00% | 09/01/2038 | 155 | 164006 |
|  New York (City of), NY, Series 2022 A-1, GO Bonds | 5.00% | 09/01/2039 | 55 | 57795 |
|  New York (City of), NY, Series 2022 A-1, GO Bonds | 5.25% | 09/01/2041 | 300 | 315511 |
|  New York (City of), NY, Series 2022 A-1, GO Bonds | 5.00% | 09/01/2042 | 215 | 220744 |
|  New York (City of), NY, Series 2022 B-1, Ref. GO Bonds | 5.00% | 08/01/2032 | 25 | 27996 |
|  New York (City of), NY, Series 2022 C, Ref. GO Bonds | 5.00% | 08/01/2032 | 10 | 11198 |
|  New York (City of), NY, Series 2022 D-1, GO Bonds | 4.00% | 05/01/2036 | 10 | 10003 |
|  New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2032 | 10 | 11198 |
|  New York (City of), NY, Series 2023 C, Ref. GO Bonds | 5.00% | 08/01/2032 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279961 |
|  New York (City of), NY, Series 2023 F-1, Ref. GO Bonds | 5.00% | 08/01/2032 | 25 | 27996 |
|  New York (City of), NY, Series 2023-1, GO Bonds | 5.00% | 08/01/2032 | 25 | 27996 |
|  New York (City of), NY, Series 2024 A, GO Bonds | 5.00% | 08/01/2032 | 5 | 5599 |
|  New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2032 | 35 | 39098 |
|  New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2032 | 25 | 27941 |
|  New York (City of), NY, Series 2024 E, Ref. GO Bonds | 5.00% | 08/01/2032 | 5 | 5599 |
|  New York (City of), NY, Series 2025, Ref. GO Bonds | 5.00% | 08/01/2032 | 5 | 5599 |
|  New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.00% | 10/01/2032 | 5 | 5604 |
|  New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.00% | 10/01/2034 | 15 | 16458 |
|  New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.00% | 10/01/2035 | 5 | 5432 |
|  New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.00% | 10/01/2036 | 20 | 21508 |
|  New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.00% | 10/01/2037 | 60 | 64103 |
|  New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.25% | 10/01/2038 | 80 | 86018 |
|  New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.25% | 10/01/2039 | 30 | 32053 |
|  New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.25% | 10/01/2040 | 55 | 58371 |
|  New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.25% | 10/01/2041 | 30 | 31566 |
|  New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.25% | 10/01/2042 | 180 | 187881 |
|  New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.25% | 10/01/2043 | 25 | 25944 |
|  New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.25% | 10/01/2047 | 500 | 510705 |
|  New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.00% | 05/01/2032 | 95 | 106230 |
|  New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.00% | 05/01/2034 | 45 | 49306 |
|  New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.00% | 05/01/2035 | 60 | 65152 |
|  New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.00% | 05/01/2037 | 25 | 26717 |
|  New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.25% | 05/01/2038 | 25 | 26887 |
|  New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.25% | 05/01/2039 | 105 | 112121 |
|  New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.25% | 05/01/2043 | 85 | 88046 |
|  New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.50% | 05/01/2044 | 40 | 41923 |
|  New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.50% | 05/01/2045 | 15 | 15670 |
|  New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.50% | 05/01/2046 | 130 | 135236 |
|  New York (City of), NY, Subseries 2025 G-1, GO Bonds | 5.00% | 02/01/2032 | 50 | 55821 |

---

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

---

| |
|:---|
| 348 |
| 348 |
| 348 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (City of), NY Industrial Development Agency, Series 2021, Ref. RB | 5.00% | 06/15/2032 | $20 | $22867 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-1, RB | 5.25% | 06/15/2052 | 495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505546 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2015 GG, RB | 3.13% | 06/15/2032 | 20 | 19792 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2021, Ref. RB | 5.00% | 06/15/2032 | 200 | 223311 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2022 AA-3, Ref. RB | 5.00% | 06/15/2047 | 245 | 248155 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB | 5.00% | 06/15/2034 | 165 | 184110 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB | 5.00% | 06/15/2045 | 120 | 122093 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2025, Ref. RB | 5.00% | 06/15/2032 | 20 | 22867 |
|  New York (City of), NY Transitional Finance Authority, Series 2010 F-5, RB | 5.00% | 02/01/2032 | 15 | 16457 |
|  New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB | 5.00% | 11/01/2032 | 5 | 5526 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2036 | 50 | 53927 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2037 | 105 | 111818 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2039 | 95 | 100006 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2041 | 210 | 217517 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.25% | 08/01/2042 | 45 | 47230 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2043 | 150 | 153325 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2045 | 30 | 30428 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB | 5.00% | 11/01/2032 | 20 | 22492 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB | 5.25% | 11/01/2035 | 175 | 193804 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB | 5.25% | 11/01/2036 | 105 | 115027 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB | 5.25% | 11/01/2038 | 5 | 5380 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2036 | 155 | 167087 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2037 | 70 | 74555 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2039 | 180 | 189492 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2040 | 15 | 15657 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2041 | 55 | 56839 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2042 | 110 | 113481 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2044 | 80 | 81361 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2047 | 430 | 432946 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2051 | 5 | 5013 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB | 5.00% | 07/15/2032 | 10 | 11261 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB | 5.00% | 07/15/2034 | 80 | 89141 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB | 5.00% | 07/15/2036 | 15 | 16388 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB | 5.00% | 07/15/2038 | 35 | 37503 |
|  New York (City of), NY Transitional Finance Authority, Series 2022, RB | 5.00% | 02/01/2032 | 10 | 11195 |
|  New York (City of), NY Transitional Finance Authority, Series 2022, RB | 5.00% | 02/01/2035 | 75 | 81650 |
|  New York (City of), NY Transitional Finance Authority, Series 2022, RB | 5.00% | 02/01/2036 | 50 | 53899 |
|  New York (City of), NY Transitional Finance Authority, Series 2022, RB | 5.00% | 02/01/2037 | 75 | 79880 |
|  New York (City of), NY Transitional Finance Authority, Series 2022, RB | 4.00% | 02/01/2038 | 10 | 9756 |
|  New York (City of), NY Transitional Finance Authority, Series 2022, RB | 4.00% | 02/01/2039 | 45 | 42873 |
|  New York (City of), NY Transitional Finance Authority, Series 2022, RB | 5.00% | 02/01/2044 | 205 | 208488 |
|  New York (City of), NY Transitional Finance Authority, Series 2022, RB | 5.00% | 02/01/2047 | 425 | 427912 |
|  New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB | 5.00% | 11/01/2032 | 200 | 223842 |
|  New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB | 5.00% | 11/01/2033 | 25 | 27647 |
|  New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB | 4.00% | 11/01/2034 | 140 | 142009 |
|  New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB | 5.00% | 11/01/2034 | 20 | 21911 |
|  New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2032 | 25 | 28035 |
|  New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB | 5.00% | 11/01/2032 | 10 | 11246 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB | 5.00% | 07/15/2032 | 130 | 145633 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB | 5.00% | 11/01/2036 | 50 | 53930 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB | 5.25% | 11/01/2037 | 475 | 514093 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB | 5.25% | 11/01/2041 | 55 | 58031 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB | 5.00% | 11/01/2046 | 200 | 202110 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB | 5.25% | 11/01/2048 | 290 | 296764 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2023 D-1, RB | 5.00% | 11/01/2038 | 30 | 31587 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2023 D-1, RB | 5.25% | 11/01/2038 | 95 | 102218 |
|  New York (State of), Series 2025 A, GO Bonds | 5.00% | 03/15/2032 | 20 | 22999 |
|  New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 5.00% | 03/15/2032 | 365 | 405035 |

---

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

---

| |
|:---|
| 349 |
| 349 |
| 349 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (State of) Dormitory Authority, Series 2021 E, Ref. RB | 4.00% | 03/15/2037 | $100 | $98968 |
|  New York (State of) Dormitory Authority, Series 2021, RB | 5.00% | 03/15/2032 | 315 | 355746 |
|  New York (State of) Dormitory Authority, Series 2021, RB | 5.00% | 07/01/2032 | 30 | 33955 |
|  New York (State of) Dormitory Authority, Series 2021, RB | 5.00% | 03/15/2034 | 165 | 182055 |
|  New York (State of) Dormitory Authority, Series 2021, RB | 5.00% | 03/15/2036 | 75 | 81157 |
|  New York (State of) Dormitory Authority, Series 2021, RB | 4.00% | 03/15/2038 | 60 | 58914 |
|  New York (State of) Dormitory Authority, Series 2021, RB | 4.00% | 03/15/2040 | 5 | 4721 |
|  New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 5.00% | 03/15/2032 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225871 |
|  New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 4.00% | 03/15/2034 | 15 | 15178 |
|  New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 4.00% | 03/15/2035 | 15 | 15075 |
|  New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 5.00% | 03/15/2036 | 45 | 48721 |
|  New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 5.00% | 03/15/2037 | 55 | 59040 |
|  New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 4.00% | 03/15/2038 | 65 | 63824 |
|  New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 5.00% | 03/15/2041 | 680 | 705201 |
|  New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 5.00% | 03/15/2046 | 555 | 560978 |
|  New York (State of) Dormitory Authority, Series 2022, Ref. RB | 5.00% | 05/01/2038 | 30 | 31423 |
|  New York (State of) Dormitory Authority, Series 2023 A, RB | 5.00% | 10/01/2032 | 70 | 80227 |
|  New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2032 | 10 | 11378 |
|  New York (State of) Dormitory Authority, Series 2023 A, Ref. RB | 5.00% | 03/15/2032 | 230 | 259751 |
|  New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2032 | 15 | 16988 |
|  New York (State of) Dormitory Authority, Series 2024 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2035 | 105 | 114344 |
|  New York (State of) Dormitory Authority, Series 2024 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2036 | 50 | 53898 |
|  New York (State of) Dormitory Authority, Series 2024 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2037 | 175 | 187080 |
|  New York (State of) Dormitory Authority, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2034 | 15 | 16516 |
|  New York (State of) Dormitory Authority, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2038 | 110 | 116392 |
|  New York (State of) Dormitory Authority (Bidding Group 5), Series 2021 E, Ref. RB | 5.00% | 03/15/2035 | 135 | 147586 |
|  New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2022, Ref. RB | 5.00% | 05/01/2037 | 15 | 15856 |
|  New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2022, Ref. RB | 4.25% | 05/01/2052 | 10 | 8551 |
|  New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB | 5.00% | 05/01/2032 | 250 | 277959 |
|  New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2032 | 25 | 28083 |
|  New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2032 | 20 | 23012 |
|  New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB | 5.00% | 03/15/2032 | 25 | 27648 |
|  New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2032 | 30 | 34066 |
|  New York (State of) Thruway Authority, Series 2024 Q, Ref. RB | 5.00% | 01/01/2032 | 20 | 22710 |
|  New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB | 5.00% | 03/15/2032 | 145 | 163295 |
|  New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB | 5.00% | 03/15/2034 | 5 | 5542 |
|  New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB | 5.00% | 03/15/2036 | 55 | 59605 |
|  New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB | 5.00% | 03/15/2037 | 35 | 37587 |
|  New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB | 5.00% | 03/15/2038 | 210 | 223336 |
|  New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB | 5.00% | 03/15/2039 | 50 | 52737 |
|  New York (State of) Thruway Authority (Bidding Group 1), Series 2022, Ref. RB | 5.00% | 03/15/2040 | 40 | 41928 |
|  New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB | 5.00% | 03/15/2053 | 285 | 286030 |
|  New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB | 5.00% | 03/15/2055 | 65 | 65229 |
|  New York (State of) Thruway Authority (Bidding Group 2), Series 2022 A, Ref. RB | 5.00% | 03/15/2035 | 185 | 202568 |
|  New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB | 5.00% | 03/15/2041 | 130 | 135294 |
|  New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB | 5.00% | 03/15/2042 | 25 | 25818 |
|  New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB | 5.00% | 03/15/2045 | 100 | 101906 |
|  New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB | 5.00% | 03/15/2046 | 280 | 283711 |
|  New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB | 5.00% | 03/15/2048 | 475 | 478554 |
|  New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB | 3.00% | 12/15/2032 | 150 | 148241 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Series 2022 F-1, RB | 4.00% | 02/01/2038 | 10 | 9756 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Series 2022, RB | 5.00% | 11/01/2038 | 75 | 78728 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB | 5.00% | 06/15/2051 | 90 | 90809 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2023, Ref. RB | 5.00% | 06/15/2032 | 20 | 22881 |
|  New York State Urban Development Corp., Series 2022, Ref. RB | 5.00% | 03/15/2032 | 150 | 169594 |
|  New York State Urban Development Corp., Series 2022, Ref. RB | 5.00% | 03/15/2035 | 50 | 55208 |

---

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

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| 350 |
| 350 |
| 350 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York State Urban Development Corp., Series 2022, Ref. RB | 5.00% | 03/15/2036 | $105 | $114815 |
|  New York State Urban Development Corp., Series 2022, Ref. RB | 5.25% | 03/15/2037 | 245 | 269877 |
|  New York State Urban Development Corp., Series 2022, Ref. RB | 5.25% | 03/15/2038 | 50 | 54481 |
|  New York State Urban Development Corp., Series 2022, Ref. RB | 5.25% | 03/15/2039 | 85 | 91371 |
|  New York State Urban Development Corp., Series 2022, Ref. RB | 5.00% | 03/15/2041 | 100 | 104257 |
|  New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB | 5.00% | 03/15/2032 | 150 | 167904 |
|  New York State Urban Development Corp. (Bidding Group 1), Series 2023 A, RB | 5.00% | 03/15/2032 | 5 | 5682 |
|  New York State Urban Development Corp. (Bidding Group 1), Series 2023, Ref. RB | 5.00% | 03/15/2032 | 25 | 28266 |
|  New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB | 5.00% | 03/15/2048 | 35 | 35324 |
|  Schenectady County Capital Resource Corp. (Union College), Series 2022, Ref. RB | 5.25% | 07/01/2052 | 130 | 131870 |
|  Suffolk (County of), NY Water Authority, Series 2015, Ref. RB | 3.00% | 06/01/2032 | 75 | 75002 |
|  Triborough Bridge & Tunnel Authority, Series 2021 C-2, Ref. RB | 3.00% | 05/15/2032 | 5 | 4954 |
|  Triborough Bridge & Tunnel Authority, Series 2022 A, RB | 5.00% | 11/15/2041 | 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166253 |
|  Triborough Bridge & Tunnel Authority, Series 2022 A, RB | 5.00% | 11/15/2042 | 75 | 77286 |
|  Triborough Bridge & Tunnel Authority, Series 2022 A, RB | 5.00% | 11/15/2045 | 100 | 101481 |
|  Triborough Bridge & Tunnel Authority, Series 2022 A, RB | 5.00% | 11/15/2047 | 10 | 10069 |
|  Triborough Bridge & Tunnel Authority, Series 2022 C, RB | 5.00% | 05/15/2040 | 80 | 83612 |
|  Triborough Bridge & Tunnel Authority, Series 2022 C, RB | 5.25% | 05/15/2041 | 25 | 26346 |
|  Triborough Bridge & Tunnel Authority, Series 2022 C, RB | 5.00% | 05/15/2042 | 20 | 20614 |
|  Triborough Bridge & Tunnel Authority, Series 2022 C, RB | 5.00% | 05/15/2044 | 95 | 96943 |
|  Triborough Bridge & Tunnel Authority, Series 2022 C, RB | 5.25% | 05/15/2052 | 385 | 394637 |
|  Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 D-1A, Ref. RB | 5.00% | 11/15/2039 | 110 | 115784 |
|  Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 E-2B, Ref. RB | 5.00% | 11/15/2032 | 475 | 534788 |
|  Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022, Ref. RB | 5.00% | 11/15/2037 | 45 | 48203 |
|  Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022, Ref. RB | 5.00% | 11/15/2038 | 155 | 164103 |
|  Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 S, Ref. RB | 5.00% | 11/15/2032 | 10 | 11386 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB | 5.00% | 05/15/2044 | 40 | 40894 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB | 5.00% | 05/15/2047 | 110 | 111166 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB | 5.25% | 05/15/2057 | 165 | 168357 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB | 4.00% | 05/15/2041 | 250 | 235268 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB | 5.00% | 05/15/2044 | 240 | 244908 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB | 5.00% | 05/15/2047 | 135 | 136346 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 C, RB | 5.00% | 05/15/2047 | 350 | 353489 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB | 5.00% | 05/15/2032 | 55 | 62407 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB | 5.25% | 05/15/2062 | 200 | 204556 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB | 5.00% | 11/15/2032 | 35 | 40000 |
|  |  |  |  | 22822240 |
|  North Carolina-0.73% |  |  |  |  |
|  Charlotte (City of), NC, Series 2022 A, Ref. RB | 5.00% | 07/01/2032 | 45 | 51261 |
|  Charlotte (City of), NC, Series 2022 A, Ref. RB | 5.00% | 07/01/2045 | 20 | 20594 |
|  Guildford (City of), NC, Series 2025, GO Bonds | 5.00% | 03/01/2032 | 100 | 113794 |
|  Mecklenburg (County of), NC, Series 2022, GO Bonds | 5.00% | 09/01/2032 | 40 | 45734 |
|  Mecklenburg (County of), NC, Series 2022, GO Bonds | 5.00% | 09/01/2034 | 40 | 44886 |
|  Nash Health Care Systems, Series 2025, RB | 5.00% | 02/01/2032 | 65 | 71098 |
|  North Carolina (State of), Series 2021 A, Ref. RB | 5.00% | 05/01/2032 | 25 | 28310 |
|  North Carolina (State of), Series 2021, RB | 5.00% | 03/01/2032 | 20 | 22224 |
|  North Carolina (State of), Series 2022 A, RB | 5.00% | 05/01/2032 | 45 | 50958 |
|  North Carolina (State of) (Build North Carolina Programs), Series 2022 A, RB | 5.00% | 05/01/2034 | 85 | 94527 |
|  North Carolina (State of) (Build North Carolina Programs), Series 2022 A, RB | 5.00% | 05/01/2036 | 40 | 43727 |
|  North Carolina (State of) (Garvee), Series 2025, Ref. RB | 5.00% | 03/01/2032 | 5 | 5648 |
|  Raleigh (City of), NC Combined Enterprise System, Series 2023, Ref. RB | 5.00% | 09/01/2032 | 115 | 131486 |
|  Wake (County of), NC, Series 2021, RB | 5.00% | 03/01/2032 | 20 | 22246 |
|  Wake (County of), NC, Series 2023 A, Ref. GO Bonds | 5.00% | 05/01/2032 | 80 | 91165 |
|  |  |  |  | 837658 |
|  Ohio-0.97% |  |  |  |  |
|  Columbus (City of), OH, Series 2016 A, GO Bonds | 3.00% | 08/15/2032 | 65 | 63564 |
|  Columbus (City of), OH, Series 2023 A, GO Bonds | 5.00% | 08/15/2032 | 55 | 62712 |

---

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

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| 351 |
| 351 |
| 351 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Ohio-(continued) |  |  |  |  |
|  Columbus (City of), OH, Series 2024 A, GO Bonds | 5.00% | 08/15/2032 | $20 | $22804 |
|  Ohio (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 09/15/2032 | 250 | 284881 |
|  Ohio (State of), Series 2021 C, Ref. GO Bonds | 5.00% | 03/15/2032 | 90 | 102159 |
|  Ohio (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2032 | 30 | 34178 |
|  Ohio (State of), Series 2025 A, GO Bonds | 5.00% | 06/15/2032 | 10 | 11374 |
|  Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2021, Ref. RB | 5.00% | 01/01/2034 | 75 | 82188 |
|  Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2024, Ref. RB | 5.00% | 01/01/2032 | 5 | 5594 |
|  Ohio (State of) Turnpike & Infrastructure Commission, Series 2022, Ref. RB | 5.00% | 02/15/2032 | 5 | 5630 |
|  Ohio (State of) Water Development Authority (Green Bonds), Series 2022 A, RB | 5.00% | 12/01/2041 | 30 | 31358 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 B, Ref. RB. | 5.00% | 06/01/2032 | 5 | 5692 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2024 D, RB | 5.00% | 12/01/2032 | 50 | 57125 |
|  Ohio State University (The) (Green Bonds), Series 2021, RB | 5.00% | 12/01/2032 | 20 | 22377 |
|  Rickenbacker Port Authority, Series 2002, RB. | 5.38% | 01/01/2032 | 100 | 110385 |
|  Worthington City School District, Series 2023, GO Bonds | 5.00% | 12/01/2048 | 210 | 213798 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1115819 |
|  Oklahoma-0.81% |  |  |  |  |
|  Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2023, RB | 5.00% | 09/01/2032 | 25 | 27793 |
|  Cushing (City of), OK Educational Facilities Authority (Cushing Public Schools), Series 2022, RB | 5.00% | 09/01/2032 | 100 | 110577 |
|  Oklahoma (County of), OK Finance Authority, Series 2023, RB | 4.00% | 09/01/2038 | 215 | 206380 |
|  Oklahoma (County of), OK Finance Authority, Series 2023, RB | 5.00% | 09/01/2041 | 295 | 303687 |
|  Oklahoma (County of), OK Finance Authority (Midwest-City Del City Public Schools), Series 2023, RB | 5.00% | 09/01/2036 | 25 | 26774 |
|  Oklahoma (State of) Turnpike Authority, Series 2023, RB | 5.50% | 01/01/2053 | 250 | 260435 |
|  |  |  |  | 935646 |
|  Oregon-0.42% |  |  |  |  |
|  Oregon (State of) (Article XI - Q State), Series 2023 A, GO Bonds | 5.00% | 05/01/2032 | 30 | 34128 |
|  Oregon (State of) Department of Transportation, Series 2022 A, RB | 5.25% | 11/15/2047 | 110 | 114719 |
|  Oregon (State of) Facilities Authority, Series 2014, Ref. RB | 4.13% | 11/15/2032 | 240 | 240040 |
|  Portland (City of), OR, Series 2023 A, Ref. RB | 5.00% | 12/01/2032 | 80 | 90894 |
|  |  |  |  | 479781 |
|  Pennsylvania-3.38% |  |  |  |  |
|  Allegheny (County of), PA, Series 2024 C-80, GO Bonds | 5.00% | 12/01/2054 | 100 | 100842 |
|  Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2022, RB | 5.00% | 02/01/2032 | 50 | 56475 |
|  Allegheny (County of), PA Sanitary Authority, Series 2022, RB | 5.75% | 06/01/2047 | 10 | 10615 |
|  Allegheny (County of), PA Sanitary Authority, Series 2022, RB | 5.00% | 06/01/2053 | 200 | 199140 |
|  Allegheny (County of), PA Sanitary Authority, Series 2024, Ref. RB | 5.00% | 12/01/2042 | 15 | 15607 |
|  Bucks (County of), PA Water and Sewer Authority, Series 2022 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 12/01/2047 | 60 | 62583 |
|  Delaware Valley Regional Finance Authority, Series 2002, RB | 5.75% | 07/01/2032 | 165 | 191161 |
|  Hempfield Area School District, Series 2022 C, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 03/15/2042 | 5 | 5156 |
|  Hempfield Area School District, Series 2022 C, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 03/15/2048 | 50 | 50715 |
|  Lehigh (County of), PA (Lehigh Valley Health Network), Series 2012, RB | 3.25% | 07/01/2032 | 100 | 98293 |
|  Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2022, Ref. RB | 5.00% | 05/01/2057 | 140 | 133373 |
|  Pennsylvania (Commonwealth of), First Series 2021, GO Bonds | 4.00% | 05/15/2032 | 75 | 78787 |
|  Pennsylvania (Commonwealth of), First Series 2023, GO Bonds | 5.00% | 09/01/2032 | 150 | 169870 |
|  Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds | 5.00% | 09/01/2032 | 350 | 396363 |
|  Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2032 | 45 | 50986 |
|  Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2034 | 45 | 50058 |
|  Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2036 | 175 | 189661 |
|  Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2038 | 50 | 53032 |
|  Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2042 | 5 | 5172 |
|  Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2022 A, Ref. RB. | 5.00% | 02/15/2038 | 20 | 20876 |

---

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

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| 352 |
| 352 |
| 352 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Pennsylvania-(continued) |  |  |  |  |
|  Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2022 A, Ref. RB. | 5.00% | 02/15/2039 | $25 | $25894 |
|  Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2022 A, Ref. RB. | 5.00% | 02/15/2047 | 10 | 9812 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, First series 2023, Ref. RB | 5.00% | 12/01/2032 | 160 | 180562 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB | 3.00% | 06/01/2032 | 50 | 49465 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 A, Ref. RB | 5.00% | 12/01/2032 | 85 | 96575 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB | 5.00% | 12/01/2047 | 15 | 15149 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB | 5.25% | 12/01/2047 | 35 | 35877 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB | 5.25% | 12/01/2052 | 15 | 15318 |
|  Pennsylvania State University (The), Series 2022 A, RB | 5.00% | 09/01/2047 | 160 | 162852 |
|  Philadelphia (City of), PA, Series 2022 C, RB | 5.50% | 06/01/2047 | 410 | 429527 |
|  Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2021, Ref. RB | 5.00% | 07/01/2032 | 75 | 84194 |
|  Philadelphia (City of), PA Authority for Industrial Development (St. Joseph's University), Series 2022, RB | 5.25% | 11/01/2052 | 100 | 100231 |
|  Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (The) (Temple University Health System), Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2035 | 145 | 154696 |
|  Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (The) (Temple University Health System), Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2036 | 65 | 68700 |
|  Pittsburgh (City of), PA Water & Sewer Authority, Series 2019 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2032 | 160 | 180870 |
|  Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB | 5.00% | 06/01/2034 | 20 | 22044 |
|  Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB | 5.00% | 06/01/2037 | 30 | 32135 |
|  Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB | 5.25% | 06/01/2040 | 100 | 106512 |
|  Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB | 5.25% | 06/01/2041 | 150 | 159063 |
|  Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB | 5.25% | 06/01/2052 | 10 | 10182 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3878423 |
|  Puerto Rico-0.09% |  |  |  |  |
|  Puerto Rico (Commonwealth of) Electric Power Authority, Series 2007 VV, Ref. RB, (INS - NATL)<sup>(a)</sup> | 5.25% | 07/01/2032 | 100 | 99939 |
|  Rhode Island-0.03% |  |  |  |  |
|  Rhode Island (State of), Series 2022 A, GO Bonds | 5.00% | 08/01/2040 | 35 | 36900 |
|  South Carolina-0.52% |  |  |  |  |
|  Charleston (City of), SC, Series 2022, RB. | 5.00% | 01/01/2052 | 100 | 101800 |
|  Lexington & Richland School District No. 5, Series 2021 B, Ref. GO Bonds | 4.00% | 03/01/2032 | 15 | 15968 |
|  South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Mercy Health), |  |  |  |  |
|  Series 2022 A, RB | 5.00% | 10/01/2035 | 65 | 70193 |
|  South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Mercy Health), Series 2022 A, RB | 5.00% | 10/01/2037 | 140 | 148145 |
|  South Carolina (State of) Public Service Authority (Santee Cooper), Series 2013, RB | 4.00% | 12/01/2039 | 10 | 9454 |
|  South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB | 5.00% | 12/01/2033 | 15 | 16419 |
|  South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB | 4.00% | 12/01/2040 | 5 | 4669 |
|  South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB | 5.00% | 12/01/2044 | 10 | 10061 |
|  South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 E, RB | 5.75% | 12/01/2047 | 125 | 132046 |
|  South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 E, RB, (INS - AGI)<sup>(a)</sup> | 5.75% | 12/01/2052 | 5 | 5269 |
|  South Island Public Service District, Series 2022, RB | 5.00% | 04/01/2047 | 15 | 15135 |
|  Spartanburg County School District No. 4, Series 2022 A, GO Bonds | 5.25% | 03/01/2052 | 70 | 72182 |
|  |  |  |  | 601341 |
|  Tennessee-0.62% |  |  |  |  |
|  Metropolitan Nashville Airport Authority (The), Series 2022 A, RB. | 5.25% | 07/01/2047 | 145 | 148600 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds | 4.00% | 01/01/2032 | 20 | 20998 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 A, GO Bonds | 4.00% | 01/01/2035 | 15 | 15371 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 B, GO Bonds | 5.00% | 01/01/2036 | 35 | 37929 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 B, GO Bonds | 5.00% | 01/01/2037 | 195 | 209604 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 B, GO Bonds | 4.00% | 01/01/2039 | 15 | 14729 |

---

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

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|:---|
| 353 |
| 353 |
| 353 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Tennessee-(continued) |  |  |  |  |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 B, GO Bonds | 4.00% | 01/01/2042 | $10 | $9327 |
|  Tennessee (State of) School Bond Authority, Series 2022 A, RB, (CEP - Colorado Higher Education Intercept Program) | 5.00% | 11/01/2047 | 250 | 253854 |
|  |  |  |  | 710412 |
|  Texas-10.32% |  |  |  |  |
|  Argyle Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2047 | 20 | 20356 |
|  Austin (City of), TX, Series 2022, Ref. RB | 5.00% | 11/15/2047 | 60 | 61071 |
|  Austin (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2032 | 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141375 |
|  Austin Independent School District, Series 2023, GO Bonds | 5.00% | 08/01/2032 | 30 | 33575 |
|  Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2032 | 50 | 56455 |
|  Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2041 | 160 | 166405 |
|  Barbers Hill Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2041 | 215 | 201483 |
|  Bexar (County of), TX Hospital District, Series 2023, Ctfs. of Obligations | 5.00% | 02/15/2048 | 165 | 167409 |
|  Board of Regents of the University of Texas System, Series 2022 A, Ref. RB. | 5.00% | 08/15/2032 | 125 | 141346 |
|  Board of Regents of the University of Texas System, Series 2023 A, RB. | 5.00% | 08/15/2034 | 55 | 60906 |
|  Board of Regents of the University of Texas System, Series 2023 A, RB. | 5.00% | 08/15/2043 | 190 | 196133 |
|  Brock Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2048 | 100 | 87631 |
|  Bullard Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2047 | 65 | 65981 |
|  Clear Creek Independent School District, Series 2024 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2032 | 25 | 28058 |
|  Comal Independent School District, Series 2024, Ref. GO Bonds, |  |  |  |  |
|  (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2032 | 40 | 44842 |
|  Conroe Independent School District, Series 2022 A, GO Bonds,<br>(CEP - Texas Permanent School Fund) | 4.00% | 02/15/2047 | 10 | 8824 |
|  Corpus Christi (City of), TX, Series 2022 B, RB | 5.00% | 07/15/2047 | 50 | 50426 |
|  Corpus Christi (City of), TX, Series 2022 B, RB | 5.00% | 07/15/2052 | 105 | 105190 |
|  Cypress-Fairbanks Independent School District, Series 2022, Ref. GO Bonds,<br>(CEP - Texas Permanent School Fund) | 5.00% | 02/15/2034 | 75 | 82907 |
|  Cypress-Fairbanks Independent School District, Series 2022, Ref. GO Bonds,<br>(CEP - Texas Permanent School Fund) | 5.00% | 02/15/2035 | 20 | 21932 |
|  Cypress-Fairbanks Independent School District, Series 2022, Ref. GO Bonds,<br>(CEP - Texas Permanent School Fund) | 5.00% | 02/15/2036 | 55 | 59786 |
|  Cypress-Fairbanks Independent School District, Series 2025, Ref. GO Bonds,<br>(CEP - Texas Permanent School Fund) | 5.00% | 02/15/2032 | 10 | 11261 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 5.00% | 11/01/2032 | 5 | 5647 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 5.00% | 11/01/2034 | 25 | 27651 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 5.00% | 11/01/2035 | 35 | 38304 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 5.00% | 11/01/2037 | 85 | 90899 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 5.00% | 11/01/2038 | 20 | 21173 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 5.00% | 11/01/2039 | 45 | 47306 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 5.00% | 11/01/2050 | 15 | 15032 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 B, Ref. RB | 5.00% | 11/01/2032 | 235 | 265413 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB | 5.00% | 11/01/2032 | 35 | 39530 |
|  Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2032 | 75 | 83985 |
|  Dallas (City of), TX, Series 2024 A, GO Bonds | 5.00% | 02/15/2032 | 15 | 16797 |
|  Dallas (City of), TX, Series 2024 B, Ref. GO Bonds | 5.00% | 02/15/2032 | 10 | 11198 |
|  Dallas (City of), TX Independent School District, Series 2023, GO Bonds,<br>(CEP - Texas Permanent School Fund) | 5.00% | 02/15/2040 | 40 | 41613 |
|  Dallas (City of), TX Independent School District, Series 2023, GO Bonds,<br>(CEP - Texas Permanent School Fund) | 5.00% | 02/15/2041 | 20 | 20677 |
|  Dallas (City of), TX Independent School District, Series 2023, GO Bonds,<br>(CEP - Texas Permanent School Fund) | 5.00% | 02/15/2048 | 155 | 156951 |
|  Dallas College, Series 2022, GO Bonds | 5.00% | 02/15/2032 | 20 | 22521 |
|  Deer Park Independent School District, Series 2022, GO Bonds,<br> (CEP - Texas Permanent School Fund). | 5.00% | 08/15/2047 | 100 | 101308 |
|  Elgin Independent School District, Series 2022 A, Ref. GO Bonds,<br>(CEP - Texas Permanent School Fund) | 4.00% | 08/01/2047 | 90 | 79350 |
|  Forney Independent School District, Series 2023, GO Bonds,<br>(CEP - Texas Permanent School Fund) | 5.00% | 08/15/2048 | 115 | 115708 |

---

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

---

| |
|:---|
| 354 |
| 354 |
| 354 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  Fort Bend Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2053 | $100 | $100533 |
|  Fort Worth (City of), TX, Series 2023, RB | 4.13% | 02/15/2046 | 100 | 90255 |
|  Fredericksburg Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2047 | 15 | 15218 |
|  Galveston (City of), TX, Series 2022 A, Ctfs. of Obligations | 4.63% | 05/01/2052 | 100 | 94166 |
|  Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2032 | 125 | 140757 |
|  Godley Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2055 | 100 | 100906 |
|  Greater Texoma Utility Authority (City of Sherman), Series 2023 A, RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 10/01/2048 | 20 | 20441 |
|  Harris (County of), TX, Series 2022 A, Ref. GO Bonds | 5.00% | 08/15/2032 | 175 | 197414 |
|  Harris (County of), TX, Series 2024 A, RB | 5.00% | 08/15/2032 | 10 | 11281 |
|  Harris (County of), TX Flood Control District (Green Bonds), Series 2022 A, GO Bonds | 4.25% | 10/01/2047 | 50 | 45918 |
|  Harris (County of), TX Hospital District, Series 2025, GO Bonds | 5.00% | 02/15/2032 | 20 | 22297 |
|  Harris (County of), TX Port Authority of Houston, Series 2021, RB | 5.00% | 10/01/2051 | 70 | 70205 |
|  Houston (City of), TX, Series 2002 A, Ref. RB<sup>(b)</sup> | 5.75% | 12/01/2032 | 35 | 41571 |
|  Houston (City of), TX, Series 2014, RB | 4.00% | 11/15/2032 | 135 | 135071 |
|  Houston (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2032 | 15 | 16892 |
|  Humble Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2047 | 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111783 |
|  Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2032 | 25 | 28252 |
|  Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2035 | 60 | 65844 |
|  Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2036 | 215 | 232371 |
|  Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2037 | 60 | 64242 |
|  Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2038 | 90 | 95455 |
|  Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2039 | 5 | 5260 |
|  Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2040 | 100 | 104364 |
|  Katy Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2048 | 10 | 10159 |
|  Klein Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2032 | 5 | 5652 |
|  Lake Travis Independent School District, Series 2023, GO Bonds | 4.00% | 02/15/2048 | 100 | 88769 |
|  Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2032 | 30 | 33903 |
|  Lower Colorado River Authority, Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2032 | 20 | 22059 |
|  Lower Colorado River Authority, Series 2025 A, Ref. RB | 5.00% | 05/15/2032 | 5 | 5602 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB | 5.50% | 05/15/2047 | 250 | 259101 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2032 | 40 | 44971 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2034 | 45 | 49451 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2035 | 5 | 5437 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.50% | 05/15/2048 | 20 | 20831 |
|  Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2032 | 10 | 11261 |
|  New Braunfels (City of), TX, Series 2022, RB | 5.00% | 07/01/2053 | 100 | 100519 |
|  North Texas Municipal Water District, Series 2021 A, Ref. RB | 3.00% | 09/01/2032 | 55 | 52824 |
|  North Texas Tollway Authority, Series 2021 B, RB | 4.00% | 01/01/2032 | 95 | 98226 |
|  North Texas Tollway Authority, Series 2022 A, Ref. RB | 5.25% | 01/01/2038 | 70 | 75293 |
|  North Texas Tollway Authority, Series 2022 A, Ref. RB | 5.00% | 01/01/2039 | 150 | 157929 |
|  North Texas Tollway Authority, Series 2022 A, Ref. RB | 5.00% | 01/01/2040 | 40 | 41738 |
|  North Texas Tollway Authority, Series 2024 B, Ref. RB | 5.00% | 01/01/2032 | 10 | 11152 |
|  Northwest Independent School District, Series 2022 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2048 | 240 | 242093 |
|  Northwest Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2038 | 75 | 79785 |
|  Northwest Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2039 | 50 | 52752 |
|  Northwest Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2048 | 65 | 65567 |
|  Permanent University Fund - University of Texas A&M System, Series 2023, RB | 5.00% | 07/01/2039 | 35 | 36952 |
|  Permanent University Fund - University of Texas A&M System, Series 2023, RB | 5.00% | 07/01/2040 | 40 | 41929 |

---

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

---

| |
|:---|
| 355 |
| 355 |
| 355 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  Permanent University Fund - University of Texas System, Series 2022 A, RB. | 5.00% | 07/01/2032 | $210 | $237543 |
|  Permanent University Fund - University of Texas System, Series 2022 A, RB. | 5.00% | 07/01/2042 | 25 | 25950 |
|  Permanent University Fund - University of Texas System, Series 2022, RB | 5.00% | 07/01/2034 | 25 | 27788 |
|  Permanent University Fund - University of Texas System, Series 2023 A, Ref. RB | 5.00% | 07/01/2032 | 100 | 113116 |
|  Pflugerville (City of), TX, Series 2023, Ctfs. of Obligations | 5.00% | 08/01/2053 | 200 | 200936 |
|  Pflugerville (City of), TX, Series 2023, GO Bonds | 5.00% | 08/01/2048 | 80 | 80821 |
|  Pflugerville Independent School District, Series 2023 A, GO Bonds | 5.00% | 02/15/2034 | 100 | 110236 |
|  Plano Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2032 | 65 | 72909 |
|  Plano Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2034 | 145 | 160488 |
|  Plano Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2035 | 15 | 16441 |
|  Plano Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2036 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216797 |
|  Plano Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2037 | 20 | 21477 |
|  Plano Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2038 | 10 | 10637 |
|  Plano Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2041 | 10 | 10355 |
|  San Antonio (City of), TX, Series 2015, Ref. RB | 4.00% | 02/01/2032 | 40 | 42171 |
|  San Antonio (City of), TX Water System, Series 2022 B, RB | 5.25% | 05/15/2052 | 100 | 102503 |
|  San Antonio Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2052 | 100 | 100479 |
|  San Antonio Public Facilities Corp., Series 2022, Ref. RB | 5.00% | 09/15/2032 | 10 | 11145 |
|  San Antonio Public Facilities Corp., Series 2022, Ref. RB | 5.00% | 09/15/2035 | 30 | 32494 |
|  Seguin (City of), TX, Series 2022 A, Ctfs. of Obligations | 5.25% | 09/01/2057 | 100 | 101756 |
|  Smith (County of), TX, Series 2023, GO Bonds | 5.00% | 08/15/2043 | 10 | 10245 |
|  Smith (County of), TX, Series 2023, GO Bonds | 5.00% | 08/15/2048 | 100 | 101144 |
|  Southwest Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/01/2046 | 100 | 101955 |
|  Tarrant (County of), TX Regional Water District, Series 2024, Ref. RB. | 5.00% | 03/01/2032 | 5 | 5617 |
|  Tarrant County College District, Series 2022, GO Bonds | 5.00% | 08/15/2032 | 35 | 39389 |
|  Tarrant County College District, Series 2022, GO Bonds | 5.00% | 08/15/2035 | 5 | 5464 |
|  Tarrant County College District, Series 2022, GO Bonds | 5.00% | 08/15/2036 | 35 | 37838 |
|  Tarrant County College District, Series 2022, GO Bonds | 5.00% | 08/15/2037 | 55 | 58845 |
|  Tarrant County College District, Series 2022, GO Bonds | 5.00% | 08/15/2038 | 70 | 74119 |
|  Tarrant County College District, Series 2022, GO Bonds | 5.00% | 08/15/2039 | 70 | 73601 |
|  Tarrant County College District, Series 2022, GO Bonds | 5.00% | 08/15/2040 | 60 | 62742 |
|  Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2022, RB. | 5.50% | 11/15/2047 | 85 | 87673 |
|  Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2022, RB. | 5.00% | 11/15/2051 | 100 | 99174 |
|  Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2024 A, RB | 5.00% | 07/01/2032 | 205 | 224556 |
|  Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2022, RB | 5.00% | 10/01/2039 | 40 | 41719 |
|  Tennessee (State of), Series 2024, Ref. GO Bonds | 5.00% | 10/01/2032 | 105 | 119615 |
|  Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2024 A, Ref. RB. | 5.00% | 08/15/2032 | 10 | 11234 |
|  Texas (State of) Transportation Commission State Highway Fund, Series 2024, Ref. RB | 5.00% | 10/01/2032 | 370 | 419470 |
|  Texas (State of) Water Development Board, Series 2022, RB | 5.00% | 10/15/2034 | 100 | 110514 |
|  Texas (State of) Water Development Board, Series 2022, RB | 5.00% | 10/15/2035 | 40 | 43799 |
|  Texas (State of) Water Development Board, Series 2022, RB | 4.45% | 10/15/2036 | 20 | 20824 |
|  Texas (State of) Water Development Board, Series 2022, RB | 4.50% | 10/15/2037 | 35 | 36199 |
|  Texas (State of) Water Development Board, Series 2022, RB | 4.55% | 10/15/2038 | 10 | 10248 |
|  Texas (State of) Water Development Board, Series 2022, RB | 4.60% | 10/15/2039 | 5 | 5116 |
|  Texas (State of) Water Development Board, Series 2022, RB | 4.65% | 10/15/2040 | 5 | 5110 |
|  Texas (State of) Water Development Board, Series 2022, RB | 5.00% | 08/01/2041 | 5 | 5234 |
|  Texas (State of) Water Development Board, Series 2022, RB | 4.70% | 10/15/2041 | 205 | 208712 |
|  Texas (State of) Water Development Board, Series 2022, RB | 4.75% | 10/15/2042 | 100 | 101557 |
|  Texas (State of) Water Development Board (Master Trust), Series 2022, RB | 5.00% | 10/15/2047 | 275 | 279572 |
|  Texas A&M University, Series 2024 A, RB | 5.00% | 05/15/2032 | 145 | 164055 |
|  Texas State Technical College, Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.50% | 08/01/2042 | 255 | 271085 |
|  Texas State University Board of Regents, Series 2023 A, RB | 5.00% | 02/15/2032 | 25 | 28057 |
|  Texas State University Board of Regents, Series 2024, Ref. RB | 5.00% | 03/15/2032 | 50 | 56214 |

---

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

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| |
|:---|
| 356 |
| 356 |
| 356 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  Trinity River Authority, Series 2020, Ref. RB. | 3.00% | 08/01/2032 | $105 | $103508 |
|  University of Houston, Series 2022 A, Ref. RB | 5.00% | 02/15/2032 | 70 | 78125 |
|  University of Houston, Series 2022 A, Ref. RB | 5.00% | 02/15/2034 | 40 | 43826 |
|  University of Houston, Series 2022 A, Ref. RB | 5.00% | 02/15/2036 | 25 | 26973 |
|  University of Houston, Series 2022 A, Ref. RB | 5.00% | 02/15/2038 | 15 | 15913 |
|  University of Houston, Series 2022 A, Ref. RB | 5.00% | 02/15/2040 | 40 | 41693 |
|  University of Houston, Series 2022 A, Ref. RB | 5.00% | 02/15/2042 | 160 | 164319 |
|  University of North Texas System, Series 2025 A, Ref. RB | 5.00% | 04/15/2032 | 10 | 11256 |
|  Waco Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2048 | 150 | 131446 |
|  West Harris (County of), TX Regional Water Authority, Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.50% | 12/15/2050 | 40 | 41776 |
|  Ysleta Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 4.25% | 08/15/2056 | 150 | 132591 |
|  |  |  |  | 11847030 |
|  Utah-1.49% |  |  |  |  |
|  Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2032 | 135 | 147380 |
|  Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2032 | 100 | 111539 |
|  Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2034 | 105 | 113887 |
|  Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2037 | 50 | 52911 |
|  Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2038 | 110 | 115311 |
|  Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2039 | 15 | 15608 |
|  Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2040 | 120 | 124046 |
|  Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2041 | 20 | 20520 |
|  Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2042 | 130 | 132327 |
|  Intermountain Power Agency, Series 2023 A, RB | 5.25% | 07/01/2043 | 60 | 61680 |
|  Salt Lake City (City of), UT, Series 2022, RB | 5.00% | 02/01/2052 | 25 | 25079 |
|  University of Utah (The), Series 2022 B, RB | 5.00% | 08/01/2036 | 20 | 21699 |
|  University of Utah (The) (Green Bonds), Series 2022 B, RB. | 5.00% | 08/01/2032 | 100 | 112848 |
|  University of Utah (The) (Green Bonds), Series 2022 B, RB. | 5.00% | 08/01/2034 | 35 | 38617 |
|  University of Utah (The) (Green Bonds), Series 2022 B, RB. | 5.00% | 08/01/2035 | 25 | 27350 |
|  University of Utah (The) (Green Bonds), Series 2022 B, RB. | 5.00% | 08/01/2037 | 140 | 150495 |
|  University of Utah (The) (Green Bonds), Series 2022 B, RB. | 5.00% | 08/01/2038 | 50 | 53229 |
|  University of Utah (The) (Green Bonds), Series 2022 B, RB. | 5.00% | 08/01/2039 | 20 | 21127 |
|  University of Utah (The) (Green Bonds), Series 2022 B, RB. | 5.00% | 08/01/2040 | 95 | 99689 |
|  University of Utah (The) (Green Bonds), Series 2022 B, RB. | 5.00% | 08/01/2042 | 135 | 139209 |
|  Utah (State of) Transit Authority, Series 2006 C, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 06/15/2032 | 95 | 105929 |
|  Utah Telecommunication Open Infrastructure Agency, Series 2022, Ref. RB | 4.38% | 06/01/2040 | 20 | 20088 |
|  |  |  |  | 1710568 |
|  Virginia-2.01% |  |  |  |  |
|  Fairfax (County of), VA, Series 2023 A, GO Bonds | 4.00% | 10/01/2033 | 150 | 158633 |
|  Fairfax (County of), VA, Series 2023 A, GO Bonds | 4.00% | 10/01/2034 | 30 | 31357 |
|  Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. RB. | 5.00% | 05/15/2036 | 15 | 16234 |
|  Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. RB. | 5.00% | 05/15/2037 | 15 | 16094 |
|  Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. RB. | 4.00% | 05/15/2042 | 250 | 229711 |
|  Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2023, Ref. RB. | 5.00% | 05/15/2032 | 10 | 11236 |
|  Northern Virginia Transportation Commission (Transforming Rail in Virginia), Series 2022, RB | 5.00% | 06/01/2047 | 75 | 76001 |
|  Northern Virginia Transportation Commission (Transforming Rail in Virginia), Series 2022, RB | 5.00% | 06/01/2052 | 150 | 151292 |
|  Virginia (Commonwealth of) Transportation Board, Series 2022, Ref. RB | 4.00% | 05/15/2034 | 25 | 26283 |
|  Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2021, RB | 4.00% | 02/01/2032 | 5 | 5214 |
|  Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2022, RB | 5.00% | 02/01/2032 | 35 | 39598 |
|  Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2024, RB | 5.00% | 02/01/2032 | 20 | 22628 |

---

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

---

| |
|:---|
| 357 |
| 357 |
| 357 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Virginia-(continued) |  |  |  |  |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB | 3.00% | 02/01/2032 | $175 | $173905 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022 A, RB | 5.00% | 02/01/2035 | 75 | 81966 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022 A, RB | 5.00% | 02/01/2036 | 75 | 81321 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022, RB | 5.25% | 02/01/2041 | 20 | 21117 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022, RB | 5.00% | 02/01/2042 | 40 | 41401 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, Ref. RB | 5.00% | 02/01/2032 | 170 | 192334 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2022, RB | 5.00% | 02/01/2037 | 25 | 26906 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2022, RB | 5.00% | 02/01/2038 | 25 | 26671 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2023, RB | 5.00% | 02/01/2032 | 15 | 16971 |
|  Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB | 5.00% | 08/01/2032 | 40 | 44759 |
|  Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB | 5.00% | 08/01/2032 | 55 | 62546 |
|  Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB | 5.00% | 08/01/2034 | 20 | 22276 |
|  Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB | 5.00% | 08/01/2035 | 105 | 115753 |
|  Virginia (Commonwealth of) Public Building Authority (Bidding Group 2), Series 2022 A, RB | 5.00% | 08/01/2036 | 65 | 70895 |
|  Virginia (Commonwealth of) Public Building Authority (Bidding Group 2), Series 2022 A, RB | 5.00% | 08/01/2037 | 80 | 86503 |
|  Virginia (Commonwealth of) Public School Authority, Series 2022 B, RB | 5.00% | 08/01/2052 | 100 | 101881 |
|  Virginia (Commonwealth of) Small Business Financing Authority (Bon Secours Mercy Health, Inc.), Series 2022, RB | 5.00% | 10/01/2042 | 100 | 101318 |
|  Virginia (Commonwealth of) Transportation Board, Series 2022, Ref. RB | 5.00% | 05/15/2032 | 80 | 90774 |
|  Virginia (Commonwealth of) Transportation Board, Series 2022, Ref. RB | 4.00% | 05/15/2035 | 5 | 5190 |
|  Virginia (Commonwealth of) Transportation Board, Series 2022, Ref. RB | 4.00% | 05/15/2036 | 90 | 92394 |
|  Virginia (Commonwealth of) Transportation Board, Series 2022, Ref. RB | 4.00% | 05/15/2037 | 60 | 61031 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2302193 |
|  Washington-3.96% |  |  |  |  |
|  Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB | 5.00% | 11/01/2032 | 50 | 56151 |
|  Clark County School District No. 114 Evergreen, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.25% | 12/01/2040 | 65 | 69430 |
|  Douglas (County of), WA Public Utility District No. 1, Series 2022 B, RB | 5.00% | 09/01/2047 | 100 | 101004 |
|  Energy Northwest, Series 2024 A, Ref. RB. | 5.00% | 07/01/2032 | 40 | 45326 |
|  Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB | 5.00% | 07/01/2032 | 15 | 16997 |
|  Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB | 5.00% | 07/01/2034 | 15 | 16624 |
|  Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB | 5.00% | 07/01/2035 | 10 | 10990 |
|  Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB | 5.00% | 07/01/2036 | 295 | 320966 |
|  Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB | 5.00% | 07/01/2037 | 275 | 296632 |
|  King & Snohomish Counties School District No. 417 Northshore, Series 2022, Ref. GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2038 | 30 | 31870 |
|  King & Snohomish Counties School District No. 417 Northshore, Series 2022, Ref. GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2039 | 20 | 21106 |
|  King & Snohomish Counties School District No. 417 Northshore, Series 2024, Ref. GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2032 | 35 | 37235 |
|  King (County of), WA, Series 2021 A, GO Bonds | 5.00% | 01/01/2032 | 45 | 50352 |
|  King (County of), WA, Series 2023, RB. | 5.00% | 01/01/2032 | 10 | 11305 |
|  King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 3.13% | 12/01/2032 | 35 | 34619 |
|  King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2032 | 20 | 22752 |
|  King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2034 | 5 | 5564 |

---

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

---

| |
|:---|
| 358 |
| 358 |
| 358 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Washington-(continued) |  |  |  |  |
|  King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2037 | $30 | $32448 |
|  King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2040 | 315 | 332540 |
|  King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2041 | 15 | 15689 |
|  King County School District No. 403 Renton, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2037 | 25 | 27073 |
|  King County School District No. 403 Renton, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2038 | 70 | 75055 |
|  King County School District No. 403 Renton, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2039 | 10 | 9762 |
|  King County School District No. 403 Renton, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2040 | 10 | 9682 |
|  Seattle (City of), WA, Series 2022, Ref. RB | 5.00% | 07/01/2047 | 35 | 35484 |
|  Seattle (City of), WA, Series 2022, Ref. RB | 5.00% | 07/01/2052 | 15 | 15139 |
|  Seattle (City of), WA, Series 2023 A, Ref. RB | 5.00% | 03/01/2032 | 20 | 22568 |
|  Seattle (Port of), WA, Series 2022 A, Ref. RB | 5.00% | 08/01/2032 | 10 | 11332 |
|  Snohomish County School District No. 6 Mukilteo, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2034 | 30 | 33427 |
|  Spokane County School District No. 81, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2037 | 50 | 53849 |
|  Spokane County School District No. 81, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2038 | 85 | 90640 |
|  University of Washington, Series 2024 B, Ref. RB. | 5.00% | 07/01/2032 | 10 | 11298 |
|  Washington (State of), Series 2021 A, Ref. GO Bonds | 4.00% | 02/01/2035 | 30 | 30902 |
|  Washington (State of), Series R-2023B, Ref. GO Bonds | 5.00% | 07/01/2032 | 330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374377 |
|  Washington (State of), Series R-2024C, Ref. GO Bonds | 5.00% | 08/01/2032 | 100 | 113517 |
|  Washington (State of) (Bid Group 1), Series 2022 A-1, GO Bonds | 5.00% | 08/01/2032 | 115 | 130545 |
|  Washington (State of) (Bid Group 1), Series 2022 A-1, GO Bonds | 5.00% | 08/01/2034 | 35 | 38914 |
|  Washington (State of) (Bid Group 1), Series 2022 A-1, GO Bonds | 5.00% | 08/01/2035 | 125 | 137476 |
|  Washington (State of) (Bid Group 1), Series 2022 A-1, GO Bonds | 5.00% | 08/01/2036 | 10 | 10894 |
|  Washington (State of) (Bid Group 1), Series 2023 B, GO Bonds | 5.00% | 02/01/2032 | 105 | 118729 |
|  Washington (State of) (Bid Group 1), Series 2024-A, GO Bonds | 5.00% | 08/01/2032 | 50 | 56759 |
|  Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds | 5.00% | 08/01/2038 | 70 | 74739 |
|  Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds | 5.00% | 08/01/2039 | 5 | 5297 |
|  Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds | 5.00% | 08/01/2040 | 5 | 5259 |
|  Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds | 5.00% | 08/01/2041 | 205 | 214078 |
|  Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds | 5.00% | 08/01/2042 | 125 | 129575 |
|  Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds | 5.00% | 08/01/2043 | 300 | 309156 |
|  Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds | 5.00% | 02/01/2034 | 100 | 110835 |
|  Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds | 5.00% | 02/01/2035 | 85 | 93305 |
|  Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds | 5.00% | 02/01/2036 | 85 | 92490 |
|  Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds | 5.00% | 02/01/2037 | 95 | 102413 |
|  Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds | 5.00% | 02/01/2038 | 55 | 58773 |
|  Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds | 5.00% | 02/01/2039 | 40 | 42364 |
|  Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds | 5.00% | 02/01/2041 | 40 | 41677 |
|  Washington (State of) (Bid Group 2), Series 2022 C, Ref. GO Bonds | 4.00% | 07/01/2034 | 20 | 20738 |
|  Washington (State of) (Bid Group 2), Series R-2023A, Ref. GO Bonds | 5.00% | 08/01/2032 | 40 | 45407 |
|  Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds | 5.00% | 08/01/2044 | 40 | 41042 |
|  Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds | 5.00% | 08/01/2045 | 25 | 25578 |
|  Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds | 5.00% | 08/01/2046 | 60 | 61187 |
|  Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds | 5.00% | 02/01/2040 | 5 | 5245 |
|  Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds | 5.00% | 02/01/2045 | 25 | 25541 |
|  Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds | 5.00% | 02/01/2046 | 105 | 106937 |
|  |  |  |  | 4548658 |

---

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

---

| |
|:---|
| 359 |
| 359 |
| 359 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Wisconsin-0.96% |  |  |  |  |
|  Wisconsin (State of), Series 2022 4, Ref. GO Bonds | 5.00% | 05/01/2032 | $35 | $39725 |
|  Wisconsin (State of), Series 2022 A, GO Bonds | 5.00% | 05/01/2032 | 20 | 22274 |
|  Wisconsin (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2036 | 100 | 108902 |
|  Wisconsin (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2037 | 20 | 21618 |
|  Wisconsin (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2039 | 50 | 53108 |
|  Wisconsin (State of), Series 2023 B, GO Bonds | 5.00% | 05/01/2040 | 5 | 5273 |
|  Wisconsin (State of), Series 2023-2, Ref. GO Bonds | 5.00% | 05/01/2032 | 105 | 119175 |
|  Wisconsin (State of) Department of Transportation, Series 2023-1, Ref. RB | 5.00% | 07/01/2032 | 25 | 28445 |
|  Wisconsin (State of) Department of Transportation, Series 2024-2, Ref. RB | 5.00% | 07/01/2032 | 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295829 |
|  Wisconsin (State of) Health & Educational Facilities Authority (Bellin Memorial Hospital, Inc.), Series 2022 B, RB | 5.25% | 12/01/2048 | 5 | 5090 |
|  Wisconsin (State of) Health & Educational Facilities Authority (Bellin Memorial Hospital, Inc.), Series 2022, RB | 5.50% | 12/01/2052 | 35 | 36156 |
|  Wisconsin (State of) Public Finance Authority (Cone Health), Series 2022 A-1, RB, (INS - BAM)<sup>(a)</sup> | 5.50% | 07/01/2052 | 350 | 357805 |
|  Wisconsin (State of) Public Finance Authority (Uwharrie Charter Academy), Series 2024 B, RB | 5.25% | 07/01/2044 | 5 | 5124 |
|  |  |  |  | 1098524 |
|  TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-96.86%<br>(Cost $113,411,759) |  |  |  | 111204310 |
|  OTHER ASSETS LESS LIABILITIES-3.14% |  |  |  | 3600401 |
|  NET ASSETS-100.00% |  |  |  | $114804711 |

---

---

| | |
|:---|:---|
| 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 |

---

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.

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| 360 |
| 360 |
| 360 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)

August 31, 2025

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Municipal Obligations-97.17% |  |  |  |  |
|  Alabama-2.17% |  |  |  |  |
|  Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB | 5.00% | 07/01/2033 | $15 | $16645 |
|  Jefferson (County of), AL, Series 2024, Ref. RB | 5.00% | 10/01/2036 | 5 | 5361 |
|  Jefferson (County of), AL, Series 2024, Ref. RB | 5.00% | 10/01/2037 | 60 | 63696 |
|  Jefferson (County of), AL, Series 2024, Ref. RB | 5.00% | 10/01/2039 | 75 | 77999 |
|  Jefferson (County of), AL, Series 2024, Ref. RB | 5.25% | 10/01/2041 | 100 | 103958 |
|  Jefferson (County of), AL, Series 2024, Ref. RB | 5.25% | 10/01/2042 | 120 | 123507 |
|  Jefferson (County of), AL, Series 2024, Ref. RB | 5.25% | 10/01/2045 | 600 | &nbsp;&nbsp;&nbsp;&nbsp;608075 |
|  Jefferson (County of), AL, Series 2024, Ref. Revenue Wts | 5.25% | 10/01/2040 | 5 | 5247 |
|  Jefferson (County of), AL, Series 2024, Ref. Revenue Wts | 5.25% | 10/01/2043 | 445 | 455111 |
|  Jefferson (County of), AL, Series 2024, Ref. Revenue Wts | 5.25% | 10/01/2044 | 100 | 101730 |
|  Jefferson (County of), AL, Series 2024, Ref. Revenue Wts | 5.25% | 10/01/2049 | 25 | 25094 |
|  Madison (City of), AL Water & Wastewater Board, Series 2023, RB | 5.25% | 12/01/2053 | 300 | 309111 |
|  Montgomery (City of), AL, Series 2023, RB | 5.00% | 09/01/2048 | 15 | 15220 |
|  UAB Medicine Finance Authority (University of Alabama Birmingham Hospital), Series 2016 B, Ref. RB | 3.25% | 09/01/2033 | 40 | 38970 |
|  |  |  |  | 1949724 |
|  Alaska-0.02% |  |  |  |  |
|  Alaska (State of), Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2033 | 10 | 11353 |
|  Alaska (State of) International Airports System, Series 2025 A, Ref. RB | 5.00% | 10/01/2033 | 5 | 5665 |
|  |  |  |  | 17018 |
|  Arizona-1.35% |  |  |  |  |
|  Arizona (State of) Department of Transportation, Series 2023, RB | 5.00% | 07/01/2033 | 15 | 17136 |
|  Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB | 5.00% | 07/15/2033 | 20 | 22487 |
|  Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016 A, Ref. RB | 3.13% | 01/01/2033 | 100 | 97751 |
|  Maricopa County Union High School District No. 216 Agua Fria, Series 2024 A, GO Bonds | 5.00% | 07/01/2040 | 5 | 5294 |
|  Phoenix Civic Improvement Corp., Series 2023, RB | 5.00% | 07/01/2035 | 25 | 27864 |
|  Phoenix Civic Improvement Corp., Series 2023, RB | 5.00% | 07/01/2036 | 80 | 88275 |
|  Phoenix Civic Improvement Corp., Series 2023, RB | 5.00% | 07/01/2037 | 65 | 70992 |
|  Phoenix Civic Improvement Corp., Series 2023, RB | 5.00% | 07/01/2043 | 15 | 15576 |
|  Phoenix Civic Improvement Corp., Series 2023, RB | 5.25% | 07/01/2047 | 40 | 41795 |
|  Salt River Project Agricultural Improvement & Power District, Series 2023 A, RB | 5.00% | 01/01/2043 | 160 | 165953 |
|  Salt River Project Agricultural Improvement & Power District, Series 2023 A, RB | 5.00% | 01/01/2047 | 275 | 280845 |
|  Salt River Project Agricultural Improvement & Power District, Series 2023 A, RB | 5.00% | 01/01/2050 | 115 | 116984 |
|  University of Arizona Board of Regents (Green Bonds), Series 2023 A, RB | 5.50% | 07/01/2048 | 250 | 262112 |
|  |  |  |  | 1213064 |
|  Arkansas-0.13% |  |  |  |  |
|  Pulaski (County of), AR, Series 2023, RB | 5.25% | 03/01/2053 | 115 | 116864 |
|  California-16.06% |  |  |  |  |
|  Alameda (County of), CA Joint Powers Authority (Highland Hospital Project), Series 2023, Ref. RB | 5.00% | 12/01/2033 | 55 | 63997 |
|  Alameda Unified School District (Election of 2022), Series 2024 B, GO Bonds | 5.00% | 08/01/2049 | 130 | 133065 |
|  Alameda Unified School District (Election of 2022), Series 2024 B, GO Bonds | 4.00% | 08/01/2052 | 5 | 4368 |
|  Bay Area Toll Authority, Series 2024 S-11, Ref. RB | 5.00% | 04/01/2033 | 35 | 40714 |
|  Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB | 5.00% | 04/01/2054 | 175 | 178987 |
|  Benicia Unified School District (Election of 2004), Series 2024 A, GO Bonds | 5.00% | 08/01/2053 | 100 | 102434 |
|  California (State of), Series 2015 C, Ref. GO Bonds | 3.38% | 09/01/2033 | 50 | 49692 |
|  California (State of), Series 2015, Ref. GO Bonds | 3.50% | 08/01/2033 | 85 | 85000 |
|  California (State of), Series 2016, Ref. GO Bonds | 3.00% | 09/01/2033 | 285 | 280734 |
|  California (State of), Series 2019, GO Bonds | 3.00% | 10/01/2033 | 165 | 164822 |
|  California (State of), Series 2022, GO Bonds | 5.00% | 04/01/2033 | 230 | 264648 |
|  California (State of), Series 2022, GO Bonds | 5.00% | 09/01/2033 | 5 | 5680 |
|  California (State of), Series 2023, GO Bonds | 5.00% | 09/01/2033 | 30 | 34598 |

---

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

---

| |
|:---|
| 361 |
| 361 |
| 361 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  California (State of), Series 2023, GO Bonds | 5.00% | 10/01/2033 | $15 | $17179 |
|  California (State of), Series 2023, GO Bonds | 5.00% | 09/01/2035 | 10 | 11274 |
|  California (State of), Series 2023, GO Bonds | 5.00% | 10/01/2035 | 280 | 313772 |
|  California (State of), Series 2023, GO Bonds | 5.00% | 09/01/2036 | 50 | 55731 |
|  California (State of), Series 2023, GO Bonds | 5.00% | 09/01/2037 | 20 | 21974 |
|  California (State of), Series 2023, GO Bonds | 5.00% | 09/01/2038 | 75 | 81867 |
|  California (State of), Series 2023, GO Bonds | 5.00% | 10/01/2039 | 90 | 97145 |
|  California (State of), Series 2023, GO Bonds | 5.00% | 10/01/2045 | 600 | &nbsp;&nbsp;&nbsp;&nbsp;624168 |
|  California (State of), Series 2023, GO Bonds | 5.25% | 10/01/2045 | 15 | 15864 |
|  California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2033 | 85 | 98028 |
|  California (State of), Series 2023, Ref. GO Bonds | 5.00% | 10/01/2033 | 90 | 103074 |
|  California (State of), Series 2023, Ref. GO Bonds | 5.00% | 10/01/2036 | 170 | 188441 |
|  California (State of), Series 2023, Ref. GO Bonds | 5.00% | 10/01/2042 | 315 | 333725 |
|  California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2043 | 5 | 5256 |
|  California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2033 | 55 | 63430 |
|  California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2033 | 20 | 23065 |
|  California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2033 | 40 | 46111 |
|  California (State of), Series 2025, Ref. GO Bonds | 5.00% | 03/01/2033 | 135 | 155261 |
|  California (State of) Educational Facilities Authority (Stanford University), Series 2023 V-3, RB | 5.00% | 06/01/2033 | 150 | 175836 |
|  California (State of) Educational Facilities Authority (University of the Pacific), Series 2023, RB | 5.00% | 11/01/2053 | 5 | 5067 |
|  California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2013 A, RB | 4.00% | 03/01/2033 | 50 | 49618 |
|  California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB | 5.00% | 11/15/2033 | 20 | 22996 |
|  California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB | 5.00% | 11/15/2038 | 85 | 92246 |
|  California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB | 5.00% | 11/15/2039 | 30 | 32281 |
|  California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB | 5.00% | 11/15/2041 | 375 | 397459 |
|  California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB | 5.00% | 11/15/2043 | 30 | 31324 |
|  California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2023 A, RB | 5.00% | 08/15/2033 | 40 | 46865 |
|  California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB | 5.00% | 10/01/2033 | 25 | 28844 |
|  California (State of) Infrastructure & Economic Development Bank (The J. Paul Getty Trust), Series 2020 A-1, Ref. RB | 5.00% | 04/01/2033 | 180 | 210466 |
|  California (State of) Infrastructure & Economic Development Bank (The J. Paul Getty Trust), Series 2023, Ref. RB | 5.00% | 04/01/2033 | 25 | 29231 |
|  California (State of) Public Finance Authority (Sharp Healthcare), Series 2024 A, Ref. RB | 5.00% | 08/01/2033 | 40 | 46172 |
|  California (State of) Public Works Board (Various Capital), Series 2023 C, Ref. RB | 5.00% | 09/01/2033 | 50 | 57780 |
|  California (State of) Public Works Board (Various Capital), Series 2023 C, Ref. RB | 5.00% | 09/01/2036 | 20 | 22263 |
|  California (State of) Public Works Board (Various Capital), Series 2023 D, RB | 5.00% | 11/01/2037 | 60 | 66115 |
|  California (State of) Public Works Board (Various Capital), Series 2023 D, RB | 5.00% | 11/01/2038 | 30 | 32509 |
|  California (State of) Public Works Board (Various Capital), Series 2023 D, RB | 4.50% | 11/01/2043 | 10 | 10014 |
|  California (State of) Public Works Board (Various Capital), Series 2023 D, RB | 5.00% | 11/01/2044 | 15 | 15620 |
|  California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB | 5.00% | 12/01/2033 | 20 | 22801 |
|  California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB | 5.00% | 09/01/2035 | 45 | 50869 |
|  California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB | 5.00% | 09/01/2038 | 140 | 151709 |
|  California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB | 5.00% | 09/01/2033 | 50 | 57780 |
|  California State University, Series 2016 A, Ref. RB | 3.00% | 11/01/2033 | 85 | 82262 |
|  California State University, Series 2023 A, RB | 5.25% | 11/01/2048 | 100 | 104618 |
|  Central Unified School District, Series 2023 B, GO Bonds | 4.00% | 08/01/2050 | 5 | 4366 |
|  Dublin Unified School District (Election of 2020), Series 2023 B, GO Bonds | 4.13% | 08/01/2049 | 250 | 224393 |
|  East Bay Municipal Utility District, Series 2025 B, Ref. RB | 5.00% | 06/01/2033 | 5 | 5865 |
|  East Bay Municipal Utility District (Green Bonds), Series 2024 A, RB | 5.00% | 06/01/2041 | 15 | 16176 |
|  East Bay Municipal Utility District (Green Bonds), Series 2024 A, RB | 5.00% | 06/01/2042 | 160 | 170789 |
|  East Bay Municipal Utility District (Green Bonds), Series 2024 A, RB | 5.00% | 06/01/2054 | 20 | 20572 |
|  El Centro (City of), CA Financing Authority (Police Station), Series 2023 A, RB | 4.25% | 10/01/2047 | 100 | 93743 |
|  El Rancho Unified School District (Election of 2016), Series 2023 D, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.75% | 08/01/2048 | 20 | 22007 |
|  Hayward Area Recreation & Park District, Series 2023 B, GO Bonds | 5.00% | 08/01/2052 | 40 | 40675 |
|  Imperial (County of), CA Community college District (Election of 2022), Series 2023 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.25% | 08/01/2053 | 10 | 10367 |
|  Imperial Irrigation District, Series 2016 C, Ref. RB | 3.00% | 11/01/2033 | 105 | 102126 |

---

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

---

| |
|:---|
| 362 |
| 362 |
| 362 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  Indio Electric Financing Authority, Series 2023, RB | 5.25% | 01/01/2053 | $100 | $103927 |
|  Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 09/01/2053 | 375 | 386133 |
|  Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 09/01/2048 | 100 | 101946 |
|  Kern High School District (Election of 2022), Series 2023 A, GO Bonds | 5.00% | 08/01/2033 | 25 | 29302 |
|  Los Angeles (City of), CA, Series 2023 A, RB | 5.00% | 02/01/2037 | 30 | 33507 |
|  Los Angeles (City of), CA, Series 2023 A, RB | 5.00% | 02/01/2038 | 90 | 99521 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2033 | 55 | 60819 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.00% | 07/01/2035 | 220 | &nbsp;&nbsp;&nbsp;&nbsp;240890 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2023 B, RB | 5.00% | 07/01/2037 | 50 | 53291 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2023 B, RB | 5.25% | 07/01/2053 | 25 | 25380 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB | 5.00% | 07/01/2041 | 120 | 124124 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB | 5.00% | 07/01/2042 | 5 | 5130 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB | 5.00% | 07/01/2043 | 5 | 5104 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB | 5.00% | 07/01/2035 | 20 | 21871 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB | 5.00% | 07/01/2036 | 15 | 16220 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB | 5.00% | 07/01/2038 | 80 | 84452 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB | 5.00% | 07/01/2043 | 70 | 71459 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB | 5.00% | 07/01/2044 | 170 | 172392 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB | 5.00% | 07/01/2048 | 10 | 10015 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB | 5.00% | 07/01/2033 | 20 | 22389 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB | 5.00% | 07/01/2033 | 15 | 16813 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB | 5.00% | 07/01/2033 | 70 | 78360 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Measure R), Series 2024 A, Ref. RB | 5.00% | 06/01/2033 | 25 | 29268 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2023, Ref. RB | 5.00% | 07/01/2033 | 75 | 87856 |
|  Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.00% | 12/01/2033 | 5 | 5822 |
|  Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds | 5.00% | 07/01/2033 | 80 | 93899 |
|  Los Angeles Unified School District, Series 2025 A, GO Bonds | 5.00% | 07/01/2033 | 5 | 5869 |
|  Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds | 5.00% | 07/01/2037 | 45 | 49740 |
|  Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds | 5.00% | 07/01/2038 | 45 | 48937 |
|  Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds | 5.00% | 07/01/2039 | 10 | 10790 |
|  Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds | 5.00% | 07/01/2040 | 30 | 32088 |
|  Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds | 5.00% | 07/01/2041 | 75 | 79555 |
|  Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds | 5.00% | 07/01/2042 | 90 | 94788 |
|  Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds | 5.25% | 07/01/2047 | 180 | 187677 |
|  Los Angeles Unified School District (Green Bonds), Series 2023, COP<sup>(b)(c)</sup> | 5.00% | 10/01/2033 | 30 | 34544 |
|  Los Angeles Unified School District (Green Bonds), Series 2023, COP<sup>(b)(c)</sup> | 5.00% | 10/01/2033 | 5 | 5757 |
|  Los Angeles Unified School District (Green Bonds), Series 2023, COP<sup>(b)(c)</sup> | 5.00% | 10/01/2033 | 5 | 5757 |
|  Los Angeles Unified School District (Green Bonds), Series 2023, COP<sup>(b)(c)</sup> | 5.00% | 10/01/2033 | 5 | 5757 |
|  Los Angeles Unified School District (Green Bonds), Series 2023, COP<sup>(b)</sup> | 5.00% | 10/01/2033 | 20 | 23029 |
|  Los Angeles Unified School District (Green Bonds), Series 2023, COP | 5.00% | 10/01/2033 | 15 | 17436 |
|  Los Angeles Unified School District (Green Bonds), Series 2023, COP | 5.00% | 10/01/2035 | 25 | 28358 |
|  Los Angeles Unified School District (Green Bonds), Series 2023, COP | 5.00% | 10/01/2036 | 5 | 5569 |
|  Los Angeles Unified School District (Green Bonds), Series 2023, COP | 5.00% | 10/01/2038 | 5 | 5437 |
|  Metropolitan Water District of Southern California, Series 2022 A, Ref. RB | 5.00% | 10/01/2033 | 20 | 23079 |
|  Metropolitan Water District of Southern California, Series 2023 A, RB | 5.00% | 04/01/2048 | 140 | 145405 |
|  Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB | 4.00% | 11/01/2033 | 35 | 35036 |
|  Norwalk-La Mirada Unified School District, Series 2023 F, GO Bonds | 5.00% | 08/01/2051 | 170 | 175070 |
|  Oak Grove School District, Series 2023 A-2, GO Bonds | 5.00% | 08/01/2052 | 40 | 41163 |
|  Oakland (City of), CA, Series 2023 D, GO Bonds | 5.25% | 07/15/2048 | 50 | 52039 |
|  Oakland Unified School District (Election of 2012), Series 2023 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.25% | 08/01/2048 | 150 | 156067 |
|  Oxnard School District (Election of 2022), Series 2023 A, GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.13% | 08/01/2050 | 120 | 107060 |
|  Redwood City School District (Election of 2022), Series 2023 A, GO Bonds | 5.00% | 08/01/2048 | 90 | 93116 |
|  Rialto Unified School District (Election of 2022), Series 2023, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 08/01/2052 | 40 | 40623 |
|  Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB | 5.00% | 08/15/2048 | 235 | 241904 |
|  Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB | 5.00% | 08/15/2053 | 35 | 35809 |

---

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

---

| |
|:---|
| 363 |
| 363 |
| 363 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 N-1, Ref. RB | 5.00% | 11/15/2033 | $10 | $11745 |
|  Sacramento Transportation Authority (Measure A), Series 2023 A, Ref. RB | 5.00% | 10/01/2037 | 20 | 22386 |
|  Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB | 5.00% | 10/01/2033 | 20 | 23502 |
|  Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB | 5.00% | 10/01/2036 | 40 | 45223 |
|  Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB | 5.00% | 10/01/2038 | 5 | 5528 |
|  San Diego (City of), CA Public Facilities Financing Authority, Series 2023 A, RB | 5.25% | 08/01/2048 | 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52488 |
|  San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB | 5.00% | 04/01/2035 | 20 | 22936 |
|  San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB | 5.00% | 04/01/2036 | 55 | 62363 |
|  San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB | 5.00% | 04/01/2037 | 65 | 72914 |
|  San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB | 5.00% | 04/01/2038 | 10 | 11100 |
|  San Diego Community College District, Series 2024, GO Bonds | 4.00% | 08/01/2043 | 10 | 9356 |
|  San Diego Unified School District, Series 2016, Ref. GO Bonds | 3.00% | 07/01/2033 | 50 | 49178 |
|  San Diego Unified School District (Election of 2018) (Green Bonds), Series 2023, GO Bonds | 5.00% | 07/01/2048 | 100 | 103229 |
|  San Diego Unified School District (Green Bonds) (Election of 2008), Series 2023, GO Bonds | 5.00% | 07/01/2053 | 25 | 25520 |
|  San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds | 5.00% | 06/15/2033 | 15 | 17263 |
|  San Francisco (City & County of), CA, Series 2024, Ref. GO Bonds | 5.00% | 06/15/2033 | 15 | 17565 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2023 B, Ref. RB | 5.00% | 05/01/2043 | 55 | 57023 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2023, Ref. RB | 5.25% | 05/01/2048 | 65 | 67507 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB | 5.00% | 10/01/2033 | 30 | 34681 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 C, Ref. RB | 4.00% | 11/01/2040 | 25 | 24392 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023, Ref. RB | 5.00% | 11/01/2036 | 105 | 118573 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023, Ref. RB | 4.00% | 11/01/2038 | 50 | 50143 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023, Ref. RB | 5.00% | 11/01/2038 | 100 | 110358 |
|  San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), Series 2023 A, RB | 5.00% | 11/01/2043 | 50 | 52428 |
|  San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), Series 2023 A, RB | 5.25% | 11/01/2048 | 120 | 125209 |
|  San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), Series 2023 A, RB | 5.25% | 11/01/2052 | 10 | 10363 |
|  San Francisco (City of), CA, Series 2023, Ref. RB | 5.00% | 11/01/2035 | 55 | 63177 |
|  San Francisco (City of), CA, Series 2025, Ref. RB | 5.00% | 11/01/2033 | 10 | 11766 |
|  San Francisco (County of), CA Transportation Authority, Series 2017, RB | 3.00% | 02/01/2033 | 145 | 143220 |
|  San Joaquin Hills Transportation Corridor Agency, Series 2021 A, Ref. RB | 5.00% | 01/15/2033 | 115 | 126486 |
|  San Mateo County Transit District, Series 2025 A, Ref. RB | 5.00% | 06/01/2033 | 5 | 5853 |
|  Santa Clara Unified School District, Series 2024, Ref. GO Bonds | 5.00% | 07/01/2033 | 20 | 23428 |
|  Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB | 5.00% | 04/01/2033 | 35 | 40924 |
|  Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB | 5.00% | 04/01/2035 | 60 | 68675 |
|  Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB | 5.00% | 04/01/2036 | 60 | 67686 |
|  Southern California Public Power Authority, Series 2023, RB | 5.00% | 07/01/2035 | 150 | 164351 |
|  Southern California Public Power Authority, Series 2023, RB | 5.00% | 07/01/2039 | 25 | 26311 |
|  Southern California Public Power Authority, Series 2023-1A, RB | 5.00% | 07/01/2048 | 210 | 210051 |
|  Southern California Public Power Authority, Series 2023-1A, RB | 5.25% | 07/01/2053 | 85 | 86365 |
|  Southern California Public Power Authority (No.1), Series 2007 A, RB | 5.00% | 11/01/2033 | 80 | 85085 |
|  University of California, Series 2022 S, Ref. RB | 5.00% | 05/15/2033 | 100 | 114142 |
|  University of California, Series 2023 BM, Ref. RB | 5.00% | 05/15/2033 | 20 | 23239 |
|  University of California, Series 2023 BM, Ref. RB | 5.00% | 05/15/2035 | 175 | 197269 |
|  University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2033 | 50 | 58098 |
|  University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2035 | 50 | 56363 |
|  University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2036 | 95 | 105425 |
|  University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2037 | 155 | 170160 |
|  University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2038 | 255 | 276378 |
|  University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2041 | 300 | 317582 |
|  University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2042 | 35 | 36754 |
|  University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2043 | 140 | 146192 |
|  University of California, Series 2023 BQ, RB | 5.00% | 05/15/2033 | 70 | 81337 |
|  University of California, Series 2023 BQ, RB | 5.00% | 05/15/2035 | 165 | 185996 |

---

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

---

| |
|:---|
| 364 |
| 364 |
| 364 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2033 | $55 | $63907 |
|  University of California, Series 2024 BW, Ref. RB | 5.00% | 05/15/2033 | 15 | 17429 |
|  University of California, Series 2024, Ref. RB | 5.00% | 05/15/2033 | 30 | 34859 |
|  University of California, Series 2025, Ref. RB | 5.00% | 05/15/2033 | 10 | 11620 |
|  Victor Valley Community College District (Election of 2008), Series 2024 E, GO Bonds | 5.00% | 08/01/2051 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;203173 |
|  Washington Township Health Care District, Series 2023 A, RB | 5.75% | 07/01/2048 | 5 | 5183 |
|  |  |  |  | 14416734 |
|  Colorado-0.90% |  |  |  |  |
|  Board of Governors of Colorado State University System, Series 2013 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program) | 5.00% | 03/01/2033 | 35 | 39080 |
|  Boulder Valley School District No. Re-2 Boulder, Series 2023, GO Bonds | 4.13% | 12/01/2046 | 150 | 135602 |
|  Centennial Water & Sanitation District, Series 2024, RB | 5.25% | 12/01/2053 | 175 | 181973 |
|  Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 A, Ref. RB | 5.00% | 05/15/2033 | 15 | 16590 |
|  Colorado (State of) Regional Transportation District (Fastracks), Series 2023 A, Ref. RB | 5.00% | 11/01/2037 | 25 | 27234 |
|  Colorado Springs (City of), CO, Series 2023 A, RB | 5.25% | 11/15/2053 | 200 | 206182 |
|  Denver (City & County of), CO, Series 2023 A, Ref. RB | 5.00% | 11/15/2042 | 10 | 10395 |
|  Denver (City & County of), CO, Series 2023, Ref. COP | 5.00% | 12/01/2035 | 25 | 27753 |
|  Denver (City & County of), CO, Series 2023, Ref. COP | 5.00% | 12/01/2036 | 45 | 49355 |
|  Denver (City & County of), CO, Series 2023, Ref. COP | 5.00% | 12/01/2037 | 70 | 75921 |
|  University of Colorado, Series 2017 A-2, Ref. RB<sup>(b)</sup> | 3.00% | 06/01/2033 | 25 | 25040 |
|  University of Colorado, Series 2017 A-2, Ref. RB | 3.00% | 06/01/2033 | 15 | 14555 |
|  |  |  |  | 809680 |
|  Connecticut-1.19% |  |  |  |  |
|  Connecticut (State of), Series 2015 F, GO Bonds | 3.63% | 11/15/2033 | 50 | 50020 |
|  Connecticut (State of), Series 2016 A, GO Bonds | 3.25% | 03/15/2033 | 20 | 19852 |
|  Connecticut (State of), Series 2021 A, GO Bonds | 3.00% | 01/15/2033 | 35 | 33930 |
|  Connecticut (State of), Series 2022 A, GO Bonds | 4.00% | 01/15/2033 | 40 | 42185 |
|  Connecticut (State of), Series 2023 A, RB | 5.00% | 07/01/2033 | 125 | 142523 |
|  Connecticut (State of), Series 2024 A, GO Bonds | 5.00% | 01/15/2033 | 5 | 5688 |
|  Connecticut (State of), Series 2024 F, GO Bonds | 5.00% | 11/15/2033 | 195 | 222681 |
|  Connecticut (State of), Series 2025 B, Ref. GO Bonds | 5.00% | 12/01/2033 | 30 | 34266 |
|  Connecticut (State of) (Green Bonds), Series 2021 B, GO Bonds | 3.00% | 06/01/2033 | 5 | 4824 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.00% | 07/01/2034 | 35 | 39230 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.00% | 07/01/2035 | 40 | 44406 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.00% | 07/01/2036 | 15 | 16476 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.00% | 07/01/2037 | 215 | 233857 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.00% | 07/01/2038 | 25 | 26904 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.00% | 07/01/2041 | 25 | 26262 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.25% | 07/01/2042 | 15 | 15936 |
|  New Haven (City of), CT, Series 2024, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2033 | 50 | 56130 |
|  University of Connecticut, Series 2023 A, RB | 5.25% | 11/15/2048 | 50 | 52230 |
|  |  |  |  | 1067400 |
|  Delaware-0.23% |  |  |  |  |
|  Delaware (State of), Series 2021, Ref. GO Bonds | 3.00% | 02/01/2033 | 50 | 48739 |
|  Delaware (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2033 | 10 | 11490 |
|  Delaware (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2035 | 85 | 95765 |
|  Delaware (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2036 | 35 | 38989 |
|  Delaware (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2038 | 10 | 10896 |
|  |  |  |  | 205879 |
|  District of Columbia-2.36% |  |  |  |  |
|  District of Columbia, Series 2022 A, RB | 5.00% | 07/01/2033 | 150 | 168227 |
|  District of Columbia, Series 2022 C, Ref. RB | 5.00% | 12/01/2033 | 90 | 101175 |
|  District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2035 | 90 | 99374 |
|  District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2036 | 45 | 49126 |
|  District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2037 | 45 | 48685 |

---

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

---

| |
|:---|
| 365 |
| 365 |
| 365 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  District of Columbia-(continued) |  |  |  |  |
|  District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2038 | $100 | $107148 |
|  District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2039 | 15 | 15911 |
|  District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2041 | 15 | 15649 |
|  District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2042 | 5 | 5184 |
|  District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2045 | 120 | 122692 |
|  District of Columbia, Series 2023 A, GO Bonds | 5.25% | 01/01/2048 | 25 | 25738 |
|  District of Columbia, Series 2023 A, RB | 5.00% | 05/01/2038 | 95 | &nbsp;&nbsp;&nbsp;&nbsp;101605 |
|  District of Columbia, Series 2023 A, RB | 5.00% | 05/01/2040 | 55 | 57777 |
|  District of Columbia, Series 2023 A, RB | 5.00% | 05/01/2041 | 10 | 10439 |
|  District of Columbia, Series 2023 A, RB | 5.00% | 05/01/2042 | 15 | 15561 |
|  District of Columbia, Series 2023 A, RB | 5.00% | 05/01/2043 | 260 | 268008 |
|  District of Columbia, Series 2023 A, RB | 5.25% | 05/01/2048 | 15 | 15451 |
|  District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2033 | 20 | 22751 |
|  Washington Metropolitan Area Transit Authority, Series 2023, RB | 5.00% | 07/15/2035 | 35 | 38704 |
|  Washington Metropolitan Area Transit Authority, Series 2023, RB | 5.00% | 07/15/2041 | 10 | 10430 |
|  Washington Metropolitan Area Transit Authority, Series 2023, RB | 5.00% | 07/15/2044 | 110 | 112634 |
|  Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB | 5.00% | 07/15/2042 | 30 | 31034 |
|  Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB | 5.00% | 07/15/2048 | 155 | 156681 |
|  Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB | 5.50% | 07/15/2051 | 205 | 213842 |
|  Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB | 5.25% | 07/15/2053 | 80 | 82076 |
|  Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB | 5.00% | 07/15/2036 | 40 | 43767 |
|  Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB | 5.00% | 07/15/2037 | 30 | 32530 |
|  Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB | 5.00% | 07/15/2039 | 75 | 79746 |
|  Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB | 5.00% | 07/15/2040 | 30 | 31601 |
|  Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB | 5.00% | 07/15/2042 | 25 | 25862 |
|  Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB | 5.00% | 07/15/2043 | 5 | 5141 |
|  |  |  |  | 2114549 |
|  Florida-3.03% |  |  |  |  |
|  Brevard (County of), FL, Series 2023, RB | 5.50% | 09/01/2053 | 25 | 26391 |
|  Broward (County of), FL School Board, Series 2016 A, Ref. COP | 3.25% | 07/01/2033 | 155 | 152368 |
|  Cape Coral (City of), FL, Series 2023, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.60% | 03/01/2048 | 170 | 177916 |
|  Cape Coral (City of), FL, Series 2023, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 10/01/2053 | 40 | 41086 |
|  Florida (State of), Series 2022 B, Ref. GO Bonds | 5.00% | 06/01/2033 | 50 | 57287 |
|  Florida (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 06/01/2033 | 5 | 5729 |
|  Florida (State of), Series 2024 A, Ref. GO Bonds | 5.00% | 06/01/2033 | 245 | 281071 |
|  Florida (State of) Board of Governors (University of North Florida), Series 2023 A, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 11/01/2053 | 25 | 24736 |
|  Florida (State of) Municipal Power Agency, Series 2021 A, RB | 3.00% | 10/01/2033 | 25 | 23725 |
|  Fort Lauderdale (City of), FL (Enabling Works), Series 2023 A, RB | 5.50% | 09/01/2048 | 170 | 179847 |
|  Fort Lauderdale (City of), FL (Enabling Works), Series 2023 A, RB | 5.50% | 09/01/2053 | 70 | 74086 |
|  Fort Lauderdale (City of), FL (Prospect Lake Water Treatment Plant), Series 2023, RB | 5.50% | 09/01/2048 | 30 | 31738 |
|  Fort Myers (City of), FL, Series 2023, Ref. RB | 5.50% | 10/01/2049 | 5 | 5279 |
|  Hillsborough (County of), FL, Series 2023, GO Bonds | 5.00% | 07/01/2053 | 150 | 152744 |
|  Jacksonville (City of), FL, Series 2023 A, Ref. RB | 5.25% | 10/01/2048 | 100 | 103745 |
|  JEA Electric System Revenue, Series 2024, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2033 | 30 | 34081 |
|  JEA Water & Sewer System, Series 2024 A, Ref. RB | 5.50% | 10/01/2054 | 300 | 317219 |
|  Lee County School Board (The), Series 2023 A, COP | 4.00% | 08/01/2046 | 20 | 17504 |
|  Manatee (County of), FL, Series 2023, RB | 5.25% | 10/01/2048 | 150 | 155822 |
|  Manatee (County of), FL, Series 2023, RB | 5.50% | 10/01/2053 | 150 | 158195 |
|  Manatee (County of), FL School District, Series 2023 A, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2035 | 15 | 16437 |
|  Manatee (County of), FL School District, Series 2023 A, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2038 | 155 | 164371 |
|  Miami (City of) & Dade (County of), FL School Board (The), Series 2016 C, Ref. COP | 3.25% | 02/01/2033 | 145 | 142999 |
|  Miami (City of), FL, Series 2023 A, RB | 5.25% | 03/01/2053 | 5 | 5084 |
|  Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2007 B,<br>Ref. RB, (INS - AMBAC)<sup>(a)</sup> | 5.25% | 04/01/2033 | 20 | 22365 |
|  Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023 A, RB | 5.00% | 10/01/2053 | 85 | 83740 |
|  Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023, RB | 5.00% | 10/01/2041 | 55 | 56726 |
|  Orange (County of), FL School Board, Series 2024 A, COP | 5.00% | 08/01/2033 | 15 | 16895 |

---

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

---

| |
|:---|
| 366 |
| 366 |
| 366 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Florida-(continued) |  |  |  |  |
|  Orlando (City of), FL Utilities Commission, Series 2023 A, RB | 5.00% | 10/01/2048 | $100 | $101073 |
|  Palm Beach County School District, Series 2023 A, COP | 5.00% | 08/01/2039 | 5 | 5271 |
|  Sarasota (County of), FL School Board, Series 2023 A, COP | 5.00% | 07/01/2036 | 30 | 32870 |
|  Sarasota (County of), FL School Board, Series 2023, COP | 5.00% | 07/01/2035 | 40 | 44234 |
|  Sarasota (County of), FL School Board, Series 2023, COP | 5.00% | 07/01/2037 | 5 | 5429 |
|  |  |  |  | 2718063 |
|  Georgia-1.73% |  |  |  |  |
|  Atlanta (City of), GA, Series 2024, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 11/01/2033 | 135 | 154038 |
|  Atlanta (City of), GA (Social Bonds), Series 2023, RB | 5.00% | 07/01/2044 | 5 | 5166 |
|  Atlanta (City of), GA Department of Aviation (Green Bonds), Series 2023 B-1, RB | 5.00% | 07/01/2053 | 175 | 176471 |
|  Augusta (City of), GA, Series 2024 A, Ref. RB | 5.00% | 10/01/2033 | 70 | 79629 |
|  DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2033 | 50 | 56149 |
|  Georgia (State of), Series 2015 A, GO Bonds | 4.00% | 02/01/2033 | 5 | 5001 |
|  Georgia (State of), Series 2022 A, GO Bonds | 5.00% | 07/01/2033 | 5 | 5663 |
|  Georgia (State of), Series 2023 C, Ref. GO Bonds | 5.00% | 01/01/2033 | 5 | 5733 |
|  Georgia (State of) (Bidding Group 1), Series 2023 A, GO Bonds | 5.00% | 07/01/2033 | 25 | 28749 |
|  Georgia (State of) (Bidding Group 2), Series 2023 A, GO Bonds | 5.00% | 07/01/2036 | 300 | 333857 |
|  Georgia (State of) (Bidding Group 2), Series 2023 A, GO Bonds | 5.00% | 07/01/2037 | 5 | 5511 |
|  Georgia (State of) (Bidding Group 2), Series 2023 A, GO Bonds | 5.00% | 07/01/2038 | 190 | 206662 |
|  Georgia (State of) (Tranche 2), Series 2016 A, GO Bonds | 2.50% | 02/01/2033 | 50 | 47043 |
|  Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2033 | 35 | 39364 |
|  Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2024 A, RB | 5.00% | 07/01/2033 | 5 | 5712 |
|  Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2024 B, RB | 5.00% | 07/01/2033 | 25 | 28561 |
|  Private Colleges & Universities Authority (Emory University), Series 2023 B, RB | 5.00% | 09/01/2033 | 250 | 282213 |
|  Private Colleges & Universities Authority (Emory University), Series 2025 A, Ref. RB | 5.00% | 09/01/2033 | 80 | 90308 |
|  |  |  |  | 1555830 |
|  Hawaii-0.05% |  |  |  |  |
|  Hawaii (State of), Series 2016 FB, GO Bonds | 3.00% | 04/01/2033 | 25 | 24252 |
|  Hawaii (State of), Series 2017 FK, GO Bonds | 3.25% | 05/01/2033 | 10 | 9890 |
|  Honolulu (City & County of), HI (Green Bonds), Series 2023, RB | 5.25% | 07/01/2053 | 15 | 15437 |
|  |  |  |  | 49579 |
|  Idaho-0.46% |  |  |  |  |
|  Idaho (State of) Housing & Finance Association, Series 2023 A, RB | 5.00% | 08/15/2040 | 35 | 37133 |
|  Idaho (State of) Housing & Finance Association, Series 2023 A, RB | 5.00% | 08/15/2041 | 20 | 21032 |
|  Idaho (State of) Housing & Finance Association, Series 2023 A, RB | 5.25% | 08/15/2048 | 250 | 258794 |
|  Idaho State Building Authority, Series 2024 A, RB | 5.00% | 06/01/2033 | 80 | 91659 |
|  |  |  |  | 408618 |
|  Illinois-4.12% |  |  |  |  |
|  Chicago (City of), IL, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 11/01/2048 | 70 | 71145 |
|  Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2033 | 160 | 176320 |
|  Chicago (City of), IL, Series 2024 A, GO Bonds | 5.00% | 01/01/2041 | 125 | 123007 |
|  Chicago (City of), IL, Series 2024 B, Ref. GO Bonds | 5.00% | 01/01/2033 | 170 | 180279 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2023, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 01/01/2041 | 240 | 249539 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2023, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 01/01/2043 | 25 | 25659 |
|  Chicago (City of), IL Board of Education, Series 2023, RB | 5.25% | 04/01/2037 | 25 | 26200 |
|  Chicago (City of), IL Board of Education, Series 2023, RB | 5.25% | 04/01/2039 | 165 | 169848 |
|  Chicago (City of), IL Board of Education, Series 2023, RB | 5.00% | 04/01/2041 | 25 | 24733 |
|  Chicago (City of), IL Metropolitan Water Reclamation District, Series 2007 C, Ref. GO Bonds | 5.25% | 12/01/2033 | 35 | 40583 |
|  Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 01/01/2035 | 125 | 138561 |
|  Cook (County of), IL, Series 2022 A, Ref. GO Bonds | 5.00% | 11/15/2033 | 70 | 78102 |
|  Illinois (State of), Series 2016 D, Ref. RB | 3.00% | 06/15/2033 | 85 | 78187 |
|  Illinois (State of), Series 2020 B, GO Bonds | 4.00% | 10/01/2033 | 10 | 10107 |
|  Illinois (State of), Series 2022 B, GO Bonds | 5.00% | 10/01/2033 | 155 | 169821 |
|  Illinois (State of), Series 2022 B, Ref. GO Bonds | 5.00% | 03/01/2033 | 5 | 5476 |
|  Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 12/01/2033 | 45 | 49806 |

---

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

---

| |
|:---|
| 367 |
| 367 |
| 367 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Illinois-(continued) |  |  |  |  |
|  Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 12/01/2036 | $35 | $37208 |
|  Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 12/01/2037 | 15 | 15763 |
|  Illinois (State of), Series 2023 C, GO Bonds | 5.00% | 12/01/2048 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;486606 |
|  Illinois (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 07/01/2033 | 105 | 115038 |
|  Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2033 | 25 | 27700 |
|  Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 10/01/2036 | 5 | 5321 |
|  Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2033 | 40 | 44333 |
|  Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds | 4.00% | 11/01/2033 | 30 | 30192 |
|  Illinois (State of) Finance Authority (Green Bonds), Series 2025 B, RB | 5.00% | 07/01/2033 | 10 | 11357 |
|  Illinois (State of) Finance Authority (Rush University Medical Center Obligated Group), Series 2015 A, Ref. RB | 5.00% | 11/15/2033 | 70 | 70016 |
|  Illinois (State of) Finance Authority (The University of Chicago), Series 2024 B, Ref. RB | 5.00% | 04/01/2033 | 65 | 72950 |
|  Illinois (State of) Finance Authority (University of Chicago (The)), Series 2024 A, Ref. RB | 5.00% | 04/01/2033 | 120 | 134676 |
|  Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB | 5.00% | 10/01/2033 | 40 | 44954 |
|  Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB<sup>(b)(c)</sup> | 4.00% | 09/09/2025 | 230 | 230064 |
|  Illinois (State of) Toll Highway Authority, Series 2023 A, RB | 5.00% | 01/01/2042 | 185 | 191696 |
|  Illinois (State of) Toll Highway Authority, Series 2023 A, RB | 5.25% | 01/01/2043 | 75 | 78523 |
|  Illinois (State of) Toll Highway Authority, Series 2023 A, RB | 5.00% | 01/01/2044 | 85 | 87249 |
|  Illinois (State of) Toll Highway Authority, Series 2023 A, RB | 5.25% | 01/01/2045 | 150 | 155796 |
|  Sales Tax Securitization Corp., Series 2021 A, Ref. RB | 5.00% | 01/01/2033 | 80 | 88707 |
|  Sales Tax Securitization Corp., Series 2023 A, Ref. RB | 5.00% | 01/01/2033 | 40 | 44602 |
|  Sales Tax Securitization Corp., Series 2023 C, Ref. RB | 5.00% | 01/01/2035 | 90 | 97911 |
|  Springfield (City of), IL, Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 03/01/2033 | 10 | 11086 |
|  |  |  |  | 3699121 |
|  Indiana-1.22% |  |  |  |  |
|  Indiana (State of) Finance Authority (Citizens Energy Group), Series 2023, Ref. RB | 5.00% | 10/01/2035 | 40 | 44472 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB | 5.00% | 02/01/2033 | 5 | 5597 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2023, Ref. RB | 5.00% | 02/01/2035 | 65 | 73019 |
|  Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2023 A, RB | 5.00% | 10/01/2041 | 25 | 25984 |
|  Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2023 A, RB | 5.00% | 10/01/2042 | 100 | 102890 |
|  Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2023 A, RB | 5.00% | 10/01/2053 | 75 | 75152 |
|  Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB | 5.00% | 02/01/2033 | 40 | 44190 |
|  Indiana (State of) Finance Authority (Tippecanoe LLC-Student HSG), Series 2023, RB | 5.00% | 06/01/2053 | 100 | 92803 |
|  Indianapolis Local Public Improvement Bond Bank, Series 2023, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 03/01/2058 | 150 | 149047 |
|  Indianapolis Local Public Improvement Bond Bank, Series 2023, RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 03/01/2067 | 200 | 202222 |
|  Indianapolis Local Public Improvement Bond Bank (Circle City Forward Phase II), Series 2023, RB | 5.25% | 02/01/2048 | 125 | 129703 |
|  Indianapolis Local Public Improvement Bond Bank (Indianapolis Airport Authority), Series 2023, RB | 5.00% | 01/01/2048 | 50 | 50011 |
|  Indianapolis Local Public Improvement Bond Bank (Metropolitan Throughfare), Series 2024, RB | 5.00% | 01/01/2043 | 20 | 20632 |
|  Indianapolis Local Public Improvement Bond Bank (Metropolitan Throughfare), Series 2024, RB | 5.00% | 01/01/2044 | 80 | 82261 |
|  |  |  |  | 1097983 |
|  Iowa-0.37% |  |  |  |  |
|  Iowa (State of) Finance Authority (Green Bonds), Series 2023, RB | 5.25% | 08/01/2048 | 100 | 103643 |
|  Iowa (State of) Finance Authority (Green Bonds), Series 2023, Ref. RB | 5.00% | 08/01/2035 | 145 | 161090 |
|  Iowa (State of) Finance Authority (Green Bonds), Series 2023, Ref. RB | 5.00% | 08/01/2037 | 10 | 10879 |
|  Iowa (State of) Finance Authority (Green Bonds), Series 2023, Ref. RB | 5.00% | 08/01/2039 | 50 | 53481 |
|  |  |  |  | 329093 |
|  Kentucky-0.70% |  |  |  |  |
|  Christian County School District Finance Corp., Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 4.50% | 10/01/2053 | 150 | 139393 |
|  Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2023 A, Ref. RB | 5.00% | 10/01/2040 | 160 | 165669 |
|  Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2023 A, Ref. RB | 5.00% | 05/15/2035 | 80 | 88392 |
|  Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2023 C, Ref. RB | 5.00% | 05/15/2051 | 40 | 40247 |
|  Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2023 B, Ref. RB | 5.00% | 05/15/2036 | 155 | 169588 |
|  Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2023 C, Ref. RB | 5.00% | 05/15/2053 | 25 | 25151 |
|  |  |  |  | 628440 |

---

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

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| |
|:---|
| 368 |
| 368 |
| 368 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Louisiana-0.96% |  |  |  |  |
|  Ernest N. Morial New Orleans Exhibition Hall Authority, Series 2023, RB | 5.50% | 07/15/2053 | $250 | $256259 |
|  Lafayette (City of), LA, Series 2023, RB, (INS - BAM)<sup>(a)</sup> | 5.13% | 11/01/2048 | 10 | 10153 |
|  Louisiana (State of), Series 2017 B, GO Bonds | 3.00% | 10/01/2033 | 25 | 23640 |
|  Louisiana (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 02/01/2033 | 10 | 11308 |
|  Louisiana (State of), Series 2024 E, GO Bonds | 5.00% | 09/01/2033 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;113338 |
|  Louisiana (State of) (Garvee), Series 2023, RB | 5.00% | 09/01/2035 | 80 | 88644 |
|  Louisiana Stadium & Exposition District, Series 2023 A, Ref. RB | 5.00% | 07/01/2036 | 10 | 10899 |
|  Louisiana Stadium & Exposition District, Series 2023 A, Ref. RB | 5.00% | 07/01/2041 | 210 | 216589 |
|  Louisiana Stadium & Exposition District, Series 2023 A, Ref. RB | 5.00% | 07/01/2048 | 100 | 99713 |
|  Louisiana Stadium & Exposition District, Series 2023 A, Ref. RB | 5.25% | 07/01/2053 | 35 | 35408 |
|  |  |  |  | 865951 |
|  Maryland-1.09% |  |  |  |  |
|  Baltimore (County of), MD (84th Issue), Series 2023, GO Bonds | 5.00% | 03/01/2053 | 20 | 20301 |
|  Maryland (State of), Series 2022, GO Bonds | 5.00% | 06/01/2033 | 75 | 84455 |
|  Maryland (State of) (Bidding Group 2), First Series 2023 A, GO Bonds | 5.00% | 03/15/2035 | 45 | 50284 |
|  Maryland (State of) (Bidding Group 2), Series 2019 A, GO Bonds | 2.13% | 08/01/2033 | 40 | 35648 |
|  Maryland (State of) (Bidding Group 2), Series 2023, A GO Bonds | 5.00% | 03/15/2036 | 45 | 49611 |
|  Maryland (State of) Department of Transportation, Series 2019, RB | 2.50% | 10/01/2033 | 135 | 123685 |
|  Maryland (State of) Health & Higher Educational Facilities Authority (Frederick Health System), Series 2023, Ref. RB | 5.25% | 07/01/2053 | 155 | 152788 |
|  Maryland (State of) Stadium Authority (Football Stadium Issue), Series 2023 A, RB | 5.00% | 03/01/2036 | 180 | 197316 |
|  Maryland (State of) Stadium Authority (Football Stadium Issue), Series 2023 A, RB | 5.00% | 03/01/2035 | 100 | 110681 |
|  Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB | 3.00% | 07/01/2033 | 40 | 38802 |
|  Maryland (State of) Transportation Authority, Series 2024, Ref. RB | 5.00% | 07/01/2033 | 65 | 74063 |
|  Montgomery (County of), MD, Series 2020 A, GO Bonds | 3.00% | 08/01/2033 | 40 | 38895 |
|  |  |  |  | 976529 |
|  Massachusetts-4.47% |  |  |  |  |
|  Boston (City of), MA, Series 2023 A, GO Bonds | 5.00% | 11/01/2040 | 95 | 102460 |
|  Boston (City of), MA, Series 2023, A GO Bonds | 5.00% | 11/01/2035 | 25 | 28386 |
|  Massachusetts (Commonwealth of), Series 2015 D, GO Bonds | 3.13% | 09/01/2033 | 50 | 49654 |
|  Massachusetts (Commonwealth of), Series 2016 E, GO Bonds | 4.00% | 04/01/2033 | 145 | 145008 |
|  Massachusetts (Commonwealth of), Series 2017 E, GO Bonds | 3.00% | 11/01/2033 | 70 | 68969 |
|  Massachusetts (Commonwealth of), Series 2022 A, GO Bonds | 5.00% | 02/01/2033 | 10 | 11210 |
|  Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.00% | 10/01/2033 | 70 | 78799 |
|  Massachusetts (Commonwealth of), Series 2022 D, GO Bonds | 5.00% | 11/01/2033 | 10 | 11402 |
|  Massachusetts (Commonwealth of), Series 2023 A, GO Bonds | 5.00% | 05/01/2035 | 35 | 38970 |
|  Massachusetts (Commonwealth of), Series 2023 A, GO Bonds | 5.00% | 05/01/2036 | 70 | 77181 |
|  Massachusetts (Commonwealth of), Series 2023 A, GO Bonds | 5.00% | 05/01/2040 | 15 | 15911 |
|  Massachusetts (Commonwealth of), Series 2023 A, GO Bonds | 5.00% | 05/01/2043 | 200 | 207487 |
|  Massachusetts (Commonwealth of), Series 2023 A, GO Bonds | 5.00% | 05/01/2048 | 705 | 716388 |
|  Massachusetts (Commonwealth of), Series 2023 A, GO Bonds | 5.00% | 05/01/2053 | 35 | 35289 |
|  Massachusetts (Commonwealth of), Series 2023 B, GO Bonds | 5.00% | 10/01/2037 | 20 | 21837 |
|  Massachusetts (Commonwealth of), Series 2023 B, RB | 5.00% | 06/01/2050 | 20 | 20251 |
|  Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds | 5.00% | 05/01/2033 | 50 | 56894 |
|  Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds | 5.00% | 05/01/2035 | 100 | 111344 |
|  Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds | 5.00% | 05/01/2036 | 20 | 22052 |
|  Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds | 5.00% | 05/01/2038 | 15 | 16208 |
|  Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds | 5.00% | 05/01/2041 | 70 | 73615 |
|  Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds | 5.00% | 05/01/2043 | 35 | 36310 |
|  Massachusetts (Commonwealth of), Series 2023 C, GO Bonds | 5.00% | 10/01/2048 | 205 | 208465 |
|  Massachusetts (Commonwealth of), Series 2023 C, Ref. GO Bonds | 5.00% | 08/01/2039 | 20 | 21421 |
|  Massachusetts (Commonwealth of), Series 2023 D, GO Bonds | 5.00% | 10/01/2052 | 100 | 101004 |
|  Massachusetts (Commonwealth of), Series 2023 D, GO Bonds | 5.00% | 10/01/2053 | 175 | 176514 |
|  Massachusetts (Commonwealth of), Series 2023, GO Bonds | 5.00% | 05/01/2037 | 15 | 16383 |
|  Massachusetts (Commonwealth of), Series 2023, GO Bonds | 5.00% | 05/01/2038 | 115 | 124259 |
|  Massachusetts (Commonwealth of) (Rail Enhancement Program) (Green Bonds), Series 2023, RB | 5.00% | 06/01/2053 | 285 | 287555 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2033 | 40 | 46060 |

---

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

---

| |
|:---|
| 369 |
| 369 |
| 369 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Massachusetts-(continued) |  |  |  |  |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2025 B, RB | 5.00% | 07/01/2033 | $5 | $5757 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB | 5.00% | 07/01/2041 | 20 | 21011 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB | 5.00% | 07/01/2042 | 15 | 15610 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB | 5.25% | 07/01/2048 | 165 | 170603 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB | 5.25% | 07/01/2053 | 325 | &nbsp;&nbsp;&nbsp;&nbsp;334033 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green Bopnds), Series 2023, Ref. RB | 5.25% | 07/01/2048 | 235 | 225475 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green Bopnds), Series 2023, Ref. RB | 5.25% | 07/01/2052 | 30 | 28359 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2023 FF, Ref. RB | 5.00% | 10/01/2048 | 10 | 10188 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB | 3.13% | 07/01/2033 | 130 | 126995 |
|  Massachusetts (Commonwealth of) Health & Educational Facilities Authority, Series 2005, Ref. RB | 5.00% | 11/01/2033 | 20 | 23149 |
|  Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2023 B, Ref. RB | 5.25% | 08/01/2048 | 105 | 109091 |
|  Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2023 C, RB | 5.00% | 08/01/2033 | 15 | 17314 |
|  |  |  |  | 4014871 |
|  Michigan-1.55% |  |  |  |  |
|  Kentwood Public Schools, Series 2023 II, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/01/2053 | 100 | 100955 |
|  Lansing (City of), MI, Series 2023 B, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 06/01/2048 | 25 | 25273 |
|  Michigan (State of), Series 2018, GO Bonds | 3.13% | 05/01/2033 | 125 | 124495 |
|  Michigan (State of), Series 2023, RB | 5.00% | 11/15/2033 | 125 | 144019 |
|  Michigan (State of), Series 2023, RB | 5.00% | 11/15/2035 | 30 | 33554 |
|  Michigan (State of), Series 2023, RB | 5.00% | 11/15/2036 | 15 | 16620 |
|  Michigan (State of), Series 2023, RB | 5.00% | 11/15/2037 | 65 | 71276 |
|  Michigan (State of), Series 2023, RB | 5.00% | 11/15/2039 | 20 | 21506 |
|  Michigan (State of), Series 2023, RB | 5.00% | 11/15/2040 | 130 | 138845 |
|  Michigan (State of), Series 2023, RB | 5.00% | 11/15/2041 | 50 | 52816 |
|  Michigan (State of), Series 2023, RB | 5.00% | 11/15/2043 | 50 | 51891 |
|  Michigan (State of), Series 2023, RB | 5.00% | 11/15/2046 | 95 | 97325 |
|  Michigan (State of), Series 2023, RB | 5.25% | 11/15/2049 | 250 | 259857 |
|  Michigan (State of), Series 2023, RB | 5.50% | 11/15/2049 | 110 | 116347 |
|  Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB | 3.00% | 11/15/2033 | 65 | 61346 |
|  Michigan Technological University, Series 2023 C, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 10/01/2053 | 15 | 15246 |
|  Troy School District, Series 2023, GO Bonds | 5.00% | 05/01/2047 | 25 | 25395 |
|  Troy School District, Series 2023, GO Bonds | 5.00% | 05/01/2052 | 20 | 20282 |
|  Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport), Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 12/01/2048 | 15 | 15511 |
|  |  |  |  | 1392559 |
|  Minnesota-0.79% |  |  |  |  |
|  Minnesota (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 08/01/2033 | 50 | 57485 |
|  Minnesota (State of), Series 2023, COP | 5.00% | 11/01/2035 | 50 | 55660 |
|  Minnesota (State of), Series 2023, COP | 5.00% | 11/01/2036 | 60 | 66168 |
|  Minnesota (State of), Series 2023, COP | 5.00% | 11/01/2037 | 80 | 87030 |
|  Minnesota (State of), Series 2023, COP | 5.00% | 11/01/2039 | 5 | 5315 |
|  Minnesota (State of), Series 2023, COP | 5.00% | 11/01/2042 | 210 | 217894 |
|  Minnesota (State of) Public Facilities Authority, Series 2023 A, RB | 5.00% | 03/01/2033 | 25 | 28643 |
|  Minnesota (State of) Public Facilities Authority, Series 2023 A, RB | 5.00% | 03/01/2035 | 90 | 100402 |
|  Minnesota (State of) Public Facilities Authority, Series 2023 A, RB | 5.00% | 03/01/2036 | 30 | 33094 |
|  Rochester City of), MN, Series 2016 B, Ref. RB | 5.00% | 11/15/2033 | 40 | 45553 |
|  Rosemount-Apple Valley-Eagan Independent School District No. 196, Series 2023 A, GO Bonds,<br>(CEP - Ohio School District) | 5.00% | 02/01/2033 | 10 | 11170 |
|  |  |  |  | 708414 |
|  Missouri-0.91% |  |  |  |  |
|  Hazelwood School District, Series 2023 A, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 03/01/2033 | 40 | 44306 |
|  Missouri (State of) Environmental Improvement & Energy Resources Authority (Union Electric Co.), Series 1998 A, Ref. RB | 2.90% | 09/01/2033 | 5 | 4558 |

---

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

---

| |
|:---|
| 370 |
| 370 |
| 370 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Missouri-(continued) |  |  |  |  |
|  Missouri (State of) Environmental Improvement & Energy Resources Authority (Union Electric Co.), Series 1998, Ref. RB | 2.75% | 09/01/2033 | $15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13580 |
|  Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2023 A, RB | 5.00% | 05/01/2033 | 180 | 201934 |
|  Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB | 5.00% | 06/01/2033 | 75 | 82180 |
|  Missouri (State of) Highway & Transportation Commission, Series 2022, RB | 4.00% | 05/01/2033 | 25 | 26834 |
|  Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB | 4.00% | 12/01/2033 | 110 | 110029 |
|  St. Louis (City of), MO, Series 2015 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 3.25% | 12/15/2033 | 345 | 335783 |
|  |  |  |  | 819204 |
|  Nebraska-0.84% |  |  |  |  |
|  Omaha (City of), NE Public Power District, Series 2023 A, RB | 5.25% | 02/01/2048 | 65 | 67504 |
|  Omaha (City of), NE Public Power District, Series 2023 A, RB | 5.25% | 02/01/2053 | 40 | 41090 |
|  Omaha (City of), NE Public Power District, Series 2023 B, Ref. RB | 5.25% | 02/01/2048 | 30 | 31175 |
|  Omaha (City of), NE Public Power District, Series 2024 A, RB | 5.50% | 02/01/2054 | 250 | 262929 |
|  Omaha (City of), NE Public Power District, Series 2024 B, Ref. RB | 5.00% | 02/01/2036 | 55 | 61423 |
|  Omaha Public Power District, Series 2024 B, Ref. RB | 5.00% | 02/01/2038 | 40 | 43154 |
|  Omaha Public Power District, Series 2024 B, Ref. RB | 5.00% | 02/01/2039 | 80 | 85473 |
|  Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2016, Ref. RB | 3.00% | 01/01/2033 | 170 | 161754 |
|  |  |  |  | 754502 |
|  Nevada-0.71% |  |  |  |  |
|  Clark (County of), NV, Series 2021, Ref. GO Bonds | 3.00% | 11/01/2033 | 40 | 38540 |
|  Clark (County of), NV, Series 2023, RB | 5.00% | 07/01/2039 | 25 | 26669 |
|  Clark (County of), NV, Series 2023, RB | 5.00% | 07/01/2040 | 10 | 10603 |
|  Clark (County of), NV, Series 2023, RB | 4.00% | 07/01/2042 | 200 | 182132 |
|  Clark County School District, Series 2023 A, GO Bonds | 4.00% | 06/15/2043 | 10 | 8770 |
|  Las Vegas (City of), NV Convention & Visitors Authority, Series 2023 A, RB | 5.00% | 07/01/2049 | 5 | 5036 |
|  Las Vegas Valley Water District, Series 2021 C, GO Bonds | 3.00% | 06/01/2033 | 60 | 57889 |
|  Las Vegas Valley Water District, Series 2024 A, Ref. GO Bonds | 5.00% | 06/01/2033 | 25 | 28513 |
|  Nevada (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2035 | 100 | 111939 |
|  Nevada (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2036 | 5 | 5528 |
|  Nevada (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2039 | 50 | 53559 |
|  Nevada (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2040 | 40 | 42405 |
|  Nevada (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2043 | 10 | 10373 |
|  Truckee Meadows Water Authority, Series 2024, RB | 5.00% | 07/01/2033 | 50 | 57122 |
|  |  |  |  | 639078 |
|  New Jersey-2.68% |  |  |  |  |
|  Middlesex (County of), NJ Improvement Authority (New Jersey Health + Life Science Exchange - H-1), Series 2023, RB | 5.00% | 08/15/2053 | 200 | 203824 |
|  New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2023 A, RB | 4.63% | 09/01/2048 | 5 | 4795 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, RB | 5.00% | 06/15/2038 | 70 | 74038 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, Ref. RB | 5.00% | 06/15/2037 | 25 | 26721 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, Ref. RB | 4.25% | 06/15/2040 | 305 | 290522 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, RB | 5.00% | 06/15/2038 | 45 | 47596 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB | 5.00% | 06/15/2033 | 40 | 44872 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB | 5.00% | 06/15/2035 | 135 | 147474 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB | 5.00% | 06/15/2036 | 25 | 27003 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB | 5.00% | 06/15/2037 | 90 | 96197 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB | 5.00% | 06/15/2039 | 15 | 15725 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB | 5.00% | 06/15/2040 | 15 | 15589 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2033 | 15 | 16827 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2035 | 45 | 49388 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2036 | 85 | 92184 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2037 | 110 | 117986 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2038 | 50 | 53040 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2039 | 55 | 57802 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2040 | 150 | 156200 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2041 | 35 | 36113 |

---

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

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| |
|:---|
| 371 |
| 371 |
| 371 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New Jersey-(continued) |  |  |  |  |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2043 | $115 | $&nbsp;&nbsp;&nbsp;&nbsp;116818 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2046 | 205 | 205872 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.25% | 06/15/2050 | 115 | 117365 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2024 A, Ref. RB | 5.00% | 06/15/2033 | 15 | 16827 |
|  New Jersey (State of) Turnpike Authority, Series 2022 B, RB | 5.00% | 01/01/2042 | 20 | 20812 |
|  New Jersey (State of) Turnpike Authority, Series 2022 B, RB | 5.00% | 01/01/2046 | 350 | 355949 |
|  |  |  |  | 2407539 |
|  New Mexico-0.12% |  |  |  |  |
|  Farmington (City of), NM (San Juan and Four Corners), Series 2016 B, Ref. RB | 2.15% | 04/01/2033 | 40 | 34024 |
|  New Mexico (State of), Series 2023, GO Bonds | 5.00% | 03/01/2033 | 65 | 74094 |
|  |  |  |  | 108118 |
|  New York-19.14% |  |  |  |  |
|  Battery Park (City of), NY Authority (Green Bonds), Series 2023 A, RB | 5.00% | 11/01/2041 | 10 | 10615 |
|  Battery Park (City of), NY Authority (Green Bonds), Series 2023 A, RB | 5.00% | 11/01/2044 | 55 | 57158 |
|  Battery Park (City of), NY Authority (Green Bonds), Series 2023 A, RB | 5.00% | 11/01/2048 | 25 | 25605 |
|  Battery Park (City of), NY Authority (Green Bonds), Series 2023 A, RB | 5.00% | 11/01/2053 | 265 | 269954 |
|  Battery Park (City of), NY Authority (Green Bonds), Series 2023 B, Ref. RB | 5.00% | 11/01/2033 | 10 | 11614 |
|  Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021, Ref. RB | 5.00% | 02/15/2033 | 10 | 11266 |
|  Long Island (City of), NY Power Authority, Series 2023 F, Ref. RB | 5.00% | 09/01/2033 | 5 | 5713 |
|  Long Island (City of), NY Power Authority (Green Bonds), Series 2023 E, RB | 5.00% | 09/01/2048 | 10 | 10075 |
|  Long Island (City of), NY Power Authority (Green Bonds), Series 2023 E, RB | 5.00% | 09/01/2053 | 80 | 80164 |
|  Long Island (City of), NY Power Authority (Green Bonds), Series 2023 E, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2053 | 240 | 241752 |
|  Metropolitan Transportation Authority, Series 2015 F, Ref. RB | 3.25% | 11/15/2033 | 180 | 165096 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB | 3.13% | 11/15/2033 | 45 | 42594 |
|  Monroe County Industrial Development Corp. (University of Rochester), Series 2023 A, RB | 5.00% | 07/01/2053 | 85 | 85166 |
|  Nassau (County of), NY, Series 2023 B, Ref. GO Bonds | 5.00% | 04/01/2036 | 15 | 16658 |
|  Nassau (County of), NY, Series 2023 B, Ref. GO Bonds | 5.00% | 04/01/2038 | 45 | 48914 |
|  New York & New Jersey (States of) Port Authority, Series 2014, RB | 3.50% | 12/15/2033 | 5 | 4938 |
|  New York & New Jersey (States of) Port Authority, Series 2023, Ref. RB | 5.00% | 07/15/2043 | 30 | 31009 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB | 5.00% | 07/15/2040 | 25 | 26558 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB | 5.00% | 07/15/2048 | 10 | 10126 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Forty First Series 2023, RB | 5.00% | 07/15/2040 | 50 | 53117 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Forty First Series 2023, RB | 5.00% | 07/15/2042 | 200 | 208376 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Forty First Series 2023, RB | 5.00% | 07/15/2043 | 10 | 10336 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Forty One Series 2023, RB | 5.00% | 07/15/2041 | 40 | 42103 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Forty Third Series 2023, Ref. RB | 5.00% | 12/01/2038 | 60 | 64766 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Thirty Seventh Series 2022, RB | 5.00% | 01/15/2047 | 50 | 50680 |
|  New York (City of), NY, Series 2013 E, GO Bonds | 3.00% | 08/01/2033 | 100 | 93884 |
|  New York (City of), NY, Series 2015 F-1, GO Bonds | 3.50% | 06/01/2033 | 5 | 4954 |
|  New York (City of), NY, Series 2018 E-1, GO Bonds | 3.25% | 03/01/2033 | 60 | 59726 |
|  New York (City of), NY, Series 2021-1, GO Bonds | 5.00% | 08/01/2033 | 65 | 73211 |
|  New York (City of), NY, Series 2021-1, GO Bonds | 5.00% | 08/01/2035 | 20 | 21956 |
|  New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2040 | 15 | 15730 |
|  New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2041 | 5 | 5201 |
|  New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2042 | 15 | 15494 |
|  New York (City of), NY, Series 2023 C, Ref. GO Bonds | 5.00% | 08/01/2033 | 20 | 22526 |
|  New York (City of), NY, Series 2023 F-1, Ref. GO Bonds | 5.00% | 08/01/2035 | 130 | 142715 |
|  New York (City of), NY, Series 2023 F-1, Ref. GO Bonds | 5.00% | 08/01/2036 | 5 | 5438 |
|  New York (City of), NY, Series 2023 F-1, Ref. GO Bonds | 5.00% | 08/01/2038 | 80 | 85133 |
|  New York (City of), NY, Series 2023, A GO Bonds | 5.00% | 08/01/2033 | 10 | 11263 |
|  New York (City of), NY, Series 2023, A GO Bonds | 5.00% | 08/01/2035 | 5 | 5489 |
|  New York (City of), NY, Series 2023, A GO Bonds | 5.00% | 08/01/2043 | 5 | 5139 |
|  New York (City of), NY, Series 2023, GO Bonds | 5.00% | 08/01/2037 | 45 | 48442 |
|  New York (City of), NY, Series 2024 A, GO Bonds | 5.00% | 08/01/2051 | 30 | 30044 |
|  New York (City of), NY, Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2033 | 5 | 5632 |
|  New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2033 | 10 | 11249 |
|  New York (City of), NY, Series 2024 E, Ref. GO Bonds | 5.00% | 08/01/2033 | 5 | 5632 |

---

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

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| |
|:---|
| 372 |
| 372 |
| 372 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (City of), NY, Series 2025, Ref. GO Bonds | 5.00% | 08/01/2033 | $5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5632 |
|  New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.00% | 04/01/2035 | 500 | 548903 |
|  New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.00% | 04/01/2036 | 60 | 65274 |
|  New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.00% | 04/01/2037 | 130 | 140015 |
|  New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.00% | 04/01/2038 | 190 | 202511 |
|  New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.00% | 04/01/2039 | 45 | 47564 |
|  New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.00% | 04/01/2040 | 10 | 10469 |
|  New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.00% | 04/01/2041 | 160 | 166189 |
|  New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.25% | 04/01/2043 | 95 | 99232 |
|  New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.25% | 04/01/2044 | 70 | 72739 |
|  New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.25% | 04/01/2047 | 255 | 260942 |
|  New York (City of), NY, Subseries 2023 F-1, Ref. GO Bonds | 5.00% | 08/01/2033 | 50 | 56316 |
|  New York (City of), NY, Subseries 2023 F-1, Ref. GO Bonds | 5.00% | 08/01/2037 | 125 | 134562 |
|  New York (City of), NY, Subseries 2025 G-1, GO Bonds | 5.00% | 02/01/2033 | 10 | 11245 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2023 AA-2, RB | 5.00% | 06/15/2035 | 40 | 44965 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB | 5.25% | 06/15/2047 | 100 | 103298 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2023 DD, Ref. RB | 5.00% | 06/15/2035 | 40 | 44725 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2023 DD, Ref. RB | 5.00% | 06/15/2038 | 15 | 16169 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2023 DD, Ref. RB | 5.00% | 06/15/2046 | 600 | 611491 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2022 EE, Ref. RB | 5.00% | 06/15/2033 | 55 | 63026 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-3, Ref. RB | 5.00% | 06/15/2043 | 15 | 15547 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2024 AA-1, RB | 5.25% | 06/15/2053 | 250 | 257280 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB | 5.00% | 06/15/2035 | 60 | 67485 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB | 5.00% | 06/15/2036 | 290 | 321422 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB | 5.00% | 06/15/2039 | 60 | 64231 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB | 5.00% | 06/15/2045 | 250 | 256298 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB | 5.25% | 06/15/2047 | 80 | 82778 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2024 CC-2, Ref. RB | 5.00% | 06/15/2033 | 95 | 108863 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2033 | 30 | 33383 |
|  New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB | 5.00% | 11/01/2033 | 30 | 33388 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 A, RB | 5.00% | 05/01/2035 | 90 | 99461 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 A, RB | 5.00% | 05/01/2037 | 25 | 26974 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 A, RB | 5.00% | 05/01/2038 | 440 | 470590 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 A, RB | 5.00% | 05/01/2039 | 60 | 63612 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB | 5.00% | 05/01/2040 | 20 | 21010 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB | 5.00% | 05/01/2043 | 15 | 15395 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB | 5.00% | 05/01/2044 | 110 | 112299 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB | 5.00% | 05/01/2046 | 230 | 233116 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB | 5.00% | 05/01/2053 | 65 | 65248 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 C, RB | 5.50% | 05/01/2053 | 275 | 286629 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 E-1, RB | 5.00% | 11/01/2037 | 30 | 32207 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2033 | 30 | 33760 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2034 | 60 | 66838 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2036 | 195 | 211252 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2038 | 75 | 79813 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2039 | 15 | 15845 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2040 | 60 | 63041 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2041 | 65 | 67794 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB | 5.00% | 02/01/2037 | 55 | 59357 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB | 5.00% | 02/01/2039 | 85 | 90139 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB | 5.00% | 02/01/2041 | 55 | 57294 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB | 5.00% | 02/01/2042 | 15 | 15490 |
|  New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB | 5.25% | 02/01/2047 | 160 | 164304 |
|  New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2033 | 25 | 28191 |
|  New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2033 | 5 | 5638 |
|  New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2035 | 5 | 5555 |
|  New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2035 | 5 | 5555 |
|  New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2036 | 50 | 54675 |

---

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

---

| |
|:---|
| 373 |
| 373 |
| 373 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2037 | $40 | $43335 |
|  New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2038 | 5 | 5367 |
|  New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2038 | 80 | 85870 |
|  New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2039 | 195 | &nbsp;&nbsp;&nbsp;&nbsp;207388 |
|  New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2039 | 25 | 26588 |
|  New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2042 | 10 | 10353 |
|  New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.25% | 05/01/2043 | 20 | 20988 |
|  New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.50% | 05/01/2047 | 10 | 10506 |
|  New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.25% | 05/01/2048 | 500 | 513446 |
|  New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.25% | 05/01/2050 | 135 | 138271 |
|  New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB | 5.00% | 11/01/2033 | 100 | 112945 |
|  New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB | 5.00% | 11/01/2033 | 35 | 39531 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB | 3.00% | 02/01/2033 | 105 | 104644 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2023 A-1, RB | 5.00% | 05/01/2036 | 25 | 27214 |
|  New York (City of), NY Transitional Finance Authority, Subseries 2023 F-1, RB | 5.00% | 02/01/2038 | 120 | 128465 |
|  New York (State of), Series 2023 A, GO Bonds | 5.00% | 03/15/2037 | 30 | 33266 |
|  New York (State of), Series 2023 A, GO Bonds | 5.00% | 03/15/2038 | 5 | 5491 |
|  New York (State of), Series 2023 A, GO Bonds | 5.00% | 03/15/2040 | 90 | 97255 |
|  New York (State of), Series 2023 B, GO Bonds | 5.00% | 03/15/2035 | 20 | 22583 |
|  New York (State of), Series 2023 B, GO Bonds | 5.00% | 03/15/2037 | 15 | 16633 |
|  New York (State of), Series 2023 B, GO Bonds | 5.00% | 03/15/2039 | 30 | 32634 |
|  New York (State of) Dormitory Authority, Series 2019, RB | 2.00% | 07/01/2033 | 625 | 543622 |
|  New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 5.00% | 03/15/2033 | 55 | 61377 |
|  New York (State of) Dormitory Authority, Series 2023 A, RB | 5.00% | 10/01/2033 | 50 | 57612 |
|  New York (State of) Dormitory Authority, Series 2023 A, Ref. RB | 5.00% | 03/15/2033 | 20 | 22715 |
|  New York (State of) Dormitory Authority, Series 2023 A, Ref. RB | 5.00% | 03/15/2035 | 20 | 22101 |
|  New York (State of) Dormitory Authority, Series 2023 A, Ref. RB | 5.00% | 03/15/2036 | 55 | 60042 |
|  New York (State of) Dormitory Authority, Series 2023 A, Ref. RB | 5.00% | 03/15/2037 | 15 | 16197 |
|  New York (State of) Dormitory Authority, Series 2023 A, Ref. RB | 5.00% | 03/15/2038 | 60 | 64205 |
|  New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2035 | 35 | 38997 |
|  New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2036 | 65 | 71680 |
|  New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2037 | 170 | 185665 |
|  New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2038 | 55 | 59376 |
|  New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2039 | 110 | 117491 |
|  New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2040 | 30 | 31732 |
|  New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2041 | 50 | 52388 |
|  New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2045 | 200 | 204422 |
|  New York (State of) Dormitory Authority, Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2033 | 25 | 28651 |
|  New York (State of) Dormitory Authority, Series 2023, Ref. RB | 5.00% | 08/01/2036 | 15 | 16707 |
|  New York (State of) Dormitory Authority, Series 2023, Ref. RB | 5.00% | 08/01/2037 | 305 | 335312 |
|  New York (State of) Dormitory Authority, Series 2023, Ref. RB | 5.00% | 08/01/2038 | 60 | 65204 |
|  New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2033 | 20 | 22715 |
|  New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2033 | 25 | 28394 |
|  New York (State of) Dormitory Authority (Bidding Group 5), Series 2021 E, Ref. RB | 5.00% | 03/15/2033 | 50 | 55798 |
|  New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), Series 2023 B, RB | 5.00% | 07/01/2033 | 10 | 11372 |
|  New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), Series 2023 B, Ref. RB | 5.00% | 07/01/2035 | 5 | 5522 |
|  New York (State of) Dormitory Authority (State University of New York Dormitory Facilities) (Green Bonds), Series 2023, RB | 5.00% | 07/01/2048 | 130 | 130738 |
|  New York (State of) Dormitory Authority (State University of New York Dormitory Facilities) (Green Bonds), Series 2023, RB | 5.00% | 07/01/2053 | 55 | 55037 |
|  New York (State of) Power Authority (Green Bonds), Series 2024 A, RB | 5.00% | 11/15/2033 | 25 | 28962 |
|  New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2035 | 80 | 90458 |
|  New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2038 | 30 | 32747 |
|  New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 11/15/2039 | 60 | 66063 |
|  New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 11/15/2040 | 95 | 104053 |

---

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

---

| |
|:---|
| 374 |
| 374 |
| 374 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2033 | $20 | $23138 |
|  New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.13% | 11/15/2058 | 180 | &nbsp;&nbsp;&nbsp;&nbsp;182332 |
|  New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB | 5.00% | 03/15/2033 | 125 | 139986 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Series 2023 E-1, RB | 5.00% | 11/01/2035 | 25 | 27486 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2023, Ref. RB | 5.00% | 06/15/2053 | 10 | 10122 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB | 5.00% | 06/15/2033 | 50 | 57559 |
|  New York State Urban Development Corp., Series 2023 A, RB | 5.00% | 03/15/2035 | 10 | 11186 |
|  New York State Urban Development Corp., Series 2023, Ref. RB | 5.00% | 03/15/2035 | 30 | 33401 |
|  New York State Urban Development Corp. (Bidding Group 1), Series 2024 A, RB | 5.00% | 03/15/2033 | 10 | 11379 |
|  New York State Urban Development Corp. (Bidding Group 2), Series 2023 A, RB | 5.00% | 03/15/2039 | 90 | 96347 |
|  New York State Urban Development Corp. (Bidding Group 2), Series 2023 A, RB | 5.00% | 03/15/2042 | 40 | 41712 |
|  New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB | 5.00% | 03/15/2045 | 20 | 20534 |
|  New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB | 5.00% | 03/15/2048 | 135 | 137476 |
|  New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB | 5.00% | 03/15/2049 | 220 | 223506 |
|  New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB | 5.00% | 03/15/2050 | 350 | 354322 |
|  New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB | 5.00% | 03/15/2052 | 55 | 55553 |
|  New York State Urban Development Corp. (Green Bonds), Series 2023, Ref. RB | 5.00% | 03/15/2054 | 15 | 15129 |
|  New York State Urban Development Corp. (Green Bonds), Series 2023, Ref. RB | 5.00% | 03/15/2063 | 250 | 250981 |
|  Triborough Bridge & Tunnel Authority, Series 2023 A, RB | 5.00% | 05/15/2040 | 20 | 21152 |
|  Triborough Bridge & Tunnel Authority, Series 2023 A, RB | 5.00% | 05/15/2041 | 25 | 26194 |
|  Triborough Bridge & Tunnel Authority, Series 2023 A, RB | 5.25% | 05/15/2058 | 375 | 385247 |
|  Triborough Bridge & Tunnel Authority, Series 2023, Ref. RB | 5.00% | 11/15/2033 | 20 | 22588 |
|  Triborough Bridge & Tunnel Authority, Series 2024 A-2, Ref. RB | 5.00% | 11/15/2033 | 10 | 11420 |
|  Triborough Bridge & Tunnel Authority, Series 2025, RB | 5.00% | 12/01/2033 | 5 | 5703 |
|  Triborough Bridge & Tunnel Authority, Subseries 2023 B-1, RB | 5.00% | 11/15/2048 | 125 | 125868 |
|  Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB | 5.00% | 11/15/2033 | 15 | 17141 |
|  Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB | 5.00% | 11/15/2037 | 115 | 124576 |
|  Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB | 5.00% | 11/15/2038 | 15 | 16060 |
|  Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB | 5.25% | 11/15/2039 | 75 | 81677 |
|  Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB | 5.25% | 11/15/2040 | 190 | 205804 |
|  Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB | 5.00% | 11/15/2041 | 65 | 68233 |
|  Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB | 5.00% | 11/15/2043 | 40 | 41334 |
|  Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023, RB | 5.00% | 11/15/2033 | 25 | 28310 |
|  Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023, Ref. RB | 5.00% | 11/15/2035 | 25 | 27791 |
|  Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023, Ref. RB | 5.00% | 11/15/2036 | 125 | 137006 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 C-2, Ref. RB | 3.00% | 05/15/2033 | 60 | 58103 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, RB | 5.00% | 05/15/2043 | 45 | 46352 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, RB | 5.00% | 05/15/2048 | 170 | 171858 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB | 5.00% | 11/15/2034 | 25 | 27972 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB | 5.00% | 11/15/2035 | 85 | 93923 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB | 5.00% | 11/15/2036 | 85 | 93091 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB | 5.00% | 11/15/2037 | 55 | 59339 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2024, A-2 RB | 5.25% | 05/15/2064 | 200 | 204819 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Subseries 2023 B-1, RB | 5.00% | 11/15/2045 | 5 | 5113 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023 C, Ref. RB | 5.25% | 11/15/2042 | 25 | 26610 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB | 4.00% | 11/15/2033 | 30 | 31794 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB | 5.00% | 11/15/2033 | 20 | 22573 |
|  Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB | 4.00% | 11/15/2035 | 60 | 62096 |
|  Westchester County Local Development Corp. (Westchester Medical Center Obligated Group), Series 2023, RB, (INS - AGI), (Acquired 06/20/2024; Cost $225,205)<sup>(a)(d)</sup> | 5.75% | 11/01/2048 | 200 | 212623 |
|  |  |  |  | 17174882 |
|  North Carolina-0.64% |  |  |  |  |
|  Charlotte (City of), NC, Series 2023 A, RB | 5.25% | 07/01/2053 | 250 | 258431 |

---

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

---

| |
|:---|
| 375 |
| 375 |
| 375 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  North Carolina-(continued) |  |  |  |  |
|  Mecklenburg (County of), NC, Series 2022, GO Bonds | 5.00% | 09/01/2033 | $20 | $22624 |
|  North Carolina (State of), Series 2013 A, RB | 3.00% | 05/01/2033 | 80 | 78256 |
|  North Carolina (State of), Series 2020 B, RB | 3.00% | 05/01/2033 | 40 | 38984 |
|  North Carolina (State of) (Build North Carolina Programs), Series 2022 A, RB | 5.00% | 05/01/2033 | 15 | 16814 |
|  Raleigh (City of), NC, Series 2024, Ref. RB | 5.00% | 10/01/2033 | 5 | 5707 |
|  Raleigh (City of), NC Combined Enterprise System, Series 2023, Ref. RB | 5.00% | 09/01/2033 | 20 | 22988 |
|  Wake (County of), NC, Series 2023 A, Ref. GO Bonds | 5.00% | 05/01/2037 | 15 | 16552 |
|  Wake (County of), NC, Series 2024 B, Ref. GO Bonds | 5.00% | 09/01/2033 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;114865 |
|  |  |  |  | 575221 |
|  Ohio-2.20% |  |  |  |  |
|  Columbus (City of), OH, Series 2016 A, GO Bonds | 3.00% | 08/15/2033 | 135 | 129688 |
|  Columbus (City of), OH, Series 2023 A, GO Bonds | 5.00% | 08/15/2035 | 40 | 44883 |
|  Columbus (City of), OH, Series 2023 A, GO Bonds | 5.00% | 08/15/2036 | 50 | 55431 |
|  Columbus (City of), OH, Series 2023 A, GO Bonds | 5.00% | 08/15/2037 | 25 | 27394 |
|  Northeast Ohio Regional Sewer District, Series 2019, Ref. RB | 3.00% | 11/15/2033 | 50 | 47885 |
|  Ohio (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 03/15/2036 | 180 | 198945 |
|  Ohio (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 03/15/2037 | 70 | 76644 |
|  Ohio (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2033 | 20 | 22866 |
|  Ohio (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2036 | 25 | 27644 |
|  Ohio (State of) (Infrastructure Improvement), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2035 | 45 | 50363 |
|  Ohio (State of) Higher Educational Facility Commission (Kenyon College), Series 2023, Ref. RB | 5.00% | 07/01/2036 | 30 | 32635 |
|  Ohio (State of) Higher Educational Facility Commission (Oberlin College 2023) (Green Bonds), Series 2023, RB | 5.00% | 10/01/2048 | 160 | 160232 |
|  Ohio (State of) Higher Educational Facility Commission (Oberlin College 2023) (Green Bonds), Series 2023, RB | 5.25% | 10/01/2053 | 5 | 5072 |
|  Ohio (State of) Turnpike & Infrastructure Commission, Series 2022, Ref. RB | 5.00% | 02/15/2033 | 10 | 11331 |
|  Ohio (State of) Turnpike & Infrastructure Commission, Series 2022, Ref. RB | 5.00% | 02/15/2039 | 50 | 53434 |
|  Ohio (State of) Water Development Authority, Series 2023 A, RB | 5.00% | 12/01/2037 | 5 | 5456 |
|  Ohio (State of) Water Development Authority (Green Bonds), Series 2023 A, RB | 5.00% | 12/01/2033 | 45 | 51374 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB | 3.00% | 12/01/2033 | 65 | 62366 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023, RB | 5.00% | 12/01/2033 | 30 | 34250 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2023 B, RB | 5.00% | 12/01/2037 | 370 | 401990 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2023 B, RB | 5.00% | 12/01/2039 | 15 | 15986 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2023 B, RB | 5.00% | 12/01/2040 | 270 | 286103 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2023 B, RB | 5.00% | 12/01/2041 | 5 | 5253 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2024 D, RB | 5.00% | 12/01/2033 | 30 | 34360 |
|  Ohio State University (The) (Green Bonds), Series 2023, RB | 5.00% | 12/01/2033 | 25 | 28331 |
|  Ohio State University (The) (Green Bonds), Series 2023, RB | 5.00% | 12/01/2034 | 5 | 5624 |
|  Ohio State University (The) (Green Bonds), Series 2023, RB | 5.00% | 12/01/2035 | 90 | 100359 |
|  |  |  |  | 1975899 |
|  Oklahoma-0.26% |  |  |  |  |
|  Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2023, RB | 5.00% | 09/01/2033 | 5 | 5577 |
|  Cleveland (County of), OK Educational Facilities Authority (Norman Public Schools), Series 2023, RB | 5.00% | 06/01/2033 | 5 | 5596 |
|  Grand River Dam Authority, Series 2023, RB | 5.00% | 06/01/2036 | 105 | 114660 |
|  Grand River Dam Authority, Series 2023, RB | 5.00% | 06/01/2037 | 50 | 54083 |
|  Grand River Dam Authority, Series 2023, RB | 5.00% | 06/01/2038 | 20 | 21355 |
|  Grand River Dam Authority, Series 2023, RB | 5.00% | 06/01/2039 | 5 | 5304 |
|  Grand River Dam Authority, Series 2023, RB | 5.00% | 06/01/2040 | 5 | 5266 |
|  Grand River Dam Authority, Series 2023, RB | 5.00% | 06/01/2042 | 20 | 20806 |
|  |  |  |  | 232647 |

---

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

---

| |
|:---|
| 376 |
| 376 |
| 376 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Oregon-1.49% |  |  |  |  |
|  Deschutes County Administrative School District No.1 Bend-La Pine, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 3.00% | 06/15/2033 | $90 | $86988 |
|  Oregon (State of), Series 2023, GO Bonds | 5.00% | 05/01/2035 | 35 | 39054 |
|  Oregon (State of) (Article XI - Q State), Series 2023 A, GO Bonds | 5.00% | 05/01/2036 | 15 | 16563 |
|  Oregon (State of) (Article XI - Q State), Series 2023 A, GO Bonds | 5.00% | 05/01/2038 | 40 | 43303 |
|  Oregon (State of) (Article XI - Q State), Series 2023 A, GO Bonds | 5.00% | 05/01/2039 | 120 | &nbsp;&nbsp;&nbsp;&nbsp;128749 |
|  Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds | 5.00% | 05/01/2037 | 55 | 60185 |
|  Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds | 5.00% | 05/01/2041 | 95 | 100062 |
|  Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds | 5.00% | 05/01/2043 | 55 | 57200 |
|  Oregon (State of) Department of Transportation, Series 2023 A, RB | 5.00% | 11/15/2035 | 5 | 5557 |
|  Oregon (State of) Department of Transportation, Series 2023 A, RB | 5.00% | 11/15/2036 | 150 | 165127 |
|  Oregon (State of) Department of Transportation, Series 2023 A, RB | 5.00% | 11/15/2037 | 50 | 54397 |
|  Oregon (State of) Department of Transportation, Series 2023 A, RB | 5.00% | 11/15/2038 | 15 | 16149 |
|  Oregon (State of) Department of Transportation, Series 2023 A, RB | 5.00% | 11/15/2040 | 115 | 122182 |
|  Oregon (State of) Department of Transportation, Series 2023 A, RB | 5.00% | 11/15/2041 | 70 | 73739 |
|  Oregon (State of) Lottery, Series 2023 A, RB | 5.00% | 04/01/2041 | 10 | 10516 |
|  Oregon (State of) Lottery, Series 2023 A, RB | 5.00% | 04/01/2043 | 65 | 67439 |
|  Portland (City of), OR, Series 2023 A, Ref. RB | 5.00% | 12/01/2033 | 25 | 28331 |
|  Portland (City of), OR, Series 2023 A, Ref. RB | 5.00% | 12/01/2034 | 35 | 39140 |
|  Portland (City of), OR, Series 2023 A, Ref. RB | 5.00% | 12/01/2035 | 15 | 16597 |
|  Portland (City of), OR, Series 2023 A, Ref. RB | 5.00% | 12/01/2047 | 100 | 101890 |
|  Portland Community College District, Series 2023, GO Bonds | 5.00% | 06/15/2037 | 65 | 70806 |
|  Portland Community College District, Series 2023, GO Bonds | 5.00% | 06/15/2038 | 25 | 26897 |
|  Tualatin Valley Water District, Series 2023, RB | 5.00% | 06/01/2053 | 5 | 5074 |
|  |  |  |  | 1335945 |
|  Pennsylvania-3.21% |  |  |  |  |
|  Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2023, Ref. RB | 5.00% | 08/01/2033 | 20 | 22797 |
|  Bethel Park School District, Series 2023, GO Bonds | 5.00% | 08/01/2046 | 5 | 5104 |
|  Delaware Valley Regional Finance Authority, Series 2023 A, Ref. RB | 4.00% | 03/01/2033 | 45 | 46827 |
|  Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds | 5.00% | 09/01/2035 | 170 | 187993 |
|  Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds | 5.00% | 09/01/2036 | 50 | 54703 |
|  Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds, (INS - AGI)<sup>(a)</sup> | 3.00% | 09/15/2033 | 445 | 425599 |
|  Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2033 | 30 | 33643 |
|  Pennsylvania (Commonwealth of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2033 | 5 | 5682 |
|  Pennsylvania (Commonwealth of) (Bid Group B), Series 2023, GO Bonds | 5.00% | 09/01/2037 | 135 | 146854 |
|  Pennsylvania (Commonwealth of) (Bid Group B), Series 2023, GO Bonds | 5.00% | 09/01/2038 | 35 | 37652 |
|  Pennsylvania (Commonwealth of) (Bid Group C), First Series 2023, Ref. GO Bonds | 5.00% | 09/01/2039 | 25 | 26775 |
|  Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. RB | 3.38% | 11/15/2033 | 75 | 73337 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB | 5.00% | 12/01/2033 | 40 | 45036 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB | 5.00% | 12/01/2034 | 260 | 289761 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB | 5.00% | 12/01/2039 | 505 | 531483 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB | 5.00% | 12/01/2040 | 10 | 10512 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 A, Ref. RB | 5.00% | 12/01/2033 | 60 | 67243 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2023 A, Ref. RB | 5.00% | 12/01/2035 | 80 | 88230 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2023 A, Ref. RB | 5.00% | 12/01/2053 | 90 | 90423 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2023 A, Ref. RB | 5.25% | 12/01/2053 | 160 | 163762 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2023, Ref. RB | 5.00% | 12/01/2037 | 35 | 37729 |
|  Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2035 | 30 | 33219 |
|  Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2037 | 205 | 221526 |
|  Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2040 | 45 | 47489 |
|  Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.50% | 09/01/2053 | 20 | 20842 |
|  Pittsburgh (City of), PA Water & Sewer Authority, Series 2019 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2033 | 25 | 28391 |
|  Pittsburgh (City of), PA Water & Sewer Authority, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2048 | 25 | 25254 |
|  Pittsburgh (City of), PA Water & Sewer Authority, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2037 | 45 | 48564 |
|  Westmoreland (County of), PA Municipal Authority, Series 2017, Ref. RB, (INS - BAM)<sup>(a)</sup> | 3.13% | 08/15/2033 | 70 | 67971 |
|  |  |  |  | 2884401 |

---

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

---

| |
|:---|
| 377 |
| 377 |
| 377 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal<br>Amount<br>(000) | Value |
|  Rhode Island-0.29% |  |  |  |  |
|  Rhode Island Health & Educational Building Corp. (Brown University), Series 2022 A, RB | 5.00% | 09/01/2033 | $60 | $66628 |
|  Rhode Island Health & Educational Building Corp. (Brown University), Series 2024, RB | 5.00% | 09/01/2035 | 45 | 49730 |
|  Rhode Island Health & Educational Building Corp. (Brown University), Series 2024, RB | 5.00% | 09/01/2036 | 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54739 |
|  Rhode Island Health & Educational Building Corp. (Providence College), Series 2023, RB | 5.00% | 11/01/2047 | 85 | 84965 |
|  |  |  |  | 256062 |
|  Tennessee-1.00% |  |  |  |  |
|  Johnson City (City of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2023 A, Ref. RB | 5.00% | 07/01/2033 | 70 | 76787 |
|  Knox (County of), TN Health, Educational & Housing Facility Board (University of Tennessee), Series 2024 A-1, RB, (INS - BAM)<sup>(a)</sup> | 5.50% | 07/01/2059 | 150 | 153920 |
|  Memphis (City of), TN, Series 2024 B, Ref. GO Bonds | 5.00% | 04/01/2042 | 65 | 67150 |
|  Memphis (City of), TN, Series 2024 B, Ref. GO Bonds | 5.00% | 04/01/2043 | 5 | 5137 |
|  Memphis (City of), TN, Series 2024 B, Ref. GO Bonds | 5.00% | 04/01/2044 | 130 | 132945 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds | 3.00% | 01/01/2033 | 75 | 72830 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2023, RB | 5.00% | 07/01/2033 | 40 | 44224 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government (Belmont University), Series 2023, RB | 5.25% | 05/01/2048 | 45 | 45318 |
|  Tennessee (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2035 | 20 | 22514 |
|  Tennessee (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2036 | 15 | 16720 |
|  Tennessee (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2037 | 105 | 115936 |
|  Tennessee (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2038 | 90 | 98310 |
|  Tennessee (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2039 | 20 | 21656 |
|  Tennessee (State of), Series 2023, A GO Bonds | 5.00% | 05/01/2040 | 20 | 21447 |
|  |  |  |  | 894894 |
|  Texas-12.36% |  |  |  |  |
|  Austin (City of), TX, Series 2023, Ref. GO Bonds | 5.00% | 09/01/2033 | 45 | 51036 |
|  Austin (City of), TX, Series 2023, Ref. RB | 5.00% | 11/15/2033 | 50 | 56401 |
|  Austin (City of), TX, Series 2023, Ref. RB | 5.00% | 11/15/2035 | 80 | 88462 |
|  Austin (City of), TX, Series 2023, Ref. RB | 5.00% | 11/15/2036 | 5 | 5473 |
|  Austin (City of), TX, Series 2023, Ref. RB | 5.00% | 11/15/2037 | 65 | 70413 |
|  Austin (City of), TX, Series 2023, Ref. RB | 5.00% | 11/15/2038 | 50 | 53526 |
|  Austin (City of), TX, Series 2023, Ref. RB | 5.00% | 11/15/2048 | 15 | 15175 |
|  Austin (City of), TX, Series 2024, Ref. GO Bonds | 5.00% | 09/01/2033 | 5 | 5671 |
|  Austin (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2033 | 50 | 56671 |
|  Austin Community College District, Series 2023, GO Bonds | 5.00% | 08/01/2048 | 40 | 40460 |
|  Austin Community College District, Series 2023, GO Bonds | 5.25% | 08/01/2053 | 20 | 20508 |
|  Austin Independent School District, Series 2023, GO Bonds | 5.00% | 08/01/2034 | 5 | 5532 |
|  Austin Independent School District, Series 2023, GO Bonds | 5.00% | 08/01/2035 | 175 | 191777 |
|  Austin Independent School District, Series 2023, GO Bonds | 5.00% | 08/01/2036 | 50 | 54276 |
|  Austin Independent School District, Series 2023, GO Bonds | 5.00% | 08/01/2038 | 95 | 101078 |
|  Austin Independent School District, Series 2023, GO Bonds | 5.00% | 08/01/2039 | 35 | 36959 |
|  Austin Independent School District, Series 2023, GO Bonds | 5.00% | 08/01/2042 | 100 | 103182 |
|  Austin Independent School District, Series 2023, GO Bonds | 5.00% | 08/01/2043 | 50 | 51302 |
|  Bastrop Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2048 | 100 | 101235 |
|  Bexar (County of), TX, Series 2023, Ctfs. of Obligations | 5.00% | 06/15/2049 | 35 | 35596 |
|  Birdville Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2048 | 60 | 60853 |
|  Board of Regents of the University of Texas System, Series 2024 A, Ref. RB | 5.00% | 08/15/2033 | 10 | 11362 |
|  Carrollton-Farmers Branch Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2048 | 120 | 121857 |
|  Chapel Hill Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2048 | 100 | 101634 |
|  Collin (County of), TX, Series 2023, GO Bonds | 5.00% | 02/15/2041 | 10 | 10422 |
|  Community Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2048 | 100 | 101548 |
|  Corpus Christi Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2049 | 160 | 162312 |
|  Crowley Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/01/2048 | 200 | 202843 |

---

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

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| |
|:---|
| 378 |
| 378 |
| 378 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  Cypress-Fairbanks Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2037 | $80 | $86602 |
|  Cypress-Fairbanks Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2039 | 25 | 26560 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 5.00% | 11/01/2033 | 10 | 11180 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 B, Ref. RB | 5.00% | 11/01/2033 | 280 | &nbsp;&nbsp;&nbsp;&nbsp;317106 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 B, Ref. RB | 5.00% | 11/01/2039 | 5 | 5293 |
|  Dallas (City of), TX, Series 2017, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 3.00% | 02/15/2033 | 70 | 67420 |
|  Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2033 | 5 | 5616 |
|  Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2035 | 5 | 5483 |
|  Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2036 | 20 | 21684 |
|  Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2037 | 50 | 53722 |
|  Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2038 | 5 | 5318 |
|  Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2039 | 25 | 26370 |
|  Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2041 | 10 | 10389 |
|  Dallas (City of), TX, Series 2024 B, Ref. GO Bonds | 5.00% | 02/15/2033 | 10 | 11232 |
|  Dallas (City of), TX Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2043 | 45 | 46407 |
|  Dallas (City of), TX Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2044 | 100 | 102674 |
|  Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2035 | 5 | 5544 |
|  Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2036 | 5 | 5463 |
|  Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2037 | 110 | 119031 |
|  Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2038 | 40 | 42783 |
|  Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2042 | 150 | 155318 |
|  Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2048 | 145 | 147047 |
|  Dickinson Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 4.13% | 02/15/2048 | 5 | 4498 |
|  Duncanville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2049 | 5 | 5047 |
|  El Paso (City of), TX, Series 2023, RB | 5.25% | 03/01/2049 | 25 | 25753 |
|  Fort Bend County Texas Public Facility Corp., Series 2023, RB | 5.00% | 03/01/2048 | 65 | 65790 |
|  Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2033 | 45 | 50958 |
|  Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2036 | 70 | 76535 |
|  Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2037 | 25 | 27012 |
|  Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2038 | 50 | 53384 |
|  Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2039 | 40 | 42205 |
|  Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2040 | 75 | 78327 |
|  Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2041 | 10 | 10370 |
|  Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2048 | 230 | 232696 |
|  Greenwood Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2049 | 50 | 50473 |
|  Harris (County of), TX, Series 2023 A, GO Bonds | 5.00% | 09/15/2048 | 90 | 90850 |
|  Harris (County of), TX, Series 2024 A, RB | 5.00% | 08/15/2033 | 15 | 16941 |
|  Harris (County of), TX Port Authority of Houston, Series 2023, RB | 5.00% | 10/01/2048 | 10 | 10056 |
|  Harris (County of), TX Port Authority of Houston, Series 2023, RB | 5.00% | 10/01/2053 | 200 | 200273 |
|  Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB | 5.00% | 08/15/2033 | 55 | 61210 |
|  Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2024, Ref. RB | 5.00% | 07/01/2033 | 35 | 39463 |
|  Houston (City of), TX, Series 2023 A, GO Bonds | 5.25% | 03/01/2042 | 110 | 115289 |
|  Houston (City of), TX, Series 2023, A GO Bonds | 5.00% | 03/01/2038 | 125 | 133198 |
|  Houston (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2033 | 5 | 5640 |
|  Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2033 | 5 | 5677 |
|  Hutto Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2048 | 40 | 40829 |
|  Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2033 | 55 | 61606 |
|  Krum Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 4.25% | 08/15/2054 | 50 | 44092 |
|  Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2039 | 130 | 137938 |

---

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

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| |
|:---|
| 379 |
| 379 |
| 379 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2041 | $10 | $10415 |
|  Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2042 | 20 | 20662 |
|  Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2053 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;503300 |
|  Lamar Consolidated Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2041 | 15 | 15662 |
|  Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2033 | 145 | 164204 |
|  Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2036 | 160 | 175977 |
|  Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2037 | 35 | 37973 |
|  Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2038 | 35 | 37533 |
|  Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2039 | 45 | 47816 |
|  Lower Colorado River Authority, Series 2024, RB | 5.00% | 05/15/2035 | 25 | 27427 |
|  Lower Colorado River Authority, Series 2024, RB | 5.00% | 05/15/2036 | 30 | 32592 |
|  Lower Colorado River Authority, Series 2024, RB | 5.00% | 05/15/2041 | 20 | 20744 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB | 5.25% | 05/15/2048 | 150 | 153543 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 05/15/2053 | 15 | 15305 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2049 | 50 | 50474 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 05/15/2054 | 10 | 10196 |
|  Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2036 | 5 | 5456 |
|  Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2037 | 10 | 10812 |
|  Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2038 | 40 | 42814 |
|  Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2040 | 30 | 28810 |
|  Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2047 | 115 | 116241 |
|  New Caney Independent School District, Series 2023, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2053 | 100 | 101025 |
|  North Texas Tollway Authority, Series 2017 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 3.13% | 01/01/2033 | 150 | 149414 |
|  Northwest Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2049 | 115 | 116017 |
|  Pasadena Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2048 | 40 | 40750 |
|  Permanent University Fund - University of Texas System, Series 2022, RB | 5.00% | 07/01/2033 | 75 | 84212 |
|  Permanent University Fund - University of Texas System, Series 2023 A, Ref. RB | 5.00% | 07/01/2040 | 300 | 317500 |
|  Permanent University Fund - University of Texas System, Series 2023 A, Ref. RB | 5.00% | 07/01/2041 | 5 | 5247 |
|  Pflugerville Independent School District, Series 2023 A, GO Bonds | 5.00% | 02/15/2033 | 100 | 111229 |
|  Prosper Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2048 | 100 | 88759 |
|  Rockwall Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 02/15/2048 | 100 | 103101 |
|  Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 3.00% | 08/01/2033 | 75 | 72183 |
|  Royse (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2053 | 100 | 100598 |
|  San Antonio (City of), TX, Series 2023 A, RB | 5.00% | 02/01/2036 | 55 | 59763 |
|  San Antonio (City of), TX, Series 2023 A, RB | 5.00% | 02/01/2038 | 5 | 5310 |
|  San Antonio (City of), TX, Series 2023 A, Ref. RB | 5.25% | 02/01/2046 | 315 | 325575 |
|  San Antonio (City of), TX, Series 2023 B, RB | 5.00% | 02/01/2039 | 75 | 79171 |
|  San Antonio (City of), TX, Series 2023 B, RB | 5.25% | 02/01/2041 | 20 | 21133 |
|  San Antonio (City of), TX, Series 2023 B, RB | 5.25% | 02/01/2044 | 25 | 26031 |
|  San Antonio (City of), TX, Series 2023, RB | 5.00% | 02/01/2037 | 75 | 80542 |
|  San Antonio (City of), TX Water System, Series 2023 A, Ref. RB | 5.25% | 05/15/2048 | 15 | 15493 |
|  San Marcos Consolidated Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 08/15/2047 | 110 | 113779 |
|  Seguin (City of), TX, Series 2024, Ctfs. of Obligations | 5.25% | 09/01/2058 | 100 | 101896 |
|  sherman (City of), TX, Series 2023, Ctfs. of Obligations | 5.00% | 08/15/2048 | 50 | 50279 |
|  Sherman Independent School District, Series 2023 B, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2053 | 150 | 151363 |
|  Splendora Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 4.10% | 02/15/2048 | 100 | 89741 |
|  Tarrant County College District, Series 2022, GO Bonds | 5.00% | 08/15/2033 | 100 | 111159 |

---

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

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| 380 |
| 380 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 A, Ref. RB | 3.00% | 11/15/2033 | $75 | $71226 |
|  Texas (State of) Transportation Commission, Series 2023 A, RB | 5.00% | 10/15/2033 | 15 | 17008 |
|  Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds | 5.00% | 04/01/2035 | 125 | 139452 |
|  Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds | 5.00% | 04/01/2037 | 310 | 338836 |
|  Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds | 5.00% | 04/01/2039 | 65 | 69602 |
|  Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds | 5.00% | 04/01/2041 | 5 | 5258 |
|  Texas (State of) Transportation Commission State Highway Fund, Series 2024, Ref. RB | 5.00% | 10/01/2033 | 10 | 11391 |
|  Texas (State of) Water Development Board, Series 2019 A, RB | 3.00% | 10/15/2033 | 30 | 28486 |
|  Texas (State of) Water Development Board, Series 2023 A, RB | 5.00% | 10/15/2037 | 90 | 97792 |
|  Texas (State of) Water Development Board, Series 2023 A, RB | 4.65% | 10/15/2040 | 30 | 30739 |
|  Texas (State of) Water Development Board, Series 2023 A, RB | 4.88% | 10/15/2048 | 75 | 75747 |
|  Texas (State of) Water Development Board, Series 2023 A, RB | 5.25% | 10/15/2051 | 250 | 257707 |
|  Texas A&M University, Series 2024 A, RB | 5.00% | 05/15/2033 | 200 | 227611 |
|  Texas State University Board of Regents, Series 2023 A, RB | 5.00% | 02/15/2035 | 5 | 5539 |
|  Texas State University Board of Regents, Series 2023 A, RB | 5.00% | 02/15/2036 | 150 | 164264 |
|  Tomball Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2048 | 100 | 101110 |
|  Tomball Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2033 | 50 | 56513 |
|  Walnut Creek Special Utility District, Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 4.75% | 01/10/2054 | 150 | 139647 |
|  Waxahachie Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 4.25% | 02/15/2053 | 210 | 187974 |
|  Wylie Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 4.25% | 02/15/2054 | 150 | 133148 |
|  |  |  |  | 11090192 |
|  Utah-0.31% |  |  |  |  |
|  Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2033 | 15 | 16463 |
|  University of Utah (The) (Green Bonds), Series 2022 B, RB | 5.00% | 08/01/2033 | 10 | 11114 |
|  University of Utah (The) (Green Bonds), Series 2023 B, RB | 5.25% | 08/01/2048 | 125 | 129053 |
|  Utah (State of) Transit Authority, Series 2023, RB | 5.00% | 12/15/2041 | 75 | 79259 |
|  Utah (State of) Transit Authority, Series 2024, Ref. RB | 5.00% | 06/15/2033 | 35 | 40029 |
|  |  |  |  | 275918 |
|  Vermont-0.03% |  |  |  |  |
|  Vermont (State of) Educational & Health Buildings Financing Agency (Middlebury College), Series 2023, RB | 5.00% | 11/01/2052 | 25 | 24932 |
|  Virginia-1.39% |  |  |  |  |
|  Fairfax (County of), VA, Series 2024 A, GO Bonds | 4.00% | 10/01/2035 | 15 | 15663 |
|  Fairfax (County of), VA, Series 2024 A, GO Bonds | 5.00% | 10/01/2036 | 50 | 55353 |
|  Fairfax (County of), VA, Series 2024 A, GO Bonds | 5.00% | 10/01/2037 | 40 | 43893 |
|  Fairfax (County of), VA, Series 2024 A, GO Bonds | 4.00% | 10/01/2043 | 10 | 9279 |
|  Isle Wight (County of), VA Economic Development Authority (Riverside Health System), Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 07/01/2043 | 45 | 46354 |
|  Isle Wight (County of), VA Economic Development Authority (Riverside Health System), Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 4.75% | 07/01/2053 | 70 | 66806 |
|  Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2023, RB | 5.00% | 02/01/2033 | 70 | 79606 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, RB | 5.00% | 02/01/2039 | 165 | 176988 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, RB | 5.00% | 02/01/2040 | 270 | 286657 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, RB | 5.00% | 02/01/2041 | 70 | 73782 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, Ref. RB | 5.00% | 02/01/2035 | 10 | 11119 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2023, RB | 5.00% | 02/01/2037 | 75 | 81904 |

---

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

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| 381 |
| 381 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Virginia-(continued) |  |  |  |  |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2023, Ref. RB | 5.00% | 02/01/2033 | $20 | $22745 |
|  Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB | 5.00% | 08/01/2033 | 65 | 73145 |
|  Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB | 5.00% | 05/15/2033 | 65 | 74214 |
|  Virginia Port Authority Commonwealth Port Fund, Series 2023 A, RB | 5.25% | 07/01/2048 | 100 | 103822 |
|  Williamsburg Economic Development Authority (William & Mary), Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 07/01/2053 | 25 | 25761 |
|  |  |  |  | 1247091 |
|  Washington-3.60% |  |  |  |  |
|  Energy Northwest, Series 2024 A, Ref. RB | 5.00% | 07/01/2033 | 50 | 56860 |
|  Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB | 5.00% | 07/01/2033 | 45 | 50233 |
|  Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB | 5.00% | 07/01/2036 | 90 | 98931 |
|  Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB | 5.00% | 07/01/2037 | 135 | 146964 |
|  Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB | 5.00% | 07/01/2038 | 90 | 96752 |
|  Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB | 5.00% | 07/01/2039 | 135 | 144014 |
|  Franklin County School District No. 1 Pasco, Series 2023, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2037 | 30 | 32489 |
|  Franklin County School District No. 1 Pasco, Series 2023, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2038 | 15 | 16075 |
|  King & Snohomish Counties School District No. 417 Northshore, Series 2024, Ref. GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2033 | 10 | 10570 |
|  King (County of), WA, Series 2024 A, Ref. RB | 5.00% | 01/01/2033 | 30 | 34080 |
|  King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2033 | 10 | 11228 |
|  Seattle (City of), WA, Series 2023 A, Ref. RB | 5.00% | 03/01/2053 | 20 | 20139 |
|  Seattle (City of), WA, Series 2023, RB | 5.00% | 02/01/2049 | 10 | 10169 |
|  Seattle (City of), WA, Series 2023, RB | 5.00% | 02/01/2053 | 75 | 75885 |
|  Seattle (Port of), WA, Series 2022 A, Ref. RB | 5.00% | 08/01/2033 | 100 | 111802 |
|  Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2033 | 20 | 22828 |
|  University of Washington, Series 2024 C, RB | 5.00% | 04/01/2033 | 10 | 11346 |
|  Washington (State of), Series 2022 A-1, GO Bonds | 5.00% | 08/01/2033 | 5 | 5613 |
|  Washington (State of), Series 2023 A, GO Bonds | 5.00% | 08/01/2035 | 20 | 22322 |
|  Washington (State of), Series 2023 B, GO Bonds | 5.00% | 06/01/2038 | 60 | 64605 |
|  Washington (State of), Series 2023 B, GO Bonds | 5.00% | 06/01/2041 | 25 | 26224 |
|  Washington (State of), Series 2024 C, GO Bonds | 5.00% | 02/01/2033 | 20 | 22773 |
|  Washington (State of), Series 2024, Ref. GO Bonds | 5.00% | 07/01/2033 | 5 | 5705 |
|  Washington (State of), Series 2025-2, Ref. GO Bonds | 5.00% | 08/01/2033 | 30 | 34240 |
|  Washington (State of), Series R-2023B, Ref. GO Bonds | 5.00% | 07/01/2036 | 30 | 33081 |
|  Washington (State of), Series R-2023B, Ref. GO Bonds | 5.00% | 07/01/2037 | 80 | 87090 |
|  Washington (State of), Series R-2023B, Ref. GO Bonds | 5.00% | 07/01/2038 | 60 | 64585 |
|  Washington (State of), Series R-2023B, Ref. GO Bonds | 5.00% | 07/01/2039 | 80 | 85406 |
|  Washington (State of), Series R-2023B, Ref. GO Bonds | 5.00% | 07/01/2040 | 30 | 31750 |
|  Washington (State of), Series R-2024A, Ref. GO Bonds | 5.00% | 02/01/2033 | 40 | 45547 |
|  Washington (State of), Series R-2024B, Ref. GO Bonds | 5.00% | 06/01/2037 | 20 | 21871 |
|  Washington (State of), Series R-2024B, Ref. GO Bonds | 5.00% | 06/01/2038 | 110 | 118906 |
|  Washington (State of), Series R-2024B, Ref. GO Bonds | 5.00% | 06/01/2039 | 20 | 21426 |
|  Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds | 5.00% | 08/01/2036 | 5 | 5514 |
|  Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds | 5.00% | 08/01/2037 | 80 | 87087 |
|  Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds | 5.00% | 08/01/2039 | 5 | 5338 |
|  Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds | 5.00% | 02/01/2033 | 35 | 39161 |
|  Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds | 5.00% | 02/01/2037 | 180 | 195958 |
|  Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds | 5.00% | 02/01/2038 | 105 | 113178 |
|  Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds | 5.00% | 02/01/2039 | 55 | 58725 |
|  Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds | 5.00% | 02/01/2040 | 10 | 10562 |
|  Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds | 5.00% | 02/01/2041 | 130 | 136178 |
|  Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds | 5.00% | 02/01/2042 | 45 | 46757 |
|  Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds | 5.00% | 06/01/2047 | 15 | 15281 |

---

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

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| 382 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Washington-(continued) |  |  |  |  |
|  Washington (State of) (Bid Group 2), Series 2024 A, GO Bonds | 5.00% | 08/01/2041 | $55 | $57733 |
|  Washington (State of) (Bid Group 2), Series 2024 A, GO Bonds | 5.00% | 08/01/2042 | 5 | 5205 |
|  Washington (State of) (Bid Group 2), Series 2024 A, GO Bonds | 5.00% | 08/01/2043 | 35 | 36221 |
|  Washington (State of) (Bid Group 2), Series R-2023A, Ref. GO Bonds | 5.00% | 08/01/2033 | 55 | 62774 |
|  Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds | 5.00% | 02/01/2043 | 170 | 175658 |
|  Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds | 5.00% | 02/01/2044 | 195 | 200598 |
|  Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds | 5.00% | 02/01/2045 | 15 | 15377 |
|  Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds | 5.00% | 02/01/2046 | 25 | 25537 |
|  Washington (State of) (Bid Group 3), Series R-2023A, Ref. GO Bonds | 5.00% | 08/01/2035 | 30 | 33483 |
|  Washington (State of) (Bid Group 3), Series R-2023A, Ref. GO Bonds | 5.00% | 08/01/2037 | 150 | 163288 |
|  Washington (State of) (Bid Group 3), Series R-2023A, Ref. GO Bonds | 5.00% | 08/01/2038 | 40 | 43043 |
|  Whatcom (County of), WA Bellingham School District No. 501, Series 2023, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2039 | 50 | 53115 |
|  |  |  |  | 3227280 |
|  West Virginia-0.37% |  |  |  |  |
|  West Virginia (State of) Hospital Finance Authority (Vandalia Health Group), Series 2023 B, RB | 5.75% | 09/01/2043 | 60 | 62743 |
|  West Virginia (State of) Hospital Finance Authority (Vandalia Health Group), Series 2023 B, RB, (INS - AGI)<sup>(a)</sup> | 5.38% | 09/01/2053 | 100 | 102854 |
|  West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2023 A, RB | 5.00% | 06/01/2040 | 20 | 20772 |
|  West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2023 A, RB | 5.00% | 06/01/2043 | 110 | 111783 |
|  West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2023, RB | 5.00% | 06/01/2041 | 35 | 36003 |
|  |  |  |  | 334155 |
|  Wisconsin-0.67% |  |  |  |  |
|  Wisconsin (State of), Series 2023 2, Ref. GO Bonds | 5.00% | 05/01/2037 | 125 | 136435 |
|  Wisconsin (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2033 | 25 | 27949 |
|  Wisconsin (State of), Series 2023, Ref. GO Bonds | 5.00% | 05/01/2038 | 70 | 75587 |
|  Wisconsin (State of), Series 2023-2, Ref. GO Bonds | 5.00% | 05/01/2035 | 60 | 66735 |
|  Wisconsin (State of), Series 2023-2, Ref. GO Bonds | 5.00% | 05/01/2036 | 145 | 159601 |
|  Wisconsin (State of), Series 2023-2, Ref. GO Bonds | 5.00% | 05/01/2039 | 125 | 133943 |
|  |  |  |  | 600250 |
|  TOTAL INVESTMENTS IN SECURITIES<sup>(e)</sup>-97.17%<br>(Cost $90,060,260) |  |  |  | 87214173 |
|  OTHER ASSETS LESS LIABILITIES-2.83% |  |  |  | 2535511 |
|  NET ASSETS-100.00% |  |  |  | $89749684 |

---

---

| | |
|:---|:---|
|  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 |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| Wts. | -Warrants |

---

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

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| 383 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

August 31, 2025

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> Restricted security. The value of this security at August 31, 2025 represented 0.24% 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.

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| 384 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Municipal Bond ETF (BSMY)

August 31, 2025

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Municipal Obligations-98.48% |  |  |  |  |
|  Alabama-0.19% |  |  |  |  |
|  Jacksonville (City of), FL Building Authority, Series 2024 A, RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 08/01/2049 | $75 | $75644 |
|  Jefferson (County of), AL, Series 2024, Ref. RB | 5.00% | 10/01/2034 | 5 | 5482 |
|  Lower Alabama Gas District (The), Series 2016 A, RB | 5.00% | 09/01/2034 | 10 | 10573 |
|  University of South Alabama, Series 2024 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 04/01/2049 | 15 | 15156 |
|  |  |  |  | 106855 |
|  Arizona-1.59% |  |  |  |  |
|  Glendale (City of), AZ, Series 2024, Ref. RB | 5.00% | 07/01/2036 | 95 | 105761 |
|  Maricopa (County of), AZ Industrial Development Authority (HonorHealth), Series 2024 D, Ref. RB | 5.00% | 12/01/2039 | 35 | 36293 |
|  Maricopa (County of), AZ Industrial Development Authority (HonorHealth), Series 2024 D, Ref. RB | 5.00% | 12/01/2041 | 135 | 137808 |
|  Maricopa County Union High School District No. 216 Agua Fria, Series 2025, GO Bonds | 5.00% | 07/01/2044 | 15 | 15563 |
|  Phoenix Civic Improvement Corp., Series 2023, RB | 5.00% | 07/01/2034 | 5 | 5630 |
|  Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB | 5.00% | 01/01/2048 | 225 | 230575 |
|  Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB | 5.25% | 01/01/2053 | 200 | 207245 |
|  Salt River Project Agricultural Improvement & Power District, Series 2024 B, RB | 5.00% | 05/01/2039 | 20 | 21734 |
|  University of Arizona Board of Regents (Green Bonds), Series 2024, RB | 5.00% | 07/01/2050 | 75 | 76122 |
|  Yuma (City of), AZ Industrial Development Authority (Yuma Regional Medical Center), Series 2024, Ref. RB | 5.25% | 08/01/2049 | 50 | 50715 |
|  Yuma (City of), AZ Industrial Development Authority (Yuma Regional Medical Center), Series 2024, Ref. RB | 5.25% | 08/01/2054 | 15 | 15096 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;902542 |
|  California-14.03% |  |  |  |  |
|  Bay Area Toll Authority, Series 2024 S-11, Ref. RB | 5.00% | 04/01/2036 | 55 | 62415 |
|  California (State of), Series 2019, Ref. GO Bonds | 3.00% | 10/01/2034 | 75 | 73528 |
|  California (State of), Series 2020, Ref. GO Bonds | 3.00% | 11/01/2034 | 40 | 39169 |
|  California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2036 | 15 | 16812 |
|  California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2039 | 135 | 146920 |
|  California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2039 | 10 | 10883 |
|  California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2041 | 85 | 91174 |
|  California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2043 | 20 | 21122 |
|  California (State of), Series 2024, GO Bonds | 5.25% | 08/01/2044 | 115 | 123266 |
|  California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2044 | 25 | 26250 |
|  California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2044 | 50 | 52500 |
|  California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2048 | 150 | 155729 |
|  California (State of), Series 2024, GO Bonds | 5.00% | 08/01/2049 | 50 | 51892 |
|  California (State of), Series 2024, GO Bonds | 5.25% | 08/01/2054 | 100 | 105158 |
|  California (State of), Series 2024, Ref. GO Bonds | 5.00% | 09/01/2035 | 15 | 17015 |
|  California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2037 | 25 | 27732 |
|  California (State of), Series 2024, Ref. GO Bonds | 4.00% | 09/01/2037 | 175 | 178152 |
|  California (State of), Series 2024, Ref. GO Bonds | 5.00% | 09/01/2037 | 5 | 5520 |
|  California (State of) Enterprise Development Authority (Provident Group- Panoma Properties LLC), Series 2024, Ref. RB | 5.00% | 01/15/2045 | 10 | 9890 |
|  California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness Village), Series 2024, RB | 5.25% | 11/01/2054 | 75 | 77308 |
|  California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB | 3.00% | 08/15/2034 | 35 | 33050 |
|  California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2024 A, RB | 5.25% | 12/01/2049 | 150 | 153089 |
|  California (State of) Health Facilities Financing Authority (Lucile Salter Packard), Series 2024, Ref. RB | 5.00% | 08/15/2034 | 25 | 28959 |
|  California (State of) Health Facilities Financing Authority(Adventist Health System), Series 2024, RB | 5.00% | 12/01/2036 | 10 | 10497 |
|  California (State of) Health Facilities Financing Authority(Adventist Health System), Series 2024, RB | 5.00% | 12/01/2039 | 65 | 66222 |
|  California (State of) Municipal Finance Authority, Series 2024 A, RB | 5.00% | 09/01/2054 | 50 | 49626 |
|  California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB | 5.00% | 04/01/2041 | 105 | 111979 |
|  California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB | 5.00% | 04/01/2043 | 5 | 5253 |

---

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

---

| |
|:---|
| 385 |
| 385 |
| 385 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Municipal Bond ETF (BSMY)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB | 5.00% | 04/01/2037 | $10 | $11135 |
|  California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB | 5.00% | 04/01/2039 | 20 | 21717 |
|  California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB | 5.00% | 09/01/2034 | 5 | 5806 |
|  California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB | 5.00% | 09/01/2036 | 50 | 56263 |
|  California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB | 5.00% | 09/01/2038 | 10 | 10924 |
|  California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB | 5.00% | 09/01/2039 | 190 | 206249 |
|  California (State of) Statewide Communities Development Authority (Adventist Health System), Series 2015 A, Ref. RB | 4.13% | 03/01/2034 | 225 | &nbsp;&nbsp;&nbsp;&nbsp;223788 |
|  California (State of) Statewide Communities Development Authority (John Muir Health), Series 2024 A, Ref. RB | 5.00% | 12/01/2049 | 100 | 100243 |
|  California State University, Series 2024 A, GO Bonds | 5.00% | 11/01/2041 | 5 | 5391 |
|  California State University, Series 2024 A, GO Bonds | 5.00% | 11/01/2042 | 55 | 58747 |
|  California State University, Series 2024 A, RB | 5.00% | 11/01/2034 | 15 | 17540 |
|  California State University, Series 2024 A, RB | 5.00% | 11/01/2039 | 35 | 38495 |
|  California State University, Series 2024 A, RB | 5.00% | 11/01/2043 | 5 | 5298 |
|  California State University, Series 2024 A, RB | 5.00% | 11/01/2044 | 10 | 10532 |
|  California State University, Series 2024 A, RB | 5.50% | 11/01/2049 | 75 | 80402 |
|  Citrus Community College District (Election of 2020), Series 2024 B, GO Bonds | 5.00% | 08/01/2049 | 20 | 20594 |
|  East Bay Municipal Utility District, Series 2025 B, Ref. RB | 5.00% | 06/01/2034 | 5 | 5893 |
|  Glendale (City of), AZ, Series 2024, RB | 5.00% | 02/01/2051 | 50 | 50489 |
|  Goleta Union School District (Election of 2020), Series 2024 C, GO Bonds | 5.00% | 08/01/2049 | 75 | 77670 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.00% | 07/01/2034 | 15 | 16620 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2024 A, RB | 5.00% | 07/01/2037 | 10 | 10764 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2024 A, RB | 5.00% | 07/01/2038 | 65 | 69047 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2024 A, RB | 5.00% | 07/01/2039 | 90 | 94908 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB | 5.00% | 07/01/2035 | 15 | 16480 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB | 5.00% | 07/01/2037 | 80 | 86417 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB | 5.00% | 07/01/2038 | 20 | 21173 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB | 5.00% | 07/01/2039 | 265 | 278690 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB | 5.00% | 07/01/2040 | 35 | 36708 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB | 5.00% | 07/01/2036 | 40 | 43491 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB | 5.00% | 07/01/2041 | 40 | 41448 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2024 D, RB | 5.00% | 07/01/2045 | 60 | 60897 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2024 E, Ref. RB | 5.00% | 07/01/2034 | 55 | 61503 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2024 E, Ref. RB | 5.00% | 07/01/2039 | 85 | 89609 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2024 A, Ref. RB | 5.00% | 06/01/2039 | 25 | 27711 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Measure R), Series 2024 A, Ref. RB | 5.00% | 06/01/2034 | 5 | 5893 |
|  Los Angeles (County of), CA Metropolitan Transportation Authority (Measure R), Series 2024 A, Ref. RB | 5.00% | 06/01/2036 | 5 | 5737 |
|  Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.00% | 12/01/2036 | 5 | 5664 |
|  Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.00% | 12/01/2037 | 30 | 33264 |
|  Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.00% | 12/01/2039 | 25 | 27108 |
|  Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.00% | 12/01/2040 | 20 | 21471 |
|  Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.00% | 12/01/2042 | 5 | 5249 |
|  Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.25% | 12/01/2044 | 25 | 26420 |
|  Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.50% | 12/01/2053 | 30 | 31738 |
|  Los Angeles Community College District, Series 2024, GO Bonds | 5.00% | 08/01/2036 | 55 | 63168 |
|  Los Angeles County Facilities 2, Inc., Series 2024 A, RB | 5.25% | 06/01/2054 | 100 | 103036 |
|  Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds | 3.00% | 01/01/2034 | 110 | 105810 |
|  Los Angeles Unified School District (Sustainability Bonds), Series 2023 QRR, GO Bonds | 5.00% | 07/01/2038 | 40 | 43910 |
|  Los Angeles Unified School District (Sustainability Bonds), Series 2023 QRR, GO Bonds | 5.00% | 07/01/2039 | 10 | 10882 |
|  Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds | 5.25% | 07/01/2040 | 55 | 60324 |
|  Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds | 5.25% | 07/01/2048 | 170 | 177503 |
|  Los Angeles Unified School District (Green Bonds), Series 2023, GO Bonds | 5.00% | 07/01/2034 | 10 | 11660 |
|  Los Angeles Unified School District (Green Bonds), Series 2023, GO Bonds | 5.00% | 07/01/2041 | 45 | 48048 |
|  Los Angeles Unified School District (Green Bonds), Series 2023, GO Bonds | 5.00% | 07/01/2043 | 65 | 68349 |
|  Madera Unified School District (Election of 2018), Series 2024, GO Bonds | 5.00% | 08/01/2050 | 100 | 102138 |

---

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

---

| |
|:---|
| 386 |
| 386 |
| 386 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Municipal Bond ETF (BSMY)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  Metropolitan Water District of Southern California, Series 2024 A, Ref. RB | 5.00% | 04/01/2034 | $5 | $5887 |
|  Metropolitan Water District of Southern California, Series 2024 A, Ref. RB | 5.00% | 04/01/2036 | 30 | 34287 |
|  Metropolitan Water District of Southern California, Series 2024 C, Ref. RB | 5.00% | 04/01/2049 | 50 | 52051 |
|  M-S-R Energy Authority, Series 2009 C, RB | 7.00% | 11/01/2034 | 100 | 119561 |
|  Rincon Valley Union School District (Election od 2024), Series 2024 A, GO Bonds | 5.00% | 08/01/2054 | 15 | 15457 |
|  Riverside (City of), CA, Series 2024 A, Ref. RB | 5.00% | 10/01/2049 | 10 | 10279 |
|  Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 M, RB | 5.00% | 11/15/2049 | 95 | 97831 |
|  Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 M, RB | 5.00% | 11/15/2054 | 75 | 76805 |
|  Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2036 | 10 | 11354 |
|  Sacramento (County of), CA, Series 2024, RB | 5.00% | 07/01/2044 | 30 | 31300 |
|  Sacramento (County of), CA, Series 2024, RB | 5.00% | 07/01/2049 | 25 | 25535 |
|  Sacramento (County of), CA, Series 2024, RB | 5.25% | 07/01/2049 | 45 | 46769 |
|  Sacramento (County of), CA, Series 2024, RB | 5.00% | 07/01/2054 | 5 | 5060 |
|  Sacramento (County of), CA, Series 2024, RB | 5.25% | 07/01/2054 | 65 | 67225 |
|  Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB | 3.00% | 12/01/2034 | 15 | 14540 |
|  Sacramento (County of), CA Sanitation Districts Financing Authority (Sacramento Area Sewer District Treatment & Resource Recovery System), Series 2024, Ref. RB | 5.00% | 12/01/2034 | 20 | 23514 |
|  Sacramento (County of), CA Sanitation Districts Financing Authority (Sacramento Area Sewer District Treatment & Resource Recovery System), Series 2024, Ref. RB | 5.00% | 12/01/2037 | 20 | 22681 |
|  Sacramento (County of), CA Sanitation Districts Financing Authority (Sacramento Area Sewer District Treatment & Resource Recovery System), Series 2024, Ref. RB | 5.00% | 12/01/2039 | 20 | 22178 |
|  San Diego (City of), CA Public Facilities Financing Authority, Series 2024 A, RB | 5.00% | 05/15/2049 | 10 | 10312 |
|  San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB | 5.00% | 04/01/2034 | 30 | 34768 |
|  San Diego Unified School District (Election of 2018) (Green Bonds), Series 2024, GO Bonds | 5.00% | 07/01/2042 | 115 | &nbsp;&nbsp;&nbsp;&nbsp;123479 |
|  San Diego Unified School District (Election of 2018) (Green Bonds), Series 2024, GO Bonds | 5.00% | 07/01/2043 | 25 | 26598 |
|  San Diego Unified School District (Election of 2018) (Green Bonds), Series 2024, GO Bonds | 5.00% | 07/01/2049 | 75 | 77152 |
|  San Francisco (City & County of), CA, Series 2017, COP | 3.25% | 04/01/2034 | 155 | 150312 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2024, Ref. RB | 5.00% | 05/01/2041 | 5 | 5290 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2024, Ref. RB | 5.00% | 05/01/2042 | 10 | 10487 |
|  San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2024, Ref. RB | 5.00% | 05/01/2049 | 40 | 40758 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB | 5.00% | 10/01/2039 | 20 | 22095 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB | 5.00% | 10/01/2040 | 10 | 10931 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB | 5.00% | 10/01/2045 | 25 | 25999 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB | 5.00% | 10/01/2049 | 125 | 128206 |
|  San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB | 5.00% | 10/01/2054 | 100 | 101827 |
|  San Francisco (County of), CA Transportation Authority, Series 2017, RB | 3.00% | 02/01/2034 | 160 | 154151 |
|  San Francisco Community College District (Election of 2020), Series 2024 B, GO Bonds, (INS - BAM)<sup>(a)</sup>  | 5.25% | 06/15/2049 | 50 | 52232 |
|  Santa Clara (County of), CA Financing Authority, Series 2016 Q, Ref. RB | 3.00% | 05/15/2034 | 285 | 269337 |
|  Santa Clara Unified School District, Series 2017, Ref. GO Bonds | 3.00% | 07/01/2034 | 70 | 68134 |
|  Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB | 5.00% | 04/01/2034 | 20 | 23179 |
|  Santa Clara Valley Water District, Series 2024 A-1, RB | 5.00% | 06/01/2052 | 20 | 20675 |
|  Santa Clara Valley Water District, Series 2024 A-1, RB | 5.00% | 06/01/2054 | 10 | 10321 |
|  Southern California Public Power Authority, Series 2024, RB | 5.00% | 07/01/2038 | 35 | 37368 |
|  Southern California Public Power Authority, Series 2024, RB | 5.00% | 07/01/2040 | 50 | 52403 |
|  Southern California Public Power Authority, Series 2024, RB | 5.00% | 07/01/2049 | 100 | 100347 |
|  Southern California Public Power Authority (Southern Transmission System Renewal), Series 2024, RB | 5.00% | 07/01/2034 | 40 | 44891 |
|  University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2034 | 5 | 5811 |
|  University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2036 | 40 | 44881 |
|  University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2037 | 45 | 49891 |
|  University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2038 | 15 | 16396 |
|  University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2039 | 45 | 48824 |
|  University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2040 | 35 | 37633 |
|  University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2041 | 5 | 5325 |
|  University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2044 | 15 | 15653 |
|  University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2034 | 215 | 249880 |

---

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

---

| |
|:---|
| 387 |
| 387 |
| 387 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Municipal Bond ETF (BSMY)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  California-(continued) |  |  |  |  |
|  University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2036 | $25 | $28051 |
|  University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2037 | 35 | 38804 |
|  University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2038 | 175 | 191288 |
|  University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2039 | 25 | 27124 |
|  University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2040 | 95 | 102148 |
|  University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2044 | 30 | 31307 |
|  University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2045 | 55 | 57162 |
|  University of California, Series 2024, Ref. RB. | 5.00% | 05/15/2043 | 15 | 15735 |
|  Victor Valley Union High School District, Series 2016 A, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup> | 3.00% | 08/01/2034 | 30 | 28630 |
|  |  |  |  | 7949233 |
|  Colorado-2.64% |  |  |  |  |
|  Adams & Weld Counties School District No. 27J Brighton, Series 2024 A, GO Bonds | 5.00% | 12/01/2048 | 100 | 102033 |
|  Arapahoe County School District No. 5 Cherry Creek, Series 2024, GO Bonds | 5.25% | 12/15/2042 | 35 | 37605 |
|  Arapahoe County School District No. 5 Cherry Creek, Series 2024, GO Bonds | 5.25% | 12/15/2043 | 5 | 5337 |
|  Arapahoe County School District No. 5 Cherry Creek, Series 2024, GO Bonds | 5.25% | 12/15/2044 | 75 | 79510 |
|  Aurora (City of), CO, Series 2024, RB | 5.00% | 08/01/2054 | 70 | 70854 |
|  Board of Water Commissioners City & County of Denver (The), Series 2024 A, Ref. RB | 5.00% | 09/15/2041 | 40 | 42621 |
|  Colorado (State of), Series 2024, COP | 5.00% | 11/01/2053 | 90 | 90860 |
|  Colorado (State of) Bridge & Tunnel Enterprise, Series 2024 B, Ref. RB | 5.00% | 12/01/2034 | 65 | 74596 |
|  Colorado (State of) Bridge & Tunnel Enterprise, Series 2024 B, Ref. RB | 5.00% | 12/01/2038 | 35 | 38225 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2024 A, Ref. RB | 5.00% | 12/01/2039 | 110 | 113661 |
|  Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2024, Ref. RB | 5.00% | 11/15/2039 | 150 | &nbsp;&nbsp;&nbsp;&nbsp;159483 |
|  Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 B, Ref. RB | 5.00% | 05/15/2034 | 20 | 22603 |
|  Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3), Series 2020 A, Ref. RB | 4.00% | 07/15/2034 | 15 | 15006 |
|  Denver (City & County of), CO, Series 2020 A, GO Bonds | 3.00% | 08/01/2034 | 25 | 23753 |
|  Denver (City & County of), CO, Series 2023, Ref. COP | 5.00% | 12/01/2034 | 5 | 5625 |
|  Denver City & County School District No. 1, Series 2025 A, GO Bonds | 5.25% | 12/01/2036 | 20 | 22827 |
|  Denver City & County School District No. 1, Series 2025 A, GO Bonds | 5.25% | 12/01/2039 | 15 | 16554 |
|  Denver City & County School District No. 1, Series 2025 A, GO Bonds | 5.25% | 12/01/2040 | 70 | 76770 |
|  Denver City & County School District No. 1, Series 2025 A, GO Bonds | 5.25% | 12/01/2042 | 10 | 10757 |
|  Denver City & County School District No. 1, Series 2025 A, GO Bonds | 5.25% | 12/01/2043 | 10 | 10688 |
|  Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2024, GO Bonds | 5.00% | 12/15/2041 | 100 | 106062 |
|  Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2024, GO Bonds | 5.00% | 12/15/2042 | 55 | 57790 |
|  Grand Junction (City of), CO, Series 2024, RB | 5.00% | 03/01/2049 | 20 | 20377 |
|  Gypsum (Town of), CO, Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 12/01/2054 | 25 | 24886 |
|  Johnstown (Town of), CO, Series 2024, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 12/01/2048 | 10 | 10196 |
|  Mesa County Valley School District No. 51 Grand Junction, Series 2025, GO Bonds | 5.25% | 12/01/2043 | 65 | 69370 |
|  Mesa County Valley School District No. 51 Grand Junction, Series 2025, GO Bonds | 5.25% | 12/01/2044 | 75 | 79553 |
|  Regional Transportation District, Series 2024, Ref. COP | 5.00% | 06/01/2034 | 10 | 11303 |
|  Regional Transportation District, Series 2024, Ref. COP | 5.00% | 06/01/2036 | 5 | 5548 |
|  St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2024, GO Bonds | 5.00% | 12/15/2034 | 10 | 11520 |
|  St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2024, GO Bonds | 5.00% | 12/15/2036 | 10 | 11225 |
|  St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2024, GO Bonds | 5.00% | 12/15/2038 | 65 | 70985 |
|  |  |  |  | 1498183 |
|  Connecticut-1.66% |  |  |  |  |
|  Connecticut (State of), Series 2023 A, RB | 5.00% | 07/01/2036 | 160 | 177604 |
|  Connecticut (State of), Series 2023 A, RB | 5.00% | 07/01/2037 | 100 | 109798 |
|  Connecticut (State of), Series 2023 A, RB | 5.00% | 07/01/2038 | 20 | 21700 |
|  Connecticut (State of), Series 2023 A, RB | 5.00% | 07/01/2039 | 35 | 37669 |
|  Connecticut (State of), Series 2024 A, GO Bonds | 5.00% | 01/15/2036 | 5 | 5577 |
|  Connecticut (State of), Series 2024 F, GO Bonds | 5.00% | 11/15/2036 | 60 | 66903 |
|  Connecticut (State of), Series 2024 F, GO Bonds | 5.00% | 11/15/2037 | 60 | 66045 |
|  Connecticut (State of), Series 2024 F, GO Bonds | 5.00% | 11/15/2038 | 45 | 48856 |

---

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

---

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|:---|
| 388 |
| 388 |
| 388 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Municipal Bond ETF (BSMY)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Connecticut-(continued) |  |  |  |  |
|  Connecticut (State of) (Green Bonds), Series 2024 G, GO Bonds | 5.00% | 11/15/2039 | $15 | $16170 |
|  Connecticut (State of) (Green Bonds), Series 2024 G, GO Bonds | 5.00% | 11/15/2040 | 50 | 53504 |
|  Connecticut (State of) (Social Bonds), Series 2024 B, GO Bonds | 5.00% | 01/15/2037 | 40 | 44109 |
|  Connecticut (State of) (Social Bonds), Series 2024 B, GO Bonds | 5.00% | 01/15/2038 | 210 | 229374 |
|  Connecticut (State of) (Social Bonds), Series 2024 B, GO Bonds | 5.00% | 01/15/2039 | 10 | 10802 |
|  Connecticut (State of) (Social Bonds), Series 2024 C, GO Bonds | 5.00% | 03/01/2034 | 5 | 5713 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2024, RB | 5.00% | 07/01/2036 | 5 | 5606 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2024, RB | 5.00% | 07/01/2038 | 5 | 5455 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2024, RB | 5.00% | 07/01/2040 | 25 | 26772 |
|  Connecticut (State of) (Transportation Infrastructure), Series 2024, RB | 5.00% | 07/01/2041 | 10 | 10601 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;942258 |
|  District of Columbia-1.34% |  |  |  |  |
|  District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2042 | 85 | 88597 |
|  District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2043 | 55 | 56966 |
|  District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2044 | 70 | 72122 |
|  District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2045 | 20 | 20521 |
|  District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2049 | 150 | 152257 |
|  District of Columbia, Series 2024 A, Ref. RB | 5.00% | 10/01/2037 | 75 | 82306 |
|  District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB | 5.00% | 10/01/2036 | 120 | 133833 |
|  District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB | 5.00% | 10/01/2039 | 20 | 21455 |
|  District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB | 5.00% | 10/01/2040 | 25 | 26558 |
|  District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB | 5.00% | 10/01/2041 | 20 | 21052 |
|  Washington Metropolitan Area Transit Authority, Series 2024, RB | 5.25% | 07/15/2059 | 50 | 51063 |
|  Washington Metropolitan Area Transit Authority (Green Bonds), Series 2024, RB | 5.00% | 07/15/2054 | 30 | 30256 |
|  |  |  |  | 756986 |
|  Florida-4.04% |  |  |  |  |
|  Central Florida Expressway Authority, Series 2017, Ref. RB, (INS - BAM)<sup>(a)</sup> | 3.00% | 07/01/2034 | 195 | 183950 |
|  Central Florida Expressway Authority, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2054 | 15 | 15171 |
|  Collier (County of), FL Industrial Development Authority (NCH Healthcare System), Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2054 | 75 | 73750 |
|  Florida (State of) (Capital Outlay), Series 2017 C, Ref. GO Bonds | 3.00% | 06/01/2034 | 5 | 4697 |
|  Florida (State of) (Capital Outlay), Series 2025 A, GO Bonds | 5.00% | 06/01/2034 | 40 | 45932 |
|  Florida (State of) Atlantic University Finance Corp., Series 2024, RB | 5.00% | 07/01/2049 | 50 | 50396 |
|  Florida (State of) Department of Transportation, Series 2024 A, Ref. RB | 5.00% | 07/01/2034 | 25 | 28591 |
|  Florida Development Finance Corp. (Lakeland Regional Health System), Series 2021, Ref. RB | 4.00% | 11/15/2034 | 10 | 9981 |
|  Halifax Hospital Medical Center (Daytona Beach), Series 2024, RB | 5.25% | 06/01/2054 | 100 | 99305 |
|  Hillsborough (County of), FL Industrial Development Authority (Baycare Health System), Series 2024 C, Ref. RB | 5.25% | 11/15/2049 | 325 | 333320 |
|  Jacksonville (City of), FL, Series 2024, Ref. RB | 5.25% | 10/01/2054 | 25 | 25765 |
|  JEA Electric System, Series 2024 A, Ref. RB | 5.00% | 10/01/2034 | 10 | 11248 |
|  JEA Water & Sewer System, Series 2024 A, Ref. RB | 5.00% | 10/01/2034 | 40 | 44842 |
|  Marion (County of), FL School Board, Series 2024, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 06/01/2034 | 10 | 11254 |
|  Marion (County of), FL School Board, Series 2024, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 06/01/2037 | 75 | 81168 |
|  Marion (County of), FL School Board, Series 2024, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 06/01/2039 | 25 | 26386 |
|  Marion (County of), FL School Board, Series 2024, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 06/01/2040 | 10 | 10494 |
|  Marion (County of), FL School Board, Series 2024, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 06/01/2041 | 15 | 15662 |
|  Miami-Dade (County of), FL, Series 2017 B, Ref. RB | 3.00% | 10/01/2034 | 125 | 118633 |
|  Miami-Dade (County of), FL, Series 2024 A, RB | 5.00% | 10/01/2049 | 100 | 101094 |
|  Miami-Dade (County of), FL, Series 2024 A, RB | 5.25% | 10/01/2054 | 15 | 15396 |
|  Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2024 A, Ref. RB | 5.00% | 04/01/2034 | 5 | 5602 |
|  Okaloosa County School Board, Series 2024, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2049 | 35 | 35125 |
|  Orlando (City of), FL Reclamation System Revenue, Series 2024 A, GO Bonds. | 5.00% | 10/01/2054 | 20 | 20218 |
|  Orlando (City of), FL Utilities Commission, Series 2024 B, Ref. RB | 5.00% | 10/01/2037 | 25 | 27557 |
|  Orlando (City of), FL Utilities Commission, Series 2024 B, Ref. RB | 5.00% | 10/01/2038 | 190 | 206783 |
|  Orlando (City of), FL Utilities Commission, Series 2025 B, Ref. RB | 5.00% | 10/01/2034 | 10 | 11476 |
|  Osceola (County of), FL, Series 2025, RB | 5.00% | 10/01/2036 | 55 | 60844 |

---

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

---

| |
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| 389 |
| 389 |
| 389 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Municipal Bond ETF (BSMY)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Florida-(continued) |  |  |  |  |
|  Pasco (County of), FL, Series 2024 A, RB. | 5.00% | 10/01/2054 | $130 | $131228 |
|  Pasco (County of), FL School Board, Series 2024, RB | 5.00% | 10/01/2037 | 15 | 16257 |
|  Pasco (County of), FL School Board, Series 2024, RB | 5.00% | 10/01/2039 | 55 | 58612 |
|  South Broward Hospital District, Series 2016, Ref. RB | 3.00% | 05/01/2034 | 70 | 65847 |
|  Tallahassee (City of), FL, Series 2024 A, Ref. RB | 5.00% | 10/01/2037 | 15 | 16413 |
|  Tallahassee (City of), FL, Series 2024 A, Ref. RB | 5.00% | 10/01/2038 | 40 | 43278 |
|  Tallahassee (City of), FL, Series 2024, Ref. RB | 5.00% | 10/01/2038 | 35 | 37841 |
|  Tallahassee (City of), FL, Series 2024, Ref. RB | 5.00% | 10/01/2039 | 10 | 10735 |
|  Tampa (City of), FL, Series 2024, RB | 5.00% | 10/01/2047 | 50 | 51589 |
|  Tampa (City of), FL, Series 2024, RB | 5.00% | 10/01/2054 | 25 | 25457 |
|  Tampa Bay (City of), FL Water, Series 2024 A, RB | 5.00% | 10/01/2045 | 40 | 41087 |
|  Tampa Bay (City of), FL Water, Series 2024 A, RB | 5.25% | 10/01/2054 | 110 | &nbsp;&nbsp;&nbsp;&nbsp;113609 |
|  |  |  |  | 2286593 |
|  Georgia-1.05% |  |  |  |  |
|  Atlanta (City of), GA, Series 2024, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 11/01/2036 | 35 | 39147 |
|  Atlanta (City of), GA (Green Bonds), Series 2024, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 11/01/2040 | 5 | 5353 |
|  Atlanta (City of), GA (Green Bonds), Series 2024, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 11/01/2041 | 30 | 31682 |
|  Atlanta (City of), GA Department of Aviation (Green Bonds), Series 2024 A-1, RB | 5.00% | 07/01/2049 | 95 | 96759 |
|  Atlanta (City of), GA Department of Aviation (Green Bonds), Series 2024 A-1, RB | 5.00% | 07/01/2054 | 50 | 50497 |
|  Augusta (City of), GA, Series 2024 A, Ref. RB | 5.00% | 10/01/2038 | 35 | 38008 |
|  Augusta (City of), GA, Series 2024 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2039 | 10 | 10798 |
|  Columbia (County of), GA, Series 2024, RB | 5.00% | 06/01/2049 | 10 | 10184 |
|  Coweta County Water & Sewage Authority, Series 2024, RB | 5.00% | 06/01/2054 | 75 | 75898 |
|  Fulton (County of), GA Development Authority (Curran Street Residence Hall), Series 2024, RB | 5.00% | 06/15/2056 | 65 | 65501 |
|  Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2024 A, GO Bonds | 5.00% | 07/01/2034 | 10 | 11396 |
|  Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2024 A, RB | 5.00% | 07/01/2037 | 5 | 5524 |
|  Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2024 B, RB | 5.00% | 07/01/2036 | 35 | 39061 |
|  Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2024 B, RB | 5.00% | 07/01/2045 | 15 | 15526 |
|  Rockdale (County of), GA Public Facilities Authority, Series 2024, RB | 5.00% | 01/01/2049 | 65 | 66014 |
|  Valdosta & Lowndes County Hospital Authority, Series 2024, RB | 5.00% | 10/01/2054 | 35 | 35305 |
|  |  |  |  | 596653 |
|  Hawaii-0.34% |  |  |  |  |
|  Honolulu (City & County of), HI (Second Bond Resolution), Series 2024, Ref. RB | 5.00% | 07/01/2039 | 35 | 37830 |
|  Honolulu (City & County), HI Board of Water Supply (Green Bonds), Series 2024 A, Ref. RB | 5.00% | 07/01/2053 | 150 | 153573 |
|  |  |  |  | 191403 |
|  Idaho-0.32% |  |  |  |  |
|  Idaho (State of) Housing & Finance Association, Series 2024, RB | 5.00% | 08/15/2048 | 100 | 101620 |
|  Idaho State Building Authority (School Modernization Facilities), Series 2025, RB | 5.00% | 06/01/2034 | 70 | 80440 |
|  |  |  |  | 182060 |
|  Illinois-4.78% |  |  |  |  |
|  Chicago (City of), IL, Series 2024 A, Ref. RB | 5.00% | 11/01/2037 | 25 | 26622 |
|  Chicago (City of), IL, Series 2024 A, Ref. RB | 5.00% | 11/01/2038 | 145 | 152845 |
|  Chicago (City of), IL, Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 01/01/2038 | 85 | 91258 |
|  Chicago (City of), IL, Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 01/01/2044 | 50 | 50942 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2024 B, RB | 5.00% | 01/01/2042 | 25 | 25719 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2024 B, RB | 5.25% | 01/01/2044 | 55 | 57133 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2024 B, RB | 5.00% | 01/01/2048 | 100 | 100500 |
|  Chicago (City of), IL (O'Hare International Airport), Series 2024 D, Ref. RB | 5.00% | 01/01/2034 | 5 | 5634 |
|  Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2024 A, GO Bonds | 5.00% | 12/01/2039 | 45 | 48039 |
|  Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2024 A, GO Bonds | 5.00% | 12/01/2040 | 45 | 47738 |
|  Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2024 A, GO Bonds | 5.00% | 12/01/2043 | 105 | 108543 |
|  Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 01/01/2034 | 30 | 33505 |
|  Chicago (City of), IL Transit Authority, Series 2024 A, Ref. RB | 5.00% | 12/01/2042 | 140 | 142901 |
|  Illinois (State of), Series 2016, GO Bonds, (INS - AGI)<sup>(a)</sup> | 3.75% | 01/01/2034 | 45 | 44796 |
|  Illinois (State of), Series 2020 B, GO Bonds | 4.00% | 10/01/2034 | 15 | 14966 |

---

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

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| 390 |
| 390 |
| 390 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Municipal Bond ETF (BSMY)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Illinois-(continued) |  |  |  |  |
|  Illinois (State of), Series 2021 B, GO Bonds | 4.00% | 12/01/2034 | $45 | $44847 |
|  Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2034 | 25 | 27627 |
|  Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2036 | 20 | 21482 |
|  Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2037 | 25 | 26505 |
|  Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2038 | 30 | 31409 |
|  Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2039 | 10 | 10363 |
|  Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2040 | 5 | 5143 |
|  Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2041 | 115 | 116904 |
|  Illinois (State of), Series 2024 B, GO Bonds | 5.25% | 05/01/2042 | 10 | 10288 |
|  Illinois (State of), Series 2024 B, GO Bonds | 5.25% | 05/01/2044 | 20 | 20310 |
|  Illinois (State of), Series 2024 B, RB | 5.00% | 06/15/2036 | 250 | 270692 |
|  Illinois (State of), Series 2024 B, RB | 5.00% | 06/15/2038 | 60 | 63494 |
|  Illinois (State of), Series 2024 C, RB | 5.00% | 06/15/2040 | 50 | 51930 |
|  Illinois (State of), Series 2024 C, RB | 5.00% | 06/15/2041 | 5 | 5142 |
|  Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2034 | 35 | 38716 |
|  Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2036 | 25 | 26982 |
|  Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2037 | 50 | 53232 |
|  Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2038 | 45 | 47326 |
|  Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2039 | 15 | 15624 |
|  Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds | 4.00% | 11/01/2034 | 25 | 24948 |
|  Illinois (State of) Finance Authority (University of Chicago (The)), Series 2024 A, Ref. RB | 5.25% | 04/01/2043 | 10 | 10390 |
|  Illinois (State of) Finance Authority (University of Chicago (The)), Series 2024 A, Ref. RB | 5.25% | 04/01/2044 | 95 | 98303 |
|  Illinois (State of) Finance Authority (University of Chicago (The)), Series 2024 A, Ref. RB | 5.25% | 04/01/2045 | 65 | 66982 |
|  Illinois (State of) Finance Authority (University of Chicago (The)), Series 2024 B, Ref. RB | 5.25% | 04/01/2038 | 35 | 37979 |
|  Illinois (State of) Toll Highway Authority, Series 2024 A, Ref. RB | 5.00% | 01/01/2036 | 155 | 171078 |
|  Illinois (State of) Toll Highway Authority, Series 2024 A, Ref. RB | 5.00% | 01/01/2037 | 105 | 114431 |
|  Illinois (State of) Toll Highway Authority, Series 2024, Ref. RB | 5.00% | 01/01/2039 | 110 | 117232 |
|  Sales Tax Securitization Corp., Series 2023 C, Ref. RB | 5.00% | 01/01/2034 | 20 | 21926 |
|  Sales Tax Securitization Corp., Series 2024 A, Ref. RB | 5.00% | 01/01/2034 | 100 | 111761 |
|  Springdale (City of), AR, Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 03/01/2036 | 10 | 10892 |
|  Springdale (City of), AR, Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 03/01/2039 | 55 | 57748 |
|  University of Illinois Auxiliary Facilities System, Series 2024, Ref. RB | 5.25% | 04/01/2043 | 20 | 20680 |
|  Wisconsin (State of) Health & Educational Facilities Authority (Unitypoint Health), Series 2024, Ref. RB | 5.25% | 04/01/2041 | 5 | 5269 |
|  |  |  |  | 2708776 |
|  Indiana-0.73% |  |  |  |  |
|  Brownsburg 1999 School Building Corp., Series 2024 A, GO Bonds,<br>(CEP - Colorado Higher Education Intercept Program) | 5.00% | 07/15/2043 | 60 | 61343 |
|  Fishers Town Hall Building Corp., Series 2023 A, RB, (INS - BAM)<sup>(a)</sup> | 5.75% | 07/15/2058 | 30 | 32373 |
|  Illinois (State of) Finance Authority (Green Bonds), Series 2024 A, RB | 5.00% | 02/01/2037 | 15 | 16495 |
|  Illinois (State of) Finance Authority (Green Bonds), Series 2024 A, RB | 5.00% | 02/01/2038 | 30 | 32650 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2024 A, RB | 5.00% | 02/01/2040 | 85 | 90281 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2024, RB | 5.00% | 02/01/2041 | 10 | 10537 |
|  Indiana (State of) Finance Authority (Green Bonds), Series 2024, RB | 5.00% | 02/01/2042 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;104321 |
|  Indiana University, Series 2024 A, RB | 5.00% | 06/01/2034 | 10 | 11396 |
|  Northern Indiana Commuter Transportation District, Series 2024, RB | 5.00% | 01/01/2054 | 20 | 19850 |
|  Westfield-Washington Multi-School Building Corp., Series 2024 A, RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 07/15/2043 | 35 | 36593 |
|  |  |  |  | 415839 |
|  Iowa-0.19% |  |  |  |  |
|  Iowa (State of) Finance Authority (Green Bonds), Series 2023, Ref. RB | 5.00% | 08/01/2034 | 55 | 61894 |
|  Iowa (State of) Finance Authority (Green Bonds), Series 2024 A, RB | 5.00% | 08/01/2034 | 40 | 45687 |
|  |  |  |  | 107581 |
|  Kansas-0.18% |  |  |  |  |
|  Finney County Unified School District No. 457 Garden City, Series 2016 A, Ref. GO Bonds | 3.25% | 09/01/2034 | 60 | 57063 |
|  Kansas (State of) Department of Transportation, Series 2024 A, Ref. RB | 5.00% | 09/01/2034 | 20 | 22781 |
|  Kansas (State of) Development Finance Authority (Green Bonds), Series 2024, RB | 5.00% | 05/01/2041 | 20 | 21325 |
|  |  |  |  | 101169 |

---

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

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| 391 |
| 391 |
| 391 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Municipal Bond ETF (BSMY)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Kentucky-0.67% |  |  |  |  |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 130), Series 2024 A, RB | 5.25% | 11/01/2044 | $35 | $36626 |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, GO Bonds | 5.00% | 10/01/2040 | 35 | 36910 |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB | 5.00% | 10/01/2037 | 50 | 54388 |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB | 5.00% | 10/01/2039 | 15 | 15904 |
|  Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB | 5.00% | 10/01/2043 | 155 | 159926 |
|  Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2024 A, Ref. RB | 5.00% | 05/15/2037 | 15 | 16499 |
|  Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2024 A, Ref. RB | 5.00% | 05/15/2038 | 15 | 16269 |
|  University of Kentucky, Series 2024, RB | 5.00% | 10/01/2049 | 40 | 40494 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;377016 |
|  Louisiana-0.65% |  |  |  |  |
|  Louisiana (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 02/01/2034 | 50 | 56750 |
|  Louisiana (State of), Series 2024 A, GO Bonds | 5.00% | 05/01/2036 | 35 | 38745 |
|  Louisiana (State of), Series 2024 A, GO Bonds | 5.00% | 05/01/2038 | 30 | 32613 |
|  Louisiana (State of), Series 2024 A, RB | 5.00% | 05/01/2036 | 45 | 49709 |
|  Louisiana (State of), Series 2024 A, RB | 5.00% | 05/01/2038 | 25 | 27005 |
|  Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (East Baton Rouge Sewerage Commission), Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 02/01/2040 | 75 | 78897 |
|  Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2024, RB | 5.00% | 04/15/2037 | 80 | 86947 |
|  |  |  |  | 370666 |
|  Maine-0.21% |  |  |  |  |
|  Bar Harbor (Town of), ME, Series 2024, GO Bonds | 5.00% | 09/01/2054 | 10 | 10233 |
|  Maine (State of) Health & Higher Educational Facilities Authority, Series 2024, RB | 5.00% | 10/01/2036 | 40 | 43794 |
|  Maine (State of) Health & Higher Educational Facilities Authority, Series 2024, RB | 5.00% | 10/01/2037 | 5 | 5418 |
|  Maine (State of) Health & Higher Educational Facilities Authority, Series 2024, RB | 5.00% | 10/01/2038 | 5 | 5342 |
|  Maine (State of) Health & Higher Educational Facilities Authority, Series 2024, RB | 5.00% | 10/01/2039 | 30 | 31780 |
|  Maine (State of) Health & Higher Educational Facilities Authority, Series 2024, RB | 5.25% | 10/01/2054 | 25 | 25196 |
|  |  |  |  | 121763 |
|  Maryland-1.31% |  |  |  |  |
|  Maryland (State of), First Series 2024 A, GO Bonds | 5.00% | 06/01/2036 | 120 | 134452 |
|  Maryland (State of), Series 2019 A, GO Bonds | 2.25% | 08/01/2034 | 15 | 12976 |
|  Maryland (State of) (Bidding Group 2), Series 2023, A GO Bonds | 5.00% | 03/15/2034 | 10 | 11307 |
|  Maryland (State of) (Bidding Group 3), Series 2024, GO Bonds | 5.00% | 06/01/2037 | 115 | 127404 |
|  Maryland (State of) (Bidding Group 3), Series 2024, GO Bonds | 5.00% | 06/01/2039 | 80 | 86610 |
|  Maryland (State of) Department of Transportation, Series 2019, RB | 3.00% | 10/01/2034 | 30 | 28292 |
|  Maryland (State of) Stadium Authority (Built to Learn), Series 2024, RB | 5.00% | 06/01/2054 | 100 | 100277 |
|  Maryland (State of) Transportation Authority, Series 2024, Ref. RB | 5.00% | 07/01/2038 | 20 | 21724 |
|  Maryland (State of) Transportation Authority, Series 2024, Ref. RB | 5.00% | 07/01/2039 | 100 | 107634 |
|  Maryland (State of) Transportation Authority, Series 2024, Ref. RB | 5.00% | 07/01/2043 | 20 | 20798 |
|  Maryland (State of) Transportation Authority (Transportation Facilities), Series 2024, Ref. RB | 5.00% | 07/01/2040 | 20 | 21324 |
|  Montgomery (County of), MD, Series 2021 A, GO Bonds | 3.00% | 08/01/2034 | 25 | 23902 |
|  Prince George's (County of), MD, Series 2019 A, GO Bonds | 3.00% | 07/15/2034 | 15 | 14322 |
|  Washington (State of) Suburban Sanitary Commission, Series 2017, RB | 3.00% | 06/15/2034 | 30 | 28815 |
|  |  |  |  | 739837 |
|  Massachusetts-5.69% |  |  |  |  |
|  Massachusetts (Commonwealth of), Series 2015 D, GO Bonds | 3.13% | 09/01/2034 | 305 | 299517 |
|  Massachusetts (Commonwealth of), Series 2017 E, GO Bonds | 3.00% | 11/01/2034 | 70 | 67512 |
|  Massachusetts (Commonwealth of), Series 2019 G, GO Bonds | 3.00% | 09/01/2034 | 10 | 9668 |
|  Massachusetts (Commonwealth of), Series 2023 B, GO Bonds | 5.00% | 10/01/2034 | 10 | 11310 |
|  Massachusetts (Commonwealth of), Series 2024 A, GO Bonds | 5.00% | 01/01/2038 | 220 | 240003 |
|  Massachusetts (Commonwealth of), Series 2024 A, GO Bonds | 5.00% | 01/01/2039 | 235 | 253614 |
|  Massachusetts (Commonwealth of), Series 2024 A, GO Bonds | 5.00% | 01/01/2041 | 25 | 26385 |
|  Massachusetts (Commonwealth of), Series 2024 A, GO Bonds | 5.00% | 01/01/2042 | 60 | 62783 |
|  Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds | 5.00% | 03/01/2039 | 150 | 162096 |
|  Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds | 5.00% | 03/01/2040 | 100 | 106637 |
|  Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds | 5.00% | 03/01/2041 | 15 | 15846 |

---

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

---

| |
|:---|
| 392 |
| 392 |
| 392 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Municipal Bond ETF (BSMY)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Massachusetts-(continued) |  |  |  |  |
|  Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds | 5.00% | 03/01/2042 | $35 | $36653 |
|  Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds | 5.00% | 03/01/2044 | 15 | 15534 |
|  Massachusetts (Commonwealth of), Series 2024 A, Ref. RB | 5.00% | 06/01/2044 | 50 | 51710 |
|  Massachusetts (Commonwealth of), Series 2024 A, Ref. RB | 5.00% | 07/01/2044 | 85 | 88118 |
|  Massachusetts (Commonwealth of), Series 2024 A, Ref. RB | 5.00% | 07/01/2045 | 10 | 10324 |
|  Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2034 | 5 | 5711 |
|  Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2036 | 25 | 27892 |
|  Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2038 | 15 | 16341 |
|  Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2039 | 45 | 48550 |
|  Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2041 | 60 | 63435 |
|  Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2042 | 65 | 68115 |
|  Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2043 | 10 | 10415 |
|  Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2047 | 20 | 20453 |
|  Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2054 | 125 | 126575 |
|  Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds | 5.00% | 11/01/2034 | 5 | 5691 |
|  Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds | 5.00% | 11/01/2036 | 10 | 11098 |
|  Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds | 5.00% | 11/01/2039 | 110 | 118195 |
|  Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds | 5.00% | 11/01/2040 | 25 | 26685 |
|  Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds | 5.00% | 11/01/2041 | 25 | 26431 |
|  Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds | 5.00% | 11/01/2042 | 45 | 47190 |
|  Massachusetts (Commonwealth of), Series 2024 D, GO Bonds | 5.00% | 08/01/2040 | 20 | 21381 |
|  Massachusetts (Commonwealth of), Series 2024 D, GO Bonds | 5.00% | 08/01/2041 | 10 | 10586 |
|  Massachusetts (Commonwealth of), Series 2024 D, GO Bonds | 5.00% | 08/01/2044 | 5 | 5185 |
|  Massachusetts (Commonwealth of), Series 2024 E, GO Bonds | 5.00% | 08/01/2053 | 135 | &nbsp;&nbsp;&nbsp;&nbsp;136850 |
|  Massachusetts (Commonwealth of), Series 2024 H, GO Bonds | 5.00% | 12/01/2038 | 5 | 5436 |
|  Massachusetts (Commonwealth of), Series 2024 H, GO Bonds | 5.00% | 12/01/2040 | 50 | 53557 |
|  Massachusetts (Commonwealth of), Series 2024 H, GO Bonds | 5.00% | 12/01/2041 | 60 | 63625 |
|  Massachusetts (Commonwealth of), Series 2024 H, GO Bonds | 5.00% | 12/01/2042 | 55 | 57780 |
|  Massachusetts (Commonwealth of), Series 2024 H, GO Bonds | 5.00% | 12/01/2043 | 25 | 26093 |
|  Massachusetts (Commonwealth of), Series 2024, GO Bonds | 5.00% | 12/01/2046 | 45 | 46321 |
|  Massachusetts (Commonwealth of), Series 2024, GO Bonds | 5.00% | 12/01/2047 | 10 | 10239 |
|  Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2024 A, RB | 5.00% | 06/01/2053 | 105 | 106413 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2006 A, RB | 5.25% | 07/01/2034 | 10 | 11746 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2040 | 30 | 32100 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2042 | 15 | 15741 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2046 | 20 | 20566 |
|  Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB | 5.25% | 07/01/2052 | 135 | 140230 |
|  Massachusetts (Commonwealth of) Development Finance Agency, Series 2023, RB | 5.00% | 07/01/2034 | 5 | 5556 |
|  Massachusetts (Commonwealth of) Development Finance Agency, Series 2024 T, RB | 5.25% | 03/01/2054 | 240 | 246300 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Green Bonds), Series 2024 C, GO Bonds | 5.00% | 08/01/2039 | 75 | 81478 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Mass General Brigham), Series 2024, Ref. RB | 5.00% | 07/01/2043 | 25 | 25782 |
|  Massachusetts (Commonwealth of) Development Finance Agency (Mass General Brigham, Inc.), Series 2024 D, Ref. RB | 5.00% | 07/01/2047 | 20 | 20299 |
|  |  |  |  | 3223751 |
|  Michigan-1.27% |  |  |  |  |
|  Berkley School District, Series 2024, GO Bonds | 5.00% | 05/01/2049 | 50 | 51048 |
|  Great Lakes Water Authority, Series 2023 A, RB | 5.00% | 07/01/2037 | 15 | 16324 |
|  Great Lakes Water Authority, Series 2023 A, Ref. RB | 5.00% | 07/01/2037 | 130 | 141470 |
|  Great Lakes Water Authority, Series 2023 A, Ref. RB | 5.00% | 07/01/2038 | 145 | 156040 |
|  Great Lakes Water Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2037 | 25 | 27206 |
|  Lansing (City of), MI Board of Water & Light, Series 2024 A, Ref. RB | 5.00% | 07/01/2054 | 75 | 76230 |
|  Lansing (City of), MI Board of Water & Light, Series 2024 A, Ref. RB | 5.25% | 07/01/2054 | 50 | 51895 |
|  Michigan (State of) Building Authority (Facilities Program), Series 2024, RB | 5.25% | 10/15/2054 | 45 | 46313 |
|  Michigan State University Board of Trustees, Series 2024 A, RB | 5.25% | 08/15/2054 | 150 | 153989 |
|  |  |  |  | 720515 |

---

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

---

| |
|:---|
| 393 |
| 393 |
| 393 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Municipal Bond ETF (BSMY)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Minnesota-1.13% |  |  |  |  |
|  Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2024 A, RB | 5.00% | 01/01/2052 | $100 | $100143 |
|  Minnesota (State of), Series 2023, COP | 5.00% | 11/01/2034 | 40 | 45057 |
|  Minnesota (State of), Series 2024 A, GO Bonds | 5.00% | 08/01/2040 | 25 | 26803 |
|  Minnesota (State of), Series 2024 A, GO Bonds | 5.00% | 08/01/2042 | 10 | 10567 |
|  Minnesota (State of), Series 2024 B, GO Bonds | 4.00% | 08/01/2037 | 115 | 118053 |
|  Minnesota (State of), Series 2024 D, Ref. GO Bonds | 5.00% | 08/01/2034 | 25 | 28870 |
|  Minnesota (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2034 | 5 | 5749 |
|  Minnesota (State of) (Bidding Group 2), Series 2024 A, GO Bonds | 5.00% | 08/01/2036 | 10 | 11147 |
|  Minnesota (State of) (Bidding Group 2), Series 2024 A, GO Bonds | 5.00% | 08/01/2037 | 80 | 88164 |
|  Minnesota (State of) (Bidding Group 2), Series 2024 A, GO Bonds | 5.00% | 08/01/2039 | 10 | 10817 |
|  Minnesota (State of) Public Facilities Authority, Series 2023 A, RB | 5.00% | 03/01/2034 | 45 | 50693 |
|  Minnesota Agricultural & Economic Development Board (Healthpartners Obligated Group), Series 2024, RB | 5.25% | 01/01/2047 | 40 | 40508 |
|  Minnesota Agricultural & Economic Development Board (HealthPartners Obligated Group), Series 2024, RB | 5.00% | 01/01/2040 | 50 | 51893 |
|  Minnesota Agricultural & Economic Development Board (HealthPartners Obligated Group), Series 2024, RB | 5.00% | 01/01/2043 | 10 | 10040 |
|  Rochester (City of), MN, Series 2016 B, Ref. RB | 5.00% | 11/15/2034 | 15 | 17111 |
|  St. Cloud (City of), MN (CentraCare Health System), Series 2024, Ref. RB | 5.00% | 05/01/2040 | 25 | 26122 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;641737 |
|  Mississippi-0.02% |  |  |  |  |
|  Mississippi (State of) University Educational Building Corp. (New Residence Hall and Facilities), Series 2024, Ref. RB | 5.00% | 08/01/2053 | 10 | 10072 |
|  Missouri-0.43% |  |  |  |  |
|  Curators of the University of Missouri (The), Series 2024, Ref. RB | 5.00% | 11/01/2034 | 80 | 92290 |
|  Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2025, Ref. RB | 5.00% | 12/01/2034 | 5 | 5585 |
|  St. Louis (City of), MO, Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 07/01/2054 | 140 | 143676 |
|  |  |  |  | 241551 |
|  Nebraska-0.33% |  |  |  |  |
|  Omaha (City of), NE Public Power District, Series 2024 D, Ref. RB | 5.00% | 02/01/2039 | 70 | 75616 |
|  Omaha Public Power District, Series 2024 D, Ref. RB | 5.00% | 02/01/2043 | 75 | 78149 |
|  Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2024, Ref. RB | 5.00% | 01/01/2034 | 30 | 33853 |
|  |  |  |  | 187618 |
|  Nevada-0.60% |  |  |  |  |
|  Clark County School District, Series 2024 B, GO Bonds | 5.00% | 06/15/2036 | 30 | 32994 |
|  Clark County School District, Series 2024 B, GO Bonds | 5.00% | 06/15/2039 | 20 | 21265 |
|  Clark County School District, Series 2024, GO Bonds | 5.00% | 06/15/2038 | 80 | 85924 |
|  Las Vegas Valley Water District, Series 2024 A, Ref. GO Bonds | 5.00% | 06/01/2034 | 20 | 22851 |
|  Las Vegas Valley Water District, Series 2024 A, Ref. GO Bonds | 5.00% | 06/01/2036 | 60 | 66710 |
|  Las Vegas Valley Water District, Series 2024 A, Ref. GO Bonds | 5.00% | 06/01/2037 | 45 | 49534 |
|  Las Vegas Valley Water District, Series 2024 A, Ref. GO Bonds | 5.00% | 06/01/2038 | 50 | 54217 |
|  North Las Vegas (City of), NV, Series 2024 B, Ref. GO Bonds | 5.00% | 06/01/2038 | 5 | 5425 |
|  |  |  |  | 338920 |
|  New Hampshire-0.20% |  |  |  |  |
|  Manchester (City of), NH (Green Bonds), Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 06/01/2054 | 110 | 114057 |
|  New Jersey-5.05% |  |  |  |  |
|  New Jersey (State of), Series 2021, GO Bonds | 2.00% | 06/01/2034 | 85 | 71127 |
|  New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB | 4.00% | 07/01/2034 | 50 | 49164 |
|  New Jersey (State of) Educational Facilities Authority, Series 2024 A-1, RB | 5.00% | 03/01/2037 | 35 | 38919 |
|  New Jersey (State of) Educational Facilities Authority, Series 2024 A-2, RB | 5.00% | 03/01/2038 | 115 | 126434 |
|  New Jersey (State of) Educational Facilities Authority, Series 2024 A-2, RB | 5.00% | 03/01/2040 | 10 | 10795 |
|  New Jersey (State of) Educational Facilities Authority, Series 2024 A-2, RB | 5.00% | 03/01/2043 | 15 | 15867 |
|  New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2024, RB | 5.25% | 03/01/2054 | 200 | 209000 |
|  New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB | 3.50% | 07/01/2034 | 125 | 123926 |

---

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

---

| |
|:---|
| 394 |
| 394 |
| 394 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Municipal Bond ETF (BSMY)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New Jersey-(continued) |  |  |  |  |
|  New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2024, RB | 5.00% | 07/01/2041 | $40 | $41851 |
|  New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group), Series 2024 A, Ref. RB | 5.25% | 07/01/2054 | 125 | 127579 |
|  New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group), Series 2024, Ref. RB | 5.25% | 07/01/2049 | 10 | 10286 |
|  New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2024, Ref. RB | 5.00% | 07/01/2036 | 25 | 27512 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB. | 5.00% | 06/15/2034 | 35 | 38934 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2024 A, Ref. RB | 5.00% | 06/15/2036 | 150 | 163957 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2024 A, Ref. RB | 5.00% | 06/15/2037 | 150 | 161982 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2024 A, Ref. RB | 5.25% | 06/15/2039 | 145 | 156220 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2024 AA, Ref. RB | 5.00% | 06/15/2039 | 70 | 73919 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2024 AA, Ref. RB | 5.00% | 06/15/2040 | 5 | 5227 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2024 AA, Ref. RB | 5.25% | 06/15/2041 | 80 | 84481 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2036 | 130 | &nbsp;&nbsp;&nbsp;&nbsp;142075 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2037 | 15 | 16202 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2038 | 65 | 69312 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2039 | 70 | 73928 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2040 | 25 | 26135 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2041 | 40 | 41398 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2042 | 40 | 40983 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2043 | 160 | 162748 |
|  New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.25% | 06/15/2055 | 95 | 96387 |
|  New Jersey (State of) Turnpike Authority, Series 2024 B, RB | 5.00% | 01/01/2044 | 225 | 232211 |
|  New Jersey (State of) Turnpike Authority, Series 2024 B, RB | 5.25% | 01/01/2049 | 50 | 51862 |
|  New Jersey (State of) Turnpike Authority, Series 2024 B, RB | 5.25% | 01/01/2054 | 100 | 103384 |
|  New Jersey (State of) Turnpike Authority, Series 2024 C, Ref. RB | 5.00% | 01/01/2044 | 170 | 175687 |
|  New Jersey (State of) Turnpike Authority, Series 2025 B, RB | 5.00% | 01/01/2034 | 80 | 90526 |
|  |  |  |  | 2860018 |
|  New York-20.66% |  |  |  |  |
|  Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB | 5.00% | 09/01/2037 | 100 | 109467 |
|  Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB | 5.00% | 09/01/2038 | 20 | 21611 |
|  Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB | 5.00% | 09/01/2040 | 10 | 10603 |
|  Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB | 5.00% | 09/01/2041 | 25 | 26285 |
|  Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB | 5.00% | 09/01/2044 | 10 | 10254 |
|  Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB | 5.25% | 09/01/2054 | 100 | 102672 |
|  Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2043 | 25 | 25845 |
|  Metropolitan Transportation Authority, Series 2016 D, Ref. RB | 4.00% | 11/15/2034 | 105 | 105117 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2024 A, RB | 5.00% | 11/15/2049 | 150 | 151200 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2024 A, RB | 5.25% | 11/15/2054 | 20 | 20498 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB | 5.00% | 11/15/2034 | 40 | 44117 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB | 5.00% | 11/15/2035 | 10 | 10894 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB | 5.00% | 11/15/2036 | 10 | 10763 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB | 5.00% | 11/15/2039 | 20 | 20816 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB | 5.00% | 11/15/2043 | 10 | 10057 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB | 5.00% | 11/15/2044 | 35 | 35018 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2024 B, Ref. RB | 5.00% | 11/15/2037 | 15 | 15993 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2024 B, Ref. RB | 5.00% | 11/15/2038 | 5 | 5262 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2024 B-2, Ref. RB | 5.00% | 11/15/2048 | 30 | 30295 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2041 | 60 | 63003 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2042 | 5 | 5190 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2043 | 170 | 175457 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2044 | 40 | 41092 |
|  Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2049 | 15 | 15120 |
|  New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB | 3.00% | 12/01/2034 | 5 | 4603 |
|  New York & New Jersey (States of) Port Authority, Series 2024, Ref. RB | 5.00% | 07/15/2049 | 45 | 45771 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB | 5.00% | 09/01/2036 | 55 | 60944 |

---

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

---

| |
|:---|
| 395 |
| 395 |
| 395 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Municipal Bond ETF (BSMY)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB | 5.00% | 09/01/2037 | $20 | $21974 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB | 5.00% | 09/01/2038 | 15 | 16303 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB | 5.00% | 09/01/2039 | 75 | 80941 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB | 5.00% | 09/01/2042 | 20 | 20975 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB | 5.00% | 09/01/2049 | 35 | 35609 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Forty Fourth Series 2024, Ref. RB | 5.00% | 07/15/2036 | 40 | 44330 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Forty Fourth Series 2024, Ref. RB | 5.00% | 07/15/2038 | 160 | 174005 |
|  New York & New Jersey (States of) Port Authority, Two Hundred Forty Fourth Series 2024, Ref. RB | 5.00% | 07/15/2040 | 20 | 21329 |
|  New York (City of), NY, Series 2006 J, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 06/01/2036 | 15 | 16520 |
|  New York (City of), NY, Series 2016 C, Ref. GO Bonds | 3.00% | 08/01/2034 | 80 | 75376 |
|  New York (City of), NY, Series 2017 B-1, GO Bonds | 3.00% | 10/01/2034 | 200 | 188302 |
|  New York (City of), NY, Series 2021-1, GO Bonds | 5.00% | 08/01/2034 | 10 | 11104 |
|  New York (City of), NY, Series 2023 A, GO Bonds. | 5.00% | 08/01/2034 | 15 | 16656 |
|  New York (City of), NY, Series 2023 F-1, Ref. GO Bonds | 5.00% | 08/01/2034 | 125 | 138800 |
|  New York (City of), NY, Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2034 | 25 | 28182 |
|  New York (City of), NY, Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2036 | 25 | 27505 |
|  New York (City of), NY, Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2037 | 130 | &nbsp;&nbsp;&nbsp;&nbsp;141307 |
|  New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2036 | 60 | 66109 |
|  New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2037 | 50 | 54409 |
|  New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2038 | 120 | 128933 |
|  New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2039 | 15 | 15964 |
|  New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2043 | 15 | 15473 |
|  New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2044 | 45 | 46154 |
|  New York (City of), NY, Series 2024 C, GO Bonds | 5.25% | 03/01/2048 | 40 | 41145 |
|  New York (City of), NY, Series 2024 C-1, GO Bonds | 5.00% | 09/01/2041 | 10 | 10484 |
|  New York (City of), NY, Series 2024 C-1, GO Bonds | 5.00% | 09/01/2042 | 25 | 26029 |
|  New York (City of), NY, Series 2024 C-1, GO Bonds | 5.00% | 09/01/2047 | 130 | 131617 |
|  New York (City of), NY, Series 2024 C-1, GO Bonds | 5.00% | 09/01/2048 | 150 | 151569 |
|  New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2037 | 30 | 32638 |
|  New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2038 | 55 | 59065 |
|  New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2039 | 50 | 53201 |
|  New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2040 | 20 | 21100 |
|  New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2043 | 45 | 46430 |
|  New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2044 | 55 | 56420 |
|  New York (City of), NY, Series 2024 E, Ref. GO Bonds | 5.00% | 08/01/2034 | 15 | 16909 |
|  New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.00% | 09/01/2038 | 25 | 26779 |
|  New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.00% | 09/01/2040 | 105 | 111012 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2024 AA, RB | 5.00% | 06/15/2051 | 50 | 50640 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2024 AA, RB | 5.25% | 06/15/2053 | 100 | 103267 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2024, RB | 5.00% | 06/15/2046 | 100 | 102262 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2024, RB | 5.00% | 06/15/2048 | 80 | 81271 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2024, RB | 5.00% | 06/15/2049 | 50 | 50738 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2025, Ref. RB | 5.00% | 06/15/2037 | 15 | 16619 |
|  New York (City of), NY Municipal Water Finance Authority, Series 2025, Ref. RB | 5.00% | 06/15/2039 | 115 | 124386 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB | 5.00% | 06/15/2034 | 95 | 108942 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2024 CC-1, RB | 5.25% | 06/15/2054 | 120 | 123831 |
|  New York (City of), NY Municipal Water Finance Authority, Subseries 2024, Ref. RB | 5.00% | 06/15/2034 | 135 | 154813 |
|  New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB | 3.00% | 05/01/2034 | 35 | 33498 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 C, GO Bonds | 5.00% | 05/01/2039 | 5 | 5374 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.00% | 05/01/2040 | 70 | 74229 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.00% | 05/01/2041 | 25 | 26266 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.00% | 05/01/2045 | 115 | 117628 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.00% | 05/01/2048 | 20 | 20211 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.25% | 05/01/2049 | 50 | 51537 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.00% | 05/01/2037 | 20 | 21888 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.00% | 05/01/2039 | 40 | 42989 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.25% | 05/01/2043 | 25 | 26398 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.00% | 05/01/2050 | 50 | 50462 |

---

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

---

| |
|:---|
| 396 |
| 396 |
| 396 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Municipal Bond ETF (BSMY)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB | 5.00% | 11/01/2034 | $10 | $11307 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB | 5.00% | 11/01/2036 | 205 | 225412 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB | 5.00% | 11/01/2039 | 150 | 160041 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB | 5.00% | 11/01/2040 | 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227346 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2040 | 5 | 5280 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2041 | 25 | 26178 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2043 | 90 | 92820 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2044 | 120 | 123237 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2046 | 60 | 60890 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2049 | 5 | 5046 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.25% | 02/01/2053 | 100 | 102507 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB | 5.00% | 05/01/2042 | 35 | 36475 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB | 5.00% | 05/01/2044 | 35 | 35970 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB | 5.00% | 05/01/2047 | 60 | 60694 |
|  New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB | 5.25% | 05/01/2048 | 110 | 113497 |
|  New York (City of), NY Transitional Finance Authority, Series 2024, RB | 5.00% | 05/01/2037 | 10 | 10900 |
|  New York (City of), NY Transitional Finance Authority, Series 2024, RB | 5.00% | 05/01/2038 | 80 | 86417 |
|  New York (City of), NY Transitional Finance Authority, Series 2024, RB | 5.00% | 05/01/2039 | 40 | 42852 |
|  New York (City of), NY Transitional Finance Authority, Series 2024, RB | 5.00% | 05/01/2040 | 145 | 153332 |
|  New York (City of), NY Transitional Finance Authority, Series 2024, RB | 5.00% | 05/01/2052 | 70 | 70514 |
|  New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB | 5.00% | 11/01/2037 | 170 | 184964 |
|  New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB | 5.00% | 11/01/2040 | 100 | 106041 |
|  New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2037 | 20 | 21760 |
|  New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2038 | 25 | 26945 |
|  New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2040 | 60 | 63625 |
|  New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2044 | 70 | 71905 |
|  New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2046 | 15 | 15235 |
|  New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2053 | 150 | 150992 |
|  New York (State of) Dormitory Authority, Series 2019, RB | 3.00% | 07/01/2034 | 15 | 13905 |
|  New York (State of) Dormitory Authority, Series 2024 A, GO Bonds | 5.00% | 10/01/2036 | 10 | 11252 |
|  New York (State of) Dormitory Authority, Series 2024 A, GO Bonds | 5.00% | 03/15/2043 | 30 | 31085 |
|  New York (State of) Dormitory Authority, Series 2024 A, GO Bonds | 5.00% | 03/15/2045 | 40 | 41024 |
|  New York (State of) Dormitory Authority, Series 2024 A, GO Bonds | 5.00% | 03/15/2048 | 75 | 76060 |
|  New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2042 | 35 | 36525 |
|  New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2051 | 10 | 10096 |
|  New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2054 | 35 | 35254 |
|  New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2056 | 200 | 201153 |
|  New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2036 | 5 | 5528 |
|  New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2037 | 50 | 54593 |
|  New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2038 | 50 | 53934 |
|  New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2042 | 135 | 140030 |
|  New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2043 | 210 | 216650 |
|  New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2044 | 185 | 190022 |
|  New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.50% | 07/01/2054 | 200 | 210123 |
|  New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2034 | 35 | 39964 |
|  New York (State of) Dormitory Authority, Series 2025, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2038 | 15 | 16099 |
|  New York (State of) Dormitory Authority, Series 2025, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2039 | 145 | 154410 |
|  New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2024, RB | 5.50% | 11/01/2047 | 370 | 377767 |
|  New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2024, Ref. RB | 5.00% | 05/01/2034 | 140 | 155646 |
|  New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2024, Ref. RB | 4.00% | 05/01/2039 | 30 | 28294 |
|  New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2024, Ref. RB | 5.25% | 05/01/2054 | 120 | 120606 |
|  New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB | 5.00% | 05/01/2034 | 20 | 22235 |
|  New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB | 5.00% | 05/01/2036 | 15 | 16263 |
|  New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB | 5.00% | 05/01/2042 | 20 | 20395 |
|  New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB | 5.00% | 05/01/2043 | 55 | 55733 |
|  New York (State of) Energy Research & Development Authority (New York State Electric & Gas Corp.), Series 2004 C, Ref. RB | 4.00% | 04/01/2034 | 35 | 35261 |
|  New York (State of) Power Authority (Green Bonds), Series 2024 A, GO Bonds | 5.00% | 11/15/2043 | 10 | 10490 |

---

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

---

| |
|:---|
| 397 |
| 397 |
| 397 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Municipal Bond ETF (BSMY)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  New York-(continued) |  |  |  |  |
|  New York (State of) Power Authority (Green Bonds), Series 2024 A, RB | 5.00% | 11/15/2037 | $10 | $11165 |
|  New York (State of) Power Authority (Green Bonds), Series 2024 A, RB | 5.00% | 11/15/2038 | 15 | 16480 |
|  New York (State of) Power Authority (Green Bonds), Series 2024 A, RB | 5.00% | 11/15/2039 | 20 | 21736 |
|  New York (State of) Power Authority (Green Bonds), Series 2024 A, RB | 5.00% | 11/15/2040 | 5 | 5386 |
|  New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2039 | 95 | 102782 |
|  New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2040 | 20 | 21287 |
|  New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2043 | 50 | 51684 |
|  New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2049 | 85 | 86246 |
|  New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.25% | 01/01/2054 | 50 | 51277 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB | 5.00% | 06/15/2034 | 10 | 11559 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB | 5.00% | 06/15/2037 | 75 | 83503 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB | 5.00% | 06/15/2039 | 10 | 10880 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB | 5.00% | 06/15/2042 | 15 | 15828 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB | 5.00% | 06/15/2043 | 10 | 10479 |
|  New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB | 5.00% | 06/15/2049 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;101987 |
|  New York State Urban Development Corp., Series 2023 A, RB | 5.00% | 03/15/2034 | 15 | 16965 |
|  New York State Urban Development Corp., Series 2023, Ref. RB | 5.00% | 03/15/2034 | 10 | 11257 |
|  New York State Urban Development Corp. (Bidding Group 1), Series 2024 A, RB | 5.00% | 03/15/2038 | 215 | 234971 |
|  New York State Urban Development Corp. (Bidding Group 1), Series 2024 A, RB | 5.00% | 03/15/2039 | 140 | 151059 |
|  Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB | 3.00% | 11/15/2034 | 405 | 388342 |
|  Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.00% | 05/15/2042 | 50 | 52280 |
|  Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.00% | 11/15/2043 | 5 | 5179 |
|  Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.00% | 05/15/2044 | 80 | 82556 |
|  Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.00% | 11/15/2044 | 50 | 51516 |
|  Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.00% | 05/15/2046 | 20 | 20457 |
|  Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.00% | 05/15/2054 | 80 | 81013 |
|  Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.25% | 05/15/2059 | 105 | 108021 |
|  Triborough Bridge & Tunnel Authority, Series 2024 A-2, Ref. RB | 5.00% | 11/15/2037 | 15 | 16450 |
|  Triborough Bridge & Tunnel Authority, Series 2024 A-2, Ref. RB | 5.00% | 11/15/2039 | 20 | 21464 |
|  Triborough Bridge & Tunnel Authority, Series 2024 A-2, Ref. RB | 5.00% | 11/15/2040 | 20 | 21307 |
|  Triborough Bridge & Tunnel Authority, Series 2024, Ref. RB | 5.00% | 11/15/2036 | 50 | 55462 |
|  Triborough Bridge & Tunnel Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2037 | 60 | 65555 |
|  Triborough Bridge & Tunnel Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2038 | 75 | 80646 |
|  Triborough Bridge & Tunnel Authority (Green Bonds), Series 2024, Ref. RB | 5.25% | 05/15/2054 | 225 | 231646 |
|  |  |  |  | 11706858 |
|  North Carolina-0.44% |  |  |  |  |
|  Charlotte (City of), NC, Series 2024, RB | 5.00% | 07/01/2040 | 35 | 37829 |
|  Charlotte (City of), NC, Series 2024, RB | 5.00% | 07/01/2043 | 10 | 10541 |
|  Charlotte (City of), NC, Series 2024, RB | 5.00% | 07/01/2054 | 75 | 76991 |
|  North Carolina (State of), Series 2018 A, GO Bonds | 3.00% | 06/01/2034 | 70 | 67768 |
|  North Carolina (State of) Turnpike Authority (Monroe Expressway System), Series 2024, Ref. RB | 5.00% | 01/01/2041 | 20 | 21036 |
|  North Carolina (State of) Turnpike Authority (Triangle Expressway System), Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2054 | 20 | 19910 |
|  Raleigh (City of), NC Combined Enterprise System, Series 2023, Ref. RB | 5.00% | 09/01/2034 | 15 | 17041 |
|  |  |  |  | 251116 |
|  Ohio-1.57% |  |  |  |  |
|  Allen (County of), IN, Series 2025, Ref. RB | 5.00% | 11/01/2034 | 20 | 22344 |
|  American Municipal Power, Inc. (Prairie State Energy Campus), Series 2023, Ref. RB | 5.00% | 02/15/2037 | 65 | 70785 |
|  American Municipal Power, Inc. (Prairie State Energy Campus), Series 2023, Ref. RB | 5.00% | 02/15/2038 | 50 | 53676 |
|  Columbus (City of), OH, Series 2023 A, GO Bonds | 5.00% | 08/15/2034 | 10 | 11359 |
|  Columbus (City of), OH, Series 2024 A, GO Bonds | 5.00% | 08/15/2039 | 55 | 59748 |

---

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

---

| |
|:---|
| 398 |
| 398 |
| 398 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Municipal Bond ETF (BSMY)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Ohio-(continued) |  |  |  |  |
|  Columbus (City of), OH, Series 2024 A, GO Bonds | 5.00% | 08/15/2040 | $40 | $43083 |
|  Franklin (County of), OH Convention Facilities Authority, Series 2024, Ref. RB | 5.00% | 12/01/2042 | 45 | 46409 |
|  Hamilton (County of), OH, Series 2024, RB | 5.00% | 12/01/2053 | 10 | 10099 |
|  Northeast Ohio Regional Sewer District, Series 2019, Ref. RB | 3.00% | 11/15/2034 | 25 | 23300 |
|  Ohio (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 03/15/2034 | 10 | 11288 |
|  Ohio (State of), Series 2025 A, GO Bonds | 5.00% | 05/01/2036 | 20 | 22393 |
|  Ohio (State of), Series 2025 A, GO Bonds | 5.00% | 05/01/2037 | 15 | 16619 |
|  Ohio (State of), Series 2025 A, GO Bonds | 5.00% | 05/01/2039 | 10 | 10843 |
|  Ohio (State of), Series 2025 A, GO Bonds | 5.00% | 05/01/2041 | 40 | 42483 |
|  Ohio (State of), Series 2025 B, Ref. GO Bonds | 5.00% | 11/01/2034 | 5 | 5729 |
|  Ohio (State of) (Infrastructure Improvement), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2034 | 10 | 11308 |
|  Ohio (State of) Water Development Authority, Series 2024 A, RB | 5.00% | 12/01/2040 | 35 | 37366 |
|  Ohio (State of) Water Development Authority, Series 2024 A, RB | 5.00% | 12/01/2045 | 40 | 41302 |
|  Ohio (State of) Water Development Authority (Sustainability Bonds), Series 2024 A, GO Bonds | 5.00% | 12/01/2043 | 30 | 31300 |
|  Ohio (State of) Water Development Authority (Sustainability Bonds), Series 2024 A, RB | 5.00% | 12/01/2038 | 65 | 70665 |
|  Ohio (State of) Water Development Authority (Sustainability Bonds), Series 2024 A, RB | 5.00% | 12/01/2042 | 75 | 78776 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB | 3.00% | 12/01/2034 | 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23618 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 A, GO Bonds | 5.00% | 12/01/2044 | 20 | 20735 |
|  Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024, RB | 5.00% | 12/01/2043 | 50 | 52167 |
|  Ohio State University (The), Series 2024, RB | 5.25% | 12/01/2054 | 25 | 25513 |
|  Shaker Heights City School District, Series 2024, GO Bonds | 5.25% | 12/15/2059 | 45 | 46110 |
|  |  |  |  | 889018 |
|  Oklahoma-0.62% |  |  |  |  |
|  Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2023, RB | 5.25% | 09/01/2034 | 65 | 73076 |
|  Grand River Dam Authority, Series 2024 A, Ref. RB | 5.00% | 06/01/2037 | 105 | 114022 |
|  Oklahoma (County of), OK Finance Authority (Midwest-City Del City Public Schools), Series 2024, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2038 | 55 | 59683 |
|  Oklahoma (County of), OK Finance Authority (Midwest-City Del City Public Schools), Series 2024, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2042 | 45 | 46763 |
|  Oklahoma (County of), OK Finance Authority (Midwest-City Del City Public Schools), Series 2024, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2043 | 10 | 10295 |
|  University of Oklahoma (The), Series 2024 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 07/01/2049 | 45 | 45361 |
|  |  |  |  | 349200 |
|  Oregon-0.27% |  |  |  |  |
|  Oregon (State of), Series 2023, GO Bonds | 5.00% | 05/01/2034 | 80 | 90449 |
|  Oregon (State of) Department of Transportation (Social Bonds) (Garvee), Series 2024, RB | 5.00% | 05/15/2034 | 10 | 11448 |
|  Oregon (State of) Department of Transportation (Social Bonds) (Garvee), Series 2024, RB | 5.00% | 05/15/2036 | 30 | 33262 |
|  Oregon (State of) Department of Transportation (Social Bonds) (Garvee), Series 2024, RB | 5.00% | 05/15/2038 | 10 | 10838 |
|  Oregon (State of) Tri-County Metropolitan Transportation District (Garvee), Series 2018 A, RB | 3.25% | 10/01/2034 | 10 | 9532 |
|  |  |  |  | 155529 |
|  Pennsylvania-2.77% |  |  |  |  |
|  Bethel Park School District, Series 2024, GO Bonds | 5.00% | 08/01/2050 | 90 | 91400 |
|  Delaware Valley Regional Finance Authority, Series 2023 A, Ref. RB | 4.00% | 03/01/2034 | 50 | 51798 |
|  Northampton (County of), PA General Purpose Authority (St. Luke's University Health Network), Series 2024, Ref. RB | 5.25% | 08/15/2053 | 50 | 50360 |
|  Northampton (County of), PA General Purpose Authority (St. Luke's University Health Network), Series 2024, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/15/2041 | 30 | 30611 |
|  Pennsylvania (Commonwealth of), First Series 2021, GO Bonds | 3.00% | 05/15/2034 | 95 | 88604 |
|  Pennsylvania (Commonwealth of), Series 2024, GO Bonds | 5.00% | 08/15/2034 | 5 | 5686 |
|  Pennsylvania (Commonwealth of), Series 2024, GO Bonds | 5.00% | 08/15/2036 | 20 | 22195 |
|  Pennsylvania (Commonwealth of), Series 2024, GO Bonds | 5.00% | 08/15/2037 | 5 | 5470 |
|  Pennsylvania (Commonwealth of), Series 2024, GO Bonds | 5.00% | 08/15/2039 | 70 | 75002 |
|  Pennsylvania (Commonwealth of) (Bid Group B), Series 2023, GO Bonds | 5.00% | 09/01/2034 | 115 | 129866 |
|  Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. RB | 4.00% | 11/15/2034 | 95 | 94281 |

---

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

---

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| 399 |
| 399 |
| 399 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Municipal Bond ETF (BSMY)–(continued)

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Pennsylvania-(continued) |  |  |  |  |
|  Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2024, Ref. RB | 5.25% | 11/01/2039 | $5 | $5353 |
|  Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2024, Ref. RB | 5.25% | 11/01/2040 | 130 | &nbsp;&nbsp;&nbsp;&nbsp;138200 |
|  Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2024, Ref. RB | 5.25% | 11/01/2044 | 60 | 61444 |
|  Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2024, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 11/01/2048 | 10 | 10189 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB | 5.00% | 12/01/2036 | 90 | 99211 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB | 5.00% | 06/01/2037 | 10 | 10959 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2024 C, RB | 5.00% | 12/01/2047 | 50 | 50781 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2024, Ref. RB | 5.00% | 12/01/2038 | 30 | 32328 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2024, Ref. RB | 5.00% | 12/01/2039 | 30 | 31966 |
|  Pennsylvania (Commonwealth of) Turnpike Commission, Series 2024, Ref. RB | 5.00% | 12/01/2043 | 40 | 41441 |
|  Philadelphia (City of), PA, Series 2024 C, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2036 | 30 | 33511 |
|  Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2037 | 45 | 49658 |
|  Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2038 | 15 | 16327 |
|  Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2039 | 80 | 86273 |
|  Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2040 | 10 | 10688 |
|  Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 09/01/2049 | 30 | 31043 |
|  Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 09/01/2054 | 30 | 30912 |
|  Philadelphia (City of), PA (1998 General Ordinance), Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 08/01/2054 | 100 | 101786 |
|  Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2024, RB | 5.00% | 07/01/2046 | 25 | 25454 |
|  Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2024, RB | 5.50% | 07/01/2053 | 45 | 47050 |
|  Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group), Series 2023, Ref. RB | 5.00% | 06/01/2034 | 5 | 5615 |
|  University of Pittsburgh-of the Commonwealth System of Higher Education, Series 2023, RB | 5.00% | 02/15/2034 | 5 | 5695 |
|  |  |  |  | 1571157 |
|  Rhode Island-0.28% |  |  |  |  |
|  Rhode Island Commerce Corp. (Garvee), Series 2024, RB | 5.00% | 05/15/2038 | 75 | 80311 |
|  Rhode Island Health & Educational Building Corp. (Lifespan Obligated Group), Series 2024, RB | 5.00% | 05/15/2034 | 70 | 76178 |
|  |  |  |  | 156489 |
|  South Carolina-2.54% |  |  |  |  |
|  Charleston County Airport District, Series 2024 B, RB | 5.00% | 07/01/2049 | 200 | 200979 |
|  Dorchester (County of), SC, Series 2024, RB | 5.00% | 10/01/2054 | 50 | 50326 |
|  Greenville-Spartanburg Airport District, Series 2024 A, GO Bonds | 5.25% | 07/01/2054 | 30 | 30637 |
|  South Carolina (State of) Jobs-Economic Development Authority (McLeod Health), Series 2024, Ref. RB | 5.25% | 11/01/2054 | 25 | 25695 |
|  South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB | 5.00% | 11/01/2034 | 120 | 133166 |
|  South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB | 5.00% | 11/01/2035 | 100 | 109700 |
|  South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB | 5.00% | 11/01/2037 | 20 | 21418 |
|  South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB | 5.00% | 11/01/2038 | 30 | 31712 |
|  South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB | 5.00% | 11/01/2039 | 15 | 15736 |
|  South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB | 5.25% | 11/01/2040 | 90 | 95512 |
|  South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB | 5.25% | 11/01/2043 | 30 | 31005 |
|  South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB | 5.50% | 11/01/2045 | 290 | 302958 |
|  South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB | 5.50% | 11/01/2048 | 30 | 31111 |

---

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

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| 400 |
| 400 |
| 400 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Municipal Bond ETF (BSMY)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  South Carolina-(continued) |  |  |  |  |
|  South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB | 5.00% | 12/01/2038 | $55 | $58566 |
|  South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB | 5.00% | 12/01/2039 | 5 | 5279 |
|  South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 12/01/2037 | 130 | &nbsp;&nbsp;&nbsp;&nbsp;140114 |
|  South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 12/01/2042 | 55 | 56555 |
|  South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 12/01/2054 | 100 | 100143 |
|  |  |  |  | 1440612 |
|  South Dakota-0.23% |  |  |  |  |
|  South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2024 A, Ref. RB | 5.25% | 07/01/2054 | 125 | 127564 |
|  Tennessee-1.26% |  |  |  |  |
|  Chattanooga (City of), TN Health, Educational & Housing Facility Board (Erlanger Health System), Series 2024, Ref. RB | 5.00% | 12/01/2034 | 15 | 16359 |
|  Hamilton (County of), OH, Series 2024 A, GO Bonds | 5.00% | 08/01/2041 | 80 | 85304 |
|  Johnson City (City of), TN Health & Educational Facilities Board, Series 2023 A, Ref. RB | 5.00% | 07/01/2034 | 55 | 59544 |
|  Knoxville (City of), TN, Series 2024 A, RB | 5.25% | 06/01/2054 | 35 | 35737 |
|  Memphis (City of), TN, Series 2024, Ref. RB | 5.00% | 12/01/2047 | 50 | 50968 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 A, RB | 5.25% | 05/15/2049 | 5 | 5190 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 C, GO Bonds | 5.00% | 01/01/2040 | 150 | 160330 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2025, Ref. RB | 5.00% | 07/01/2036 | 5 | 5562 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2024, RB | 5.00% | 07/01/2034 | 5 | 5519 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2024, RB | 5.00% | 10/01/2049 | 150 | 153067 |
|  Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority (Stadium), Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 07/01/2053 | 75 | 76164 |
|  Shelby (County of), TN Health, Educational & Housing Facilities Board (Baptist Memorial Health Care), Series 2024 A, Ref. RB | 5.25% | 09/01/2034 | 25 | 27425 |
|  Shelby (County of), TN Health, Educational & Housing Facilities Board (Baptist Memorial Health Care), Series 2024 A, Ref. RB | 5.25% | 09/01/2039 | 30 | 31154 |
|  |  |  |  | 712323 |
|  Texas-10.93% |  |  |  |  |
|  Aldine Independent School District, Series 2024 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2037 | 50 | 54183 |
|  Arlington Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2036 | 30 | 33309 |
|  Aurora (City of), IL, Series 2023, Ref, RB | 5.00% | 11/15/2034 | 10 | 11174 |
|  Aurora (City of), IL, Series 2024, Ref. RB | 5.00% | 11/15/2038 | 25 | 27042 |
|  Aurora (City of), IL, Series 2024, Ref. RB | 5.00% | 11/15/2039 | 10 | 10724 |
|  Aurora (City of), IL, Series 2024, Ref. RB | 5.00% | 11/15/2040 | 15 | 15968 |
|  Austin (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2042 | 25 | 26104 |
|  Austin (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2049 | 30 | 30485 |
|  Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2036 | 10 | 11058 |
|  Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2037 | 15 | 16399 |
|  Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2038 | 30 | 32407 |
|  Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2039 | 110 | 117785 |
|  Board of Regents of the University of Texas System, Series 2024 A, Ref. RB | 5.00% | 08/15/2034 | 5 | 5699 |
|  Board of Regents of the University of Texas System, Series 2024 A, Ref. RB | 5.00% | 08/15/2039 | 5 | 5381 |
|  Board of Regents of the University of Texas System, Series 2024 B, RB | 5.00% | 08/15/2038 | 20 | 21663 |
|  Board of Regents of the University of Texas System, Series 2024 B, RB | 5.00% | 08/15/2039 | 20 | 21523 |
|  Board of Regents of the University of Texas System, Series 2024 B, RB | 5.00% | 08/15/2040 | 65 | 69354 |
|  Board of Regents of the University of Texas System, Series 2024 B, RB | 5.00% | 08/15/2041 | 95 | 100374 |
|  Board of Regents of the University of Texas System, Series 2024 B, RB | 5.00% | 08/15/2042 | 20 | 20940 |
|  Canutillo Independent School District, Series 2024 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 02/15/2054 | 75 | 77039 |
|  Cedar Hill Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2044 | 60 | 61612 |

---

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

---

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|:---|
| 401 |
| 401 |
| 401 |

---

------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Municipal Bond ETF (BSMY)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  Central Texas Turnpike System, Series 2024 C, Ref. RB | 5.00% | 08/15/2034 | $5 | $5600 |
|  Clear Creek Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2036 | 65 | 71918 |
|  College Station Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2050 | 10 | 10062 |
|  Comal Independent School District, Series 2023, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/01/2034 | 50 | 55854 |
|  Comal Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2036 | 45 | 49616 |
|  Conroe Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2038 | 195 | &nbsp;&nbsp;&nbsp;&nbsp;209985 |
|  Conroe Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2039 | 25 | 26662 |
|  Corpus Christi (City of), TX, Series 2024, Ref. RB | 5.00% | 07/15/2036 | 15 | 16444 |
|  Corpus Christi (City of), TX, Series 2024, Ref. RB | 5.00% | 07/15/2049 | 15 | 15074 |
|  Crowley Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/01/2049 | 85 | 86070 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB | 5.00% | 11/01/2037 | 35 | 38137 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB | 5.00% | 11/01/2040 | 120 | 127156 |
|  Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB | 5.00% | 11/01/2044 | 50 | 51210 |
|  Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2034 | 5 | 5540 |
|  Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund) | 3.00% | 02/15/2034 | 15 | 14170 |
|  Dallas (City of), TX Independent School District, Series 2025 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2040 | 55 | 58072 |
|  Dallas (City of), TX Independent School District, Series 2025 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2041 | 70 | 73331 |
|  Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2034 | 75 | 84126 |
|  East Montgomery County Improvement District Sales Tax Revenue, Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 08/15/2049 | 25 | 25810 |
|  Ector (County of), TX, Series 2024, Ctfs. of Obligations | 5.00% | 02/15/2050 | 70 | 70667 |
|  El Paso (County of), TX Hospital District, Series 2024, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/15/2040 | 105 | 109352 |
|  Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2034 | 20 | 22384 |
|  Harris (County of) & Houston (City of), TX Sports Authority, Series 2024 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2037 | 10 | 10765 |
|  Harris (County of) & Houston (City of), TX Sports Authority, Series 2024 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2038 | 40 | 42536 |
|  Harris (County of), TX, Series 2023 A, Ref. RB | 5.00% | 08/15/2034 | 25 | 27910 |
|  Harris (County of), TX, Series 2024 A, GO Bonds | 5.00% | 08/15/2036 | 55 | 60460 |
|  Harris (County of), TX, Series 2024 A, GO Bonds | 5.00% | 09/15/2054 | 90 | 90457 |
|  Harris (County of), TX, Series 2024 A, RB | 5.00% | 08/15/2037 | 45 | 48943 |
|  Harris (County of), TX, Series 2024 A, RB | 5.00% | 08/15/2040 | 45 | 47668 |
|  Harris (County of), TX, Series 2024 A, RB | 5.00% | 08/15/2044 | 30 | 30824 |
|  Harris (County of), TX, Series 2024 A, Ref. GO Bonds | 5.00% | 09/15/2049 | 25 | 25235 |
|  Harris (County of), TX, Series 2024, Ctfs. Of Obligations | 5.00% | 09/15/2054 | 65 | 65330 |
|  Harris (County of), TX Toll Road Authority (The), Series 2024 A, RB | 5.25% | 08/15/2049 | 140 | 145571 |
|  Harris (County of), TX Toll Road Authority (The), Series 2024 A, RB | 5.25% | 08/15/2054 | 10 | 10347 |
|  Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2024, Ref. RB | 5.00% | 07/01/2036 | 65 | 71019 |
|  Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2024, Ref. RB | 5.00% | 07/01/2037 | 35 | 37862 |
|  Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2024, Ref. RB | 5.00% | 07/01/2039 | 75 | 79398 |
|  Highland Park Independent School District, Series 2016, GO Bonds, (CEP - Texas Permanent School Fund) | 3.00% | 02/15/2034 | 30 | 28884 |
|  Houston (City of), TX, Series 2024 A, GO Bonds | 5.00% | 03/01/2037 | 65 | 70584 |
|  Houston (City of), TX, Series 2024 A, GO Bonds | 5.00% | 03/01/2038 | 110 | 118107 |
|  Houston (City of), TX, Series 2024 A, GO Bonds | 5.00% | 03/01/2039 | 20 | 21278 |
|  Houston (City of), TX, Series 2024 A, GO Bonds | 5.00% | 03/01/2040 | 20 | 21050 |
|  Houston (City of), TX, Series 2024 A, GO Bonds | 5.00% | 03/01/2041 | 45 | 46940 |
|  Houston (City of), TX, Series 2024 A, GO Bonds | 5.00% | 03/01/2043 | 45 | 46176 |
|  Houston (City of), TX, Series 2024 A, GO Bonds | 5.00% | 03/01/2044 | 10 | 10198 |
|  Houston (City of), TX, Series 2024 A, Ref. RB | 5.00% | 11/15/2035 | 65 | 72390 |
|  Houston (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2036 | 40 | 44073 |
|  Houston Higher Education Finance Corp. (Rice University), Series 2024, RB | 5.00% | 05/15/2034 | 55 | 62472 |
|  Huffman Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 02/15/2049 | 20 | 20694 |

---

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

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|:---|
| 402 |
| 402 |
| 402 |

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------

##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Municipal Bond ETF (BSMY)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2036 | $15 | $16646 |
|  Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2038 | 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59400 |
|  Hutto Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2049 | 10 | 10172 |
|  Jarrell Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2049 | 70 | 70977 |
|  Judson Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/01/2049 | 85 | 86011 |
|  Lamar Consolidated Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2049 | 70 | 70832 |
|  Leander Independent School District, Series 2021 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 3.00% | 08/15/2034 | 40 | 38059 |
|  Liberty Hill Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/01/2054 | 35 | 35182 |
|  Lower Colorado River Authority, Series 2025 A, Ref. RB | 5.00% | 05/15/2040 | 15 | 15745 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2039 | 30 | 31932 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2040 | 5 | 5267 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2041 | 60 | 62647 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2042 | 30 | 31047 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2043 | 10 | 10307 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2054 | 5 | 5010 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB | 5.00% | 05/15/2034 | 15 | 16916 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB | 5.00% | 05/15/2039 | 25 | 26423 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB | 5.00% | 05/15/2040 | 10 | 10497 |
|  Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB | 5.00% | 05/15/2050 | 40 | 40073 |
|  Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2034 | 50 | 55856 |
|  Montgomery Independent School District, Series 2024 B, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2049 | 55 | 55844 |
|  North Texas Municipal Water District, Series 2025, Ref. RB | 5.00% | 09/01/2034 | 10 | 11399 |
|  North Texas Tollway Authority, Series 2024 A, Ref. RB | 5.00% | 01/01/2041 | 55 | 57457 |
|  North Texas Tollway Authority, Series 2024 A, Ref. RB | 5.25% | 01/01/2042 | 20 | 21060 |
|  North Texas Tollway Authority, Series 2024 A, Ref. RB | 5.25% | 01/01/2044 | 20 | 20832 |
|  North Texas Tollway Authority, Series 2024 A, Ref. RB | 5.00% | 01/01/2045 | 55 | 56125 |
|  North Texas Tollway Authority, Series 2024 B, Ref. RB | 5.00% | 01/01/2037 | 5 | 5413 |
|  Northside Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2055 | 65 | 66078 |
|  Permanent University Fund - University of Texas System, Series 2024 A, Ref. RB | 5.00% | 07/01/2036 | 30 | 33202 |
|  Permanent University Fund - University of Texas System, Series 2024 A, Ref. RB | 5.00% | 07/01/2038 | 30 | 32492 |
|  Permanent University Fund - University of Texas System, Series 2024 A, Ref. RB | 5.00% | 07/01/2039 | 135 | 144786 |
|  Permanent University Fund - University of Texas System, Series 2024 B, Ref. RB | 5.00% | 07/01/2034 | 5 | 5693 |
|  Permanent University Fund - University of Texas System, Series 2024 B, Ref. RB | 5.00% | 07/01/2037 | 45 | 49207 |
|  Princeton Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2054 | 100 | 100795 |
|  Prosper Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2044 | 5 | 5145 |
|  San Antonio (City of), TX, Series 2019, Ref. GO Bonds | 3.00% | 08/01/2034 | 5 | 4697 |
|  San Antonio (City of), TX, Series 2024 A, RB | 5.00% | 02/01/2037 | 20 | 21635 |
|  San Antonio (City of), TX, Series 2024 A, RB | 5.00% | 02/01/2038 | 10 | 10685 |
|  San Antonio (City of), TX, Series 2024 A, RB | 5.00% | 02/01/2039 | 10 | 10614 |
|  San Antonio (City of), TX, Series 2024 A, RB | 5.25% | 02/01/2043 | 40 | 42038 |
|  San Antonio (City of), TX, Series 2024 A, RB | 5.25% | 02/01/2044 | 35 | 36591 |
|  San Antonio (City of), TX, Series 2024 A, RB | 5.25% | 02/01/2049 | 75 | 77202 |
|  San Antonio (City of), TX, Series 2024 B, Ref. RB | 5.00% | 02/01/2037 | 10 | 10817 |
|  San Antonio (City of), TX, Series 2024 B, Ref. RB | 5.00% | 02/01/2043 | 20 | 20611 |
|  San Antonio (City of), TX, Series 2024 B, Ref. RB | 5.25% | 02/01/2049 | 25 | 25734 |
|  San Antonio (City of), TX, Series 2024 C, RB | 5.00% | 02/01/2054 | 55 | 55196 |
|  San Antonio (City of), TX Water System, Series 2024 B, RB | 5.00% | 05/15/2043 | 10 | 10344 |
|  San Antonio (City of), TX Water System, Series 2024 B, RB | 5.00% | 05/15/2046 | 75 | 76515 |
|  Sunnyvale Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2050 | 100 | 101369 |
|  Tarrant (County of), TX Regional Water District, Series 2024, Ref. RB | 5.00% | 03/01/2036 | 40 | 44042 |
|  Texas (State of), Series 2024, Ref. GO Bonds | 5.00% | 10/01/2039 | 130 | 139659 |
|  Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds | 5.00% | 04/01/2034 | 10 | 11273 |

---

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

---

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| 403 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Municipal Bond ETF (BSMY)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Texas-(continued) |  |  |  |  |
|  Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2024 A, Ref. RB | 5.00% | 08/15/2036 | $25 | $27442 |
|  Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2024 A, Ref. RB | 5.00% | 08/15/2038 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;106987 |
|  Texas (State of) Water Development Board, Series 2019, RB | 3.00% | 10/15/2034 | 10 | 9334 |
|  Texas (State of) Water Development Board, Series 2020, RB | 3.00% | 10/15/2034 | 10 | 9464 |
|  Texas (State of) Water Development Board, Series 2024 A, RB | 5.00% | 10/15/2040 | 120 | 128065 |
|  Texas (State of) Water Development Board (Master Trust), Series 2024 A, RB | 5.00% | 10/15/2044 | 15 | 15508 |
|  Texas (State of) Water Development Board (Master Trust), Series 2024 A, RB | 5.00% | 10/15/2053 | 100 | 101173 |
|  Texas A&M University, Series 2024 A, GO Bonds | 5.00% | 05/15/2040 | 5 | 5320 |
|  Texas A&M University, Series 2024 A, RB | 5.00% | 05/15/2036 | 35 | 38936 |
|  Texas A&M University, Series 2024 A, RB | 5.00% | 05/15/2038 | 45 | 48840 |
|  Texas A&M University, Series 2024 A, RB | 5.00% | 05/15/2039 | 10 | 10750 |
|  Texas A&M University, Series 2024 A, RB | 5.00% | 05/15/2041 | 10 | 10537 |
|  Texas A&M University, Series 2024 A, RB | 5.00% | 05/15/2042 | 30 | 31346 |
|  Texas State University Board of Regents, Series 2023 A, RB | 5.00% | 02/15/2034 | 30 | 33640 |
|  Texas State University Board of Regents, Series 2024, Ref. RB | 5.00% | 03/15/2038 | 50 | 53972 |
|  Texas State University Board of Regents, Series 2024, Ref. RB | 5.00% | 03/15/2041 | 5 | 5258 |
|  Texas State University Board of Regents, Series 2024, Ref. RB | 5.00% | 03/15/2044 | 25 | 25791 |
|  Tuloso-Midway Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 08/15/2050 | 105 | 108380 |
|  University of North Texas System, Series 2025 A, Ref. RB | 5.00% | 04/15/2034 | 5 | 5646 |
|  |  |  |  | 6194572 |
|  Utah-0.70% |  |  |  |  |
|  Iron (County of), UT, Series 2024, RB | 5.00% | 10/01/2064 | 100 | 100213 |
|  Timpanogos Special Service District, Series 2024, Ref. RB | 5.00% | 06/01/2054 | 5 | 5037 |
|  Utah (State of), Series 2020, GO Bonds | 3.00% | 07/01/2034 | 100 | 95354 |
|  Utah (State of) Transit Authority, Series 2024, Ref. RB | 5.00% | 06/15/2037 | 35 | 38744 |
|  Utah (State of) Transit Authority, Series 2024, Ref. RB | 5.00% | 06/15/2038 | 45 | 49134 |
|  Utah (State of) Transit Authority, Series 2024, Ref. RB | 5.00% | 06/15/2039 | 20 | 21633 |
|  Utah (State of) Transit Authority, Series 2024, Ref. RB | 5.00% | 06/15/2040 | 80 | 85583 |
|  |  |  |  | 395698 |
|  Virginia-1.13% |  |  |  |  |
|  Chesterfield (County of), VA Economic Development Authority (County Mobility), Series 2024, RB | 5.00% | 04/01/2048 | 50 | 50998 |
|  Fairfax (County of), VA, Series 2025 A, GO Bonds | 5.00% | 10/01/2036 | 65 | 72752 |
|  Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2024, RB | 5.00% | 05/15/2051 | 45 | 45377 |
|  Hampton Roads Sanitation District, Series 2024 B, RB | 5.00% | 07/01/2040 | 5 | 5380 |
|  Hampton Roads Sanitation District, Series 2024 B, RB | 5.00% | 07/01/2042 | 80 | 84377 |
|  Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2023, RB | 5.00% | 02/01/2034 | 110 | 123263 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2022, RB | 3.50% | 02/01/2034 | 10 | 9981 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2023, Ref. RB | 5.00% | 02/01/2034 | 45 | 50426 |
|  Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2024, RB | 5.00% | 02/01/2036 | 25 | 27847 |
|  Virginia (Commonwealth of) Public Building Authority, Series 2024 A, RB | 5.00% | 08/01/2039 | 65 | 70156 |
|  Virginia (Commonwealth of) Public Building Authority, Series 2024 A, RB | 5.00% | 08/01/2044 | 20 | 20784 |
|  Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB | 5.00% | 05/15/2038 | 45 | 49223 |
|  Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB | 5.00% | 05/15/2039 | 25 | 27119 |
|  |  |  |  | 637683 |
|  Washington-3.68% |  |  |  |  |
|  Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB | 5.00% | 07/01/2034 | 45 | 50500 |
|  Energy Northwest (No. 1), Series 2023 A, Ref. RB | 5.00% | 07/01/2034 | 185 | 207612 |
|  Energy Northwest (No. 3), Series 2024 A, Ref. RB | 5.00% | 07/01/2037 | 15 | 16521 |
|  Grant (County of), WA Public Utility District No. 2 Priest Rapids Hydroelectric Project, Series 2024, Ref. RB | 5.00% | 01/01/2038 | 25 | 27192 |

---

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

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Municipal Bond ETF (BSMY)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Washington-(continued) |  |  |  |  |
|  Grant (County of), WA Public Utility District No. 2 Priest Rapids Hydroelectric Project, Series 2024, Ref. RB | 5.00% | 01/01/2039 | $5 | $5371 |
|  Grant (County of), WA Public Utility District No. 2 Priest Rapids Hydroelectric Project, Series 2024, Ref. RB | 5.00% | 01/01/2040 | 10 | 10600 |
|  King & Snohomish Counties School District No. 417 Northshore, Series 2024, Ref. GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2039 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;107055 |
|  King & Snohomish Counties School District No. 417 Northshore, Series 2024, Ref. GO Bonds,<br>(CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2041 | 5 | 5276 |
|  King (County of), WA, Series 2024 A, Ref. GO Bonds | 5.00% | 07/01/2037 | 20 | 22139 |
|  King (County of), WA, Series 2024 A, Ref. GO Bonds | 5.00% | 07/01/2038 | 20 | 21865 |
|  King (County of), WA, Series 2024 A, Ref. RB | 5.00% | 01/01/2038 | 65 | 70649 |
|  King (County of), WA, Series 2024 A, Ref. RB | 5.00% | 01/01/2039 | 10 | 10757 |
|  King (County of), WA, Series 2024 A, Ref. RB | 5.00% | 01/01/2049 | 10 | 10212 |
|  Pierce County School District No. 10 Tacoma, Series 2024, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2048 | 150 | 153614 |
|  Seattle (City of), WA, Series 2024, Ref. RB | 5.00% | 10/01/2054 | 100 | 100799 |
|  Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2039 | 50 | 53642 |
|  Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2040 | 65 | 69344 |
|  Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2041 | 10 | 10568 |
|  Tacoma (City of), WA (Green Bonds), Series 2024, Ref. RB | 5.00% | 12/01/2041 | 40 | 42362 |
|  Washington (State of), Series 2023 R-2024A, Ref. GO Bonds | 5.00% | 02/01/2036 | 5 | 5583 |
|  Washington (State of), Series 2023 R-2024A, Ref. GO Bonds | 5.00% | 02/01/2037 | 5 | 5525 |
|  Washington (State of), Series 2023 R-2024A, Ref. GO Bonds | 5.00% | 02/01/2039 | 40 | 43256 |
|  Washington (State of), Series 2024 C, GO Bonds | 5.00% | 02/01/2040 | 10 | 10677 |
|  Washington (State of), Series 2024 R-2024C, Ref. GO Bonds | 5.00% | 08/01/2038 | 185 | 201882 |
|  Washington (State of), Series 2024 R-2025A, Ref. GO Bonds | 5.00% | 07/01/2038 | 45 | 49126 |
|  Washington (State of), Series 2025 A, GO Bonds | 5.00% | 08/01/2038 | 5 | 5456 |
|  Washington (State of), Series 2025 A, GO Bonds | 5.00% | 08/01/2039 | 120 | 129706 |
|  Washington (State of), Series 2025 A, GO Bonds | 5.00% | 08/01/2046 | 10 | 10285 |
|  Washington (State of), Series 2025A, GO Bonds | 5.00% | 08/01/2036 | 5 | 5581 |
|  Washington (State of), Series 2025A, GO Bonds | 5.00% | 08/01/2042 | 15 | 15759 |
|  Washington (State of), Series R-2023B, Ref. GO Bonds | 5.00% | 07/01/2034 | 25 | 28222 |
|  Washington (State of), Series R-2024A, Ref. GO Bonds | 5.00% | 02/01/2038 | 25 | 27340 |
|  Washington (State of), Series R-2024C, Ref. GO Bonds | 5.00% | 08/01/2036 | 50 | 55815 |
|  Washington (State of), Series R-2024C, Ref. GO Bonds | 5.00% | 08/01/2039 | 105 | 113493 |
|  Washington (State of), Series R-2024C, Ref. GO Bonds | 5.00% | 08/01/2040 | 110 | 117765 |
|  Washington (State of) (Bid Group 1), Series 2024 C, GO Bonds | 5.00% | 02/01/2039 | 65 | 70292 |
|  Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds | 5.00% | 02/01/2043 | 95 | 98853 |
|  Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds | 5.00% | 02/01/2045 | 10 | 10314 |
|  Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds | 5.00% | 02/01/2047 | 30 | 30653 |
|  Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, RB | 4.00% | 10/01/2034 | 55 | 55000 |
|  |  |  |  | 2086661 |
|  Wisconsin-0.76% |  |  |  |  |
|  University of Wisconsin Hospitals & Clinics (Green Bonds), Series 2024 A, RB | 5.00% | 04/01/2049 | 25 | 24998 |
|  Wisconsin (State of), Series 2023-2, Ref. GO Bonds | 5.00% | 05/01/2034 | 55 | 61824 |
|  Wisconsin (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2038 | 120 | 130638 |
|  Wisconsin (State of), Series 2024, Ref. GO Bonds | 5.00% | 05/01/2038 | 30 | 32659 |

---

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

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| 405 |

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##### [**Table of Contents**](#toc)
Invesco BulletShares 2034 Municipal Bond ETF (BSMY)–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br>Rate | Maturity<br>Date | Principal <br>Amount<br>(000) | Value |
|  Wisconsin-(continued) |  |  |  |  |
|  Wisconsin (State of) Department of Transportation, Series 2023, Ref. RB | 5.00% | 07/01/2034 | $30 | $34045 |
|  Wisconsin (State of) Public Finance Authority, Series 2024, RB<sup>(b)</sup> | 5.50% | 07/01/2044 | 150 | 147776 |
|  |  |  |  | 431940 |
|  TOTAL INVESTMENTS IN SECURITIES<sup>(c)</sup>-98.48%<br>(Cost $56,552,789) |  |  |  | 55800072 |
|  OTHER ASSETS LESS LIABILITIES-1.52% |  |  |  | 862561 |
|  NET ASSETS-100.00% |  |  |  | $56662633 |

---

---

| | |
|:---|:---|
|  Investment Abbreviations: | Investment Abbreviations: |
|  AGI | - Assured Guaranty, Inc. |
|  BAM | - Build America Mutual Assurance Co. |
|  CEP | - Credit Enhancement Provider |
|  COP | - Certificates of Participation |
|  Ctfs. | - Certificates |
|  GO | - General Obligation |
|  INS | - Insurer |
|  RB | - Revenue Bonds |
|  Ref. | - Refunding |

---

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.

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##### [**Table of Contents**](#toc)
Statements of Assets and Liabilities

August 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Invesco<br>BulletShares<br>2025 Corporate<br>Bond ETF<br>(BSCP) | Invesco<br>BulletShares<br>2026 Corporate<br>Bond ETF<br>(BSCQ) | Invesco<br>BulletShares<br>2027 Corporate<br>Bond ETF<br>(BSCR) | Invesco<br>BulletShares<br>2028 Corporate<br>Bond ETF<br>(BSCS) |
|  Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments in securities, at value<sup>(a)</sup> | $1732169956 | $4199580788 | $3945222560 | $2725889776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments in securities, at value | 1296898714 | 261937818 | 383103565 | 400917256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash |  | 8587 | 781 | 3345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits with brokers: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash segregated as collateral |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 26948842 | 37287425 | 40328673 | 31463730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending | 6438 | 22087 | 34001 | 50832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  |  | 1188565 | 3792103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | 5862289 | 59096 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3056023950 | 4504698994 | 4369937241 | 3162117042 |
|  Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 125 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 5811172 | 4222070 | 4722062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 22106302 | 253441397 | 381938766 | 399763750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral upon receipt of securities in-kind |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued unitary management fees | 172044 | 359380 | 332047 | 231264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 22278471 | 259611949 | 386492883 | 404717076 |
|  Net Assets | $3033745479 | $4245087045 | $3983444358 | $2757399966 |
|  Net assets consist of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest | $3037329068 | $4245458024 | $3955921269 | $2718287146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (3583589) | (370979) | 27523089 | 39112820 |
|  Net Assets | $3033745479 | $4245087045 | $3983444358 | $2757399966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited amount authorized, $0.01 par value) | 146550000 | 217200000 | 202200000 | 134100001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $20.70 | $19.54 | $19.70 | $20.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price | $20.70 | $19.55 | $19.70 | $20.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments in securities, at cost | $1732210817 | $4194585550 | $3917456719 | $2684975653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments in securities, at cost | $1296897357 | $261923944 | $383083879 | $400896686 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(a)</sup> Includes securities on loan with an aggregate value of: | $21308329 | $245550798 | $369792187 | $386417095 |

---

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

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##### [**Table of Contents**](#toc)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Invesco | Invesco | Invesco | Invesco | Invesco |  |  |
| BulletShares | BulletShares | BulletShares | BulletShares | BulletShares | Invesco | Invesco |
| 2029 Corporate | 2030 Corporate | 2031 Corporate | 2032 Corporate | 2033 Corporate | BulletShares | BulletShares |
| Bond ETF | Bond ETF | Bond ETF | Bond ETF | Bond ETF | 2034 Corporate | 2035 Corporate |
| (BSCT) | (BSCU) | (BSCV) | (BSCW) | (BSCX) | Bond ETF (BSCY) | Bond ETF (BSCZ) |
| $2218974347 | $1817037431 | $1203845976 | $1007934347 | $664176822 | $255035832 | $15091948 |
| 309838491 | 221442002 | 15542740 | 25246437 | 27828325 | 10407917 | 610995 |
| 1862 |  | 4007 | 2428 |  | 338 |  |
|  |  |  | 50240 | 888941 |  |  |
| 26699747 | 18810839 | 11450226 | 12371495 | 8961822 | 3684904 | 227675 |
| 31842 | 23007 | 2633 | 8454 | 14280 | 1386 | 1016 |
| 3003625 |  |  | 527037 |  |  |  |
| 5640950 | 10130354 | 7488973 | 47854 | 846727 | 3120626 | 980 |
| 2564190864 | 2067443633 | 1238334555 | 1046188292 | 702716917 | 272251003 | 15932614 |
| 9124961 | 10089003 | 7426419 | 556143 | 846728 | 3073146 |  |
| 306434591 | 210570329 | 14870537 | 24729647 | 27179443 | 10074081 | 531619 |
|  |  |  | 50240 | 888941 |  |  |
| 187498 | 152143 | 99878 | 84657 | 55383 | 21288 | 973 |
| 315747050 | 220811475 | 22396834 | 25420687 | 28970495 | 13168515 | 532592 |
| $2248443814 | $1846632158 | $1215937721 | $1020767605 | $673746422 | $259082488 | $15400022 |
| $2210913038 | $1810245103 | $1187587980 | $996420749 | $660016493 | $255348167 | $15217164 |
| 37530776 | 36387055 | 28349741 | 24346856 | 13729929 | 3734321 | 182858 |
| $2248443814 | $1846632158 | $1215937721 | $1020767605 | $673746422 | $259082488 | $15400022 |
| 119550001 | 109350001 | 73050001 | 49200001 | 31650001 | 12450001 | 750001 |
| $18.81 | $16.89 | $16.65 | $20.75 | $21.29 | $20.81 | $20.53 |
| $18.81 | $16.89 | $16.65 | $20.75 | $21.28 | $20.81 | $20.54 |
| $2180297156 | $1777743907 | $1175210996 | $982586847 | $650403525 | $251272586 | $14917246 |
| $309823421 | $221429178 | $15542267 | $25246067 | $27827215 | $10407635 | $610970 |
| $296304065 | $203662695 | $14403732 | $23788003 | $26151775 | $9689936 | $512259 |

---

---

| |
|:---|
| 409 |
| 409 |
| 409 |

---

------

##### [**Table of Contents**](#toc)
Statements of Assets and Liabilities–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Invesco<br>BulletShares<br>2025 High Yield<br>Corporate<br>Bond ETF<br>(BSJP) | Invesco<br>BulletShares<br>2026 High Yield<br>Corporate<br>Bond ETF<br>(BSJQ) | Invesco<br>BulletShares<br>2027 High Yield<br>Corporate<br>Bond ETF<br>(BSJR) | Invesco<br>BulletShares<br>2028 High Yield<br>Corporate<br>Bond ETF<br>(BSJS) |
|  Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments in securities, at value<sup>(a)</sup> | $134029776 | $1077559764 | $586011292 | $447257810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments in securities, at value | 574745041 | 201282588 | 142287551 | 80881521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 78016 | 15362 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits with brokers: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash segregated as collateral | 216901 | 5469793 | 41140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 4651853 | 22858565 | 9816186 | 7286901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending | 851 | 33788 | 12403 | 9553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 5164479 | 1839833 | 2311324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 5718 | 2950155 | 41140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 713728156 | 1315334494 | 740049545 | 537747109 |
|  Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian |  |  | 42839 | 4747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 5718 | 52196667 | 33955245 | 13092384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned |  | 115395077 | 103816688 | 68293582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral upon receipt of securities in-kind | 216901 | 5469794 | 41140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued unitary management fees | 213371 | 394644 | 203744 | 158367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 435990 | 173456182 | 138059656 | 81549080 |
|  Net Assets | $713292166 | $1141878312 | $601989889 | $456198029 |
|  Net assets consist of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest | $719007012 | $1148401018 | $596652812 | $449705793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (5714846) | (6522706) | 5337077 | 6492236 |
|  Net Assets | $713292166 | $1141878312 | $601989889 | $456198029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited amount authorized, $0.01 par value) | 30900000 | 48800001 | 26500001 | 20700001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $23.08 | $23.40 | $22.72 | $22.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price | $23.08 | $23.40 | $22.73 | $22.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments in securities, at cost. | $133807289 | $1071861474 | $580003700 | $439128571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments in securities, at cost. | $574745041 | $201276773 | $142281843 | $80878286 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(a)</sup> Includes securities on loan with an aggregate value of: | $- | $110373857 | $99886482 | $65611345 |

---

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

---

| |
|:---|
| 410 |
| 410 |
| 410 |

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------

##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Invesco | Invesco | Invesco |  |  |  |  |
| BulletShares | BulletShares | BulletShares | Invesco | Invesco | Invesco | Invesco |
| 2029 High Yield | 2030 High Yield | 2031 High Yield | BulletShares | BulletShares | BulletShares | BulletShares |
| Corporate | Corporate | Corporate | 2032 High Yield | 2033 High Yield | 2025 Municipal | 2026 Municipal |
| Bond ETF | Bond ETF | Bond ETF | Corporate Bond | Corporate Bond | Bond ETF | Bond ETF |
| (BSJT) | (BSJU) | (BSJV) | ETF (BSJW) | ETF (BSJX) | (BSMP) | (BSMQ) |
| $318261033 | $171269079 | $39235101 | $25257573 | $4914519 | $182415745 | $263774685 |
| 24891001 | 11980502 | 11009 | 2537947 | 153256 |  |  |
| 156 | 20857 |  | 6068 |  | 36333145 | 23068571 |
| 41311 |  |  |  |  |  |  |
| 5671011 | 2704425 | 662108 | 437533 | 85970 | 1900746 | 3207602 |
| 9906 | 6126 |  | 1702 |  |  |  |
| 1883926 |  |  |  | 361784 | 1415 | 2802 |
| 39371 | 5210384 |  |  |  |  |  |
| 350797715 | 191191373 | 39908218 | 28240823 | 5515529 | 220651051 | 290053660 |
| 2209417 | 5162597 |  |  | 260473 |  |  |
| 21785669 | 11364210 |  | 2515430 | 145568 |  |  |
| 41311 |  |  |  |  |  |  |
| 111070 | 58484 | 14165 | 9003 | 1811 | 33938 | 44333 |
| 24147467 | 16585291 | 14165 | 2524433 | 407852 | 33938 | 44333 |
| $326650248 | $174606082 | $39894053 | $25716390 | $5107677 | $220617113 | $290009327 |
| $324074860 | $171399279 | $39199293 | $25218186 | $5000025 | $221422057 | $291267686 |
| 2575388 | 3206803 | 694760 | 498204 | 107652 | (804944) | (1258359) |
| $326650248 | $174606082 | $39894053 | $25716390 | $5107677 | $220617113 | $290009327 |
| 15200001 | 6700001 | 1500001 | 1000001 | 200001 | 9000001 | 12300001 |
| $21.49 | $26.06 | $26.60 | $25.72 | $25.54 | $24.51 | $23.58 |
| $21.50 | $26.08 | $26.65 | $25.71 | $25.54 | $24.50 | $23.55 |
| $312910727 | $167774265 | $38564922 | $24773909 | $4840251 | $182668934 | $263898034 |
| $24890148 | $11979985 | $11009 | $2537875 | $153256 | $- | $- |
| $20932222 | $10915482 | $- | $2402603 | $139360 | $- | $- |

---

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| 411 |
| 411 |
| 411 |

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##### [**Table of Contents**](#toc)
Statements of Assets and Liabilities–(continued)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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) | Invesco<br>BulletShares<br>2030 Municipal<br>Bond ETF<br>(BSMU) |
|  Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value | $248991128 | $200269486 | $190680608 | $167963382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash. | 18628750 | 11521569 | 10858887 | 5443790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 2920515 | 2371100 | 2288076 | 1957762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 6094 | 3808 | 5029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 270546487 | 214165963 | 203832600 | 175364934 |
|  Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 2194112 |  | 2579028 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued unitary management fees | 40936 | 31222 | 30744 | 26133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2235048 | 31222 | 2609772 | 26133 |
|  Net Assets | $268311439 | $214134741 | $201222828 | $175338801 |
|  Net assets consist of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest | $269574320 | $215780474 | $204009105 | $178718223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (1262881) | (1645733) | (2786277) | (3379422) |
|  Net Assets | $268311439 | $214134741 | $201222828 | $175338801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited amount authorized, $0.01 par value) | 11400001 | 9200001 | 8800001 | 8100001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $23.54 | $23.28 | $22.87 | $21.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price | $23.55 | $23.34 | $22.89 | $21.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at cost | $249234073 | $200820302 | $191897730 | $169566163 |

---

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

---

| |
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| 412 |
| 412 |

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##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| Invesco | Invesco | Invesco | Invesco |
| BulletShares | BulletShares | BulletShares | BulletShares |
| 2031 Municipal | 2032 Municipal | 2033 Municipal | 2034 Municipal |
| Bond ETF | Bond ETF | Bond ETF | Bond ETF |
| (BSMV) | (BSMW) | (BSSX) | (BSMY) |
| $106639905 | $111204310 | $87214173 | $55800072 |
| 6239549 | 3711759 | 2380668 | 188793 |
| 1215023 | 1350351 | 1058893 | 682421 |
| 54740 | 1417201 |  |  |
| 114149217 | 117683621 | 90653734 | 56671286 |
| 301363 | 2861592 | 890887 |  |
| 17386 | 17318 | 13163 | 8653 |
| 318749 | 2878910 | 904050 | 8653 |
| $113830468 | $114804711 | $89749684 | $56662633 |
| $116207899 | $117428333 | $92724222 | $57536515 |
| (2377431) | (2623622) | (2974538) | (873882) |
| $113830468 | $114804711 | $89749684 | $56662633 |
| 5500001 | 4700001 | 3600001 | 2400001 |
| $20.70 | $24.43 | $24.93 | $23.61 |
| $20.76 | $24.47 | $25.00 | $23.67 |
| $107281905 | $113411759 | $90060260 | $56552789 |

---

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| 413 |
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| 413 |

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------

##### [**Table of Contents**](#toc)
Statements of Operations

For the year ended August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Invesco<br>BulletShares<br>2025 Corporate<br>Bond ETF<br>(BSCP) | Invesco<br>BulletShares<br>2026 Corporate<br>Bond ETF<br>(BSCQ) | Invesco<br>BulletShares<br>2027 Corporate<br>Bond ETF<br>(BSCR) | Invesco<br>BulletShares<br>2028 Corporate<br>Bond ETF<br>(BSCS) |
|  Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated interest income | $142622290 | $176021658 | $131454178 | $109164613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 12278611 | 728426 | 342854 | 267357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 239956 | 385681 | 529353 | 606054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 155140857 | 177135765 | 132326385 | 110038024 |
|  Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unitary management fees | 3714693 | 4148708 | 2978594 | 2361596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3714693 | 4148708 | 2978594 | 2361596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waivers | (282655) | (15620) | (7540) | (5788) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3432038 | 4133088 | 2971054 | 2355808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 151708819 | 173002677 | 129355331 | 107682216 |
|  Realized and unrealized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 1409799 | 186232 | 384107 | 26141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (12763) | (26987) | (25452) | (33046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 1578228 | 3597926 | 1293135 | 1353273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2975264 | 3757171 | 1651790 | 1346368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 18367576 | 15508774 | 23359858 | 24571150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (10332) | (3146) | (3028) | (1373) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation | 18357244 | 15505628 | 23356830 | 24569777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 21332508 | 19262799 | 25008620 | 25916145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | $173041327 | $192265476 | $154363951 | $133598361 |

---

<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.

---

| |
|:---|
| 414 |
| 414 |
| 414 |

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##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Invesco | Invesco | Invesco | Invesco | Invesco |  |  |
| BulletShares | BulletShares | BulletShares | BulletShares | BulletShares | Invesco | Invesco |
| 2029 Corporate | 2030 Corporate | 2031 Corporate | 2032 Corporate | 2033 Corporate | BulletShares | BulletShares |
| Bond ETF | Bond ETF | Bond ETF | Bond ETF | Bond ETF | 2034 Corporate | 2035 Corporate |
| (BSCT) | (BSCU) | (BSCV) | (BSCW) | (BSCX) | Bond ETF (BSCY) | Bond ETF (BSCZ)<sup>(a)</sup> |
| $83031867 | $65427427 | $43081957 | $39265747 | $25128174 | $7657082 | $99560 |
| 257046 | 142438 | 87463 | 65162 | 63577 | 23204 | 494 |
| 452648 | 237274 | 38867 | 87659 | 159670 | 33194 | 1016 |
|  |  |  |  | (22045) |  |  |
| 83741561 | 65807139 | 43208287 | 39418568 | 25329376 | 7713480 | 101070 |
| 1765047 | 1361840 | 873320 | 771139 | 492142 | 148815 | 1912 |
|  |  |  |  |  | 2526 |  |
| 1765047 | 1361840 | 873320 | 771139 | 492142 | 151341 | 1912 |
| (5658) | (3112) | (1878) | (1412) | (1359) | (515) | (12) |
| 1759389 | 1358728 | 871442 | 769727 | 490783 | 150826 | 1900 |
| 81982172 | 64448411 | 42336845 | 38648841 | 24838593 | 7562654 | 99170 |
| (591064) | (2273607) | (160662) | (1090956) | (155124) | (45936) | (14) |
| (28089) | (15575) | (810) | (2620) | (1302) | (321) | (6) |
| 1039217 | 1413296 | 3430862 | 1980749 | 377922 |  |  |
| 420064 | (875886) | 3269390 | 887173 | 221496 | (46257) | (20) |
| 26667945 | 24431508 | 16229599 | 8444866 | 6394263 | 3563515 | 174702 |
| 5334 | 6977 | (58) | (401) | 384 | 265 | 25 |
| 26673279 | 24438485 | 16229541 | 8444465 | 6394647 | 3563780 | 174727 |
| 27093343 | 23562599 | 19498931 | 9331638 | 6616143 | 3517523 | 174707 |
| $109075515 | $88011010 | $61835776 | $47980479 | $31454736 | $11080177 | $273877 |

---

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| 415 |
| 415 |
| 415 |

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##### [**Table of Contents**](#toc)
Statements of Operations–(continued)

For the year ended August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Invesco<br>BulletShares<br>2025 High Yield<br>Corporate<br>Bond ETF<br>(BSJP) | Invesco<br>BulletShares<br>2026 High Yield<br>Corporate<br>Bond ETF<br>(BSJQ) | Invesco<br>BulletShares<br>2027 High Yield<br>Corporate<br>Bond ETF<br>(BSJR) | Invesco<br>BulletShares<br>2028 High Yield<br>Corporate<br>Bond ETF<br>(BSJS) |
|  Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated interest income. | $46705417 | $61819121 | $28508032 | $25376489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 8025746 | 1337059 | 307509 | 160539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 124206 | 460946 | 255685 | 153808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 54855369 | 63617126 | 29071226 | 25690836 |
|  Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unitary management fees | 3994655 | 3930283 | 1757230 | 1486633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waivers | (182296) | (28593) | (6797) | (3497) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3812359 | 3901690 | 1750433 | 1483136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 51043010 | 59715436 | 27320793 | 24207700 |
|  Realized and unrealized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 5136937 | 126967 | 3099936 | 201348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (9028) | (13538) | (6435) | (5720) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 217295 | 256965 |  | 145564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5345204 | 370394 | 3093501 | 341192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (3290051) | 1323443 | 2031210 | 3836592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (3676) | (2863) | 1507 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (3293727) | 1320580 | 2032717 | 3837420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2051477 | 1690974 | 5126218 | 4178612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | $53094487 | $61406410 | $32447011 | $28386312 |

---

<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.

---

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| 416 |
| 416 |
| 416 |

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##### [**Table of Contents**](#toc)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Invesco | Invesco | Invesco |  |  |  |  |
| BulletShares | BulletShares | BulletShares | Invesco | Invesco | Invesco | Invesco |
| 2029 High Yield | 2030 High Yield | 2031 High Yield | BulletShares | BulletShares | BulletShares | BulletShares |
| Corporate | Corporate | Corporate | 2032 High Yield | 2033 High Yield | 2025 Municipal | 2026 Municipal |
| Bond ETF | Bond ETF | Bond ETF | Corporate Bond | Corporate Bond | Bond ETF | Bond ETF |
| (BSJT) | (BSJU) | (BSJV) | ETF (BSJW) | ETF (BSJX)<sup>(a)</sup> | (BSMP) | (BSMQ) |
| $15542587 | $7785159 | $2364941 | $928192 | $73607 | $6536824 | $7569785 |
| 82588 | 28386 | 7941 | 2921 | 200 |  |  |
| 118597 | 58606 |  | 8677 |  |  |  |
| 15743772 | 7872151 | 2372882 | 939790 | 73807 | 6536824 | 7569785 |
| 880983 | 453958 | 140500 | 56975 | 4778 | 430725 | 456519 |
| (1821) | (617) | (175) | (66) | (5) |  |  |
| 879162 | 453341 | 140325 | 56909 | 4773 | 430725 | 456519 |
| 14864610 | 7418810 | 2232557 | 882881 | 69034 | 6106099 | 7113266 |
| (2364619) | (341473) | 67556 | 34266 | 17372 | (203109) | (600696) |
| (2244) | (971) |  | (46) |  |  |  |
| (2366863) | (342444) | 67556 | 34220 | 17372 | (203109) | (600696) |
| 3654711 | 1236261 | (51073) | 325943 | 74268 | 220596 | (73977) |
| 617 | 362 |  | 76 |  |  |  |
| 3655328 | 1236623 | (51073) | 326019 | 74268 | 220596 | (73977) |
| 1288465 | 894179 | 16483 | 360239 | 91640 | 17487 | (674673) |
| $16153075 | $8312989 | $2249040 | $1243120 | $160674 | $6123586 | $6438593 |

---

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##### [**Table of Contents**](#toc)
Statements of Operations–(continued)

For the year ended August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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) | Invesco<br>BulletShares<br>2030 Municipal<br>Bond ETF<br>(BSMU) |
|  Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $6678208 | $4873742 | $5141137 | $4509865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 6678208 | 4873742 | 5141137 | 4509865 |
|  Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unitary management fees | 396476 | 287406 | 303275 | 260622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 6281732 | 4586336 | 4837862 | 4249243 |
|  Realized and unrealized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from unaffiliated investments | (992058) | (474640) | (971899) | (688936) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) on unaffiliated investment securities | (8685) | (286854) | (820650) | (1571160) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1000743) | (761494) | (1792549) | (2260096) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $5280989 | $3824842 | $3045313 | $1989147 |

---

<sup>(b)</sup> For the period September 9, 2024 (commencement of investment operations) through August 31, 2025.

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

---

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##### [**Table of Contents**](#toc)

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| | | | |
|:---|:---|:---|:---|
| Invesco | Invesco | Invesco | Invesco |
| BulletShares | BulletShares | BulletShares | BulletShares |
| 2031 Municipal | 2032 Municipal | 2033 Municipal | 2034 Municipal |
| Bond ETF | Bond ETF | Bond ETF | Bond ETF |
| (BSMV) | (BSMW) | (BSSX) | (BSMY)<sup>(b)</sup> |
| $3010614 | $3406752 | $2431542 | $839792 |
| 3010614 | 3406752 | 2431542 | 839792 |
| 167350 | 173299 | 122383 | 39427 |
| 2843264 | 3233453 | 2309159 | 800365 |
| (828165) | (419075) | (136393) | (167571) |
| (1154742) | (3267422) | (3089257) | (752717) |
| (1982907) | (3686497) | (3225650) | (920288) |
| $860357 | $(453044) | $(916491) | $(119923) |

---

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##### [**Table of Contents**](#toc)
Statements of Changes in Net Assets

For the years ended August 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Invesco BulletShares 2025 | Invesco BulletShares 2025 | Invesco BulletShares 2026 | Invesco BulletShares 2026 |
|  | Corporate Bond ETF (BSCP) | Corporate Bond ETF (BSCP) | Corporate Bond ETF (BSCQ) | Corporate Bond ETF (BSCQ) |
|  | 2025 | 2024 | 2025 | 2024 |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $151708819 | $138454514 | $173002677 | $109918443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2975264 | (1212832) | 3757171 | (2501245) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation | 18357244 | 74091681 | 15505628 | 79035933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 173041327 | 211333363 | 192265476 | 186453131 |
|  Distributions to Shareholders from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (152298028) | (138306116) | (173573303) | (109367273) |
|  Shareholder Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 164207269 | 1252215142 | 829922333 | 1729641303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares repurchased | (1225574661) | (97792299) | (315689385) | (76973422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (1061367392) | 1154422843 | 514232948 | 1652667881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (1040624093) | 1227450090 | 532925121 | 1729753739 |
|  Net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 4074369572 | 2846919482 | 3712161924 | 1982408185 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $3033745479 | $4074369572 | $4245087045 | $3712161924 |
|  Changes in Shares Outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 7950000 | 61500000 | 42600000 | 90150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (59250000) | (4800000) | (16200000) | (4050000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 197850000 | 141150000 | 190800000 | 104700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of year | 146550000 | 197850000 | 217200000 | 190800000 |

---

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

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##### [**Table of Contents**](#toc)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Invesco BulletShares 2027 | Invesco BulletShares 2027 | Invesco BulletShares 2028 | Invesco BulletShares 2028 | Invesco BulletShares 2029 | Invesco BulletShares 2029 | Invesco BulletShares 2030 | Invesco BulletShares 2030 |
| Corporate Bond ETF (BSCR) | Corporate Bond ETF (BSCR) | Corporate Bond ETF (BSCS) | Corporate Bond ETF (BSCS) | Corporate Bond ETF (BSCT) | Corporate Bond ETF (BSCT) | Corporate Bond ETF (BSCU) | Corporate Bond ETF (BSCU) |
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| $129355331 | $68843386 | $107682216 | $60735083 | $81982172 | $34235497 | $64448411 | $26924403 |
| 1651790 | 430578 | 1346368 | 907884 | 420064 | (208216) | (875886) | (176322) |
| 23356830 | 53778616 | 24569777 | 50494372 | 26673279 | 35009207 | 24438485 | 29921818 |
| 154363951 | 123052580 | 133598361 | 112137339 | 109075515 | 69036488 | 88011010 | 56669899 |
| (129228697) | (68666801) | (107729419) | (60586927) | (82179581) | (34023895) | (64479850) | (26770351) |
| 1857259464 | 1060131170 | 882803452 | 1158375140 | 1090577131 | 745588344 | 939472527 | 628325402 |
| (47203181) | (28769929) | (42618635) | (39007845) | (44149919) |  | (31992168) |  |
| 1810056283 | 1031361241 | 840184817 | 1119367295 | 1046427212 | 745588344 | 907480359 | 628325402 |
| 1835191537 | 1085747020 | 866053759 | 1170917707 | 1073323146 | 780600937 | 931011519 | 658224950 |
| 2148252821 | 1062505801 | 1891346207 | 720428500 | 1175120668 | 394519731 | 915620639 | 257395689 |
| $3983444358 | $2148252821 | $2757399966 | $1891346207 | $2248443814 | $1175120668 | $1846632158 | $915620639 |
| 94950000 | 55200000 | 43500000 | 58050000 | 58950000 | 40950000 | 56700000 | 38550000 |
| (2400000) | (1500000) | (2100000) | (1950000) | (2400000) |  | (1950000) |  |
| 109650000 | 55950000 | 92700001 | 36600001 | 63000001 | 22050001 | 54600001 | 16050001 |
| 202200000 | 109650000 | 134100001 | 92700001 | 119550001 | 63000001 | 109350001 | 54600001 |

---

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##### [**Table of Contents**](#toc)
Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Invesco BulletShares 2031<br>Corporate Bond ETF (BSCV) | Invesco BulletShares 2031<br>Corporate Bond ETF (BSCV) | <br>Invesco BulletShares 2032<br>Corporate Bond ETF (BSCW) | <br>Invesco BulletShares 2032<br>Corporate Bond ETF (BSCW) |
|  | 2025 | 2024 | 2025 | 2024 |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $42336845 | $18566966 | $38648841 | $18314313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3269390 | 362037 | 887173 | 232233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 16229541 | 19446405 | 8444465 | 18503238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 61835776 | 38375408 | 47980479 | 37049784 |
|  Distributions to Shareholders from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (42298292) | (18399736) | (38548678) | (18218198) |
|  Shareholder Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 675552780 | 378097380 | 483513524 | 408509213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares repurchased | (61700478) | (9508918) | (36675604) | (5860423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 613852302 | 368588462 | 446837920 | 402648790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 633389786 | 388564134 | 456269721 | 421480376 |
|  Net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 582547935 | 193983801 | 564497884 | 143017508 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1215937721 | $582547935 | $1020767605 | $564497884 |
|  Changes in Shares Outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 41400000 | 23700000 | 23700000 | 20400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased. | (3750000) | (600000) | (1800000) | (300000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 35400001 | 12300001 | 27300001 | 7200001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of year | 73050001 | 35400001 | 49200001 | 27300001 |

---

<sup>(a)</sup> For the period September 18, 2023 (commencement of investment operations) through August 31, 2024.

<sup>(b)</sup> For the period June 10, 2024 (commencement of investment operations) through August 31, 2024.

<sup>(c)</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.

---

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##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Invesco BulletShares 2033<br>Corporate Bond ETF (BSCX) | Invesco BulletShares 2033<br>Corporate Bond ETF (BSCX) | 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>2025 High Yield<br>Corporate Bond ETF (BSJP) | Invesco<br>BulletShares<br>2025 High Yield<br>Corporate Bond ETF (BSJP) |
| 2025 | 2024<sup>(a)</sup> | 2025 | 2024<sup>(b)</sup> | 2025<sup>(c)</sup> | 2025 | 2024 |
| $24838593 | $8232561 | $7562654 | $88586 | $99170 | $51043010 | $62876264 |
| 221496 | (421) | (46257) | 256 | (20) | 5345204 | 6747261 |
| 6394647 | 7379760 | 3563780 | 199748 | 174727 | (3293727) | 10131189 |
| 31454736 | 15611900 | 11080177 | 288590 | 273877 | 53094487 | 79754714 |
| (24853668) | (8111206) | (7550455) | (86517) | (91019) | (51589453) | (63763290) |
| 338046628 | 333960495 | 246051707 | 15376375 | 15217164 | 94658191 | 483868132 |
| (12362463) |  | (6077389) |  |  | (408517237) | (610269740) |
| 325684165 | 333960495 | 239974318 | 15376375 | 15217164 | (313859046) | (126401608) |
| 332285233 | 341461189 | 243504040 | 15578448 | 15400022 | (312354012) | (110410184) |
| 341461189 |  | 15578448 |  |  | 1025646178 | 1136056362 |
| $673746422 | $341461189 | $259082488 | $15578448 | $15400022 | $713292166 | $1025646178 |
| 16200000 | 16050001 | 12000000 | 750001 | 750001 | 4100000 | 21200000 |
| (600000) |  | (300000) |  |  | (17700000) | (26900000) |
| 16050001 |  | 750001 |  |  | 44500000 | 50200000 |
| 31650001 | 16050001 | 12450001 | 750001 | 750001 | 30900000 | 44500000 |

---

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##### [**Table of Contents**](#toc)
Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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) |
|  | 2025 | 2024 | 2025 | 2024 |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $59715436 | $30593720 | $27320793 | $12180684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 370394 | (4126256) | 3093501 | (1450636) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 1320580 | 13576899 | 2032717 | 7492462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 61406410 | 40044363 | 32447011 | 18222510 |
|  Distributions to Shareholders from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (59709285) | (30511802) | (27294598) | (12133142) |
|  Shareholder Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold. | 574571242 | 334514395 | 309323890 | 175115846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares repurchased | (75715637) | (6920407) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 498855605 | 327593988 | 309323890 | 175115846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets | 500552730 | 337126549 | 314476303 | 181205214 |
|  Net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 641325582 | 304199033 | 287513586 | 106308372 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1141878312 | $641325582 | $601989889 | $287513586 |
|  Changes in Shares Outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 24600000 | 14500000 | 13700000 | 7900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (3300000) | (300000) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 27500001 | 13300001 | 12800001 | 4900001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of year | 48800001 | 27500001 | 26500001 | 12800001 |

---

<sup>(a)</sup> For the period September 18, 2023 (commencement of investment operations) through August 31, 2024.

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

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##### [**Table of Contents**](#toc)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Invesco<br>BulletShares<br> 2028 High Yield<br>Corporate Bond ETF (BSJS) | Invesco<br>BulletShares<br> 2028 High Yield<br>Corporate Bond ETF (BSJS) | Invesco<br>BulletShares<br>2029 High Yield<br>Corporate Bond ETF (BSJT) | Invesco<br>BulletShares<br>2029 High Yield<br>Corporate Bond ETF (BSJT) | 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) |
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024<sup>(a)</sup> |
| $24207700 | $10668203 | $14864610 | $3257156 | $7418810 | $2595531 | $2232557 | $1119418 |
| 341192 | (995487) | (2366863) | (180034) | (342444) | 239279 | 67556 | 131275 |
| 3837420 | 6805287 | 3655328 | 2947695 | 1236623 | 2242925 | (51073) | 721252 |
| 28386312 | 16478003 | 16153075 | 6024817 | 8312989 | 5077735 | 2249040 | 1971945 |
| (24261379) | (10557068) | (14891499) | (3197017) | (7532240) | (2599052) | (2233576) | (1109468) |
| 192452500 | 192910049 | 222304076 | 79927263 | 113750431 | 45251740 | 10561744 | 33652288 |
| (4248738) |  |  |  |  |  |  | (5197920) |
| 188203762 | 192910049 | 222304076 | 79927263 | 113750431 | 45251740 | 10561744 | 28454368 |
| 192328695 | 198830984 | 223565652 | 82755063 | 114531180 | 47730423 | 10577208 | 29316845 |
| 263869334 | 65038350 | 103084596 | 20329533 | 60074902 | 12344479 | 29316845 |  |
| $456198029 | $263869334 | $326650248 | $103084596 | $174606082 | $60074902 | $39894053 | $29316845 |
| 8800000 | 9000000 | 10400000 | 3800000 | 4400000 | 1800000 | 400000 | 1300001 |
| (200000) |  |  |  |  |  |  | (200000) |
| 12100001 | 3100001 | 4800001 | 1000001 | 2300001 | 500001 | 1100001 |  |
| 20700001 | 12100001 | 15200001 | 4800001 | 6700001 | 2300001 | 1500001 | 1100001 |

---

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##### [**Table of Contents**](#toc)
Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2025 and 2024

---

| | | | |
|:---|:---|:---|:---|
|  | 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) |
|  | 2025 | 2024<sup>(a)</sup> | 2025<sup>(b)</sup> |
|  Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $882881 | $72671 | $69034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 34220 | 3278 | 17372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 326019 | 157717 | 74268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 1243120 | 233666 | 160674 |
|  Distributions to Shareholders from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (909148) | (69434) | (53022) |
|  Shareholder Transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 20218161 | 5000025 | 5000025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares repurchased |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transaction fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 20218161 | 5000025 | 5000025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 20552133 | 5164257 | 5107677 |
|  Net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 5164257 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $25716390 | $5164257 | $5107677 |
|  Changes in Shares Outstanding: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 800000 | 200001 | 200001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 200001 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of year | 1000001 | 200001 | 200001 |

---

<sup>(a)</sup> For the period June 10, 2024 (commencement of investment operations) through August 31, 2024.

<sup>(b)</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.

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##### [**Table of Contents**](#toc)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Invesco<br>BulletShares<br> 2025 Municipal<br>Bond ETF (BSMP) | Invesco<br>BulletShares<br> 2025 Municipal<br>Bond ETF (BSMP) | Invesco<br>BulletShares<br>2026 Municipal<br>Bond ETF (BSMQ) | Invesco<br>BulletShares<br>2026 Municipal<br>Bond ETF (BSMQ) | Invesco<br>BulletShares<br>2027 Municipal<br>Bond ETF (BSMR) | Invesco<br>BulletShares<br>2027 Municipal<br>Bond ETF (BSMR) | Invesco<br>BulletShares<br>2028 Municipal<br>Bond ETF (BSMS) | Invesco<br>BulletShares<br>2028 Municipal<br>Bond ETF (BSMS) |
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| $6106099 | $5101773 | $7113266 | $4480025 | $6281732 | $3411893 | $4586336 | $2658139 |
| (203109) | (23413) | (600696) | (69016) | (992058) | (13887) | (474640) | (183265) |
| 220596 | 2758848 | (73977) | 2542836 | (8685) | 1739724 | (286854) | 1769124 |
| 6123586 | 7837208 | 6438593 | 6953845 | 5280989 | 5137730 | 3824842 | 4243998 |
| (6107969) | (5091783) | (7156280) | (4459435) | (6307267) | (3414318) | (4595976) | (2642256) |
| 29406573 | 58125610 | 75437520 | 98378888 | 101180004 | 75299131 | 92875807 | 51070544 |
| (36743172) |  |  |  |  |  |  |  |
| 49014 | 108691 | 76666 | 204700 | 76636 | 158724 | 104395 | 115987 |
| (7287585) | 58234301 | 75514186 | 98583588 | 101256640 | 75457855 | 92980202 | 51186531 |
| (7271968) | 60979726 | 74796499 | 101077998 | 100230362 | 77181267 | 92209068 | 52788273 |
| 227889081 | 166909355 | 215212828 | 114134830 | 168081077 | 90899810 | 121925673 | 69137400 |
| $220617113 | $227889081 | $290009327 | $215212828 | $268311439 | $168081077 | $214134741 | $121925673 |
| 1200000 | 2400000 | 3200000 | 4200000 | 4300000 | 3200000 | 4000000 | 2200000 |
| (1500000) |  |  |  |  |  |  |  |
| 9300001 | 6900001 | 9100001 | 4900001 | 7100001 | 3900001 | 5200001 | 3000001 |
| 9000001 | 9300001 | 12300001 | 9100001 | 11400001 | 7100001 | 9200001 | 5200001 |

---

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##### [**Table of Contents**](#toc)
Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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) |
|  | 2025 | 2024 | 2025 | 2024 |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $4837862 | $2323656 | $4249243 | $2297845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (971899) | 1555 | (688936) | (32437) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (820650) | 1326796 | (1571160) | 1650658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 3045313 | 3652007 | 1989147 | 3916066 |
|  Distributions to Shareholders from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (4858255) | (2312432) | (4281667) | (2280346) |
|  Shareholder Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 80218356 | 73614757 | 65306133 | 58881497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transaction fees | 86091 | 160957 | 54711 | 114367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 80304447 | 73775714 | 65360844 | 58995864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets | 78491505 | 75115289 | 63068324 | 60631584 |
|  Net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 122731323 | 47616034 | 112270477 | 51638893 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $201222828 | $122731323 | $175338801 | $112270477 |
|  Changes in Shares Outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3500000 | 3200000 | 3000000 | 2700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 5300001 | 2100001 | 5100001 | 2400001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of year | 8800001 | 5300001 | 8100001 | 5100001 |

---

<sup>(a)</sup> For the period September 18, 2023 (commencement of investment operations) through August 31, 2024.

<sup>(b)</sup> For the period September 9, 2024 (commencement of investment operations) through August 31, 2025.

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

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##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Invesco<br>BulletShares<br> 2031 Municipal<br>Bond ETF (BSMV) | Invesco<br>BulletShares<br> 2031 Municipal<br>Bond ETF (BSMV) | Invesco<br>BulletShares<br>2032 Municipal<br>Bond ETF (BSMW) | Invesco<br>BulletShares<br>2032 Municipal<br>Bond ETF (BSMW) | Invesco<br>BulletShares<br>2033 Municipal<br>Bond ETF (BSSX) | Invesco<br>BulletShares<br>2033 Municipal<br>Bond ETF (BSSX) | Invesco<br>BulletShares 2034<br>Municipal Bond<br>ETF (BSMY) |
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024<sup>(a)</sup> | 2025<sup>(b)</sup> |
| $2843264 | $1622817 | $3233453 | $1810515 | $2309159 | $843155 | $800365 |
| (828165) | (13109) | (419075) | 57823 | (136393) | (11994) | (167571) |
| (1154742) | 1690525 | (3267422) | 1431406 | (3089257) | 243170 | (752717) |
| 860357 | 3300233 | (453044) | 3299744 | (916491) | 1074331 | (119923) |
| (2835124) | (1617410) | (3291904) | (1806985) | (2302434) | (829944) | (753959) |
| 41603620 | 43435906 | 42294459 | 54746786 | 43285976 | 49250946 | 57440784 |
| 52076 | 87507 | 43671 | 136867 | 76673 | 110627 | 95731 |
| 41655696 | 43523413 | 42338130 | 54883653 | 43362649 | 49361573 | 57536515 |
| 39680929 | 45206236 | 38593182 | 56376412 | 40143724 | 49605960 | 56662633 |
| 74149539 | 28943303 | 76211529 | 19835117 | 49605960 |  |  |
| $113830468 | $74149539 | $114804711 | $76211529 | $89749684 | $49605960 | $56662633 |
| 2000000 | 2100000 | 1700000 | 2200000 | 1700000 | 1900001 | 2400001 |
| 3500001 | 1400001 | 3000001 | 800001 | 1900001 |  |  |
| 5500001 | 3500001 | 4700001 | 3000001 | 3600001 | 1900001 | 2400001 |

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##### [**Table of Contents**](#toc)
Financial Highlights

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Per Share Operating Performance: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of year | $20.59 | $20.17 | $20.40 | $22.30 | $22.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.85 | 0.79 | 0.64 | 0.41 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.11 | 0.42 | (0.25) | (1.88) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.96 | 1.21 | 0.39 | (1.47) | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.85) | (0.79) | (0.62) | (0.39) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.04) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.85) | (0.79) | (0.62) | (0.43) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of year | $20.70 | $20.59 | $20.17 | $20.40 | $22.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of year<sup>(b)</sup> | $20.70 | $20.60 | $20.18 | $20.37 | $22.31 |
|  Net Asset Value Total Return<sup>(c)</sup> | 4.76% | 6.10% | 1.99% | (6.63)% | 1.25% |
|  Market Price Total Return<sup>(c)</sup> | 4.71% | 6.10% | 2.19% | (6.81)% | 1.25% |
|  Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year (000's omitted) | $3033745 | $4074370 | $2846919 | $1664398 | $1056865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.09% | 0.10% | 0.10% | 0.10% | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 4.08% | 3.90% | 3.20% | 1.93% | 1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 1% | 2% | 1% | 10% | 8% |

---

<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. 

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

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Per Share Operating Performance: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of year | $19.46 | $18.93 | $19.26 | $21.56 | $21.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.81 | 0.77 | 0.65 | 0.43 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.08 | 0.51 | (0.34) | (2.31) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.89 | 1.28 | 0.31 | (1.88) | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.81) | (0.75) | (0.64) | (0.42) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.00)<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.81) | (0.75) | (0.64) | (0.42) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of year | $19.54 | $19.46 | $18.93 | $19.26 | $21.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of year<sup>(c)</sup> | $19.55 | $19.48 | $18.94 | $19.21 | $21.58 |
|  Net Asset Value Total Return<sup>(d)</sup> | 4.69% | 6.92% | 1.64% | (8.79)% | 1.16% |
|  Market Price Total Return<sup>(d)</sup> | 4.64% | 6.97% | 1.95% | (9.11)% | 1.11% |
|  Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year (000's omitted) | $4245087 | $3712162 | $1982408 | $1178455 | $578885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 4.17% | 4.02% | 3.42% | 2.17% | 2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 3% | 2% | 1% | 4% | 2% |

---

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

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

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Per Share Operating Performance: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of year | $19.59 | $18.99 | $19.37 | $22.01 | $22.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.85 | 0.82 | 0.68 | 0.46 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.10 | 0.59 | (0.39) | (2.64) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.95 | 1.41 | 0.29 | (2.18) | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.84) | (0.81) | (0.66) | (0.45) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  | (0.01) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.84) | (0.81) | (0.67) | (0.46) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of year | $19.70 | $19.59 | $18.99 | $19.37 | $22.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of year<sup>(b)</sup> | $19.70 | $19.61 | $19.00 | $19.29 | $22.04 |
|  Net Asset Value Total Return<sup>(c)</sup> | 4.96% | 7.61% | 1.53% | (9.99)% | 1.94% |
|  Market Price Total Return<sup>(c)</sup> | 4.85% | 7.65% | 2.01% | (10.48)% | 2.04% |
|  Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year (000's omitted) | $3983444 | $2148253 | $1062506 | $479527 | $353298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 4.34% | 4.30% | 3.60% | 2.26% | 2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 2% | 0% | 1% | 4% | 2% |

---

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

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

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Per Share Operating Performance: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of year | $20.40 | $19.68 | $20.03 | $23.17 | $23.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.93 | 0.91 | 0.76 | 0.47 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.15 | 0.70 | (0.38) | (3.13) | (0.09)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.08 | 1.61 | 0.38 | (2.66) | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.92) | (0.89) | (0.73) | (0.47) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.92) | (0.89) | (0.73) | (0.48) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of year | $20.56 | $20.40 | $19.68 | $20.03 | $23.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of year<sup>(c)</sup> | $20.56 | $20.43 | $19.69 | $19.96 | $23.18 |
|  Net Asset Value Total Return<sup>(d)</sup> | 5.45% | 8.37% | 1.97% | (11.62)% | 1.90% |
|  Market Price Total Return<sup>(d)</sup> | 5.29% | 8.47% | 2.38% | (11.96)% | 1.95% |
|  Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year (000's omitted) | $2757400 | $1891346 | $720429 | $273454 | $225925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 4.56% | 4.57% | 3.86% | 2.20% | 2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 3% | 0 %<sup>(f)</sup> | 1% | 7% | 2% |

---

<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> 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.

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Per Share Operating Performance: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of year | $18.65 | $17.89 | $18.22 | $21.37 | $21.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.86 | 0.83 | 0.69 | 0.43 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.15 | 0.73 | (0.38) | (3.15) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.01 | 1.56 | 0.31 | (2.72) | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.85) | (0.80) | (0.64) | (0.43) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.00)<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.85) | (0.80) | (0.64) | (0.43) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of year | $18.81 | $18.65 | $17.89 | $18.22 | $21.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of year<sup>(c)</sup> | $18.81 | $18.68 | $17.90 | $18.14 | $21.39 |
|  Net Asset Value Total Return<sup>(d)</sup> | 5.59% | 8.98% | 1.79% | (12.84)% | 1.31% |
|  Market Price Total Return<sup>(d)</sup> | 5.42% | 9.10% | 2.29% | (13.30)% | 1.41% |
|  Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year (000's omitted) | $2248444 | $1175121 | $394520 | $128462 | $112209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 4.64% | 4.59% | 3.85% | 2.19% | 1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 3% | 0 %<sup>(f)</sup> | 1% | 6% | 0 %<sup>(f)</sup> |

---

<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> 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.

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | | For the Period<br>September 14, 2020<sup>(a)</sup><br>Through<br>August 31,<br>2021 |
|  | | | | | For the Period<br>September 14, 2020<sup>(a)</sup><br>Through<br>August 31,<br>2021 |
|  | | | | | For the Period<br>September 14, 2020<sup>(a)</sup><br>Through<br>August 31,<br>2021 |
|  | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | For the Period<br>September 14, 2020<sup>(a)</sup><br>Through<br>August 31,<br>2021 |
|  | 2025 | 2024 | 2023 | 2022 | For the Period<br>September 14, 2020<sup>(a)</sup><br>Through<br>August 31,<br>2021 |
|  Per Share Operating Performance: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $16.77 | $16.04 | $16.48 | $19.77 | $20.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.78 | 0.78 | 0.65 | 0.45 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.11 | 0.70 | (0.45) | (3.32) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.89 | 1.48 | 0.20 | (2.87) | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.77) | (0.75) | (0.64) | (0.42) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $16.89 | $16.77 | $16.04 | $16.48 | $19.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup> | $16.89 | $16.79 | $16.03 | $16.38 | $19.79 |
|  Net Asset Value Total Return<sup>(d)</sup> | 5.51% | 9.51% | 1.27% | (14.67)% | 0.45 %<sup>(e)</sup> |
|  Market Price Total Return<sup>(d)</sup> | 5.37% | 9.71% | 1.82% | (15.27)% | 0.55 %<sup>(e)</sup> |
|  Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $1846632 | $915621 | $257396 | $101365 | $26691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 4.73% | 4.79% | 4.06% | 2.60% | 1.89 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 4% | 0 %<sup>(h)</sup> | 0% | 3% | 3% |

---

<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.

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | For the Period<br>September 13, 2021<sup>(a)</sup><br>Through<br>August 31,<br>2022 |
|  | | | | For the Period<br>September 13, 2021<sup>(a)</sup><br>Through<br>August 31,<br>2022 |
|  | | | | For the Period<br>September 13, 2021<sup>(a)</sup><br>Through<br>August 31,<br>2022 |
|  | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | For the Period<br>September 13, 2021<sup>(a)</sup><br>Through<br>August 31,<br>2022 |
|  | 2025 | 2024 | 2023 | For the Period<br>September 13, 2021<sup>(a)</sup><br>Through<br>August 31,<br>2022 |
|  Per Share Operating Performance: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $16.46 | $15.77 | $16.36 | $20.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.79 | 0.80 | 0.73 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.18 | 0.67 | (0.62) | (3.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.97 | 1.47 | 0.11 | (3.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.78) | (0.78) | (0.70) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $16.65 | $16.46 | $15.77 | $16.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup> | $16.65 | $16.48 | $15.77 | $16.30 |
|  Net Asset Value Total Return<sup>(d)</sup> | 6.10% | 9.60% | 0.73% | (16.17)%<sup>(e)</sup> |
|  Market Price Total Return<sup>(d)</sup> | 5.98% | 9.73% | 1.10% | (16.48)%<sup>(e)</sup> |
|  Ratios/Supplemental Data: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $1215938 | $582548 | $193984 | $39269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.10% | 0.10% | 0.10% | 0.10 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 4.85% | 5.00% | 4.63% | 2.81 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 1% | 0% | 0% | 1% |

---

<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> 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.

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)

---

| | | | |
|:---|:---|:---|:---|
|  | | | For the Period<br>September 6, 2022<sup>(a)</sup><br>Through<br>August 31,<br>2023 |
|  | | | For the Period<br>September 6, 2022<sup>(a)</sup><br>Through<br>August 31,<br>2023 |
|  | | | For the Period<br>September 6, 2022<sup>(a)</sup><br>Through<br>August 31,<br>2023 |
|  | Years Ended August 31, | Years Ended August 31, | For the Period<br>September 6, 2022<sup>(a)</sup><br>Through<br>August 31,<br>2023 |
|  | 2025 | 2024 | For the Period<br>September 6, 2022<sup>(a)</sup><br>Through<br>August 31,<br>2023 |
|  Per Share Operating Performance: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $20.68 | $19.86 | $20.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.02 | 1.04 | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.06 | 0.80 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.08 | 1.84 | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.01) | (1.02) | (0.88) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $20.75 | $20.68 | $19.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup> | $20.75 | $20.71 | $19.86 |
|  Net Asset Value Total Return<sup>(d)</sup> | 5.43% | 9.58% | 3.74 %<sup>(e)</sup> |
|  Market Price Total Return<sup>(d)</sup> | 5.27% | 9.73% | 3.75 %<sup>(e)</sup> |
|  Ratios/Supplemental Data: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $1020768 | $564498 | $143018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.10% | 0.10% | 0.10 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 5.01% | 5.19% | 5.08 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 4% | 0% | 7% |

---

<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.

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2033 Corporate Bond ETF (BSCX)

---

| | | |
|:---|:---|:---|
|  | Years Ended August 31,<br>2025 | For the Period<br>September 18, 2023<sup>(a)</sup><br>Through<br>August 31,<br>2024 |
|  Per Share Operating Performance: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $21.27 | $20.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.06 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain on investments | 0.00 | 1.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.06 | 2.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.04) | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $21.29 | $21.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup> | $21.28 | $21.31 |
|  Net Asset Value Total Return<sup>(d)</sup> | 5.22% | 11.15 %<sup>(e)</sup> |
|  Market Price Total Return<sup>(d)</sup> | 4.97% | 11.36 %<sup>(e)</sup> |
|  Ratios/Supplemental Data: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $673746 | $341461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.10% | 0.10 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 5.05% | 5.09 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 2% | 0% |

---

<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.

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2034 Corporate Bond ETF (BSCY)

---

| | | |
|:---|:---|:---|
|  | Years Ended August 31,<br>2025 | For the Period<br>June 10, 2024<sup>(a)</sup><br>Through<br>August 31,<br>2024 |
|  Per Share Operating Performance: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $20.77 | $20.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.04 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.05)<sup>(c)</sup> | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.99 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income. | (0.95) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $20.81 | $20.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(d)</sup> | $20.81 | $20.83 |
|  Net Asset Value Total Return<sup>(e)</sup> | 4.93% | 4.99 %<sup>(f)</sup> |
|  Market Price Total Return<sup>(e)</sup> | 4.63% | 5.29 %<sup>(f)</sup> |
|  Ratios/Supplemental Data: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $259082 | $15578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.10% | 0.10 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 5.08% | 5.26 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup> | 1% | 0 %<sup>(i)</sup> |

---

<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.

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2035 Corporate Bond ETF (BSCZ)

---

| | |
|:---|:---|
|  | For the Period<br>June 9, 2025<sup>(a)</sup><br>Through<br>August 31,<br>2025 |
|  Per Share Operating Performance: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $20.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain on investments | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $20.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup> | $20.54 |
|  Net Asset Value Total Return<sup>(d)</sup> | 3.52 %<sup>(e)</sup> |
|  Market Price Total Return<sup>(d)</sup> | 3.58 %<sup>(e)</sup> |
|  Ratios/Supplemental Data: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $15400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.10 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 5.19 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 0% |

---

<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.

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Per Share Operating Performance: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of year | $23.05 | $22.63 | $22.37 | $24.61 | $23.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 1.24 | 1.55 | 1.49 | 1.10 | 1.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.03 | 0.47 | 0.19 | (2.26) | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.27 | 2.02 | 1.68 | (1.16) | 1.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income. | (1.24) | (1.60) | (1.42) | (1.08) | (1.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of year | $23.08 | $23.05 | $22.63 | $22.37 | $24.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of year<sup>(b)</sup> | $23.08 | $23.06 | $22.67 | $22.28 | $24.63 |
|  Net Asset Value Total Return<sup>(c)</sup> | 5.66% | 9.28% | 7.79% | (4.84)% | 8.37% |
|  Market Price Total Return<sup>(c)</sup> | 5.62% | 9.12% | 8.41% | (5.29)% | 8.60% |
|  Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year (000's omitted) | $713292 | $1025646 | $1136056 | $400386 | $292895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.40% | 0.42% | 0.42% | 0.42% | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 5.37% | 6.82% | 6.69% | 4.66% | 4.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 44% | 83% | 33% | 42% | 57% |

---

<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> 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.

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Per Share Operating Performance: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of year | $23.32 | $22.87 | $22.72 | $25.73 | $24.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 1.49 | 1.58 | 1.46 | 1.18 | 1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.06 | 0.43 | 0.13 | (3.02) | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.55 | 2.01 | 1.59 | (1.84) | 1.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.47) | (1.56) | (1.44) | (1.17) | (1.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of year. | $23.40 | $23.32 | $22.87 | $22.72 | $25.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of year<sup>(b)</sup> | $23.40 | $23.32 | $22.90 | $22.59 | $25.74 |
|  Net Asset Value Total Return<sup>(c)</sup> | 6.89% | 9.13% | 7.29% | (7.33)% | 7.86% |
|  Market Price Total Return<sup>(c)</sup> | 6.88% | 8.97% | 8.04% | (7.89)% | 8.12% |
|  Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year (000's omitted) | $1141878 | $641326 | $304199 | $190829 | $115768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 6.38% | 6.87% | 6.45% | 4.88% | 4.41% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 82% | 50% | 14% | 32% | 37% |

---

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

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

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Per Share Operating Performance: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of year | $22.46 | $21.70 | $21.61 | $25.59 | $24.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 1.47 | 1.54 | 1.40 | 1.08 | 1.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.24 | 0.73 | 0.04 | (3.85) | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.71 | 2.27 | 1.44 | (2.77) | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.45) | (1.51) | (1.35) | (1.10) | (1.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.11) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.45) | (1.51) | (1.35) | (1.21) | (1.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of year | $22.72 | $22.46 | $21.70 | $21.61 | $25.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of year<sup>(b)</sup> | $22.73 | $22.48 | $21.74 | $21.48 | $25.61 |
|  Net Asset Value Total Return<sup>(c)</sup> | 7.90% | 10.84% | 6.95% | (11.14)% | 7.29% |
|  Market Price Total Return<sup>(c)</sup> | 7.85% | 10.72% | 7.78% | (11.75)% | 7.68% |
|  Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year (000's omitted) | $601990 | $287514 | $106308 | $45380 | $43509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 6.53% | 7.00% | 6.52% | 4.52% | 4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 38% | 16% | 10% | 25% | 33% |

---

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

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

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | |
|  | 2025 | 2024 | 2023 | 2022 | For the Period<br> September 14, 2020<sup>(a)</sup><br> Through<br>August 31,<br>2021 |
|  Per Share Operating Performance: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $21.81 | $20.98 | $21.20 | $25.58 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.49 | 1.55 | 1.42 | 1.16 | 1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.23 | 0.80 | (0.27) | (4.30) | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.72 | 2.35 | 1.15 | (3.14) | 1.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.49) | (1.52) | (1.37) | (1.14) | (0.96) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.49) | (1.52) | (1.37) | (1.24) | (0.96) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $22.04 | $21.81 | $20.98 | $21.20 | $25.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup> | $22.05 | $21.90 | $21.02 | $21.13 | $25.61 |
|  Net Asset Value Total Return<sup>(d)</sup> | 8.17% | 11.63% | 5.70% | (12.60)% | 6.25 %<sup>(e)</sup> |
|  Market Price Total Return<sup>(d)</sup> | 7.76% | 11.85% | 6.23% | (12.99)% | 6.37 %<sup>(e)</sup> |
|  Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $456198 | $263869 | $65038 | $23319 | $15347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.42% | 0.42% | 0.42% | 0.42% | 0.43 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 6.84% | 7.27% | 6.80% | 4.99% | 4.21 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 22% | 15% | 5% | 17% | 33% |

---

<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.

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | |
|  | 2025 | 2024 | 2023 | For the Period<br>September 13, 2021<sup>(a)</sup><br>Through<br>August 31,<br>2022 |
|  Per Share Operating Performance: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $21.48 | $20.33 | $20.46 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.51 | 1.47 | 1.30 | 1.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.03)<sup>(c)</sup> | 1.07 | (0.16) | (4.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.48 | 2.54 | 1.14 | (3.52) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.47) | (1.39) | (1.27) | (1.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $21.49 | $21.48 | $20.33 | $20.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(d)</sup> | $21.50 | $21.61 | $20.38 | $20.41 |
|  Net Asset Value Total Return<sup>(e)</sup> | 7.17% | 12.99% | 5.82% | (14.35)%<sup>(f)</sup> |
|  Market Price Total Return<sup>(e)</sup> | 6.55% | 13.36% | 6.32% | (14.56)%<sup>(f)</sup> |
|  Ratios/Supplemental Data: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $326650 | $103085 | $20330 | $8182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.42% | 0.42% | 0.42% | 0.42 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 7.09% | 7.04% | 6.45% | 5.01 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup> | 15% | 10% | 6% | 10% |

---

<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.

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)

---

| | | | |
|:---|:---|:---|:---|
|  | Years Ended August 31, | Years Ended August 31, | |
|  | 2025 | 2024 | For the Period<br>September 6, 2022<sup>(a)</sup><br>Through<br>August 31,<br>2023 |
|  Per Share Operating Performance: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $26.12 | $24.69 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.77 | 1.82 | 1.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.06) | 1.38 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.71 | 3.20 | 1.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.76) | (1.77) | (1.71) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.77) | (1.77) | (1.71) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $26.06 | $26.12 | $24.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup> | $26.08 | $26.15 | $24.73 |
|  Net Asset Value Total Return<sup>(d)</sup> | 6.81% | 13.52% | 5.91 %<sup>(e)</sup> |
|  Market Price Total Return<sup>(d)</sup> | 6.79% | 13.46% | 6.06 %<sup>(e)</sup> |
|  Ratios/Supplemental Data: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $174606 | $60075 | $12344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.42% | 0.42% | 0.42 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 6.86% | 7.20% | 7.25 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 21% | 21% | 11% |

---

<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.

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)

---

| | | |
|:---|:---|:---|
|  |<br>Years Ended August 31,<br>2025 | For the Period<br>September 18, 2023<sup>(a)</sup><br>Through<br>August 31,<br>2024 |
|  Per Share Operating Performance: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $26.65 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.76 | 1.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.07) | 1.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.69 | 3.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.74) | (1.57) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $26.60 | $26.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup> | $26.65 | $26.76 |
|  Net Asset Value Total Return<sup>(d)</sup> | 6.64 %<sup>(e)</sup> | 13.31 %<sup>(e)</sup> |
|  Market Price Total Return<sup>(d)</sup> | 6.38 %<sup>(e)</sup> | 13.75 %<sup>(e)</sup> |
|  Ratios/Supplemental Data: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $39894 | $29317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.42% | 0.42 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 6.67% | 6.74 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 20% | 24% |

---

<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.

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)

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| | | |
|:---|:---|:---|
|  |<br>Years Ended August 31,<br>2025 | For the Period<br>June 10, 2024<sup>(a)</sup><br>Through<br>August 31,<br>2024 |
|  Per Share Operating Performance: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $25.82 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.64 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain on investments | 0.01 | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.65 | 1.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.63) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.12) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.75) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $25.72 | $25.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup> | $25.71 | $25.85 |
|  Net Asset Value Total Return<sup>(d)</sup> | 6.71% | 4.69 %<sup>(e)</sup> |
|  Market Price Total Return<sup>(d)</sup> | 6.54% | 4.80 %<sup>(e)</sup> |
|  Ratios/Supplemental Data: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $25716 | $5164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.42% | 0.42 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 6.51% | 6.45 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 34% | 6% |

---

<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.

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2033 High Yield Corporate Bond ETF (BSJX)

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| | |
|:---|:---|
|  | For the Period<br> June 9, 2025<sup>(a)</sup><br> Through<br> August 31,<br>2025 |
|  Per Share Operating Performance: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain on investments | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $25.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup> | $25.54 |
|  Net Asset Value Total Return<sup>(d)</sup> | 3.24 %<sup>(e)</sup> |
|  Market Price Total Return<sup>(d)</sup> | 3.23 %<sup>(e)</sup> |
|  Ratios/Supplemental Data: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $5108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.42 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 6.07 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 46% |

---

<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.

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Per Share Operating Performance: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of year | $24.50 | $24.19 | $24.36 | $26.02 | $25.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.63 | 0.60 | 0.51 | 0.24 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.01) | 0.30 | (0.23) | (1.73) | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations. | 0.62 | 0.90 | 0.28 | (1.49) | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.62) | (0.60) | (0.49) | (0.22) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transaction fees<sup>(a)</sup> | 0.01 | 0.01 | 0.04 | 0.05 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of year | $24.51 | $24.50 | $24.19 | $24.36 | $26.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of year<sup>(b)</sup> | $24.50 | $24.53 | $24.26 | $24.40 | $26.08 |
|  Net Asset Value Total Return<sup>(c)</sup> | 2.63% | 3.80% | 1.34% | (5.56)% | 2.12% |
|  Market Price Total Return<sup>(c)</sup> | 2.46% | 3.63% | 1.45% | (5.62)% | 2.08% |
|  Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year (000's omitted) | $220617 | $227889 | $166909 | $75530 | $39032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.55% | 2.49% | 2.10% | 0.97% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 43% | 3% | 5% | 2% | 0% |

---

<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> 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.

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Per Share Operating Performance: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of year | $23.65 | $23.29 | $23.58 | $25.99 | $25.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.66 | 0.64 | 0.57 | 0.33 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.08) | 0.32 | (0.35) | (2.48) | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations. | 0.58 | 0.96 | 0.22 | (2.15) | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.66) | (0.63) | (0.56) | (0.30) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transaction fees<sup>(a)</sup> | 0.01 | 0.03 | 0.05 | 0.04 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of year | $23.58 | $23.65 | $23.29 | $23.58 | $25.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of year<sup>(b)</sup> | $23.55 | $23.68 | $23.36 | $23.61 | $26.07 |
|  Net Asset Value Total Return<sup>(c)</sup> | 2.53% | 4.30% | 1.16% | (8.16)% | 3.27% |
|  Market Price Total Return<sup>(c)</sup> | 2.27% | 4.11% | 1.33% | (8.32)% | 3.34% |
|  Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year (000's omitted) | $290009 | $215213 | $114135 | $42441 | $23391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.80% | 2.73% | 2.42% | 1.36% | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 17% | 5% | 7% | 11% | 0% |

---

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

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

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Per Share Operating Performance: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of year | $23.67 | $23.31 | $23.56 | $25.91 | $25.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.67 | 0.66 | 0.61 | 0.30 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.14) | 0.32 | (0.35) | (2.40) | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.53 | 0.98 | 0.26 | (2.10) | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.67) | (0.65) | (0.57) | (0.28) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transaction fees<sup>(a)</sup> | 0.01 | 0.03 | 0.06 | 0.03 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of year | $23.54 | $23.67 | $23.31 | $23.56 | $25.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of year<sup>(b)</sup> | $23.55 | $23.68 | $23.36 | $23.58 | $25.95 |
|  Net Asset Value Total Return<sup>(c)</sup> | 2.31% | 4.40% | 1.37% | (8.03)% | 3.32% |
|  Market Price Total Return<sup>(c)</sup> | 2.31% | 4.22% | 1.50% | (8.09)% | 3.15% |
|  Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year (000's omitted) | $268311 | $168081 | $90900 | $25919 | $18140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.85% | 2.82% | 2.59% | 1.23% | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 16% | 1% | 2% | 9% | 0% |

---

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

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

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |  |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Per Share Operating Performance: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of year | $23.45 | $23.05 | $23.27 | $26.31 | $25.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.67 | 0.66 | 0.58 | 0.34 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.20) | 0.35 | (0.31) | (3.03) | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.47 | 1.01 | 0.27 | (2.69) | 0.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.66) | (0.64) | (0.54) | (0.33) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.66) | (0.64) | (0.54) | (0.36) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transaction fees<sup>(a)</sup> | 0.02 | 0.03 | 0.05 | 0.01 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of year | $23.28 | $23.45 | $23.05 | $23.27 | $26.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of year<sup>(b)</sup> | $23.34 | $23.40 | $23.12 | $23.27 | $26.36 |
|  Net Asset Value Total Return<sup>(c)</sup> | 2.15% | 4.59% | 1.40% | (10.23)% | 3.95% |
|  Market Price Total Return<sup>(c)</sup> | 2.63% | 4.05% | 1.70% | (10.41)% | 3.91% |
|  Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year (000's omitted) | $214135 | $121926 | $69137 | $20942 | $18419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.87% | 2.83% | 2.50% | 1.36% | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 11% | 5% | 4% | 6% | 4% |

---

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

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

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Per Share Operating Performance: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of year | $23.16 | $22.67 | $22.89 | $26.18 | $25.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.66 | 0.65 | 0.58 | 0.36 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.31) | 0.43 | (0.29) | (3.31) | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.35 | 1.08 | 0.29 | (2.95) | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.65) | (0.63) | (0.55) | (0.36) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transaction fees<sup>(a)</sup> | 0.01 | 0.04 | 0.04 | 0.02 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of year | $22.87 | $23.16 | $22.67 | $22.89 | $26.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of year<sup>(b)</sup> | $22.89 | $23.16 | $22.70 | $22.91 | $26.24 |
|  Net Asset Value Total Return<sup>(c)</sup> | 1.60% | 5.02% | 1.44% | (11.28)% | 3.52% |
|  Market Price Total Return<sup>(c)</sup> | 1.69% | 4.87% | 1.48% | (11.41)% | 3.63% |
|  Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year (000's omitted) | $201223 | $122731 | $47616 | $18314 | $15711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.87% | 2.83% | 2.53% | 1.48% | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 11% | 0 %<sup>(e)</sup> | 6% | 13% | 0% |

---

<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> 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>(e)</sup> Amount represents less than 0.5%. 

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

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | |
|  | 2025 | 2024 | 2023 | 2022 | For the Period<br> September 14, 2020<sup>(a)</sup><br> Through<br>August 31,<br>2021 |
|  Per Share Operating Performance: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $22.01 | $21.52 | $21.71 | $25.61 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.64 | 0.63 | 0.58 | 0.44 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.37) | 0.46 | (0.24) | (4.01) | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.27 | 1.09 | 0.34 | (3.57) | 0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.64) | (0.63) | (0.57) | (0.41) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transaction fees<sup>(b)</sup> | 0.01 | 0.03 | 0.04 | 0.08 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $21.65 | $22.01 | $21.52 | $21.71 | $25.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup> | $21.64 | $21.98 | $21.56 | $21.72 | $25.69 |
|  Net Asset Value Total Return<sup>(d)</sup> | 1.30% | 5.26% | 1.77% | (13.72)% | 3.87 %<sup>(e)</sup> |
|  Market Price Total Return<sup>(d)</sup> | 1.39% | 4.91% | 1.91% | (13.95)% | 4.19 %<sup>(e)</sup> |
|  Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $175339 | $112270 | $51639 | $23878 | $7684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.18% | 0.18% | 0.18% | 0.18% | 0.18 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.93% | 2.92% | 2.68% | 1.89% | 1.52 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 11% | 3% | 11% | 28% | 0% |

---

<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.

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | |
|  | 2025 | 2024 | 2023 | For the Period<br>September 13, 2021<sup>(a)</sup><br>Through<br>August 31,<br>2022 |
|  Per Share Operating Performance: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $21.19 | $20.67 | $20.72 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.64 | 0.64 | 0.54 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.51) | 0.48 | (0.10) | (4.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.13 | 1.12 | 0.44 | (3.96) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.63) | (0.63) | (0.54) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transaction fees<sup>(b)</sup> | 0.01 | 0.03 | 0.05 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $20.70 | $21.19 | $20.67 | $20.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup> | $20.76 | $21.15 | $20.71 | $20.70 |
|  Net Asset Value Total Return<sup>(d)</sup> | 0.68% | 5.64% | 2.38% | (15.72)%<sup>(e)</sup> |
|  Market Price Total Return<sup>(d)</sup> | 1.16% | 5.23% | 2.67% | (15.80)%<sup>(e)</sup> |
|  Ratios/Supplemental Data: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $113830 | $74150 | $28943 | $12433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.18% | 0.18% | 0.18% | 0.18 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.06% | 3.08% | 2.61% | 1.93 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 21% | 5% | 6% | 52% |

---

<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.

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)

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| | | | |
|:---|:---|:---|:---|
|  | Years Ended August 31, | Years Ended August 31, | |
|  | 2025 | 2024 | For the Period<br> February 27, 2023<sup>(a)</sup><br> Through<br>August 31,<br>2023 |
|  Per Share Operating Performance: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $25.40 | $24.79 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.83 | 0.86 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.97) | 0.52 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.14) | 1.38 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.84) | (0.83) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.00)<sup>(c)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.84) | (0.83) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transaction fees<sup>(b)</sup> | 0.01 | 0.06 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $24.43 | $25.40 | $24.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(d)</sup> | $24.47 | $25.42 | $24.82 |
|  Net Asset Value Total Return<sup>(e)</sup> | (0.51)% | 5.90% | 0.62 %<sup>(f)</sup> |
|  Market Price Total Return<sup>(e)</sup> | (0.43)% | 5.84% | 0.74 %<sup>(f)</sup> |
|  Ratios/Supplemental Data: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $114805 | $76212 | $19835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.18% | 0.18% | 0.18 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.36% | 3.41% | 3.26 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup> | 8% | 5% | 3% |

---

<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.

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##### [**Table of Contents**](#toc)
Financial Highlights–(continued)

Invesco BulletShares 2033 Municipal Bond ETF (BSSX)

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| | | |
|:---|:---|:---|
|  |<br>Years Ended August 31,<br>2025 | For the Period<br> September 18, 2023<sup>(a)</sup><br> Through<br>August 31,<br>2024 |
|  Per Share Operating Performance: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $26.11 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.86 | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.22) | 0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.36) | 1.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.85) | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transaction fees<sup>(b)</sup> | 0.03 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $24.93 | $26.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup> | $25.00 | $26.20 |
|  Net Asset Value Total Return<sup>(d)</sup> | (1.27)% | 7.80 %<sup>(e)</sup> |
|  Market Price Total Return<sup>(d)</sup> | (1.34)% | 8.16 %<sup>(e)</sup> |
|  Ratios/Supplemental Data: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $89750 | $49606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.18% | 0.18 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.40% | 3.45 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 3% | 4% |

---

<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.

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Financial Highlights–(continued)

Invesco BulletShares 2034 Municipal Bond ETF (BSMY)

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| | |
|:---|:---|
|  | For the Period<br>September 9, 2024<sup>(a)</sup><br>Through<br>August 31,<br>2025 |
|  Per Share Operating Performance: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transaction fees<sup>(b)</sup> | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $23.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup> | $23.67 |
|  Net Asset Value Total Return<sup>(d)</sup> | (2.71)%<sup>(e)</sup> |
|  Market Price Total Return<sup>(d)</sup> | (2.47)%<sup>(e)</sup> |
|  Ratios/Supplemental Data: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $56663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.18 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.65 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 25% |

---

<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.

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Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

August 31, 2025

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:

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| | |
|:---|:---|
| Full Name | Short Name |
| &nbsp;&nbsp; Invesco BulletShares 2025 Corporate Bond ETF (BSCP) | &nbsp;&nbsp; "BulletShares 2025 Corporate Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) | &nbsp;&nbsp; "BulletShares 2026 Corporate Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2027 Corporate Bond ETF (BSCR) | &nbsp;&nbsp; "BulletShares 2027 Corporate Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2028 Corporate Bond ETF (BSCS) | &nbsp;&nbsp; "BulletShares 2028 Corporate Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2029 Corporate Bond ETF (BSCT) | &nbsp;&nbsp; "BulletShares 2029 Corporate Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2030 Corporate Bond ETF (BSCU) | &nbsp;&nbsp; "BulletShares 2030 Corporate Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2031 Corporate Bond ETF (BSCV) | &nbsp;&nbsp; "BulletShares 2031 Corporate Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2032 Corporate Bond ETF (BSCW) | &nbsp;&nbsp; "BulletShares 2032 Corporate Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2033 Corporate Bond ETF (BSCX) | &nbsp;&nbsp; "BulletShares 2033 Corporate Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2034 Corporate Bond ETF (BSCY) | &nbsp;&nbsp; "BulletShares 2034 Corporate Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2035 Corporate Bond ETF (BSCZ) | &nbsp;&nbsp; "BulletShares 2035 Corporate Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) | &nbsp;&nbsp; "BulletShares 2025 High Yield Corporate Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) | &nbsp;&nbsp; "BulletShares 2026 High Yield Corporate Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR) | &nbsp;&nbsp; "BulletShares 2027 High Yield Corporate Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS) | &nbsp;&nbsp; "BulletShares 2028 High Yield Corporate Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT) | &nbsp;&nbsp; "BulletShares 2029 High Yield Corporate Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU) | &nbsp;&nbsp; "BulletShares 2030 High Yield Corporate Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV) | &nbsp;&nbsp; "BulletShares 2031 High Yield Corporate Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW) | &nbsp;&nbsp; "BulletShares 2032 High Yield Corporate Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2033 High Yield Corporate Bond ETF (BSJX) | &nbsp;&nbsp; "BulletShares 2033 High Yield Corporate Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2025 Municipal Bond ETF (BSMP) | &nbsp;&nbsp; "BulletShares 2025 Municipal Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) | &nbsp;&nbsp; "BulletShares 2026 Municipal Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2027 Municipal Bond ETF (BSMR) | &nbsp;&nbsp; "BulletShares 2027 Municipal Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2028 Municipal Bond ETF (BSMS) | &nbsp;&nbsp; "BulletShares 2028 Municipal Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2029 Municipal Bond ETF (BSMT) | &nbsp;&nbsp; "BulletShares 2029 Municipal Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2030 Municipal Bond ETF (BSMU) | &nbsp;&nbsp; "BulletShares 2030 Municipal Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2031 Municipal Bond ETF (BSMV) | &nbsp;&nbsp; "BulletShares 2031 Municipal Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2032 Municipal Bond ETF (BSMW) | &nbsp;&nbsp; "BulletShares 2032 Municipal Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2033 Municipal Bond ETF (BSSX) | &nbsp;&nbsp; "BulletShares 2033 Municipal Bond ETF" |
| &nbsp;&nbsp; Invesco BulletShares 2034 Municipal Bond ETF (BSMY) | &nbsp;&nbsp; "BulletShares 2034 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 2025 Corporate Bond ETF, BulletShares 2025 High Yield Corporate Bond ETF and BulletShares 2025 Municipal Bond ETF will terminate on or about December 15, 2025. 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 2025 Municipal Bond ETF, BulletShares 2026 Municipal Bond ETF, BulletShares 2027 Municipal Bond ETF, BulletShares 2028 Municipal Bond ETF, BulletShares 2029 Municipal Bond ETF, BulletShares 2030 Municipal Bond ETF, BulletShares 2031 Municipal Bond ETF, BulletShares 2032 Municipal Bond ETF, BulletShares 2033 Municipal Bond ETF and BulletShares 2034 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

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exchange for the deposit or delivery of cash. Creation Units of the BulletShares Municipal Bond ETFs are issued and redeemed 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"):

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| |
|:---|
| Fund |
| &nbsp;&nbsp; BulletShares 2025 Corporate Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> USD Corporate Bond 2025 Index |
| &nbsp;&nbsp; BulletShares 2026 Corporate Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> USD Corporate Bond 2026 Index |
| &nbsp;&nbsp; BulletShares 2027 Corporate Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> USD Corporate Bond 2027 Index |
| &nbsp;&nbsp; BulletShares 2028 Corporate Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> USD Corporate Bond 2028 Index |
| &nbsp;&nbsp; BulletShares 2029 Corporate Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> USD Corporate Bond 2029 Index |
| &nbsp;&nbsp; BulletShares 2030 Corporate Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> USD Corporate Bond 2030 Index |
| &nbsp;&nbsp; BulletShares 2031 Corporate Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> USD Corporate Bond 2031 Index |
| &nbsp;&nbsp; BulletShares 2032 Corporate Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> USD Corporate Bond 2032 Index |
| &nbsp;&nbsp; BulletShares 2033 Corporate Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> USD Corporate Bond 2033 Index |
| &nbsp;&nbsp; BulletShares 2034 Corporate Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> USD Corporate Bond 2034 Index |
| &nbsp;&nbsp; BulletShares 2035 Corporate Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> USD Corporate Bond 2035 Index |
| &nbsp;&nbsp; BulletShares 2025 High Yield Corporate Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2025 Index |
| &nbsp;&nbsp; BulletShares 2026 High Yield Corporate Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2026 Index |
| &nbsp;&nbsp; BulletShares 2027 High Yield Corporate Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2027 Index |
| &nbsp;&nbsp; BulletShares 2028 High Yield Corporate Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2028 Index |
| &nbsp;&nbsp; BulletShares 2029 High Yield Corporate Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2029 Index |
| &nbsp;&nbsp; BulletShares 2030 High Yield Corporate Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2030 Index |
| &nbsp;&nbsp; BulletShares 2031 High Yield Corporate Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2031 Index |
| &nbsp;&nbsp; BulletShares 2032 High Yield Corporate Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2032 Index |
| &nbsp;&nbsp; BulletShares 2033 High Yield Corporate Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2033 Index |
| &nbsp;&nbsp; BulletShares 2025 Municipal Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> Municipal Bond 2025 Index |
| &nbsp;&nbsp; BulletShares 2026 Municipal Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> Municipal Bond 2026 Index |
| &nbsp;&nbsp; BulletShares 2027 Municipal Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> Municipal Bond 2027 Index |
| &nbsp;&nbsp; BulletShares 2028 Municipal Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> Municipal Bond 2028 Index |
| &nbsp;&nbsp; BulletShares 2029 Municipal Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> Municipal Bond 2029 Index |
| &nbsp;&nbsp; BulletShares 2030 Municipal Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> Municipal Bond 2030 Index |
| &nbsp;&nbsp; BulletShares 2031 Municipal Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> Municipal Bond 2031 Index |
| &nbsp;&nbsp; BulletShares 2032 Municipal Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> Municipal Bond 2032 Index |
| &nbsp;&nbsp; BulletShares 2033 Municipal Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> Municipal Bond 2033 Index |
| &nbsp;&nbsp; BulletShares 2034 Municipal Bond ETF<br> &nbsp;&nbsp; Invesco BulletShares<sup>®</sup> Municipal Bond 2034 Index |

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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. 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.

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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.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts') prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

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

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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 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

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

F. **Expenses** - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out
of the unitary management fee, the Adviser 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** - In November 2023, the FASB issued Accounting Standards Update 2023-07,
Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment
expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding
of how an entity's segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts 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. Adoption of the new
standard impacted the Funds' financial statement note disclosures only and did not affect the Funds' financial position or the results of its operations.

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

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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 fiscal year ended August 31, 2025, 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 Funds had made a redemption in-kind, which may decrease the tax efficiency of the Funds 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 may decrease a BulletShares Municipal Bond ETF's NAV.

*Changing Fixed-Income Market Conditions Risk*. Fluctuations in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility, 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. This 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

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ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

*Foreign Fixed-Income Investment Risk*. For certain Funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.

*Index Risk*. Unlike many investment companies 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

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market. If the Internal Revenue Service ("IRS") determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable and the security could decline significantly in value.

*Non-Correlation Risk*. Each Fund's return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund's securities holdings to reflect changes in the composition of its corresponding Underlying Index. Because certain Funds issue and redeem Creation Units principally for cash, such Funds will incur higher costs in buying and selling securities than if they issued and redeemed Creation Units in-kind. Additionally, a Fund's use of a representative sampling 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 and therefore can invest a greater portion of its respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund's volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund's performance.

*Non-Investment Grade Securities Risk*. Non-investment grade securities (commonly known as "junk bonds" or "high yield bonds") and unrated securities of comparable credit quality are considered speculative and are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the non-investment grade securities markets generally, real or perceived adverse economic and competitive industry conditions and less secondary market liquidity. If the issuer of non-investment grade securities defaults, a Fund may incur additional expenses to seek recovery.

*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

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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:

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| | |
|:---|:---|
|  | Unitary Management Fees<br>(as a % of average daily net assets) |
| &nbsp;&nbsp; BulletShares 2025 Corporate Bond ETF | 0.10% |
| &nbsp;&nbsp; BulletShares 2026 Corporate Bond ETF | 0.10% |
| &nbsp;&nbsp; BulletShares 2027 Corporate Bond ETF | 0.10% |
| &nbsp;&nbsp; BulletShares 2028 Corporate Bond ETF | 0.10% |
| &nbsp;&nbsp; BulletShares 2029 Corporate Bond ETF | 0.10% |
| &nbsp;&nbsp; BulletShares 2030 Corporate Bond ETF | 0.10% |
| &nbsp;&nbsp; BulletShares 2031 Corporate Bond ETF | 0.10% |
| &nbsp;&nbsp; BulletShares 2032 Corporate Bond ETF | 0.10% |
| &nbsp;&nbsp; BulletShares 2033 Corporate Bond ETF | 0.10% |
| &nbsp;&nbsp; BulletShares 2034 Corporate Bond ETF | 0.10% |
| &nbsp;&nbsp; BulletShares 2035 Corporate Bond ETF | 0.10% |
| &nbsp;&nbsp; BulletShares 2025 High Yield Corporate Bond ETF | 0.42% |
| &nbsp;&nbsp; BulletShares 2026 High Yield Corporate Bond ETF | 0.42% |
| &nbsp;&nbsp; BulletShares 2027 High Yield Corporate Bond ETF | 0.42% |
| &nbsp;&nbsp; BulletShares 2028 High Yield Corporate Bond ETF | 0.42% |
| &nbsp;&nbsp; BulletShares 2029 High Yield Corporate Bond ETF | 0.42% |
| &nbsp;&nbsp; BulletShares 2030 High Yield Corporate Bond ETF | 0.42% |
| &nbsp;&nbsp; BulletShares 2031 High Yield Corporate Bond ETF | 0.42% |
| &nbsp;&nbsp; BulletShares 2032 High Yield Corporate Bond ETF | 0.42% |
| &nbsp;&nbsp; BulletShares 2033 High Yield Corporate Bond ETF | 0.42% |
| &nbsp;&nbsp; BulletShares 2025 Municipal Bond ETF | 0.18% |
| &nbsp;&nbsp; BulletShares 2026 Municipal Bond ETF | 0.18% |
| &nbsp;&nbsp; BulletShares 2027 Municipal Bond ETF | 0.18% |
| &nbsp;&nbsp; BulletShares 2028 Municipal Bond ETF | 0.18% |
| &nbsp;&nbsp; BulletShares 2029 Municipal Bond ETF | 0.18% |
| &nbsp;&nbsp; BulletShares 2030 Municipal Bond ETF | 0.18% |
| &nbsp;&nbsp; BulletShares 2031 Municipal Bond ETF | 0.18% |
| &nbsp;&nbsp; BulletShares 2032 Municipal Bond ETF | 0.18% |
| &nbsp;&nbsp; BulletShares 2033 Municipal Bond ETF | 0.18% |
| &nbsp;&nbsp; BulletShares 2034 Municipal Bond ETF | 0.18% |

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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 fiscal year ended August 31, 2025, the Adviser waived fees for each Fund in the following amounts:

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| | |
|:---|:---|
| &nbsp;&nbsp; BulletShares 2025 Corporate Bond ETF | $282655 |
| &nbsp;&nbsp; BulletShares 2026 Corporate Bond ETF | 15620 |
| &nbsp;&nbsp; BulletShares 2027 Corporate Bond ETF | 7540 |
| &nbsp;&nbsp; BulletShares 2028 Corporate Bond ETF | 5788 |
| &nbsp;&nbsp; BulletShares 2029 Corporate Bond ETF | 5658 |
| &nbsp;&nbsp; BulletShares 2030 Corporate Bond ETF | 3112 |
| &nbsp;&nbsp; BulletShares 2031 Corporate Bond ETF | 1878 |
| &nbsp;&nbsp; BulletShares 2032 Corporate Bond ETF | 1412 |
| &nbsp;&nbsp; BulletShares 2033 Corporate Bond ETF | 1359 |
| &nbsp;&nbsp; BulletShares 2034 Corporate Bond ETF | 515 |
| &nbsp;&nbsp; BulletShares 2035 Corporate Bond ETF<sup>(a)</sup> | 12 |
| &nbsp;&nbsp; BulletShares 2025 High Yield Corporate Bond ETF | 182296 |

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| &nbsp;&nbsp; BulletShares 2026 High Yield Corporate Bond ETF | $28593 |
| &nbsp;&nbsp; BulletShares 2027 High Yield Corporate Bond ETF | 6797 |
| &nbsp;&nbsp; BulletShares 2028 High Yield Corporate Bond ETF | 3497 |
| &nbsp;&nbsp; BulletShares 2029 High Yield Corporate Bond ETF | 1821 |
| &nbsp;&nbsp; BulletShares 2030 High Yield Corporate Bond ETF | 617 |
| &nbsp;&nbsp; BulletShares 2031 High Yield Corporate Bond ETF | 175 |
| &nbsp;&nbsp; BulletShares 2032 High Yield Corporate Bond ETF | 66 |
| &nbsp;&nbsp; BulletShares 2033 High Yield Corporate Bond ETF<sup>(a)</sup> | 5 |
| &nbsp;&nbsp; BulletShares 2025 Municipal Bond ETF |  |
| &nbsp;&nbsp; BulletShares 2026 Municipal Bond ETF |  |
| &nbsp;&nbsp; BulletShares 2027 Municipal Bond ETF |  |
| &nbsp;&nbsp; BulletShares 2028 Municipal Bond ETF |  |
| &nbsp;&nbsp; BulletShares 2029 Municipal Bond ETF |  |
| &nbsp;&nbsp; BulletShares 2030 Municipal Bond ETF |  |
| &nbsp;&nbsp; BulletShares 2031 Municipal Bond ETF |  |
| &nbsp;&nbsp; BulletShares 2032 Municipal Bond ETF |  |
| &nbsp;&nbsp; BulletShares 2033 Municipal Bond ETF |  |
| &nbsp;&nbsp; BulletShares 2034 Municipal Bond ETF<sup>(b)</sup> |  |

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<sup>(a)</sup> For the period June 9, 2025 (commencement of operations) through August 31, 2025.

<sup>(b)</sup> For the period September 9, 2024 (commencement of investment operations) through August 31, 2025.

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 fiscal year ended August 31, 2025, the following Funds engaged in transactions with affiliates as listed below:

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| | | | |
|:---|:---|:---|:---|
|  | Securities Purchases | Securities Sales | Net Realized Gains (Losses) |
| &nbsp;&nbsp; BulletShares 2025 Corporate Bond ETF | $2964415 | $6732328 | $5782 |
| &nbsp;&nbsp; BulletShares 2026 Corporate Bond ETF | 15085722 |  |  |
| &nbsp;&nbsp; BulletShares 2027 Corporate Bond ETF | 4573708 | 2964415 | 33872 |
| &nbsp;&nbsp; BulletShares 2028 Corporate Bond ETF |  | 7203191 | 26569 |
| &nbsp;&nbsp; BulletShares 2029 Corporate Bond ETF | 2158621 | 7882531 | 53160 |
| &nbsp;&nbsp; BulletShares 2025 High Yield Corporate Bond ETF | 19785754 | 46781956 | 51443 |
| &nbsp;&nbsp; BulletShares 2026 High Yield Corporate Bond ETF | 74482134 | 19874752 | 70884 |
| &nbsp;&nbsp; BulletShares 2027 High Yield Corporate Bond ETF | 4472825 | 8268025 | 48244 |
| &nbsp;&nbsp; BulletShares 2028 High Yield Corporate Bond ETF | 3976038 | 15053430 | 545695 |
| &nbsp;&nbsp; BulletShares 2029 High Yield Corporate Bond ETF | 1143374 | 4825625 | 184470 |
| &nbsp;&nbsp; BulletShares 2030 High Yield Corporate Bond ETF | 2488633 | 9194589 | 431333 |
| &nbsp;&nbsp; BulletShares 2031 High Yield Corporate Bond ETF | 879999 | 2618345 | 80753 |
| &nbsp;&nbsp; BulletShares 2032 High Yield Corporate Bond ETF |  | 612035 | 18356 |
| &nbsp;&nbsp; BulletShares 2025 Municipal Bond ETF | 796902 | 5721753 | (158328) |

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|:---|:---|:---|:---|
|  | Securities Purchases | Securities Sales | Net Realized Gains (Losses) |
| &nbsp;&nbsp; BulletShares 2026 Municipal Bond ETF | $220248 | $4753722 | $(186308) |
| &nbsp;&nbsp; BulletShares 2027 Municipal Bond ETF | 763701 | 6186504 | (436014) |
| &nbsp;&nbsp; BulletShares 2028 Municipal Bond ETF | 307698 | 2870732 | (157703) |
| &nbsp;&nbsp; BulletShares 2029 Municipal Bond ETF | 104955 | 3006979 | (214851) |
| &nbsp;&nbsp; BulletShares 2030 Municipal Bond ETF |  | 4806669 | (317501) |
| &nbsp;&nbsp; BulletShares 2031 Municipal Bond ETF | 10014 | 1182184 | (101423) |
| &nbsp;&nbsp; BulletShares 2032 Municipal Bond ETF | 264900 | 4905817 | (292132) |
| &nbsp;&nbsp; BulletShares 2033 Municipal Bond ETF | 404817 | 975056 | (116409) |
| &nbsp;&nbsp; BulletShares 2034 Municipal Bond ETF<sup>(a)</sup> | 1724610 |  |  |
|  <br> <sup>(a)</sup> For the period September 9, 2024 (commencement of operations) through August 31, 2025. | <br> <sup>(a)</sup> For the period September 9, 2024 (commencement of operations) through August 31, 2025. | <br> <sup>(a)</sup> For the period September 9, 2024 (commencement of operations) through August 31, 2025. |  |

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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.

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|:---|:---|
| 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.  |

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|:---|:---|
| 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.  |

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The following is a summary of the tiered valuation input levels, as of August 31, 2025, for each Fund (except for the BulletShares Municipal Bond ETFs). As of August 31, 2025, 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.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; BulletShares 2025 Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | $- | $1732169956 | $- | $1732169956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1274791055 | 22107659 |  | 1296898714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $1274791055 | $1754277615 | $- | $3029068670 |
| &nbsp;&nbsp; BulletShares 2026 Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | $- | $4199580788 | $- | $4199580788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 8482547 | 253455271 |  | 261937818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $8482547 | $4453036059 | $- | $4461518606 |
| &nbsp;&nbsp; BulletShares 2027 Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | $- | $3945222560 | $- | $3945222560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1145113 | 381958452 |  | 383103565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $1145113 | $4327181012 | $&nbsp;&nbsp;&nbsp;&nbsp;- | $4328326125 |

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|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; BulletShares 2028 Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | $- | $2725889776 | $- | $2725889776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1132936 | 399784320 |  | 400917256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $1132936 | $3125674096 | $- | $3126807032 |
| &nbsp;&nbsp; BulletShares 2029 Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | $- | $2218974347 | $- | $2218974347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 3388830 | 306449661 |  | 309838491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $3388830 | $2525424008 | $- | $2528812838 |
| &nbsp;&nbsp; BulletShares 2030 Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | $- | $1817037431 | $- | $1817037431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 10858849 | 210583153 |  | 221442002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $10858849 | $2027620584 | $- | $2038479433 |
| &nbsp;&nbsp; BulletShares 2031 Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | $- | $1203845976 | $- | $1203845976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 671730 | 14871010 |  | 15542740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $671730 | $1218716986 | $- | $1219388716 |
| &nbsp;&nbsp; BulletShares 2032 Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | $- | $1007934347 | $- | $1007934347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 516420 | 24730017 |  | 25246437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $516420 | $1032664364 | $- | $1033180784 |
| &nbsp;&nbsp; BulletShares 2033 Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | $- | $664176822 | $- | $664176822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 647772 | 27180553 |  | 27828325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $647772 | $691357375 | $- | $692005147 |
| &nbsp;&nbsp; BulletShares 2034 Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | $- | $255035832 | $- | $255035832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 333554 | 10074363 |  | 10407917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $333554 | $265110195 | $- | $265443749 |
| &nbsp;&nbsp; BulletShares 2035 Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | $- | $15091948 | $- | $15091948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 79351 | 531644 |  | 610995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $79351 | $15623592 | $- | $15702943 |
| &nbsp;&nbsp; BulletShares 2025 High Yield Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | $- | $134029776 | $- | $134029776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 574745041 |  |  | 574745041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $574745041 | $134029776 | $- | $708774817 |
| &nbsp;&nbsp; BulletShares 2026 High Yield Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | $- | $1077559764 | $- | $1077559764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 85881696 | 115400892 |  | 201282588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;85881696 | $1192960656 | $- | $1278842352 |

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|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; BulletShares 2027 High Yield Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | $- | $586011292 | $- | $586011292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 38465155 | 103822396 |  | 142287551 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $38465155 | $689833688 | $- | $728298843 |
| &nbsp;&nbsp; BulletShares 2028 High Yield Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | $- | $447257385 | $425 | $447257810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 12584704 | 68296817 |  | 80881521 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $12584704 | $515554202 | $425 | $528139331 |
| &nbsp;&nbsp; BulletShares 2029 High Yield Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | $- | $318261033 | $- | $318261033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 3104479 | 21786522 |  | 24891001 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $3104479 | $340047555 | $- | $343152034 |
| &nbsp;&nbsp; BulletShares 2030 High Yield Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | $- | $171269079 | $- | $171269079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 615775 | 11364727 |  | 11980502 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $615775 | $182633806 | $- | $183249581 |
| &nbsp;&nbsp; BulletShares 2031 High Yield Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | $- | $39235101 | $- | $39235101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 11009 |  |  | 11009 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $11009 | $39235101 | $- | $39246110 |
| &nbsp;&nbsp; BulletShares 2032 High Yield Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | $- | $25257573 | $- | $25257573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 22445 | 2515502 |  | 2537947 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $22445 | $27773075 | $- | $27795520 |
| &nbsp;&nbsp; BulletShares 2033 High Yield Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | $- | $4914519 | $- | $4914519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 7688 | 145568 |  | 153256 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $7688 | $5060087 | $- | $5067775 |

---

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2024 | 2024 |
|  | Ordinary<br>Income\* | Ordinary<br>Income-Tax-<br>Exempt | Long-Term<br>Capital Gains | Ordinary<br>Income\* | Ordinary<br>Income-Tax-<br>Exempt |
| &nbsp;&nbsp; BulletShares 2025 Corporate Bond ETF | $152298028 | $- | $- | $138306116 | $- |
| &nbsp;&nbsp; BulletShares 2026 Corporate Bond ETF | 173573303 |  |  | 109367273 |  |
| &nbsp;&nbsp; BulletShares 2027 Corporate Bond ETF | 129228697 |  |  | 68666801 |  |
| &nbsp;&nbsp; BulletShares 2028 Corporate Bond ETF | 107729419 |  |  | 60586927 |  |
| &nbsp;&nbsp; BulletShares 2029 Corporate Bond ETF | 82179581 |  |  | 34023895 |  |
| &nbsp;&nbsp; BulletShares 2030 Corporate Bond ETF | 64479850 |  |  | 26770351 |  |
| &nbsp;&nbsp; BulletShares 2031 Corporate Bond ETF | 42298292 |  |  | 18399736 |  |
| &nbsp;&nbsp; BulletShares 2032 Corporate Bond ETF | 38548678 |  |  | 18218198 |  |
| &nbsp;&nbsp; BulletShares 2033 Corporate Bond ETF | 24853668 |  |  | 8111206 |  |
| &nbsp;&nbsp; BulletShares 2034 Corporate Bond ETF | 7550455 |  |  | 86517 |  |
| &nbsp;&nbsp; BulletShares 2035 Corporate Bond ETF<sup>(a)</sup>  | 91019 |  |  |  |  |

---

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##### [**Table of Contents**](#toc)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2024 | 2024 |
|  | Ordinary<br>Income\* | Ordinary<br>Income-Tax-<br>Exempt | Long-Term<br>Capital Gains | Ordinary<br>Income\* | Ordinary<br>Income-Tax-<br>Exempt |
| &nbsp;&nbsp; BulletShares 2025 High Yield Corporate Bond ETF | $51589453 | $- | $- | $63763290 | $- |
| &nbsp;&nbsp; BulletShares 2026 High Yield Corporate Bond ETF | 59709285 |  |  | 30511802 |  |
| &nbsp;&nbsp; BulletShares 2027 High Yield Corporate Bond ETF | 27294598 |  |  | 12133142 |  |
| &nbsp;&nbsp; BulletShares 2028 High Yield Corporate Bond ETF | 24261379 |  |  | 10557068 |  |
| &nbsp;&nbsp; BulletShares 2029 High Yield Corporate Bond ETF | 14891499 |  |  | 3197017 |  |
| &nbsp;&nbsp; BulletShares 2030 High Yield Corporate Bond ETF | 7507582 |  | 24658 | 2599052 |  |
| &nbsp;&nbsp; BulletShares 2031 High Yield Corporate Bond ETF | 2233576 |  |  | 1109468 |  |
| &nbsp;&nbsp; BulletShares 2032 High Yield Corporate Bond ETF | 909148 |  |  | 69434 |  |
| &nbsp;&nbsp; BulletShares 2033 High Yield Corporate Bond ETF<sup>(a)</sup> | 53022 |  |  |  |  |
| &nbsp;&nbsp; BulletShares 2025 Municipal Bond ETF | 3501 | 6104468 |  | 4470 | 5087313 |
| &nbsp;&nbsp; BulletShares 2026 Municipal Bond ETF | 14971 | 7141309 |  | 15654 | 4443781 |
| &nbsp;&nbsp; BulletShares 2027 Municipal Bond ETF | 14780 | 6292487 |  | 2007 | 3412311 |
| &nbsp;&nbsp; BulletShares 2028 Municipal Bond ETF | 2715 | 4593261 |  | 1153 | 2641103 |
| &nbsp;&nbsp; BulletShares 2029 Municipal Bond ETF | 12745 | 4845510 |  | 7929 | 2304503 |
| &nbsp;&nbsp; BulletShares 2030 Municipal Bond ETF | 17404 | 4264263 |  | 11855 | 2268491 |
| &nbsp;&nbsp; BulletShares 2031 Municipal Bond ETF | 10690 | 2824434 |  | 3209 | 1614201 |
| &nbsp;&nbsp; BulletShares 2032 Municipal Bond ETF | 10200 | 3280269 | 1435 | 62158 | 1744827 |
| &nbsp;&nbsp; BulletShares 2033 Municipal Bond ETF | 18071 | 2284363 |  | 9327 | 820617 |
| &nbsp;&nbsp; BulletShares 2034 Municipal Bond ETF<sup>(b)</sup> | 4673 | 749286 |  |  |  |

---

\* Includes short-term capital gain distributions, if any.

<sup>(a)</sup> For the period June 9, 2025 (commencement of operations) through August 31, 2025.

<sup>(b)</sup> For the period September 9, 2024 (commencement of investment operations) through August 31, 2025.

Tax Components of Net Assets at Fiscal Year-end:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gains | Undistributed<br>Tax-Exempt<br>Income | Net<br>Unrealized<br>Appreciation <br>(Depreciation)-<br>Investments | Capital Loss<br>Carryforwards | Shares of<br>Beneficial<br>Interest | Total<br>Net Assets |
| &nbsp;&nbsp; BulletShares 2025 Corporate Bond ETF | $- | $– $|  | $(42160) | $(3541429) | $3037329068 | $3033745479 |
| &nbsp;&nbsp; BulletShares 2026 Corporate Bond ETF | 104832 | – |  | 4537824 | (5013635) | 4245458024 | 4245087045 |
| &nbsp;&nbsp; BulletShares 2027 Corporate Bond ETF | 393409 | – |  | 27494222 | (364542) | 3955921269 | 3983444358 |
| &nbsp;&nbsp; BulletShares 2028 Corporate Bond ETF | 143515 | – |  | 40574021 | (1604716) | 2718287146 | 2757399966 |
| &nbsp;&nbsp; BulletShares 2029 Corporate Bond ETF | 46172 | – |  | 38686216 | (1201612) | 2210913038 | 2248443814 |
| &nbsp;&nbsp; BulletShares 2030 Corporate Bond ETF | 122613 | – |  | 39306348 | (3041906) | 1810245103 | 1846632158 |
| &nbsp;&nbsp; BulletShares 2031 Corporate Bond ETF | 205783 | – |  | 28635453 | (491495) | 1187587980 | 1215937721 |
| &nbsp;&nbsp; BulletShares 2032 Corporate Bond ETF | 196278 | – |  | 25337850 | (1187272) | 996420749 | 1020767605 |
| &nbsp;&nbsp; BulletShares 2033 Corporate Bond ETF | 112369 | – |  | 13774407 | (156847) | 660016493 | 673746422 |
| &nbsp;&nbsp; BulletShares 2034 Corporate Bond ETF | 17050 | – |  | 3763528 | (46257) | 255348167 | 259082488 |
| &nbsp;&nbsp; BulletShares 2035 Corporate Bond ETF | 8151 | – |  | 174727 | (20) | 15217164 | 15400022 |
| &nbsp;&nbsp; BulletShares 2025 High Yield Corporate Bond ETF |  | – |  | 222488 | (5937334) | 719007012 | 713292166 |
| &nbsp;&nbsp; BulletShares 2026 High Yield Corporate Bond ETF | 135001 | – |  | 5656544 | (12314251) | 1148401018 | 1141878312 |
| &nbsp;&nbsp; BulletShares 2027 High Yield Corporate Bond ETF | 91460 | – |  | 6011497 | (765880) | 596652812 | 601989889 |
| &nbsp;&nbsp; BulletShares 2028 High Yield Corporate Bond ETF | 81714 | – |  | 8129950 | (1719428) | 449705793 | 456198029 |
| &nbsp;&nbsp; BulletShares 2029 High Yield Corporate Bond ETF | 38581 | – |  | 5351159 | (2814352) | 324074860 | 326650248 |
| &nbsp;&nbsp; BulletShares 2030 High Yield Corporate Bond ETF  | 57254 | – |  | 3495331 | (345782) | 171399279 | 174606082 |

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##### [**Table of Contents**](#toc)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gains | Undistributed<br>Tax-Exempt<br>Income | Net<br>Unrealized<br>Appreciation <br>(Depreciation)-<br>Investments | Capital Loss<br>Carryforwards | Shares of<br>Beneficial<br>Interest | Total<br>Net Assets |
| &nbsp;&nbsp; BulletShares 2031 High Yield Corporate Bond ETF | $9271 | $15310 | $- | $670179 | $- | $39199293 | $39894053 |
| &nbsp;&nbsp; BulletShares 2032 High Yield Corporate Bond ETF | 12359 | 2109 |  | 483736 |  | 25218186 | 25716390 |
| &nbsp;&nbsp; BulletShares 2033 High Yield Corporate Bond ETF | 33384 |  |  | 74268 |  | 5000025 | 5107677 |
| &nbsp;&nbsp; BulletShares 2025 Municipal Bond ETF |  |  | 11417 | (253189) | (563172) | 221422057 | 220617113 |
| &nbsp;&nbsp; BulletShares 2026 Municipal Bond ETF |  |  |  | (123902) | (1134457) | 291267686 | 290009327 |
| &nbsp;&nbsp; BulletShares 2027 Municipal Bond ETF |  |  |  | (242945) | (1019936) | 269574320 | 268311439 |
| &nbsp;&nbsp; BulletShares 2028 Municipal Bond ETF |  |  | 8690 | (552609) | (1101814) | 215780474 | 214134741 |
| &nbsp;&nbsp; BulletShares 2029 Municipal Bond ETF |  |  |  | (1217122) | (1569155) | 204009105 | 201222828 |
| &nbsp;&nbsp; BulletShares 2030 Municipal Bond ETF |  |  |  | (1602781) | (1776641) | 178718223 | 175338801 |
| &nbsp;&nbsp; BulletShares 2031 Municipal Bond ETF |  |  | 13547 | (693533) | (1697445) | 116207899 | 113830468 |
| &nbsp;&nbsp; BulletShares 2032 Municipal Bond ETF |  |  | 2902 | (2215938) | (410586) | 117428333 | 114804711 |
| &nbsp;&nbsp; BulletShares 2033 Municipal Bond ETF |  |  | 19936 | (2846087) | (148387) | 92724222 | 89749684 |
| &nbsp;&nbsp; BulletShares 2034 Municipal Bond ETF |  |  | 46406 | (773315) | (146973) | 57536515 | 56662633 |

---

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 have capital loss carryforwards as of August 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | No expiration | No expiration | |
|  | Short-Term | Long-Term |<br>Total\* |
| &nbsp;&nbsp; BulletShares 2025 Corporate Bond ETF | $1502896 | $2038533 | $3541429 |
| &nbsp;&nbsp; BulletShares 2026 Corporate Bond ETF | 1586997 | 3426638 | 5013635 |
| &nbsp;&nbsp; BulletShares 2027 Corporate Bond ETF | 17531 | 347011 | 364542 |
| &nbsp;&nbsp; BulletShares 2028 Corporate Bond ETF | 51009 | 1553707 | 1604716 |
| &nbsp;&nbsp; BulletShares 2029 Corporate Bond ETF |  | 1201612 | 1201612 |
| &nbsp;&nbsp; BulletShares 2030 Corporate Bond ETF | 588239 | 2453667 | 3041906 |
| &nbsp;&nbsp; BulletShares 2031 Corporate Bond ETF | 7129 | 484366 | 491495 |
| &nbsp;&nbsp; BulletShares 2032 Corporate Bond ETF | 568948 | 618324 | 1187272 |
| &nbsp;&nbsp; BulletShares 2033 Corporate Bond ETF | 146886 | 9961 | 156847 |
| &nbsp;&nbsp; BulletShares 2034 Corporate Bond ETF | 46257 |  | 46257 |
| &nbsp;&nbsp; BulletShares 2035 Corporate Bond ETF | 20 |  | 20 |
| &nbsp;&nbsp; BulletShares 2025 High Yield Corporate Bond ETF |  | 5937334 | 5937334 |
| &nbsp;&nbsp; BulletShares 2026 High Yield Corporate Bond ETF | 8024824 | 4289427 | 12314251 |
| &nbsp;&nbsp; BulletShares 2027 High Yield Corporate Bond ETF | 146468 | 619412 | 765880 |
| &nbsp;&nbsp; BulletShares 2028 High Yield Corporate Bond ETF | 1170753 | 548675 | 1719428 |
| &nbsp;&nbsp; BulletShares 2029 High Yield Corporate Bond ETF | 2372198 | 442154 | 2814352 |
| &nbsp;&nbsp; BulletShares 2030 High Yield Corporate Bond ETF | 345782 |  | 345782 |
| &nbsp;&nbsp; BulletShares 2025 Municipal Bond ETF | 153955 | 409217 | 563172 |
| &nbsp;&nbsp; BulletShares 2026 Municipal Bond ETF | 491651 | 642806 | 1134457 |
| &nbsp;&nbsp; BulletShares 2027 Municipal Bond ETF | 253867 | 766069 | 1019936 |
| &nbsp;&nbsp; BulletShares 2028 Municipal Bond ETF | 297767 | 804047 | 1101814 |
| &nbsp;&nbsp; BulletShares 2029 Municipal Bond ETF | 477067 | 1092088 | 1569155 |
| &nbsp;&nbsp; BulletShares 2030 Municipal Bond ETF | 830599 | 946042 | 1776641 |
| &nbsp;&nbsp; BulletShares 2031 Municipal Bond ETF | 1181731 | 515714 | 1697445 |
| &nbsp;&nbsp; BulletShares 2032 Municipal Bond ETF | 103879 | 306707 | 410586 |

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##### [**Table of Contents**](#toc)

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| | | | |
|:---|:---|:---|:---|
|  | No expiration | No expiration | |
|  | Short-Term | Long-Term |<br>Total\* |
| &nbsp;&nbsp; BulletShares 2033 Municipal Bond ETF | $76080 | $72307 | $148387 |
| &nbsp;&nbsp; BulletShares 2034 Municipal Bond ETF | 146973 |  | 146973 |

---

\* 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 fiscal year ended August 31, 2025, 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 |
| &nbsp;&nbsp; BulletShares 2025 Corporate Bond ETF | $17080222 | $3152721709 |
| &nbsp;&nbsp; BulletShares 2026 Corporate Bond ETF | 116156306 | 227168122 |
| &nbsp;&nbsp; BulletShares 2027 Corporate Bond ETF | 62750940 | 74030023 |
| &nbsp;&nbsp; BulletShares 2028 Corporate Bond ETF | 69130581 | 74371641 |
| &nbsp;&nbsp; BulletShares 2029 Corporate Bond ETF | 56634359 | 59215231 |
| &nbsp;&nbsp; BulletShares 2030 Corporate Bond ETF | 55015659 | 80574557 |
| &nbsp;&nbsp; BulletShares 2031 Corporate Bond ETF | 7925512 | 13207526 |
| &nbsp;&nbsp; BulletShares 2032 Corporate Bond ETF | 29698943 | 32645244 |
| &nbsp;&nbsp; BulletShares 2033 Corporate Bond ETF | 10781302 | 7782914 |
| &nbsp;&nbsp; BulletShares 2034 Corporate Bond ETF | 4256024 | 1997972 |
| &nbsp;&nbsp; BulletShares 2035 Corporate Bond ETF<sup>(a)</sup> | 5880755 |  |
| &nbsp;&nbsp; BulletShares 2025 High Yield Corporate Bond ETF | 233363947 | 795821400 |
| &nbsp;&nbsp; BulletShares 2026 High Yield Corporate Bond ETF | 716005320 | 769610489 |
| &nbsp;&nbsp; BulletShares 2027 High Yield Corporate Bond ETF | 154403719 | 161201704 |
| &nbsp;&nbsp; BulletShares 2028 High Yield Corporate Bond ETF | 77242825 | 78651738 |
| &nbsp;&nbsp; BulletShares 2029 High Yield Corporate Bond ETF | 30424055 | 32242051 |
| &nbsp;&nbsp; BulletShares 2030 High Yield Corporate Bond ETF | 22176988 | 22071136 |
| &nbsp;&nbsp; BulletShares 2031 High Yield Corporate Bond ETF | 6696632 | 6811798 |
| &nbsp;&nbsp; BulletShares 2032 High Yield Corporate Bond ETF | 4782109 | 4524018 |
| &nbsp;&nbsp; BulletShares 2033 High Yield Corporate Bond ETF<sup>(a)</sup> | 6521421 | 1698483 |
| &nbsp;&nbsp; BulletShares 2025 Municipal Bond ETF | 89092328 | 138699059 |
| &nbsp;&nbsp; BulletShares 2026 Municipal Bond ETF | 50417005 | 41580851 |
| &nbsp;&nbsp; BulletShares 2027 Municipal Bond ETF | 52324662 | 33216458 |
| &nbsp;&nbsp; BulletShares 2028 Municipal Bond ETF | 51088990 | 17624449 |
| &nbsp;&nbsp; BulletShares 2029 Municipal Bond ETF | 47798447 | 18106291 |
| &nbsp;&nbsp; BulletShares 2030 Municipal Bond ETF | 34585898 | 15857954 |
| &nbsp;&nbsp; BulletShares 2031 Municipal Bond ETF | 35092312 | 19053808 |
| &nbsp;&nbsp; BulletShares 2032 Municipal Bond ETF | 23923883 | 7402319 |
| &nbsp;&nbsp; BulletShares 2033 Municipal Bond ETF | 32446063 | 2191664 |
| &nbsp;&nbsp; BulletShares 2034 Municipal Bond ETF<sup>(b)</sup> | 48443431 | 5694707 |

---

<sup>(a)</sup> For the period June 9, 2025 (commencement of operations) through August 31, 2025.

<sup>(b)</sup> For the period September 9, 2024 (commencement of investment operations) through August 31, 2025.

For the fiscal year ended August 31, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | In-kind<br>Purchases | In-kind<br>Sales |
| &nbsp;&nbsp; BulletShares 2025 Corporate Bond ETF | $16431072 | $28977858 |
| &nbsp;&nbsp; BulletShares 2026 Corporate Bond ETF | 770131612 | 246228084 |
| &nbsp;&nbsp; BulletShares 2027 Corporate Bond ETF | 1833529843 | 46668484 |
| &nbsp;&nbsp; BulletShares 2028 Corporate Bond ETF | 867013742 | 42173315 |
| &nbsp;&nbsp; BulletShares 2029 Corporate Bond ETF | 1071012789 | 43314630 |
| &nbsp;&nbsp; BulletShares 2030 Corporate Bond ETF | 926512113 | 31181819 |
| &nbsp;&nbsp; BulletShares 2031 Corporate Bond ETF | 661901438 | 60979860 |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
|  | In-kind<br>Purchases | In-kind<br>Sales |
| &nbsp;&nbsp; BulletShares 2032 Corporate Bond ETF | $&nbsp;&nbsp;&nbsp;&nbsp;473760553 | $36248462 |
| &nbsp;&nbsp; BulletShares 2033 Corporate Bond ETF | 330572686 | 11897714 |
| &nbsp;&nbsp; BulletShares 2034 Corporate Bond ETF | 234175087 |  |
| &nbsp;&nbsp; BulletShares 2035 Corporate Bond ETF<sup>(a)</sup> | 9035806 |  |
| &nbsp;&nbsp; BulletShares 2025 High Yield Corporate Bond ETF | 53487635 | 230028115 |
| &nbsp;&nbsp; BulletShares 2026 High Yield Corporate Bond ETF | 530041320 | 71609356 |
| &nbsp;&nbsp; BulletShares 2027 High Yield Corporate Bond ETF | 302096614 |  |
| &nbsp;&nbsp; BulletShares 2028 High Yield Corporate Bond ETF | 186315732 | 4091662 |
| &nbsp;&nbsp; BulletShares 2029 High Yield Corporate Bond ETF | 216327464 |  |
| &nbsp;&nbsp; BulletShares 2030 High Yield Corporate Bond ETF | 110671256 |  |
| &nbsp;&nbsp; BulletShares 2031 High Yield Corporate Bond ETF | 10250771 |  |
| &nbsp;&nbsp; BulletShares 2032 High Yield Corporate Bond ETF | 19571674 |  |
| &nbsp;&nbsp; BulletShares 2033 High Yield Corporate Bond ETF<sup>(a)</sup> |  |  |
| &nbsp;&nbsp; BulletShares 2025 Municipal Bond ETF | 7973777 |  |
| &nbsp;&nbsp; BulletShares 2026 Municipal Bond ETF | 45324179 |  |
| &nbsp;&nbsp; BulletShares 2027 Municipal Bond ETF | 68871577 |  |
| &nbsp;&nbsp; BulletShares 2028 Municipal Bond ETF | 49738568 |  |
| &nbsp;&nbsp; BulletShares 2029 Municipal Bond ETF | 44665365 |  |
| &nbsp;&nbsp; BulletShares 2030 Municipal Bond ETF | 42603828 |  |
| &nbsp;&nbsp; BulletShares 2031 Municipal Bond ETF | 20533430 |  |
| &nbsp;&nbsp; BulletShares 2032 Municipal Bond ETF | 24327994 |  |
| &nbsp;&nbsp; BulletShares 2033 Municipal Bond ETF | 12185277 |  |
| &nbsp;&nbsp; BulletShares 2034 Municipal Bond ETF<sup>(b)</sup> | 14134966 |  |

---

<sup>(a)</sup> For the period June 9, 2025 (commencement of operations) through August 31, 2025.

<sup>(b)</sup> For the period September 9, 2024 (commencement of investment operations) through August 31, 2025.

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of August 31, 2025, 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 | Gross<br>Unrealized<br>(Depreciation) | Net<br>Unrealized<br>Appreciation<br>(Depreciation) | Cost |
| &nbsp;&nbsp; BulletShares 2025 Corporate Bond ETF | $301062 | $(343222) | $(42160) | $3029110830 |
| &nbsp;&nbsp; BulletShares 2026 Corporate Bond ETF | 7771227 | (3233403) | 4537824 | 4456980782 |
| &nbsp;&nbsp; BulletShares 2027 Corporate Bond ETF | 27876716 | (382494) | 27494222 | 4300831903 |
| &nbsp;&nbsp; BulletShares 2028 Corporate Bond ETF | 41060099 | (486078) | 40574021 | 3086233011 |
| &nbsp;&nbsp; BulletShares 2029 Corporate Bond ETF | 38768722 | (82506) | 38686216 | 2490126622 |
| &nbsp;&nbsp; BulletShares 2030 Corporate Bond ETF | 39346921 | (40573) | 39306348 | 1999173085 |
| &nbsp;&nbsp; BulletShares 2031 Corporate Bond ETF | 28786942 | (151489) | 28635453 | 1190753263 |
| &nbsp;&nbsp; BulletShares 2032 Corporate Bond ETF | 25388007 | (50157) | 25337850 | 1007842934 |
| &nbsp;&nbsp; BulletShares 2033 Corporate Bond ETF | 13813576 | (39169) | 13774407 | 678230740 |
| &nbsp;&nbsp; BulletShares 2034 Corporate Bond ETF | 3772206 | (8678) | 3763528 | 261680221 |
| &nbsp;&nbsp; BulletShares 2035 Corporate Bond ETF | 177010 | (2283) | 174727 | 15528216 |
| &nbsp;&nbsp; BulletShares 2025 High Yield Corporate Bond ETF | 260393 | (37905) | 222488 | 708552329 |
| &nbsp;&nbsp; BulletShares 2026 High Yield Corporate Bond ETF | 7247504 | (1590960) | 5656544 | 1273185808 |
| &nbsp;&nbsp; BulletShares 2027 High Yield Corporate Bond ETF | 6494085 | (482588) | 6011497 | 722287346 |
| &nbsp;&nbsp; BulletShares 2028 High Yield Corporate Bond ETF | 9131673 | (1001723) | 8129950 | 520009381 |
| &nbsp;&nbsp; BulletShares 2029 High Yield Corporate Bond ETF | 6786617 | (1435458) | 5351159 | 337800875 |
| &nbsp;&nbsp; BulletShares 2030 High Yield Corporate Bond ETF | 3963971 | (468640) | 3495331 | 179754250 |
| &nbsp;&nbsp; BulletShares 2031 High Yield Corporate Bond ETF | 1068275 | (398096) | 670179 | 38575931 |
| &nbsp;&nbsp; BulletShares 2032 High Yield Corporate Bond ETF | 513540 | (29804) | 483736 | 27311784 |
| &nbsp;&nbsp; BulletShares 2033 High Yield Corporate Bond ETF | 76387 | (2119) | 74268 | 4993507 |

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##### [**Table of Contents**](#toc)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Gross<br>Unrealized<br>Appreciation | Gross<br>Unrealized<br>(Depreciation) | Net<br>Unrealized<br>Appreciation<br>(Depreciation) | Cost |
| &nbsp;&nbsp; BulletShares 2025 Municipal Bond ETF | $80118 | $(333307) | $(253189) | $&nbsp;&nbsp;&nbsp;&nbsp;182668934 |
| &nbsp;&nbsp; BulletShares 2026 Municipal Bond ETF | 708183 | (832085) | (123902) | 263898587 |
| &nbsp;&nbsp; BulletShares 2027 Municipal Bond ETF | 1165638 | (1408583) | (242945) | 249234073 |
| &nbsp;&nbsp; BulletShares 2028 Municipal Bond ETF | 1338039 | (1890648) | (552609) | 200822095 |
| &nbsp;&nbsp; BulletShares 2029 Municipal Bond ETF | 1250796 | (2467918) | (1217122) | 191897730 |
| &nbsp;&nbsp; BulletShares 2030 Municipal Bond ETF | 943580 | (2546361) | (1602781) | 169566163 |
| &nbsp;&nbsp; BulletShares 2031 Municipal Bond ETF | 791800 | (1485333) | (693533) | 107333438 |
| &nbsp;&nbsp; BulletShares 2032 Municipal Bond ETF | 618942 | (2834880) | (2215938) | 113420248 |
| &nbsp;&nbsp; BulletShares 2033 Municipal Bond ETF | 162135 | (3008222) | (2846087) | 90060260 |
| &nbsp;&nbsp; BulletShares 2034 Municipal Bond ETF | 209853 | (983168) | (773315) | 56573387 |

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NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, distributions, excise taxes, taxable overdistributions and paydowns, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2025, the reclassifications were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | Undistributed Net<br>Investment Income (Loss) | Undistributed Net<br>Realized Gain (Loss) | Shares of<br>Beneficial Interest |
| &nbsp;&nbsp; BulletShares 2025 Corporate Bond ETF | $293192 | $(1543051) | $1249859 |
| &nbsp;&nbsp; BulletShares 2026 Corporate Bond ETF |  | (3442944) | 3442944 |
| &nbsp;&nbsp; BulletShares 2027 Corporate Bond ETF |  | (1293136) | 1293136 |
| &nbsp;&nbsp; BulletShares 2028 Corporate Bond ETF |  | (1351925) | 1351925 |
| &nbsp;&nbsp; BulletShares 2029 Corporate Bond ETF |  | (1039217) | 1039217 |
| &nbsp;&nbsp; BulletShares 2030 Corporate Bond ETF |  | (1413296) | 1413296 |
| &nbsp;&nbsp; BulletShares 2031 Corporate Bond ETF |  | (3430862) | 3430862 |
| &nbsp;&nbsp; BulletShares 2032 Corporate Bond ETF |  | (1980749) | 1980749 |
| &nbsp;&nbsp; BulletShares 2033 Corporate Bond ETF |  | (377922) | 377922 |
| &nbsp;&nbsp; BulletShares 2034 Corporate Bond ETF | 2526 |  | (2526) |
| &nbsp;&nbsp; BulletShares 2035 Corporate Bond ETF |  |  |  |
| &nbsp;&nbsp; BulletShares 2025 High Yield Corporate Bond ETF | 409440 | (208875) | (200565) |
| &nbsp;&nbsp; BulletShares 2026 High Yield Corporate Bond ETF |  | (238583) | 238583 |
| &nbsp;&nbsp; BulletShares 2027 High Yield Corporate Bond ETF | 4516 | (4516) |  |
| &nbsp;&nbsp; BulletShares 2028 High Yield Corporate Bond ETF | 1793 | (147357) | 145564 |
| &nbsp;&nbsp; BulletShares 2029 High Yield Corporate Bond ETF |  |  |  |
| &nbsp;&nbsp; BulletShares 2030 High Yield Corporate Bond ETF | (1019) | 1019 |  |
| &nbsp;&nbsp; BulletShares 2031 High Yield Corporate Bond ETF |  |  |  |
| &nbsp;&nbsp; BulletShares 2032 High Yield Corporate Bond ETF | 9111 | (9111) |  |
| &nbsp;&nbsp; BulletShares 2033 High Yield Corporate Bond ETF | 17372 | (17372) |  |
| &nbsp;&nbsp; BulletShares 2025 Municipal Bond ETF |  |  |  |
| &nbsp;&nbsp; BulletShares 2026 Municipal Bond ETF | 22424 |  | (22424) |
| &nbsp;&nbsp; BulletShares 2027 Municipal Bond ETF | 9906 |  | (9906) |
| &nbsp;&nbsp; BulletShares 2028 Municipal Bond ETF |  |  |  |
| &nbsp;&nbsp; BulletShares 2029 Municipal Bond ETF | 2504 |  | (2504) |
| &nbsp;&nbsp; BulletShares 2030 Municipal Bond ETF | 5374 |  | (5374) |
| &nbsp;&nbsp; BulletShares 2031 Municipal Bond ETF |  |  |  |
| &nbsp;&nbsp; BulletShares 2032 Municipal Bond ETF | (77) | 77 |  |
| &nbsp;&nbsp; BulletShares 2033 Municipal Bond ETF |  |  |  |
| &nbsp;&nbsp; BulletShares 2034 Municipal Bond ETF |  |  |  |

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##### [**Table of Contents**](#toc)
NOTE 9–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 10–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.

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##### [**Table of Contents**](#toc)
Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Self-Indexed Fund Trust and Shareholders of each of the thirty funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (thirty of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2025, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

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| |
|:---|
| &nbsp;&nbsp; Invesco BulletShares 2025 Corporate Bond ETF <sup>(1)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2026 Corporate Bond ETF <sup>(1)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2027 Corporate Bond ETF <sup>(1)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2028 Corporate Bond ETF <sup>(1)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2029 Corporate Bond ETF <sup>(1)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2030 Corporate Bond ETF <sup>(1)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2031 Corporate Bond ETF <sup>(1)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2032 Corporate Bond ETF <sup>(1)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2033 Corporate Bond ETF <sup>(2)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2034 Corporate Bond ETF <sup>(3)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2035 Corporate Bond ETF <sup>(4)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2025 High Yield Corporate Bond ETF <sup>(1)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2026 High Yield Corporate Bond ETF <sup>(1)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2027 High Yield Corporate Bond ETF <sup>(1)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2028 High Yield Corporate Bond ETF <sup>(1)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2029 High Yield Corporate Bond ETF <sup>(1)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2030 High Yield Corporate Bond ETF <sup>(1)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2031 High Yield Corporate Bond ETF <sup>(2)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2032 High Yield Corporate Bond ETF <sup>(3)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2033 High Yield Corporate Bond ETF <sup>(4)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2025 Municipal Bond ETF <sup>(1)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2026 Municipal Bond ETF <sup>(1)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2027 Municipal Bond ETF <sup>(1)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2028 Municipal Bond ETF <sup>(1)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2029 Municipal Bond ETF <sup>(1)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2030 Municipal Bond ETF <sup>(1)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2031 Municipal Bond ETF <sup>(1)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2032 Municipal Bond ETF <sup>(1)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2033 Municipal Bond ETF <sup>(2)</sup> |
| &nbsp;&nbsp; Invesco BulletShares 2034 Municipal Bond ETF <sup>(5)</sup> |

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<sup>(1)</sup> Statement of operations for the year ended August 31, 2025 and statement of changes in net assets for the years ended August 31, 2025 and 2024

<sup>(2)</sup> Statement of operations for the year ended August 31, 2025 and statement of changes in net assets for the year ended August 31, 2025 and for the period September 18, 2023 (commencement of investment operations) through August 31, 2024

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##### [**Table of Contents**](#toc)
Report of Independent Registered Public Accounting Firm–(continued)

<sup>(3)</sup> Statement of operations for the year ended August 31, 2025 and statement of changes in net assets for the year ended August 31, 2025 and for the period June 10, 2024 (commencement of investment operations) through August 31, 2024

<sup>(4)</sup> Statement of operations and statement of changes in net assets for the period June 9, 2025 (commencement of investment operations) through August 31, 2025

<sup>(5)</sup> Statement of operations and statement of changes in net assets for the period September 9, 2024 (commencement of investment operations) through August 31, 2025

Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

October 23, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

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##### [**Table of Contents**](#toc)
Tax Information

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Funds designate the following amounts or, if subsequently determined to be different, the maximum amount allowable for their fiscal year ended August 31, 2025:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Qualified<br>Business<br>Income\* | Qualified<br>Dividend<br>Income\* | Corporate<br>Dividends<br>Received<br>Deduction\* | U.S.<br>Treasury<br>Obligations\* | Business<br>Interest<br>Income\* | Qualified<br>Interest<br>Income\* | Tax-Exempt<br>Income\* | Long Term<br>Capital Gains | Qualified<br>Short<br>Term<br>Gains |
| &nbsp;&nbsp; Invesco BulletShares 2025 Corporate Bond ETF | 0% | 0% | 0% | 0% | 100% | 85% | 0% | $- | $- |
| &nbsp;&nbsp; Invesco BulletShares 2026 Corporate Bond ETF | 0% | 0% | 0% | 0% | 100% | 84% | 0% |  | $- |
| &nbsp;&nbsp; Invesco BulletShares 2027 Corporate Bond ETF | 0% | 0% | 0% | 0% | 100% | 87% | 0% |  | $- |
| &nbsp;&nbsp; Invesco BulletShares 2028 Corporate Bond ETF | 0% | 0% | 0% | 0% | 99% | 83% | 0% |  | $- |
| &nbsp;&nbsp; Invesco BulletShares 2029 Corporate Bond ETF | 0% | 0% | 0% | 0% | 99% | 89% | 0% |  | $- |
| &nbsp;&nbsp; Invesco BulletShares 2030 Corporate Bond ETF | 0% | 0% | 0% | 0% | 100% | 89% | 0% |  | $- |
| &nbsp;&nbsp; Invesco BulletShares 2031 Corporate Bond ETF | 0% | 0% | 0% | 0% | 100% | 94% | 0% |  | $- |
| &nbsp;&nbsp; Invesco BulletShares 2032 Corporate Bond ETF | 0% | 0% | 0% | 0% | 100% | 89% | 0% |  | $- |
| &nbsp;&nbsp; Invesco BulletShares 2033 Corporate Bond ETF | 0% | 0% | 0% | 0% | 99% | 88% | 0% |  | $- |
| &nbsp;&nbsp; Invesco BulletShares 2034 Corporate Bond ETF | 0% | 0% | 0% | 0% | 100% | 89% | 0% |  | $- |
| &nbsp;&nbsp; Invesco BulletShares 2035 Corporate Bond ETF | 0% | 0% | 0% | 0% | 99% | 95% | 0% |  | $- |
| &nbsp;&nbsp; Invesco BulletShares 2025 High Yield Corporate Bond ETF | 0% | 0% | 0% | 8% | 99% | 84% | 0% |  | $- |
| &nbsp;&nbsp; Invesco BulletShares 2026 High Yield Corporate Bond ETF | 0% | 0% | 0% | 0% | 99% | 85% | 0% |  | $- |
| &nbsp;&nbsp; Invesco BulletShares 2027 High Yield Corporate Bond ETF | 0% | 0% | 0% | 0% | 99% | 85% | 0% |  | $- |
| &nbsp;&nbsp; Invesco BulletShares 2028 High Yield Corporate Bond ETF | 0% | 0% | 0% | 0% | 99% | 88% | 0% |  | $- |
| &nbsp;&nbsp; Invesco BulletShares 2029 High Yield Corporate Bond ETF | 0% | 0% | 0% | 0% | 99% | 87% | 0% |  | $- |
| &nbsp;&nbsp; Invesco BulletShares 2030 High Yield Corporate Bond ETF | 0% | 0% | 0% | 0% | 99% | 86% | 0% | 24658 | $- |
| &nbsp;&nbsp; Invesco BulletShares 2031 High Yield Corporate Bond ETF  | 0% | 0% | 0% | 0% | 100% | 90% | 0% |  | $- |

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##### [**Table of Contents**](#toc)
Tax Information–(continued)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Qualified<br>Business<br>Income\* | Qualified<br>Dividend<br>Income\* | Corporate<br>Dividends<br>Received<br>Deduction\* | U.S.<br>Treasury<br>Obligations\* | Business<br>Interest<br>Income\* | Qualified<br>Interest<br>Income\* | Tax-Exempt<br>Income\* | Long Term<br>Capital Gains | Qualified<br>Short<br>Term<br>Gains |
| &nbsp;&nbsp; Invesco BulletShares 2032 High Yield Corporate Bond ETF | 0% | 0% | 0% | 0% | 96% | 86% | 0% | $- | $32111 |
| &nbsp;&nbsp; Invesco BulletShares 2033 High Yield Corporate Bond ETF | 0% | 0% | 0% | 0% | 81% | 91% | 0% |  | $17372 |
| &nbsp;&nbsp; Invesco BulletShares 2025 Municipal Bond ETF | 0% | 0% | 0% | 0% | 100% | 100% | 100% |  | $- |
| &nbsp;&nbsp; Invesco BulletShares 2026 Municipal Bond ETF | 0% | 0% | 0% | 0% | 100% | 100% | 100% |  | $- |
| &nbsp;&nbsp; Invesco BulletShares 2027 Municipal Bond ETF | 0% | 0% | 0% | 0% | 33% | 33% | 100% |  | $- |
| &nbsp;&nbsp; Invesco BulletShares 2028 Municipal Bond ETF | 0% | 0% | 0% | 0% | 100% | 100% | 100% |  | $- |
| &nbsp;&nbsp; Invesco BulletShares 2029 Municipal Bond ETF | 0% | 0% | 0% | 0% | 100% | 100% | 100% |  | $- |
| &nbsp;&nbsp; Invesco BulletShares 2030 Municipal Bond ETF | 0% | 0% | 0% | 0% | 100% | 100% | 100% |  | $- |
| &nbsp;&nbsp; Invesco BulletShares 2031 Municipal Bond ETF | 0% | 0% | 0% | 0% | 100% | 100% | 100% |  | $- |
| &nbsp;&nbsp; Invesco BulletShares 2032 Municipal Bond ETF | 0% | 0% | 0% | 0% | 100% | 100% | 100% | 1435 | $- |
| &nbsp;&nbsp; Invesco BulletShares 2033 Municipal Bond ETF | 0% | 0% | 0% | 0% | 100% | 100% | 99% |  | $- |
| &nbsp;&nbsp; Invesco BulletShares 2034 Municipal Bond ETF | 0% | 0% | 0% | 0% | 100% | 100% | 99% |  | $- |

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\* The above percentages are based on ordinary income dividends paid to shareholders during the Trust's fiscal year. 

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##### [**Table of Contents**](#toc)
Approval of Investment Advisory Contracts

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for the following series (each, a "Fund" and collectively, the "Funds"):

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| | |
|:---|:---|
| Invesco Bloomberg Pricing Power ETF | Invesco BulletShares 2031 High Yield Corporate Bond ETF |
| Invesco BulletShares 2025 Corporate Bond ETF | Invesco BulletShares 2032 High Yield Corporate Bond ETF |
| Invesco BulletShares 2026 Corporate Bond ETF | Invesco BulletShares 2025 Municipal Bond ETF |
| Invesco BulletShares 2027 Corporate Bond ETF | Invesco BulletShares 2026 Municipal Bond ETF |
| Invesco BulletShares 2028 Corporate Bond ETF | Invesco BulletShares 2027 Municipal Bond ETF |
| Invesco BulletShares 2029 Corporate Bond ETF | Invesco BulletShares 2028 Municipal Bond ETF |
| Invesco BulletShares 2030 Corporate Bond ETF | Invesco BulletShares 2029 Municipal Bond ETF |
| Invesco BulletShares 2031 Corporate Bond ETF | Invesco BulletShares 2030 Municipal Bond ETF |
| Invesco BulletShares 2032 Corporate Bond ETF | Invesco BulletShares 2031 Municipal Bond ETF |
| Invesco BulletShares 2033 Corporate Bond ETF | Invesco BulletShares 2032 Municipal Bond ETF |
| Invesco BulletShares 2034 Corporate Bond ETF | Invesco BulletShares 2033 Municipal Bond ETF |
| Invesco BulletShares 2025 High Yield Corporate Bond ETF | Invesco International Developed Dynamic Multifactor ETF |
| Invesco BulletShares 2026 High Yield Corporate Bond ETF | Invesco Investment Grade Defensive ETF |
| Invesco BulletShares 2027 High Yield Corporate Bond ETF | Invesco RAFI<sup>TM</sup> Strategic US ETF |
| Invesco BulletShares 2028 High Yield Corporate Bond ETF | Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF |
| Invesco BulletShares 2029 High Yield Corporate Bond ETF | Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF |
| Invesco BulletShares 2030 High Yield Corporate Bond ETF |  |

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The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser's relationship with the Funds.

*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 performed by the Adviser for the Funds, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund's performance and the performance of its underlying index, as well as the Adviser's analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco's independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds ("ETFs") businesses of Guggenheim Capital LLC

("Guggenheim") on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company ("Oppenheimer") on May 24, 2019 (each, a "Transaction"), and that each such Fund's performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust's registration statement. The Board concluded that each Fund's correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund's particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds' administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

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##### [**Table of Contents**](#toc)
Approval of Investment Advisory Contracts–(continued)

Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser on each Fund's net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays its 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:

• 0.10% of the Fund's average daily net assets for each of Invesco BulletShares 2025 Corporate
Bond ETF, Invesco BulletShares 2026 Corporate Bond ETF, Invesco BulletShares 2027 Corporate Bond ETF, Invesco BulletShares 2028 Corporate Bond ETF, Invesco BulletShares 2029 Corporate Bond ETF, Invesco BulletShares 2030 Corporate Bond ETF, Invesco
BulletShares 2031 Corporate Bond ETF, Invesco BulletShares 2032 Corporate Bond ETF, Invesco BulletShares 2033 Corporate Bond ETF and Invesco BulletShares 2034 Corporate Bond ETF;

• 0.13% of the Fund's average daily net assets for Invesco Investment Grade Defensive ETF;

• 0.18% of the Fund's average daily net assets for each of Invesco BulletShares 2025 Municipal
Bond ETF, Invesco BulletShares 2026 Municipal Bond ETF, Invesco BulletShares 2027 Municipal Bond ETF, Invesco BulletShares 2028 Municipal Bond ETF, Invesco BulletShares 2029 Municipal Bond ETF, Invesco BulletShares 2030 Municipal Bond ETF, Invesco
BulletShares 2031 Municipal Bond ETF, Invesco BulletShares 2032 Municipal Bond ETF and Invesco BulletShares 2033 Municipal Bond ETF;

• 0.19% of the Fund's average daily net assets for Invesco RAFITM Strategic US ETF;

• 0.29% of the Fund's average daily net assets for Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF;

• 0.34% of the Fund's average daily net assets for Invesco International Developed Dynamic
Multifactor ETF;

• 0.39% of the Fund's average daily net assets for Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF;

• 0.40% of the Fund's average daily net assets for Invesco Bloomberg Pricing Power ETF; and

• 0.42% of the Fund's average daily net assets for each of Invesco BulletShares 2025 High Yield
Corporate Bond ETF, Invesco BulletShares 2026 High Yield Corporate Bond ETF, Invesco BulletShares 2027 High Yield Corporate Bond ETF, Invesco BulletShares 2028 High Yield Corporate Bond ETF, Invesco BulletShares 2029 High Yield Corporate Bond ETF,
Invesco BulletShares 2030 High Yield Corporate Bond ETF, Invesco BulletShares 2031 High Yield Corporate Bond ETF and Invesco BulletShares 2032 High Yield Corporate Bond ETF.

The Trustees compared each Fund's net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.

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| | | | |
|:---|:---|:---|:---|
| Invesco Fund | Equal<br>to/Lower<br>than ETF<br>Peer Median | Equal to/Lower<br>than Open-End<br>Index Fund<br>Peer Median\* | Lower than<br>Open-End<br>Active Fund<br>Peer Median |
| &nbsp;&nbsp; Invesco Bloomberg Pricing Power ETF |  |  | X |
| &nbsp;&nbsp; Invesco BulletShares 2025 Corporate Bond ETF | X |  | X |
| &nbsp;&nbsp; Invesco BulletShares 2026 Corporate Bond ETF | X |  | X |
| &nbsp;&nbsp; Invesco BulletShares 2027 Corporate Bond ETF | X |  | X |
| &nbsp;&nbsp; Invesco BulletShares 2028 Corporate Bond ETF | X |  | X |
| &nbsp;&nbsp; Invesco BulletShares 2029 Corporate Bond ETF | X |  | X |
| &nbsp;&nbsp; Invesco BulletShares 2030 Corporate Bond ETF | X |  | X |
| &nbsp;&nbsp; Invesco BulletShares 2031 Corporate Bond ETF | X |  | X |
| &nbsp;&nbsp; Invesco BulletShares 2032 Corporate Bond ETF | X |  | X |

---

---

| |
|:---|
| 482 |
| 482 |
| 482 |

---

------

##### [**Table of Contents**](#toc)
Approval of Investment Advisory Contracts–(continued)

---

| | | | |
|:---|:---|:---|:---|
| Invesco Fund | Equal<br>to/Lower<br>than ETF<br>Peer Median | Equal to/Lower<br>than Open-End<br>Index Fund<br>Peer Median\* | Lower than<br>Open-End<br>Active Fund<br>Peer Median |
| &nbsp;&nbsp; Invesco BulletShares 2033 Corporate Bond ETF | X |  | X |
| &nbsp;&nbsp; Invesco BulletShares 2034 Corporate Bond ETF | X |  | X |
| &nbsp;&nbsp; Invesco BulletShares 2025 High Yield Corporate Bond ETF |  | X | X |
| &nbsp;&nbsp; Invesco BulletShares 2026 High Yield Corporate Bond ETF |  | X | X |
| &nbsp;&nbsp; Invesco BulletShares 2027 High Yield Corporate Bond ETF |  | X | X |
| &nbsp;&nbsp; Invesco BulletShares 2028 High Yield Corporate Bond ETF |  | X | X |
| &nbsp;&nbsp; Invesco BulletShares 2029 High Yield Corporate Bond ETF |  | X | X |
| &nbsp;&nbsp; Invesco BulletShares 2030 High Yield Corporate Bond ETF |  | X | X |
| &nbsp;&nbsp; Invesco BulletShares 2031 High Yield Corporate Bond ETF |  | X | X |
| &nbsp;&nbsp; Invesco BulletShares 2032 High Yield Corporate Bond ETF |  | X | X |
| &nbsp;&nbsp; Invesco BulletShares 2025 Municipal Bond ETF | X | N/A | X |
| &nbsp;&nbsp; Invesco BulletShares 2026 Municipal Bond ETF | X | N/A | X |
| &nbsp;&nbsp; Invesco BulletShares 2027 Municipal Bond ETF | X | N/A | X |
| &nbsp;&nbsp; Invesco BulletShares 2028 Municipal Bond ETF | X | N/A | X |
| &nbsp;&nbsp; Invesco BulletShares 2029 Municipal Bond ETF | X | N/A | X |
| &nbsp;&nbsp; Invesco BulletShares 2030 Municipal Bond ETF | X | N/A | X |
| &nbsp;&nbsp; Invesco BulletShares 2031 Municipal Bond ETF | X | N/A | X |
| &nbsp;&nbsp; Invesco BulletShares 2032 Municipal Bond ETF | X | N/A | X |
| &nbsp;&nbsp; Invesco BulletShares 2033 Municipal Bond ETF | X | N/A | X |
| &nbsp;&nbsp; Invesco International Developed Dynamic Multifactor ETF |  |  | X |
| &nbsp;&nbsp; Invesco Investment Grade Defensive ETF | X | X | X |
| &nbsp;&nbsp; Invesco RAFI<sup>TM</sup> Strategic US ETF | X |  | X |
| &nbsp;&nbsp; Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | X |  | X |
| &nbsp;&nbsp; Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF |  |  | X |

---

\* The information provided by the Adviser indicated that certain Funds did not have any open-end index fund peers. Those Funds have been designated in this column with an "N/A" for not available.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF and Invesco International Developed Dynamic Multifactor ETF. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board concluded that each Fund's unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco BulletShares 2034 Corporate Bond ETF or Invesco BulletShares 2032 High Yield Corporate Bond ETF because those Funds had not completed a full year of operations as of December 31, 2024. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

---

| |
|:---|
| 483 |
| 483 |
| 483 |

---

------

##### [**Table of Contents**](#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 each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

*Fall-out Benefits*. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc. and Invesco Indexing LLC, affiliates of the Adviser, serve as each Fund's distributor and index provider and are paid a distribution fee and licensing fee, respectively, by the Adviser. The Board concluded that each Fund's unitary advisory fee was reasonable, taking into account any ancillary benefits 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 continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board's analysis.

---

| |
|:---|
| 484 |
| 484 |
| 484 |

---

------

##### [**Table of Contents**](#toc)
Approval of Investment Advisory Contracts

At a meeting held on March 13, 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 2033 High Yield Corporate Bond ETF and Invesco BulletShares 2035 Corporate Bond ETF (each, a "Fund" and collectively, the "Funds").

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 each Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as a Fund grows and whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (iv) any further benefits to be realized by the Adviser or its affiliates from the Adviser's relationship with each Fund.

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions to be performed by the Adviser for each Fund, including the persons who will be responsible for the day-to-day management of the Funds, and they considered the quality of services provided by the Adviser to other exchange-traded funds ("ETFs"). The Trustees noted that the portfolio managers of each Fund also manage other ETFs on behalf of the Adviser that are overseen by the Board and that the Board is familiar with the background and experience of the portfolio managers of each Fund. The Trustees also noted other information the Board received and considered 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. Because the Funds had not yet commenced operations, the Trustees noted that no performance information for the Funds could be provided.

The Trustees considered the services to be provided by the Adviser in its oversight of the Funds' administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs managed by the Adviser and that was expected to be provided for each Fund.

Based on its review, the Board concluded that the nature, extent and quality of the services to be provided by the Adviser to each Fund under the Investment Advisory Agreement were expected to be appropriate and reasonable.

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser on each Fund's proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. ("Lipper") databases on the median net expense ratios of comparable 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 each Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of each Fund except for brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses. The Trustees noted each Fund's proposed unitary advisory fee as compared to the median net expense ratio of its Lipper peer groups and a select peer group as shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | ETF Peer<br>Group<br>(Number of Peers) | Open-End<br>Index Fund<br>Peer Group<br>(Number of Peers) | Open-End<br>Active Fund<br>Peer Group<br>(Number of Peers) | Select<br>Peer Group<br>(Number of Peers) |
| &nbsp;&nbsp; Invesco BulletShares 2033 High Yield Corporate<br> Bond ETF | Higherthan<br>median(40) | Lowerthan<br>median(1) | Lowerthan<br>median(103) | Higherthan<br>median (7) |
| &nbsp;&nbsp; Invesco BulletShares 2035 Corporate Bond ETF | Sameas<br>median(33) | Higherthan<br>median(5) | Lowerthan<br>median (52) | Sameas<br>median(10) |

---

Based on all of the information provided, the Board concluded that each Fund's proposed unitary advisory fee was reasonable and appropriate in light of the services to be provided, the nature of the indexes, 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 fees, the Trustees considered that the Adviser did not provide a profitability analysis for the Adviser in managing the Funds because the Funds had not yet commenced operations. However, the

---

| |
|:---|
| 485 |
| 485 |
| 485 |

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------

##### [**Table of Contents**](#toc)
Approval of Investment Advisory Contracts–(continued)

Trustees noted other information the Board received and considered regarding the Adviser's overall profitability from its relationship with other ETFs for which it serves as investment adviser.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Board considered whether the proposed unitary advisory fee rate for each Fund was reasonable in relation to the proposed services and product strategy of that Fund, and it concluded that the unitary advisory fee rates were reasonable and appropriate.

*Fall-Out Benefits.* The Trustees considered that the Adviser identified no additional benefits that it will receive from its relationship with the Funds and noted that the Adviser will not be a party to any soft dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees considered benefits to be received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc. and Invesco Indexing LLC, affiliates of the Adviser, will serve as each Fund's distributor and index provider and will be paid a distribution fee and a licensing fee, respectively, by the Adviser. The Board concluded that each 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 each Fund. No single factor was determinative in the Board's analysis.

---

| |
|:---|
| 486 |
| 486 |
| 486 |

---

------

##### [**Table of Contents**](#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.

---

| |
|:---|
| 487 |
| 487 |
| 487 |

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------

##### [**Table of Contents**](#toc)
<sup>©</sup>2025 Invesco Capital Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515 P-BS-NCSR invesco.com/ETFs

------

![](img0e56bc1c1.jpg)

------

**Invesco Annual Financial Statements and Other Information**

August 31, 2025

---

| | |
|:---|:---|
| **IIGD** | Invesco Investment Grade Defensive ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_f187995f-4191-4bf2-9bc9-d2acbb4c2707_SOI-Continued-458_1) | **3** |
| [Statement of Assets and Liabilities](#xx_f187995f-4191-4bf2-9bc9-d2acbb4c2707_FS-Continued-458_1) | **7** |
| [Statement of Operations](#xx_f187995f-4191-4bf2-9bc9-d2acbb4c2707_FS-Continued-458_2) | **8** |
| [Statement of Changes in Net Assets](#xx_f187995f-4191-4bf2-9bc9-d2acbb4c2707_FS-Continued-458_3) | **9** |
| [Financial Highlights](#xx_f187995f-4191-4bf2-9bc9-d2acbb4c2707_FIHI-Continued-458_1) | **10** |
| [Notes to Financial Statements](#xx_f187995f-4191-4bf2-9bc9-d2acbb4c2707_NTF-Continued-458_1) | **11** |
| [Report of Independent Registered Public Accounting Firm](#xx_f187995f-4191-4bf2-9bc9-d2acbb4c2707_AR-Continued-458_1) | **19** |
| [Tax Information](#xx_f187995f-4191-4bf2-9bc9-d2acbb4c2707_TI-Continued-458_1) | **20** |
| [Approval of Investment Advisory Contracts](#xx_f187995f-4191-4bf2-9bc9-d2acbb4c2707_BCRC-Continued_1) | **21** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_f187995f-4191-4bf2-9bc9-d2acbb4c2707_OIRSR-Continued-458_1) | **25** |

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------

**2**

------

**Invesco Investment Grade Defensive ETF (IIGD)**

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.83%** | **U.S. Dollar Denominated Bonds & Notes-98.83%** | **U.S. Dollar Denominated Bonds & Notes-98.83%** |
| **Aerospace & Defense-1.87%** | **Aerospace & Defense-1.87%** | **Aerospace & Defense-1.87%** |
| General Dynamics Corp., 3.75%, 05/15/2028 | $170000 | &nbsp;&nbsp; $169693 |
| HEICO Corp., 5.25%, 08/01/2028 | 170000 | &nbsp;&nbsp; 174863 |
| Northrop Grumman Corp., 3.25%, 01/15/2028 | 170000 | &nbsp;&nbsp; 166994 |
|  |  | &nbsp;&nbsp; 511550 |
| **Air Freight & Logistics-0.62%** | **Air Freight & Logistics-0.62%** | **Air Freight & Logistics-0.62%** |
| C.H. Robinson Worldwide, Inc., 4.20%, <br> 04/15/2028<br>| 170000 | &nbsp;&nbsp; 170275 |
| **Automobile Components-0.61%** | **Automobile Components-0.61%** | **Automobile Components-0.61%** |
| ERAC USA Finance LLC, 4.60%, 05/01/2028<sup>(b)</sup> | 165000 | &nbsp;&nbsp; 167283 |
| **Automobiles-0.63%** | **Automobiles-0.63%** | **Automobiles-0.63%** |
| PACCAR Financial Corp., 4.55%, 03/03/2028 | 170000 | &nbsp;&nbsp; 172871 |
| **Banks-8.94%** | **Banks-8.94%** | **Banks-8.94%** |
| Bank of America Corp., 3.25%, 10/21/2027 | 165000 | &nbsp;&nbsp; 162598 |
| Capital One N.A., 4.65%, 09/13/2028 | 190000 | &nbsp;&nbsp; 192379 |
| Citibank N.A., 5.80%, 09/29/2028 | 155000 | &nbsp;&nbsp; 162493 |
| Fifth Third Bancorp, 3.95%, 03/14/2028 | 190000 | &nbsp;&nbsp; 189146 |
| Huntington National Bank (The), 5.65%, <br> 01/10/2030<br>| 170000 | &nbsp;&nbsp; 178240 |
| JPMorgan Chase & Co., 4.25%, 10/01/2027 | 170000 | &nbsp;&nbsp; 171119 |
| KeyBank N.A., 5.85%, 11/15/2027 | 180000 | &nbsp;&nbsp; 185713 |
| Manufacturers & Traders Trust Co., 4.70%, <br> 01/27/2028<br>| 160000 | &nbsp;&nbsp; 162040 |
| National Securities Clearing Corp., 4.90%, <br> 06/26/2029<sup>(b)</sup><br>| 175000 | &nbsp;&nbsp; 179754 |
| PNC Bank N.A., 4.05%, 07/26/2028 | 160000 | &nbsp;&nbsp; 159521 |
| PNC Financial Services Group, Inc. (The), 2.55%, <br> 01/22/2030<br>| 180000 | &nbsp;&nbsp; 168386 |
| Regions Financial Corp., 1.80%, 08/12/2028 | 200000 | &nbsp;&nbsp; 186992 |
| U.S. Bancorp, 1.38%, 07/22/2030 | 195000 | &nbsp;&nbsp; 170518 |
| Wells Fargo & Co., 4.15%, 01/24/2029 | 170000 | &nbsp;&nbsp; 169919 |
|  |  | &nbsp;&nbsp; 2438818 |
| **Beverages-1.87%** | **Beverages-1.87%** | **Beverages-1.87%** |
| Coca-Cola Co. (The), 2.25%, 01/05/2032 | 200000 | &nbsp;&nbsp; 178147 |
| Keurig Dr Pepper, Inc., 4.60%, 05/25/2028 | 165000 | &nbsp;&nbsp; 165794 |
| PepsiCo, Inc., 3.00%, 10/15/2027 | 170000 | &nbsp;&nbsp; 167148 |
|  |  | &nbsp;&nbsp; 511089 |
| **Biotechnology-0.67%** | **Biotechnology-0.67%** | **Biotechnology-0.67%** |
| AbbVie, Inc., 3.20%, 11/21/2029 | 190000 | &nbsp;&nbsp; 183132 |
| **Broadline Retail-0.70%** | **Broadline Retail-0.70%** | **Broadline Retail-0.70%** |
| Amazon.com, Inc., 3.15%, 08/22/2027 | 192000 | &nbsp;&nbsp; 189613 |
| **Capital Markets-6.91%** | **Capital Markets-6.91%** | **Capital Markets-6.91%** |
| Apollo Management Holdings L.P., 4.87%, <br> 02/15/2029<sup>(b)</sup><br>| 160000 | &nbsp;&nbsp; 162387 |
| Bank of New York Mellon Corp. (The), 3.85%, <br> 04/28/2028<br>| 170000 | &nbsp;&nbsp; 170292 |
| BlackRock, Inc., 1.90%, 01/28/2031 | 195000 | &nbsp;&nbsp; 173791 |
| Charles Schwab Corp. (The), 2.00%, <br> 03/20/2028<br>| 175000 | &nbsp;&nbsp; 166854 |
| CME Group, Inc., 4.40%, 03/15/2030 | 165000 | &nbsp;&nbsp; 166757 |
| FMR LLC, 7.57%, 06/15/2029<sup>(b)</sup> | 170000 | &nbsp;&nbsp; 190197 |
| Franklin Resources, Inc., 1.60%, 10/30/2030 | 200000 | &nbsp;&nbsp; 175722 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Capital Markets-(continued)** | **Capital Markets-(continued)** | **Capital Markets-(continued)** |
| KKR Group Finance Co. VI LLC, 3.75%, <br> 07/01/2029<sup>(b)</sup><br>| 170000 | &nbsp;&nbsp; $167058 |
| Morgan Stanley, 3.59%, 07/22/2028 | 170000 | &nbsp;&nbsp; 167952 |
| Northern Trust Corp., 1.95%, 05/01/2030 | 195000 | &nbsp;&nbsp; 177408 |
| State Street Corp., 4.54%, 02/28/2028 | 165000 | &nbsp;&nbsp; 167368 |
|  |  | &nbsp;&nbsp; 1885786 |
| **Chemicals-1.22%** | **Chemicals-1.22%** | **Chemicals-1.22%** |
| Linde, Inc., 1.10%, 08/10/2030 | 195000 | &nbsp;&nbsp; 169310 |
| PPG Industries, Inc., 3.75%, 03/15/2028 | 165000 | &nbsp;&nbsp; 163777 |
|  |  | &nbsp;&nbsp; 333087 |
| **Commercial Services & Supplies-0.70%** | **Commercial Services & Supplies-0.70%** | **Commercial Services & Supplies-0.70%** |
| Republic Services, Inc., 3.95%, 05/15/2028 | 190000 | &nbsp;&nbsp; 190002 |
| **Communications Equipment-0.55%** | **Communications Equipment-0.55%** | **Communications Equipment-0.55%** |
| Cisco Systems, Inc., 4.85%, 02/26/2029 | 145000 | &nbsp;&nbsp; 148965 |
| **Consumer Finance-1.19%** | **Consumer Finance-1.19%** | **Consumer Finance-1.19%** |
| American Express Co., 5.85%, 11/05/2027 | 150000 | &nbsp;&nbsp; 155687 |
| Capital One Financial Corp., 3.80%, 01/31/2028 | 170000 | &nbsp;&nbsp; 168518 |
|  |  | &nbsp;&nbsp; 324205 |
| **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 | 190000 | &nbsp;&nbsp; 170997 |
| Target Corp., 3.38%, 04/15/2029 | 170000 | &nbsp;&nbsp; 166620 |
| Walmart, Inc., 1.80%, 09/22/2031 | 190000 | &nbsp;&nbsp; 167704 |
|  |  | &nbsp;&nbsp; 505321 |
| **Distributors-0.63%** | **Distributors-0.63%** | **Distributors-0.63%** |
| Ferguson Finance PLC, 4.50%, 10/24/2028<sup>(b)</sup> | 170000 | &nbsp;&nbsp; 170953 |
| **Electric Utilities-6.28%** | **Electric Utilities-6.28%** | **Electric Utilities-6.28%** |
| Alabama Power Co., 3.05%, 03/15/2032 | 195000 | &nbsp;&nbsp; 178986 |
| Constellation Energy Generation LLC, 5.60%, <br> 03/01/2028<br>| 160000 | &nbsp;&nbsp; 165949 |
| Duke Energy Florida LLC, 2.50%, 12/01/2029 | 180000 | &nbsp;&nbsp; 169108 |
| Entergy Texas, Inc., 1.75%, 03/15/2031<sup>(c)</sup> | 220000 | &nbsp;&nbsp; 192172 |
| Florida Power & Light Co., 2.45%, 02/03/2032 | 190000 | &nbsp;&nbsp; 169536 |
| MidAmerican Energy Co., 3.65%, 04/15/2029 | 177000 | &nbsp;&nbsp; 174706 |
| Mid-Atlantic Interstate Transmission LLC, 4.10%, <br> 05/15/2028<sup>(b)</sup><br>| 165000 | &nbsp;&nbsp; 164622 |
| National Rural Utilities Cooperative Finance Corp., <br> 3.40%, 02/07/2028<br>| 174000 | &nbsp;&nbsp; 171479 |
| Trans-Allegheny Interstate Line Co., 5.00%, <br> 01/15/2031<sup>(b)</sup><br>| 160000 | &nbsp;&nbsp; 164011 |
| Virginia Power Fuel Securitization LLC, <br> Series A-2, 4.88%, 05/01/2031<br>| 160000 | &nbsp;&nbsp; 163211 |
|  |  | &nbsp;&nbsp; 1713780 |
| **Electrical Equipment-1.35%** | **Electrical Equipment-1.35%** | **Electrical Equipment-1.35%** |
| Emerson Electric Co., 2.00%, 12/21/2028 | 187000 | &nbsp;&nbsp; 176065 |
| Molex Electronic Technologies LLC, 4.75%, <br> 04/30/2028<sup>(b)</sup><br>| 190000 | &nbsp;&nbsp; 192074 |
|  |  | &nbsp;&nbsp; 368139 |
| **Electronic Equipment, Instruments & Components-0.62%** | **Electronic Equipment, Instruments & Components-0.62%** | **Electronic Equipment, Instruments & Components-0.62%** |
| Amphenol Corp., 2.80%, 02/15/2030 | 180000 | &nbsp;&nbsp; 170313 |

---

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

------

**3**

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**Invesco Investment Grade Defensive ETF (IIGD)—(continued)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Energy Equipment & Services-1.27%** | **Energy Equipment & Services-1.27%** | **Energy Equipment & Services-1.27%** |
| Baker Hughes Holdings LLC/Baker Hughes <br> Co-Obligor, Inc., 3.34%, 12/15/2027<br>| $180000 | &nbsp;&nbsp; $177248 |
| Schlumberger Holdings Corp., 3.90%, <br> 05/17/2028<sup>(b)</sup><br>| 170000 | &nbsp;&nbsp; 169609 |
|  |  | &nbsp;&nbsp; 346857 |
| **Entertainment-1.27%** | **Entertainment-1.27%** | **Entertainment-1.27%** |
| Netflix, Inc., 5.88%, 11/15/2028 | 160000 | &nbsp;&nbsp; 169024 |
| Walt Disney Co. (The), 2.65%, 01/13/2031 | 190000 | &nbsp;&nbsp; 176688 |
|  |  | &nbsp;&nbsp; 345712 |
| **Financial Services-3.24%** | **Financial Services-3.24%** | **Financial Services-3.24%** |
| Equitable Holdings, Inc., 4.35%, 04/20/2028 | 170000 | &nbsp;&nbsp; 170702 |
| Mastercard, Inc., 3.35%, 03/26/2030 | 185000 | &nbsp;&nbsp; 180062 |
| Nuveen LLC, 4.00%, 11/01/2028<sup>(b)</sup> | 169000 | &nbsp;&nbsp; 168687 |
| PayPal Holdings, Inc., 2.85%, 10/01/2029 | 190000 | &nbsp;&nbsp; 181255 |
| Visa, Inc., 2.05%, 04/15/2030 | 200000 | &nbsp;&nbsp; 183772 |
|  |  | &nbsp;&nbsp; 884478 |
| **Food Products-1.23%** | **Food Products-1.23%** | **Food Products-1.23%** |
| Archer-Daniels-Midland Co., 3.25%, 03/27/2030 | 180000 | &nbsp;&nbsp; 173232 |
| Hormel Foods Corp., 1.80%, 06/11/2030 | 180000 | &nbsp;&nbsp; 161294 |
|  |  | &nbsp;&nbsp; 334526 |
| **Gas Utilities-1.90%** | **Gas Utilities-1.90%** | **Gas Utilities-1.90%** |
| CenterPoint Energy Resources Corp., 5.25%, <br> 03/01/2028<br>| 160000 | &nbsp;&nbsp; 164323 |
| Piedmont Natural Gas Co., Inc., 3.50%, <br> 06/01/2029<br>| 190000 | &nbsp;&nbsp; 185305 |
| Southern California Gas Co., Series XX, 2.55%, <br> 02/01/2030<br>| 180000 | &nbsp;&nbsp; 167921 |
|  |  | &nbsp;&nbsp; 517549 |
| **Ground Transportation-1.92%** | **Ground Transportation-1.92%** | **Ground Transportation-1.92%** |
| CSX Corp., 4.25%, 03/15/2029 | 170000 | &nbsp;&nbsp; 170731 |
| Norfolk Southern Corp., 3.80%, 08/01/2028 | 190000 | &nbsp;&nbsp; 189175 |
| Ryder System, Inc., 5.25%, 06/01/2028 | 160000 | &nbsp;&nbsp; 164386 |
|  |  | &nbsp;&nbsp; 524292 |
| **Health Care Equipment & Supplies-1.85%** | **Health Care Equipment & Supplies-1.85%** | **Health Care Equipment & Supplies-1.85%** |
| Abbott Laboratories, 1.15%, 01/30/2028 | 180000 | &nbsp;&nbsp; 169324 |
| DH Europe Finance II S.a.r.l., 2.60%, <br> 11/15/2029<br>| 180000 | &nbsp;&nbsp; 169488 |
| Medtronic Global Holdings S.C.A., 4.25%, <br> 03/30/2028<br>| 165000 | &nbsp;&nbsp; 166283 |
|  |  | &nbsp;&nbsp; 505095 |
| **Health Care Providers & Services-3.72%** | **Health Care Providers & Services-3.72%** | **Health Care Providers & Services-3.72%** |
| Ascension Health, Series B, 2.53%, 11/15/2029 | 179000 | &nbsp;&nbsp; 168446 |
| Cigna Group (The), 4.38%, 10/15/2028 | 170000 | &nbsp;&nbsp; 170949 |
| CommonSpirit Health, 3.35%, 10/01/2029 | 175000 | &nbsp;&nbsp; 168876 |
| Elevance Health, Inc., 3.65%, 12/01/2027 | 165000 | &nbsp;&nbsp; 163638 |
| Health Care Service Corp., a Mutual Legacy <br> Reserve Co., 5.20%, 06/15/2029<sup>(b)</sup><br>| 160000 | &nbsp;&nbsp; 164707 |
| Providence St. Joseph Health Obligated Group, <br> Series 19-A, 2.53%, 10/01/2029<br>| 191000 | &nbsp;&nbsp; 178251 |
|  |  | &nbsp;&nbsp; 1014867 |
| **Hotels, Restaurants & Leisure-0.60%** | **Hotels, Restaurants & Leisure-0.60%** | **Hotels, Restaurants & Leisure-0.60%** |
| McDonald's Corp., 3.80%, 04/01/2028 | 165000 | &nbsp;&nbsp; 164205 |
| **Household Durables-0.65%** | **Household Durables-0.65%** | **Household Durables-0.65%** |
| Mohawk Industries, Inc., 5.85%, 09/18/2028 | 170000 | &nbsp;&nbsp; 177759 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Household Products-1.25%** | **Household Products-1.25%** | **Household Products-1.25%** |
| Kimberly-Clark Corp., 3.10%, 03/26/2030 | $175000 | &nbsp;&nbsp; $167850 |
| Procter & Gamble Co. (The), 3.00%, <br> 03/25/2030<br>| 180000 | &nbsp;&nbsp; 172886 |
|  |  | &nbsp;&nbsp; 340736 |
| **Industrial Conglomerates-0.62%** | **Industrial Conglomerates-0.62%** | **Industrial Conglomerates-0.62%** |
| 3M Co., 2.38%, 08/26/2029 | 180000 | &nbsp;&nbsp; 168683 |
| **Insurance-13.25%** | **Insurance-13.25%** | **Insurance-13.25%** |
| AIG SunAmerica Global Financing X, 6.90%, <br> 03/15/2032<sup>(b)</sup><br>| 150000 | &nbsp;&nbsp; 167087 |
| Athene Global Funding, 5.58%, 01/09/2029<sup>(b)</sup> | 175000 | &nbsp;&nbsp; 181187 |
| Athene Holding Ltd., 4.13%, 01/12/2028 | 190000 | &nbsp;&nbsp; 189671 |
| Berkshire Hathaway Finance Corp., 2.88%, <br> 03/15/2032<sup>(c)</sup><br>| 205000 | &nbsp;&nbsp; 190591 |
| Corebridge Global Funding, 4.85%, <br> 06/06/2030<sup>(b)</sup><br>| 170000 | &nbsp;&nbsp; 173100 |
| Equitable America Global Funding, 4.95%, <br> 06/09/2030<sup>(b)</sup><br>| 170000 | &nbsp;&nbsp; 173620 |
| Equitable Financial Life Global Funding, 4.88%, <br> 11/19/2027<sup>(b)</sup><br>| 165000 | &nbsp;&nbsp; 167331 |
| GA Global Funding Trust, 4.40%, 09/23/2027<sup>(b)</sup> | 160000 | &nbsp;&nbsp; 160380 |
| Guardian Life Global Funding, 4.80%, <br> 04/28/2030<sup>(b)</sup><br>| 160000 | &nbsp;&nbsp; 163512 |
| Hartford Insurance Group, Inc. (The), 2.80%, <br> 08/19/2029<br>| 180000 | &nbsp;&nbsp; 170918 |
| MassMutual Global Funding II, 4.55%, <br> 05/07/2030<sup>(b)</sup><br>| 180000 | &nbsp;&nbsp; 182244 |
| Met Tower Global Funding, 4.80%, <br> 01/14/2028<sup>(b)</sup><br>| 160000 | &nbsp;&nbsp; 162692 |
| Metropolitan Life Global Funding I, 2.95%, <br> 04/09/2030<sup>(b)</sup><br>| 170000 | &nbsp;&nbsp; 160389 |
| New York Life Global Funding, 4.85%, <br> 01/09/2028<sup>(b)</sup><br>| 165000 | &nbsp;&nbsp; 168036 |
| New York Life Insurance Co., 5.88%, <br> 05/15/2033<sup>(b)</sup><br>| 157000 | &nbsp;&nbsp; 165322 |
| Northwestern Mutual Global Funding |  |  |
| 4.35%, 09/15/2027<sup>(b)</sup> | 170000 | &nbsp;&nbsp; 171168 |
| 4.90%, 06/12/2028<sup>(b)</sup> | 165000 | &nbsp;&nbsp; 169095 |
| Pacific Life Global Funding II, 1.45%, <br> 01/20/2028<sup>(b)</sup><br>| 175000 | &nbsp;&nbsp; 164928 |
| Pricoa Global Funding I, 4.70%, 05/28/2030<sup>(b)</sup> | 180000 | &nbsp;&nbsp; 183074 |
| Principal Life Global Funding II, 5.10%, <br> 01/25/2029<sup>(b)</sup><br>| 170000 | &nbsp;&nbsp; 174515 |
| RGA Global Funding, 5.45%, 05/24/2029<sup>(b)</sup> | 170000 | &nbsp;&nbsp; 176607 |
|  |  | &nbsp;&nbsp; 3615467 |
| **Interactive Media & Services-1.26%** | **Interactive Media & Services-1.26%** | **Interactive Media & Services-1.26%** |
| Alphabet, Inc., 1.10%, 08/15/2030 | 199000 | &nbsp;&nbsp; 174017 |
| Meta Platforms, Inc., 3.85%, 08/15/2032 | 175000 | &nbsp;&nbsp; 169196 |
|  |  | &nbsp;&nbsp; 343213 |
| **IT Services-0.65%** | **IT Services-0.65%** | **IT Services-0.65%** |
| International Business Machines Corp., 3.50%, <br> 05/15/2029<br>| 180000 | &nbsp;&nbsp; 176510 |
| **Machinery-3.07%** | **Machinery-3.07%** | **Machinery-3.07%** |
| Caterpillar Financial Services Corp., 4.60%, <br> 11/15/2027<br>| 165000 | &nbsp;&nbsp; 167477 |
| CNH Industrial Capital LLC, 4.55%, 04/10/2028 | 170000 | &nbsp;&nbsp; 171615 |
| John Deere Capital Corp., 4.95%, 07/14/2028 | 160000 | &nbsp;&nbsp; 164440 |

---

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

------

**4**

------

**Invesco Investment Grade Defensive ETF (IIGD)—(continued)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Machinery-(continued)** | **Machinery-(continued)** | **Machinery-(continued)** |
| Parker-Hannifin Corp., 4.25%, 09/15/2027 | 165000 | &nbsp;&nbsp; $165661 |
| Trane Technologies Financing Ltd., 3.80%, <br> 03/21/2029<br>| 170000 | &nbsp;&nbsp; 168433 |
|  |  | &nbsp;&nbsp; 837626 |
| **Media-0.66%** | **Media-0.66%** | **Media-0.66%** |
| Comcast Corp., 4.15%, 10/15/2028 | 180000 | &nbsp;&nbsp; 180600 |
| **Multi-Utilities-1.21%** | **Multi-Utilities-1.21%** | **Multi-Utilities-1.21%** |
| Consumers Energy Co., 4.70%, 01/15/2030 | 150000 | &nbsp;&nbsp; 153235 |
| DTE Electric Co., 2.25%, 03/01/2030 | 190000 | &nbsp;&nbsp; 175505 |
|  |  | &nbsp;&nbsp; 328740 |
| **Oil, Gas & Consumable Fuels-4.44%** | **Oil, Gas & Consumable Fuels-4.44%** | **Oil, Gas & Consumable Fuels-4.44%** |
| Chevron Corp., 2.24%, 05/11/2030 | 185000 | &nbsp;&nbsp; 170652 |
| Chevron USA, Inc., 4.50%, 10/15/2032 | 170000 | &nbsp;&nbsp; 170284 |
| ConocoPhillips Co. |  |  |
| 6.95%, 04/15/2029 | 155000 | &nbsp;&nbsp; 169626 |
| 4.70%, 01/15/2030 | 160000 | &nbsp;&nbsp; 163091 |
| Enterprise Products Operating LLC, 3.13%, <br> 07/31/2029<br>| 200000 | &nbsp;&nbsp; 192788 |
| Exxon Mobil Corp., 3.48%, 03/19/2030 | 170000 | &nbsp;&nbsp; 166378 |
| Pioneer Natural Resources Co., 1.90%, <br> 08/15/2030<br>| 200000 | &nbsp;&nbsp; 178871 |
|  |  | &nbsp;&nbsp; 1211690 |
| **Paper & Forest Products-0.62%** | **Paper & Forest Products-0.62%** | **Paper & Forest Products-0.62%** |
| Georgia-Pacific LLC, 2.30%, 04/30/2030<sup>(b)</sup> | 185000 | &nbsp;&nbsp; 170451 |
| **Passenger Airlines-0.59%** | **Passenger Airlines-0.59%** | **Passenger Airlines-0.59%** |
| Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, <br> 10/20/2028<sup>(b)</sup><br>| 160000 | &nbsp;&nbsp; 160945 |
| **Personal Care Products-0.66%** | **Personal Care Products-0.66%** | **Personal Care Products-0.66%** |
| Estee Lauder Cos., Inc. (The), 4.38%, <br> 05/15/2028<br>| 180000 | &nbsp;&nbsp; 181287 |
| **Pharmaceuticals-1.86%** | **Pharmaceuticals-1.86%** | **Pharmaceuticals-1.86%** |
| Johnson & Johnson, 1.30%, 09/01/2030 | 195000 | &nbsp;&nbsp; 171999 |
| Merck & Co., Inc., 2.15%, 12/10/2031 | 190000 | &nbsp;&nbsp; 167341 |
| Pfizer, Inc., 3.45%, 03/15/2029 | 170000 | &nbsp;&nbsp; 167399 |
|  |  | &nbsp;&nbsp; 506739 |
| **Professional Services-0.68%** | **Professional Services-0.68%** | **Professional Services-0.68%** |
| Automatic Data Processing, Inc., 1.70%, <br> 05/15/2028<br>| 195000 | &nbsp;&nbsp; 184627 |
| **Residential REITs-0.63%** | **Residential REITs-0.63%** | **Residential REITs-0.63%** |
| ERP Operating L.P., 3.00%, 07/01/2029 | 180000 | &nbsp;&nbsp; 172804 |
| **Retail REITs-0.62%** | **Retail REITs-0.62%** | **Retail REITs-0.62%** |
| Simon Property Group L.P., 2.45%, 09/13/2029 | 180000 | &nbsp;&nbsp; 168941 |
| **Semiconductors & Semiconductor Equipment-4.91%** | **Semiconductors & Semiconductor Equipment-4.91%** | **Semiconductors & Semiconductor Equipment-4.91%** |
| Advanced Micro Devices, Inc., 4.32%, <br> 03/24/2028<br>| 160000 | &nbsp;&nbsp; 161617 |
| Applied Materials, Inc., 1.75%, 06/01/2030 | 180000 | &nbsp;&nbsp; 161606 |
| Broadcom Corp./Broadcom Cayman Finance Ltd., <br> 3.50%, 01/15/2028<br>| 170000 | &nbsp;&nbsp; 167778 |
| Lam Research Corp., 4.00%, 03/15/2029 | 175000 | &nbsp;&nbsp; 174992 |
| Microchip Technology, Inc., 4.90%, 03/15/2028 | 160000 | &nbsp;&nbsp; 162300 |
| NVIDIA Corp., 2.85%, 04/01/2030 | 180000 | &nbsp;&nbsp; 172072 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** |
| Texas Instruments, Inc., 4.90%, 03/14/2033 | 165000 | &nbsp;&nbsp; $169657 |
| Xilinx, Inc., 2.38%, 06/01/2030 | 185000 | &nbsp;&nbsp; 171046 |
|  |  | &nbsp;&nbsp; 1341068 |
| **Software-3.16%** | **Software-3.16%** | **Software-3.16%** |
| Adobe, Inc., 2.30%, 02/01/2030 | 190000 | &nbsp;&nbsp; 176814 |
| Cadence Design Systems, Inc., 4.30%, <br> 09/10/2029<br>| 170000 | &nbsp;&nbsp; 171288 |
| Microsoft Corp., 3.50%, 02/12/2035 | 190000 | &nbsp;&nbsp; 178671 |
| Salesforce, Inc., 3.70%, 04/11/2028 | 170000 | &nbsp;&nbsp; 169517 |
| ServiceNow, Inc., 1.40%, 09/01/2030 | 190000 | &nbsp;&nbsp; 166625 |
|  |  | &nbsp;&nbsp; 862915 |
| **Specialized REITs-1.31%** | **Specialized REITs-1.31%** | **Specialized REITs-1.31%** |
| Extra Space Storage L.P., 5.70%, 04/01/2028 | 160000 | &nbsp;&nbsp; 165345 |
| Prologis L.P., 2.25%, 04/15/2030 | 210000 | &nbsp;&nbsp; 193205 |
|  |  | &nbsp;&nbsp; 358550 |
| **Specialty Retail-0.67%** | **Specialty Retail-0.67%** | **Specialty Retail-0.67%** |
| Home Depot, Inc. (The), 2.95%, 06/15/2029 | 190000 | &nbsp;&nbsp; 183181 |
| **Technology Hardware, Storage & Peripherals-0.62%** | **Technology Hardware, Storage & Peripherals-0.62%** | **Technology Hardware, Storage & Peripherals-0.62%** |
| Apple, Inc., 1.65%, 02/08/2031 | 190000 | &nbsp;&nbsp; 167933 |
| **Textiles, Apparel & Luxury Goods-0.63%** | **Textiles, Apparel & Luxury Goods-0.63%** | **Textiles, Apparel & Luxury Goods-0.63%** |
| NIKE, Inc., 2.85%, 03/27/2030 | 180000 | &nbsp;&nbsp; 170946 |
| **Wireless Telecommunication Services-0.60%** | **Wireless Telecommunication Services-0.60%** | **Wireless Telecommunication Services-0.60%** |
| 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>| 162250 | &nbsp;&nbsp; 163465 |
| Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $26,718,716) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $26,718,716) | &nbsp;&nbsp; 26967639 |
|  | **Shares** |  |
| **Money Market Funds-0.11%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(d)(e)</sup> <br>(Cost $28,996)<br>| 28996 | &nbsp;&nbsp; 28996 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-98.94% <br>(Cost $26,747,712) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-98.94% <br>(Cost $26,747,712) | &nbsp;&nbsp; 26996635 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-1.44%** | **Money Market Funds-1.44%** | **Money Market Funds-1.44%** |
| Invesco Private Government Fund, 4.28%<sup>(d)(e)(f)</sup> | 109121 | &nbsp;&nbsp; 109121 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 283719 | &nbsp;&nbsp; 283804 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $392,897) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $392,897) | &nbsp;&nbsp; 392925 |
| TOTAL INVESTMENTS IN SECURITIES-100.38% <br>(Cost $27,140,609) | TOTAL INVESTMENTS IN SECURITIES-100.38% <br>(Cost $27,140,609) | &nbsp;&nbsp; 27389560 |
| OTHER ASSETS LESS LIABILITIES-(0.38)% | OTHER ASSETS LESS LIABILITIES-(0.38)% | &nbsp;&nbsp; (102988)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $27286572 |

---

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

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

------

**5**

------

**Invesco Investment Grade Defensive ETF (IIGD)—(continued)**

August 31, 2025

---

| | |
|:---|:---|
| 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> August 31, 2025 was $5,620,490, which represented 20.60% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | All or a portion of this security was out on loan at August 31, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended August 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2024**<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>**August 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $52426 | &nbsp;&nbsp; $2068869 | &nbsp;&nbsp; $(2092299)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $28996 | &nbsp;&nbsp; $3102 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 2368135 | &nbsp;&nbsp; 10980721 | &nbsp;&nbsp; (13239735)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 109121 | &nbsp;&nbsp; 62,056<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 6184362 | &nbsp;&nbsp; 25303636 | &nbsp;&nbsp; (31203508)<br>| &nbsp;&nbsp; (294)<br>| &nbsp;&nbsp; (392)<br>| &nbsp;&nbsp; 283804 | &nbsp;&nbsp; 166,512<br> \*<br>|
| Total | &nbsp;&nbsp; $8604923 | &nbsp;&nbsp; $38353226 | &nbsp;&nbsp; $(46535542)<br>| &nbsp;&nbsp; $(294)<br>| &nbsp;&nbsp; $(392)<br>| &nbsp;&nbsp; $421921 | &nbsp;&nbsp; $231670 |

---

\* 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>(e)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<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.

------

**6**

------

**Statement of Assets and Liabilities**

August 31, 2025

---

| | |
|:---|:---|
|  | **Invesco Investment** <br>**Grade Defensive** <br>**ETF (IIGD)**<br>|
| **Assets:** |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $26967639 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 421921 |
| Cash | &nbsp;&nbsp; 5325 |
| Receivable for: |  |
| Dividends and interest | &nbsp;&nbsp; 285504 |
| Securities lending | &nbsp;&nbsp; 49 |
| Investments sold | &nbsp;&nbsp; 1564318 |
| **Total assets** | &nbsp;&nbsp; 29244756 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 1562286 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 392897 |
| Accrued unitary management fees | &nbsp;&nbsp; 3001 |
| **Total liabilities** | &nbsp;&nbsp; 1958184 |
| **Net Assets** | &nbsp;&nbsp; $27286572 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $31042186 |
| Distributable earnings (loss) | &nbsp;&nbsp; (3755614)<br>|
| **Net Assets** | &nbsp;&nbsp; $27286572 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 1100001 |
| Net asset value | &nbsp;&nbsp; $24.81 |
| Market price | &nbsp;&nbsp; $24.81 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $26718716 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $421893 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $378935 |

---

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

------

**7**

------

**Statement of Operations**

For the year ended August 31, 2025

---

| | |
|:---|:---|
|  | **Invesco Investment** <br>**Grade Defensive** <br>**ETF (IIGD)**<br>|
| **Investment income:** |  |
| Unaffiliated interest income | &nbsp;&nbsp; $1468378 |
| Affiliated dividend income | &nbsp;&nbsp; 3102 |
| Securities lending income, net | &nbsp;&nbsp; 7426 |
| Total investment income | &nbsp;&nbsp; 1478906 |
| **Expenses:** |  |
| Unitary management fees | &nbsp;&nbsp; 44250 |
| Less: Waivers | &nbsp;&nbsp; (65)<br>|
| Net expenses | &nbsp;&nbsp; 44185 |
| Net investment income | &nbsp;&nbsp; 1434721 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (49871)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (392)<br>|
| In-kind redemptions | &nbsp;&nbsp; (180949)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (231212)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 287477 |
| Affiliated investment securities | &nbsp;&nbsp; (294)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 287183 |
| Net realized and unrealized gain | &nbsp;&nbsp; 55971 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $1490692 |

---

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

------

**8**

------

**Statement of Changes in Net Assets**

For the years ended August 31, 2025 and 2024

---

| | | |
|:---|:---|:---|
|  | **Invesco Investment Grade** <br>**Defensive ETF (IIGD)** | **Invesco Investment Grade** <br>**Defensive ETF (IIGD)** |
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $1434721 | &nbsp;&nbsp;&nbsp; $2287663 |
| Net realized gain (loss) | &nbsp;&nbsp; (231212)<br>| &nbsp;&nbsp;&nbsp; (1034663)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 287183 | &nbsp;&nbsp;&nbsp; 2796563 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1490692 | &nbsp;&nbsp;&nbsp; 4049563 |
| **Distributions to Shareholders from:** |  |  |
| Distributable earnings | &nbsp;&nbsp; (1428849)<br>| &nbsp;&nbsp;&nbsp; (2288363)<br>|
| **Shareholder Transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 2443324 | &nbsp;&nbsp;&nbsp; 2377325 |
| Value of shares repurchased | &nbsp;&nbsp; (20660676)<br>| &nbsp;&nbsp;&nbsp; (32270485)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (18217352)<br>| &nbsp;&nbsp;&nbsp; (29893160)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (18155509)<br>| &nbsp;&nbsp;&nbsp; (28131960)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 45442081 | &nbsp;&nbsp;&nbsp; 73574041 |
| End of year | &nbsp;&nbsp; $27286572 | &nbsp;&nbsp;&nbsp; $45442081 |
| **Changes in Shares Outstanding:** |  |  |
| Shares sold | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100000 |
| Shares repurchased | &nbsp;&nbsp; (850000)<br>| &nbsp;&nbsp;&nbsp; (1350000)<br>|
| Shares outstanding, beginning of year | &nbsp;&nbsp; 1850001 | &nbsp;&nbsp;&nbsp; 3100001 |
| Shares outstanding, end of year | &nbsp;&nbsp; 1100001 | &nbsp;&nbsp;&nbsp; 1850001 |

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

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**Financial Highlights**

Invesco Investment Grade Defensive ETF (IIGD)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &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;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;0.27 | &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;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; (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; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>|
| Total distributions | &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 year | &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 year<sup>(b)</sup> | &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; 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; 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 year (000's omitted) | &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<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; 4.21<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>(d)</sup> | &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>|

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

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

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**Notes to Financial Statements**

Invesco Exchange-Traded Self-Indexed Fund Trust

August 31, 2025

**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:

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| | |
|:---|:---|
| **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 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. 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 become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a

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particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

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

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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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

The 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.

**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.

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.

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

**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** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts 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. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**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 fiscal year ended August 31, 2025, 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

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unable to proceed with creation and/or redemption orders with respect to the 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 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*. Fluctuations in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility, 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. This 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 the composition of 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

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**15**

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the proportions represented in the Underlying Index. In addition, the performance of the Fund and its Underlying Index may vary due to asset 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 fiscal year ended August 31, 2025, the Adviser waived fees of $65.

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 August 31, 2025. 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

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**16**

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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; $26967639 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $26967639 |
| Money Market Funds | &nbsp;&nbsp; 28996 | &nbsp;&nbsp; 392925 | &nbsp;&nbsp; - | &nbsp;&nbsp; 421921 |
| **Total Investments** | &nbsp;&nbsp; $28996 | &nbsp;&nbsp; $27360564 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $27389560 |

---

**NOTE 5—Distributions to Shareholders and Tax Components of Net Assets**

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Ordinary income | &nbsp;&nbsp; $1428849 | &nbsp;&nbsp; $2288363 |

---

Tax Components of Net Assets at Fiscal Year-End:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $6034 |
| Net unrealized appreciation — investments | &nbsp;&nbsp; 241229 |
| Capital loss carryforward | &nbsp;&nbsp; (4002877)<br>|
| Shares of beneficial interest | &nbsp;&nbsp; 31042186 |
| Total net assets | &nbsp;&nbsp; $27286572 |

---

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 has 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 fiscal year ended August 31, 2025, 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 $23,200,796 and $23,517,242, respectively.

For the fiscal year ended August 31, 2025, in-kind transactions associated with creations and redemptions were $2,438,495 and $20,413,880, respectively.

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of August 31, 2025, 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; $406825 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp; (165596)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $241229 |

---

Cost of investments for tax purposes is $27,148,331.

**NOTE 7—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of redemption in-kind, undistributed net investment income (loss) was increased by $163, undistributed net realized gain (loss) was increased by $204,655 and Shares of beneficial interest were decreased by $(204,818). These reclassifications had no effect on the net assets of the Fund.

**NOTE 8—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.

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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 9—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, 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.

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Invesco Exchange-Traded Self-Indexed Fund Trust and Shareholders of Invesco Investment Grade Defensive ETF

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Investment Grade Defensive ETF (one of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 23, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

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**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| Qualified Business Income\* | &nbsp;&nbsp; 0<br> %<br>|
| Qualified Dividend Income\* | &nbsp;&nbsp; 0<br> %<br>|
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0<br> %<br>|
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0<br> %<br>|
| Business Interest Income\* | &nbsp;&nbsp; 100<br> %<br>|
| Qualified Interest Income\* | &nbsp;&nbsp; 99<br> %<br>|

---

\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

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**20**

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**Approval of Investment Advisory Contracts**

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for the following series (each, a "Fund" and collectively, the "Funds"):

Invesco Bloomberg Pricing Power ETF

Invesco BulletShares 2025 Corporate Bond ETF

Invesco BulletShares 2026 Corporate Bond ETF

Invesco BulletShares 2027 Corporate Bond ETF

Invesco BulletShares 2028 Corporate Bond ETF

Invesco BulletShares 2029 Corporate Bond ETF

Invesco BulletShares 2030 Corporate Bond ETF

Invesco BulletShares 2031 Corporate Bond ETF

Invesco BulletShares 2032 Corporate Bond ETF

Invesco BulletShares 2033 Corporate Bond ETF

Invesco BulletShares 2034 Corporate Bond ETF

Invesco BulletShares 2025 High Yield Corporate Bond ETF

Invesco BulletShares 2026 High Yield Corporate Bond ETF

Invesco BulletShares 2027 High Yield Corporate Bond ETF

Invesco BulletShares 2028 High Yield Corporate Bond ETF

Invesco BulletShares 2029 High Yield Corporate Bond ETF

Invesco BulletShares 2030 High Yield Corporate Bond ETF

Invesco BulletShares 2031 High Yield Corporate Bond ETF

Invesco BulletShares 2032 High Yield Corporate Bond ETF

Invesco BulletShares 2025 Municipal Bond ETF

Invesco BulletShares 2026 Municipal Bond ETF

Invesco BulletShares 2027 Municipal Bond ETF

Invesco BulletShares 2028 Municipal Bond ETF

Invesco BulletShares 2029 Municipal Bond ETF

Invesco BulletShares 2030 Municipal Bond ETF

Invesco BulletShares 2031 Municipal Bond ETF

Invesco BulletShares 2032 Municipal Bond ETF

Invesco BulletShares 2033 Municipal Bond ETF

Invesco International Developed Dynamic Multifactor ETF

Invesco Investment Grade Defensive ETF

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

Invesco Russell 1000® Dynamic Multifactor ETF

Invesco Russell 2000® Dynamic Multifactor ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser's relationship with the Funds.

*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 performed by the Adviser for the Funds, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund's performance and the performance of its underlying index, as well as the Adviser's analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco's independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds ("ETFs") businesses of Guggenheim Capital LLC ("Guggenheim") on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company ("Oppenheimer") on May 24, 2019 (each, a "Transaction"), and that each such Fund's performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust's registration statement. The Board concluded that each Fund's correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund's particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds' administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

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**Approval of Investment Advisory Contracts—(continued)**

Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

*Fees, Expenses and Profitability*. The Trustees reviewed and discussed the information provided by the Adviser on each Fund's net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays its 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:

&nbsp;&nbsp;&nbsp;&nbsp;● 0.10% of the Fund's average daily net assets for each of Invesco BulletShares 2025 Corporate Bond ETF, Invesco BulletShares 2026 Corporate Bond ETF, Invesco BulletShares 2027 Corporate Bond ETF, Invesco BulletShares 2028 Corporate Bond ETF, Invesco BulletShares 2029 Corporate Bond ETF, Invesco BulletShares 2030 Corporate Bond ETF, Invesco BulletShares 2031 Corporate Bond ETF, Invesco BulletShares 2032 Corporate Bond ETF, Invesco BulletShares 2033 Corporate Bond ETF and Invesco BulletShares 2034 Corporate Bond ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.13% of the Fund's average daily net assets for Invesco Investment Grade Defensive ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.18% of the Fund's average daily net assets for each of Invesco BulletShares 2025 Municipal Bond ETF, Invesco BulletShares 2026 Municipal Bond ETF, Invesco BulletShares 2027 Municipal Bond ETF, Invesco BulletShares 2028 Municipal Bond ETF, Invesco BulletShares 2029 Municipal Bond ETF, Invesco BulletShares 2030 Municipal Bond ETF, Invesco BulletShares 2031 Municipal Bond ETF, Invesco BulletShares 2032 Municipal Bond ETF and Invesco BulletShares 2033 Municipal Bond ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.19% of the Fund's average daily net assets for Invesco RAFITM Strategic US ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.29% of the Fund's average daily net assets for Invesco Russell 1000® Dynamic Multifactor ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.34% of the Fund's average daily net assets for Invesco International Developed Dynamic Multifactor ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.39% of the Fund's average daily net assets for Invesco Russell 2000® Dynamic Multifactor ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.40% of the Fund's average daily net assets for Invesco Bloomberg Pricing Power ETF; and

&nbsp;&nbsp;&nbsp;&nbsp;● 0.42% of the Fund's average daily net assets for each of Invesco BulletShares 2025 High Yield Corporate Bond ETF, Invesco BulletShares 2026 High Yield Corporate Bond ETF, Invesco BulletShares 2027 High Yield Corporate Bond ETF, Invesco BulletShares 2028 High Yield Corporate Bond ETF, Invesco BulletShares 2029 High Yield Corporate Bond ETF, Invesco BulletShares 2030 High Yield Corporate Bond ETF, Invesco BulletShares 2031 High Yield Corporate Bond ETF and Invesco BulletShares 2032 High Yield Corporate Bond ETF.

The Trustees compared each Fund's net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.

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| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF** <br>**Peer Median**<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco Bloomberg Pricing Power ETF |  |  | X |
| Invesco BulletShares 2025 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2026 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2027 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2028 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2029 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2030 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2031 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2032 Corporate Bond ETF | X |  | X |

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**Approval of Investment Advisory Contracts—(continued)**

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| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal**<br> **to/Lower**<br> **than ETF**<br> **Peer Median**<br>| **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco BulletShares 2033 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2034 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2025 High Yield Corporate Bond ETF |  | X | X |
| Invesco BulletShares 2026 High Yield Corporate Bond ETF |  | X | X |
| Invesco BulletShares 2027 High Yield Corporate Bond ETF |  | X | X |
| Invesco BulletShares 2028 High Yield Corporate Bond ETF |  | X | X |
| Invesco BulletShares 2029 High Yield Corporate Bond ETF |  | X | X |
| Invesco BulletShares 2030 High Yield Corporate Bond ETF |  | X | X |
| Invesco BulletShares 2031 High Yield Corporate Bond ETF |  | X | X |
| Invesco BulletShares 2032 High Yield Corporate Bond ETF |  | X | X |
| Invesco BulletShares 2025 Municipal Bond ETF | X | N/A | X |
| Invesco BulletShares 2026 Municipal Bond ETF | X | N/A | X |
| Invesco BulletShares 2027 Municipal Bond ETF | X | N/A | X |
| Invesco BulletShares 2028 Municipal Bond ETF | X | N/A | X |
| Invesco BulletShares 2029 Municipal Bond ETF | X | N/A | X |
| Invesco BulletShares 2030 Municipal Bond ETF | X | N/A | X |
| Invesco BulletShares 2031 Municipal Bond ETF | X | N/A | X |
| Invesco BulletShares 2032 Municipal Bond ETF | X | N/A | X |
| Invesco BulletShares 2033 Municipal Bond ETF | X | N/A | X |
| Invesco International Developed Dynamic Multifactor ETF |  |  | X |
| Invesco Investment Grade Defensive ETF | X | X | X |
| Invesco RAFI<sup>TM</sup> Strategic US ETF | X |  | X |
| Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | X |  | X |
| Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF |  |  | X |

---

\* The information provided by the Adviser indicated that certain Funds did not have any open-end index fund peers. Those Funds have been designated in this column with an "N/A" for not available.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF and Invesco International Developed Dynamic Multifactor ETF. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board concluded that each Fund's unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco BulletShares 2034 Corporate Bond ETF or Invesco BulletShares 2032 High Yield Corporate Bond ETF because those Funds had not completed a full year of operations as of December 31, 2024. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

------

**23**

------

**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 each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

*Fall-out Benefits*. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc. and Invesco Indexing LLC, affiliates of the Adviser, serve as each Fund's distributor and index provider and are paid a distribution fee and licensing fee, respectively, by the Adviser. The Board concluded that each Fund's unitary advisory fee was reasonable, taking into account any ancillary benefits 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 continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board's analysis.

------

**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 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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory Contracts section of this report.

------

**25**

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**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-FIF-NCSR

invesco.com/ETFs

------

![](imgca4d760b1.jpg)

------

**Invesco Annual Financial Statements and Other Information**

August 31, 2025

---

| | |
|:---|:---|
| **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_15bc912c-3a19-4e79-a140-8f2b2e1e7683_SOI-Continued-393_1) | **3** |
| [Invesco RAFI](#xx_15bc912c-3a19-4e79-a140-8f2b2e1e7683_SOI-Continued-393_3)<sup>TM</sup>[Strategic US ETF (IUS)](#xx_15bc912c-3a19-4e79-a140-8f2b2e1e7683_SOI-Continued-393_3) | **5** |
| [Statements of Assets and Liabilities](#xx_15bc912c-3a19-4e79-a140-8f2b2e1e7683_FS-Continued-393_1) | **11** |
| [Statements of Operations](#xx_15bc912c-3a19-4e79-a140-8f2b2e1e7683_FS-Continued-393_2) | **12** |
| [Statements of Changes in Net Assets](#xx_15bc912c-3a19-4e79-a140-8f2b2e1e7683_FS-Continued-393_3) | **13** |
| [Financial Highlights](#xx_15bc912c-3a19-4e79-a140-8f2b2e1e7683_FIHI-Continued-393_1) | **14** |
| [Notes to Financial Statements](#xx_15bc912c-3a19-4e79-a140-8f2b2e1e7683_NTF-Continued-393_1) | **15** |
| [Report of Independent Registered Public Accounting Firm](#xx_15bc912c-3a19-4e79-a140-8f2b2e1e7683_AR-Continued-393_1) | **24** |
| [Tax Information](#xx_15bc912c-3a19-4e79-a140-8f2b2e1e7683_TI-Continued-393_1) | **25** |
| [Approval of Investment Advisory Contracts](#xx_15bc912c-3a19-4e79-a140-8f2b2e1e7683_BCRC-Continued_1) | **26** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_15bc912c-3a19-4e79-a140-8f2b2e1e7683_OIRSR-Continued-393_1) | **30** |

---

------

**2**

------

**Invesco Bloomberg Pricing Power ETF (POWA)**

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.83%** | **Common Stocks & Other Equity Interests-99.83%** | **Common Stocks & Other Equity Interests-99.83%** |
| **Communication Services-2.18%** | **Communication Services-2.18%** | **Communication Services-2.18%** |
| Meta Platforms, Inc., Class A | 5597 | &nbsp;&nbsp; $4134504 |
| **Consumer Discretionary-16.97%** | **Consumer Discretionary-16.97%** | **Consumer Discretionary-16.97%** |
| AutoZone, Inc.<sup>(b)</sup> | 918 | &nbsp;&nbsp; 3854251 |
| Best Buy Co., Inc. | 50583 | &nbsp;&nbsp; 3724932 |
| Garmin Ltd. | 17725 | &nbsp;&nbsp; 4286259 |
| Genuine Parts Co. | 28369 | &nbsp;&nbsp; 3952653 |
| Home Depot, Inc. (The) | 9570 | &nbsp;&nbsp; 3892789 |
| Lowe's Cos., Inc. | 15638 | &nbsp;&nbsp; 4035542 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 38838 | &nbsp;&nbsp; 4026724 |
| Tractor Supply Co.<sup>(c)</sup> | 71105 | &nbsp;&nbsp; 4391445 |
|  |  | &nbsp;&nbsp; 32164595 |
| **Consumer Staples-15.47%** | **Consumer Staples-15.47%** | **Consumer Staples-15.47%** |
| Archer-Daniels-Midland Co. | 73655 | &nbsp;&nbsp; 4613749 |
| Brown-Forman Corp., Class B | 102230 | &nbsp;&nbsp; 3060766 |
| Costco Wholesale Corp. | 3463 | &nbsp;&nbsp; 3266717 |
| General Mills, Inc. | 66501 | &nbsp;&nbsp; 3280494 |
| Kroger Co. (The) | 51641 | &nbsp;&nbsp; 3503326 |
| PepsiCo, Inc. | 27265 | &nbsp;&nbsp; 4052942 |
| Sysco Corp. | 49263 | &nbsp;&nbsp; 3964194 |
| Walmart, Inc. | 36800 | &nbsp;&nbsp; 3568864 |
|  |  | &nbsp;&nbsp; 29311052 |
| **Financials-3.57%** | **Financials-3.57%** | **Financials-3.57%** |
| Jack Henry & Associates, Inc. | 19392 | &nbsp;&nbsp; 3165938 |
| MSCI, Inc. | 6336 | &nbsp;&nbsp; 3597074 |
|  |  | &nbsp;&nbsp; 6763012 |
| **Health Care-15.15%** | **Health Care-15.15%** | **Health Care-15.15%** |
| Cardinal Health, Inc. | 23206 | &nbsp;&nbsp; 3452589 |
| Cencora, Inc. | 12212 | &nbsp;&nbsp; 3561141 |
| McKesson Corp. | 4939 | &nbsp;&nbsp; 3391315 |
| Mettler-Toledo International, Inc.<sup>(b)(c)</sup> | 3131 | &nbsp;&nbsp; 4073556 |
| STERIS PLC | 14406 | &nbsp;&nbsp; 3530334 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 8173 | &nbsp;&nbsp; 3195807 |
| Zimmer Biomet Holdings, Inc. | 38264 | &nbsp;&nbsp; 4059811 |
| Zoetis, Inc. | 21981 | &nbsp;&nbsp; 3437828 |
|  |  | &nbsp;&nbsp; 28702381 |
| **Industrials-24.95%** | **Industrials-24.95%** | **Industrials-24.95%** |
| AMETEK, Inc. | 20026 | &nbsp;&nbsp; 3700805 |
| Cummins, Inc. | 11010 | &nbsp;&nbsp; 4386824 |
| Fastenal Co. | 87363 | &nbsp;&nbsp; 4338447 |
| Ferguson Enterprises, Inc. | 19899 | &nbsp;&nbsp; 4599654 |
| General Dynamics Corp. | 12811 | &nbsp;&nbsp; 4158066 |
| HEICO Corp.<sup>(c)</sup> | 13222 | &nbsp;&nbsp; 4125529 |
| Johnson Controls International PLC | 36571 | &nbsp;&nbsp; 3909074 |
| Otis Worldwide Corp. | 36448 | &nbsp;&nbsp; 3148378 |
| Quanta Services, Inc. | 10427 | &nbsp;&nbsp; 3940989 |
| Rollins, Inc. | 62254 | &nbsp;&nbsp; 3519841 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Waste Management, Inc. | 15157 | &nbsp;&nbsp; $3431393 |
| Xylem, Inc. | 28316 | &nbsp;&nbsp; 4008413 |
|  |  | &nbsp;&nbsp; 47267413 |
| **Information Technology-15.65%** | **Information Technology-15.65%** | **Information Technology-15.65%** |
| Accenture PLC, Class A (Ireland) | 11168 | &nbsp;&nbsp; 2903345 |
| Adobe, Inc.<sup>(b)</sup> | 8569 | &nbsp;&nbsp; 3056562 |
| Autodesk, Inc.<sup>(b)</sup> | 12145 | &nbsp;&nbsp; 3822031 |
| Jabil, Inc.<sup>(c)</sup> | 21518 | &nbsp;&nbsp; 4407532 |
| KLA Corp. | 4562 | &nbsp;&nbsp; 3978064 |
| Microsoft Corp. | 7856 | &nbsp;&nbsp; 3980557 |
| ServiceNow, Inc.<sup>(b)</sup> | 3505 | &nbsp;&nbsp; 3215697 |
| Synopsys, Inc.<sup>(b)</sup> | 7094 | &nbsp;&nbsp; 4281371 |
|  |  | &nbsp;&nbsp; 29645159 |
| **Materials-1.91%** | **Materials-1.91%** | **Materials-1.91%** |
| International Paper Co.<sup>(c)</sup> | 72922 | &nbsp;&nbsp; 3622765 |
| **Real Estate-3.98%** | **Real Estate-3.98%** | **Real Estate-3.98%** |
| CoStar Group, Inc.<sup>(b)</sup> | 48062 | &nbsp;&nbsp; 4301068 |
| Equinix, Inc. | 4129 | &nbsp;&nbsp; 3246179 |
|  |  | &nbsp;&nbsp; 7547247 |
| Total Common Stocks & Other Equity Interests <br>(Cost $164,938,225) | Total Common Stocks & Other Equity Interests <br>(Cost $164,938,225) | &nbsp;&nbsp; 189158128 |
| **Money Market Funds-0.08%** | **Money Market Funds-0.08%** | **Money Market Funds-0.08%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(d)(e)</sup> <br>(Cost $152,543)<br>| 152543 | &nbsp;&nbsp; 152543 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.91% <br>(Cost $165,090,768) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.91% <br>(Cost $165,090,768) | &nbsp;&nbsp; 189310671 |
| **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-4.23%** | **Money Market Funds-4.23%** | **Money Market Funds-4.23%** |
| Invesco Private Government Fund, <br> 4.28%<sup>(d)(e)(f)</sup><br>| 8820 | &nbsp;&nbsp; 8820 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 7991027 | &nbsp;&nbsp; 7993424 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $8,002,086) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $8,002,086) | &nbsp;&nbsp; 8002244 |
| TOTAL INVESTMENTS IN SECURITIES-104.14% <br>(Cost $173,092,854) | TOTAL INVESTMENTS IN SECURITIES-104.14% <br>(Cost $173,092,854) | &nbsp;&nbsp; 197312915 |
| OTHER ASSETS LESS LIABILITIES-(4.14)% | OTHER ASSETS LESS LIABILITIES-(4.14)% | &nbsp;&nbsp; (7836790)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $189476125 |

---

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

------

**3**

------

**Invesco Bloomberg Pricing Power ETF (POWA)—(continued)**

August 31, 2025

---

| | |
|:---|:---|
| 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 August 31, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended August 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2024**<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>**August 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $24059 | &nbsp;&nbsp; $3367811 | &nbsp;&nbsp; $(3239327)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $152543 | &nbsp;&nbsp; $4298 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 6377367 | &nbsp;&nbsp; 170199956 | &nbsp;&nbsp; (176568503)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 8820 | &nbsp;&nbsp; 279,902<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 16604083 | &nbsp;&nbsp; 327443003 | &nbsp;&nbsp; (336051203)<br>| &nbsp;&nbsp; (725)<br>| &nbsp;&nbsp; (1734)<br>| &nbsp;&nbsp; 7993424 | &nbsp;&nbsp; 757,107<br> \*<br>|
| Total | &nbsp;&nbsp; $23005509 | &nbsp;&nbsp; $501010770 | &nbsp;&nbsp; $(515859033)<br>| &nbsp;&nbsp; $(725)<br>| &nbsp;&nbsp; $(1734)<br>| &nbsp;&nbsp; $8154787 | &nbsp;&nbsp; $1041307 |

---

\* 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 August 31, 2025.

<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)**

August 31, 2025

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-13.58%** | **Communication Services-13.58%** | **Communication Services-13.58%** |
| Alphabet, Inc., Class A | 153082 | &nbsp;&nbsp; $32592689 |
| AT&T, Inc. | 238297 | &nbsp;&nbsp; 6979719 |
| Charter Communications, Inc., Class A<sup>(b)</sup> | 3187 | &nbsp;&nbsp; 846403 |
| Comcast Corp., Class A | 175233 | &nbsp;&nbsp; 5952665 |
| EchoStar Corp., Class A<sup>(b)(c)</sup> | 21543 | &nbsp;&nbsp; 1331142 |
| Electronic Arts, Inc. | 3450 | &nbsp;&nbsp; 593227 |
| Fox Corp., Class A | 10708 | &nbsp;&nbsp; 639268 |
| Frontier Communications Parent, Inc.<sup>(b)</sup> | 6390 | &nbsp;&nbsp; 236941 |
| GCI Liberty, Inc., Class C<sup>(b)(c)</sup> | 345 | &nbsp;&nbsp; 12641 |
| Interpublic Group of Cos., Inc. (The) | 13071 | &nbsp;&nbsp; 350826 |
| Liberty Broadband Corp., Class C<sup>(b)</sup> | 1733 | &nbsp;&nbsp; 105470 |
| Liberty Global Ltd., Class A (Belgium)<sup>(b)</sup> | 67953 | &nbsp;&nbsp; 797768 |
| Liberty Media Corp.-Liberty Formula One<sup>(b)</sup> | 1931 | &nbsp;&nbsp; 192907 |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 1500 | &nbsp;&nbsp; 249735 |
| Lumen Technologies, Inc.<sup>(b)</sup> | 89349 | &nbsp;&nbsp; 444065 |
| Match Group, Inc. | 6358 | &nbsp;&nbsp; 237408 |
| Meta Platforms, Inc., Class A | 24039 | &nbsp;&nbsp; 17757609 |
| Netflix, Inc.<sup>(b)</sup> | 1802 | &nbsp;&nbsp; 2177266 |
| News Corp., Class A | 11785 | &nbsp;&nbsp; 346597 |
| Nexstar Media Group, Inc., Class A | 1314 | &nbsp;&nbsp; 268752 |
| Omnicom Group, Inc.<sup>(c)</sup> | 5387 | &nbsp;&nbsp; 421964 |
| Paramount Skydance Corp.<sup>(b)(c)</sup> | 58434 | &nbsp;&nbsp; 858980 |
| Pinterest, Inc., Class A<sup>(b)</sup> | 7542 | &nbsp;&nbsp; 276263 |
| Sirius XM Holdings, Inc.<sup>(c)</sup> | 10836 | &nbsp;&nbsp; 256163 |
| TEGNA, Inc. | 10265 | &nbsp;&nbsp; 217618 |
| Telephone and Data Systems, Inc. | 5610 | &nbsp;&nbsp; 224905 |
| T-Mobile US, Inc. | 8263 | &nbsp;&nbsp; 2082193 |
| Trade Desk, Inc. (The), Class A<sup>(b)(c)</sup> | 2204 | &nbsp;&nbsp; 120471 |
| Verizon Communications, Inc. | 152429 | &nbsp;&nbsp; 6741935 |
| Walt Disney Co. (The) | 35287 | &nbsp;&nbsp; 4177275 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 147392 | &nbsp;&nbsp; 1715643 |
|  |  | &nbsp;&nbsp; 89206508 |
| **Consumer Discretionary-12.32%** | **Consumer Discretionary-12.32%** | **Consumer Discretionary-12.32%** |
| Adient PLC<sup>(b)(c)</sup> | 14688 | &nbsp;&nbsp; 364262 |
| Airbnb, Inc., Class A<sup>(b)</sup> | 6854 | &nbsp;&nbsp; 894653 |
| Amazon.com, Inc.<sup>(b)</sup> | 75263 | &nbsp;&nbsp; 17235227 |
| Aptiv PLC (Jersey)<sup>(b)</sup> | 12405 | &nbsp;&nbsp; 986570 |
| Aramark | 7139 | &nbsp;&nbsp; 279206 |
| Asbury Automotive Group, Inc.<sup>(b)(c)</sup> | 1129 | &nbsp;&nbsp; 283989 |
| Autoliv, Inc. (Sweden) | 2778 | &nbsp;&nbsp; 344666 |
| AutoNation, Inc.<sup>(b)(c)</sup> | 1486 | &nbsp;&nbsp; 325553 |
| AutoZone, Inc.<sup>(b)</sup> | 174 | &nbsp;&nbsp; 730544 |
| Bath & Body Works, Inc. | 5039 | &nbsp;&nbsp; 147189 |
| Best Buy Co., Inc. | 9118 | &nbsp;&nbsp; 671450 |
| Booking Holdings, Inc. | 337 | &nbsp;&nbsp; 1886880 |
| BorgWarner, Inc. | 11441 | &nbsp;&nbsp; 489217 |
| Burlington Stores, Inc.<sup>(b)</sup> | 787 | &nbsp;&nbsp; 228765 |
| Caesars Entertainment, Inc.<sup>(b)</sup> | 8712 | &nbsp;&nbsp; 233220 |
| CarMax, Inc.<sup>(b)</sup> | 6608 | &nbsp;&nbsp; 405401 |
| Carnival Corp.<sup>(b)</sup> | 29571 | &nbsp;&nbsp; 943019 |
| Carvana Co.<sup>(b)</sup> | 581 | &nbsp;&nbsp; 216086 |
| Chewy, Inc., Class A<sup>(b)</sup> | 4825 | &nbsp;&nbsp; 197632 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 7692 | &nbsp;&nbsp; 324141 |
| Coupang, Inc. (South Korea)<sup>(b)</sup> | 13228 | &nbsp;&nbsp; 378056 |
| Crocs, Inc.<sup>(b)</sup> | 1466 | &nbsp;&nbsp; 127835 |
| D.R. Horton, Inc. | 8775 | &nbsp;&nbsp; 1487187 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Darden Restaurants, Inc. | 1811 | &nbsp;&nbsp; $374768 |
| Deckers Outdoor Corp.<sup>(b)</sup> | 1593 | &nbsp;&nbsp; 190571 |
| Dell Technologies, Inc., Class C | 14373 | &nbsp;&nbsp; 1755662 |
| Dick's Sporting Goods, Inc.<sup>(c)</sup> | 1939 | &nbsp;&nbsp; 412619 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 1604 | &nbsp;&nbsp; 393381 |
| eBay, Inc. | 10178 | &nbsp;&nbsp; 922229 |
| Expedia Group, Inc. | 3461 | &nbsp;&nbsp; 743423 |
| Flutter Entertainment PLC (United <br> Kingdom)<sup>(b)(c)</sup><br>| 1335 | &nbsp;&nbsp; 410072 |
| Ford Motor Co. | 362526 | &nbsp;&nbsp; 4266931 |
| Gap, Inc. (The) | 7799 | &nbsp;&nbsp; 171656 |
| Garmin Ltd. | 1447 | &nbsp;&nbsp; 349914 |
| General Motors Co. | 110692 | &nbsp;&nbsp; 6485444 |
| Genuine Parts Co. | 3666 | &nbsp;&nbsp; 510784 |
| Goodyear Tire & Rubber Co. (The)<sup>(b)</sup> | 26739 | &nbsp;&nbsp; 226747 |
| Group 1 Automotive, Inc.<sup>(c)</sup> | 609 | &nbsp;&nbsp; 283051 |
| Harley-Davidson, Inc. | 9450 | &nbsp;&nbsp; 275184 |
| Hilton Worldwide Holdings, Inc. | 2138 | &nbsp;&nbsp; 590216 |
| Home Depot, Inc. (The) | 11191 | &nbsp;&nbsp; 4552163 |
| Hyatt Hotels Corp., Class A | 2131 | &nbsp;&nbsp; 307461 |
| KB Home | 3723 | &nbsp;&nbsp; 236597 |
| Kohl's Corp.<sup>(c)</sup> | 35101 | &nbsp;&nbsp; 528621 |
| Las Vegas Sands Corp. | 15097 | &nbsp;&nbsp; 870040 |
| Lear Corp. | 4690 | &nbsp;&nbsp; 515900 |
| Lennar Corp., Class A | 11504 | &nbsp;&nbsp; 1531643 |
| Lithia Motors, Inc., Class A | 1486 | &nbsp;&nbsp; 500306 |
| LKQ Corp. | 8902 | &nbsp;&nbsp; 290383 |
| Lowe's Cos., Inc. | 8527 | &nbsp;&nbsp; 2200478 |
| lululemon athletica, inc.<sup>(b)</sup> | 1361 | &nbsp;&nbsp; 275194 |
| Macy's, Inc. | 32322 | &nbsp;&nbsp; 427620 |
| Marriott International, Inc., Class A | 3090 | &nbsp;&nbsp; 827687 |
| Mattel, Inc.<sup>(b)</sup> | 9598 | &nbsp;&nbsp; 175643 |
| McDonald's Corp. | 5511 | &nbsp;&nbsp; 1727919 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup> | 285 | &nbsp;&nbsp; 704779 |
| MGM Resorts International<sup>(b)</sup> | 13425 | &nbsp;&nbsp; 532838 |
| Mohawk Industries, Inc.<sup>(b)</sup> | 2386 | &nbsp;&nbsp; 316598 |
| Murphy USA, Inc. | 603 | &nbsp;&nbsp; 227029 |
| Newell Brands, Inc. | 32121 | &nbsp;&nbsp; 190156 |
| NIKE, Inc., Class B | 30568 | &nbsp;&nbsp; 2365046 |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup> | 12368 | &nbsp;&nbsp; 307221 |
| NVR, Inc.<sup>(b)</sup> | 64 | &nbsp;&nbsp; 519530 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 6572 | &nbsp;&nbsp; 681385 |
| Pool Corp. | 538 | &nbsp;&nbsp; 167162 |
| PulteGroup, Inc. | 5831 | &nbsp;&nbsp; 769809 |
| PVH Corp. | 3394 | &nbsp;&nbsp; 286182 |
| Ralph Lauren Corp. | 943 | &nbsp;&nbsp; 280005 |
| Ross Stores, Inc. | 4079 | &nbsp;&nbsp; 600266 |
| Royal Caribbean Cruises Ltd.<sup>(c)</sup> | 2134 | &nbsp;&nbsp; 775111 |
| Service Corp. International<sup>(c)</sup> | 2423 | &nbsp;&nbsp; 192023 |
| Signet Jewelers Ltd.<sup>(c)</sup> | 3422 | &nbsp;&nbsp; 301307 |
| Skechers U.S.A., Inc., Class A<sup>(b)</sup> | 3910 | &nbsp;&nbsp; 246643 |
| Starbucks Corp. | 12374 | &nbsp;&nbsp; 1091263 |
| Tapestry, Inc. | 3957 | &nbsp;&nbsp; 402902 |
| Taylor Morrison Home Corp., Class A<sup>(b)</sup> | 3462 | &nbsp;&nbsp; 233235 |
| Tesla, Inc.<sup>(b)</sup> | 7323 | &nbsp;&nbsp; 2444930 |
| Thor Industries, Inc.<sup>(c)</sup> | 2549 | &nbsp;&nbsp; 279370 |
| TJX Cos., Inc. (The) | 11741 | &nbsp;&nbsp; 1603938 |
| Toll Brothers, Inc. | 3532 | &nbsp;&nbsp; 490948 |

---

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)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| TopBuild Corp.<sup>(b)</sup> | 740 | &nbsp;&nbsp; $311362 |
| Tractor Supply Co.<sup>(c)</sup> | 7429 | &nbsp;&nbsp; 458815 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 868 | &nbsp;&nbsp; 427690 |
| V.F. Corp. | 12300 | &nbsp;&nbsp; 186099 |
| Whirlpool Corp.<sup>(c)</sup> | 3797 | &nbsp;&nbsp; 353691 |
| Williams-Sonoma, Inc. | 1708 | &nbsp;&nbsp; 321429 |
| Wynn Resorts Ltd.<sup>(c)</sup> | 1730 | &nbsp;&nbsp; 219277 |
| Yum! Brands, Inc. | 1206 | &nbsp;&nbsp; 177246 |
|  |  | &nbsp;&nbsp; 80976340 |
| **Consumer Staples-8.07%** | **Consumer Staples-8.07%** | **Consumer Staples-8.07%** |
| Albertson's Cos., Inc., Class A<sup>(c)</sup> | 33650 | &nbsp;&nbsp; 654829 |
| Altria Group, Inc. | 32446 | &nbsp;&nbsp; 2180696 |
| Andersons, Inc. (The) | 4614 | &nbsp;&nbsp; 188713 |
| Archer-Daniels-Midland Co. | 39425 | &nbsp;&nbsp; 2469582 |
| BJ's Wholesale Club Holdings, Inc., Class C<sup>(b)</sup> | 2600 | &nbsp;&nbsp; 253968 |
| Brown-Forman Corp., Class B<sup>(c)</sup> | 5746 | &nbsp;&nbsp; 172035 |
| Bunge Global S.A. | 11960 | &nbsp;&nbsp; 1007271 |
| Campbell's Co. (The) | 5659 | &nbsp;&nbsp; 180692 |
| Casey's General Stores, Inc. | 602 | &nbsp;&nbsp; 297701 |
| Church & Dwight Co., Inc. | 2633 | &nbsp;&nbsp; 245290 |
| Clorox Co. (The) | 1573 | &nbsp;&nbsp; 185929 |
| Coca-Cola Co. (The) | 35790 | &nbsp;&nbsp; 2469152 |
| Colgate-Palmolive Co. | 9436 | &nbsp;&nbsp; 793285 |
| Conagra Brands, Inc. | 20415 | &nbsp;&nbsp; 390539 |
| Constellation Brands, Inc., Class A | 2718 | &nbsp;&nbsp; 440153 |
| Costco Wholesale Corp. | 4513 | &nbsp;&nbsp; 4257203 |
| Darling Ingredients, Inc.<sup>(b)</sup> | 5503 | &nbsp;&nbsp; 186882 |
| Dollar General Corp. | 8228 | &nbsp;&nbsp; 894877 |
| Dollar Tree, Inc.<sup>(b)</sup> | 6678 | &nbsp;&nbsp; 729037 |
| Estee Lauder Cos., Inc. (The), Class A | 7304 | &nbsp;&nbsp; 669996 |
| General Mills, Inc. | 16821 | &nbsp;&nbsp; 829780 |
| Hershey Co. (The)<sup>(c)</sup> | 3179 | &nbsp;&nbsp; 584141 |
| Hormel Foods Corp. | 12903 | &nbsp;&nbsp; 328252 |
| Ingredion, Inc. | 1722 | &nbsp;&nbsp; 223068 |
| J.M. Smucker Co. (The) | 3169 | &nbsp;&nbsp; 350206 |
| Kellanova | 3679 | &nbsp;&nbsp; 292480 |
| Kenvue, Inc. | 27111 | &nbsp;&nbsp; 561469 |
| Keurig Dr Pepper, Inc. | 25095 | &nbsp;&nbsp; 730014 |
| Kimberly-Clark Corp. | 5125 | &nbsp;&nbsp; 661842 |
| Kraft Heinz Co. (The) | 60114 | &nbsp;&nbsp; 1681389 |
| Kroger Co. (The) | 33153 | &nbsp;&nbsp; 2249099 |
| Lamb Weston Holdings, Inc. | 3505 | &nbsp;&nbsp; 201643 |
| Maplebear, Inc.<sup>(b)</sup> | 4999 | &nbsp;&nbsp; 216807 |
| McCormick & Co., Inc. | 3707 | &nbsp;&nbsp; 260862 |
| Molson Coors Beverage Co., Class B | 9847 | &nbsp;&nbsp; 497175 |
| Mondelez International, Inc., Class A | 25665 | &nbsp;&nbsp; 1576858 |
| Monster Beverage Corp.<sup>(b)</sup> | 7828 | &nbsp;&nbsp; 488545 |
| PepsiCo, Inc. | 22974 | &nbsp;&nbsp; 3415085 |
| Performance Food Group Co.<sup>(b)(c)</sup> | 7985 | &nbsp;&nbsp; 809679 |
| Philip Morris International, Inc. | 11478 | &nbsp;&nbsp; 1918318 |
| Post Holdings, Inc.<sup>(b)</sup> | 2033 | &nbsp;&nbsp; 230034 |
| Procter & Gamble Co. (The) | 29087 | &nbsp;&nbsp; 4567822 |
| Sysco Corp. | 17224 | &nbsp;&nbsp; 1386015 |
| Target Corp. | 21407 | &nbsp;&nbsp; 2054644 |
| Tyson Foods, Inc., Class A | 18537 | &nbsp;&nbsp; 1052531 |
| United Natural Foods, Inc.<sup>(b)(c)</sup> | 10907 | &nbsp;&nbsp; 308450 |
| US Foods Holding Corp.<sup>(b)</sup> | 7621 | &nbsp;&nbsp; 591390 |
| Walmart, Inc. | 64837 | &nbsp;&nbsp; 6287892 |
|  |  | &nbsp;&nbsp; 53023320 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy-9.47%** | **Energy-9.47%** | **Energy-9.47%** |
| Antero Resources Corp.<sup>(b)</sup> | 5187 | &nbsp;&nbsp; $165569 |
| APA Corp.<sup>(c)</sup> | 25791 | &nbsp;&nbsp; 598867 |
| Baker Hughes Co., Class A | 24026 | &nbsp;&nbsp; 1090780 |
| Cheniere Energy, Inc. | 3902 | &nbsp;&nbsp; 943582 |
| Chevron Corp. | 69772 | &nbsp;&nbsp; 11205323 |
| Chord Energy Corp. | 4144 | &nbsp;&nbsp; 455384 |
| Civitas Resources, Inc.<sup>(c)</sup> | 13662 | &nbsp;&nbsp; 502488 |
| ConocoPhillips | 42205 | &nbsp;&nbsp; 4177029 |
| Coterra Energy, Inc. | 23334 | &nbsp;&nbsp; 570283 |
| Delek US Holdings, Inc. | 9111 | &nbsp;&nbsp; 252466 |
| Devon Energy Corp. | 24787 | &nbsp;&nbsp; 894811 |
| Diamondback Energy, Inc. | 5363 | &nbsp;&nbsp; 797800 |
| EOG Resources, Inc. | 18288 | &nbsp;&nbsp; 2282708 |
| Expand Energy Corp. | 3350 | &nbsp;&nbsp; 324213 |
| Exxon Mobil Corp. | 138942 | &nbsp;&nbsp; 15879681 |
| Halliburton Co. | 38678 | &nbsp;&nbsp; 879151 |
| HF Sinclair Corp. | 17362 | &nbsp;&nbsp; 883379 |
| Kinder Morgan, Inc. | 42758 | &nbsp;&nbsp; 1153611 |
| Marathon Petroleum Corp. | 22269 | &nbsp;&nbsp; 4001962 |
| Matador Resources Co. | 5595 | &nbsp;&nbsp; 281764 |
| Murphy Oil Corp.<sup>(c)</sup> | 12675 | &nbsp;&nbsp; 315101 |
| Northern Oil and Gas, Inc.<sup>(c)</sup> | 5977 | &nbsp;&nbsp; 156358 |
| NOV, Inc. | 21687 | &nbsp;&nbsp; 288220 |
| Occidental Petroleum Corp. | 39474 | &nbsp;&nbsp; 1879357 |
| ONEOK, Inc. | 12459 | &nbsp;&nbsp; 951618 |
| Ovintiv, Inc. | 16649 | &nbsp;&nbsp; 701256 |
| Patterson-UTI Energy, Inc. | 36508 | &nbsp;&nbsp; 212111 |
| PBF Energy, Inc., Class A | 16798 | &nbsp;&nbsp; 458921 |
| Peabody Energy Corp.<sup>(c)</sup> | 11939 | &nbsp;&nbsp; 207739 |
| Permian Resources Corp. | 24609 | &nbsp;&nbsp; 351663 |
| Phillips 66 | 23145 | &nbsp;&nbsp; 3091709 |
| Schlumberger N.V. | 42672 | &nbsp;&nbsp; 1572036 |
| SM Energy Co. | 9265 | &nbsp;&nbsp; 264516 |
| Targa Resources Corp. | 3434 | &nbsp;&nbsp; 576088 |
| TechnipFMC PLC (United Kingdom) | 8575 | &nbsp;&nbsp; 315217 |
| Valero Energy Corp. | 20266 | &nbsp;&nbsp; 3080635 |
| World Kinect Corp.<sup>(c)</sup> | 16757 | &nbsp;&nbsp; 449255 |
|  |  | &nbsp;&nbsp; 62212651 |
| **Financials-8.78%** | **Financials-8.78%** | **Financials-8.78%** |
| Affiliated Managers Group, Inc.<sup>(c)</sup> | 1166 | &nbsp;&nbsp; 262140 |
| Allstate Corp. (The) | 7313 | &nbsp;&nbsp; 1487830 |
| American Express Co. | 9608 | &nbsp;&nbsp; 3182938 |
| American Financial Group, Inc. | 2224 | &nbsp;&nbsp; 302153 |
| Aon PLC, Class A | 1817 | &nbsp;&nbsp; 666839 |
| Arch Capital Group Ltd. | 10280 | &nbsp;&nbsp; 940928 |
| Assurant, Inc. | 1679 | &nbsp;&nbsp; 362009 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 33091 | &nbsp;&nbsp; 16644111 |
| Blackstone, Inc., Class A | 7477 | &nbsp;&nbsp; 1281558 |
| Block, Inc., Class A<sup>(b)(c)</sup> | 12130 | &nbsp;&nbsp; 966033 |
| Brown & Brown, Inc. | 1789 | &nbsp;&nbsp; 173444 |
| Cboe Global Markets, Inc. | 1178 | &nbsp;&nbsp; 277949 |
| Chubb Ltd. | 9994 | &nbsp;&nbsp; 2749050 |
| Cincinnati Financial Corp. | 3589 | &nbsp;&nbsp; 551270 |
| Corpay, Inc.<sup>(b)</sup> | 1029 | &nbsp;&nbsp; 335114 |
| Everest Group Ltd. | 1689 | &nbsp;&nbsp; 577435 |
| Fidelity National Information Services, Inc. | 13334 | &nbsp;&nbsp; 930847 |
| First American Financial Corp.<sup>(c)</sup> | 3376 | &nbsp;&nbsp; 222816 |
| Fiserv, Inc.<sup>(b)</sup> | 10280 | &nbsp;&nbsp; 1420490 |
| Franklin Resources, Inc. | 11253 | &nbsp;&nbsp; 288752 |

---

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)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Hartford Insurance Group, Inc. (The) | 8461 | &nbsp;&nbsp; $1119475 |
| Invesco Ltd.<sup>(d)</sup> | 26087 | &nbsp;&nbsp; 571044 |
| Janus Henderson Group PLC | 5081 | &nbsp;&nbsp; 225190 |
| LPL Financial Holdings, Inc. | 661 | &nbsp;&nbsp; 240921 |
| Markel Group, Inc.<sup>(b)(c)</sup> | 350 | &nbsp;&nbsp; 685671 |
| Marsh & McLennan Cos., Inc. | 4523 | &nbsp;&nbsp; 930879 |
| Mastercard, Inc., Class A | 4773 | &nbsp;&nbsp; 2841319 |
| Moody's Corp. | 1037 | &nbsp;&nbsp; 528621 |
| MSCI, Inc. | 414 | &nbsp;&nbsp; 235036 |
| Nasdaq, Inc. | 3921 | &nbsp;&nbsp; 371476 |
| NU Holdings Ltd., Class A (Brazil)<sup>(b)</sup> | 25975 | &nbsp;&nbsp; 384430 |
| Old Republic International Corp. | 10124 | &nbsp;&nbsp; 404656 |
| OneMain Holdings, Inc.<sup>(c)</sup> | 6702 | &nbsp;&nbsp; 414586 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 25173 | &nbsp;&nbsp; 1766893 |
| Progressive Corp. (The) | 7856 | &nbsp;&nbsp; 1940903 |
| RenaissanceRe Holdings Ltd. (Bermuda) | 2138 | &nbsp;&nbsp; 519513 |
| S&P Global, Inc. | 2963 | &nbsp;&nbsp; 1625028 |
| Selective Insurance Group, Inc. | 1886 | &nbsp;&nbsp; 147542 |
| StoneX Group, Inc.<sup>(b)</sup> | 8940 | &nbsp;&nbsp; 913400 |
| T. Rowe Price Group, Inc. | 5181 | &nbsp;&nbsp; 557579 |
| TPG, Inc. | 3535 | &nbsp;&nbsp; 213337 |
| Tradeweb Markets, Inc., Class A | 1249 | &nbsp;&nbsp; 154077 |
| Travelers Cos., Inc. (The) | 6042 | &nbsp;&nbsp; 1640463 |
| Visa, Inc., Class A | 13269 | &nbsp;&nbsp; 4667769 |
| W.R. Berkley Corp. | 6351 | &nbsp;&nbsp; 455303 |
| Willis Towers Watson PLC | 1555 | &nbsp;&nbsp; 508159 |
|  |  | &nbsp;&nbsp; 57686976 |
| **Health Care-13.54%** | **Health Care-13.54%** | **Health Care-13.54%** |
| Abbott Laboratories | 16270 | &nbsp;&nbsp; 2158378 |
| AbbVie, Inc. | 18527 | &nbsp;&nbsp; 3898081 |
| Agilent Technologies, Inc. | 3825 | &nbsp;&nbsp; 480649 |
| Align Technology, Inc.<sup>(b)(c)</sup> | 973 | &nbsp;&nbsp; 138127 |
| Amgen, Inc. | 5878 | &nbsp;&nbsp; 1691159 |
| Avantor, Inc.<sup>(b)</sup> | 15453 | &nbsp;&nbsp; 208152 |
| Baxter International, Inc. | 11478 | &nbsp;&nbsp; 283392 |
| Becton, Dickinson and Co. | 6071 | &nbsp;&nbsp; 1171582 |
| Biogen, Inc.<sup>(b)</sup> | 3970 | &nbsp;&nbsp; 524913 |
| Bio-Rad Laboratories, Inc., Class A<sup>(b)(c)</sup> | 738 | &nbsp;&nbsp; 219835 |
| Boston Scientific Corp.<sup>(b)</sup> | 6579 | &nbsp;&nbsp; 694084 |
| Bristol-Myers Squibb Co. | 51729 | &nbsp;&nbsp; 2440574 |
| Cardinal Health, Inc. | 15570 | &nbsp;&nbsp; 2316505 |
| Cencora, Inc. | 10594 | &nbsp;&nbsp; 3089316 |
| Centene Corp.<sup>(b)</sup> | 38163 | &nbsp;&nbsp; 1108254 |
| Charles River Laboratories International, <br> Inc.<sup>(b)</sup><br>| 1170 | &nbsp;&nbsp; 191073 |
| Cigna Group (The) | 13694 | &nbsp;&nbsp; 4120114 |
| Cooper Cos., Inc. (The)<sup>(b)</sup> | 2580 | &nbsp;&nbsp; 173879 |
| CVS Health Corp. | 96984 | &nbsp;&nbsp; 7094380 |
| Danaher Corp. | 9913 | &nbsp;&nbsp; 2040294 |
| DaVita, Inc.<sup>(b)</sup> | 2704 | &nbsp;&nbsp; 372503 |
| DexCom, Inc.<sup>(b)</sup> | 2636 | &nbsp;&nbsp; 198596 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 4504 | &nbsp;&nbsp; 366355 |
| Elanco Animal Health, Inc.<sup>(b)(c)</sup> | 13705 | &nbsp;&nbsp; 251487 |
| Elevance Health, Inc. | 7753 | &nbsp;&nbsp; 2470493 |
| Eli Lilly and Co. | 2073 | &nbsp;&nbsp; 1518638 |
| GE HealthCare Technologies, Inc. | 6294 | &nbsp;&nbsp; 464057 |
| Gilead Sciences, Inc. | 17957 | &nbsp;&nbsp; 2028602 |
| HCA Healthcare, Inc. | 3753 | &nbsp;&nbsp; 1516062 |
| Henry Schein, Inc.<sup>(b)(c)</sup> | 3300 | &nbsp;&nbsp; 229614 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Hologic, Inc.<sup>(b)</sup> | 5331 | &nbsp;&nbsp; $357817 |
| Humana, Inc. | 6420 | &nbsp;&nbsp; 1949497 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 386 | &nbsp;&nbsp; 249777 |
| Illumina, Inc.<sup>(b)</sup> | 1986 | &nbsp;&nbsp; 198521 |
| Incyte Corp.<sup>(b)</sup> | 5046 | &nbsp;&nbsp; 426942 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 865 | &nbsp;&nbsp; 409400 |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 3767 | &nbsp;&nbsp; 718781 |
| Jazz Pharmaceuticals PLC<sup>(b)(c)</sup> | 2022 | &nbsp;&nbsp; 258310 |
| Johnson & Johnson | 35788 | &nbsp;&nbsp; 6340560 |
| Labcorp Holdings, Inc. | 1799 | &nbsp;&nbsp; 500104 |
| McKesson Corp. | 5361 | &nbsp;&nbsp; 3681077 |
| Medtronic PLC | 29000 | &nbsp;&nbsp; 2691490 |
| Merck & Co., Inc. | 48113 | &nbsp;&nbsp; 4047266 |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 176 | &nbsp;&nbsp; 228983 |
| Molina Healthcare, Inc.<sup>(b)</sup> | 1708 | &nbsp;&nbsp; 308858 |
| Pfizer, Inc. | 173141 | &nbsp;&nbsp; 4286971 |
| Quest Diagnostics, Inc. | 2015 | &nbsp;&nbsp; 366005 |
| Regeneron Pharmaceuticals, Inc. | 2090 | &nbsp;&nbsp; 1213663 |
| ResMed, Inc. | 1101 | &nbsp;&nbsp; 302235 |
| STERIS PLC | 1057 | &nbsp;&nbsp; 259028 |
| Stryker Corp. | 2256 | &nbsp;&nbsp; 883021 |
| Teleflex, Inc. | 1382 | &nbsp;&nbsp; 174699 |
| Tenet Healthcare Corp.<sup>(b)</sup> | 2963 | &nbsp;&nbsp; 546170 |
| Thermo Fisher Scientific, Inc. | 5447 | &nbsp;&nbsp; 2683846 |
| United Therapeutics Corp.<sup>(b)</sup> | 953 | &nbsp;&nbsp; 290436 |
| UnitedHealth Group, Inc. | 28569 | &nbsp;&nbsp; 8852676 |
| Universal Health Services, Inc., Class B | 2174 | &nbsp;&nbsp; 394755 |
| Veeva Systems, Inc., Class A<sup>(b)</sup> | 728 | &nbsp;&nbsp; 195978 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 1221 | &nbsp;&nbsp; 477435 |
| Viatris, Inc. | 79782 | &nbsp;&nbsp; 841700 |
| West Pharmaceutical Services, Inc. | 908 | &nbsp;&nbsp; 224231 |
| Zimmer Biomet Holdings, Inc. | 5208 | &nbsp;&nbsp; 552569 |
| Zoetis, Inc. | 3905 | &nbsp;&nbsp; 610742 |
|  |  | &nbsp;&nbsp; 88982691 |
| **Industrials-9.75%** | **Industrials-9.75%** | **Industrials-9.75%** |
| 3M Co. | 6322 | &nbsp;&nbsp; 983261 |
| A.O. Smith Corp. | 2417 | &nbsp;&nbsp; 172308 |
| AECOM | 2847 | &nbsp;&nbsp; 355562 |
| AGCO Corp. | 2292 | &nbsp;&nbsp; 247972 |
| AMETEK, Inc. | 2065 | &nbsp;&nbsp; 381612 |
| API Group Corp.<sup>(b)</sup> | 6165 | &nbsp;&nbsp; 219967 |
| Automatic Data Processing, Inc. | 3086 | &nbsp;&nbsp; 938298 |
| Avis Budget Group, Inc.<sup>(b)(c)</sup> | 3717 | &nbsp;&nbsp; 588141 |
| Boise Cascade Co. | 2022 | &nbsp;&nbsp; 175914 |
| Booz Allen Hamilton Holding Corp. | 2075 | &nbsp;&nbsp; 225594 |
| Broadridge Financial Solutions, Inc. | 1052 | &nbsp;&nbsp; 268912 |
| Builders FirstSource, Inc.<sup>(b)</sup> | 4376 | &nbsp;&nbsp; 606864 |
| C.H. Robinson Worldwide, Inc. | 2614 | &nbsp;&nbsp; 336422 |
| CACI International, Inc., Class A<sup>(b)</sup> | 372 | &nbsp;&nbsp; 178456 |
| Carlisle Cos., Inc. | 869 | &nbsp;&nbsp; 335338 |
| Carrier Global Corp. | 8900 | &nbsp;&nbsp; 580280 |
| Caterpillar, Inc. | 8856 | &nbsp;&nbsp; 3711018 |
| Cintas Corp. | 1826 | &nbsp;&nbsp; 383515 |
| CNH Industrial N.V. | 20173 | &nbsp;&nbsp; 230981 |
| Copart, Inc.<sup>(b)</sup> | 3851 | &nbsp;&nbsp; 187967 |
| Core & Main, Inc., Class A<sup>(b)</sup> | 4652 | &nbsp;&nbsp; 301077 |
| CSX Corp. | 34873 | &nbsp;&nbsp; 1133721 |
| Cummins, Inc. | 2180 | &nbsp;&nbsp; 868599 |
| Deere & Co. | 3919 | &nbsp;&nbsp; 1875790 |

---

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)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Delta Air Lines, Inc. | 6373 | &nbsp;&nbsp; $393724 |
| Dover Corp. | 1702 | &nbsp;&nbsp; 304420 |
| Eaton Corp. PLC | 3605 | &nbsp;&nbsp; 1258650 |
| EMCOR Group, Inc. | 666 | &nbsp;&nbsp; 412920 |
| Emerson Electric Co. | 7582 | &nbsp;&nbsp; 1000824 |
| Equifax, Inc. | 854 | &nbsp;&nbsp; 210340 |
| Expeditors International of Washington, Inc. | 2708 | &nbsp;&nbsp; 326422 |
| Fastenal Co. | 7991 | &nbsp;&nbsp; 396833 |
| FedEx Corp. | 9216 | &nbsp;&nbsp; 2129541 |
| Ferguson Enterprises, Inc. | 3605 | &nbsp;&nbsp; 833296 |
| Fluor Corp.<sup>(b)</sup> | 6215 | &nbsp;&nbsp; 254939 |
| Fortive Corp. | 5619 | &nbsp;&nbsp; 268925 |
| Fortune Brands Innovations, Inc. | 3099 | &nbsp;&nbsp; 181354 |
| General Dynamics Corp. | 4646 | &nbsp;&nbsp; 1507952 |
| General Electric Co. | 8328 | &nbsp;&nbsp; 2291866 |
| GXO Logistics, Inc.<sup>(b)(c)</sup> | 4546 | &nbsp;&nbsp; 239347 |
| Hertz Global Holdings, Inc.<sup>(b)(c)</sup> | 55881 | &nbsp;&nbsp; 320198 |
| Honeywell International, Inc. | 7944 | &nbsp;&nbsp; 1743708 |
| Howmet Aerospace, Inc. | 1757 | &nbsp;&nbsp; 305894 |
| Hubbell, Inc. | 513 | &nbsp;&nbsp; 221098 |
| Huntington Ingalls Industries, Inc. | 1122 | &nbsp;&nbsp; 303826 |
| Illinois Tool Works, Inc. | 3189 | &nbsp;&nbsp; 843969 |
| Ingersoll Rand, Inc. | 4301 | &nbsp;&nbsp; 341628 |
| J.B. Hunt Transport Services, Inc. | 1902 | &nbsp;&nbsp; 275771 |
| Jacobs Solutions, Inc. | 2615 | &nbsp;&nbsp; 382391 |
| Johnson Controls International PLC | 9287 | &nbsp;&nbsp; 992687 |
| Knight-Swift Transportation Holdings, Inc. | 5393 | &nbsp;&nbsp; 236753 |
| L3Harris Technologies, Inc. | 3564 | &nbsp;&nbsp; 989438 |
| Leidos Holdings, Inc. | 2269 | &nbsp;&nbsp; 410508 |
| Lockheed Martin Corp. | 4964 | &nbsp;&nbsp; 2261747 |
| ManpowerGroup, Inc. | 5878 | &nbsp;&nbsp; 249227 |
| Masco Corp. | 3859 | &nbsp;&nbsp; 283212 |
| MasTec, Inc.<sup>(b)</sup> | 1161 | &nbsp;&nbsp; 210942 |
| Norfolk Southern Corp. | 2888 | &nbsp;&nbsp; 808582 |
| Northrop Grumman Corp. | 2809 | &nbsp;&nbsp; 1657422 |
| Old Dominion Freight Line, Inc. | 1824 | &nbsp;&nbsp; 275369 |
| Oshkosh Corp. | 2010 | &nbsp;&nbsp; 280134 |
| Otis Worldwide Corp. | 3500 | &nbsp;&nbsp; 302330 |
| Owens Corning | 2747 | &nbsp;&nbsp; 412517 |
| PACCAR, Inc. | 12000 | &nbsp;&nbsp; 1199760 |
| Parker-Hannifin Corp. | 1136 | &nbsp;&nbsp; 862622 |
| Paychex, Inc.<sup>(c)</sup> | 2397 | &nbsp;&nbsp; 334274 |
| Pentair PLC | 1678 | &nbsp;&nbsp; 180435 |
| Quanta Services, Inc. | 1411 | &nbsp;&nbsp; 533302 |
| Regal Rexnord Corp. | 1558 | &nbsp;&nbsp; 232656 |
| Republic Services, Inc. | 1889 | &nbsp;&nbsp; 441969 |
| Rockwell Automation, Inc. | 1125 | &nbsp;&nbsp; 386359 |
| RTX Corp. | 26874 | &nbsp;&nbsp; 4262216 |
| Ryder System, Inc. | 2343 | &nbsp;&nbsp; 439359 |
| Science Applications International Corp. | 1595 | &nbsp;&nbsp; 187732 |
| Snap-on, Inc. | 865 | &nbsp;&nbsp; 281333 |
| SS&C Technologies Holdings, Inc. | 3847 | &nbsp;&nbsp; 341075 |
| Stanley Black & Decker, Inc. | 5663 | &nbsp;&nbsp; 420704 |
| Textron, Inc. | 5875 | &nbsp;&nbsp; 470940 |
| Trane Technologies PLC | 1687 | &nbsp;&nbsp; 701117 |
| TransDigm Group, Inc. | 359 | &nbsp;&nbsp; 502198 |
| TransUnion | 1839 | &nbsp;&nbsp; 162568 |
| Uber Technologies, Inc.<sup>(b)</sup> | 12172 | &nbsp;&nbsp; 1141125 |
| UFP Industries, Inc. | 1858 | &nbsp;&nbsp; 187602 |
| Union Pacific Corp. | 6975 | &nbsp;&nbsp; 1559401 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 3997 | &nbsp;&nbsp; $419685 |
| United Parcel Service, Inc., Class B | 25679 | &nbsp;&nbsp; 2245372 |
| United Rentals, Inc.<sup>(c)</sup> | 1126 | &nbsp;&nbsp; 1076839 |
| Verisk Analytics, Inc. | 767 | &nbsp;&nbsp; 205648 |
| Vertiv Holdings Co., Class A | 2305 | &nbsp;&nbsp; 294003 |
| W.W. Grainger, Inc. | 470 | &nbsp;&nbsp; 476345 |
| Wabtec Corp. | 2417 | &nbsp;&nbsp; 467690 |
| Waste Connections, Inc. | 2086 | &nbsp;&nbsp; 385514 |
| Waste Management, Inc. | 3916 | &nbsp;&nbsp; 886543 |
| Watsco, Inc.<sup>(c)</sup> | 424 | &nbsp;&nbsp; 170609 |
| WESCO International, Inc. | 2363 | &nbsp;&nbsp; 519482 |
| Xylem, Inc. | 2875 | &nbsp;&nbsp; 406985 |
| ZIM Integrated Shipping Services Ltd. <br> (Israel)<sup>(c)</sup><br>| 19169 | &nbsp;&nbsp; 260890 |
|  |  | &nbsp;&nbsp; 64052625 |
| **Information Technology-19.11%** | **Information Technology-19.11%** | **Information Technology-19.11%** |
| Accenture PLC, Class A (Ireland) | 8374 | &nbsp;&nbsp; 2176989 |
| Adobe, Inc.<sup>(b)</sup> | 4797 | &nbsp;&nbsp; 1711090 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 13026 | &nbsp;&nbsp; 2118418 |
| Akamai Technologies, Inc.<sup>(b)</sup> | 3783 | &nbsp;&nbsp; 299349 |
| Amdocs Ltd. | 2682 | &nbsp;&nbsp; 229499 |
| Amkor Technology, Inc. | 10320 | &nbsp;&nbsp; 249641 |
| Amphenol Corp., Class A | 7048 | &nbsp;&nbsp; 767245 |
| Apple, Inc. | 124154 | &nbsp;&nbsp; 28821110 |
| Applied Materials, Inc. | 10340 | &nbsp;&nbsp; 1662258 |
| AppLovin Corp., Class A<sup>(b)</sup> | 809 | &nbsp;&nbsp; 387179 |
| Arista Networks, Inc.<sup>(b)</sup> | 3995 | &nbsp;&nbsp; 545517 |
| Arrow Electronics, Inc.<sup>(b)(c)</sup> | 3973 | &nbsp;&nbsp; 501909 |
| Autodesk, Inc.<sup>(b)</sup> | 974 | &nbsp;&nbsp; 306518 |
| Avnet, Inc.<sup>(c)</sup> | 7627 | &nbsp;&nbsp; 416205 |
| Broadcom, Inc. | 22762 | &nbsp;&nbsp; 6769191 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 894 | &nbsp;&nbsp; 313284 |
| CDW Corp. | 2269 | &nbsp;&nbsp; 373840 |
| Cisco Systems, Inc. | 58938 | &nbsp;&nbsp; 4072026 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 8692 | &nbsp;&nbsp; 627997 |
| Coherent Corp.<sup>(b)(c)</sup> | 2233 | &nbsp;&nbsp; 202019 |
| Corning, Inc. | 11328 | &nbsp;&nbsp; 759316 |
| DocuSign, Inc.<sup>(b)</sup> | 2200 | &nbsp;&nbsp; 168652 |
| Dropbox, Inc., Class A<sup>(b)</sup> | 7001 | &nbsp;&nbsp; 203449 |
| DXC Technology Co.<sup>(b)</sup> | 20825 | &nbsp;&nbsp; 300921 |
| EPAM Systems, Inc.<sup>(b)</sup> | 998 | &nbsp;&nbsp; 176007 |
| F5, Inc.<sup>(b)</sup> | 668 | &nbsp;&nbsp; 209178 |
| First Solar, Inc.<sup>(b)(c)</sup> | 1156 | &nbsp;&nbsp; 225640 |
| Flex Ltd.<sup>(b)</sup> | 14402 | &nbsp;&nbsp; 772235 |
| Fortinet, Inc.<sup>(b)</sup> | 2509 | &nbsp;&nbsp; 197634 |
| Gartner, Inc.<sup>(b)</sup> | 556 | &nbsp;&nbsp; 139662 |
| Gen Digital, Inc. | 9684 | &nbsp;&nbsp; 292457 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 1341 | &nbsp;&nbsp; 198884 |
| Hewlett Packard Enterprise Co. | 59572 | &nbsp;&nbsp; 1344540 |
| HP, Inc. | 34888 | &nbsp;&nbsp; 995704 |
| Insight Enterprises, Inc.<sup>(b)(c)</sup> | 1247 | &nbsp;&nbsp; 162310 |
| Intel Corp. | 147557 | &nbsp;&nbsp; 3593013 |
| International Business Machines Corp. | 10298 | &nbsp;&nbsp; 2507460 |
| Intuit, Inc. | 1926 | &nbsp;&nbsp; 1284642 |
| Jabil, Inc. | 3960 | &nbsp;&nbsp; 811127 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 1680 | &nbsp;&nbsp; 274562 |
| KLA Corp. | 919 | &nbsp;&nbsp; 801368 |
| Kyndryl Holdings, Inc.<sup>(b)(c)</sup> | 5244 | &nbsp;&nbsp; 166707 |

---

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)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Lam Research Corp. | 12812 | &nbsp;&nbsp; $1283122 |
| Marvell Technology, Inc. | 8185 | &nbsp;&nbsp; 514550 |
| Microchip Technology, Inc. | 7635 | &nbsp;&nbsp; 496275 |
| Micron Technology, Inc. | 16376 | &nbsp;&nbsp; 1948908 |
| Microsoft Corp. | 43052 | &nbsp;&nbsp; 21814018 |
| Motorola Solutions, Inc. | 974 | &nbsp;&nbsp; 460176 |
| NetApp, Inc. | 3656 | &nbsp;&nbsp; 412360 |
| NVIDIA Corp. | 71508 | &nbsp;&nbsp; 12455263 |
| Okta, Inc.<sup>(b)(c)</sup> | 1418 | &nbsp;&nbsp; 131548 |
| ON Semiconductor Corp.<sup>(b)</sup> | 9447 | &nbsp;&nbsp; 468477 |
| Oracle Corp. | 10350 | &nbsp;&nbsp; 2340445 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 2234 | &nbsp;&nbsp; 425622 |
| Qorvo, Inc.<sup>(b)</sup> | 2467 | &nbsp;&nbsp; 223757 |
| QUALCOMM, Inc. | 17881 | &nbsp;&nbsp; 2874013 |
| Ralliant Corp.<sup>(b)</sup> | 1868 | &nbsp;&nbsp; 78101 |
| Roper Technologies, Inc. | 906 | &nbsp;&nbsp; 476837 |
| Salesforce, Inc. | 11249 | &nbsp;&nbsp; 2882556 |
| Seagate Technology Holdings PLC | 1671 | &nbsp;&nbsp; 279725 |
| ServiceNow, Inc.<sup>(b)</sup> | 657 | &nbsp;&nbsp; 602771 |
| Skyworks Solutions, Inc. | 4488 | &nbsp;&nbsp; 336331 |
| Snowflake, Inc., Class A<sup>(b)</sup> | 2115 | &nbsp;&nbsp; 504766 |
| Synopsys, Inc.<sup>(b)</sup> | 639 | &nbsp;&nbsp; 385649 |
| TD SYNNEX Corp. | 6090 | &nbsp;&nbsp; 901746 |
| TE Connectivity PLC (Switzerland) | 5419 | &nbsp;&nbsp; 1119023 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 610 | &nbsp;&nbsp; 328284 |
| Texas Instruments, Inc. | 7945 | &nbsp;&nbsp; 1608704 |
| Trimble, Inc.<sup>(b)</sup> | 2586 | &nbsp;&nbsp; 209001 |
| Twilio, Inc., Class A<sup>(b)</sup> | 3676 | &nbsp;&nbsp; 388222 |
| VeriSign, Inc. | 637 | &nbsp;&nbsp; 174137 |
| Western Digital Corp. | 5829 | &nbsp;&nbsp; 468302 |
| Workday, Inc., Class A<sup>(b)</sup> | 1863 | &nbsp;&nbsp; 430018 |
| Zoom Communications, Inc., Class A<sup>(b)</sup> | 4667 | &nbsp;&nbsp; 379987 |
|  |  | &nbsp;&nbsp; 125539446 |
| **Materials-3.49%** | **Materials-3.49%** | **Materials-3.49%** |
| Air Products and Chemicals, Inc. | 2819 | &nbsp;&nbsp; 829096 |
| Albemarle Corp.<sup>(c)</sup> | 4920 | &nbsp;&nbsp; 417806 |
| Alcoa Corp.<sup>(c)</sup> | 7585 | &nbsp;&nbsp; 244161 |
| Amcor PLC | 39930 | &nbsp;&nbsp; 344596 |
| Avery Dennison Corp. | 1286 | &nbsp;&nbsp; 220742 |
| Ball Corp. | 7591 | &nbsp;&nbsp; 399590 |
| Celanese Corp.<sup>(c)</sup> | 6276 | &nbsp;&nbsp; 298926 |
| CF Industries Holdings, Inc. | 5604 | &nbsp;&nbsp; 485475 |
| Cleveland-Cliffs, Inc.<sup>(b)(c)</sup> | 59362 | &nbsp;&nbsp; 638141 |
| Commercial Metals Co. | 4922 | &nbsp;&nbsp; 283852 |
| Corteva, Inc. | 12949 | &nbsp;&nbsp; 960686 |
| Crown Holdings, Inc. | 2825 | &nbsp;&nbsp; 280749 |
| Dow, Inc. | 42022 | &nbsp;&nbsp; 1035002 |
| DuPont de Nemours, Inc. | 11755 | &nbsp;&nbsp; 904195 |
| Eastman Chemical Co. | 4076 | &nbsp;&nbsp; 286706 |
| Ecolab, Inc. | 2207 | &nbsp;&nbsp; 611427 |
| FMC Corp.<sup>(c)</sup> | 4375 | &nbsp;&nbsp; 171063 |
| Freeport-McMoRan, Inc. | 28201 | &nbsp;&nbsp; 1252124 |
| Graphic Packaging Holding Co. | 9633 | &nbsp;&nbsp; 214527 |
| International Flavors & Fragrances, Inc. | 6462 | &nbsp;&nbsp; 436250 |
| International Paper Co. | 10237 | &nbsp;&nbsp; 508574 |
| Linde PLC | 5298 | &nbsp;&nbsp; 2533980 |
| LyondellBasell Industries N.V., Class A | 14260 | &nbsp;&nbsp; 803551 |
| Martin Marietta Materials, Inc. | 673 | &nbsp;&nbsp; 414837 |
| Mosaic Co. (The) | 13863 | &nbsp;&nbsp; 463024 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| Newmont Corp. | 24045 | &nbsp;&nbsp; $1788948 |
| Nucor Corp. | 11010 | &nbsp;&nbsp; 1637517 |
| Olin Corp. | 9681 | &nbsp;&nbsp; 229052 |
| Packaging Corp. of America | 1449 | &nbsp;&nbsp; 315824 |
| PPG Industries, Inc. | 4832 | &nbsp;&nbsp; 537463 |
| Reliance, Inc. | 1663 | &nbsp;&nbsp; 491683 |
| RPM International, Inc. | 1848 | &nbsp;&nbsp; 231573 |
| Sherwin-Williams Co. (The) | 2179 | &nbsp;&nbsp; 797144 |
| Sonoco Products Co. | 3650 | &nbsp;&nbsp; 172463 |
| Steel Dynamics, Inc. | 4607 | &nbsp;&nbsp; 603148 |
| Ternium S.A., ADR (Mexico) | 21897 | &nbsp;&nbsp; 726105 |
| Vulcan Materials Co. | 1254 | &nbsp;&nbsp; 365115 |
|  |  | &nbsp;&nbsp; 22935115 |
| **Real Estate-0.53%** | **Real Estate-0.53%** | **Real Estate-0.53%** |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 4498 | &nbsp;&nbsp; 729216 |
| CoStar Group, Inc.<sup>(b)</sup> | 2284 | &nbsp;&nbsp; 204395 |
| Equinix, Inc. | 671 | &nbsp;&nbsp; 527533 |
| Host Hotels & Resorts, Inc. | 17909 | &nbsp;&nbsp; 308214 |
| Iron Mountain, Inc. | 2784 | &nbsp;&nbsp; 257047 |
| Jones Lang LaSalle, Inc.<sup>(b)</sup> | 1435 | &nbsp;&nbsp; 438493 |
| Public Storage | 1907 | &nbsp;&nbsp; 561783 |
| SBA Communications Corp., Class A | 937 | &nbsp;&nbsp; 191944 |
| Weyerhaeuser Co. | 10848 | &nbsp;&nbsp; 280638 |
|  |  | &nbsp;&nbsp; 3499263 |
| **Utilities-1.16%** | **Utilities-1.16%** | **Utilities-1.16%** |
| AES Corp. (The) | 32430 | &nbsp;&nbsp; 439102 |
| CMS Energy Corp. | 5693 | &nbsp;&nbsp; 407448 |
| Consolidated Edison, Inc. | 8114 | &nbsp;&nbsp; 797038 |
| Constellation Energy Corp. | 1156 | &nbsp;&nbsp; 356025 |
| DTE Energy Co. | 4571 | &nbsp;&nbsp; 624627 |
| Exelon Corp. | 27152 | &nbsp;&nbsp; 1185999 |
| FirstEnergy Corp. | 14406 | &nbsp;&nbsp; 628390 |
| National Fuel Gas Co. | 2063 | &nbsp;&nbsp; 178945 |
| NRG Energy, Inc. | 4040 | &nbsp;&nbsp; 588063 |
| OGE Energy Corp. | 4664 | &nbsp;&nbsp; 208294 |
| PPL Corp. | 15410 | &nbsp;&nbsp; 562003 |
| Southwest Gas Holdings, Inc. | 2766 | &nbsp;&nbsp; 220948 |
| Talen Energy Corp.<sup>(b)(c)</sup> | 873 | &nbsp;&nbsp; 330797 |
| UGI Corp. | 7573 | &nbsp;&nbsp; 262329 |
| Vistra Corp. | 4500 | &nbsp;&nbsp; 850995 |
|  |  | &nbsp;&nbsp; 7641003 |
| Total Common Stocks & Other Equity Interests <br>(Cost $592,577,854) | Total Common Stocks & Other Equity Interests <br>(Cost $592,577,854) | &nbsp;&nbsp; 655755938 |
| **Money Market Funds-0.04%** | **Money Market Funds-0.04%** | **Money Market Funds-0.04%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(d)(e)</sup> <br>(Cost $287,957)<br>| 287957 | &nbsp;&nbsp; 287957 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.84% <br>(Cost $592,865,811) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.84% <br>(Cost $592,865,811) | &nbsp;&nbsp; 656043895 |

---

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)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **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-2.54%** | **Money Market Funds-2.54%** | **Money Market Funds-2.54%** |
| Invesco Private Government Fund, <br> 4.28%<sup>(d)(e)(f)</sup><br>| 4596480 | &nbsp;&nbsp; $4596480 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 12112267 | &nbsp;&nbsp; 12115901 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $16,711,565) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $16,711,565) | &nbsp;&nbsp; 16712381 |
| TOTAL INVESTMENTS IN SECURITIES-102.38% <br>(Cost $609,577,376) | TOTAL INVESTMENTS IN SECURITIES-102.38% <br>(Cost $609,577,376) | &nbsp;&nbsp; 672756276 |
| OTHER ASSETS LESS LIABILITIES-(2.38)% | OTHER ASSETS LESS LIABILITIES-(2.38)% | &nbsp;&nbsp; (15650253)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $657106023 |

---

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 August 31, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended August 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2024**<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>**August 31, 2025**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $- | &nbsp;&nbsp; $398651 | &nbsp;&nbsp; $(13138)<br>| &nbsp;&nbsp; $182736 | &nbsp;&nbsp; $2795 | &nbsp;&nbsp; $571044 | &nbsp;&nbsp; $5490 |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 13477275 | &nbsp;&nbsp; (13189318)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 287957 | &nbsp;&nbsp; 16365 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 4669544 | &nbsp;&nbsp; 74200808 | &nbsp;&nbsp; (74273872)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4596480 | &nbsp;&nbsp; 318,897<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 12524916 | &nbsp;&nbsp; 157417942 | &nbsp;&nbsp; (157824679)<br>| &nbsp;&nbsp; (259)<br>| &nbsp;&nbsp; (2019)<br>| &nbsp;&nbsp; 12115901 | &nbsp;&nbsp; 852,927<br> \*<br>|
| Total | &nbsp;&nbsp; $17194460 | &nbsp;&nbsp; $245494676 | &nbsp;&nbsp; $(245301007)<br>| &nbsp;&nbsp; $182477 | &nbsp;&nbsp; $776 | &nbsp;&nbsp; $17571382 | &nbsp;&nbsp; $1193679 |

---

\* 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 August 31, 2025.

<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**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **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; $189158128 | &nbsp;&nbsp;&nbsp; $655184894 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 8154787 | &nbsp;&nbsp;&nbsp; 17571382 |
| Receivable for: |  |  |
| Dividends | &nbsp;&nbsp; 228829 | &nbsp;&nbsp;&nbsp; 1059038 |
| Securities lending | &nbsp;&nbsp; 1470 | &nbsp;&nbsp;&nbsp; 104176 |
| Foreign tax reclaims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1678 |
| **Total assets** | &nbsp;&nbsp; 197543214 | &nbsp;&nbsp;&nbsp; 673921168 |
| **Liabilities:** |  |  |
| Due to custodian | &nbsp;&nbsp; 766 | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 8002086 | &nbsp;&nbsp;&nbsp; 16711565 |
| Accrued unitary management fees | &nbsp;&nbsp; 64237 | &nbsp;&nbsp;&nbsp; 103580 |
| **Total liabilities** | &nbsp;&nbsp; 8067089 | &nbsp;&nbsp;&nbsp; 16815145 |
| **Net Assets** | &nbsp;&nbsp; $189476125 | &nbsp;&nbsp;&nbsp; $657106023 |
| **Net assets consist of:** |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $244600168 | &nbsp;&nbsp;&nbsp; $616109767 |
| Distributable earnings (loss) | &nbsp;&nbsp; (55124043)<br>| &nbsp;&nbsp;&nbsp; 40996256 |
| **Net Assets** | &nbsp;&nbsp; $189476125 | &nbsp;&nbsp;&nbsp; $657106023 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 2110000 | &nbsp;&nbsp;&nbsp; 12175001 |
| Net asset value | &nbsp;&nbsp; $89.80 | &nbsp;&nbsp;&nbsp; $53.97 |
| Market price | &nbsp;&nbsp; $89.78 | &nbsp;&nbsp;&nbsp; $53.98 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $164938225 | &nbsp;&nbsp;&nbsp; $592189546 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $8154629 | &nbsp;&nbsp;&nbsp; $17387830 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $7818293 | &nbsp;&nbsp;&nbsp; $16412747 |

---

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

------

**11**

------

**Statements of Operations**

For the year ended August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **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; $2375318 | &nbsp;&nbsp;&nbsp; $11146270 |
| Affiliated dividend income | &nbsp;&nbsp; 4298 | &nbsp;&nbsp;&nbsp; 21855 |
| Securities lending income, net | &nbsp;&nbsp; 26639 | &nbsp;&nbsp;&nbsp; 172625 |
| Foreign withholding tax | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (40425)<br>|
| Total investment income | &nbsp;&nbsp; 2406255 | &nbsp;&nbsp;&nbsp; 11300325 |
| **Expenses:** |  |  |
| Unitary management fees | &nbsp;&nbsp; 730751 | &nbsp;&nbsp;&nbsp; 1173251 |
| Less: Waivers | &nbsp;&nbsp; (92)<br>| &nbsp;&nbsp;&nbsp; (360)<br>|
| Net expenses | &nbsp;&nbsp; 730659 | &nbsp;&nbsp;&nbsp; 1172891 |
| Net investment income | &nbsp;&nbsp; 1675596 | &nbsp;&nbsp;&nbsp; 10127434 |
| **Realized and unrealized gain (loss) from:** |  |  |
| Net realized gain (loss) from: |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (742357)<br>| &nbsp;&nbsp;&nbsp; (9401303)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (1734)<br>| &nbsp;&nbsp;&nbsp; (2019)<br>|
| Unaffiliated in-kind redemptions | &nbsp;&nbsp; 15406684 | &nbsp;&nbsp;&nbsp; 42284583 |
| Affiliated in-kind redemptions | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2795 |
| Net realized gain | &nbsp;&nbsp; 14662593 | &nbsp;&nbsp;&nbsp; 32884056 |
| Change in net unrealized appreciation (depreciation) of: |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (291475)<br>| &nbsp;&nbsp;&nbsp; 19332611 |
| Affiliated investment securities | &nbsp;&nbsp; (725)<br>| &nbsp;&nbsp;&nbsp; 182477 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (292200)<br>| &nbsp;&nbsp;&nbsp; 19515088 |
| Net realized and unrealized gain | &nbsp;&nbsp; 14370393 | &nbsp;&nbsp;&nbsp; 52399144 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $16045989 | &nbsp;&nbsp;&nbsp; $62526578 |

---

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

------

**12**

------

**Statements of Changes in Net Assets**

For the years ended August 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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)** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $1675596 | &nbsp;&nbsp;&nbsp; $1795202 | &nbsp;&nbsp;&nbsp; $10127434 | &nbsp;&nbsp;&nbsp; $6605508 |
| Net realized gain | &nbsp;&nbsp; 14662593 | &nbsp;&nbsp;&nbsp; 19216338 | &nbsp;&nbsp;&nbsp; 32884056 | &nbsp;&nbsp;&nbsp; 31851395 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (292200)<br>| &nbsp;&nbsp;&nbsp; 18305375 | &nbsp;&nbsp;&nbsp; 19515088 | &nbsp;&nbsp;&nbsp; 40351070 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 16045989 | &nbsp;&nbsp;&nbsp; 39316915 | &nbsp;&nbsp;&nbsp; 62526578 | &nbsp;&nbsp;&nbsp; 78807973 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (1465470)<br>| &nbsp;&nbsp;&nbsp; (3149107)<br>| &nbsp;&nbsp;&nbsp; (10051037)<br>| &nbsp;&nbsp;&nbsp; (5696003)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 80760009 | &nbsp;&nbsp;&nbsp; 88775619 | &nbsp;&nbsp;&nbsp; 192396921 | &nbsp;&nbsp;&nbsp; 396365299 |
| Value of shares repurchased | &nbsp;&nbsp; (101292509)<br>| &nbsp;&nbsp;&nbsp; (146832662)<br>| &nbsp;&nbsp;&nbsp; (152152947)<br>| &nbsp;&nbsp;&nbsp; (127311154)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (20532500)<br>| &nbsp;&nbsp;&nbsp; (58057043)<br>| &nbsp;&nbsp;&nbsp; 40243974 | &nbsp;&nbsp;&nbsp; 269054145 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (5951981)<br>| &nbsp;&nbsp;&nbsp; (21889235)<br>| &nbsp;&nbsp;&nbsp; 92719515 | &nbsp;&nbsp;&nbsp; 342166115 |
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 195428106 | &nbsp;&nbsp;&nbsp; 217317341 | &nbsp;&nbsp;&nbsp; 564386508 | &nbsp;&nbsp;&nbsp; 222220393 |
| End of year | &nbsp;&nbsp; $189476125 | &nbsp;&nbsp;&nbsp; $195428106 | &nbsp;&nbsp;&nbsp; $657106023 | &nbsp;&nbsp;&nbsp; $564386508 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 3825000 | &nbsp;&nbsp;&nbsp; 8725000 |
| Shares repurchased | &nbsp;&nbsp; (1200000)<br>| &nbsp;&nbsp;&nbsp; (1960000)<br>| &nbsp;&nbsp;&nbsp; (3025000)<br>| &nbsp;&nbsp;&nbsp; (2725000)<br>|
| Shares outstanding, beginning of year | &nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp; 3160000 | &nbsp;&nbsp;&nbsp; 11375001 | &nbsp;&nbsp;&nbsp; 5375001 |
| Shares outstanding, end of year | &nbsp;&nbsp; 2110000 | &nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp; 12175001 | &nbsp;&nbsp;&nbsp; 11375001 |

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

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**13**

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**Financial Highlights**

Invesco Bloomberg Pricing Power ETF (POWA)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &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;0.74 | &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;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;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; (0.64)<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 year | &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 year<sup>(b)</sup> | &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; 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; 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 year (000's omitted) | &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; 0.38<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; 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>(d)</sup> | &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>|

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<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> 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. 

Invesco RAFI<sup>TM</sup> Strategic US ETF (IUS)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &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;0.83 | &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;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;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; (0.82)<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 year | &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 year<sup>(b)</sup> | &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; 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; 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 year (000's omitted) | &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<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; 1.64<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>(d)</sup> | &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>|

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

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

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**Notes to Financial Statements**

Invesco Exchange-Traded Self-Indexed Fund Trust

August 31, 2025

**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:

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| | |
|:---|:---|
| **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" |

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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 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"):

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| | |
|:---|:---|
| **Fund** | **Underlying Index** |
| Bloomberg Pricing Power ETF | Bloomberg Pricing Power Index |
| RAFI<sup>TM</sup> Strategic US ETF | Invesco Strategic US Index |

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**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. 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.

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Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts') prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

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

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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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

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

**F.** **Expenses** - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser 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

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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** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts 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. Adoption of the new standard impacted the Funds' financial statement note disclosures only and did not affect the Funds' financial position or the results of its operations.

**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 fiscal year ended August 31, 2025, each Fund had affiliated securities lending transactions with Invesco. Fees

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**18**

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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 | $2778 |
| RAFI<sup>TM</sup> Strategic US ETF | 17942 |

---

**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.

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*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 the composition of 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 Company Risk*. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-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:

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| | |
|:---|:---|
|  | **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 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 fiscal year ended August 31, 2025, the Adviser waived fees for each Fund in the following amounts:

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| | |
|:---|:---|
| Bloomberg Pricing Power ETF | &nbsp;&nbsp;&nbsp; $92 |
| RAFI<sup>TM</sup> Strategic US ETF | &nbsp;&nbsp;&nbsp; 360 |

---

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.

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The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a "Licensor"):

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| | |
|:---|:---|
| **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 fiscal year ended August 31, 2025, 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:

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| | |
|:---|:---|
| Bloomberg Pricing Power ETF | &nbsp;&nbsp;&nbsp; $9453 |
| RAFI<sup>TM</sup> Strategic US ETF | &nbsp;&nbsp;&nbsp; 7583 |

---

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 August 31, 2025. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Bloomberg Pricing Power ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $189158128 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $189158128 |
| Money Market Funds | &nbsp;&nbsp; 152543 | &nbsp;&nbsp; 8002244 | &nbsp;&nbsp; - | &nbsp;&nbsp; 8154787 |
| **Total Investments** | &nbsp;&nbsp; $189310671 | &nbsp;&nbsp; $8002244 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $197312915 |
| RAFI<sup>TM</sup> Strategic US ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $655755938 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $655755938 |
| Money Market Funds | &nbsp;&nbsp; 287957 | &nbsp;&nbsp; 16712381 | &nbsp;&nbsp; - | &nbsp;&nbsp; 17000338 |
| **Total Investments** | &nbsp;&nbsp; $656043895 | &nbsp;&nbsp; $16712381 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $672756276 |

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**NOTE 5—Distributions to Shareholders and Tax Components of Net Assets**

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **Ordinary** <br>**Income\***<br>| **Ordinary** <br>**Income\***<br>|
| Bloomberg Pricing Power ETF | &nbsp;&nbsp; $1465470 | &nbsp;&nbsp; $3149107 |
| RAFI<sup>TM</sup> Strategic US ETF | &nbsp;&nbsp; 10051037 | &nbsp;&nbsp; 5696003 |

---

\* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Net** <br>**Unrealized** <br>**Appreciation-** <br>**Investments**<br>| **Capital Loss** <br>**Carryforwards**<br>| **Shares of** <br>**Beneficial** <br>**Interest**<br>| **Total** <br>**Net Assets**<br>|
| Bloomberg Pricing Power ETF | &nbsp;&nbsp; $1207428 | &nbsp;&nbsp; $23316052 | &nbsp;&nbsp; $(79647523)<br>| &nbsp;&nbsp; $244600168 | &nbsp;&nbsp; $189476125 |
| RAFI<sup>TM</sup> Strategic US ETF | &nbsp;&nbsp; 1831216 | &nbsp;&nbsp; 62270297 | &nbsp;&nbsp; (23105257)<br>| &nbsp;&nbsp; 616109767 | &nbsp;&nbsp; 657106023 |

---

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 have capital loss carryforwards as of August 31, 2025, as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **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 fiscal year ended August 31, 2025, 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:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Bloomberg Pricing Power ETF | &nbsp;&nbsp; $173139432 | &nbsp;&nbsp; $173453925 |
| RAFI<sup>TM</sup> Strategic US ETF | &nbsp;&nbsp; 64907991 | &nbsp;&nbsp; 65788257 |

---

For the fiscal year ended August 31, 2025, in-kind transactions associated with creations and redemptions were as follows:

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| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| Bloomberg Pricing Power ETF | &nbsp;&nbsp; $80626618 | &nbsp;&nbsp; $100735650 |
| RAFI<sup>TM</sup> Strategic US ETF | &nbsp;&nbsp; 192086608 | &nbsp;&nbsp; 151872924 |

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Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of August 31, 2025, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; $28569224 | &nbsp;&nbsp; $(5253172)<br>| &nbsp;&nbsp; $23316052 | &nbsp;&nbsp; $173996863 |
| RAFI<sup>TM</sup> Strategic US ETF | &nbsp;&nbsp; 94483327 | &nbsp;&nbsp; (32213030)<br>| &nbsp;&nbsp; 62270297 | &nbsp;&nbsp; 610485979 |

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**NOTE 7—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of redemption in-kind, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2025, the reclassifications were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Undistributed Net** <br>**Investment Income**<br>| **Undistributed Net** <br>**Realized Gain (Loss)**<br>| **Shares of** <br>**Beneficial Interest**<br>|
| Bloomberg Pricing Power ETF | &nbsp;&nbsp; $7 | &nbsp;&nbsp; $(14919044)<br>| &nbsp;&nbsp; $14919037 |
| RAFI<sup>TM</sup> Strategic US ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (42104063)<br>| &nbsp;&nbsp; 42104063 |

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**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.

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**23**

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Invesco Exchange-Traded Self-Indexed Fund Trust and Shareholders of Invesco Bloomberg Pricing Power ETF and Invesco RAFI Strategic US ETF

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Bloomberg Pricing Power ETF and Invesco RAFI Strategic US ETF (two of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 23, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

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**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Qualified** <br>**Business** <br>**Income\***<br>| **Qualified** <br>**Dividend** <br>**Income\***<br>| **Corporate** <br>**Dividends** <br>**Received** <br>**Deduction\***<br>| **U.S.** <br>**Treasury** <br>**Obligations\***<br>| **Business** <br>**Interest** <br>**Income\***<br>|
| Invesco Bloomberg Pricing Power ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco RAFI<sup>TM</sup> Strategic US ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|

---

\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

------

**25**

------

**Approval of Investment Advisory Contracts**

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for the following series (each, a "Fund" and collectively, the "Funds"):

Invesco Bloomberg Pricing Power ETF

Invesco BulletShares 2025 Corporate Bond ETF

Invesco BulletShares 2026 Corporate Bond ETF

Invesco BulletShares 2027 Corporate Bond ETF

Invesco BulletShares 2028 Corporate Bond ETF

Invesco BulletShares 2029 Corporate Bond ETF

Invesco BulletShares 2030 Corporate Bond ETF

Invesco BulletShares 2031 Corporate Bond ETF

Invesco BulletShares 2032 Corporate Bond ETF

Invesco BulletShares 2033 Corporate Bond ETF

Invesco BulletShares 2034 Corporate Bond ETF

Invesco BulletShares 2025 High Yield Corporate Bond ETF

Invesco BulletShares 2026 High Yield Corporate Bond ETF

Invesco BulletShares 2027 High Yield Corporate Bond ETF

Invesco BulletShares 2028 High Yield Corporate Bond ETF

Invesco BulletShares 2029 High Yield Corporate Bond ETF

Invesco BulletShares 2030 High Yield Corporate Bond ETF

Invesco BulletShares 2031 High Yield Corporate Bond ETF

Invesco BulletShares 2032 High Yield Corporate Bond ETF

Invesco BulletShares 2025 Municipal Bond ETF

Invesco BulletShares 2026 Municipal Bond ETF

Invesco BulletShares 2027 Municipal Bond ETF

Invesco BulletShares 2028 Municipal Bond ETF

Invesco BulletShares 2029 Municipal Bond ETF

Invesco BulletShares 2030 Municipal Bond ETF

Invesco BulletShares 2031 Municipal Bond ETF

Invesco BulletShares 2032 Municipal Bond ETF

Invesco BulletShares 2033 Municipal Bond ETF

Invesco International Developed Dynamic Multifactor ETF

Invesco Investment Grade Defensive ETF

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

Invesco Russell 1000® Dynamic Multifactor ETF

Invesco Russell 2000® Dynamic Multifactor ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser's relationship with the Funds.

*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 performed by the Adviser for the Funds, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund's performance and the performance of its underlying index, as well as the Adviser's analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco's independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds ("ETFs") businesses of Guggenheim Capital LLC ("Guggenheim") on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company ("Oppenheimer") on May 24, 2019 (each, a "Transaction"), and that each such Fund's performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust's registration statement. The Board concluded that each Fund's correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund's particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds' administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

------

**26**

------

**Approval of Investment Advisory Contracts—(continued)**

Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

*Fees, Expenses and Profitability*. The Trustees reviewed and discussed the information provided by the Adviser on each Fund's net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays its 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:

&nbsp;&nbsp;&nbsp;&nbsp;● 0.10% of the Fund's average daily net assets for each of Invesco BulletShares 2025 Corporate Bond ETF, Invesco BulletShares 2026 Corporate Bond ETF, Invesco BulletShares 2027 Corporate Bond ETF, Invesco BulletShares 2028 Corporate Bond ETF, Invesco BulletShares 2029 Corporate Bond ETF, Invesco BulletShares 2030 Corporate Bond ETF, Invesco BulletShares 2031 Corporate Bond ETF, Invesco BulletShares 2032 Corporate Bond ETF, Invesco BulletShares 2033 Corporate Bond ETF and Invesco BulletShares 2034 Corporate Bond ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.13% of the Fund's average daily net assets for Invesco Investment Grade Defensive ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.18% of the Fund's average daily net assets for each of Invesco BulletShares 2025 Municipal Bond ETF, Invesco BulletShares 2026 Municipal Bond ETF, Invesco BulletShares 2027 Municipal Bond ETF, Invesco BulletShares 2028 Municipal Bond ETF, Invesco BulletShares 2029 Municipal Bond ETF, Invesco BulletShares 2030 Municipal Bond ETF, Invesco BulletShares 2031 Municipal Bond ETF, Invesco BulletShares 2032 Municipal Bond ETF and Invesco BulletShares 2033 Municipal Bond ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.19% of the Fund's average daily net assets for Invesco RAFITM Strategic US ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.29% of the Fund's average daily net assets for Invesco Russell 1000® Dynamic Multifactor ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.34% of the Fund's average daily net assets for Invesco International Developed Dynamic Multifactor ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.39% of the Fund's average daily net assets for Invesco Russell 2000® Dynamic Multifactor ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.40% of the Fund's average daily net assets for Invesco Bloomberg Pricing Power ETF; and

&nbsp;&nbsp;&nbsp;&nbsp;● 0.42% of the Fund's average daily net assets for each of Invesco BulletShares 2025 High Yield Corporate Bond ETF, Invesco BulletShares 2026 High Yield Corporate Bond ETF, Invesco BulletShares 2027 High Yield Corporate Bond ETF, Invesco BulletShares 2028 High Yield Corporate Bond ETF, Invesco BulletShares 2029 High Yield Corporate Bond ETF, Invesco BulletShares 2030 High Yield Corporate Bond ETF, Invesco BulletShares 2031 High Yield Corporate Bond ETF and Invesco BulletShares 2032 High Yield Corporate Bond ETF.

The Trustees compared each Fund's net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF** <br>**Peer Median**<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco Bloomberg Pricing Power ETF |  |  | X |
| Invesco BulletShares 2025 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2026 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2027 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2028 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2029 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2030 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2031 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2032 Corporate Bond ETF | X |  | X |

---

------

**27**

------

**Approval of Investment Advisory Contracts—(continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal**<br> **to/Lower**<br> **than ETF**<br> **Peer Median**<br>| **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco BulletShares 2033 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2034 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2025 High Yield Corporate Bond ETF |  | X | X |
| Invesco BulletShares 2026 High Yield Corporate Bond ETF |  | X | X |
| Invesco BulletShares 2027 High Yield Corporate Bond ETF |  | X | X |
| Invesco BulletShares 2028 High Yield Corporate Bond ETF |  | X | X |
| Invesco BulletShares 2029 High Yield Corporate Bond ETF |  | X | X |
| Invesco BulletShares 2030 High Yield Corporate Bond ETF |  | X | X |
| Invesco BulletShares 2031 High Yield Corporate Bond ETF |  | X | X |
| Invesco BulletShares 2032 High Yield Corporate Bond ETF |  | X | X |
| Invesco BulletShares 2025 Municipal Bond ETF | X | N/A | X |
| Invesco BulletShares 2026 Municipal Bond ETF | X | N/A | X |
| Invesco BulletShares 2027 Municipal Bond ETF | X | N/A | X |
| Invesco BulletShares 2028 Municipal Bond ETF | X | N/A | X |
| Invesco BulletShares 2029 Municipal Bond ETF | X | N/A | X |
| Invesco BulletShares 2030 Municipal Bond ETF | X | N/A | X |
| Invesco BulletShares 2031 Municipal Bond ETF | X | N/A | X |
| Invesco BulletShares 2032 Municipal Bond ETF | X | N/A | X |
| Invesco BulletShares 2033 Municipal Bond ETF | X | N/A | X |
| Invesco International Developed Dynamic Multifactor ETF |  |  | X |
| Invesco Investment Grade Defensive ETF | X | X | X |
| Invesco RAFI<sup>TM</sup> Strategic US ETF | X |  | X |
| Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | X |  | X |
| Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF |  |  | X |

---

\* The information provided by the Adviser indicated that certain Funds did not have any open-end index fund peers. Those Funds have been designated in this column with an "N/A" for not available.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF and Invesco International Developed Dynamic Multifactor ETF. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board concluded that each Fund's unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco BulletShares 2034 Corporate Bond ETF or Invesco BulletShares 2032 High Yield Corporate Bond ETF because those Funds had not completed a full year of operations as of December 31, 2024. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

------

**28**

------

**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 each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

*Fall-out Benefits*. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc. and Invesco Indexing LLC, affiliates of the Adviser, serve as each Fund's distributor and index provider and are paid a distribution fee and licensing fee, respectively, by the Adviser. The Board concluded that each Fund's unitary advisory fee was reasonable, taking into account any ancillary benefits 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 continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board's analysis.

------

**29**

------

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory Contracts section of this report.

------

**30**

------

**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-SIEI-NCSR

invesco.com/ETFs

------

![](img4fc7bb331.jpg)

------

**Invesco Annual Financial Statements and Other Information**

August 31, 2025

---

| |
|:---|
| **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_0aa8ea75-15ec-41e6-83c7-17512d0e332a_SOI-Continued-609_1) | **3** |
| [Invesco Russell 1000](#xx_0aa8ea75-15ec-41e6-83c7-17512d0e332a_SOI-Continued-609_6)<sup>®</sup>[Dynamic Multifactor ETF (OMFL)](#xx_0aa8ea75-15ec-41e6-83c7-17512d0e332a_SOI-Continued-609_6) | **8** |
| [Invesco Russell 2000](#xx_0aa8ea75-15ec-41e6-83c7-17512d0e332a_SOI-Continued-609_13)<sup>®</sup>[Dynamic Multifactor ETF (OMFS)](#xx_0aa8ea75-15ec-41e6-83c7-17512d0e332a_SOI-Continued-609_13) | **15** |
| [Statements of Assets and Liabilities](#xx_0aa8ea75-15ec-41e6-83c7-17512d0e332a_FS-Continued-609_1) | **29** |
| [Statements of Operations](#xx_0aa8ea75-15ec-41e6-83c7-17512d0e332a_FS-Continued-609_2) | **30** |
| [Statements of Changes in Net Assets](#xx_0aa8ea75-15ec-41e6-83c7-17512d0e332a_FS-Continued-609_3) | **31** |
| [Financial Highlights](#xx_0aa8ea75-15ec-41e6-83c7-17512d0e332a_FIHI-Continued-609_1) | **32** |
| [Notes to Financial Statements](#xx_0aa8ea75-15ec-41e6-83c7-17512d0e332a_NTF-Continued-609_1) | **34** |
| [Report of Independent Registered Public Accounting Firm](#xx_0aa8ea75-15ec-41e6-83c7-17512d0e332a_AR-Continued-609_1) | **44** |
| [Tax Information](#xx_0aa8ea75-15ec-41e6-83c7-17512d0e332a_TI-Continued-609_1) | **45** |
| [Approval of Investment Advisory Contracts](#xx_0aa8ea75-15ec-41e6-83c7-17512d0e332a_BCRC-Continued_1) | **46** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_0aa8ea75-15ec-41e6-83c7-17512d0e332a_OIRSR-Continued-813_1) | **50** |

---

------

**2**

------

**Invesco International Developed Dynamic Multifactor ETF (IMFL)**

August 31, 2025

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.70%** | **Common Stocks & Other Equity Interests-99.70%** | **Common Stocks & Other Equity Interests-99.70%** |
| **Australia-8.14%** | **Australia-8.14%** | **Australia-8.14%** |
| AGL Energy Ltd. | 40406 | &nbsp;&nbsp; $217276 |
| ALS Ltd. | 13573 | &nbsp;&nbsp; 164650 |
| ANZ Group Holdings Ltd. | 9591 | &nbsp;&nbsp; 210770 |
| Aristocrat Leisure Ltd. | 100844 | &nbsp;&nbsp; 4782046 |
| ASX Ltd. | 4074 | &nbsp;&nbsp; 166431 |
| BHP Group Ltd. | 135025 | &nbsp;&nbsp; 3763840 |
| BlueScope Steel Ltd. | 10464 | &nbsp;&nbsp; 156781 |
| Brambles Ltd. | 308789 | &nbsp;&nbsp; 5233495 |
| CAR Group Ltd. | 6085 | &nbsp;&nbsp; 160522 |
| Coles Group Ltd. | 99109 | &nbsp;&nbsp; 1547311 |
| Commonwealth Bank of Australia | 28289 | &nbsp;&nbsp; 3144509 |
| Computershare Ltd. | 226328 | &nbsp;&nbsp; 5632804 |
| CSL Ltd. | 6346 | &nbsp;&nbsp; 882845 |
| Insurance Australia Group Ltd. | 213802 | &nbsp;&nbsp; 1216396 |
| JB Hi-Fi Ltd. | 9115 | &nbsp;&nbsp; 697077 |
| Lottery Corp. Ltd. (The) | 67520 | &nbsp;&nbsp; 259420 |
| Macquarie Group Ltd. | 3592 | &nbsp;&nbsp; 526869 |
| Medibank Pvt. Ltd. | 354910 | &nbsp;&nbsp; 1182468 |
| National Australia Bank Ltd. | 10688 | &nbsp;&nbsp; 298310 |
| Origin Energy Ltd. | 24760 | &nbsp;&nbsp; 208903 |
| Qantas Airways Ltd. | 20326 | &nbsp;&nbsp; 155754 |
| QBE Insurance Group Ltd. | 91262 | &nbsp;&nbsp; 1289516 |
| Qube Holdings Ltd. | 123796 | &nbsp;&nbsp; 339361 |
| REA Group Ltd. | 4427 | &nbsp;&nbsp; 725059 |
| Rio Tinto Ltd. | 15932 | &nbsp;&nbsp; 1203550 |
| Rio Tinto PLC | 39659 | &nbsp;&nbsp; 2478150 |
| Scentre Group | 99037 | &nbsp;&nbsp; 263982 |
| SGH Ltd. | 11868 | &nbsp;&nbsp; 390838 |
| Steadfast Group Ltd. | 40077 | &nbsp;&nbsp; 159154 |
| Suncorp Group Ltd. | 19355 | &nbsp;&nbsp; 269001 |
| Technology One Ltd. | 37759 | &nbsp;&nbsp; 983422 |
| Telstra Group Ltd. | 223080 | &nbsp;&nbsp; 713751 |
| Transurban Group | 80289 | &nbsp;&nbsp; 765863 |
| Washington H Soul Pattinson & Co. Ltd.<sup>(a)</sup> | 7973 | &nbsp;&nbsp; 227930 |
| Wesfarmers Ltd. | 80191 | &nbsp;&nbsp; 4803693 |
| Westpac Banking Corp. | 28557 | &nbsp;&nbsp; 719380 |
| Woolworths Group Ltd. | 29631 | &nbsp;&nbsp; 557813 |
|  |  | &nbsp;&nbsp; 46498940 |
| **Austria-0.03%** | **Austria-0.03%** | **Austria-0.03%** |
| Verbund AG | 2427 | &nbsp;&nbsp; 173174 |
| **Belgium-0.61%** | **Belgium-0.61%** | **Belgium-0.61%** |
| Ackermans & van Haaren N.V. | 717 | &nbsp;&nbsp; 186098 |
| Anheuser-Busch InBev S.A./N.V. | 1851 | &nbsp;&nbsp; 116184 |
| Groupe Bruxelles Lambert N.V. | 3007 | &nbsp;&nbsp; 264444 |
| UCB S.A. | 12569 | &nbsp;&nbsp; 2949937 |
|  |  | &nbsp;&nbsp; 3516663 |
| **Canada-2.09%** | **Canada-2.09%** | **Canada-2.09%** |
| Brookfield Asset Management Ltd., Class A<sup>(a)</sup> | 12363 | &nbsp;&nbsp; 744238 |
| Constellation Software, Inc. | 401 | &nbsp;&nbsp; 1329026 |
| Dollarama, Inc. | 23748 | &nbsp;&nbsp; 3239048 |
| Enbridge, Inc. | 3629 | &nbsp;&nbsp; 175642 |
| Fairfax Financial Holdings Ltd. | 711 | &nbsp;&nbsp; 1224394 |
| Fortis, Inc. | 8586 | &nbsp;&nbsp; 427439 |
| Franco-Nevada Corp. | 1415 | &nbsp;&nbsp; 266757 |
| George Weston Ltd. | 3585 | &nbsp;&nbsp; 230931 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** |
| Hydro One Ltd.<sup>(b)</sup> | 4765 | &nbsp;&nbsp; $173566 |
| Intact Financial Corp. | 5962 | &nbsp;&nbsp; 1194311 |
| Loblaw Cos. Ltd.<sup>(a)</sup> | 12600 | &nbsp;&nbsp; 514756 |
| Metro, Inc. | 13527 | &nbsp;&nbsp; 969881 |
| Royal Bank of Canada | 3209 | &nbsp;&nbsp; 466479 |
| TC Energy Corp. | 2965 | &nbsp;&nbsp; 154453 |
| Thomson Reuters Corp. | 4625 | &nbsp;&nbsp; 821650 |
|  |  | &nbsp;&nbsp; 11932571 |
| **China-0.08%** | **China-0.08%** | **China-0.08%** |
| BOC Hong Kong (Holdings) Ltd. | 95632 | &nbsp;&nbsp; 434162 |
| **Denmark-0.45%** | **Denmark-0.45%** | **Denmark-0.45%** |
| Carlsberg A/S, Class B | 1117 | &nbsp;&nbsp; 136702 |
| Coloplast A/S, Class B | 984 | &nbsp;&nbsp; 94709 |
| DSV A/S | 6356 | &nbsp;&nbsp; 1409936 |
| Novo Nordisk A/S, Class B | 4603 | &nbsp;&nbsp; 260253 |
| Pandora A/S | 1376 | &nbsp;&nbsp; 190329 |
| Tryg A/S | 18111 | &nbsp;&nbsp; 476221 |
|  |  | &nbsp;&nbsp; 2568150 |
| **Finland-1.31%** | **Finland-1.31%** | **Finland-1.31%** |
| Elisa OYJ | 6198 | &nbsp;&nbsp; 330582 |
| Kone OYJ, Class B | 61087 | &nbsp;&nbsp; 3844193 |
| Nokia OYJ | 143144 | &nbsp;&nbsp; 616544 |
| Orion OYJ, Class B | 21660 | &nbsp;&nbsp; 1731226 |
| Sampo OYJ | 49329 | &nbsp;&nbsp; 566332 |
| UPM-Kymmene OYJ | 5080 | &nbsp;&nbsp; 144744 |
| Wartsila OYJ Abp | 8918 | &nbsp;&nbsp; 261546 |
|  |  | &nbsp;&nbsp; 7495167 |
| **France-6.32%** | **France-6.32%** | **France-6.32%** |
| Air Liquide S.A. | 13273 | &nbsp;&nbsp; 2736141 |
| Airbus SE | 1049 | &nbsp;&nbsp; 219426 |
| bioMerieux<sup>(a)</sup> | 1556 | &nbsp;&nbsp; 216495 |
| Bureau Veritas S.A. | 23934 | &nbsp;&nbsp; 722378 |
| Cie de Saint-Gobain S.A. | 7321 | &nbsp;&nbsp; 790776 |
| Cie Generale des Etablissements Michelin <br> S.C.A.<br>| 17776 | &nbsp;&nbsp; 644063 |
| Danone S.A. | 21132 | &nbsp;&nbsp; 1764738 |
| Dassault Aviation S.A. | 1049 | &nbsp;&nbsp; 331312 |
| Dassault Systemes SE | 4938 | &nbsp;&nbsp; 153652 |
| ENGIE S.A. | 30685 | &nbsp;&nbsp; 635302 |
| EssilorLuxottica S.A. | 20523 | &nbsp;&nbsp; 6263458 |
| Eurazeo SE | 2305 | &nbsp;&nbsp; 150917 |
| FDJ United | 2991 | &nbsp;&nbsp; 96323 |
| Hermes International S.C.A. | 2404 | &nbsp;&nbsp; 5890801 |
| Legrand S.A. | 4478 | &nbsp;&nbsp; 682287 |
| L'Oreal S.A. | 1027 | &nbsp;&nbsp; 479738 |
| LVMH Moet Hennessy Louis Vuitton SE | 470 | &nbsp;&nbsp; 277647 |
| Orange S.A. | 81609 | &nbsp;&nbsp; 1330843 |
| Publicis Groupe S.A.<sup>(a)</sup> | 2039 | &nbsp;&nbsp; 188375 |
| Safran S.A. | 14278 | &nbsp;&nbsp; 4747424 |
| Schneider Electric SE | 22915 | &nbsp;&nbsp; 5632797 |
| Thales S.A. | 3457 | &nbsp;&nbsp; 909795 |
| TotalEnergies SE | 8582 | &nbsp;&nbsp; 539064 |
| Veolia Environnement S.A. | 5728 | &nbsp;&nbsp; 189269 |
| Vinci S.A. | 3782 | &nbsp;&nbsp; 513222 |
|  |  | &nbsp;&nbsp; 36106243 |

---

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

------

**3**

------

**Invesco International Developed Dynamic Multifactor ETF (IMFL)—(continued)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Germany-11.29%** | **Germany-11.29%** | **Germany-11.29%** |
| adidas AG | 2198 | &nbsp;&nbsp; $427854 |
| Allianz SE | 1084 | &nbsp;&nbsp; 458532 |
| BASF SE | 5440 | &nbsp;&nbsp; 289127 |
| Beiersdorf AG | 3138 | &nbsp;&nbsp; 361576 |
| CTS Eventim AG & Co. KGaA | 2245 | &nbsp;&nbsp; 210552 |
| Deutsche Boerse AG | 616 | &nbsp;&nbsp; 181403 |
| Deutsche Post AG | 6200 | &nbsp;&nbsp; 282727 |
| Deutsche Telekom AG | 483533 | &nbsp;&nbsp; 17703990 |
| DWS Group GmbH & Co. KGaA<sup>(b)</sup> | 2736 | &nbsp;&nbsp; 170009 |
| E.ON SE | 14660 | &nbsp;&nbsp; 261542 |
| Evonik Industries AG | 7523 | &nbsp;&nbsp; 145237 |
| Fresenius Medical Care AG | 4231 | &nbsp;&nbsp; 218215 |
| Fresenius SE & Co. KGaA | 15136 | &nbsp;&nbsp; 823427 |
| FUCHS SE, Preference Shares | 5524 | &nbsp;&nbsp; 265332 |
| GEA Group AG | 39643 | &nbsp;&nbsp; 2886972 |
| Heidelberg Materials AG | 11870 | &nbsp;&nbsp; 2809273 |
| Henkel AG & Co. KGaA | 10817 | &nbsp;&nbsp; 831765 |
| Henkel AG & Co. KGaA, Preference Shares | 19509 | &nbsp;&nbsp; 1647606 |
| Infineon Technologies AG | 4519 | &nbsp;&nbsp; 185075 |
| Knorr-Bremse AG | 3129 | &nbsp;&nbsp; 327031 |
| MTU Aero Engines AG | 1135 | &nbsp;&nbsp; 506092 |
| Muenchener Rueckversicherungs-Gesellschaft <br> AG in Muenchen, Class R<br>| 713 | &nbsp;&nbsp; 455058 |
| Nemetschek SE | 2337 | &nbsp;&nbsp; 323020 |
| Rational AG | 190 | &nbsp;&nbsp; 141701 |
| RWE AG | 4987 | &nbsp;&nbsp; 199820 |
| SAP SE | 92626 | &nbsp;&nbsp; 25225416 |
| Scout24 SE<sup>(b)</sup> | 13882 | &nbsp;&nbsp; 1799545 |
| Siemens AG | 18476 | &nbsp;&nbsp; 5124279 |
| Siemens Healthineers AG<sup>(b)</sup> | 4351 | &nbsp;&nbsp; 241058 |
|  |  | &nbsp;&nbsp; 64503234 |
| **Hong Kong-1.64%** | **Hong Kong-1.64%** | **Hong Kong-1.64%** |
| AIA Group Ltd. | 41558 | &nbsp;&nbsp; 394964 |
| Cathay Pacific Airways Ltd. | 161210 | &nbsp;&nbsp; 221770 |
| CK Asset Holdings Ltd. | 36322 | &nbsp;&nbsp; 171850 |
| CK Hutchison Holdings Ltd. | 58911 | &nbsp;&nbsp; 389749 |
| CK Infrastructure Holdings Ltd. | 35675 | &nbsp;&nbsp; 239530 |
| CLP Holdings Ltd. | 70689 | &nbsp;&nbsp; 598236 |
| Hang Seng Bank Ltd.<sup>(a)</sup> | 14626 | &nbsp;&nbsp; 209713 |
| Hong Kong & China Gas Co. Ltd. (The) | 397858 | &nbsp;&nbsp; 358741 |
| Hong Kong Exchanges & Clearing Ltd. | 51708 | &nbsp;&nbsp; 3029342 |
| Jardine Matheson Holdings Ltd. | 6664 | &nbsp;&nbsp; 403496 |
| MTR Corp. Ltd.<sup>(a)</sup> | 46274 | &nbsp;&nbsp; 156879 |
| PCCW Ltd. | 342663 | &nbsp;&nbsp; 231399 |
| Power Assets Holdings Ltd.<sup>(a)</sup> | 256824 | &nbsp;&nbsp; 1674570 |
| Techtronic Industries Co. Ltd. | 29196 | &nbsp;&nbsp; 377557 |
| VTech Holdings Ltd. | 40261 | &nbsp;&nbsp; 325231 |
| WH Group Ltd. | 530819 | &nbsp;&nbsp; 570393 |
|  |  | &nbsp;&nbsp; 9353420 |
| **Ireland-0.11%** | **Ireland-0.11%** | **Ireland-0.11%** |
| Kerry Group PLC, Class A | 7028 | &nbsp;&nbsp; 643840 |
| **Israel-0.59%** | **Israel-0.59%** | **Israel-0.59%** |
| Bank Hapoalim B.M. | 29859 | &nbsp;&nbsp; 582363 |
| Bank Leumi le-Israel B.M. | 71016 | &nbsp;&nbsp; 1361923 |
| Bezeq The Israeli Telecommunication Corp. <br> Ltd.<br>| 98870 | &nbsp;&nbsp; 181433 |
| Elbit Systems Ltd. | 1402 | &nbsp;&nbsp; 680602 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Israel-(continued)** | **Israel-(continued)** | **Israel-(continued)** |
| Israel Discount Bank Ltd., Class A | 32469 | &nbsp;&nbsp; $321000 |
| Shufersal Ltd. | 20243 | &nbsp;&nbsp; 250772 |
|  |  | &nbsp;&nbsp; 3378093 |
| **Italy-1.16%** | **Italy-1.16%** | **Italy-1.16%** |
| Assicurazioni Generali S.p.A. | 3505 | &nbsp;&nbsp; 136895 |
| Coca-Cola HBC AG<sup>(c)</sup> | 21222 | &nbsp;&nbsp; 1073064 |
| Enel S.p.A. | 61877 | &nbsp;&nbsp; 571304 |
| Ferrari N.V. | 9839 | &nbsp;&nbsp; 4684669 |
| Intesa Sanpaolo S.p.A. | 25687 | &nbsp;&nbsp; 161797 |
|  |  | &nbsp;&nbsp; 6627729 |
| **Japan-18.11%** | **Japan-18.11%** | **Japan-18.11%** |
| Ajinomoto Co., Inc. | 8086 | &nbsp;&nbsp; 219480 |
| ALSOK Co. Ltd. | 83908 | &nbsp;&nbsp; 642465 |
| Azbil Corp. | 38976 | &nbsp;&nbsp; 390443 |
| Bandai Namco Holdings, Inc. | 99322 | &nbsp;&nbsp; 3417924 |
| Bridgestone Corp. | 15099 | &nbsp;&nbsp; 682708 |
| Brother Industries Ltd. | 6060 | &nbsp;&nbsp; 102206 |
| Canon Marketing Japan, Inc. | 7876 | &nbsp;&nbsp; 305582 |
| Canon, Inc.<sup>(a)</sup> | 96651 | &nbsp;&nbsp; 2831000 |
| Capcom Co. Ltd. | 17438 | &nbsp;&nbsp; 470980 |
| Chugai Pharmaceutical Co. Ltd. | 76527 | &nbsp;&nbsp; 3384826 |
| COMSYS Holdings Corp. | 5252 | &nbsp;&nbsp; 131674 |
| Dai Nippon Printing Co. Ltd. | 8235 | &nbsp;&nbsp; 138055 |
| Daito Trust Construction Co. Ltd. | 1469 | &nbsp;&nbsp; 156457 |
| Daiwa House Industry Co. Ltd. | 13631 | &nbsp;&nbsp; 482047 |
| East Japan Railway Co. | 11108 | &nbsp;&nbsp; 272781 |
| ENEOS Holdings, Inc. | 105366 | &nbsp;&nbsp; 624466 |
| EXEO Group, Inc. | 10804 | &nbsp;&nbsp; 159520 |
| FANUC Corp. | 29822 | &nbsp;&nbsp; 829770 |
| Fast Retailing Co. Ltd.<sup>(a)</sup> | 4238 | &nbsp;&nbsp; 1325883 |
| FUJIFILM Holdings Corp. | 6060 | &nbsp;&nbsp; 143693 |
| Fujitec Co. Ltd. | 16560 | &nbsp;&nbsp; 630206 |
| Fujitsu Ltd. | 108252 | &nbsp;&nbsp; 2607305 |
| Hikari Tsushin, Inc. | 604 | &nbsp;&nbsp; 160980 |
| Hirose Electric Co. Ltd. | 3132 | &nbsp;&nbsp; 405883 |
| Hitachi Ltd. | 348337 | &nbsp;&nbsp; 9393704 |
| Hoshizaki Corp. | 7876 | &nbsp;&nbsp; 303075 |
| Hoya Corp. | 5153 | &nbsp;&nbsp; 665979 |
| ITOCHU Corp. | 11113 | &nbsp;&nbsp; 628315 |
| Japan Real Estate Investment Corp. | 158 | &nbsp;&nbsp; 137460 |
| Japan Tobacco, Inc. | 22958 | &nbsp;&nbsp; 730600 |
| Kajima Corp. | 6260 | &nbsp;&nbsp; 186315 |
| Kamigumi Co. Ltd. | 6837 | &nbsp;&nbsp; 205259 |
| Kandenko Co. Ltd. | 16447 | &nbsp;&nbsp; 443645 |
| Kao Corp. | 53050 | &nbsp;&nbsp; 2412516 |
| KDDI Corp. | 353406 | &nbsp;&nbsp; 6113436 |
| KDX Realty Investment Corp. | 334 | &nbsp;&nbsp; 384326 |
| Kewpie Corp. | 5921 | &nbsp;&nbsp; 166571 |
| Keyence Corp. | 2674 | &nbsp;&nbsp; 1020347 |
| Kinden Corp.<sup>(a)</sup> | 26778 | &nbsp;&nbsp; 955967 |
| Kokuyo Co. Ltd. | 77552 | &nbsp;&nbsp; 481161 |
| Komatsu Ltd. | 17268 | &nbsp;&nbsp; 585115 |
| Konami Group Corp. | 5192 | &nbsp;&nbsp; 783846 |
| Kuraray Co. Ltd. | 20092 | &nbsp;&nbsp; 239603 |
| Lion Corp.<sup>(a)</sup> | 41400 | &nbsp;&nbsp; 442466 |
| Makita Corp. | 7272 | &nbsp;&nbsp; 245730 |
| Medipal Holdings Corp. | 7976 | &nbsp;&nbsp; 141447 |
| MEIJI Holdings Co. Ltd. | 6479 | &nbsp;&nbsp; 134880 |
| MISUMI Group, Inc. | 11008 | &nbsp;&nbsp; 167100 |

---

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

------

**4**

------

**Invesco International Developed Dynamic Multifactor ETF (IMFL)—(continued)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Mitsubishi Electric Corp. | 54872 | &nbsp;&nbsp; $1311121 |
| Mitsubishi Heavy Industries Ltd. | 19267 | &nbsp;&nbsp; 486580 |
| Mitsubishi UFJ Financial Group, Inc. | 14520 | &nbsp;&nbsp; 221176 |
| Mizuho Financial Group, Inc. | 4240 | &nbsp;&nbsp; 139611 |
| MS&AD Insurance Group Holdings, Inc. | 6155 | &nbsp;&nbsp; 143304 |
| Murata Manufacturing Co. Ltd. | 31768 | &nbsp;&nbsp; 513303 |
| NEC Corp. | 29025 | &nbsp;&nbsp; 884614 |
| Nichias Corp. | 5048 | &nbsp;&nbsp; 194520 |
| Nintendo Co. Ltd. | 266005 | &nbsp;&nbsp; 23745724 |
| Nippon Building Fund, Inc.<sup>(a)</sup> | 166 | &nbsp;&nbsp; 160761 |
| Nippon Shokubai Co. Ltd. | 24810 | &nbsp;&nbsp; 312192 |
| Nitto Denko Corp. | 49884 | &nbsp;&nbsp; 1123815 |
| NOF Corp. | 11208 | &nbsp;&nbsp; 208360 |
| Nomura Research Institute Ltd. | 25241 | &nbsp;&nbsp; 991694 |
| NTT, Inc. | 199458 | &nbsp;&nbsp; 211149 |
| Obayashi Corp. | 9996 | &nbsp;&nbsp; 162290 |
| OBIC Co. Ltd. | 9437 | &nbsp;&nbsp; 333980 |
| Oracle Corp. | 1940 | &nbsp;&nbsp; 200972 |
| Osaka Gas Co. Ltd. | 10724 | &nbsp;&nbsp; 305466 |
| Otsuka Corp. | 10473 | &nbsp;&nbsp; 215279 |
| Otsuka Holdings Co. Ltd. | 37413 | &nbsp;&nbsp; 1964892 |
| Panasonic Holdings Corp. | 14844 | &nbsp;&nbsp; 150388 |
| Recruit Holdings Co. Ltd. | 36180 | &nbsp;&nbsp; 2072173 |
| Rinnai Corp. | 4963 | &nbsp;&nbsp; 123088 |
| Sankyo Co. Ltd. | 37650 | &nbsp;&nbsp; 758547 |
| Santen Pharmaceutical Co. Ltd. | 16874 | &nbsp;&nbsp; 178943 |
| Sanwa Holdings Corp. | 34611 | &nbsp;&nbsp; 1115314 |
| SCSK Corp. | 18507 | &nbsp;&nbsp; 590047 |
| SECOM Co. Ltd. | 15168 | &nbsp;&nbsp; 560506 |
| Seino Holdings Co. Ltd. | 9996 | &nbsp;&nbsp; 156120 |
| Sekisui Chemical Co. Ltd. | 40381 | &nbsp;&nbsp; 767042 |
| Shimadzu Corp. | 6240 | &nbsp;&nbsp; 152934 |
| Shin-Etsu Chemical Co. Ltd. | 4828 | &nbsp;&nbsp; 147179 |
| Shionogi & Co. Ltd. | 8300 | &nbsp;&nbsp; 143698 |
| Skylark Holdings Co. Ltd. | 7272 | &nbsp;&nbsp; 145845 |
| SoftBank Corp. | 2115899 | &nbsp;&nbsp; 3275942 |
| Sompo Holdings, Inc. | 28626 | &nbsp;&nbsp; 915682 |
| Sony Group Corp. | 165931 | &nbsp;&nbsp; 4539099 |
| Square Enix Holdings Co. Ltd. | 2524 | &nbsp;&nbsp; 173520 |
| Sumitomo Electric Industries Ltd. | 13460 | &nbsp;&nbsp; 377334 |
| Sumitomo Mitsui Financial Group, Inc. | 5956 | &nbsp;&nbsp; 162359 |
| Suntory Beverage & Food Ltd. | 4120 | &nbsp;&nbsp; 127654 |
| Suzuken Co. Ltd. | 5023 | &nbsp;&nbsp; 198833 |
| TDK Corp. | 13123 | &nbsp;&nbsp; 169611 |
| TIS, Inc. | 12924 | &nbsp;&nbsp; 430654 |
| Toho Co. Ltd.<sup>(a)</sup> | 16964 | &nbsp;&nbsp; 1077790 |
| Tokio Marine Holdings, Inc. | 18838 | &nbsp;&nbsp; 808639 |
| Tokyo Gas Co. Ltd. | 5452 | &nbsp;&nbsp; 208478 |
| Tomy Co. Ltd. | 8280 | &nbsp;&nbsp; 189378 |
| TOPPAN Holdings, Inc. | 16827 | &nbsp;&nbsp; 434207 |
| Toray Industries, Inc. | 25244 | &nbsp;&nbsp; 168790 |
| Tosoh Corp. | 10704 | &nbsp;&nbsp; 168892 |
| Toyo Suisan Kaisha Ltd. | 3596 | &nbsp;&nbsp; 247572 |
| Trend Micro, Inc. | 8609 | &nbsp;&nbsp; 456672 |
| USS Co. Ltd. | 46548 | &nbsp;&nbsp; 564397 |
| Zenkoku Hosho Co. Ltd. | 11328 | &nbsp;&nbsp; 259281 |
| Zeon Corp. | 12520 | &nbsp;&nbsp; 143885 |
|  |  | &nbsp;&nbsp; 103476493 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Luxembourg-0.05%** | **Luxembourg-0.05%** | **Luxembourg-0.05%** |
| CVC Capital Partners PLC<sup>(b)</sup> | 13977 | &nbsp;&nbsp; $282280 |
| **Netherlands-1.50%** | **Netherlands-1.50%** | **Netherlands-1.50%** |
| ASML Holding N.V. | 310 | &nbsp;&nbsp; 230322 |
| EXOR N.V. | 1458 | &nbsp;&nbsp; 146189 |
| Heineken N.V. | 2050 | &nbsp;&nbsp; 166361 |
| Koninklijke Ahold Delhaize N.V. | 59182 | &nbsp;&nbsp; 2372809 |
| Koninklijke KPN N.V. | 176616 | &nbsp;&nbsp; 843273 |
| Koninklijke Philips N.V. | 5303 | &nbsp;&nbsp; 146539 |
| Universal Music Group N.V.<sup>(a)</sup> | 8546 | &nbsp;&nbsp; 241714 |
| Wolters Kluwer N.V. | 35033 | &nbsp;&nbsp; 4415503 |
|  |  | &nbsp;&nbsp; 8562710 |
| **New Zealand-0.30%** | **New Zealand-0.30%** | **New Zealand-0.30%** |
| Contact Energy Ltd.<sup>(a)</sup> | 53980 | &nbsp;&nbsp; 287631 |
| Fisher & Paykel Healthcare Corp. Ltd. | 56745 | &nbsp;&nbsp; 1224529 |
| Xero Ltd.<sup>(c)</sup> | 1681 | &nbsp;&nbsp; 179264 |
|  |  | &nbsp;&nbsp; 1691424 |
| **Norway-0.83%** | **Norway-0.83%** | **Norway-0.83%** |
| Equinor ASA | 7113 | &nbsp;&nbsp; 175623 |
| Gjensidige Forsikring ASA | 9734 | &nbsp;&nbsp; 270538 |
| Kongsberg Gruppen ASA | 69674 | &nbsp;&nbsp; 2081875 |
| Orkla ASA | 146420 | &nbsp;&nbsp; 1637905 |
| Telenor ASA | 35880 | &nbsp;&nbsp; 598885 |
|  |  | &nbsp;&nbsp; 4764826 |
| **Poland-0.05%** | **Poland-0.05%** | **Poland-0.05%** |
| Dino Polska S.A.<sup>(b)(c)</sup> | 23670 | &nbsp;&nbsp; 295327 |
| **Portugal-0.12%** | **Portugal-0.12%** | **Portugal-0.12%** |
| Jeronimo Martins SGPS S.A. | 27865 | &nbsp;&nbsp; 689660 |
| **Singapore-1.67%** | **Singapore-1.67%** | **Singapore-1.67%** |
| CapitaLand Ascendas REIT | 66036 | &nbsp;&nbsp; 139987 |
| DBS Group Holdings Ltd. | 43239 | &nbsp;&nbsp; 1702144 |
| Keppel DC REIT | 113392 | &nbsp;&nbsp; 208501 |
| Oversea-Chinese Banking Corp. Ltd. | 76327 | &nbsp;&nbsp; 995341 |
| Singapore Exchange Ltd. | 230881 | &nbsp;&nbsp; 2980839 |
| Singapore Technologies Engineering Ltd.<sup>(a)</sup> | 145658 | &nbsp;&nbsp; 871772 |
| Singapore Telecommunications Ltd. | 640107 | &nbsp;&nbsp; 2151428 |
| United Overseas Bank Ltd. | 19133 | &nbsp;&nbsp; 524030 |
|  |  | &nbsp;&nbsp; 9574042 |
| **South Korea-6.10%** | **South Korea-6.10%** | **South Korea-6.10%** |
| Cheil Worldwide, Inc. | 9228 | &nbsp;&nbsp; 131259 |
| Coway Co. Ltd. | 6192 | &nbsp;&nbsp; 462274 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd.<br>| 6430 | &nbsp;&nbsp; 1873883 |
| Hyundai Glovis Co. Ltd. | 3867 | &nbsp;&nbsp; 511408 |
| Hyundai Mobis Co. Ltd. | 1956 | &nbsp;&nbsp; 446674 |
| KB Financial Group, Inc. | 2159 | &nbsp;&nbsp; 168629 |
| Kia Corp. | 1930 | &nbsp;&nbsp; 146031 |
| Korean Air Lines Co. Ltd. | 10871 | &nbsp;&nbsp; 185040 |
| Krafton, Inc.<sup>(c)</sup> | 833 | &nbsp;&nbsp; 195869 |
| KT&G Corp. | 18408 | &nbsp;&nbsp; 1780491 |
| NAVER Corp. | 8905 | &nbsp;&nbsp; 1368911 |
| Orion Corp. | 3683 | &nbsp;&nbsp; 285048 |
| S-1 Corp. | 3751 | &nbsp;&nbsp; 215643 |
| Samsung Biologics Co. Ltd.<sup>(b)(c)</sup> | 6514 | &nbsp;&nbsp; 4674664 |
| Samsung C&T Corp. | 2400 | &nbsp;&nbsp; 288870 |
| Samsung Electro-Mechanics Co. Ltd. | 2242 | &nbsp;&nbsp; 257208 |
| Samsung Electronics Co. Ltd. | 91304 | &nbsp;&nbsp; 4561529 |

---

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

------

**5**

------

**Invesco International Developed Dynamic Multifactor ETF (IMFL)—(continued)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea-(continued)** | **South Korea-(continued)** | **South Korea-(continued)** |
| Samsung Electronics Co. Ltd., Preference <br> Shares<br>| 14501 | &nbsp;&nbsp; $588768 |
| Samsung Fire & Marine Insurance Co. Ltd. | 2516 | &nbsp;&nbsp; 800768 |
| SK hynix, Inc. | 81270 | &nbsp;&nbsp; 15484973 |
| Yuhan Corp. | 5252 | &nbsp;&nbsp; 427786 |
|  |  | &nbsp;&nbsp; 34855726 |
| **Spain-1.60%** | **Spain-1.60%** | **Spain-1.60%** |
| ACS Actividades de Construccion y Servicios <br> S.A.<br>| 3536 | &nbsp;&nbsp; 267412 |
| Aena S.M.E. S.A.<sup>(b)</sup> | 18745 | &nbsp;&nbsp; 543594 |
| Amadeus IT Group S.A. | 4218 | &nbsp;&nbsp; 353980 |
| Endesa S.A. | 16289 | &nbsp;&nbsp; 496361 |
| Iberdrola S.A. | 234435 | &nbsp;&nbsp; 4421585 |
| Industria de Diseno Textil S.A. | 50331 | &nbsp;&nbsp; 2490619 |
| Naturgy Energy Group S.A. | 6189 | &nbsp;&nbsp; 196364 |
| Redeia Corp. S.A. | 7596 | &nbsp;&nbsp; 147745 |
| Telefonica S.A.<sup>(a)</sup> | 39304 | &nbsp;&nbsp; 210829 |
|  |  | &nbsp;&nbsp; 9128489 |
| **Sweden-3.45%** | **Sweden-3.45%** | **Sweden-3.45%** |
| AAK AB | 5220 | &nbsp;&nbsp; 150207 |
| Alfa Laval AB | 5429 | &nbsp;&nbsp; 247119 |
| Assa Abloy AB, Class B | 8008 | &nbsp;&nbsp; 282914 |
| Atlas Copco AB, Class A | 41098 | &nbsp;&nbsp; 656021 |
| Atlas Copco AB, Class B | 23639 | &nbsp;&nbsp; 336097 |
| Boliden AB<sup>(c)</sup> | 3582 | &nbsp;&nbsp; 123444 |
| Essity AB, Class B | 27587 | &nbsp;&nbsp; 745743 |
| Industrivarden AB, Class A | 7881 | &nbsp;&nbsp; 313612 |
| Industrivarden AB, Class C<sup>(a)</sup> | 11859 | &nbsp;&nbsp; 471974 |
| Investor AB, Class A | 93559 | &nbsp;&nbsp; 2883491 |
| Investor AB, Class B | 338479 | &nbsp;&nbsp; 10425797 |
| Securitas AB, Class B<sup>(a)</sup> | 9811 | &nbsp;&nbsp; 150114 |
| Skanska AB, Class B | 5572 | &nbsp;&nbsp; 138353 |
| Tele2 AB, Class B | 50087 | &nbsp;&nbsp; 881995 |
| Telefonaktiebolaget LM Ericsson, Class B<sup>(a)</sup> | 126777 | &nbsp;&nbsp; 1003505 |
| Telia Co. AB | 135133 | &nbsp;&nbsp; 504398 |
| Volvo AB, Class B<sup>(a)</sup> | 13334 | &nbsp;&nbsp; 410194 |
|  |  | &nbsp;&nbsp; 19724978 |
| **Switzerland-6.98%** | **Switzerland-6.98%** | **Switzerland-6.98%** |
| ABB Ltd. | 100015 | &nbsp;&nbsp; 6721359 |
| Belimo Holding AG | 388 | &nbsp;&nbsp; 427831 |
| Chocoladefabriken Lindt & Spruengli AG | 2 | &nbsp;&nbsp; 299934 |
| Chocoladefabriken Lindt & Spruengli AG, PC | 21 | &nbsp;&nbsp; 320701 |
| Cie Financiere Richemont S.A. | 744 | &nbsp;&nbsp; 130441 |
| DSM-Firmenich AG | 2910 | &nbsp;&nbsp; 284878 |
| EMS-Chemie Holding AG<sup>(a)</sup> | 202 | &nbsp;&nbsp; 155228 |
| Geberit AG | 799 | &nbsp;&nbsp; 586688 |
| Givaudan S.A. | 57 | &nbsp;&nbsp; 240390 |
| Lonza Group AG<sup>(c)</sup> | 372 | &nbsp;&nbsp; 264368 |
| Nestle S.A. | 14563 | &nbsp;&nbsp; 1375627 |
| Partners Group Holding AG | 762 | &nbsp;&nbsp; 1047903 |
| PSP Swiss Property AG | 1339 | &nbsp;&nbsp; 223062 |
| Roche Holding AG | 71079 | &nbsp;&nbsp; 23209233 |
| Roche Holding AG, BR | 2703 | &nbsp;&nbsp; 929586 |
| Sandoz Group AG | 6200 | &nbsp;&nbsp; 389583 |
| Schindler Holding AG | 1893 | &nbsp;&nbsp; 677946 |
| Schindler Holding AG, PC | 3731 | &nbsp;&nbsp; 1388731 |
| SGS S.A. | 3814 | &nbsp;&nbsp; 389603 |
| Sonova Holding AG, Class A | 339 | &nbsp;&nbsp; 98882 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Switzerland-(continued)** | **Switzerland-(continued)** | **Switzerland-(continued)** |
| Swiss Prime Site AG | 1077 | &nbsp;&nbsp; $149999 |
| Zurich Insurance Group AG | 759 | &nbsp;&nbsp; 555407 |
|  |  | &nbsp;&nbsp; 39867380 |
| **United Kingdom-18.88%** | **United Kingdom-18.88%** | **United Kingdom-18.88%** |
| 3i Group PLC | 450170 | &nbsp;&nbsp; 24447216 |
| Admiral Group PLC | 7581 | &nbsp;&nbsp; 371343 |
| AstraZeneca PLC | 94456 | &nbsp;&nbsp; 15051522 |
| Auto Trader Group PLC<sup>(b)</sup> | 31408 | &nbsp;&nbsp; 340933 |
| BAE Systems PLC | 25594 | &nbsp;&nbsp; 606353 |
| Beazley PLC | 33558 | &nbsp;&nbsp; 355108 |
| British American Tobacco PLC | 166068 | &nbsp;&nbsp; 9426776 |
| BT Group PLC<sup>(a)</sup> | 116914 | &nbsp;&nbsp; 342161 |
| Bunzl PLC | 7441 | &nbsp;&nbsp; 251380 |
| Coca-Cola Europacific Partners PLC | 7121 | &nbsp;&nbsp; 634972 |
| Compass Group PLC | 120454 | &nbsp;&nbsp; 4092293 |
| Diploma PLC | 7549 | &nbsp;&nbsp; 550860 |
| Haleon PLC | 636572 | &nbsp;&nbsp; 3131451 |
| Halma PLC | 31713 | &nbsp;&nbsp; 1409299 |
| Hikma Pharmaceuticals PLC | 9122 | &nbsp;&nbsp; 220279 |
| HSBC Holdings PLC | 42159 | &nbsp;&nbsp; 539474 |
| IMI PLC | 6294 | &nbsp;&nbsp; 193332 |
| Imperial Brands PLC | 188630 | &nbsp;&nbsp; 7963113 |
| InterContinental Hotels Group PLC | 6761 | &nbsp;&nbsp; 820389 |
| Intertek Group PLC | 8666 | &nbsp;&nbsp; 549436 |
| J Sainsbury PLC | 44772 | &nbsp;&nbsp; 181096 |
| National Grid PLC | 73717 | &nbsp;&nbsp; 1035014 |
| Next PLC | 4627 | &nbsp;&nbsp; 747409 |
| Pearson PLC | 24183 | &nbsp;&nbsp; 351522 |
| Reckitt Benckiser Group PLC | 72316 | &nbsp;&nbsp; 5404679 |
| RELX PLC | 142374 | &nbsp;&nbsp; 6647532 |
| Rightmove PLC | 36327 | &nbsp;&nbsp; 364395 |
| Sage Group PLC (The) | 47086 | &nbsp;&nbsp; 690431 |
| Shell PLC | 100726 | &nbsp;&nbsp; 3707159 |
| Smith & Nephew PLC | 9791 | &nbsp;&nbsp; 183571 |
| Smiths Group PLC | 53002 | &nbsp;&nbsp; 1686924 |
| SSE PLC | 11104 | &nbsp;&nbsp; 259376 |
| Tesco PLC | 698218 | &nbsp;&nbsp; 3989424 |
| Unilever PLC | 177633 | &nbsp;&nbsp; 11201439 |
| Vodafone Group PLC | 136635 | &nbsp;&nbsp; 163544 |
|  |  | &nbsp;&nbsp; 107911205 |
| **United States-6.24%** | **United States-6.24%** | **United States-6.24%** |
| Alcon AG | 5742 | &nbsp;&nbsp; 458227 |
| Amrize Ltd.<sup>(c)</sup> | 20718 | &nbsp;&nbsp; 1082247 |
| BP PLC | 22078 | &nbsp;&nbsp; 129095 |
| Buzzi S.p.A. | 3424 | &nbsp;&nbsp; 173956 |
| Experian PLC | 36226 | &nbsp;&nbsp; 1877031 |
| Ferrovial SE | 6951 | &nbsp;&nbsp; 380375 |
| GSK PLC | 34924 | &nbsp;&nbsp; 689821 |
| Holcim AG<sup>(c)</sup> | 20718 | &nbsp;&nbsp; 1738946 |
| Novartis AG | 152611 | &nbsp;&nbsp; 19342885 |
| Sanofi S.A. | 88798 | &nbsp;&nbsp; 8814355 |
| Swiss Re AG | 1191 | &nbsp;&nbsp; 216159 |
| Waste Connections, Inc. | 4062 | &nbsp;&nbsp; 750891 |
|  |  | &nbsp;&nbsp; 35653988 |
| Total Common Stocks & Other Equity Interests <br>(Cost $493,968,493) | Total Common Stocks & Other Equity Interests <br>(Cost $493,968,493) | &nbsp;&nbsp; 569709914 |

---

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

------

**6**

------

**Invesco International Developed Dynamic Multifactor ETF (IMFL)—(continued)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.03%** | **Money Market Funds-0.03%** | **Money Market Funds-0.03%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(d)(e)</sup> <br>(Cost $204,216)<br>| 204216 | &nbsp;&nbsp; $204216 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.73% <br>(Cost $494,172,709) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.73% <br>(Cost $494,172,709) | &nbsp;&nbsp; 569914130 |
| **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-1.13%** | **Money Market Funds-1.13%** | **Money Market Funds-1.13%** |
| Invesco Private Government Fund, <br> 4.28%<sup>(d)(e)(f)</sup><br>| 1765964 | &nbsp;&nbsp; 1765964 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 4675873 | &nbsp;&nbsp; $4677276 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $6,443,049) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $6,443,049) | &nbsp;&nbsp; 6443240 |
| TOTAL INVESTMENTS IN SECURITIES-100.86% <br>(Cost $500,615,758) | TOTAL INVESTMENTS IN SECURITIES-100.86% <br>(Cost $500,615,758) | &nbsp;&nbsp; 576357370 |
| OTHER ASSETS LESS LIABILITIES-(0.86)% | OTHER ASSETS LESS LIABILITIES-(0.86)% | &nbsp;&nbsp; (4940102)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $571417268 |

---

---

| |
|:---|
| Investment Abbreviations: |
| BR-Bearer Shares |
| PC-Participation Certificate |
| REIT-Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| 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 August 31, 2025. |
| <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> August 31, 2025 was $8,520,976, which represented 1.49% of the Fund's Net Assets.<br>|
| <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 fiscal year ended August 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**August 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $23861263 | &nbsp;&nbsp; $(23657047)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $204216 | &nbsp;&nbsp; $14796 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 570928 | &nbsp;&nbsp; 36522481 | &nbsp;&nbsp; (35327445)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1765964 | &nbsp;&nbsp; 148,845<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 1489084 | &nbsp;&nbsp; 86184991 | &nbsp;&nbsp; (82996379)<br>| &nbsp;&nbsp; 108 | &nbsp;&nbsp; (528)<br>| &nbsp;&nbsp; 4677276 | &nbsp;&nbsp; 396,084<br> \*<br>|
| Total | &nbsp;&nbsp; $2060012 | &nbsp;&nbsp; $146568735 | &nbsp;&nbsp; $(141980871)<br>| &nbsp;&nbsp; $108 | &nbsp;&nbsp; $(528)<br>| &nbsp;&nbsp; $6647456 | &nbsp;&nbsp; $559725 |

---

\* 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 August 31, 2025.

<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: |  |
| United Kingdom | 18.89% |
| Japan | 18.11% |
| Germany | 11.29% |

---

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

------

**7**

------

**Invesco Russell 1000**<sup>®</sup> **Dynamic Multifactor ETF (OMFL)**

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** |
| **Communication Services-11.84%** | **Communication Services-11.84%** | **Communication Services-11.84%** |
| Alphabet, Inc., Class A | 361704 | &nbsp;&nbsp; $77010399 |
| Alphabet, Inc., Class C | 302304 | &nbsp;&nbsp; 64550973 |
| AT&T, Inc. | 1176843 | &nbsp;&nbsp; 34469732 |
| Charter Communications, Inc., Class A<sup>(b)</sup> | 5790 | &nbsp;&nbsp; 1537708 |
| Comcast Corp., Class A | 105863 | &nbsp;&nbsp; 3596166 |
| Electronic Arts, Inc. | 45745 | &nbsp;&nbsp; 7865853 |
| Fox Corp., Class A | 22709 | &nbsp;&nbsp; 1355727 |
| Fox Corp., Class B | 14168 | &nbsp;&nbsp; 772864 |
| Frontier Communications Parent, Inc.<sup>(b)(c)</sup> | 9284 | &nbsp;&nbsp; 344251 |
| GCI Liberty, Inc., Class C<sup>(b)(c)</sup> | 1388 | &nbsp;&nbsp; 50856 |
| Liberty Broadband Corp.<sup>(b)(d)</sup> | 64295 | &nbsp;&nbsp; 0 |
| Liberty Broadband Corp., Class C<sup>(b)</sup> | 6789 | &nbsp;&nbsp; 413179 |
| Liberty Media Corp.-Liberty Formula <br> One<sup>(b)(c)</sup><br>| 19224 | &nbsp;&nbsp; 1920478 |
| Liberty Media Corp.-Liberty Live, <br> Series C<sup>(b)</sup><br>| 6610 | &nbsp;&nbsp; 643682 |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 12717 | &nbsp;&nbsp; 2117253 |
| Meta Platforms, Inc., Class A | 323412 | &nbsp;&nbsp; 238904444 |
| Millicom International Cellular S.A. <br> (Guatemala)<br>| 10312 | &nbsp;&nbsp; 498173 |
| Netflix, Inc.<sup>(b)</sup> | 68800 | &nbsp;&nbsp; 83127600 |
| New York Times Co. (The), Class A | 21775 | &nbsp;&nbsp; 1303016 |
| News Corp., Class A | 16318 | &nbsp;&nbsp; 479912 |
| News Corp., Class B<sup>(c)</sup> | 7766 | &nbsp;&nbsp; 263035 |
| Nexstar Media Group, Inc., Class A | 1647 | &nbsp;&nbsp; 336861 |
| Roblox Corp., Class A<sup>(b)</sup> | 5315 | &nbsp;&nbsp; 662196 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup> | 16798 | &nbsp;&nbsp; 11454220 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 39220 | &nbsp;&nbsp; 9148849 |
| TKO Group Holdings, Inc. | 9228 | &nbsp;&nbsp; 1749260 |
| T-Mobile US, Inc. | 79415 | &nbsp;&nbsp; 20011786 |
| Verizon Communications, Inc. | 309779 | &nbsp;&nbsp; 13701525 |
| Walt Disney Co. (The) | 94435 | &nbsp;&nbsp; 11179215 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 27624 | &nbsp;&nbsp; 321543 |
|  |  | &nbsp;&nbsp; 589790756 |
| **Consumer Discretionary-10.00%** | **Consumer Discretionary-10.00%** | **Consumer Discretionary-10.00%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 10134 | &nbsp;&nbsp; 1322791 |
| Amazon.com, Inc.<sup>(b)</sup> | 806557 | &nbsp;&nbsp; 184701553 |
| Aptiv PLC (Jersey)<sup>(b)</sup> | 4622 | &nbsp;&nbsp; 367588 |
| Aramark<sup>(c)</sup> | 22025 | &nbsp;&nbsp; 861398 |
| AutoZone, Inc.<sup>(b)</sup> | 3106 | &nbsp;&nbsp; 13040634 |
| Best Buy Co., Inc. | 3725 | &nbsp;&nbsp; 274309 |
| Booking Holdings, Inc. | 10419 | &nbsp;&nbsp; 58336502 |
| BorgWarner, Inc. | 8916 | &nbsp;&nbsp; 381248 |
| Boyd Gaming Corp. | 8172 | &nbsp;&nbsp; 701648 |
| Bright Horizons Family Solutions, Inc.<sup>(b)(c)</sup> | 5066 | &nbsp;&nbsp; 597991 |
| Burlington Stores, Inc.<sup>(b)</sup> | 1950 | &nbsp;&nbsp; 566826 |
| Carnival Corp.<sup>(b)</sup> | 14008 | &nbsp;&nbsp; 446715 |
| Chewy, Inc., Class A<sup>(b)</sup> | 8321 | &nbsp;&nbsp; 340828 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 36520 | &nbsp;&nbsp; 1538953 |
| Choice Hotels International, Inc.<sup>(c)</sup> | 2114 | &nbsp;&nbsp; 252792 |
| Coupang, Inc. (South Korea)<sup>(b)</sup> | 85604 | &nbsp;&nbsp; 2446562 |
| D.R. Horton, Inc. | 3695 | &nbsp;&nbsp; 626229 |
| Darden Restaurants, Inc. | 25261 | &nbsp;&nbsp; 5227511 |
| Domino's Pizza, Inc. | 1800 | &nbsp;&nbsp; 824940 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 21581 | &nbsp;&nbsp; 5292740 |
| Duolingo, Inc.<sup>(b)(c)</sup> | 1013 | &nbsp;&nbsp; 301732 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| eBay, Inc. | 118640 | &nbsp;&nbsp; $10749971 |
| Expedia Group, Inc. | 9162 | &nbsp;&nbsp; 1967998 |
| Flutter Entertainment PLC (United <br> Kingdom)<sup>(b)(c)</sup><br>| 16080 | &nbsp;&nbsp; 4939294 |
| Ford Motor Co. | 32042 | &nbsp;&nbsp; 377134 |
| Garmin Ltd. | 49370 | &nbsp;&nbsp; 11938654 |
| General Motors Co. | 24252 | &nbsp;&nbsp; 1420925 |
| Grand Canyon Education, Inc.<sup>(b)</sup> | 12351 | &nbsp;&nbsp; 2489591 |
| H&R Block, Inc. | 14811 | &nbsp;&nbsp; 745734 |
| Hilton Worldwide Holdings, Inc. | 29172 | &nbsp;&nbsp; 8053222 |
| Home Depot, Inc. (The) | 16981 | &nbsp;&nbsp; 6907361 |
| LKQ Corp. | 11274 | &nbsp;&nbsp; 367758 |
| Lowe's Cos., Inc. | 22665 | &nbsp;&nbsp; 5848930 |
| lululemon athletica, inc.<sup>(b)</sup> | 7469 | &nbsp;&nbsp; 1510232 |
| Marriott International, Inc., Class A | 19066 | &nbsp;&nbsp; 5107019 |
| Mattel, Inc.<sup>(b)(c)</sup> | 17741 | &nbsp;&nbsp; 324660 |
| McDonald's Corp. | 95951 | &nbsp;&nbsp; 30084477 |
| NIKE, Inc., Class B | 6447 | &nbsp;&nbsp; 498804 |
| NVR, Inc.<sup>(b)</sup> | 251 | &nbsp;&nbsp; 2037530 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)(c)</sup> | 4899 | &nbsp;&nbsp; 621389 |
| On Holding AG, Class A (Switzerland)<sup>(b)</sup> | 11436 | &nbsp;&nbsp; 515535 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 197325 | &nbsp;&nbsp; 20458656 |
| Planet Fitness, Inc., Class A<sup>(b)</sup> | 7661 | &nbsp;&nbsp; 802873 |
| Pool Corp. | 1845 | &nbsp;&nbsp; 573260 |
| PulteGroup, Inc. | 8602 | &nbsp;&nbsp; 1135636 |
| Ralph Lauren Corp. | 11540 | &nbsp;&nbsp; 3426572 |
| Restaurant Brands International, Inc. <br> (Canada)<sup>(c)</sup><br>| 9288 | &nbsp;&nbsp; 588209 |
| Ross Stores, Inc. | 31356 | &nbsp;&nbsp; 4614349 |
| Royal Caribbean Cruises Ltd.<sup>(c)</sup> | 11597 | &nbsp;&nbsp; 4212262 |
| Service Corp. International | 4236 | &nbsp;&nbsp; 335703 |
| SharkNinja, Inc.<sup>(b)(c)</sup> | 6870 | &nbsp;&nbsp; 803515 |
| Starbucks Corp. | 65002 | &nbsp;&nbsp; 5732526 |
| Tapestry, Inc. | 14087 | &nbsp;&nbsp; 1434338 |
| Tesla, Inc.<sup>(b)</sup> | 84381 | &nbsp;&nbsp; 28172285 |
| Texas Roadhouse, Inc. | 12138 | &nbsp;&nbsp; 2094412 |
| TJX Cos., Inc. (The) | 271664 | &nbsp;&nbsp; 37112019 |
| Tractor Supply Co. | 24440 | &nbsp;&nbsp; 1509414 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 4692 | &nbsp;&nbsp; 2311889 |
| Williams-Sonoma, Inc. | 12730 | &nbsp;&nbsp; 2395659 |
| Wyndham Hotels & Resorts, Inc. | 4876 | &nbsp;&nbsp; 422310 |
| Yum! Brands, Inc. | 32104 | &nbsp;&nbsp; 4718325 |
|  |  | &nbsp;&nbsp; 497811920 |
| **Consumer Staples-10.89%** | **Consumer Staples-10.89%** | **Consumer Staples-10.89%** |
| Albertson's Cos., Inc., Class A<sup>(c)</sup> | 22469 | &nbsp;&nbsp; 437247 |
| Altria Group, Inc. | 592929 | &nbsp;&nbsp; 39850758 |
| BellRing Brands, Inc.<sup>(b)</sup> | 14949 | &nbsp;&nbsp; 613656 |
| BJ's Wholesale Club Holdings, Inc., <br> Class C<sup>(b)(c)</sup><br>| 24202 | &nbsp;&nbsp; 2364051 |
| Casey's General Stores, Inc. | 1793 | &nbsp;&nbsp; 886674 |
| Church & Dwight Co., Inc. | 8225 | &nbsp;&nbsp; 766241 |
| Clorox Co. (The) | 3950 | &nbsp;&nbsp; 466890 |
| Coca-Cola Co. (The) | 442643 | &nbsp;&nbsp; 30537941 |
| Coca-Cola Consolidated, Inc. | 3597 | &nbsp;&nbsp; 421712 |
| Colgate-Palmolive Co. | 67148 | &nbsp;&nbsp; 5645132 |
| Constellation Brands, Inc., Class A | 1523 | &nbsp;&nbsp; 246635 |
| Costco Wholesale Corp. | 133240 | &nbsp;&nbsp; 125687957 |

---

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

------

**8**

------

**Invesco Russell 1000**<sup>®</sup> **Dynamic Multifactor ETF (OMFL)—(continued)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples-(continued)** | **Consumer Staples-(continued)** | **Consumer Staples-(continued)** |
| General Mills, Inc. | 9113 | &nbsp;&nbsp; $449544 |
| Hershey Co. (The)<sup>(c)</sup> | 4862 | &nbsp;&nbsp; 893393 |
| Hormel Foods Corp. | 15210 | &nbsp;&nbsp; 386942 |
| Ingredion, Inc. | 13682 | &nbsp;&nbsp; 1772366 |
| Kellanova | 44870 | &nbsp;&nbsp; 3567165 |
| Kenvue, Inc. | 318063 | &nbsp;&nbsp; 6587085 |
| Keurig Dr Pepper, Inc. | 40638 | &nbsp;&nbsp; 1182159 |
| Kimberly-Clark Corp. | 29715 | &nbsp;&nbsp; 3837395 |
| Kraft Heinz Co. (The) | 9978 | &nbsp;&nbsp; 279085 |
| Kroger Co. (The) | 60545 | &nbsp;&nbsp; 4107373 |
| Maplebear, Inc.<sup>(b)(c)</sup> | 36693 | &nbsp;&nbsp; 1591375 |
| McCormick & Co., Inc. | 14291 | &nbsp;&nbsp; 1005658 |
| Molson Coors Beverage Co., Class B | 10485 | &nbsp;&nbsp; 529388 |
| Mondelez International, Inc., Class A | 66513 | &nbsp;&nbsp; 4086559 |
| Monster Beverage Corp.<sup>(b)</sup> | 284711 | &nbsp;&nbsp; 17768814 |
| PepsiCo, Inc. | 18960 | &nbsp;&nbsp; 2818404 |
| Philip Morris International, Inc. | 651140 | &nbsp;&nbsp; 108825028 |
| Pilgrim's Pride Corp. | 9310 | &nbsp;&nbsp; 413830 |
| Post Holdings, Inc.<sup>(b)(c)</sup> | 2189 | &nbsp;&nbsp; 247685 |
| Procter & Gamble Co. (The) | 207332 | &nbsp;&nbsp; 32559417 |
| Sprouts Farmers Market, Inc.<sup>(b)</sup> | 39858 | &nbsp;&nbsp; 5601643 |
| Sysco Corp. | 7262 | &nbsp;&nbsp; 584373 |
| Tyson Foods, Inc., Class A | 8157 | &nbsp;&nbsp; 463155 |
| US Foods Holding Corp.<sup>(b)</sup> | 34861 | &nbsp;&nbsp; 2705214 |
| Walmart, Inc. | 1363199 | &nbsp;&nbsp; 132203039 |
|  |  | &nbsp;&nbsp; 542390983 |
| **Energy-1.00%** | **Energy-1.00%** | **Energy-1.00%** |
| Antero Midstream Corp. | 23738 | &nbsp;&nbsp; 422299 |
| Baker Hughes Co., Class A | 61574 | &nbsp;&nbsp; 2795460 |
| Cheniere Energy, Inc. | 4611 | &nbsp;&nbsp; 1115032 |
| Chevron Corp. | 90884 | &nbsp;&nbsp; 14595971 |
| ConocoPhillips | 5944 | &nbsp;&nbsp; 588278 |
| Coterra Energy, Inc. | 24294 | &nbsp;&nbsp; 593745 |
| DT Midstream, Inc. | 4404 | &nbsp;&nbsp; 458809 |
| EOG Resources, Inc. | 25743 | &nbsp;&nbsp; 3213241 |
| Exxon Mobil Corp. | 110910 | &nbsp;&nbsp; 12675904 |
| Kinder Morgan, Inc. | 102837 | &nbsp;&nbsp; 2774542 |
| Marathon Petroleum Corp. | 5361 | &nbsp;&nbsp; 963425 |
| ONEOK, Inc. | 3721 | &nbsp;&nbsp; 284210 |
| Phillips 66 | 2983 | &nbsp;&nbsp; 398469 |
| Schlumberger N.V. | 8483 | &nbsp;&nbsp; 312514 |
| Targa Resources Corp. | 8895 | &nbsp;&nbsp; 1492225 |
| TechnipFMC PLC (United Kingdom) | 33375 | &nbsp;&nbsp; 1226865 |
| Texas Pacific Land Corp. | 2627 | &nbsp;&nbsp; 2452252 |
| Valero Energy Corp. | 2421 | &nbsp;&nbsp; 368016 |
| Williams Cos., Inc. (The) | 57076 | &nbsp;&nbsp; 3303559 |
|  |  | &nbsp;&nbsp; 50034816 |
| **Financials-16.69%** | **Financials-16.69%** | **Financials-16.69%** |
| Affiliated Managers Group, Inc. | 1771 | &nbsp;&nbsp; 398156 |
| Aflac, Inc. | 33962 | &nbsp;&nbsp; 3629179 |
| Allstate Corp. (The) | 22400 | &nbsp;&nbsp; 4557280 |
| American Express Co. | 47340 | &nbsp;&nbsp; 15682795 |
| American International Group, Inc. | 5559 | &nbsp;&nbsp; 452058 |
| Ameriprise Financial, Inc. | 1954 | &nbsp;&nbsp; 1005939 |
| Aon PLC, Class A | 31198 | &nbsp;&nbsp; 11449666 |
| Apollo Global Management, Inc. | 5675 | &nbsp;&nbsp; 773105 |
| Arch Capital Group Ltd. | 15654 | &nbsp;&nbsp; 1432811 |
| Ares Management Corp., Class A | 4261 | &nbsp;&nbsp; 763571 |
| Arthur J. Gallagher & Co. | 12153 | &nbsp;&nbsp; 3679321 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Assurant, Inc. | 1281 | &nbsp;&nbsp; $276196 |
| AXIS Capital Holdings Ltd. | 5588 | &nbsp;&nbsp; 550865 |
| Bank of America Corp. | 66132 | &nbsp;&nbsp; 3355538 |
| Bank of New York Mellon Corp. (The) | 19211 | &nbsp;&nbsp; 2028682 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 352182 | &nbsp;&nbsp; 177140502 |
| BlackRock, Inc. | 15363 | &nbsp;&nbsp; 17316252 |
| Blackstone, Inc., Class A | 76591 | &nbsp;&nbsp; 13127697 |
| Brookfield Asset Management Ltd., Class A <br> (Canada)<sup>(c)</sup><br>| 227065 | &nbsp;&nbsp; 13660230 |
| Brown & Brown, Inc. | 33517 | &nbsp;&nbsp; 3249473 |
| Capital One Financial Corp. | 51844 | &nbsp;&nbsp; 11779994 |
| Carlyle Group, Inc. (The)<sup>(c)</sup> | 12462 | &nbsp;&nbsp; 804547 |
| Cboe Global Markets, Inc. | 31029 | &nbsp;&nbsp; 7321292 |
| Charles Schwab Corp. (The) | 25081 | &nbsp;&nbsp; 2403763 |
| Chubb Ltd. | 15234 | &nbsp;&nbsp; 4190416 |
| Cincinnati Financial Corp. | 24735 | &nbsp;&nbsp; 3799296 |
| Citigroup, Inc. | 22770 | &nbsp;&nbsp; 2198899 |
| CME Group, Inc., Class A | 23164 | &nbsp;&nbsp; 6173438 |
| Corpay, Inc.<sup>(b)</sup> | 7892 | &nbsp;&nbsp; 2570188 |
| Evercore, Inc., Class A | 6691 | &nbsp;&nbsp; 2151491 |
| FactSet Research Systems, Inc. | 8537 | &nbsp;&nbsp; 3187033 |
| Fidelity National Information Services, Inc. | 35851 | &nbsp;&nbsp; 2502758 |
| Fiserv, Inc.<sup>(b)</sup> | 40671 | &nbsp;&nbsp; 5619919 |
| Freedom Holding Corp. (Kazakhstan)<sup>(b)(c)</sup> | 3172 | &nbsp;&nbsp; 542158 |
| Globe Life, Inc. | 6008 | &nbsp;&nbsp; 840820 |
| Goldman Sachs Group, Inc. (The) | 5953 | &nbsp;&nbsp; 4436473 |
| Hamilton Lane, Inc., Class A<sup>(c)</sup> | 16832 | &nbsp;&nbsp; 2597851 |
| Hanover Insurance Group, Inc. (The) | 1939 | &nbsp;&nbsp; 336378 |
| Hartford Insurance Group, Inc. (The) | 19301 | &nbsp;&nbsp; 2553715 |
| Houlihan Lokey, Inc. | 21450 | &nbsp;&nbsp; 4273912 |
| Huntington Bancshares, Inc. | 20397 | &nbsp;&nbsp; 363271 |
| Interactive Brokers Group, Inc., Class A | 6955 | &nbsp;&nbsp; 432879 |
| Intercontinental Exchange, Inc. | 19196 | &nbsp;&nbsp; 3390014 |
| Jack Henry & Associates, Inc. | 12386 | &nbsp;&nbsp; 2022138 |
| Janus Henderson Group PLC | 9295 | &nbsp;&nbsp; 411954 |
| JPMorgan Chase & Co. | 85866 | &nbsp;&nbsp; 25881730 |
| Kinsale Capital Group, Inc. | 2543 | &nbsp;&nbsp; 1163295 |
| KKR & Co., Inc., Class A | 5571 | &nbsp;&nbsp; 777099 |
| Lazard, Inc.<sup>(c)</sup> | 12449 | &nbsp;&nbsp; 711585 |
| Loews Corp. | 3121 | &nbsp;&nbsp; 302113 |
| LPL Financial Holdings, Inc. | 18978 | &nbsp;&nbsp; 6917101 |
| M&T Bank Corp. | 2636 | &nbsp;&nbsp; 531576 |
| Markel Group, Inc.<sup>(b)</sup> | 878 | &nbsp;&nbsp; 1720055 |
| MarketAxess Holdings, Inc. | 5990 | &nbsp;&nbsp; 1101202 |
| Marsh & McLennan Cos., Inc. | 62246 | &nbsp;&nbsp; 12810849 |
| Mastercard, Inc., Class A | 231156 | &nbsp;&nbsp; 137604855 |
| MetLife, Inc. | 4803 | &nbsp;&nbsp; 390772 |
| MGIC Investment Corp. | 63969 | &nbsp;&nbsp; 1780257 |
| Moody's Corp. | 42639 | &nbsp;&nbsp; 21735657 |
| Morgan Stanley | 23694 | &nbsp;&nbsp; 3565473 |
| Morningstar, Inc.<sup>(c)</sup> | 3072 | &nbsp;&nbsp; 806154 |
| Mr. Cooper Group, Inc.<sup>(b)</sup> | 5288 | &nbsp;&nbsp; 996947 |
| MSCI, Inc. | 19883 | &nbsp;&nbsp; 11287977 |
| Nasdaq, Inc. | 32464 | &nbsp;&nbsp; 3075639 |
| Northern Trust Corp. | 4063 | &nbsp;&nbsp; 533391 |
| Old Republic International Corp. | 12942 | &nbsp;&nbsp; 517292 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 82003 | &nbsp;&nbsp; 5755791 |
| PNC Financial Services Group, Inc. (The) | 4879 | &nbsp;&nbsp; 1012100 |
| Progressive Corp. (The) | 186779 | &nbsp;&nbsp; 46145620 |
| Raymond James Financial, Inc. | 6191 | &nbsp;&nbsp; 1049003 |

---

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

------

**9**

------

**Invesco Russell 1000**<sup>®</sup> **Dynamic Multifactor ETF (OMFL)—(continued)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Regions Financial Corp. | 11463 | &nbsp;&nbsp; $313972 |
| RenaissanceRe Holdings Ltd. (Bermuda) | 1493 | &nbsp;&nbsp; 362784 |
| RLI Corp. | 6700 | &nbsp;&nbsp; 453791 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup> | 9817 | &nbsp;&nbsp; 1021262 |
| S&P Global, Inc. | 40524 | &nbsp;&nbsp; 22224982 |
| SEI Investments Co. | 40721 | &nbsp;&nbsp; 3594850 |
| State Street Corp. | 4946 | &nbsp;&nbsp; 568642 |
| Synchrony Financial | 48202 | &nbsp;&nbsp; 3679741 |
| T. Rowe Price Group, Inc. | 9188 | &nbsp;&nbsp; 988812 |
| Toast, Inc., Class A<sup>(b)(c)</sup> | 12231 | &nbsp;&nbsp; 551618 |
| Tradeweb Markets, Inc., Class A | 31162 | &nbsp;&nbsp; 3844144 |
| Travelers Cos., Inc. (The) | 16828 | &nbsp;&nbsp; 4568970 |
| Truist Financial Corp. | 7602 | &nbsp;&nbsp; 355926 |
| U.S. Bancorp | 15537 | &nbsp;&nbsp; 758672 |
| Unum Group | 9711 | &nbsp;&nbsp; 678410 |
| Visa, Inc., Class A | 400015 | &nbsp;&nbsp; 140717277 |
| W.R. Berkley Corp. | 33230 | &nbsp;&nbsp; 2382259 |
| Wells Fargo & Co. | 53763 | &nbsp;&nbsp; 4418243 |
|  |  | &nbsp;&nbsp; 831091801 |
| **Health Care-8.11%** | **Health Care-8.11%** | **Health Care-8.11%** |
| Abbott Laboratories | 466657 | &nbsp;&nbsp; 61906718 |
| AbbVie, Inc. | 109938 | &nbsp;&nbsp; 23130955 |
| Agilent Technologies, Inc. | 4806 | &nbsp;&nbsp; 603922 |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 1394 | &nbsp;&nbsp; 622435 |
| Amgen, Inc. | 12875 | &nbsp;&nbsp; 3704266 |
| Boston Scientific Corp.<sup>(b)</sup> | 164550 | &nbsp;&nbsp; 17360025 |
| Bristol-Myers Squibb Co. | 191244 | &nbsp;&nbsp; 9022892 |
| Cardinal Health, Inc. | 107335 | &nbsp;&nbsp; 15969301 |
| Cencora, Inc. | 50091 | &nbsp;&nbsp; 14607036 |
| Centene Corp.<sup>(b)</sup> | 6618 | &nbsp;&nbsp; 192187 |
| Chemed Corp. | 2407 | &nbsp;&nbsp; 1102286 |
| Cigna Group (The) | 15216 | &nbsp;&nbsp; 4578038 |
| Corcept Therapeutics, Inc.<sup>(b)(c)</sup> | 5995 | &nbsp;&nbsp; 417971 |
| CVS Health Corp. | 38590 | &nbsp;&nbsp; 2822858 |
| Danaher Corp. | 6169 | &nbsp;&nbsp; 1269704 |
| Doximity, Inc., Class A<sup>(b)</sup> | 6741 | &nbsp;&nbsp; 457984 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 12035 | &nbsp;&nbsp; 978927 |
| Eli Lilly and Co. | 17450 | &nbsp;&nbsp; 12783521 |
| Encompass Health Corp. | 14399 | &nbsp;&nbsp; 1753222 |
| Exelixis, Inc.<sup>(b)</sup> | 117213 | &nbsp;&nbsp; 4386110 |
| GE HealthCare Technologies, Inc. | 5910 | &nbsp;&nbsp; 435744 |
| Gilead Sciences, Inc. | 397439 | &nbsp;&nbsp; 44898684 |
| Globus Medical, Inc., Class A<sup>(b)</sup> | 5542 | &nbsp;&nbsp; 339558 |
| HCA Healthcare, Inc. | 14371 | &nbsp;&nbsp; 5805309 |
| Henry Schein, Inc.<sup>(b)(c)</sup> | 7291 | &nbsp;&nbsp; 507308 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 9765 | &nbsp;&nbsp; 6318834 |
| Incyte Corp.<sup>(b)</sup> | 17923 | &nbsp;&nbsp; 1516465 |
| Insulet Corp.<sup>(b)</sup> | 9336 | &nbsp;&nbsp; 3173120 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 68113 | &nbsp;&nbsp; 32237542 |
| Johnson & Johnson | 235791 | &nbsp;&nbsp; 41775091 |
| Labcorp Holdings, Inc. | 7358 | &nbsp;&nbsp; 2045450 |
| Masimo Corp.<sup>(b)(c)</sup> | 2917 | &nbsp;&nbsp; 407534 |
| McKesson Corp. | 33359 | &nbsp;&nbsp; 22905624 |
| Medtronic PLC | 82806 | &nbsp;&nbsp; 7685225 |
| Merck & Co., Inc. | 6157 | &nbsp;&nbsp; 517927 |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 424 | &nbsp;&nbsp; 551641 |
| Molina Healthcare, Inc.<sup>(b)</sup> | 3784 | &nbsp;&nbsp; 684261 |
| Natera, Inc.<sup>(b)</sup> | 8664 | &nbsp;&nbsp; 1457718 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 3909 | &nbsp;&nbsp; 545696 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Penumbra, Inc.<sup>(b)(c)</sup> | 9935 | &nbsp;&nbsp; $2708678 |
| Pfizer, Inc. | 78066 | &nbsp;&nbsp; 1932914 |
| QIAGEN N.V. | 10389 | &nbsp;&nbsp; 483088 |
| Quest Diagnostics, Inc. | 6690 | &nbsp;&nbsp; 1215172 |
| ResMed, Inc. | 35228 | &nbsp;&nbsp; 9670438 |
| Royalty Pharma PLC, Class A | 41175 | &nbsp;&nbsp; 1481476 |
| Solventum Corp.<sup>(b)</sup> | 23409 | &nbsp;&nbsp; 1710964 |
| STERIS PLC | 13527 | &nbsp;&nbsp; 3314927 |
| Stryker Corp. | 29253 | &nbsp;&nbsp; 11449917 |
| Tenet Healthcare Corp.<sup>(b)</sup> | 2644 | &nbsp;&nbsp; 487369 |
| Thermo Fisher Scientific, Inc. | 1372 | &nbsp;&nbsp; 676012 |
| United Therapeutics Corp.<sup>(b)(c)</sup> | 3202 | &nbsp;&nbsp; 975842 |
| UnitedHealth Group, Inc. | 917 | &nbsp;&nbsp; 284151 |
| Universal Health Services, Inc., Class B | 3066 | &nbsp;&nbsp; 556724 |
| Veeva Systems, Inc., Class A<sup>(b)</sup> | 30680 | &nbsp;&nbsp; 8259056 |
| Waters Corp.<sup>(b)</sup> | 5609 | &nbsp;&nbsp; 1692796 |
| Zimmer Biomet Holdings, Inc. | 3356 | &nbsp;&nbsp; 356072 |
| Zoetis, Inc. | 31022 | &nbsp;&nbsp; 4851841 |
|  |  | &nbsp;&nbsp; 403586526 |
| **Industrials-10.61%** | **Industrials-10.61%** | **Industrials-10.61%** |
| 3M Co. | 72198 | &nbsp;&nbsp; 11228955 |
| A.O. Smith Corp. | 3726 | &nbsp;&nbsp; 265627 |
| AAON, Inc. | 10756 | &nbsp;&nbsp; 892210 |
| Acuity, Inc. | 3494 | &nbsp;&nbsp; 1140686 |
| AECOM | 14857 | &nbsp;&nbsp; 1855491 |
| Allegion PLC | 11768 | &nbsp;&nbsp; 1998206 |
| Allison Transmission Holdings, Inc. | 14371 | &nbsp;&nbsp; 1254732 |
| AMETEK, Inc. | 31731 | &nbsp;&nbsp; 5863889 |
| Applied Industrial Technologies, Inc. | 4733 | &nbsp;&nbsp; 1247524 |
| Armstrong World Industries, Inc. | 8368 | &nbsp;&nbsp; 1638203 |
| Automatic Data Processing, Inc. | 141507 | &nbsp;&nbsp; 43025203 |
| Axon Enterprise, Inc.<sup>(b)</sup> | 5195 | &nbsp;&nbsp; 3882172 |
| Broadridge Financial Solutions, Inc. | 24795 | &nbsp;&nbsp; 6338098 |
| BWX Technologies, Inc. | 9394 | &nbsp;&nbsp; 1522204 |
| C.H. Robinson Worldwide, Inc. | 9484 | &nbsp;&nbsp; 1220591 |
| CACI International, Inc., Class A<sup>(b)(c)</sup> | 1132 | &nbsp;&nbsp; 543043 |
| Carlisle Cos., Inc. | 3782 | &nbsp;&nbsp; 1459436 |
| Caterpillar, Inc. | 28650 | &nbsp;&nbsp; 12005496 |
| Cintas Corp. | 109811 | &nbsp;&nbsp; 23063604 |
| Clean Harbors, Inc.<sup>(b)</sup> | 1924 | &nbsp;&nbsp; 466012 |
| CNH Industrial N.V. | 19768 | &nbsp;&nbsp; 226344 |
| Comfort Systems USA, Inc. | 7847 | &nbsp;&nbsp; 5519423 |
| Copart, Inc.<sup>(b)</sup> | 161710 | &nbsp;&nbsp; 7893065 |
| Crane Co. | 7908 | &nbsp;&nbsp; 1465352 |
| CSX Corp. | 45564 | &nbsp;&nbsp; 1481286 |
| Cummins, Inc. | 12147 | &nbsp;&nbsp; 4839851 |
| Curtiss-Wright Corp. | 8681 | &nbsp;&nbsp; 4150820 |
| Deere & Co. | 11712 | &nbsp;&nbsp; 5605832 |
| Delta Air Lines, Inc. | 18685 | &nbsp;&nbsp; 1154359 |
| Donaldson Co., Inc. | 10705 | &nbsp;&nbsp; 852867 |
| Dover Corp. | 5707 | &nbsp;&nbsp; 1020754 |
| Eaton Corp. PLC | 34508 | &nbsp;&nbsp; 12048123 |
| EMCOR Group, Inc. | 9820 | &nbsp;&nbsp; 6088400 |
| Emerson Electric Co. | 27883 | &nbsp;&nbsp; 3680556 |
| Equifax, Inc. | 7972 | &nbsp;&nbsp; 1963504 |
| ESAB Corp. | 4497 | &nbsp;&nbsp; 518819 |
| ExlService Holdings, Inc.<sup>(b)</sup> | 65153 | &nbsp;&nbsp; 2852398 |
| Expeditors International of Washington, <br> Inc.<br>| 10797 | &nbsp;&nbsp; 1301470 |

---

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

------

**10**

------

**Invesco Russell 1000**<sup>®</sup> **Dynamic Multifactor ETF (OMFL)—(continued)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Fastenal Co. | 437690 | &nbsp;&nbsp; $21735685 |
| FedEx Corp. | 3553 | &nbsp;&nbsp; 820992 |
| Ferguson Enterprises, Inc. | 3590 | &nbsp;&nbsp; 829829 |
| Flowserve Corp. | 5313 | &nbsp;&nbsp; 285096 |
| Fortive Corp. | 11090 | &nbsp;&nbsp; 530767 |
| FTAI Aviation Ltd. | 2181 | &nbsp;&nbsp; 335547 |
| Gates Industrial Corp. PLC<sup>(b)(c)</sup> | 19047 | &nbsp;&nbsp; 486841 |
| GE Vernova, Inc. | 56716 | &nbsp;&nbsp; 34765207 |
| General Dynamics Corp. | 12490 | &nbsp;&nbsp; 4053879 |
| General Electric Co. | 82758 | &nbsp;&nbsp; 22775002 |
| Genpact Ltd. | 34751 | &nbsp;&nbsp; 1575610 |
| Graco, Inc. | 22220 | &nbsp;&nbsp; 1897366 |
| HEICO Corp.<sup>(c)</sup> | 4708 | &nbsp;&nbsp; 1468990 |
| HEICO Corp., Class A | 8461 | &nbsp;&nbsp; 2073030 |
| Honeywell International, Inc. | 19048 | &nbsp;&nbsp; 4181036 |
| Howmet Aerospace, Inc. | 94163 | &nbsp;&nbsp; 16393778 |
| Hubbell, Inc. | 4916 | &nbsp;&nbsp; 2118747 |
| IDEX Corp. | 1575 | &nbsp;&nbsp; 259088 |
| Illinois Tool Works, Inc. | 35373 | &nbsp;&nbsp; 9361464 |
| Ingersoll Rand, Inc. | 4717 | &nbsp;&nbsp; 374671 |
| ITT, Inc. | 11778 | &nbsp;&nbsp; 2005204 |
| J.B. Hunt Transport Services, Inc. | 4504 | &nbsp;&nbsp; 653035 |
| Jacobs Solutions, Inc. | 11200 | &nbsp;&nbsp; 1637776 |
| Johnson Controls International PLC | 43084 | &nbsp;&nbsp; 4605249 |
| Kirby Corp.<sup>(b)(c)</sup> | 2308 | &nbsp;&nbsp; 224338 |
| L3Harris Technologies, Inc. | 6429 | &nbsp;&nbsp; 1784819 |
| Leidos Holdings, Inc. | 6833 | &nbsp;&nbsp; 1236226 |
| Lennox International, Inc. | 3397 | &nbsp;&nbsp; 1895050 |
| Leonardo DRS, Inc. | 10172 | &nbsp;&nbsp; 423766 |
| Lincoln Electric Holdings, Inc. | 3856 | &nbsp;&nbsp; 935581 |
| Lockheed Martin Corp. | 12595 | &nbsp;&nbsp; 5738660 |
| Masco Corp. | 15610 | &nbsp;&nbsp; 1145618 |
| MasTec, Inc.<sup>(b)</sup> | 6076 | &nbsp;&nbsp; 1103948 |
| Middleby Corp. (The)<sup>(b)</sup> | 2332 | &nbsp;&nbsp; 319134 |
| MSC Industrial Direct Co., Inc., Class A<sup>(c)</sup> | 4956 | &nbsp;&nbsp; 447180 |
| Mueller Industries, Inc. | 25164 | &nbsp;&nbsp; 2414234 |
| Norfolk Southern Corp. | 9327 | &nbsp;&nbsp; 2611373 |
| Northrop Grumman Corp. | 9111 | &nbsp;&nbsp; 5375854 |
| Old Dominion Freight Line, Inc. | 13644 | &nbsp;&nbsp; 2059835 |
| Oshkosh Corp. | 2557 | &nbsp;&nbsp; 356369 |
| Otis Worldwide Corp. | 19489 | &nbsp;&nbsp; 1683460 |
| PACCAR, Inc. | 8153 | &nbsp;&nbsp; 815137 |
| Parker-Hannifin Corp. | 17365 | &nbsp;&nbsp; 13186113 |
| Paychex, Inc. | 114010 | &nbsp;&nbsp; 15899265 |
| Paycom Software, Inc. | 11232 | &nbsp;&nbsp; 2551349 |
| Paylocity Holding Corp.<sup>(b)</sup> | 9155 | &nbsp;&nbsp; 1640851 |
| Pentair PLC | 22585 | &nbsp;&nbsp; 2428565 |
| Quanta Services, Inc. | 11168 | &nbsp;&nbsp; 4221057 |
| RB Global, Inc. (Canada)<sup>(c)</sup> | 19055 | &nbsp;&nbsp; 2182560 |
| RBC Bearings, Inc.<sup>(b)</sup> | 1394 | &nbsp;&nbsp; 543604 |
| Republic Services, Inc. | 37680 | &nbsp;&nbsp; 8815990 |
| Rockwell Automation, Inc. | 5174 | &nbsp;&nbsp; 1776907 |
| Rollins, Inc. | 67247 | &nbsp;&nbsp; 3802145 |
| RTX Corp. | 136554 | &nbsp;&nbsp; 21657464 |
| Ryder System, Inc. | 3028 | &nbsp;&nbsp; 567811 |
| Simpson Manufacturing Co., Inc.<sup>(c)</sup> | 2081 | &nbsp;&nbsp; 397721 |
| Snap-on, Inc. | 14451 | &nbsp;&nbsp; 4700043 |
| Southwest Airlines Co. | 15467 | &nbsp;&nbsp; 508864 |
| SS&C Technologies Holdings, Inc. | 9802 | &nbsp;&nbsp; 869045 |
| Trane Technologies PLC | 54478 | &nbsp;&nbsp; 22641057 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| TransDigm Group, Inc. | 6639 | &nbsp;&nbsp; $9287164 |
| TransUnion | 9440 | &nbsp;&nbsp; 834496 |
| Uber Technologies, Inc.<sup>(b)</sup> | 144057 | &nbsp;&nbsp; 13505344 |
| Union Pacific Corp. | 28110 | &nbsp;&nbsp; 6284553 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 18595 | &nbsp;&nbsp; 1952475 |
| United Parcel Service, Inc., Class B | 7918 | &nbsp;&nbsp; 692350 |
| United Rentals, Inc. | 2939 | &nbsp;&nbsp; 2810683 |
| Valmont Industries, Inc. | 2912 | &nbsp;&nbsp; 1069053 |
| Veralto Corp. | 10004 | &nbsp;&nbsp; 1062325 |
| Verisk Analytics, Inc. | 29830 | &nbsp;&nbsp; 7998020 |
| Vertiv Holdings Co., Class A | 5432 | &nbsp;&nbsp; 692852 |
| W.W. Grainger, Inc. | 10620 | &nbsp;&nbsp; 10763370 |
| Wabtec Corp. | 29968 | &nbsp;&nbsp; 5798808 |
| Waste Management, Inc. | 15675 | &nbsp;&nbsp; 3548663 |
| Watsco, Inc.<sup>(c)</sup> | 2452 | &nbsp;&nbsp; 986636 |
| Woodward, Inc. | 7037 | &nbsp;&nbsp; 1736872 |
| XPO, Inc.<sup>(b)(c)</sup> | 2421 | &nbsp;&nbsp; 314004 |
| Xylem, Inc. | 9749 | &nbsp;&nbsp; 1380068 |
|  |  | &nbsp;&nbsp; 528477223 |
| **Information Technology-26.23%** | **Information Technology-26.23%** | **Information Technology-26.23%** |
| Accenture PLC, Class A (Ireland) | 53867 | &nbsp;&nbsp; 14003804 |
| Adobe, Inc.<sup>(b)</sup> | 7556 | &nbsp;&nbsp; 2695225 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 5002 | &nbsp;&nbsp; 813475 |
| Amdocs Ltd. | 21164 | &nbsp;&nbsp; 1811003 |
| Amphenol Corp., Class A | 148251 | &nbsp;&nbsp; 16138604 |
| Analog Devices, Inc. | 12300 | &nbsp;&nbsp; 3091113 |
| Apple, Inc. | 1737287 | &nbsp;&nbsp; 403293804 |
| Applied Materials, Inc. | 4580 | &nbsp;&nbsp; 736281 |
| AppLovin Corp., Class A<sup>(b)</sup> | 2373 | &nbsp;&nbsp; 1135694 |
| Arista Networks, Inc.<sup>(b)</sup> | 100305 | &nbsp;&nbsp; 13696648 |
| Atlassian Corp., Class A<sup>(b)</sup> | 3873 | &nbsp;&nbsp; 688542 |
| Autodesk, Inc.<sup>(b)</sup> | 20992 | &nbsp;&nbsp; 6606182 |
| Broadcom, Inc. | 19186 | &nbsp;&nbsp; 5705724 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 5527 | &nbsp;&nbsp; 1936827 |
| Ciena Corp.<sup>(b)</sup> | 9874 | &nbsp;&nbsp; 927860 |
| Cisco Systems, Inc. | 425877 | &nbsp;&nbsp; 29423842 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 75470 | &nbsp;&nbsp; 5452707 |
| Corning, Inc. | 44734 | &nbsp;&nbsp; 2998520 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 6630 | &nbsp;&nbsp; 2809131 |
| Datadog, Inc., Class A<sup>(b)</sup> | 2141 | &nbsp;&nbsp; 292632 |
| DocuSign, Inc.<sup>(b)</sup> | 9424 | &nbsp;&nbsp; 722444 |
| Dropbox, Inc., Class A<sup>(b)</sup> | 34600 | &nbsp;&nbsp; 1005476 |
| Dynatrace, Inc.<sup>(b)</sup> | 26060 | &nbsp;&nbsp; 1318636 |
| F5, Inc.<sup>(b)</sup> | 20468 | &nbsp;&nbsp; 6409349 |
| Fair Isaac Corp.<sup>(b)</sup> | 8479 | &nbsp;&nbsp; 12901986 |
| Flex Ltd.<sup>(b)</sup> | 26473 | &nbsp;&nbsp; 1419482 |
| Fortinet, Inc.<sup>(b)</sup> | 157414 | &nbsp;&nbsp; 12399501 |
| Gartner, Inc.<sup>(b)</sup> | 3908 | &nbsp;&nbsp; 981650 |
| Gen Digital, Inc. | 16136 | &nbsp;&nbsp; 487307 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 16645 | &nbsp;&nbsp; 2468620 |
| Guidewire Software, Inc.<sup>(b)</sup> | 8445 | &nbsp;&nbsp; 1832734 |
| HubSpot, Inc.<sup>(b)</sup> | 1518 | &nbsp;&nbsp; 733452 |
| International Business Machines Corp. | 73394 | &nbsp;&nbsp; 17870705 |
| Intuit, Inc. | 23812 | &nbsp;&nbsp; 15882604 |
| Jabil, Inc. | 10725 | &nbsp;&nbsp; 2196802 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 7422 | &nbsp;&nbsp; 1212977 |
| KLA Corp. | 2626 | &nbsp;&nbsp; 2289872 |
| Lam Research Corp. | 15287 | &nbsp;&nbsp; 1530993 |

---

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

------

**11**

------

**Invesco Russell 1000**<sup>®</sup> **Dynamic Multifactor ETF (OMFL)—(continued)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Manhattan Associates, Inc.<sup>(b)</sup> | 1373 | &nbsp;&nbsp; $295799 |
| Micron Technology, Inc. | 2572 | &nbsp;&nbsp; 306094 |
| Microsoft Corp. | 643624 | &nbsp;&nbsp; 326117844 |
| Monolithic Power Systems, Inc. | 688 | &nbsp;&nbsp; 575003 |
| Motorola Solutions, Inc. | 17349 | &nbsp;&nbsp; 8196708 |
| NetApp, Inc. | 2716 | &nbsp;&nbsp; 306338 |
| Nutanix, Inc., Class A<sup>(b)</sup> | 37832 | &nbsp;&nbsp; 2542689 |
| NVIDIA Corp. | 1346681 | &nbsp;&nbsp; 234564897 |
| Okta, Inc.<sup>(b)(c)</sup> | 5374 | &nbsp;&nbsp; 498546 |
| Oracle Corp. | 46622 | &nbsp;&nbsp; 10542633 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 13996 | &nbsp;&nbsp; 2193313 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 54257 | &nbsp;&nbsp; 10337044 |
| Procore Technologies, Inc.<sup>(b)(c)</sup> | 4617 | &nbsp;&nbsp; 320928 |
| PTC, Inc.<sup>(b)</sup> | 2132 | &nbsp;&nbsp; 455182 |
| QUALCOMM, Inc. | 7919 | &nbsp;&nbsp; 1272821 |
| Ralliant Corp.<sup>(b)</sup> | 3753 | &nbsp;&nbsp; 156913 |
| Roper Technologies, Inc. | 2651 | &nbsp;&nbsp; 1395248 |
| Salesforce, Inc. | 122152 | &nbsp;&nbsp; 31301450 |
| ServiceNow, Inc.<sup>(b)</sup> | 38966 | &nbsp;&nbsp; 35749746 |
| Snowflake, Inc., Class A<sup>(b)</sup> | 7468 | &nbsp;&nbsp; 1782313 |
| Synopsys, Inc.<sup>(b)</sup> | 6783 | &nbsp;&nbsp; 4093676 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 6361 | &nbsp;&nbsp; 3423299 |
| Texas Instruments, Inc. | 30320 | &nbsp;&nbsp; 6139194 |
| Trimble, Inc.<sup>(b)</sup> | 26768 | &nbsp;&nbsp; 2163390 |
| Twilio, Inc., Class A<sup>(b)(c)</sup> | 8248 | &nbsp;&nbsp; 871071 |
| Tyler Technologies, Inc.<sup>(b)</sup> | 7087 | &nbsp;&nbsp; 3989131 |
| Ubiquiti, Inc. | 864 | &nbsp;&nbsp; 456304 |
| VeriSign, Inc. | 40608 | &nbsp;&nbsp; 11101009 |
| Workday, Inc., Class A<sup>(b)</sup> | 19334 | &nbsp;&nbsp; 4462674 |
| Zebra Technologies Corp., Class A<sup>(b)</sup> | 1867 | &nbsp;&nbsp; 592007 |
| Zoom Communications, Inc., Class A<sup>(b)</sup> | 18368 | &nbsp;&nbsp; 1495523 |
| Zscaler, Inc.<sup>(b)</sup> | 1820 | &nbsp;&nbsp; 504231 |
|  |  | &nbsp;&nbsp; 1306125226 |
| **Materials-1.69%** | **Materials-1.69%** | **Materials-1.69%** |
| Air Products and Chemicals, Inc. | 6271 | &nbsp;&nbsp; 1844364 |
| Amcor PLC | 48616 | &nbsp;&nbsp; 419556 |
| AngloGold Ashanti PLC (United Kingdom) | 9624 | &nbsp;&nbsp; 545296 |
| AptarGroup, Inc. | 6601 | &nbsp;&nbsp; 919321 |
| ATI, Inc.<sup>(b)</sup> | 4406 | &nbsp;&nbsp; 341641 |
| Carpenter Technology Corp. | 3925 | &nbsp;&nbsp; 945454 |
| CF Industries Holdings, Inc. | 22777 | &nbsp;&nbsp; 1973172 |
| Corteva, Inc. | 168039 | &nbsp;&nbsp; 12466813 |
| CRH PLC | 30970 | &nbsp;&nbsp; 3498061 |
| Crown Holdings, Inc. | 7268 | &nbsp;&nbsp; 722294 |
| DuPont de Nemours, Inc. | 4950 | &nbsp;&nbsp; 380754 |
| Eagle Materials, Inc. | 1852 | &nbsp;&nbsp; 427627 |
| Ecolab, Inc. | 18405 | &nbsp;&nbsp; 5098921 |
| Freeport-McMoRan, Inc. | 8859 | &nbsp;&nbsp; 393340 |
| International Paper Co. | 26872 | &nbsp;&nbsp; 1335001 |
| Linde PLC | 39488 | &nbsp;&nbsp; 18886716 |
| Louisiana-Pacific Corp. | 6055 | &nbsp;&nbsp; 575891 |
| Martin Marietta Materials, Inc. | 1018 | &nbsp;&nbsp; 627495 |
| Mosaic Co. (The) | 8968 | &nbsp;&nbsp; 299531 |
| Newmont Corp. | 162979 | &nbsp;&nbsp; 12125638 |
| Packaging Corp. of America | 7361 | &nbsp;&nbsp; 1604404 |
| PPG Industries, Inc. | 3667 | &nbsp;&nbsp; 407880 |
| Reliance, Inc. | 6475 | &nbsp;&nbsp; 1914398 |
| Royal Gold, Inc. | 22846 | &nbsp;&nbsp; 4102685 |
| RPM International, Inc.<sup>(c)</sup> | 9776 | &nbsp;&nbsp; 1225031 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| Sherwin-Williams Co. (The) | 25268 | &nbsp;&nbsp; $9243792 |
| Southern Copper Corp. (Mexico)<sup>(c)</sup> | 2867 | &nbsp;&nbsp; 275490 |
| Steel Dynamics, Inc. | 4522 | &nbsp;&nbsp; 592020 |
| Vulcan Materials Co. | 2944 | &nbsp;&nbsp; 857175 |
|  |  | &nbsp;&nbsp; 84049761 |
| **Real Estate-1.05%** | **Real Estate-1.05%** | **Real Estate-1.05%** |
| Agree Realty Corp. | 4068 | &nbsp;&nbsp; 295906 |
| American Homes 4 Rent, Class A | 9200 | &nbsp;&nbsp; 329544 |
| American Tower Corp. | 16199 | &nbsp;&nbsp; 3302166 |
| AvalonBay Communities, Inc. | 6850 | &nbsp;&nbsp; 1341573 |
| Brixmor Property Group, Inc. | 15734 | &nbsp;&nbsp; 440395 |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 26443 | &nbsp;&nbsp; 4286939 |
| CoStar Group, Inc.<sup>(b)</sup> | 3616 | &nbsp;&nbsp; 323596 |
| CubeSmart | 11204 | &nbsp;&nbsp; 458468 |
| Digital Realty Trust, Inc. | 4815 | &nbsp;&nbsp; 807187 |
| EastGroup Properties, Inc.<sup>(c)</sup> | 2457 | &nbsp;&nbsp; 416609 |
| Equinix, Inc. | 2541 | &nbsp;&nbsp; 1997709 |
| Equity LifeStyle Properties, Inc.<sup>(c)</sup> | 12606 | &nbsp;&nbsp; 760016 |
| Equity Residential | 20125 | &nbsp;&nbsp; 1330665 |
| Essex Property Trust, Inc. | 3958 | &nbsp;&nbsp; 1069491 |
| Extra Space Storage, Inc. | 2939 | &nbsp;&nbsp; 421982 |
| First Industrial Realty Trust, Inc. | 8934 | &nbsp;&nbsp; 469928 |
| Gaming and Leisure Properties, Inc. | 24082 | &nbsp;&nbsp; 1156177 |
| Invitation Homes, Inc. | 7629 | &nbsp;&nbsp; 238711 |
| Iron Mountain, Inc. | 3146 | &nbsp;&nbsp; 290470 |
| Jones Lang LaSalle, Inc.<sup>(b)</sup> | 1071 | &nbsp;&nbsp; 327265 |
| Kimco Realty Corp. | 12831 | &nbsp;&nbsp; 288569 |
| Lamar Advertising Co., Class A<sup>(c)</sup> | 4336 | &nbsp;&nbsp; 551756 |
| Mid-America Apartment Communities, Inc. | 8498 | &nbsp;&nbsp; 1239178 |
| NNN REIT, Inc. | 6688 | &nbsp;&nbsp; 286982 |
| Omega Healthcare Investors, Inc. | 17698 | &nbsp;&nbsp; 753404 |
| Prologis, Inc. | 25334 | &nbsp;&nbsp; 2882503 |
| Public Storage | 25529 | &nbsp;&nbsp; 7520588 |
| Realty Income Corp. | 11684 | &nbsp;&nbsp; 686552 |
| Regency Centers Corp. | 7853 | &nbsp;&nbsp; 569343 |
| SBA Communications Corp., Class A | 15095 | &nbsp;&nbsp; 3092211 |
| Simon Property Group, Inc. | 36731 | &nbsp;&nbsp; 6635822 |
| Ventas, Inc. | 5500 | &nbsp;&nbsp; 374440 |
| VICI Properties, Inc. | 110107 | &nbsp;&nbsp; 3719414 |
| W.P. Carey, Inc. | 6452 | &nbsp;&nbsp; 432929 |
| Welltower, Inc. | 18175 | &nbsp;&nbsp; 3058489 |
|  |  | &nbsp;&nbsp; 52156977 |
| **Utilities-1.83%** | **Utilities-1.83%** | **Utilities-1.83%** |
| Alliant Energy Corp. | 21220 | &nbsp;&nbsp; 1380785 |
| Ameren Corp. | 31379 | &nbsp;&nbsp; 3130997 |
| American Electric Power Co., Inc. | 41585 | &nbsp;&nbsp; 4616767 |
| American Water Works Co., Inc. | 10281 | &nbsp;&nbsp; 1475426 |
| Atmos Energy Corp.<sup>(c)</sup> | 19153 | &nbsp;&nbsp; 3181888 |
| CenterPoint Energy, Inc. | 39822 | &nbsp;&nbsp; 1501688 |
| CMS Energy Corp. | 22702 | &nbsp;&nbsp; 1624782 |
| Consolidated Edison, Inc. | 25033 | &nbsp;&nbsp; 2458992 |
| Constellation Energy Corp. | 3965 | &nbsp;&nbsp; 1221141 |
| Dominion Energy, Inc. | 47974 | &nbsp;&nbsp; 2873643 |
| DTE Energy Co. | 17148 | &nbsp;&nbsp; 2343274 |
| Duke Energy Corp. | 59307 | &nbsp;&nbsp; 7264514 |
| Entergy Corp. | 60224 | &nbsp;&nbsp; 5305132 |
| Essential Utilities, Inc. | 10876 | &nbsp;&nbsp; 429711 |
| Evergy, Inc. | 22908 | &nbsp;&nbsp; 1632424 |
| Eversource Energy | 15969 | &nbsp;&nbsp; 1023134 |

---

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)—(continued)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-(continued)** | **Utilities-(continued)** | **Utilities-(continued)** |
| Exelon Corp. | 91568 | &nbsp;&nbsp; $3999690 |
| FirstEnergy Corp. | 21680 | &nbsp;&nbsp; 945682 |
| IDACORP, Inc.<sup>(c)</sup> | 4869 | &nbsp;&nbsp; 609112 |
| National Fuel Gas Co. | 17965 | &nbsp;&nbsp; 1558284 |
| NextEra Energy, Inc. | 72966 | &nbsp;&nbsp; 5257200 |
| NiSource, Inc. | 33211 | &nbsp;&nbsp; 1403829 |
| NRG Energy, Inc. | 40831 | &nbsp;&nbsp; 5943360 |
| OGE Energy Corp. | 22347 | &nbsp;&nbsp; 998017 |
| PG&E Corp. | 49354 | &nbsp;&nbsp; 754129 |
| Pinnacle West Capital Corp. | 10709 | &nbsp;&nbsp; 956956 |
| PPL Corp. | 67953 | &nbsp;&nbsp; 2478246 |
| Public Service Enterprise Group, Inc. | 21318 | &nbsp;&nbsp; 1755111 |
| Sempra | 18704 | &nbsp;&nbsp; 1544202 |
| Southern Co. (The) | 78439 | &nbsp;&nbsp; 7239920 |
| Talen Energy Corp.<sup>(b)(c)</sup> | 4134 | &nbsp;&nbsp; 1566455 |
| UGI Corp.<sup>(c)</sup> | 14469 | &nbsp;&nbsp; 501206 |
| Vistra Corp. | 22807 | &nbsp;&nbsp; 4313032 |
| WEC Energy Group, Inc. | 36959 | &nbsp;&nbsp; 3936503 |
| Xcel Energy, Inc. | 55564 | &nbsp;&nbsp; 4022278 |
|  |  | &nbsp;&nbsp; 91247510 |
| Total Common Stocks & Other Equity Interests <br>(Cost $4,363,027,593) | Total Common Stocks & Other Equity Interests <br>(Cost $4,363,027,593) | &nbsp;&nbsp; 4976763499 |
| **Money Market Funds-0.01%** | **Money Market Funds-0.01%** | **Money Market Funds-0.01%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(e)(f)</sup> <br>(Cost $282,600)<br>| 282600 | &nbsp;&nbsp; 282600 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.95% <br>(Cost $4,363,310,193) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.95% <br>(Cost $4,363,310,193) | &nbsp;&nbsp; 4977046099 |

---

---

| | | |
|:---|:---|:---|
|  | **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-1.00%** | **Money Market Funds-1.00%** | **Money Market Funds-1.00%** |
| Invesco Private Government Fund, <br> 4.28%<sup>(e)(f)(g)</sup><br>| 13790373 | &nbsp;&nbsp; $13790373 |
| Invesco Private Prime Fund, 4.46%<sup>(e)(f)(g)</sup> | 35819615 | &nbsp;&nbsp; 35830361 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $49,618,429) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $49,618,429) | &nbsp;&nbsp; 49620734 |
| TOTAL INVESTMENTS IN SECURITIES-100.95% <br>(Cost $4,412,928,622) | TOTAL INVESTMENTS IN SECURITIES-100.95% <br>(Cost $4,412,928,622) | &nbsp;&nbsp; 5026666833 |
| OTHER ASSETS LESS LIABILITIES-(0.95)% | OTHER ASSETS LESS LIABILITIES-(0.95)% | &nbsp;&nbsp; (47165342)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $4979501491 |

---

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 August 31, 2025. |
| <sup>(d)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <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 fiscal year ended August 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2024**<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>**August 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $2893789 | &nbsp;&nbsp; $72573389 | &nbsp;&nbsp; $(75184578)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $282600 | &nbsp;&nbsp; $67806 |

---

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

------

**13**

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**Invesco Russell 1000**<sup>®</sup> **Dynamic Multifactor ETF (OMFL)—(continued)**

August 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 31, 2024**<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> **August 31, 2025**<br>| **Dividend Income** |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $14826081 | &nbsp;&nbsp; $192730840 | &nbsp;&nbsp; $(193766548)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13790373 | &nbsp;&nbsp; $371,498<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 39995309 | &nbsp;&nbsp; 382278070 | &nbsp;&nbsp; (386441532)<br>| &nbsp;&nbsp; (180)<br>| &nbsp;&nbsp; (1306)<br>| &nbsp;&nbsp; 35830361 | &nbsp;&nbsp; 1,027,384<br> \*<br>|
| Total | &nbsp;&nbsp; $57715179 | &nbsp;&nbsp; $647582299 | &nbsp;&nbsp; $(655392658)<br>| &nbsp;&nbsp; $(180)<br>| &nbsp;&nbsp; $(1306)<br>| &nbsp;&nbsp; $49903334 | &nbsp;&nbsp; $1466688 |

---

\* 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>(f)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<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.

------

**14**

------

**Invesco Russell 2000**<sup>®</sup> **Dynamic Multifactor ETF (OMFS)**

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.91%** | **Common Stocks & Other Equity Interests-99.91%** | **Common Stocks & Other Equity Interests-99.91%** |
| **Communication Services-2.45%** | **Communication Services-2.45%** | **Communication Services-2.45%** |
| Altice USA, Inc., Class A<sup>(b)</sup> | 15519 | &nbsp;&nbsp; $36315 |
| Angi, Inc.<sup>(b)(c)</sup> | 1470 | &nbsp;&nbsp; 26048 |
| Anterix, Inc.<sup>(b)</sup> | 1339 | &nbsp;&nbsp; 31788 |
| Atlanta Braves Holdings, Inc., Class A<sup>(b)(c)</sup> | 507 | &nbsp;&nbsp; 24085 |
| Atlanta Braves Holdings, Inc., Series C<sup>(b)(c)</sup> | 3260 | &nbsp;&nbsp; 146635 |
| Bandwidth, Inc., Class A<sup>(b)</sup> | 1559 | &nbsp;&nbsp; 23385 |
| Boston Omaha Corp., Class A<sup>(b)(c)</sup> | 2242 | &nbsp;&nbsp; 29908 |
| CarGurus, Inc.<sup>(b)(c)</sup> | 13934 | &nbsp;&nbsp; 482116 |
| Cars.com, Inc.<sup>(b)</sup> | 1497 | &nbsp;&nbsp; 19536 |
| Cinemark Holdings, Inc. | 12848 | &nbsp;&nbsp; 331478 |
| Cogent Communications Holdings, Inc.<sup>(c)</sup> | 4036 | &nbsp;&nbsp; 154296 |
| CuriosityStream, Inc. | 4228 | &nbsp;&nbsp; 19364 |
| EchoStar Corp., Class A<sup>(b)(c)</sup> | 12655 | &nbsp;&nbsp; 781952 |
| EverQuote, Inc., Class A<sup>(b)</sup> | 3235 | &nbsp;&nbsp; 75214 |
| fuboTV, Inc.<sup>(b)(c)</sup> | 21388 | &nbsp;&nbsp; 75500 |
| Gambling.com Group Ltd. (Malta)<sup>(b)(c)</sup> | 2888 | &nbsp;&nbsp; 25212 |
| Gannett Co., Inc.<sup>(b)(c)</sup> | 5267 | &nbsp;&nbsp; 21647 |
| Globalstar, Inc.<sup>(b)(c)</sup> | 3017 | &nbsp;&nbsp; 90299 |
| Gogo, Inc.<sup>(b)(c)</sup> | 1885 | &nbsp;&nbsp; 20697 |
| Gray Media, Inc. | 4035 | &nbsp;&nbsp; 24735 |
| Grindr, Inc. (Singapore), (Acquired <br> 07/05/2024 - 08/20/2025; <br> Cost $121,416)<sup>(b)(d)</sup><br>| 7251 | &nbsp;&nbsp; 113406 |
| IDT Corp., Class B | 3001 | &nbsp;&nbsp; 192274 |
| iHeartMedia, Inc., Class A<sup>(b)(c)</sup> | 9415 | &nbsp;&nbsp; 20054 |
| IMAX Corp.<sup>(b)(c)</sup> | 5507 | &nbsp;&nbsp; 157280 |
| Integral Ad Science Holding Corp.<sup>(b)(c)</sup> | 4863 | &nbsp;&nbsp; 43718 |
| John Wiley & Sons, Inc., Class A<sup>(c)</sup> | 4267 | &nbsp;&nbsp; 173155 |
| Liberty Latin America Ltd., Class C<sup>(b)</sup> | 2843 | &nbsp;&nbsp; 23426 |
| Lionsgate Studios Corp.<sup>(b)</sup> | 8157 | &nbsp;&nbsp; 52450 |
| Lumen Technologies, Inc.<sup>(b)(c)</sup> | 82387 | &nbsp;&nbsp; 409463 |
| Madison Square Garden Entertainment <br> Corp.<sup>(b)(c)</sup><br>| 3815 | &nbsp;&nbsp; 155309 |
| Magnite, Inc.<sup>(b)(c)</sup> | 9554 | &nbsp;&nbsp; 247926 |
| Marcus Corp. (The) | 3827 | &nbsp;&nbsp; 59089 |
| MediaAlpha, Inc., Class A<sup>(b)</sup> | 1297 | &nbsp;&nbsp; 13709 |
| National CineMedia, Inc. | 3049 | &nbsp;&nbsp; 13385 |
| Nextdoor Holdings, Inc.<sup>(b)</sup> | 8327 | &nbsp;&nbsp; 17070 |
| Nexxen International Ltd. (Israel)<sup>(b)</sup> | 8112 | &nbsp;&nbsp; 81363 |
| PubMatic, Inc., Class A<sup>(b)(c)</sup> | 1251 | &nbsp;&nbsp; 10846 |
| QuinStreet, Inc.<sup>(b)</sup> | 4101 | &nbsp;&nbsp; 64304 |
| Rumble, Inc.<sup>(b)(c)</sup> | 16343 | &nbsp;&nbsp; 119141 |
| Scholastic Corp. | 647 | &nbsp;&nbsp; 16602 |
| Shenandoah Telecommunications Co.<sup>(c)</sup> | 885 | &nbsp;&nbsp; 11726 |
| Sinclair, Inc. | 3974 | &nbsp;&nbsp; 57504 |
| Sphere Entertainment Co.<sup>(b)(c)</sup> | 3225 | &nbsp;&nbsp; 146125 |
| Spok Holdings, Inc.<sup>(c)</sup> | 3490 | &nbsp;&nbsp; 63378 |
| Stagwell, Inc.<sup>(b)(c)</sup> | 4262 | &nbsp;&nbsp; 24038 |
| Starz Entertainment Corp.<sup>(b)</sup> | 1161 | &nbsp;&nbsp; 14826 |
| TEGNA, Inc. | 19070 | &nbsp;&nbsp; 404284 |
| Telephone and Data Systems, Inc. | 12111 | &nbsp;&nbsp; 485530 |
| Thryv Holdings, Inc.<sup>(b)(c)</sup> | 1241 | &nbsp;&nbsp; 15959 |
| Travelzoo<sup>(b)(c)</sup> | 1455 | &nbsp;&nbsp; 14274 |
| TripAdvisor, Inc.<sup>(b)(c)</sup> | 5166 | &nbsp;&nbsp; 89992 |
| Vimeo, Inc.<sup>(b)</sup> | 20238 | &nbsp;&nbsp; 85000 |
| VTEX, Class A (Brazil)<sup>(b)(c)</sup> | 5016 | &nbsp;&nbsp; 20465 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Communication Services-(continued)** | **Communication Services-(continued)** | **Communication Services-(continued)** |
| WEBTOON Entertainment, Inc. (South <br> Korea)<sup>(b)(c)</sup><br>| 2055 | &nbsp;&nbsp; $29736 |
| Yelp, Inc.<sup>(b)</sup> | 7982 | &nbsp;&nbsp; 252391 |
| Ziff Davis, Inc.<sup>(b)</sup> | 989 | &nbsp;&nbsp; 37790 |
|  |  | &nbsp;&nbsp; 6177198 |
| **Consumer Discretionary-10.15%** | **Consumer Discretionary-10.15%** | **Consumer Discretionary-10.15%** |
| Abercrombie & Fitch Co., Class A<sup>(b)</sup> | 932 | &nbsp;&nbsp; 87170 |
| Academy Sports & Outdoors, Inc.<sup>(c)</sup> | 3832 | &nbsp;&nbsp; 205204 |
| Accel Entertainment, Inc.<sup>(b)</sup> | 3448 | &nbsp;&nbsp; 39962 |
| Acushnet Holdings Corp. | 3186 | &nbsp;&nbsp; 244207 |
| Adient PLC<sup>(b)</sup> | 1702 | &nbsp;&nbsp; 42210 |
| Adtalem Global Education, Inc.<sup>(b)</sup> | 7872 | &nbsp;&nbsp; 1030838 |
| Advance Auto Parts, Inc.<sup>(c)</sup> | 990 | &nbsp;&nbsp; 60380 |
| American Axle & Manufacturing Holdings, <br> Inc.<sup>(b)(c)</sup><br>| 3453 | &nbsp;&nbsp; 20096 |
| American Eagle Outfitters, Inc.<sup>(c)</sup> | 5553 | &nbsp;&nbsp; 71856 |
| American Outdoor Brands, Inc.<sup>(b)(c)</sup> | 2343 | &nbsp;&nbsp; 24461 |
| American Public Education, Inc.<sup>(b)(c)</sup> | 2698 | &nbsp;&nbsp; 81426 |
| America's Car-Mart, Inc.<sup>(b)(c)</sup> | 263 | &nbsp;&nbsp; 11785 |
| Asbury Automotive Group, Inc.<sup>(b)(c)</sup> | 1656 | &nbsp;&nbsp; 416550 |
| Bassett Furniture Industries, Inc. | 892 | &nbsp;&nbsp; 15003 |
| Beazer Homes USA, Inc.<sup>(b)(c)</sup> | 781 | &nbsp;&nbsp; 19650 |
| Biglari Holdings, Inc., Class B<sup>(b)(c)</sup> | 75 | &nbsp;&nbsp; 23315 |
| BJ's Restaurants, Inc.<sup>(b)</sup> | 3287 | &nbsp;&nbsp; 110312 |
| Boot Barn Holdings, Inc.<sup>(b)(c)</sup> | 3876 | &nbsp;&nbsp; 689036 |
| Brightstar Lottery PLC<sup>(c)</sup> | 3278 | &nbsp;&nbsp; 54546 |
| Brinker International, Inc.<sup>(b)</sup> | 8398 | &nbsp;&nbsp; 1309920 |
| Buckle, Inc. (The)<sup>(c)</sup> | 4717 | &nbsp;&nbsp; 266935 |
| Build-A-Bear Workshop, Inc.<sup>(c)</sup> | 2175 | &nbsp;&nbsp; 132262 |
| Camping World Holdings, Inc., Class A<sup>(c)</sup> | 2604 | &nbsp;&nbsp; 45596 |
| Capri Holdings Ltd.<sup>(b)(c)</sup> | 2997 | &nbsp;&nbsp; 61708 |
| Carriage Services, Inc. | 1922 | &nbsp;&nbsp; 84145 |
| Carter's, Inc.<sup>(c)</sup> | 1053 | &nbsp;&nbsp; 30074 |
| Cavco Industries, Inc.<sup>(b)</sup> | 1628 | &nbsp;&nbsp; 863638 |
| Century Communities, Inc. | 891 | &nbsp;&nbsp; 58699 |
| Champion Homes, Inc.<sup>(b)</sup> | 8999 | &nbsp;&nbsp; 679065 |
| Cheesecake Factory, Inc. (The)<sup>(c)</sup> | 6359 | &nbsp;&nbsp; 390824 |
| Cooper-Standard Holdings, Inc.<sup>(b)</sup> | 1294 | &nbsp;&nbsp; 47645 |
| Coursera, Inc.<sup>(b)</sup> | 24184 | &nbsp;&nbsp; 278116 |
| Cracker Barrel Old Country Store, Inc.<sup>(c)</sup> | 2793 | &nbsp;&nbsp; 167077 |
| Cricut, Inc., Class A<sup>(c)</sup> | 5766 | &nbsp;&nbsp; 32866 |
| Dana, Inc. | 14563 | &nbsp;&nbsp; 293590 |
| Dave & Buster's Entertainment, Inc.<sup>(b)(c)</sup> | 429 | &nbsp;&nbsp; 11012 |
| Dorman Products, Inc.<sup>(b)</sup> | 3964 | &nbsp;&nbsp; 641336 |
| Dream Finders Homes, Inc., Class A<sup>(b)(c)</sup> | 654 | &nbsp;&nbsp; 18175 |
| El Pollo Loco Holdings, Inc.<sup>(b)(c)</sup> | 1682 | &nbsp;&nbsp; 17880 |
| Ermenegildo Zegna N.V. (Italy) | 2485 | &nbsp;&nbsp; 20973 |
| Escalade, Inc.<sup>(c)</sup> | 1548 | &nbsp;&nbsp; 19505 |
| Ethan Allen Interiors, Inc. | 2217 | &nbsp;&nbsp; 65424 |
| EVgo, Inc.<sup>(b)(c)</sup> | 19592 | &nbsp;&nbsp; 75821 |
| Figs, Inc., Class A<sup>(b)(c)</sup> | 6205 | &nbsp;&nbsp; 43745 |
| First Watch Restaurant Group, Inc.<sup>(b)(c)</sup> | 2641 | &nbsp;&nbsp; 49756 |
| Flexsteel Industries, Inc. | 409 | &nbsp;&nbsp; 18969 |
| Foot Locker, Inc.<sup>(b)(c)</sup> | 5229 | &nbsp;&nbsp; 129156 |
| Fox Factory Holding Corp.<sup>(b)</sup> | 706 | &nbsp;&nbsp; 20425 |
| Frontdoor, Inc.<sup>(b)</sup> | 3228 | &nbsp;&nbsp; 196101 |
| Garrett Motion, Inc. (Switzerland) | 12112 | &nbsp;&nbsp; 157335 |

---

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

------

**15**

------

**Invesco Russell 2000**<sup>®</sup> **Dynamic Multifactor ETF (OMFS)—(continued)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Genesco, Inc.<sup>(b)(c)</sup> | 748 | &nbsp;&nbsp; $23921 |
| Genius Sports Ltd. (United Kingdom)<sup>(b)</sup> | 44618 | &nbsp;&nbsp; 570664 |
| Gentherm, Inc.<sup>(b)</sup> | 768 | &nbsp;&nbsp; 28239 |
| GigaCloud Technology, Inc., Class A (Hong <br> Kong)<sup>(b)(c)</sup><br>| 722 | &nbsp;&nbsp; 19111 |
| G-III Apparel Group Ltd.<sup>(b)(c)</sup> | 3619 | &nbsp;&nbsp; 97713 |
| Global Business Travel Group, Inc.<sup>(b)(c)</sup> | 6173 | &nbsp;&nbsp; 51483 |
| Golden Entertainment, Inc.<sup>(c)</sup> | 940 | &nbsp;&nbsp; 23378 |
| Goodyear Tire & Rubber Co. (The)<sup>(b)</sup> | 11250 | &nbsp;&nbsp; 95400 |
| Graham Holdings Co., Class B | 438 | &nbsp;&nbsp; 475690 |
| Green Brick Partners, Inc.<sup>(b)(c)</sup> | 2148 | &nbsp;&nbsp; 150016 |
| Group 1 Automotive, Inc. | 627 | &nbsp;&nbsp; 291417 |
| Groupon, Inc.<sup>(b)(c)</sup> | 1371 | &nbsp;&nbsp; 35783 |
| Hamilton Beach Brands Holding Co., Class A | 717 | &nbsp;&nbsp; 10569 |
| Hanesbrands, Inc.<sup>(b)</sup> | 20151 | &nbsp;&nbsp; 127153 |
| Haverty Furniture Cos., Inc. | 756 | &nbsp;&nbsp; 17048 |
| Hilton Grand Vacations, Inc.<sup>(b)(c)</sup> | 3726 | &nbsp;&nbsp; 177060 |
| Installed Building Products, Inc. | 1411 | &nbsp;&nbsp; 369428 |
| KB Home | 3152 | &nbsp;&nbsp; 200310 |
| KinderCare Learning Cos., Inc.<sup>(b)(c)</sup> | 1870 | &nbsp;&nbsp; 13445 |
| Kontoor Brands, Inc. | 6109 | &nbsp;&nbsp; 471920 |
| Kura Sushi USA, Inc., Class A<sup>(b)(c)</sup> | 330 | &nbsp;&nbsp; 27986 |
| Latham Group, Inc.<sup>(b)(c)</sup> | 3945 | &nbsp;&nbsp; 31678 |
| Laureate Education, Inc., Class A<sup>(b)</sup> | 32029 | &nbsp;&nbsp; 880157 |
| La-Z-Boy, Inc. | 4311 | &nbsp;&nbsp; 159378 |
| LCI Industries | 1836 | &nbsp;&nbsp; 193551 |
| Legacy Housing Corp.<sup>(b)(c)</sup> | 874 | &nbsp;&nbsp; 24424 |
| Leggett & Platt, Inc. | 7585 | &nbsp;&nbsp; 72892 |
| LGI Homes, Inc.<sup>(b)(c)</sup> | 343 | &nbsp;&nbsp; 21235 |
| Life Time Group Holdings, Inc.<sup>(b)</sup> | 18960 | &nbsp;&nbsp; 529363 |
| Lincoln Educational Services Corp.<sup>(b)(c)</sup> | 5739 | &nbsp;&nbsp; 107951 |
| Lindblad Expeditions Holdings, Inc.<sup>(b)(c)</sup> | 4027 | &nbsp;&nbsp; 58714 |
| Lovesac Co. (The)<sup>(b)(c)</sup> | 599 | &nbsp;&nbsp; 11459 |
| M/I Homes, Inc.<sup>(b)</sup> | 1512 | &nbsp;&nbsp; 222657 |
| Malibu Boats, Inc., Class A<sup>(b)(c)</sup> | 677 | &nbsp;&nbsp; 22476 |
| Marriott Vacations Worldwide Corp.<sup>(c)</sup> | 1395 | &nbsp;&nbsp; 109019 |
| Meritage Homes Corp. | 2066 | &nbsp;&nbsp; 160508 |
| Mister Car Wash, Inc.<sup>(b)(c)</sup> | 7626 | &nbsp;&nbsp; 43544 |
| Modine Manufacturing Co.<sup>(b)</sup> | 4928 | &nbsp;&nbsp; 670849 |
| Monarch Casino & Resort, Inc. | 2107 | &nbsp;&nbsp; 219823 |
| Monro, Inc. | 813 | &nbsp;&nbsp; 13480 |
| Motorcar Parts of America, Inc.<sup>(b)</sup> | 2208 | &nbsp;&nbsp; 32899 |
| Nathan's Famous, Inc. | 683 | &nbsp;&nbsp; 71510 |
| National Vision Holdings, Inc.<sup>(b)</sup> | 8354 | &nbsp;&nbsp; 191641 |
| OneSpaWorld Holdings Ltd. (Bahamas)<sup>(c)</sup> | 15149 | &nbsp;&nbsp; 341913 |
| Oxford Industries, Inc.<sup>(c)</sup> | 322 | &nbsp;&nbsp; 14184 |
| Papa John's International, Inc.<sup>(c)</sup> | 1318 | &nbsp;&nbsp; 64200 |
| Patrick Industries, Inc. | 2535 | &nbsp;&nbsp; 283540 |
| Peloton Interactive, Inc., Class A<sup>(b)(c)</sup> | 41351 | &nbsp;&nbsp; 314268 |
| Perdoceo Education Corp. | 10510 | &nbsp;&nbsp; 344097 |
| PHINIA, Inc. | 4136 | &nbsp;&nbsp; 241873 |
| Polaris, Inc. | 381 | &nbsp;&nbsp; 21557 |
| Portillo's, Inc., Class A<sup>(b)(c)</sup> | 6221 | &nbsp;&nbsp; 44045 |
| Potbelly Corp.<sup>(b)(c)</sup> | 3947 | &nbsp;&nbsp; 51074 |
| RCI Hospitality Holdings, Inc.<sup>(c)</sup> | 606 | &nbsp;&nbsp; 22549 |
| RealReal, Inc. (The)<sup>(b)(c)</sup> | 8671 | &nbsp;&nbsp; 66160 |
| Red Rock Resorts, Inc., Class A | 2904 | &nbsp;&nbsp; 179670 |
| Revolve Group, Inc.<sup>(b)(c)</sup> | 5701 | &nbsp;&nbsp; 127531 |
| Rush Street Interactive, Inc.<sup>(b)(c)</sup> | 14901 | &nbsp;&nbsp; 332292 |
| Sabre Corp.<sup>(b)</sup> | 20870 | &nbsp;&nbsp; 37357 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Sally Beauty Holdings, Inc.<sup>(b)</sup> | 4760 | &nbsp;&nbsp; $65974 |
| Shake Shack, Inc., Class A<sup>(b)</sup> | 6016 | &nbsp;&nbsp; 637696 |
| Signet Jewelers Ltd.<sup>(c)</sup> | 1884 | &nbsp;&nbsp; 165886 |
| Smith & Wesson Brands, Inc.<sup>(c)</sup> | 2212 | &nbsp;&nbsp; 18072 |
| Sonic Automotive, Inc., Class A | 570 | &nbsp;&nbsp; 46848 |
| Sonos, Inc.<sup>(b)</sup> | 5889 | &nbsp;&nbsp; 81975 |
| Standard Motor Products, Inc. | 771 | &nbsp;&nbsp; 29922 |
| Steven Madden Ltd. | 3016 | &nbsp;&nbsp; 87585 |
| Stitch Fix, Inc., Class A<sup>(b)(c)</sup> | 6414 | &nbsp;&nbsp; 33930 |
| Strategic Education, Inc. | 1879 | &nbsp;&nbsp; 152857 |
| Strattec Security Corp.<sup>(b)</sup> | 756 | &nbsp;&nbsp; 49798 |
| Stride, Inc.<sup>(b)(c)</sup> | 8502 | &nbsp;&nbsp; 1387441 |
| Sturm, Ruger & Co., Inc. | 1538 | &nbsp;&nbsp; 53322 |
| Super Group (SGHC) Ltd. (Guernsey) | 42703 | &nbsp;&nbsp; 496636 |
| Sweetgreen, Inc., Class A<sup>(b)(c)</sup> | 2348 | &nbsp;&nbsp; 21367 |
| Taylor Morrison Home Corp., Class A<sup>(b)</sup> | 6723 | &nbsp;&nbsp; 452928 |
| ThredUp, Inc., Class A<sup>(b)(c)</sup> | 6788 | &nbsp;&nbsp; 73446 |
| Tile Shop Holdings, Inc.<sup>(b)(c)</sup> | 1954 | &nbsp;&nbsp; 12134 |
| Topgolf Callaway Brands Corp.<sup>(b)(c)</sup> | 2378 | &nbsp;&nbsp; 22734 |
| Tri Pointe Homes, Inc.<sup>(b)</sup> | 7393 | &nbsp;&nbsp; 261195 |
| Udemy, Inc.<sup>(b)</sup> | 8395 | &nbsp;&nbsp; 57590 |
| United Parks & Resorts, Inc.<sup>(b)(c)</sup> | 1936 | &nbsp;&nbsp; 101795 |
| Universal Technical Institute, Inc.<sup>(b)(c)</sup> | 10247 | &nbsp;&nbsp; 272468 |
| Upbound Group, Inc. | 2866 | &nbsp;&nbsp; 72825 |
| Urban Outfitters, Inc.<sup>(b)(c)</sup> | 9424 | &nbsp;&nbsp; 632162 |
| Victoria's Secret & Co.<sup>(b)(c)</sup> | 6706 | &nbsp;&nbsp; 154372 |
| Visteon Corp. | 1655 | &nbsp;&nbsp; 205154 |
| Warby Parker, Inc., Class A<sup>(b)(c)</sup> | 10703 | &nbsp;&nbsp; 280419 |
| Weyco Group, Inc. | 816 | &nbsp;&nbsp; 24725 |
| Winmark Corp.<sup>(c)</sup> | 576 | &nbsp;&nbsp; 267172 |
| Winnebago Industries, Inc. | 587 | &nbsp;&nbsp; 21120 |
| Wolverine World Wide, Inc. | 7292 | &nbsp;&nbsp; 232906 |
| XPEL, Inc.<sup>(b)(c)(e)</sup> | 2148 | &nbsp;&nbsp; 79820 |
|  |  | &nbsp;&nbsp; 25643306 |
| **Consumer Staples-2.18%** | **Consumer Staples-2.18%** | **Consumer Staples-2.18%** |
| Alico, Inc.<sup>(c)</sup> | 453 | &nbsp;&nbsp; 15329 |
| Calavo Growers, Inc.<sup>(c)</sup> | 1715 | &nbsp;&nbsp; 46905 |
| Cal-Maine Foods, Inc.<sup>(c)</sup> | 3666 | &nbsp;&nbsp; 423936 |
| Central Garden & Pet Co.<sup>(b)(c)</sup> | 534 | &nbsp;&nbsp; 19454 |
| Central Garden & Pet Co., Class A<sup>(b)</sup> | 3138 | &nbsp;&nbsp; 103648 |
| Chefs' Warehouse, Inc. (The)<sup>(b)</sup> | 5167 | &nbsp;&nbsp; 326244 |
| Dole PLC | 8144 | &nbsp;&nbsp; 119880 |
| Edgewell Personal Care Co. | 1578 | &nbsp;&nbsp; 37904 |
| Energizer Holdings, Inc.<sup>(c)</sup> | 3040 | &nbsp;&nbsp; 83782 |
| Fresh Del Monte Produce, Inc. | 5871 | &nbsp;&nbsp; 213000 |
| Grocery Outlet Holding Corp.<sup>(b)(c)</sup> | 2896 | &nbsp;&nbsp; 52447 |
| Herbalife Ltd.<sup>(b)</sup> | 3468 | &nbsp;&nbsp; 33917 |
| HF Foods Group, Inc.<sup>(b)</sup> | 4429 | &nbsp;&nbsp; 14527 |
| Honest Co., Inc. (The)<sup>(b)(c)</sup> | 8777 | &nbsp;&nbsp; 34757 |
| Ingles Markets, Inc., Class A | 688 | &nbsp;&nbsp; 46571 |
| Interparfums, Inc.<sup>(c)</sup> | 2627 | &nbsp;&nbsp; 301947 |
| J&J Snack Foods Corp. | 762 | &nbsp;&nbsp; 85016 |
| John B. Sanfilippo & Son, Inc. | 241 | &nbsp;&nbsp; 15641 |
| Lifevantage Corp.<sup>(c)</sup> | 2732 | &nbsp;&nbsp; 35789 |
| Lifeway Foods, Inc.<sup>(b)</sup> | 1051 | &nbsp;&nbsp; 32024 |
| Limoneira Co.<sup>(c)</sup> | 980 | &nbsp;&nbsp; 15445 |
| Mama's Creations, Inc.<sup>(b)(c)</sup> | 4506 | &nbsp;&nbsp; 35958 |
| Marzetti Co. (The) | 1728 | &nbsp;&nbsp; 315533 |
| Mission Produce, Inc.<sup>(b)(c)</sup> | 6033 | &nbsp;&nbsp; 75473 |

---

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

------

**16**

------

**Invesco Russell 2000**<sup>®</sup> **Dynamic Multifactor ETF (OMFS)—(continued)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples-(continued)** | **Consumer Staples-(continued)** | **Consumer Staples-(continued)** |
| National Beverage Corp.<sup>(b)(c)</sup> | 1214 | &nbsp;&nbsp; $51049 |
| Natural Grocers by Vitamin Cottage, Inc. | 3395 | &nbsp;&nbsp; 130538 |
| Nature's Sunshine Products, Inc.<sup>(b)</sup> | 1576 | &nbsp;&nbsp; 26556 |
| Nu Skin Enterprises, Inc., Class A | 1620 | &nbsp;&nbsp; 19715 |
| Oil-Dri Corp.of America | 1336 | &nbsp;&nbsp; 79332 |
| PriceSmart, Inc. | 4708 | &nbsp;&nbsp; 504980 |
| Seneca Foods Corp., Class A<sup>(b)</sup> | 325 | &nbsp;&nbsp; 36790 |
| Simply Good Foods Co. (The)<sup>(b)</sup> | 6968 | &nbsp;&nbsp; 199494 |
| Spectrum Brands Holdings, Inc. | 1365 | &nbsp;&nbsp; 77791 |
| SunOpta, Inc. (Canada)<sup>(b)</sup> | 8329 | &nbsp;&nbsp; 52223 |
| Tootsie Roll Industries, Inc.<sup>(c)</sup> | 2503 | &nbsp;&nbsp; 100646 |
| TreeHouse Foods, Inc.<sup>(b)(c)</sup> | 1370 | &nbsp;&nbsp; 25126 |
| Turning Point Brands, Inc. | 2500 | &nbsp;&nbsp; 248750 |
| United Natural Foods, Inc.<sup>(b)(c)</sup> | 8402 | &nbsp;&nbsp; 237608 |
| Universal Corp. | 3146 | &nbsp;&nbsp; 176019 |
| Utz Brands, Inc.<sup>(c)</sup> | 2557 | &nbsp;&nbsp; 34315 |
| Village Super Market, Inc., Class A<sup>(c)</sup> | 1657 | &nbsp;&nbsp; 60116 |
| Vita Coco Co., Inc. (The)<sup>(b)(c)</sup> | 3956 | &nbsp;&nbsp; 141387 |
| Vital Farms, Inc.<sup>(b)(c)</sup> | 2569 | &nbsp;&nbsp; 131250 |
| WD-40 Co. | 2004 | &nbsp;&nbsp; 432944 |
| Weis Markets, Inc.<sup>(c)</sup> | 2151 | &nbsp;&nbsp; 154119 |
| WK Kellogg Co. | 3418 | &nbsp;&nbsp; 78341 |
| Zevia PBC, Class A<sup>(b)</sup> | 6429 | &nbsp;&nbsp; 18001 |
|  |  | &nbsp;&nbsp; 5502217 |
| **Energy-2.43%** | **Energy-2.43%** | **Energy-2.43%** |
| Archrock, Inc. | 11373 | &nbsp;&nbsp; 281595 |
| Aris Water Solutions, Inc., Class A | 4483 | &nbsp;&nbsp; 108802 |
| Atlas Energy Solutions, Inc.<sup>(c)</sup> | 2558 | &nbsp;&nbsp; 29954 |
| BKV Corp. (Thailand)<sup>(b)</sup> | 1319 | &nbsp;&nbsp; 30746 |
| Bristow Group, Inc.<sup>(b)</sup> | 1549 | &nbsp;&nbsp; 59652 |
| Cactus, Inc., Class A | 4684 | &nbsp;&nbsp; 196494 |
| California Resources Corp. | 758 | &nbsp;&nbsp; 37657 |
| Calumet, Inc.<sup>(b)(c)</sup> | 2020 | &nbsp;&nbsp; 32926 |
| Centrus Energy Corp., Class A<sup>(b)(c)</sup> | 2417 | &nbsp;&nbsp; 487581 |
| CNX Resources Corp.<sup>(b)</sup> | 15405 | &nbsp;&nbsp; 449826 |
| Comstock Resources, Inc.<sup>(b)</sup> | 7269 | &nbsp;&nbsp; 117249 |
| Core Laboratories, Inc.<sup>(c)</sup> | 1100 | &nbsp;&nbsp; 12661 |
| Core Natural Resources, Inc. | 2103 | &nbsp;&nbsp; 156169 |
| Crescent Energy Co., Class A | 5196 | &nbsp;&nbsp; 49570 |
| CVR Energy, Inc. | 1021 | &nbsp;&nbsp; 31130 |
| DHT Holdings, Inc. | 14157 | &nbsp;&nbsp; 165920 |
| Diversified Energy Co. PLC<sup>(e)</sup> | 3023 | &nbsp;&nbsp; 49789 |
| Dorian LPG Ltd. | 894 | &nbsp;&nbsp; 28590 |
| Energy Fuels, Inc.<sup>(b)</sup> | 5481 | &nbsp;&nbsp; 63360 |
| Epsilon Energy Ltd. | 2864 | &nbsp;&nbsp; 16783 |
| Excelerate Energy, Inc., Class A | 2771 | &nbsp;&nbsp; 67668 |
| Expro Group Holdings N.V.<sup>(b)(c)</sup> | 1240 | &nbsp;&nbsp; 15463 |
| FLEX LNG Ltd. (Norway)<sup>(b)(c)</sup> | 2036 | &nbsp;&nbsp; 55481 |
| Forum Energy Technologies, Inc.<sup>(b)</sup> | 661 | &nbsp;&nbsp; 17483 |
| Golar LNG Ltd. (Cameroon) | 9419 | &nbsp;&nbsp; 412741 |
| Granite Ridge Resources, Inc. | 4693 | &nbsp;&nbsp; 26093 |
| Gulfport Energy Corp.<sup>(b)</sup> | 2284 | &nbsp;&nbsp; 397485 |
| Hallador Energy Co.<sup>(b)(c)</sup> | 5362 | &nbsp;&nbsp; 87454 |
| Helix Energy Solutions Group, Inc.<sup>(b)</sup> | 3948 | &nbsp;&nbsp; 26017 |
| Helmerich & Payne, Inc. | 1236 | &nbsp;&nbsp; 25820 |
| Infinity Natural Resources, Inc., Class A<sup>(b)</sup> | 1472 | &nbsp;&nbsp; 21933 |
| Innovex International, Inc.<sup>(b)(c)</sup> | 2672 | &nbsp;&nbsp; 46119 |
| International Seaways, Inc. | 1817 | &nbsp;&nbsp; 82528 |
| Kinetik Holdings, Inc., Class A<sup>(c)</sup> | 1489 | &nbsp;&nbsp; 62285 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy-(continued)** | **Energy-(continued)** | **Energy-(continued)** |
| Kodiak Gas Services, Inc.<sup>(c)</sup> | 4879 | &nbsp;&nbsp; $174619 |
| Kolibri Global Energy, Inc. (Canada)<sup>(b)</sup> | 4818 | &nbsp;&nbsp; 27174 |
| Liberty Energy, Inc., Class A | 3228 | &nbsp;&nbsp; 36315 |
| Lightbridge Corp.<sup>(b)(c)</sup> | 1610 | &nbsp;&nbsp; 24359 |
| Magnolia Oil & Gas Corp., Class A<sup>(c)</sup> | 14342 | &nbsp;&nbsp; 356829 |
| Murphy Oil Corp.<sup>(c)</sup> | 3876 | &nbsp;&nbsp; 96357 |
| National Energy Services Reunited Corp.<sup>(b)(c)</sup> | 3180 | &nbsp;&nbsp; 29765 |
| Natural Gas Services Group, Inc. | 1136 | &nbsp;&nbsp; 29718 |
| Navigator Holdings Ltd. | 1684 | &nbsp;&nbsp; 27096 |
| NextDecade Corp.<sup>(b)(c)</sup> | 2511 | &nbsp;&nbsp; 26918 |
| Noble Corp. PLC | 1846 | &nbsp;&nbsp; 53202 |
| Nordic American Tankers Ltd. | 9441 | &nbsp;&nbsp; 29362 |
| Northern Oil and Gas, Inc.<sup>(c)</sup> | 3796 | &nbsp;&nbsp; 99303 |
| NPK International, Inc.<sup>(b)</sup> | 3876 | &nbsp;&nbsp; 40310 |
| Oceaneering International, Inc.<sup>(b)</sup> | 5064 | &nbsp;&nbsp; 123562 |
| Oil States International, Inc.<sup>(b)</sup> | 3440 | &nbsp;&nbsp; 19264 |
| Par Pacific Holdings, Inc.<sup>(b)</sup> | 1650 | &nbsp;&nbsp; 57156 |
| Patterson-UTI Energy, Inc. | 14188 | &nbsp;&nbsp; 82432 |
| PBF Energy, Inc., Class A<sup>(c)</sup> | 749 | &nbsp;&nbsp; 20463 |
| Peabody Energy Corp.<sup>(c)</sup> | 3028 | &nbsp;&nbsp; 52687 |
| PrimeEnergy Resources Corp.<sup>(b)(c)</sup> | 121 | &nbsp;&nbsp; 18304 |
| ProPetro Holding Corp.<sup>(b)</sup> | 3372 | &nbsp;&nbsp; 17197 |
| Ranger Energy Services, Inc., Class A | 1505 | &nbsp;&nbsp; 21476 |
| REX American Resources Corp.<sup>(b)</sup> | 520 | &nbsp;&nbsp; 32536 |
| Riley Exploration Permian, Inc.<sup>(c)</sup> | 1075 | &nbsp;&nbsp; 31454 |
| RPC, Inc.<sup>(c)</sup> | 3578 | &nbsp;&nbsp; 17067 |
| SandRidge Energy, Inc.<sup>(c)</sup> | 1489 | &nbsp;&nbsp; 17630 |
| Scorpio Tankers, Inc. (Monaco) | 1202 | &nbsp;&nbsp; 60581 |
| Seadrill Ltd. (Norway)<sup>(b)(c)</sup> | 942 | &nbsp;&nbsp; 30059 |
| Select Water Solutions, Inc., Class A | 3159 | &nbsp;&nbsp; 26915 |
| SFL Corp. Ltd. (Norway)<sup>(c)</sup> | 4051 | &nbsp;&nbsp; 32935 |
| SM Energy Co. | 1559 | &nbsp;&nbsp; 44509 |
| Solaris Energy Infrastructure, Inc., Class B | 469 | &nbsp;&nbsp; 14816 |
| Talos Energy, Inc.<sup>(b)</sup> | 3885 | &nbsp;&nbsp; 38384 |
| Teekay Corp. Ltd. (Bermuda)<sup>(c)</sup> | 5274 | &nbsp;&nbsp; 43247 |
| Teekay Tankers Ltd., Class A (Canada)<sup>(c)</sup> | 1042 | &nbsp;&nbsp; 51235 |
| TETRA Technologies, Inc.<sup>(b)</sup> | 3378 | &nbsp;&nbsp; 15877 |
| Tidewater, Inc.<sup>(b)(c)</sup> | 968 | &nbsp;&nbsp; 58274 |
| Transocean Ltd.<sup>(b)</sup> | 8504 | &nbsp;&nbsp; 25767 |
| Uranium Energy Corp.<sup>(b)(c)</sup> | 14765 | &nbsp;&nbsp; 157838 |
| Valaris Ltd.<sup>(b)(c)</sup> | 1388 | &nbsp;&nbsp; 68942 |
| Vitesse Energy, Inc.<sup>(c)</sup> | 3126 | &nbsp;&nbsp; 83183 |
| World Kinect Corp. | 2305 | &nbsp;&nbsp; 61797 |
|  |  | &nbsp;&nbsp; 6127938 |
| **Financials-28.28%** | **Financials-28.28%** | **Financials-28.28%** |
| 1st Source Corp. | 2869 | &nbsp;&nbsp; 184821 |
| Acadian Asset Management, Inc. | 5956 | &nbsp;&nbsp; 303577 |
| ACNB Corp. | 1716 | &nbsp;&nbsp; 77769 |
| ACRES Commercial Realty Corp.<sup>(b)(c)</sup> | 1045 | &nbsp;&nbsp; 21945 |
| Adamas Trust, Inc. | 12659 | &nbsp;&nbsp; 91398 |
| AG Mortgage Investment Trust, Inc.<sup>(c)</sup> | 3124 | &nbsp;&nbsp; 23617 |
| Alerus Financial Corp. | 3113 | &nbsp;&nbsp; 69327 |
| Amalgamated Financial Corp. | 3211 | &nbsp;&nbsp; 92766 |
| Ambac Financial Group, Inc.<sup>(b)</sup> | 1805 | &nbsp;&nbsp; 16299 |
| Amerant Bancorp, Inc. | 2561 | &nbsp;&nbsp; 55061 |
| American Coastal Insurance Corp. | 1637 | &nbsp;&nbsp; 18089 |
| Ameris Bancorp | 10232 | &nbsp;&nbsp; 749801 |
| AMERISAFE, Inc. | 3139 | &nbsp;&nbsp; 144959 |
| Ames National Corp. | 721 | &nbsp;&nbsp; 14406 |

---

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

------

**17**

------

**Invesco Russell 2000**<sup>®</sup> **Dynamic Multifactor ETF (OMFS)—(continued)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Angel Oak Mortgage REIT, Inc. | 1326 | &nbsp;&nbsp; $13074 |
| Apollo Commercial Real Estate Finance, <br> Inc.<sup>(c)</sup><br>| 14234 | &nbsp;&nbsp; 150738 |
| Arbor Realty Trust, Inc.<sup>(c)</sup> | 12711 | &nbsp;&nbsp; 151769 |
| Ares Commercial Real Estate Corp.<sup>(c)</sup> | 2717 | &nbsp;&nbsp; 12824 |
| ARMOUR Residential REIT, Inc. | 7179 | &nbsp;&nbsp; 109910 |
| Arrow Financial Corp.<sup>(c)</sup> | 1927 | &nbsp;&nbsp; 57290 |
| Artisan Partners Asset Management, Inc., <br> Class A<sup>(c)</sup><br>| 9665 | &nbsp;&nbsp; 452225 |
| Associated Banc-Corp | 20717 | &nbsp;&nbsp; 558737 |
| Atlantic Union Bankshares Corp., Class B<sup>(c)</sup> | 13523 | &nbsp;&nbsp; 483177 |
| Atlanticus Holdings Corp.<sup>(b)(c)</sup> | 766 | &nbsp;&nbsp; 51092 |
| AvidXchange Holdings, Inc.<sup>(b)</sup> | 11520 | &nbsp;&nbsp; 114509 |
| Axos Financial, Inc.<sup>(b)(c)</sup> | 7992 | &nbsp;&nbsp; 728950 |
| Baldwin Insurance Group, Inc. (The), <br> Class A<sup>(b)(c)</sup><br>| 8117 | &nbsp;&nbsp; 257065 |
| Banc of California, Inc. | 16646 | &nbsp;&nbsp; 281650 |
| BancFirst Corp.<sup>(c)</sup> | 4022 | &nbsp;&nbsp; 534805 |
| Banco Latinoamericano de Comercio Exterior <br> S.A., Class E (Panama)<br>| 5416 | &nbsp;&nbsp; 249840 |
| Bancorp, Inc. (The)<sup>(b)</sup> | 8848 | &nbsp;&nbsp; 674572 |
| Bank First Corp.<sup>(c)</sup> | 1929 | &nbsp;&nbsp; 250616 |
| Bank of Hawaii Corp. | 5610 | &nbsp;&nbsp; 382153 |
| Bank of Marin Bancorp<sup>(c)</sup> | 2694 | &nbsp;&nbsp; 66111 |
| Bank of N.T. Butterfield & Son Ltd. (The) <br> (Bermuda)<br>| 6719 | &nbsp;&nbsp; 303161 |
| Bank7 Corp. | 704 | &nbsp;&nbsp; 34925 |
| BankFinancial Corp. | 1564 | &nbsp;&nbsp; 19362 |
| BankUnited, Inc. | 10620 | &nbsp;&nbsp; 416198 |
| Bankwell Financial Group, Inc. | 1259 | &nbsp;&nbsp; 53231 |
| Banner Corp.<sup>(c)</sup> | 5779 | &nbsp;&nbsp; 387366 |
| Bar Harbor Bankshares | 2235 | &nbsp;&nbsp; 72123 |
| BayCom Corp. | 1783 | &nbsp;&nbsp; 53954 |
| Beacon Financial Corp. | 6494 | &nbsp;&nbsp; 169688 |
| BGC Group, Inc., Class A | 46296 | &nbsp;&nbsp; 454164 |
| Blackstone Mortgage Trust, Inc., Class A<sup>(c)</sup> | 19713 | &nbsp;&nbsp; 385586 |
| Blue Foundry Bancorp<sup>(b)(c)</sup> | 2537 | &nbsp;&nbsp; 23569 |
| Blue Ridge Bankshares, Inc.<sup>(b)</sup> | 8519 | &nbsp;&nbsp; 34161 |
| Bowhead Specialty Holdings, Inc.<sup>(b)(c)</sup> | 3191 | &nbsp;&nbsp; 99112 |
| Bread Financial Holdings, Inc.<sup>(c)</sup> | 5570 | &nbsp;&nbsp; 368678 |
| Bridgewater Bancshares, Inc.<sup>(b)</sup> | 3526 | &nbsp;&nbsp; 57756 |
| BrightSpire Capital, Inc.<sup>(c)</sup> | 10078 | &nbsp;&nbsp; 58452 |
| Brookline Bancorp, Inc. | 14264 | &nbsp;&nbsp; 156191 |
| Burford Capital Ltd.<sup>(c)</sup> | 19913 | &nbsp;&nbsp; 278782 |
| Burke & Herbert Financial Services Corp. | 1810 | &nbsp;&nbsp; 115044 |
| Business First Bancshares, Inc.<sup>(c)</sup> | 3953 | &nbsp;&nbsp; 98865 |
| BV Financial, Inc.<sup>(b)</sup> | 1432 | &nbsp;&nbsp; 24029 |
| Byline Bancorp, Inc. | 3638 | &nbsp;&nbsp; 105175 |
| C&F Financial Corp. | 495 | &nbsp;&nbsp; 35630 |
| Cadence Bank | 20364 | &nbsp;&nbsp; 766501 |
| California BanCorp<sup>(b)</sup> | 2723 | &nbsp;&nbsp; 45855 |
| Camden National Corp. | 2713 | &nbsp;&nbsp; 110935 |
| Cannae Holdings, Inc. | 1480 | &nbsp;&nbsp; 27676 |
| Cantaloupe, Inc.<sup>(b)(c)</sup> | 7161 | &nbsp;&nbsp; 77840 |
| Capital Bancorp, Inc.<sup>(c)</sup> | 2461 | &nbsp;&nbsp; 83649 |
| Capital City Bank Group, Inc. | 2506 | &nbsp;&nbsp; 109913 |
| Capitol Federal Financial, Inc. | 15718 | &nbsp;&nbsp; 101853 |
| Carter Bankshares, Inc.<sup>(b)</sup> | 3098 | &nbsp;&nbsp; 60287 |
| Cass Information Systems, Inc. | 957 | &nbsp;&nbsp; 41266 |
| Cathay General Bancorp | 9299 | &nbsp;&nbsp; 464113 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| CB Financial Services, Inc.<sup>(c)</sup> | 845 | &nbsp;&nbsp; $28130 |
| Central Pacific Financial Corp. | 4333 | &nbsp;&nbsp; 135710 |
| CF Bankshares, Inc.<sup>(c)</sup> | 530 | &nbsp;&nbsp; 13038 |
| Chemung Financial Corp. | 518 | &nbsp;&nbsp; 27931 |
| Chicago Atlantic Real Estate Finance, Inc.<sup>(c)</sup> | 2553 | &nbsp;&nbsp; 36355 |
| Chimera Investment Corp.<sup>(c)</sup> | 9372 | &nbsp;&nbsp; 132801 |
| ChoiceOne Financial Services, Inc. | 1880 | &nbsp;&nbsp; 58017 |
| Citizens & Northern Corp. | 2020 | &nbsp;&nbsp; 40804 |
| Citizens Community Bancorp, Inc. | 1468 | &nbsp;&nbsp; 24266 |
| Citizens Financial Services, Inc. | 847 | &nbsp;&nbsp; 50786 |
| Citizens, Inc.<sup>(b)(c)</sup> | 5817 | &nbsp;&nbsp; 30772 |
| City Holding Co. | 2120 | &nbsp;&nbsp; 272378 |
| Civista Bancshares, Inc. | 3060 | &nbsp;&nbsp; 64841 |
| CNB Financial Corp. | 3664 | &nbsp;&nbsp; 96400 |
| CNO Financial Group, Inc. | 15647 | &nbsp;&nbsp; 617587 |
| Coastal Financial Corp.<sup>(b)(c)</sup> | 2875 | &nbsp;&nbsp; 329187 |
| Cohen & Steers, Inc.<sup>(c)</sup> | 4753 | &nbsp;&nbsp; 351057 |
| Colony Bankcorp, Inc. | 2947 | &nbsp;&nbsp; 50629 |
| Columbia Financial, Inc.<sup>(b)(c)</sup> | 2952 | &nbsp;&nbsp; 44369 |
| Community Financial System, Inc. | 8449 | &nbsp;&nbsp; 506011 |
| Community Trust Bancorp, Inc. | 2512 | &nbsp;&nbsp; 146751 |
| Community West Bancshares, Class B | 1957 | &nbsp;&nbsp; 41723 |
| ConnectOne Bancorp, Inc.<sup>(c)</sup> | 8197 | &nbsp;&nbsp; 209843 |
| Crawford & Co., Class A | 2610 | &nbsp;&nbsp; 28292 |
| Customers Bancorp, Inc.<sup>(b)(c)</sup> | 3474 | &nbsp;&nbsp; 249051 |
| CVB Financial Corp.<sup>(c)</sup> | 18766 | &nbsp;&nbsp; 377760 |
| Dave, Inc.<sup>(b)</sup> | 1170 | &nbsp;&nbsp; 249467 |
| Diamond Hill Investment Group, Inc. | 360 | &nbsp;&nbsp; 52474 |
| DigitalBridge Group, Inc. | 16058 | &nbsp;&nbsp; 183222 |
| Dime Community Bancshares, Inc., Class B | 7222 | &nbsp;&nbsp; 222149 |
| Donegal Group, Inc., Class A | 3615 | &nbsp;&nbsp; 64672 |
| Donnelley Financial Solutions, Inc.<sup>(b)</sup> | 2358 | &nbsp;&nbsp; 133864 |
| Dynex Capital, Inc.<sup>(c)</sup> | 15257 | &nbsp;&nbsp; 192543 |
| Eagle Bancorp Montana, Inc. | 1166 | &nbsp;&nbsp; 20440 |
| Eagle Bancorp, Inc.<sup>(c)</sup> | 3226 | &nbsp;&nbsp; 62649 |
| Eagle Financial Services, Inc. | 824 | &nbsp;&nbsp; 30842 |
| Eastern Bankshares, Inc. | 25785 | &nbsp;&nbsp; 441181 |
| ECB Bancorp, Inc.<sup>(b)(c)</sup> | 1199 | &nbsp;&nbsp; 20407 |
| Ellington Financial, Inc. | 17136 | &nbsp;&nbsp; 233735 |
| Employers Holdings, Inc. | 3599 | &nbsp;&nbsp; 155693 |
| Enact Holdings, Inc. | 4607 | &nbsp;&nbsp; 173454 |
| Encore Capital Group, Inc.<sup>(b)(c)</sup> | 1477 | &nbsp;&nbsp; 61798 |
| Enova International, Inc.<sup>(b)</sup> | 4827 | &nbsp;&nbsp; 585515 |
| Enterprise Financial Services Corp.<sup>(c)</sup> | 6305 | &nbsp;&nbsp; 386118 |
| Equity Bancshares, Inc., Class A | 2219 | &nbsp;&nbsp; 89936 |
| Esquire Financial Holdings, Inc.<sup>(c)</sup> | 1878 | &nbsp;&nbsp; 184232 |
| Essent Group Ltd. | 12461 | &nbsp;&nbsp; 781803 |
| EVERTEC, Inc. | 8018 | &nbsp;&nbsp; 286082 |
| F&G Annuities & Life, Inc. | 1196 | &nbsp;&nbsp; 41346 |
| Farmers & Merchants Bancorp, Inc. | 1602 | &nbsp;&nbsp; 42389 |
| Farmers National Banc Corp. | 4832 | &nbsp;&nbsp; 73350 |
| FB Bancorp, Inc.<sup>(b)</sup> | 1938 | &nbsp;&nbsp; 23217 |
| FB Financial Corp. | 6373 | &nbsp;&nbsp; 342103 |
| Federal Agricultural Mortgage Corp., Class C | 1056 | &nbsp;&nbsp; 221306 |
| Fidelis Insurance Holdings Ltd. (United <br> Kingdom)<sup>(c)</sup><br>| 6260 | &nbsp;&nbsp; 109425 |
| Fidelity D&D Bancorp, Inc. | 399 | &nbsp;&nbsp; 17416 |
| Finance of America Cos. Inc., Class A<sup>(b)</sup> | 796 | &nbsp;&nbsp; 21261 |
| Financial Institutions, Inc. | 3624 | &nbsp;&nbsp; 100276 |
| Finward Bancorp | 485 | &nbsp;&nbsp; 15520 |

---

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

------

**18**

------

**Invesco Russell 2000**<sup>®</sup> **Dynamic Multifactor ETF (OMFS)—(continued)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Finwise Bancorp<sup>(b)(c)</sup> | 1787 | &nbsp;&nbsp; $34543 |
| First Bancorp | 21751 | &nbsp;&nbsp; 483525 |
| First Bancorp, Inc. (The) | 1358 | &nbsp;&nbsp; 36910 |
| First Bancorp/Southern Pines NC<sup>(c)</sup> | 6832 | &nbsp;&nbsp; 372959 |
| First Bank | 3210 | &nbsp;&nbsp; 53992 |
| First Busey Corp. | 8997 | &nbsp;&nbsp; 222226 |
| First Business Financial Services, Inc. | 1394 | &nbsp;&nbsp; 72934 |
| First Capital, Inc. | 665 | &nbsp;&nbsp; 27332 |
| First Commonwealth Financial Corp.<sup>(c)</sup> | 14927 | &nbsp;&nbsp; 264954 |
| First Community Bankshares, Inc. | 2397 | &nbsp;&nbsp; 91038 |
| First Community Corp.<sup>(c)</sup> | 1283 | &nbsp;&nbsp; 34987 |
| First Financial Bancorp | 12731 | &nbsp;&nbsp; 337117 |
| First Financial Bankshares, Inc. | 20334 | &nbsp;&nbsp; 755815 |
| First Financial Corp. | 2234 | &nbsp;&nbsp; 131806 |
| First Foundation, Inc.<sup>(b)</sup> | 5054 | &nbsp;&nbsp; 30071 |
| First Internet Bancorp | 572 | &nbsp;&nbsp; 14366 |
| First Interstate BancSystem, Inc., Class A<sup>(c)</sup> | 10006 | &nbsp;&nbsp; 327396 |
| First Merchants Corp. | 8305 | &nbsp;&nbsp; 344824 |
| First Mid Bancshares, Inc. | 2900 | &nbsp;&nbsp; 117276 |
| First National Corp. | 1481 | &nbsp;&nbsp; 34596 |
| First Savings Financial Group, Inc. | 1072 | &nbsp;&nbsp; 29394 |
| First United Corp. | 1199 | &nbsp;&nbsp; 44807 |
| First Western Financial, Inc.<sup>(b)</sup> | 1263 | &nbsp;&nbsp; 29504 |
| FirstCash Holdings, Inc. | 5931 | &nbsp;&nbsp; 873458 |
| FirstSun Capital Bancorp<sup>(b)</sup> | 1333 | &nbsp;&nbsp; 50667 |
| Five Star Bancorp | 2418 | &nbsp;&nbsp; 79238 |
| Flagstar Financial, Inc. | 42885 | &nbsp;&nbsp; 549786 |
| Flushing Financial Corp. | 3646 | &nbsp;&nbsp; 50169 |
| Flywire Corp.<sup>(b)</sup> | 5019 | &nbsp;&nbsp; 66000 |
| Franklin BSP Realty Trust, Inc.<sup>(c)</sup> | 7998 | &nbsp;&nbsp; 92377 |
| Franklin Financial Services Corp. | 700 | &nbsp;&nbsp; 32690 |
| FS Bancorp, Inc. | 927 | &nbsp;&nbsp; 39592 |
| Fulton Financial Corp. | 21546 | &nbsp;&nbsp; 423594 |
| FVCBankcorp, Inc. | 1973 | &nbsp;&nbsp; 26764 |
| GBank Financial Holdings, Inc.<sup>(b)</sup> | 705 | &nbsp;&nbsp; 28006 |
| GCM Grosvenor, Inc., Class A<sup>(c)</sup> | 7468 | &nbsp;&nbsp; 96785 |
| Genworth Financial, Inc., Class A<sup>(b)(c)</sup> | 45394 | &nbsp;&nbsp; 389027 |
| German American Bancorp, Inc.<sup>(c)</sup> | 5385 | &nbsp;&nbsp; 224985 |
| Glacier Bancorp, Inc.<sup>(c)</sup> | 15190 | &nbsp;&nbsp; 746588 |
| Goosehead Insurance, Inc., Class A<sup>(c)</sup> | 6530 | &nbsp;&nbsp; 553156 |
| Great Southern Bancorp, Inc. | 1058 | &nbsp;&nbsp; 66961 |
| Green Dot Corp., Class A<sup>(b)</sup> | 4775 | &nbsp;&nbsp; 66468 |
| Greenlight Capital Re Ltd., Class A<sup>(b)</sup> | 2813 | &nbsp;&nbsp; 36260 |
| Guaranty Bancshares, Inc.<sup>(c)</sup> | 1635 | &nbsp;&nbsp; 80344 |
| HA Sustainable Infrastructure Capital, Inc.<sup>(c)</sup> | 12829 | &nbsp;&nbsp; 362291 |
| Hamilton Insurance Group Ltd., Class B <br> (Bermuda)<sup>(b)(c)</sup><br>| 7445 | &nbsp;&nbsp; 177489 |
| Hancock Whitney Corp. | 11781 | &nbsp;&nbsp; 741261 |
| Hanmi Financial Corp. | 5814 | &nbsp;&nbsp; 146280 |
| Hanover Bancorp, Inc.<sup>(c)</sup> | 812 | &nbsp;&nbsp; 18311 |
| HarborOne Bancorp, Inc. | 4886 | &nbsp;&nbsp; 62834 |
| Hawthorn Bancshares, Inc. | 1072 | &nbsp;&nbsp; 35837 |
| HBT Financial, Inc. | 2064 | &nbsp;&nbsp; 54675 |
| HCI Group, Inc. | 2062 | &nbsp;&nbsp; 343756 |
| Heritage Commerce Corp. | 8580 | &nbsp;&nbsp; 88631 |
| Heritage Financial Corp. | 6048 | &nbsp;&nbsp; 147813 |
| Heritage Insurance Holdings, Inc.<sup>(b)</sup> | 4123 | &nbsp;&nbsp; 93881 |
| Hilltop Holdings, Inc.<sup>(c)</sup> | 4774 | &nbsp;&nbsp; 167472 |
| Hingham Institution for Savings (The)<sup>(c)</sup> | 309 | &nbsp;&nbsp; 87799 |
| Hippo Holdings, Inc.<sup>(b)(c)</sup> | 1936 | &nbsp;&nbsp; 65456 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Home Bancorp, Inc. | 1160 | &nbsp;&nbsp; $65267 |
| Home BancShares, Inc. | 28099 | &nbsp;&nbsp; 836226 |
| HomeTrust Bancshares, Inc. | 2515 | &nbsp;&nbsp; 104020 |
| Hope Bancorp, Inc. | 12184 | &nbsp;&nbsp; 135608 |
| Horace Mann Educators Corp. | 6187 | &nbsp;&nbsp; 284478 |
| Horizon Bancorp, Inc. | 7210 | &nbsp;&nbsp; 121561 |
| Independent Bank Corp.<sup>(c)</sup> | 8559 | &nbsp;&nbsp; 612054 |
| Independent Bank Corp. | 3413 | &nbsp;&nbsp; 112254 |
| International Bancshares Corp. | 7471 | &nbsp;&nbsp; 534475 |
| Invesco Mortgage Capital, Inc.<sup>(c)(f)</sup> | 5826 | &nbsp;&nbsp; 45559 |
| Investar Holding Corp. | 1412 | &nbsp;&nbsp; 33097 |
| Investors Title Co. | 334 | &nbsp;&nbsp; 82919 |
| Jackson Financial, Inc., Class A | 7431 | &nbsp;&nbsp; 734183 |
| James River Group Holdings Ltd. | 2180 | &nbsp;&nbsp; 12252 |
| John Marshall Bancorp, Inc. | 1392 | &nbsp;&nbsp; 27576 |
| Kearny Financial Corp. | 6126 | &nbsp;&nbsp; 41351 |
| Kingstone Cos., Inc.<sup>(c)</sup> | 2357 | &nbsp;&nbsp; 31725 |
| Kingsway Financial Services, Inc. <br> (Canada)<sup>(b)(c)</sup><br>| 1848 | &nbsp;&nbsp; 26519 |
| KKR Real Estate Finance Trust, Inc. | 6244 | &nbsp;&nbsp; 60130 |
| Ladder Capital Corp. | 12181 | &nbsp;&nbsp; 141543 |
| Lakeland Financial Corp.<sup>(c)</sup> | 2927 | &nbsp;&nbsp; 200353 |
| Landmark Bancorp, Inc./Manhattan KS | 906 | &nbsp;&nbsp; 24072 |
| LCNB Corp. | 1804 | &nbsp;&nbsp; 29189 |
| Lemonade, Inc.<sup>(b)(c)</sup> | 2036 | &nbsp;&nbsp; 107704 |
| LendingClub Corp.<sup>(b)</sup> | 18290 | &nbsp;&nbsp; 314222 |
| LendingTree, Inc.<sup>(b)</sup> | 439 | &nbsp;&nbsp; 29830 |
| LINKBANCORP, Inc. | 2817 | &nbsp;&nbsp; 20508 |
| Live Oak Bancshares, Inc. | 2073 | &nbsp;&nbsp; 80204 |
| Lument Finance Trust, Inc. | 5548 | &nbsp;&nbsp; 12428 |
| MainStreet Bancshares, Inc. | 891 | &nbsp;&nbsp; 20181 |
| Marex Group PLC (United Kingdom) | 6631 | &nbsp;&nbsp; 234472 |
| Marqeta, Inc., Class A<sup>(b)</sup> | 31049 | &nbsp;&nbsp; 197627 |
| Mechanics Bancorp<sup>(b)(c)</sup> | 2942 | &nbsp;&nbsp; 40806 |
| Medallion Financial Corp. | 2088 | &nbsp;&nbsp; 22049 |
| Mercantile Bank Corp. | 2281 | &nbsp;&nbsp; 112339 |
| Merchants Bancorp | 2223 | &nbsp;&nbsp; 72070 |
| Mercury General Corp. | 3811 | &nbsp;&nbsp; 294705 |
| Meridian Corp. | 1491 | &nbsp;&nbsp; 23468 |
| MetroCity Bankshares, Inc.<sup>(c)</sup> | 2782 | &nbsp;&nbsp; 83293 |
| Metropolitan Bank Holding Corp. | 1746 | &nbsp;&nbsp; 138615 |
| MFA Financial, Inc. | 9690 | &nbsp;&nbsp; 98838 |
| Mid Penn Bancorp, Inc.<sup>(c)</sup> | 3442 | &nbsp;&nbsp; 103742 |
| Middlefield Banc Corp. | 1165 | &nbsp;&nbsp; 35766 |
| Midland States Bancorp, Inc.<sup>(c)</sup> | 1561 | &nbsp;&nbsp; 28754 |
| MidWestOne Financial Group, Inc. | 3568 | &nbsp;&nbsp; 107896 |
| Moelis & Co., Class A<sup>(c)</sup> | 12362 | &nbsp;&nbsp; 891424 |
| MVB Financial Corp. | 1160 | &nbsp;&nbsp; 28304 |
| National Bank Holdings Corp., Class A | 3940 | &nbsp;&nbsp; 154527 |
| National Bankshares, Inc.<sup>(c)</sup> | 551 | &nbsp;&nbsp; 17268 |
| Navient Corp. | 5625 | &nbsp;&nbsp; 77119 |
| NB Bancorp, Inc. | 4692 | &nbsp;&nbsp; 88632 |
| NBT Bancorp, Inc. | 7273 | &nbsp;&nbsp; 321976 |
| NCR Atleos Corp.<sup>(b)(c)</sup> | 4992 | &nbsp;&nbsp; 197783 |
| Nelnet, Inc., Class A | 1805 | &nbsp;&nbsp; 232141 |
| NerdWallet, Inc., Class A<sup>(b)(c)</sup> | 2413 | &nbsp;&nbsp; 24950 |
| NewtekOne, Inc.<sup>(c)</sup> | 3054 | &nbsp;&nbsp; 37778 |
| Nexpoint Real Estate Finance, Inc. | 1052 | &nbsp;&nbsp; 15780 |
| Nicolet Bankshares, Inc. | 2726 | &nbsp;&nbsp; 376979 |
| NMI Holdings, Inc., Class A<sup>(b)(c)</sup> | 11788 | &nbsp;&nbsp; 463858 |

---

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

------

**19**

------

**Invesco Russell 2000**<sup>®</sup> **Dynamic Multifactor ETF (OMFS)—(continued)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Northeast Bank<sup>(c)</sup> | 1503 | &nbsp;&nbsp; $166172 |
| Northeast Community Bancorp, Inc. | 2257 | &nbsp;&nbsp; 50895 |
| Northfield Bancorp, Inc. | 6608 | &nbsp;&nbsp; 78305 |
| Northpointe Bancshares, Inc. | 1127 | &nbsp;&nbsp; 20083 |
| Northrim BanCorp, Inc. | 1175 | &nbsp;&nbsp; 110485 |
| Northwest Bancshares, Inc. | 21221 | &nbsp;&nbsp; 268446 |
| Norwood Financial Corp.<sup>(c)</sup> | 955 | &nbsp;&nbsp; 25842 |
| Oak Valley Bancorp | 845 | &nbsp;&nbsp; 24074 |
| OceanFirst Financial Corp. | 7678 | &nbsp;&nbsp; 141198 |
| OFG Bancorp | 6074 | &nbsp;&nbsp; 271811 |
| Ohio Valley Banc Corp.<sup>(c)</sup> | 810 | &nbsp;&nbsp; 29970 |
| Old National Bancorp | 47763 | &nbsp;&nbsp; 1093295 |
| Old Point Financial Corp.<sup>(c)</sup> | 941 | &nbsp;&nbsp; 39616 |
| Old Second Bancorp, Inc. | 6208 | &nbsp;&nbsp; 114600 |
| Onity Group, Inc.<sup>(b)</sup> | 1104 | &nbsp;&nbsp; 45672 |
| OP Bancorp<sup>(c)</sup> | 1961 | &nbsp;&nbsp; 28513 |
| Oportun Financial Corp.<sup>(b)</sup> | 3911 | &nbsp;&nbsp; 25852 |
| OppFi, Inc. | 4251 | &nbsp;&nbsp; 43403 |
| Orange County Bancorp, Inc. | 1222 | &nbsp;&nbsp; 32603 |
| Orchid Island Capital, Inc.<sup>(c)</sup> | 10309 | &nbsp;&nbsp; 72782 |
| Origin Bancorp, Inc. | 3672 | &nbsp;&nbsp; 142804 |
| Orrstown Financial Services, Inc. | 2715 | &nbsp;&nbsp; 94618 |
| Oscar Health, Inc., Class A<sup>(b)(c)</sup> | 9250 | &nbsp;&nbsp; 154105 |
| P10, Inc., Class A | 10609 | &nbsp;&nbsp; 130915 |
| Pacific Premier Bancorp, Inc. | 11052 | &nbsp;&nbsp; 270663 |
| Pagseguro Digital Ltd., Class A (Brazil) | 3185 | &nbsp;&nbsp; 28538 |
| Palomar Holdings, Inc.<sup>(b)(c)</sup> | 6909 | &nbsp;&nbsp; 849945 |
| Park National Corp.<sup>(c)</sup> | 2261 | &nbsp;&nbsp; 388372 |
| Parke Bancorp, Inc. | 1560 | &nbsp;&nbsp; 35178 |
| Pathward Financial, Inc. | 4279 | &nbsp;&nbsp; 340052 |
| Patria Investments Ltd., Class A (Cayman <br> Islands)<sup>(c)</sup><br>| 8912 | &nbsp;&nbsp; 120668 |
| Payoneer Global, Inc.<sup>(b)</sup> | 41441 | &nbsp;&nbsp; 288015 |
| Paysign, Inc.<sup>(b)</sup> | 2628 | &nbsp;&nbsp; 13613 |
| PCB Bancorp | 1789 | &nbsp;&nbsp; 39537 |
| Peapack-Gladstone Financial Corp. | 2459 | &nbsp;&nbsp; 71336 |
| PennyMac Financial Services, Inc. | 4774 | &nbsp;&nbsp; 525617 |
| PennyMac Mortgage Investment Trust<sup>(c)</sup> | 12906 | &nbsp;&nbsp; 158873 |
| Peoples Bancorp of North Carolina, Inc. | 447 | &nbsp;&nbsp; 14161 |
| Peoples Bancorp, Inc. | 4184 | &nbsp;&nbsp; 129453 |
| Peoples Financial Services Corp. | 1398 | &nbsp;&nbsp; 73269 |
| Perella Weinberg Partners | 3549 | &nbsp;&nbsp; 78539 |
| Pioneer Bancorp, Inc.<sup>(b)</sup> | 1552 | &nbsp;&nbsp; 20347 |
| Piper Sandler Cos. | 3150 | &nbsp;&nbsp; 1051438 |
| PJT Partners, Inc., Class A | 4721 | &nbsp;&nbsp; 845059 |
| Plumas Bancorp | 936 | &nbsp;&nbsp; 40613 |
| Ponce Financial Group, Inc.<sup>(b)</sup> | 3781 | &nbsp;&nbsp; 56110 |
| PRA Group, Inc.<sup>(b)</sup> | 2054 | &nbsp;&nbsp; 35103 |
| Preferred Bank<sup>(c)</sup> | 1680 | &nbsp;&nbsp; 158592 |
| Primis Financial Corp. | 1973 | &nbsp;&nbsp; 22591 |
| Princeton Bancorp, Inc. | 588 | &nbsp;&nbsp; 20086 |
| Priority Technology Holdings, Inc.<sup>(b)(c)</sup> | 2627 | &nbsp;&nbsp; 21988 |
| ProAssurance Corp.<sup>(b)</sup> | 11012 | &nbsp;&nbsp; 262196 |
| PROG Holdings, Inc. | 2104 | &nbsp;&nbsp; 74145 |
| Provident Bancorp, Inc.<sup>(b)</sup> | 1955 | &nbsp;&nbsp; 25161 |
| Provident Financial Services, Inc.<sup>(c)</sup> | 19523 | &nbsp;&nbsp; 387336 |
| QCR Holdings, Inc. | 2293 | &nbsp;&nbsp; 179725 |
| Radian Group, Inc. | 22086 | &nbsp;&nbsp; 770360 |
| RBB Bancorp | 1569 | &nbsp;&nbsp; 31741 |
| Ready Capital Corp.<sup>(c)</sup> | 4875 | &nbsp;&nbsp; 20768 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Red River Bancshares, Inc. | 614 | &nbsp;&nbsp; $40156 |
| Redwood Trust, Inc. | 16735 | &nbsp;&nbsp; 102418 |
| Regional Management Corp.<sup>(c)</sup> | 959 | &nbsp;&nbsp; 42043 |
| Remitly Global, Inc.<sup>(b)</sup> | 38185 | &nbsp;&nbsp; 707568 |
| Renasant Corp. | 13737 | &nbsp;&nbsp; 537529 |
| Republic Bancorp, Inc., Class A | 1612 | &nbsp;&nbsp; 123705 |
| Richmond Mutual BanCorp, Inc. | 1335 | &nbsp;&nbsp; 19745 |
| Riverview Bancorp, Inc. | 3905 | &nbsp;&nbsp; 19759 |
| Root, Inc., Class A<sup>(b)(c)</sup> | 675 | &nbsp;&nbsp; 62248 |
| S&T Bancorp, Inc. | 5680 | &nbsp;&nbsp; 224417 |
| Safety Insurance Group, Inc. | 1939 | &nbsp;&nbsp; 143505 |
| SB Financial Group, Inc. | 992 | &nbsp;&nbsp; 20832 |
| Seacoast Banking Corp. of Florida | 10715 | &nbsp;&nbsp; 333344 |
| Security National Financial Corp., Class A<sup>(b)</sup> | 2643 | &nbsp;&nbsp; 23787 |
| Selective Insurance Group, Inc. | 5208 | &nbsp;&nbsp; 407422 |
| ServisFirst Bancshares, Inc.<sup>(c)</sup> | 7949 | &nbsp;&nbsp; 700704 |
| Seven Hills Realty Trust<sup>(c)</sup> | 1718 | &nbsp;&nbsp; 18589 |
| Sezzle, Inc.<sup>(b)(c)</sup> | 707 | &nbsp;&nbsp; 66882 |
| Shore Bancshares, Inc. | 5310 | &nbsp;&nbsp; 91279 |
| Siebert Financial Corp.<sup>(b)(c)</sup> | 2990 | &nbsp;&nbsp; 8163 |
| Sierra Bancorp | 2098 | &nbsp;&nbsp; 64325 |
| Silvercrest Asset Management Group, Inc., <br> Class A<br>| 895 | &nbsp;&nbsp; 14669 |
| Simmons First National Corp., Class A | 16532 | &nbsp;&nbsp; 343535 |
| SiriusPoint Ltd. (Sweden)<sup>(b)</sup> | 18548 | &nbsp;&nbsp; 347219 |
| Skyward Specialty Insurance Group, Inc.<sup>(b)</sup> | 8433 | &nbsp;&nbsp; 407314 |
| SmartFinancial, Inc. | 2627 | &nbsp;&nbsp; 96805 |
| Sound Financial Bancorp, Inc. | 287 | &nbsp;&nbsp; 13566 |
| South Plains Financial, Inc. | 2217 | &nbsp;&nbsp; 90077 |
| Southern First Bancshares, Inc.<sup>(b)</sup> | 1246 | &nbsp;&nbsp; 56195 |
| Southern Missouri Bancorp, Inc. | 1528 | &nbsp;&nbsp; 87913 |
| Southside Bancshares, Inc.<sup>(c)</sup> | 3610 | &nbsp;&nbsp; 112776 |
| SR Bancorp, Inc. | 1403 | &nbsp;&nbsp; 21143 |
| Stellar Bancorp, Inc.<sup>(c)</sup> | 7135 | &nbsp;&nbsp; 220614 |
| StepStone Group, Inc., Class A | 6757 | &nbsp;&nbsp; 419339 |
| Stewart Information Services Corp.<sup>(c)</sup> | 3356 | &nbsp;&nbsp; 244451 |
| Stock Yards Bancorp, Inc.<sup>(c)</sup> | 5454 | &nbsp;&nbsp; 440192 |
| StoneCo Ltd., Class A (Brazil)<sup>(b)</sup> | 19669 | &nbsp;&nbsp; 323948 |
| StoneX Group, Inc.<sup>(b)(c)</sup> | 8916 | &nbsp;&nbsp; 910948 |
| Sunrise Realty Trust, Inc. | 1331 | &nbsp;&nbsp; 14721 |
| Texas Capital Bancshares, Inc.<sup>(b)</sup> | 6151 | &nbsp;&nbsp; 532492 |
| Third Coast Bancshares, Inc.<sup>(b)(c)</sup> | 2507 | &nbsp;&nbsp; 99854 |
| Timberland Bancorp, Inc. | 1069 | &nbsp;&nbsp; 35758 |
| Tiptree, Inc. | 3326 | &nbsp;&nbsp; 77995 |
| Tompkins Financial Corp. | 2555 | &nbsp;&nbsp; 179208 |
| Towne Bank<sup>(c)</sup> | 11764 | &nbsp;&nbsp; 431621 |
| TPG RE Finance Trust, Inc. | 7098 | &nbsp;&nbsp; 66366 |
| TriCo Bancshares | 3738 | &nbsp;&nbsp; 169780 |
| Triumph Financial, Inc.<sup>(b)(c)</sup> | 1348 | &nbsp;&nbsp; 82889 |
| Trupanion, Inc.<sup>(b)</sup> | 5460 | &nbsp;&nbsp; 253126 |
| TrustCo Bank Corp. | 2641 | &nbsp;&nbsp; 105085 |
| Trustmark Corp. | 8463 | &nbsp;&nbsp; 340805 |
| Two Harbors Investment Corp.<sup>(c)</sup> | 10828 | &nbsp;&nbsp; 108280 |
| UMB Financial Corp. | 10740 | &nbsp;&nbsp; 1309206 |
| Union Bankshares, Inc.<sup>(c)</sup> | 712 | &nbsp;&nbsp; 18633 |
| United Bankshares, Inc. | 18552 | &nbsp;&nbsp; 711284 |
| United Community Banks, Inc. | 15897 | &nbsp;&nbsp; 530960 |
| United Fire Group, Inc. | 3255 | &nbsp;&nbsp; 100059 |
| United Security Bancshares | 2140 | &nbsp;&nbsp; 20373 |
| Unity Bancorp, Inc. | 1596 | &nbsp;&nbsp; 83551 |

---

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

------

**20**

------

**Invesco Russell 2000**<sup>®</sup> **Dynamic Multifactor ETF (OMFS)—(continued)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Universal Insurance Holdings, Inc. | 4403 | &nbsp;&nbsp; $107389 |
| Univest Financial Corp. | 5129 | &nbsp;&nbsp; 162435 |
| Upstart Holdings, Inc.<sup>(b)(c)</sup> | 3788 | &nbsp;&nbsp; 277585 |
| USCB Financial Holdings, Inc., Class A | 1893 | &nbsp;&nbsp; 32919 |
| Valley National Bancorp | 74728 | &nbsp;&nbsp; 781655 |
| Velocity Financial, Inc.<sup>(b)</sup> | 868 | &nbsp;&nbsp; 16561 |
| Veritex Holdings, Inc. | 7751 | &nbsp;&nbsp; 266247 |
| Victory Capital Holdings, Inc., Class A | 8616 | &nbsp;&nbsp; 614148 |
| Virginia National Bankshares Corp.<sup>(c)</sup> | 676 | &nbsp;&nbsp; 28128 |
| Virtus Investment Partners, Inc. | 495 | &nbsp;&nbsp; 99708 |
| WaFd, Inc.<sup>(c)</sup> | 9569 | &nbsp;&nbsp; 300945 |
| Walker & Dunlop, Inc. | 2127 | &nbsp;&nbsp; 180901 |
| Washington Trust Bancorp, Inc.<sup>(c)</sup> | 2568 | &nbsp;&nbsp; 77887 |
| Waterstone Financial, Inc. | 1737 | &nbsp;&nbsp; 26038 |
| WesBanco, Inc. | 13467 | &nbsp;&nbsp; 441718 |
| West Bancorporation, Inc. | 2108 | &nbsp;&nbsp; 42076 |
| Westamerica Bancorporation<sup>(c)</sup> | 3189 | &nbsp;&nbsp; 159482 |
| Western New England Bancorp, Inc. | 3435 | &nbsp;&nbsp; 43075 |
| Westwood Holdings Group, Inc. | 1067 | &nbsp;&nbsp; 18950 |
| WisdomTree, Inc. | 14263 | &nbsp;&nbsp; 194119 |
| World Acceptance Corp.<sup>(b)(c)</sup> | 504 | &nbsp;&nbsp; 86401 |
| WSFS Financial Corp. | 8019 | &nbsp;&nbsp; 467428 |
|  |  | &nbsp;&nbsp; 71450138 |
| **Health Care-10.53%** | **Health Care-10.53%** | **Health Care-10.53%** |
| 10X Genomics, Inc., Class A<sup>(b)(c)</sup> | 2260 | &nbsp;&nbsp; 31663 |
| Acadia Pharmaceuticals, Inc.<sup>(b)</sup> | 17710 | &nbsp;&nbsp; 460283 |
| AdaptHealth Corp.<sup>(b)</sup> | 3640 | &nbsp;&nbsp; 34544 |
| Adaptive Biotechnologies Corp.<sup>(b)</sup> | 9582 | &nbsp;&nbsp; 126291 |
| Addus HomeCare Corp.<sup>(b)</sup> | 627 | &nbsp;&nbsp; 72212 |
| ADMA Biologics, Inc.<sup>(b)</sup> | 54889 | &nbsp;&nbsp; 947384 |
| Agios Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2203 | &nbsp;&nbsp; 83075 |
| Alignment Healthcare, Inc.<sup>(b)(c)</sup> | 31788 | &nbsp;&nbsp; 520052 |
| Alkermes PLC<sup>(b)</sup> | 18890 | &nbsp;&nbsp; 547243 |
| Alphatec Holdings, Inc.<sup>(b)(c)</sup> | 10057 | &nbsp;&nbsp; 159906 |
| Amicus Therapeutics, Inc.<sup>(b)</sup> | 7202 | &nbsp;&nbsp; 54663 |
| Amneal Pharmaceuticals, Inc.<sup>(b)</sup> | 13060 | &nbsp;&nbsp; 124854 |
| Amphastar Pharmaceuticals, Inc.<sup>(b)</sup> | 1177 | &nbsp;&nbsp; 36040 |
| Amylyx Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 15659 | &nbsp;&nbsp; 146881 |
| AnaptysBio, Inc.<sup>(b)(c)</sup> | 1992 | &nbsp;&nbsp; 40497 |
| Anavex Life Sciences Corp.<sup>(b)(c)</sup> | 12330 | &nbsp;&nbsp; 118861 |
| AngioDynamics, Inc.<sup>(b)(c)</sup> | 13810 | &nbsp;&nbsp; 141691 |
| ANI Pharmaceuticals, Inc.<sup>(b)</sup> | 821 | &nbsp;&nbsp; 76764 |
| Apogee Therapeutics, Inc.<sup>(b)(c)</sup> | 489 | &nbsp;&nbsp; 17785 |
| Arbutus Biopharma Corp.<sup>(b)(c)</sup> | 7381 | &nbsp;&nbsp; 27384 |
| Arcutis Biotherapeutics, Inc.<sup>(b)</sup> | 2215 | &nbsp;&nbsp; 34377 |
| Ardelyx, Inc.<sup>(b)(c)</sup> | 6637 | &nbsp;&nbsp; 42211 |
| Ardent Health, Inc.<sup>(b)(c)</sup> | 1816 | &nbsp;&nbsp; 23045 |
| ARS Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 9789 | &nbsp;&nbsp; 113748 |
| Artivion, Inc.<sup>(b)</sup> | 3916 | &nbsp;&nbsp; 172030 |
| Astrana Health, Inc.<sup>(b)</sup> | 918 | &nbsp;&nbsp; 29339 |
| Atea Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 10472 | &nbsp;&nbsp; 35186 |
| AtriCure, Inc.<sup>(b)</sup> | 7417 | &nbsp;&nbsp; 274355 |
| Aura Biosciences, Inc.<sup>(b)(c)</sup> | 3496 | &nbsp;&nbsp; 21885 |
| Aurinia Pharmaceuticals, Inc. (Canada)<sup>(b)</sup> | 17477 | &nbsp;&nbsp; 209549 |
| Avadel Pharmaceuticals PLC<sup>(b)(c)</sup> | 3790 | &nbsp;&nbsp; 55940 |
| Avanos Medical, Inc.<sup>(b)</sup> | 3063 | &nbsp;&nbsp; 36572 |
| Aveanna Healthcare Holdings, Inc.<sup>(b)(c)</sup> | 5116 | &nbsp;&nbsp; 40928 |
| Avidity Biosciences, Inc.<sup>(b)</sup> | 773 | &nbsp;&nbsp; 36006 |
| Axogen, Inc.<sup>(b)(c)</sup> | 5791 | &nbsp;&nbsp; 93467 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Axsome Therapeutics, Inc.<sup>(b)</sup> | 1165 | &nbsp;&nbsp; $141291 |
| Azenta, Inc.<sup>(b)</sup> | 1243 | &nbsp;&nbsp; 37961 |
| Beam Therapeutics, Inc.<sup>(b)(c)</sup> | 3490 | &nbsp;&nbsp; 57096 |
| Benitec Biopharma, Inc. (Australia)<sup>(b)(c)</sup> | 843 | &nbsp;&nbsp; 11161 |
| Beta Bionics, Inc.<sup>(b)</sup> | 2137 | &nbsp;&nbsp; 40261 |
| Bicara Therapeutics, Inc.<sup>(b)(c)</sup> | 1035 | &nbsp;&nbsp; 12358 |
| BioCryst Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 31320 | &nbsp;&nbsp; 260269 |
| Biohaven Ltd.<sup>(b)(c)</sup> | 827 | &nbsp;&nbsp; 12728 |
| BioLife Solutions, Inc.<sup>(b)</sup> | 3209 | &nbsp;&nbsp; 80385 |
| Bioventus, Inc., Class A<sup>(b)</sup> | 3420 | &nbsp;&nbsp; 25308 |
| BridgeBio Pharma, Inc.<sup>(b)</sup> | 10568 | &nbsp;&nbsp; 547000 |
| BrightSpring Health Services, Inc.<sup>(b)</sup> | 14574 | &nbsp;&nbsp; 345258 |
| Brookdale Senior Living, Inc.<sup>(b)</sup> | 12085 | &nbsp;&nbsp; 93055 |
| Butterfly Network, Inc.<sup>(b)(c)</sup> | 30391 | &nbsp;&nbsp; 48930 |
| Cardiff Oncology, Inc.<sup>(b)</sup> | 3224 | &nbsp;&nbsp; 6770 |
| CareDx, Inc.<sup>(b)</sup> | 6514 | &nbsp;&nbsp; 88981 |
| Castle Biosciences, Inc.<sup>(b)(c)</sup> | 1550 | &nbsp;&nbsp; 37216 |
| Catalyst Pharmaceuticals, Inc.<sup>(b)</sup> | 20449 | &nbsp;&nbsp; 421045 |
| Celldex Therapeutics, Inc.<sup>(b)(c)</sup> | 598 | &nbsp;&nbsp; 13204 |
| CG Oncology, Inc.<sup>(b)(c)</sup> | 702 | &nbsp;&nbsp; 18828 |
| Claritev Corp.<sup>(b)(c)</sup> | 892 | &nbsp;&nbsp; 61468 |
| ClearPoint Neuro, Inc.<sup>(b)(c)</sup> | 3759 | &nbsp;&nbsp; 39432 |
| Clover Health Investments Corp.<sup>(b)(c)</sup> | 19920 | &nbsp;&nbsp; 52190 |
| Collegium Pharmaceutical, Inc.<sup>(b)(c)</sup> | 1263 | &nbsp;&nbsp; 49004 |
| Community Health Systems, Inc.<sup>(b)</sup> | 9950 | &nbsp;&nbsp; 27462 |
| Compass Therapeutics, Inc.<sup>(b)(c)</sup> | 19006 | &nbsp;&nbsp; 66331 |
| Concentra Group Holdings Parent, Inc. | 13903 | &nbsp;&nbsp; 330891 |
| CONMED Corp. | 1726 | &nbsp;&nbsp; 93825 |
| CorVel Corp.<sup>(b)</sup> | 5285 | &nbsp;&nbsp; 470629 |
| Crinetics Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 822 | &nbsp;&nbsp; 25474 |
| CRISPR Therapeutics AG (Switzerland)<sup>(b)(c)</sup> | 2270 | &nbsp;&nbsp; 117654 |
| Cross Country Healthcare, Inc.<sup>(b)</sup> | 1375 | &nbsp;&nbsp; 18398 |
| Delcath Systems, Inc.<sup>(b)(c)</sup> | 3257 | &nbsp;&nbsp; 35892 |
| Design Therapeutics, Inc.<sup>(b)</sup> | 3266 | &nbsp;&nbsp; 18061 |
| Dynavax Technologies Corp.<sup>(b)(c)</sup> | 5200 | &nbsp;&nbsp; 52624 |
| Edgewise Therapeutics, Inc.<sup>(b)</sup> | 1123 | &nbsp;&nbsp; 16115 |
| Electromed, Inc.<sup>(b)</sup> | 1491 | &nbsp;&nbsp; 36872 |
| Embecta Corp. | 2558 | &nbsp;&nbsp; 37040 |
| Emergent BioSolutions, Inc.<sup>(b)</sup> | 2240 | &nbsp;&nbsp; 18592 |
| Enhabit, Inc.<sup>(b)(c)</sup> | 5121 | &nbsp;&nbsp; 40353 |
| Enliven Therapeutics, Inc.<sup>(b)(c)</sup> | 889 | &nbsp;&nbsp; 18020 |
| Enovis Corp.<sup>(b)(c)</sup> | 3312 | &nbsp;&nbsp; 102341 |
| Ensign Group, Inc. (The) | 7630 | &nbsp;&nbsp; 1310681 |
| Evolent Health, Inc., Class A<sup>(b)(c)</sup> | 1807 | &nbsp;&nbsp; 17438 |
| Evolus, Inc.<sup>(b)(c)</sup> | 1431 | &nbsp;&nbsp; 10919 |
| Fennec Pharmaceuticals, Inc. (Canada)<sup>(b)</sup> | 3019 | &nbsp;&nbsp; 26779 |
| Fulcrum Therapeutics, Inc.<sup>(b)</sup> | 2413 | &nbsp;&nbsp; 15636 |
| Fulgent Genetics, Inc.<sup>(b)</sup> | 1680 | &nbsp;&nbsp; 37246 |
| GeneDx Holdings Corp.<sup>(b)</sup> | 951 | &nbsp;&nbsp; 123145 |
| Glaukos Corp.<sup>(b)</sup> | 302 | &nbsp;&nbsp; 28938 |
| Gossamer Bio., Inc.<sup>(b)(c)</sup> | 32025 | &nbsp;&nbsp; 79102 |
| GRAIL, Inc.<sup>(b)(c)</sup> | 19610 | &nbsp;&nbsp; 643012 |
| Guardant Health, Inc.<sup>(b)</sup> | 5228 | &nbsp;&nbsp; 352472 |
| Haemonetics Corp.<sup>(b)(c)</sup> | 2699 | &nbsp;&nbsp; 147203 |
| Harmony Biosciences Holdings, Inc.<sup>(b)</sup> | 5933 | &nbsp;&nbsp; 218868 |
| Harrow, Inc.<sup>(b)(c)</sup> | 2416 | &nbsp;&nbsp; 94224 |
| HealthEquity, Inc.<sup>(b)</sup> | 7707 | &nbsp;&nbsp; 688466 |
| HealthStream, Inc. | 2860 | &nbsp;&nbsp; 80309 |
| Hims & Hers Health, Inc.<sup>(b)(c)</sup> | 35917 | &nbsp;&nbsp; 1521085 |
| ICU Medical, Inc.<sup>(b)</sup> | 2491 | &nbsp;&nbsp; 318001 |

---

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

------

**21**

------

**Invesco Russell 2000**<sup>®</sup> **Dynamic Multifactor ETF (OMFS)—(continued)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Indivior PLC (United Kingdom)<sup>(b)</sup> | 6555 | &nbsp;&nbsp; $159155 |
| Innoviva, Inc.<sup>(b)(c)</sup> | 7573 | &nbsp;&nbsp; 154716 |
| Integer Holdings Corp.<sup>(b)</sup> | 2606 | &nbsp;&nbsp; 281109 |
| Intellia Therapeutics, Inc.<sup>(b)(c)</sup> | 2953 | &nbsp;&nbsp; 33531 |
| iRadimed Corp. | 1439 | &nbsp;&nbsp; 104241 |
| iRhythm Technologies, Inc.<sup>(b)</sup> | 1598 | &nbsp;&nbsp; 271628 |
| Jade Biosciences, Inc.<sup>(c)</sup> | 5279 | &nbsp;&nbsp; 41704 |
| Kestra Medical Technologies Ltd.<sup>(b)(c)</sup> | 610 | &nbsp;&nbsp; 9845 |
| Kodiak Sciences, Inc.<sup>(b)(c)</sup> | 6323 | &nbsp;&nbsp; 57160 |
| Krystal Biotech, Inc.<sup>(b)(c)</sup> | 1417 | &nbsp;&nbsp; 209291 |
| Lantheus Holdings, Inc.<sup>(b)</sup> | 6095 | &nbsp;&nbsp; 334616 |
| LeMaitre Vascular, Inc. | 1189 | &nbsp;&nbsp; 113389 |
| LENSAR, Inc.<sup>(b)(c)</sup> | 2550 | &nbsp;&nbsp; 31314 |
| LENZ Therapeutics, Inc.<sup>(b)(c)</sup> | 475 | &nbsp;&nbsp; 18349 |
| Lifecore Biomedical, Inc.<sup>(b)(c)</sup> | 2830 | &nbsp;&nbsp; 21536 |
| LifeMD, Inc.<sup>(b)(c)</sup> | 3789 | &nbsp;&nbsp; 23454 |
| LifeStance Health Group, Inc.<sup>(b)</sup> | 11642 | &nbsp;&nbsp; 63798 |
| Ligand Pharmaceuticals, Inc.<sup>(b)</sup> | 2831 | &nbsp;&nbsp; 457801 |
| LivaNova PLC<sup>(b)</sup> | 2626 | &nbsp;&nbsp; 148028 |
| MannKind Corp.<sup>(b)</sup> | 8858 | &nbsp;&nbsp; 40658 |
| Maze Therapeutics, Inc.<sup>(b)</sup> | 1295 | &nbsp;&nbsp; 18765 |
| Merit Medical Systems, Inc.<sup>(b)</sup> | 5014 | &nbsp;&nbsp; 453968 |
| Mesa Laboratories, Inc. | 658 | &nbsp;&nbsp; 44580 |
| Metsera, Inc.<sup>(b)</sup> | 2107 | &nbsp;&nbsp; 74356 |
| MiMedx Group, Inc.<sup>(b)</sup> | 9311 | &nbsp;&nbsp; 66108 |
| Mineralys Therapeutics, Inc.<sup>(b)(c)</sup> | 6026 | &nbsp;&nbsp; 93282 |
| Mirum Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 5428 | &nbsp;&nbsp; 400966 |
| Monte Rosa Therapeutics, Inc.<sup>(b)(c)</sup> | 3493 | &nbsp;&nbsp; 16766 |
| National HealthCare Corp. | 1246 | &nbsp;&nbsp; 141396 |
| Neogen Corp.<sup>(b)(c)</sup> | 2647 | &nbsp;&nbsp; 15220 |
| NeoGenomics, Inc.<sup>(b)</sup> | 3033 | &nbsp;&nbsp; 26630 |
| NeuroPace, Inc.<sup>(b)</sup> | 2444 | &nbsp;&nbsp; 22363 |
| Niagen Bioscience, Inc.<sup>(b)(c)</sup> | 9803 | &nbsp;&nbsp; 97050 |
| Novocure Ltd.<sup>(b)(c)</sup> | 3175 | &nbsp;&nbsp; 39148 |
| Nutex Health, Inc.<sup>(b)(c)</sup> | 173 | &nbsp;&nbsp; 14496 |
| Nuvalent, Inc., Class A<sup>(b)</sup> | 485 | &nbsp;&nbsp; 37141 |
| Omnicell, Inc.<sup>(b)</sup> | 3453 | &nbsp;&nbsp; 112533 |
| Oncology Institute, Inc. (The)<sup>(b)(c)</sup> | 7593 | &nbsp;&nbsp; 25816 |
| OPKO Health, Inc.<sup>(b)(c)</sup> | 18013 | &nbsp;&nbsp; 24858 |
| OptimizeRx Corp.<sup>(b)(c)</sup> | 1397 | &nbsp;&nbsp; 25244 |
| Option Care Health, Inc.<sup>(b)</sup> | 19466 | &nbsp;&nbsp; 558285 |
| Organogenesis Holdings, Inc.<sup>(b)(c)</sup> | 7576 | &nbsp;&nbsp; 39016 |
| Orthofix Medical, Inc.<sup>(b)</sup> | 2466 | &nbsp;&nbsp; 36941 |
| OrthoPediatrics Corp.<sup>(b)(c)</sup> | 565 | &nbsp;&nbsp; 12068 |
| Pacira BioSciences, Inc.<sup>(b)</sup> | 3087 | &nbsp;&nbsp; 82330 |
| Palvella Therapeutics, Inc.<sup>(b)(c)</sup> | 547 | &nbsp;&nbsp; 29620 |
| Pediatrix Medical Group, Inc.<sup>(b)</sup> | 15894 | &nbsp;&nbsp; 273536 |
| Pennant Group, Inc. (The)<sup>(b)</sup> | 4210 | &nbsp;&nbsp; 101082 |
| Performant Healthcare, Inc.<sup>(b)(c)</sup> | 4323 | &nbsp;&nbsp; 32984 |
| Phibro Animal Health Corp., Class A | 2699 | &nbsp;&nbsp; 100052 |
| Phreesia, Inc.<sup>(b)(c)</sup> | 7580 | &nbsp;&nbsp; 239983 |
| Precigen, Inc.<sup>(b)(c)</sup> | 14701 | &nbsp;&nbsp; 66302 |
| Premier, Inc., Class A | 13718 | &nbsp;&nbsp; 355296 |
| Prestige Consumer Healthcare, Inc.<sup>(b)</sup> | 5479 | &nbsp;&nbsp; 372791 |
| Privia Health Group, Inc.<sup>(b)</sup> | 16893 | &nbsp;&nbsp; 389215 |
| Pro-Dex, Inc.<sup>(b)(c)</sup> | 503 | &nbsp;&nbsp; 23581 |
| Progyny, Inc.<sup>(b)</sup> | 5912 | &nbsp;&nbsp; 139937 |
| Protagonist Therapeutics, Inc.<sup>(b)(c)</sup> | 8327 | &nbsp;&nbsp; 491709 |
| Protalix BioTherapeutics, Inc.<sup>(b)</sup> | 8394 | &nbsp;&nbsp; 13011 |
| Protara Therapeutics, Inc.<sup>(b)(c)</sup> | 7495 | &nbsp;&nbsp; 23384 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| PTC Therapeutics, Inc.<sup>(b)(c)</sup> | 6806 | &nbsp;&nbsp; $335740 |
| Pulse Biosciences, Inc.<sup>(b)(c)</sup> | 978 | &nbsp;&nbsp; 15198 |
| Quantum-Si, Inc.<sup>(b)(c)</sup> | 8788 | &nbsp;&nbsp; 9843 |
| QuidelOrtho Corp.<sup>(b)</sup> | 5313 | &nbsp;&nbsp; 152430 |
| RadNet, Inc.<sup>(b)(c)</sup> | 4399 | &nbsp;&nbsp; 315672 |
| REGENXBIO, Inc.<sup>(b)</sup> | 4835 | &nbsp;&nbsp; 43177 |
| Relay Therapeutics, Inc.<sup>(b)(c)</sup> | 3744 | &nbsp;&nbsp; 13441 |
| Rezolute, Inc.<sup>(b)</sup> | 3434 | &nbsp;&nbsp; 24450 |
| Rhythm Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 1155 | &nbsp;&nbsp; 119138 |
| Rigel Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2460 | &nbsp;&nbsp; 95571 |
| Schrodinger, Inc.<sup>(b)(c)</sup> | 7406 | &nbsp;&nbsp; 144491 |
| Select Medical Holdings Corp. | 5565 | &nbsp;&nbsp; 72401 |
| SI-BONE, Inc.<sup>(b)(c)</sup> | 3746 | &nbsp;&nbsp; 62446 |
| SIGA Technologies, Inc.<sup>(c)</sup> | 3970 | &nbsp;&nbsp; 33308 |
| Simulations Plus, Inc.<sup>(b)(c)</sup> | 566 | &nbsp;&nbsp; 8020 |
| STAAR Surgical Co., (Acquired 06/27/2025 - <br> 08/20/2025; Cost $15,896)<sup>(b)(d)</sup><br>| 930 | &nbsp;&nbsp; 25445 |
| Supernus Pharmaceuticals, Inc.<sup>(b)</sup> | 7713 | &nbsp;&nbsp; 348011 |
| Surgery Partners, Inc.<sup>(b)(c)</sup> | 3551 | &nbsp;&nbsp; 80572 |
| Tactile Systems Technology, Inc.<sup>(b)(c)</sup> | 1841 | &nbsp;&nbsp; 24504 |
| Talkspace, Inc.<sup>(b)</sup> | 20052 | &nbsp;&nbsp; 53338 |
| Tandem Diabetes Care, Inc.<sup>(b)</sup> | 1602 | &nbsp;&nbsp; 20041 |
| Tarsus Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 396 | &nbsp;&nbsp; 23198 |
| Teladoc Health, Inc.<sup>(b)(c)</sup> | 8936 | &nbsp;&nbsp; 69075 |
| TG Therapeutics, Inc.<sup>(b)(c)</sup> | 8420 | &nbsp;&nbsp; 246959 |
| Theravance Biopharma, Inc.<sup>(b)(c)</sup> | 1922 | &nbsp;&nbsp; 26677 |
| TransMedics Group, Inc.<sup>(b)(c)</sup> | 1431 | &nbsp;&nbsp; 164508 |
| Travere Therapeutics, Inc.<sup>(b)</sup> | 8982 | &nbsp;&nbsp; 157185 |
| Treace Medical Concepts, Inc.<sup>(b)</sup> | 2518 | &nbsp;&nbsp; 18482 |
| TruBridge, Inc.<sup>(b)(c)</sup> | 1968 | &nbsp;&nbsp; 39281 |
| Tvardi Therapeutics, Inc.<sup>(b)(c)</sup> | 850 | &nbsp;&nbsp; 25432 |
| Twist Bioscience Corp.<sup>(b)(c)</sup> | 2149 | &nbsp;&nbsp; 57959 |
| U.S. Physical Therapy, Inc. | 669 | &nbsp;&nbsp; 55453 |
| UFP Technologies, Inc.<sup>(b)(c)</sup> | 349 | &nbsp;&nbsp; 73346 |
| Utah Medical Products, Inc. | 245 | &nbsp;&nbsp; 15241 |
| Vaxcyte, Inc.<sup>(b)</sup> | 478 | &nbsp;&nbsp; 14718 |
| Veracyte, Inc.<sup>(b)(c)</sup> | 10741 | &nbsp;&nbsp; 325882 |
| Vericel Corp.<sup>(b)(c)</sup> | 3700 | &nbsp;&nbsp; 134532 |
| Viemed Healthcare, Inc.<sup>(b)</sup> | 3390 | &nbsp;&nbsp; 24984 |
| Vir Biotechnology, Inc.<sup>(b)</sup> | 5524 | &nbsp;&nbsp; 27289 |
| WaVe Life Sciences Ltd.<sup>(b)(c)</sup> | 3620 | &nbsp;&nbsp; 34752 |
| Waystar Holding Corp.<sup>(b)(c)</sup> | 8281 | &nbsp;&nbsp; 313684 |
| Xenon Pharmaceuticals, Inc. (Canada)<sup>(b)</sup> | 4421 | &nbsp;&nbsp; 171137 |
| Xeris Biopharma Holdings, Inc.<sup>(b)(c)</sup> | 18436 | &nbsp;&nbsp; 144354 |
| XOMA Royalty Corp.<sup>(b)(c)</sup> | 489 | &nbsp;&nbsp; 15878 |
|  |  | &nbsp;&nbsp; 26612383 |
| **Industrials-17.53%** | **Industrials-17.53%** | **Industrials-17.53%** |
| AAR Corp.<sup>(b)</sup> | 789 | &nbsp;&nbsp; 59696 |
| ABM Industries, Inc. | 4112 | &nbsp;&nbsp; 202187 |
| ACCO Brands Corp.<sup>(c)</sup> | 4568 | &nbsp;&nbsp; 18363 |
| Acuren Corp. (Virgin Islands (British))<sup>(b)</sup> | 13644 | &nbsp;&nbsp; 153768 |
| ACV Auctions, Inc., Class A<sup>(b)</sup> | 14327 | &nbsp;&nbsp; 167053 |
| AeroVironment, Inc.<sup>(b)</sup> | 1199 | &nbsp;&nbsp; 289379 |
| Alamo Group, Inc. | 1383 | &nbsp;&nbsp; 292449 |
| Albany International Corp., Class A | 2145 | &nbsp;&nbsp; 136229 |
| Alight, Inc., Class A | 12616 | &nbsp;&nbsp; 48950 |
| Allegiant Travel Co.<sup>(b)(c)</sup> | 1083 | &nbsp;&nbsp; 67861 |
| Allient, Inc. | 1267 | &nbsp;&nbsp; 57496 |
| American Superconductor Corp.<sup>(b)(c)</sup> | 2450 | &nbsp;&nbsp; 122255 |

---

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)—(continued)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| American Woodmark Corp.<sup>(b)</sup> | 540 | &nbsp;&nbsp; $34868 |
| Amprius Technologies, Inc.<sup>(b)</sup> | 9513 | &nbsp;&nbsp; 67447 |
| ArcBest Corp.<sup>(c)</sup> | 760 | &nbsp;&nbsp; 56058 |
| Arcosa, Inc. | 2965 | &nbsp;&nbsp; 293387 |
| Argan, Inc. | 3482 | &nbsp;&nbsp; 794662 |
| Array Technologies, Inc.<sup>(b)(c)</sup> | 1900 | &nbsp;&nbsp; 17119 |
| Astec Industries, Inc. | 2826 | &nbsp;&nbsp; 130816 |
| Astronics Corp.<sup>(b)(c)</sup> | 4722 | &nbsp;&nbsp; 171739 |
| Asure Software, Inc.<sup>(b)(c)</sup> | 2943 | &nbsp;&nbsp; 24721 |
| Atkore, Inc. | 722 | &nbsp;&nbsp; 42013 |
| Atmus Filtration Technologies, Inc. | 8634 | &nbsp;&nbsp; 384386 |
| AZZ, Inc. | 2275 | &nbsp;&nbsp; 256825 |
| Barrett Business Services, Inc. | 4237 | &nbsp;&nbsp; 206766 |
| Bloom Energy Corp., Class A<sup>(b)(c)</sup> | 17288 | &nbsp;&nbsp; 915227 |
| Blue Bird Corp.<sup>(b)(c)</sup> | 1392 | &nbsp;&nbsp; 81279 |
| Boise Cascade Co. | 2216 | &nbsp;&nbsp; 192792 |
| Bowman Consulting Group Ltd.<sup>(b)</sup> | 424 | &nbsp;&nbsp; 18118 |
| BrightView Holdings, Inc.<sup>(b)</sup> | 5262 | &nbsp;&nbsp; 75773 |
| Brink's Co. (The) | 2308 | &nbsp;&nbsp; 258588 |
| Brookfield Business Corp., Class A (Canada) | 2848 | &nbsp;&nbsp; 93984 |
| Byrna Technologies, Inc.<sup>(b)</sup> | 4497 | &nbsp;&nbsp; 91739 |
| Cadre Holdings, Inc.<sup>(c)</sup> | 971 | &nbsp;&nbsp; 29916 |
| Casella Waste Systems, Inc., Class A<sup>(b)</sup> | 4908 | &nbsp;&nbsp; 483732 |
| CBIZ, Inc.<sup>(b)(c)</sup> | 340 | &nbsp;&nbsp; 21944 |
| CECO Environmental Corp.<sup>(b)(c)</sup> | 1268 | &nbsp;&nbsp; 57808 |
| Chart Industries, Inc.<sup>(b)</sup> | 4283 | &nbsp;&nbsp; 853859 |
| Cimpress PLC (Ireland)<sup>(b)(c)</sup> | 348 | &nbsp;&nbsp; 21964 |
| Concrete Pumping Holdings, Inc. | 2251 | &nbsp;&nbsp; 15667 |
| Conduent, Inc.<sup>(b)</sup> | 5226 | &nbsp;&nbsp; 14528 |
| Construction Partners, Inc., Class A<sup>(b)(c)</sup> | 6695 | &nbsp;&nbsp; 802730 |
| CoreCivic, Inc.<sup>(b)</sup> | 18770 | &nbsp;&nbsp; 380656 |
| Costamare, Inc. (Monaco) | 1854 | &nbsp;&nbsp; 21210 |
| Covenant Logistics Group, Inc., Class A | 1195 | &nbsp;&nbsp; 28835 |
| CRA International, Inc. | 997 | &nbsp;&nbsp; 193179 |
| CSG Systems International, Inc. | 4004 | &nbsp;&nbsp; 256897 |
| CSW Industrials, Inc.<sup>(c)</sup> | 1844 | &nbsp;&nbsp; 504408 |
| Custom Truck One Source, Inc.<sup>(b)(c)</sup> | 3441 | &nbsp;&nbsp; 21128 |
| Deluxe Corp.<sup>(c)</sup> | 1707 | &nbsp;&nbsp; 33560 |
| Distribution Solutions Group, Inc.<sup>(b)(c)</sup> | 542 | &nbsp;&nbsp; 17458 |
| DNOW, Inc.<sup>(b)</sup> | 9695 | &nbsp;&nbsp; 155120 |
| Douglas Dynamics, Inc. | 2629 | &nbsp;&nbsp; 88518 |
| Driven Brands Holdings, Inc.<sup>(b)(c)</sup> | 8023 | &nbsp;&nbsp; 147784 |
| Ducommun, Inc.<sup>(b)(c)</sup> | 1261 | &nbsp;&nbsp; 115028 |
| DXP Enterprises, Inc.<sup>(b)</sup> | 1540 | &nbsp;&nbsp; 192315 |
| Dycom Industries, Inc.<sup>(b)</sup> | 2274 | &nbsp;&nbsp; 574117 |
| Energy Recovery, Inc.<sup>(b)</sup> | 6653 | &nbsp;&nbsp; 94539 |
| Enerpac Tool Group Corp. | 6061 | &nbsp;&nbsp; 256623 |
| EnerSys | 2024 | &nbsp;&nbsp; 207764 |
| Ennis, Inc.<sup>(c)</sup> | 3241 | &nbsp;&nbsp; 59213 |
| Enpro, Inc. | 2212 | &nbsp;&nbsp; 483919 |
| Enviri Corp.<sup>(b)(c)</sup> | 4732 | &nbsp;&nbsp; 53472 |
| Eos Energy Enterprises, Inc.<sup>(b)(c)</sup> | 15352 | &nbsp;&nbsp; 105929 |
| ESCO Technologies, Inc.<sup>(c)</sup> | 5769 | &nbsp;&nbsp; 1159050 |
| Exponent, Inc. | 3934 | &nbsp;&nbsp; 280809 |
| Federal Signal Corp. | 7676 | &nbsp;&nbsp; 944071 |
| First Advantage Corp.<sup>(b)(c)</sup> | 1548 | &nbsp;&nbsp; 25325 |
| Fluor Corp.<sup>(b)</sup> | 3917 | &nbsp;&nbsp; 160675 |
| Forward Air Corp.<sup>(b)(c)</sup> | 2054 | &nbsp;&nbsp; 61682 |
| Franklin Covey Co.<sup>(b)(c)</sup> | 547 | &nbsp;&nbsp; 10699 |
| Franklin Electric Co., Inc. | 3597 | &nbsp;&nbsp; 352002 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| FTAI Infrastructure, Inc.<sup>(c)</sup> | 3884 | &nbsp;&nbsp; $18643 |
| GATX Corp. | 2828 | &nbsp;&nbsp; 475981 |
| Genco Shipping & Trading Ltd.<sup>(c)</sup> | 2114 | &nbsp;&nbsp; 35600 |
| GEO Group, Inc. (The)<sup>(b)</sup> | 28900 | &nbsp;&nbsp; 599386 |
| Gibraltar Industries, Inc.<sup>(b)</sup> | 2114 | &nbsp;&nbsp; 132315 |
| Global Industrial Co. | 1218 | &nbsp;&nbsp; 45468 |
| GMS, Inc.<sup>(b)</sup> | 1684 | &nbsp;&nbsp; 185122 |
| Gorman-Rupp Co. (The) | 1802 | &nbsp;&nbsp; 77072 |
| Graham Corp.<sup>(b)(c)</sup> | 1647 | &nbsp;&nbsp; 80785 |
| Granite Construction, Inc.<sup>(c)</sup> | 7368 | &nbsp;&nbsp; 793902 |
| Great Lakes Dredge & Dock Corp.<sup>(b)</sup> | 7204 | &nbsp;&nbsp; 83999 |
| Greenbrier Cos., Inc. (The)<sup>(c)</sup> | 1236 | &nbsp;&nbsp; 57635 |
| Griffon Corp. | 3814 | &nbsp;&nbsp; 290474 |
| Healthcare Services Group, Inc.<sup>(b)</sup> | 13554 | &nbsp;&nbsp; 211578 |
| Heartland Express, Inc.<sup>(c)</sup> | 2657 | &nbsp;&nbsp; 22824 |
| Heidrick & Struggles International, Inc. | 3369 | &nbsp;&nbsp; 171179 |
| Helios Technologies, Inc.<sup>(c)</sup> | 1159 | &nbsp;&nbsp; 62864 |
| Herc Holdings, Inc.<sup>(c)</sup> | 2084 | &nbsp;&nbsp; 272566 |
| Hertz Global Holdings, Inc.<sup>(b)(c)</sup> | 11699 | &nbsp;&nbsp; 67035 |
| Hillenbrand, Inc. | 1558 | &nbsp;&nbsp; 39558 |
| Hillman Solutions Corp.<sup>(b)</sup> | 11832 | &nbsp;&nbsp; 116900 |
| HNI Corp.<sup>(c)</sup> | 5412 | &nbsp;&nbsp; 243215 |
| Hub Group, Inc., Class A | 3356 | &nbsp;&nbsp; 125581 |
| Hudson Technologies, Inc.<sup>(b)</sup> | 2462 | &nbsp;&nbsp; 25014 |
| Huron Consulting Group, Inc.<sup>(b)</sup> | 3212 | &nbsp;&nbsp; 439915 |
| Hyliion Holdings Corp.<sup>(b)(c)</sup> | 10707 | &nbsp;&nbsp; 17988 |
| Hyster-Yale, Inc. | 399 | &nbsp;&nbsp; 14962 |
| IBEX Holdings Ltd.<sup>(b)</sup> | 2029 | &nbsp;&nbsp; 59916 |
| ICF International, Inc. | 585 | &nbsp;&nbsp; 57459 |
| IES Holdings, Inc.<sup>(b)(c)</sup> | 1830 | &nbsp;&nbsp; 639237 |
| Innodata, Inc.<sup>(b)(c)</sup> | 4737 | &nbsp;&nbsp; 179911 |
| Insperity, Inc. | 1103 | &nbsp;&nbsp; 60908 |
| Insteel Industries, Inc. | 2317 | &nbsp;&nbsp; 88926 |
| Interface, Inc. | 9136 | &nbsp;&nbsp; 244114 |
| Janus International Group, Inc.<sup>(b)</sup> | 4117 | &nbsp;&nbsp; 42611 |
| JBT Marel Corp.<sup>(c)</sup> | 5632 | &nbsp;&nbsp; 807009 |
| JetBlue Airways Corp.<sup>(b)(c)</sup> | 9657 | &nbsp;&nbsp; 51665 |
| Kadant, Inc.<sup>(c)</sup> | 1142 | &nbsp;&nbsp; 369186 |
| Karat Packaging, Inc. | 952 | &nbsp;&nbsp; 24067 |
| Kennametal, Inc.<sup>(c)</sup> | 5793 | &nbsp;&nbsp; 124144 |
| Kforce, Inc. | 629 | &nbsp;&nbsp; 20505 |
| Korn Ferry | 4718 | &nbsp;&nbsp; 349792 |
| Kratos Defense & Security Solutions, Inc.<sup>(b)(c)</sup> | 17736 | &nbsp;&nbsp; 1167738 |
| LB Foster Co., Class A<sup>(b)(c)</sup> | 619 | &nbsp;&nbsp; 16113 |
| Legalzoom.com, Inc.<sup>(b)(c)</sup> | 15698 | &nbsp;&nbsp; 173934 |
| Limbach Holdings, Inc.<sup>(b)(c)</sup> | 1652 | &nbsp;&nbsp; 189253 |
| Lindsay Corp. | 1557 | &nbsp;&nbsp; 213667 |
| Liquidity Services, Inc.<sup>(b)</sup> | 3206 | &nbsp;&nbsp; 85248 |
| LSI Industries, Inc. | 1503 | &nbsp;&nbsp; 34464 |
| Luxfer Holdings PLC (United Kingdom)<sup>(c)</sup> | 2933 | &nbsp;&nbsp; 39361 |
| Manitowoc Co., Inc. (The)<sup>(b)</sup> | 2375 | &nbsp;&nbsp; 23512 |
| Marten Transport Ltd. | 2954 | &nbsp;&nbsp; 34975 |
| MasterBrand, Inc.<sup>(b)(c)</sup> | 2735 | &nbsp;&nbsp; 34762 |
| Matrix Service Co.<sup>(b)(c)</sup> | 1855 | &nbsp;&nbsp; 28066 |
| Matson, Inc. | 2672 | &nbsp;&nbsp; 278022 |
| Matthews International Corp., Class A<sup>(c)</sup> | 1352 | &nbsp;&nbsp; 33219 |
| Maximus, Inc. | 3728 | &nbsp;&nbsp; 327766 |
| Mayville Engineering Co., Inc.<sup>(b)(c)</sup> | 1408 | &nbsp;&nbsp; 20557 |
| McGrath RentCorp | 3043 | &nbsp;&nbsp; 369694 |
| Mercury Systems, Inc.<sup>(b)(c)</sup> | 6630 | &nbsp;&nbsp; 447856 |

---

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)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Microvast Holdings, Inc.<sup>(b)(c)</sup> | 11413 | &nbsp;&nbsp; $30473 |
| Miller Industries, Inc. | 652 | &nbsp;&nbsp; 27443 |
| MillerKnoll, Inc. | 2070 | &nbsp;&nbsp; 43698 |
| Moog, Inc., Class A<sup>(c)</sup> | 2276 | &nbsp;&nbsp; 445755 |
| MRC Global, Inc.<sup>(b)</sup> | 6981 | &nbsp;&nbsp; 105273 |
| Mueller Water Products, Inc., Class A | 26111 | &nbsp;&nbsp; 688286 |
| MYR Group, Inc.<sup>(b)</sup> | 1643 | &nbsp;&nbsp; 307685 |
| NANO Nuclear Energy, Inc.<sup>(b)(c)</sup> | 693 | &nbsp;&nbsp; 22550 |
| National Presto Industries, Inc.<sup>(c)</sup> | 820 | &nbsp;&nbsp; 85952 |
| Nextracker, Inc., Class A<sup>(b)</sup> | 14816 | &nbsp;&nbsp; 996524 |
| NuScale Power Corp.<sup>(b)(c)</sup> | 12117 | &nbsp;&nbsp; 419854 |
| NWPX Infrastructure, Inc.<sup>(b)</sup> | 1475 | &nbsp;&nbsp; 78116 |
| OPENLANE, Inc.<sup>(b)(c)</sup> | 18636 | &nbsp;&nbsp; 538953 |
| Orion Group Holdings, Inc.<sup>(b)</sup> | 2396 | &nbsp;&nbsp; 17730 |
| Palladyne AI Corp.<sup>(b)(c)</sup> | 2292 | &nbsp;&nbsp; 17328 |
| Park Aerospace Corp.<sup>(c)</sup> | 2763 | &nbsp;&nbsp; 51779 |
| Pitney Bowes, Inc.<sup>(c)</sup> | 14868 | &nbsp;&nbsp; 180200 |
| Planet Labs PBC<sup>(b)(c)</sup> | 51400 | &nbsp;&nbsp; 364426 |
| Powell Industries, Inc.<sup>(c)</sup> | 1348 | &nbsp;&nbsp; 358784 |
| Power Solutions International, Inc.<sup>(b)</sup> | 526 | &nbsp;&nbsp; 43600 |
| Preformed Line Products Co.<sup>(c)</sup> | 282 | &nbsp;&nbsp; 53882 |
| Primoris Services Corp. | 8521 | &nbsp;&nbsp; 1010165 |
| Proto Labs, Inc.<sup>(b)(c)</sup> | 3939 | &nbsp;&nbsp; 196202 |
| Quad/Graphics, Inc.<sup>(c)</sup> | 2417 | &nbsp;&nbsp; 16097 |
| Redwire Corp.<sup>(b)(c)</sup> | 5147 | &nbsp;&nbsp; 45860 |
| Resideo Technologies, Inc.<sup>(b)(c)</sup> | 7848 | &nbsp;&nbsp; 267224 |
| Resolute Holdings Management, Inc.<sup>(b)(c)</sup> | 629 | &nbsp;&nbsp; 41571 |
| REV Group, Inc. | 10340 | &nbsp;&nbsp; 550191 |
| Rush Enterprises, Inc., Class A | 5022 | &nbsp;&nbsp; 288263 |
| Rush Enterprises, Inc., Class B<sup>(c)</sup> | 900 | &nbsp;&nbsp; 52236 |
| Satellogic,Inc., Class A<sup>(b)(c)</sup> | 4372 | &nbsp;&nbsp; 16308 |
| Shoals Technologies Group, Inc., Class A<sup>(b)(c)</sup> | 4279 | &nbsp;&nbsp; 27856 |
| Sky Harbour Group Corp.<sup>(b)(c)</sup> | 1212 | &nbsp;&nbsp; 12774 |
| SkyWest, Inc.<sup>(b)</sup> | 4551 | &nbsp;&nbsp; 552491 |
| Spire Global, Inc.<sup>(b)(c)</sup> | 1632 | &nbsp;&nbsp; 14753 |
| SPX Technologies, Inc.<sup>(b)</sup> | 4339 | &nbsp;&nbsp; 811870 |
| Standex International Corp. | 1050 | &nbsp;&nbsp; 214273 |
| Steelcase, Inc., Class A | 3873 | &nbsp;&nbsp; 64834 |
| Sterling Infrastructure, Inc.<sup>(b)(c)</sup> | 5578 | &nbsp;&nbsp; 1553640 |
| Strata Critical Medical, Inc.<sup>(b)(c)</sup> | 8020 | &nbsp;&nbsp; 35047 |
| Sun Country Airlines Holdings, Inc.<sup>(b)</sup> | 3295 | &nbsp;&nbsp; 43659 |
| Sunrun, Inc.<sup>(b)(c)</sup> | 21982 | &nbsp;&nbsp; 351053 |
| Tecnoglass, Inc.<sup>(c)</sup> | 5655 | &nbsp;&nbsp; 410440 |
| Tennant Co. | 909 | &nbsp;&nbsp; 74574 |
| Terex Corp. | 669 | &nbsp;&nbsp; 33410 |
| Thermon Group Holdings, Inc.<sup>(b)(c)</sup> | 3043 | &nbsp;&nbsp; 80700 |
| Titan International, Inc.<sup>(b)(c)</sup> | 1327 | &nbsp;&nbsp; 11704 |
| Titan Machinery, Inc.<sup>(b)</sup> | 2298 | &nbsp;&nbsp; 45960 |
| Transcat, Inc.<sup>(b)(c)</sup> | 258 | &nbsp;&nbsp; 21659 |
| TriNet Group, Inc.<sup>(c)</sup> | 1351 | &nbsp;&nbsp; 97839 |
| Trinity Industries, Inc. | 4306 | &nbsp;&nbsp; 122377 |
| Tutor Perini Corp.<sup>(b)</sup> | 9278 | &nbsp;&nbsp; 546845 |
| UFP Industries, Inc. | 3677 | &nbsp;&nbsp; 371267 |
| UniFirst Corp. | 2304 | &nbsp;&nbsp; 409697 |
| Upwork, Inc.<sup>(b)</sup> | 22717 | &nbsp;&nbsp; 349615 |
| V2X, Inc.<sup>(b)</sup> | 1223 | &nbsp;&nbsp; 70322 |
| Verra Mobility Corp., Class A<sup>(b)</sup> | 11209 | &nbsp;&nbsp; 278544 |
| Vestis Corp. | 2216 | &nbsp;&nbsp; 10371 |
| Vicor Corp.<sup>(b)</sup> | 3044 | &nbsp;&nbsp; 155579 |
| VSE Corp. | 1487 | &nbsp;&nbsp; 241489 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Watts Water Technologies, Inc., Class A | 4769 | &nbsp;&nbsp; $1320536 |
| Werner Enterprises, Inc.<sup>(c)</sup> | 2834 | &nbsp;&nbsp; 81761 |
| Willdan Group, Inc.<sup>(b)</sup> | 2771 | &nbsp;&nbsp; 304422 |
| Willis Lease Finance Corp. | 508 | &nbsp;&nbsp; 75529 |
| WNS (Holdings) Ltd. (India)<sup>(b)(c)</sup> | 4081 | &nbsp;&nbsp; 307911 |
| Worthington Enterprises, Inc. | 2865 | &nbsp;&nbsp; 188517 |
| Xometry, Inc., Class A<sup>(b)(c)</sup> | 4627 | &nbsp;&nbsp; 228944 |
| Zurn Elkay Water Solutions Corp. | 20583 | &nbsp;&nbsp; 933645 |
|  |  | &nbsp;&nbsp; 44275659 |
| **Information Technology-12.18%** | **Information Technology-12.18%** | **Information Technology-12.18%** |
| A10 Networks, Inc. | 11427 | &nbsp;&nbsp; 202372 |
| ACI Worldwide, Inc.<sup>(b)</sup> | 15462 | &nbsp;&nbsp; 763050 |
| ACM Research, Inc., Class A<sup>(b)(c)</sup> | 3771 | &nbsp;&nbsp; 106418 |
| Adeia, Inc. | 11487 | &nbsp;&nbsp; 172764 |
| ADTRAN Holdings, Inc.<sup>(b)</sup> | 17264 | &nbsp;&nbsp; 161936 |
| Advanced Energy Industries, Inc. | 2159 | &nbsp;&nbsp; 323159 |
| Aeluma, Inc.<sup>(b)</sup> | 670 | &nbsp;&nbsp; 15269 |
| Aeva Technologies, Inc.<sup>(b)(c)</sup> | 5343 | &nbsp;&nbsp; 79103 |
| Agilysys, Inc.<sup>(b)(c)</sup> | 1148 | &nbsp;&nbsp; 125270 |
| Alarm.com Holdings, Inc.<sup>(b)(c)</sup> | 3505 | &nbsp;&nbsp; 205498 |
| Alkami Technology, Inc.<sup>(b)(c)</sup> | 9702 | &nbsp;&nbsp; 248371 |
| Alpha & Omega Semiconductor Ltd.<sup>(b)</sup> | 821 | &nbsp;&nbsp; 23620 |
| Ambarella, Inc.<sup>(b)</sup> | 4429 | &nbsp;&nbsp; 365304 |
| Amplitude, Inc., Class A<sup>(b)</sup> | 8844 | &nbsp;&nbsp; 101087 |
| Appian Corp., Class A<sup>(b)</sup> | 3070 | &nbsp;&nbsp; 94495 |
| Applied Digital Corp.<sup>(b)(c)</sup> | 1305 | &nbsp;&nbsp; 20854 |
| Applied Optoelectronics, Inc.<sup>(b)(c)</sup> | 792 | &nbsp;&nbsp; 19166 |
| Arlo Technologies, Inc.<sup>(b)(c)</sup> | 9309 | &nbsp;&nbsp; 162070 |
| Asana, Inc., Class A<sup>(b)(c)</sup> | 7587 | &nbsp;&nbsp; 110770 |
| ASGN, Inc.<sup>(b)</sup> | 1298 | &nbsp;&nbsp; 70416 |
| AvePoint, Inc.<sup>(b)(c)</sup> | 29391 | &nbsp;&nbsp; 480837 |
| Axcelis Technologies, Inc.<sup>(b)(c)</sup> | 538 | &nbsp;&nbsp; 43062 |
| Badger Meter, Inc. | 5421 | &nbsp;&nbsp; 991609 |
| Belden, Inc. | 3210 | &nbsp;&nbsp; 417942 |
| Benchmark Electronics, Inc. | 2698 | &nbsp;&nbsp; 109512 |
| BK Technologies Corp.<sup>(b)(c)</sup> | 633 | &nbsp;&nbsp; 44804 |
| Blackbaud, Inc.<sup>(b)</sup> | 2762 | &nbsp;&nbsp; 184253 |
| BlackLine, Inc.<sup>(b)(c)</sup> | 7465 | &nbsp;&nbsp; 405872 |
| Blend Labs, Inc., Class A<sup>(b)</sup> | 29142 | &nbsp;&nbsp; 105494 |
| Box, Inc., Class A<sup>(b)</sup> | 16773 | &nbsp;&nbsp; 547303 |
| Braze, Inc., Class A<sup>(b)</sup> | 7136 | &nbsp;&nbsp; 197667 |
| C3.ai, Inc., Class A<sup>(b)(c)</sup> | 1782 | &nbsp;&nbsp; 30134 |
| Calix, Inc.<sup>(b)</sup> | 4888 | &nbsp;&nbsp; 290592 |
| Cerence, Inc.<sup>(b)(c)</sup> | 7172 | &nbsp;&nbsp; 75521 |
| CEVA, Inc.<sup>(b)</sup> | 2767 | &nbsp;&nbsp; 61483 |
| Clear Secure, Inc., Class A | 15098 | &nbsp;&nbsp; 548208 |
| Clearfield, Inc.<sup>(b)(c)</sup> | 918 | &nbsp;&nbsp; 29945 |
| Clearwater Analytics Holdings, Inc., <br> Class A<sup>(b)(c)</sup><br>| 43537 | &nbsp;&nbsp; 899910 |
| Climb Global Solutions, Inc.<sup>(c)</sup> | 777 | &nbsp;&nbsp; 96006 |
| CommScope Holding Co., Inc.<sup>(b)</sup> | 15024 | &nbsp;&nbsp; 240985 |
| Commvault Systems, Inc.<sup>(b)</sup> | 7861 | &nbsp;&nbsp; 1467216 |
| CompoSecure, Inc., Class A<sup>(b)(c)</sup> | 2339 | &nbsp;&nbsp; 44722 |
| Consensus Cloud Solutions, Inc.<sup>(b)(c)</sup> | 1522 | &nbsp;&nbsp; 40440 |
| Core Scientific, Inc.<sup>(b)(c)</sup> | 3374 | &nbsp;&nbsp; 48417 |
| CoreCard Corp.<sup>(b)(c)</sup> | 1223 | &nbsp;&nbsp; 33840 |
| Corsair Gaming, Inc.<sup>(b)</sup> | 1395 | &nbsp;&nbsp; 12457 |
| Credo Technology Group Holding Ltd.<sup>(b)</sup> | 5988 | &nbsp;&nbsp; 736853 |
| Crexendo, Inc.<sup>(b)</sup> | 3204 | &nbsp;&nbsp; 20249 |

---

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)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| CTS Corp. | 1874 | &nbsp;&nbsp; $79626 |
| Daily Journal Corp.<sup>(b)(c)</sup> | 88 | &nbsp;&nbsp; 41114 |
| Daktronics, Inc.<sup>(b)(c)</sup> | 6660 | &nbsp;&nbsp; 115551 |
| Diebold Nixdorf, Inc.<sup>(b)(c)</sup> | 2785 | &nbsp;&nbsp; 170191 |
| Digi International, Inc.<sup>(b)</sup> | 6147 | &nbsp;&nbsp; 213424 |
| Digital Turbine, Inc.<sup>(b)(c)</sup> | 8074 | &nbsp;&nbsp; 33911 |
| DigitalOcean Holdings, Inc.<sup>(b)</sup> | 2940 | &nbsp;&nbsp; 95903 |
| Diodes, Inc.<sup>(b)</sup> | 1517 | &nbsp;&nbsp; 82578 |
| Domo, Inc., Class B<sup>(b)</sup> | 1306 | &nbsp;&nbsp; 19172 |
| ePlus, Inc. | 1503 | &nbsp;&nbsp; 108772 |
| Evolv Technologies Holdings, Inc.<sup>(b)(c)</sup> | 20942 | &nbsp;&nbsp; 172562 |
| Expensify, Inc., Class A<sup>(b)</sup> | 6950 | &nbsp;&nbsp; 13622 |
| Extreme Networks, Inc.<sup>(b)</sup> | 11692 | &nbsp;&nbsp; 249975 |
| Fabrinet (Thailand)<sup>(b)</sup> | 2520 | &nbsp;&nbsp; 834851 |
| Fastly, Inc., Class A<sup>(b)</sup> | 9189 | &nbsp;&nbsp; 69928 |
| Five9, Inc.<sup>(b)(c)</sup> | 1556 | &nbsp;&nbsp; 41888 |
| FormFactor, Inc.<sup>(b)</sup> | 2611 | &nbsp;&nbsp; 76215 |
| Frequency Electronics, Inc.<sup>(b)(c)</sup> | 1905 | &nbsp;&nbsp; 61436 |
| Freshworks, Inc., Class A<sup>(b)</sup> | 27060 | &nbsp;&nbsp; 364498 |
| Grid Dynamics Holdings, Inc.<sup>(b)</sup> | 7221 | &nbsp;&nbsp; 59862 |
| Hackett Group, Inc. (The) | 3470 | &nbsp;&nbsp; 72245 |
| Harmonic, Inc.<sup>(b)</sup> | 7512 | &nbsp;&nbsp; 72265 |
| Hut 8 Corp. (Canada)<sup>(b)(c)</sup> | 1734 | &nbsp;&nbsp; 46350 |
| i3 Verticals, Inc., Class A<sup>(b)(c)</sup> | 2474 | &nbsp;&nbsp; 77807 |
| Immersion Corp.<sup>(c)</sup> | 1821 | &nbsp;&nbsp; 12856 |
| Impinj, Inc.<sup>(b)(c)</sup> | 462 | &nbsp;&nbsp; 86611 |
| Information Services Group, Inc. | 6390 | &nbsp;&nbsp; 33036 |
| Insight Enterprises, Inc.<sup>(b)</sup> | 557 | &nbsp;&nbsp; 72499 |
| Intapp, Inc.<sup>(b)(c)</sup> | 10971 | &nbsp;&nbsp; 504556 |
| InterDigital, Inc.<sup>(c)</sup> | 6655 | &nbsp;&nbsp; 1808230 |
| IonQ, Inc.<sup>(b)(c)</sup> | 17675 | &nbsp;&nbsp; 755429 |
| Itron, Inc.<sup>(b)</sup> | 4701 | &nbsp;&nbsp; 577941 |
| Jamf Holding Corp.<sup>(b)(c)</sup> | 2328 | &nbsp;&nbsp; 21697 |
| Kaltura, Inc.<sup>(b)</sup> | 9583 | &nbsp;&nbsp; 15237 |
| Kimball Electronics, Inc.<sup>(b)</sup> | 949 | &nbsp;&nbsp; 27398 |
| Knowles Corp.<sup>(b)</sup> | 9383 | &nbsp;&nbsp; 200327 |
| Kopin Corp.<sup>(b)(c)</sup> | 9183 | &nbsp;&nbsp; 19284 |
| Kulicke & Soffa Industries, Inc. (Singapore) | 3228 | &nbsp;&nbsp; 121050 |
| Life360, Inc.<sup>(b)(c)</sup> | 1857 | &nbsp;&nbsp; 167956 |
| LiveRamp Holdings, Inc.<sup>(b)</sup> | 6515 | &nbsp;&nbsp; 181899 |
| MARA Holdings, Inc.<sup>(b)(c)</sup> | 8022 | &nbsp;&nbsp; 128192 |
| MeridianLink, Inc.<sup>(b)</sup> | 1481 | &nbsp;&nbsp; 29457 |
| Methode Electronics, Inc. | 1359 | &nbsp;&nbsp; 10505 |
| Mirion Technologies, Inc.<sup>(b)(c)</sup> | 30046 | &nbsp;&nbsp; 615943 |
| Mitek Systems, Inc.<sup>(b)</sup> | 2253 | &nbsp;&nbsp; 22913 |
| M-tron Industries, Inc.<sup>(b)(c)</sup> | 266 | &nbsp;&nbsp; 11965 |
| Napco Security Technologies, Inc. | 1290 | &nbsp;&nbsp; 49085 |
| NCR Voyix Corp.<sup>(b)(c)</sup> | 3953 | &nbsp;&nbsp; 52101 |
| NETGEAR, Inc.<sup>(b)(c)</sup> | 6888 | &nbsp;&nbsp; 187147 |
| NetScout Systems, Inc.<sup>(b)</sup> | 11665 | &nbsp;&nbsp; 290342 |
| nLight, Inc.<sup>(b)</sup> | 5046 | &nbsp;&nbsp; 145325 |
| Novanta, Inc.<sup>(b)</sup> | 1187 | &nbsp;&nbsp; 138179 |
| NVE Corp.<sup>(c)</sup> | 626 | &nbsp;&nbsp; 40427 |
| Olo, Inc., Class A<sup>(b)</sup> | 26473 | &nbsp;&nbsp; 271348 |
| ON24, Inc.<sup>(b)</sup> | 2640 | &nbsp;&nbsp; 15101 |
| OneSpan, Inc.<sup>(c)</sup> | 5576 | &nbsp;&nbsp; 84337 |
| Ooma, Inc.<sup>(b)(c)</sup> | 6005 | &nbsp;&nbsp; 77585 |
| OSI Systems, Inc.<sup>(b)(c)</sup> | 1788 | &nbsp;&nbsp; 411329 |
| Ouster, Inc.<sup>(b)</sup> | 3304 | &nbsp;&nbsp; 94263 |
| Pagaya Technologies Ltd., Class A<sup>(b)</sup> | 1199 | &nbsp;&nbsp; 44219 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| PagerDuty, Inc.<sup>(b)(c)</sup> | 3263 | &nbsp;&nbsp; $54623 |
| PAR Technology Corp.<sup>(b)(c)</sup> | 222 | &nbsp;&nbsp; 11362 |
| PC Connection, Inc. | 827 | &nbsp;&nbsp; 53102 |
| PDF Solutions, Inc.<sup>(b)</sup> | 937 | &nbsp;&nbsp; 19162 |
| Penguin Solutions, Inc.<sup>(b)(c)</sup> | 858 | &nbsp;&nbsp; 20704 |
| Photronics, Inc.<sup>(b)</sup> | 3296 | &nbsp;&nbsp; 74720 |
| Plexus Corp.<sup>(b)</sup> | 3870 | &nbsp;&nbsp; 530229 |
| Porch Group, Inc.<sup>(b)(c)</sup> | 4345 | &nbsp;&nbsp; 73735 |
| Power Integrations, Inc. | 3352 | &nbsp;&nbsp; 151175 |
| Powerfleet, Inc.<sup>(b)(c)</sup> | 15013 | &nbsp;&nbsp; 70111 |
| Progress Software Corp.<sup>(c)</sup> | 3082 | &nbsp;&nbsp; 142666 |
| PROS Holdings, Inc.<sup>(b)(c)</sup> | 1086 | &nbsp;&nbsp; 16833 |
| Q2 Holdings, Inc.<sup>(b)</sup> | 8431 | &nbsp;&nbsp; 663773 |
| Qualys, Inc.<sup>(b)</sup> | 3370 | &nbsp;&nbsp; 457680 |
| Quantum Computing, Inc.<sup>(b)(c)</sup> | 5691 | &nbsp;&nbsp; 89804 |
| Rambus, Inc.<sup>(b)</sup> | 11868 | &nbsp;&nbsp; 875502 |
| Rapid7, Inc.<sup>(b)(c)</sup> | 1445 | &nbsp;&nbsp; 29926 |
| Red Violet, Inc.<sup>(c)</sup> | 3263 | &nbsp;&nbsp; 163933 |
| ReposiTrak, Inc.<sup>(c)</sup> | 2388 | &nbsp;&nbsp; 38686 |
| Ribbon Communications, Inc.<sup>(b)(c)</sup> | 8713 | &nbsp;&nbsp; 35549 |
| Rigetti Computing, Inc.<sup>(b)(c)</sup> | 6691 | &nbsp;&nbsp; 108595 |
| Riot Platforms, Inc.<sup>(b)(c)</sup> | 12797 | &nbsp;&nbsp; 176087 |
| Rogers Corp.<sup>(b)</sup> | 599 | &nbsp;&nbsp; 46998 |
| Sanmina Corp.<sup>(b)</sup> | 4352 | &nbsp;&nbsp; 511447 |
| Sapiens International Corp. N.V. (Israel) | 2657 | &nbsp;&nbsp; 113985 |
| ScanSource, Inc.<sup>(b)</sup> | 1724 | &nbsp;&nbsp; 75253 |
| SEMrush Holdings, Inc., Class A<sup>(b)</sup> | 2656 | &nbsp;&nbsp; 20982 |
| Semtech Corp.<sup>(b)(c)</sup> | 968 | &nbsp;&nbsp; 56231 |
| Silicon Laboratories, Inc.<sup>(b)</sup> | 3784 | &nbsp;&nbsp; 508380 |
| SiTime Corp.<sup>(b)(c)</sup> | 3478 | &nbsp;&nbsp; 840528 |
| SkyWater Technology, Inc.<sup>(b)(c)</sup> | 1694 | &nbsp;&nbsp; 20311 |
| SoundThinking, Inc.<sup>(b)</sup> | 1387 | &nbsp;&nbsp; 17657 |
| Sprinklr, Inc., Class A<sup>(b)</sup> | 11207 | &nbsp;&nbsp; 96828 |
| Sprout Social, Inc., Class A<sup>(b)</sup> | 2419 | &nbsp;&nbsp; 38196 |
| SPS Commerce, Inc.<sup>(b)</sup> | 2085 | &nbsp;&nbsp; 229975 |
| Synaptics, Inc.<sup>(b)(c)</sup> | 713 | &nbsp;&nbsp; 49810 |
| Tenable Holdings, Inc.<sup>(b)</sup> | 6413 | &nbsp;&nbsp; 198290 |
| Terawulf, Inc.<sup>(b)(c)</sup> | 6433 | &nbsp;&nbsp; 60792 |
| TSS, Inc.<sup>(b)(c)</sup> | 1647 | &nbsp;&nbsp; 22934 |
| TTM Technologies, Inc.<sup>(b)</sup> | 13086 | &nbsp;&nbsp; 583243 |
| Ultra Clean Holdings, Inc.<sup>(b)</sup> | 776 | &nbsp;&nbsp; 18640 |
| Unisys Corp.<sup>(b)</sup> | 5199 | &nbsp;&nbsp; 20328 |
| Varonis Systems, Inc.<sup>(b)(c)</sup> | 4223 | &nbsp;&nbsp; 249241 |
| Veeco Instruments, Inc.<sup>(b)(c)</sup> | 822 | &nbsp;&nbsp; 20155 |
| Verint Systems, Inc.<sup>(b)(c)</sup> | 1224 | &nbsp;&nbsp; 24957 |
| Vertex, Inc., Class A<sup>(b)(c)</sup> | 5352 | &nbsp;&nbsp; 138189 |
| Viant Technology, Inc., Class A<sup>(b)</sup> | 2782 | &nbsp;&nbsp; 28933 |
| Viasat, Inc.<sup>(b)</sup> | 4069 | &nbsp;&nbsp; 131551 |
| Viavi Solutions, Inc.<sup>(b)(c)</sup> | 21983 | &nbsp;&nbsp; 247968 |
| Vishay Intertechnology, Inc. | 2464 | &nbsp;&nbsp; 38093 |
| Vishay Precision Group, Inc.<sup>(b)(c)</sup> | 740 | &nbsp;&nbsp; 21031 |
| Vuzix Corp.<sup>(b)(c)</sup> | 12074 | &nbsp;&nbsp; 25597 |
| Weave Communications, Inc.<sup>(b)</sup> | 8431 | &nbsp;&nbsp; 65593 |
| Workiva, Inc.<sup>(b)(c)</sup> | 2786 | &nbsp;&nbsp; 229121 |
| Yext, Inc.<sup>(b)</sup> | 10451 | &nbsp;&nbsp; 95000 |
|  |  | &nbsp;&nbsp; 30780034 |
| **Materials-3.37%** | **Materials-3.37%** | **Materials-3.37%** |
| AdvanSix, Inc. | 2159 | &nbsp;&nbsp; 46332 |
| Alpha Metallurgical Resources, Inc.<sup>(b)(c)</sup> | 135 | &nbsp;&nbsp; 20141 |

---

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)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| Ardagh Metal Packaging S.A. | 14682 | &nbsp;&nbsp; $54177 |
| Ascent Industries Co.<sup>(b)(c)</sup> | 1231 | &nbsp;&nbsp; 15043 |
| ASP Isotopes, Inc.<sup>(b)(c)</sup> | 1576 | &nbsp;&nbsp; 14625 |
| Avient Corp. | 5213 | &nbsp;&nbsp; 194966 |
| Balchem Corp. | 4241 | &nbsp;&nbsp; 687424 |
| Cabot Corp. | 3064 | &nbsp;&nbsp; 249900 |
| Caledonia Mining Corp. PLC (South Africa) | 3661 | &nbsp;&nbsp; 93648 |
| Century Aluminum Co.<sup>(b)</sup> | 1963 | &nbsp;&nbsp; 43834 |
| Chemours Co. (The)<sup>(c)</sup> | 1940 | &nbsp;&nbsp; 29876 |
| Coeur Mining, Inc.<sup>(b)</sup> | 68057 | &nbsp;&nbsp; 894949 |
| Commercial Metals Co. | 6503 | &nbsp;&nbsp; 375028 |
| Compass Minerals International, Inc.<sup>(b)(c)</sup> | 4686 | &nbsp;&nbsp; 89268 |
| Constellium SE<sup>(b)</sup> | 2907 | &nbsp;&nbsp; 42122 |
| Dakota Gold Corp.<sup>(b)(c)</sup> | 8587 | &nbsp;&nbsp; 35808 |
| Ecovyst, Inc.<sup>(b)(c)</sup> | 5743 | &nbsp;&nbsp; 52204 |
| Ferroglobe PLC<sup>(c)</sup> | 5513 | &nbsp;&nbsp; 23044 |
| Flotek Industries, Inc.<sup>(b)(c)</sup> | 1562 | &nbsp;&nbsp; 18885 |
| Greif, Inc., Class A | 1272 | &nbsp;&nbsp; 83074 |
| Greif, Inc., Class B | 251 | &nbsp;&nbsp; 17138 |
| H.B. Fuller Co. | 1871 | &nbsp;&nbsp; 114225 |
| Hawkins, Inc. | 2791 | &nbsp;&nbsp; 467018 |
| Hecla Mining Co. | 41478 | &nbsp;&nbsp; 352978 |
| Idaho Strategic Resources, Inc.<sup>(b)(c)</sup> | 1333 | &nbsp;&nbsp; 37511 |
| Ingevity Corp.<sup>(b)(c)</sup> | 2870 | &nbsp;&nbsp; 167551 |
| Innospec, Inc. | 1290 | &nbsp;&nbsp; 112991 |
| Intrepid Potash, Inc.<sup>(b)</sup> | 2099 | &nbsp;&nbsp; 63873 |
| Kaiser Aluminum Corp. | 632 | &nbsp;&nbsp; 49214 |
| Knife River Corp.<sup>(b)</sup> | 7258 | &nbsp;&nbsp; 587898 |
| Koppers Holdings, Inc. | 716 | &nbsp;&nbsp; 20750 |
| LSB Industries, Inc.<sup>(b)(c)</sup> | 2053 | &nbsp;&nbsp; 17081 |
| MAC Copper Ltd. (Australia)<sup>(b)</sup> | 3164 | &nbsp;&nbsp; 38411 |
| Materion Corp.<sup>(c)</sup> | 897 | &nbsp;&nbsp; 99388 |
| Metallus, Inc.<sup>(b)(c)</sup> | 1081 | &nbsp;&nbsp; 17761 |
| Minerals Technologies, Inc.<sup>(c)</sup> | 1131 | &nbsp;&nbsp; 74024 |
| Novagold Resources, Inc. (Canada)<sup>(b)</sup> | 14483 | &nbsp;&nbsp; 99064 |
| O-I Glass, Inc.<sup>(b)(c)</sup> | 13168 | &nbsp;&nbsp; 171052 |
| Perimeter Solutions, Inc.<sup>(b)(c)</sup> | 23198 | &nbsp;&nbsp; 519403 |
| Perpetua Resources Corp.<sup>(b)(c)</sup> | 7643 | &nbsp;&nbsp; 144223 |
| PureCycle Technologies, Inc.<sup>(b)(c)</sup> | 6856 | &nbsp;&nbsp; 97972 |
| Quaker Chemical Corp.<sup>(c)</sup> | 443 | &nbsp;&nbsp; 64266 |
| Ramaco Resources, Inc., Class A<sup>(c)</sup> | 1458 | &nbsp;&nbsp; 37806 |
| Ryerson Holding Corp. | 1831 | &nbsp;&nbsp; 41747 |
| Sensient Technologies Corp. | 5694 | &nbsp;&nbsp; 646041 |
| SSR Mining, Inc. (Canada)<sup>(b)</sup> | 24427 | &nbsp;&nbsp; 471685 |
| Stepan Co. | 718 | &nbsp;&nbsp; 35921 |
| SunCoke Energy, Inc. | 4190 | &nbsp;&nbsp; 32347 |
| Sylvamo Corp.<sup>(c)</sup> | 2523 | &nbsp;&nbsp; 116386 |
| Titan America S.A. (Belgium)<sup>(b)</sup> | 2303 | &nbsp;&nbsp; 35719 |
| Tredegar Corp.<sup>(b)</sup> | 4310 | &nbsp;&nbsp; 33747 |
| TriMas Corp.<sup>(c)</sup> | 2325 | &nbsp;&nbsp; 89908 |
| U.S. Gold Corp.<sup>(b)(c)</sup> | 1717 | &nbsp;&nbsp; 22544 |
| United States Antimony Corp.<sup>(b)(c)</sup> | 12127 | &nbsp;&nbsp; 55178 |
| United States Lime & Minerals, Inc. | 2301 | &nbsp;&nbsp; 289742 |
| Vox Royalty Corp. (Canada) | 6903 | &nbsp;&nbsp; 25403 |
| Warrior Met Coal, Inc.<sup>(c)</sup> | 2052 | &nbsp;&nbsp; 125459 |
| Worthington Steel, Inc. | 1966 | &nbsp;&nbsp; 65468 |
|  |  | &nbsp;&nbsp; 8523241 |
| **Real Estate-7.88%** | **Real Estate-7.88%** | **Real Estate-7.88%** |
| Acadia Realty Trust<sup>(c)</sup> | 18839 | &nbsp;&nbsp; 376968 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| Alexander & Baldwin, Inc. | 10816 | &nbsp;&nbsp; $209181 |
| Alexander's, Inc. | 300 | &nbsp;&nbsp; 69102 |
| Alpine Income Property Trust, Inc. | 1396 | &nbsp;&nbsp; 21317 |
| American Assets Trust, Inc. | 4999 | &nbsp;&nbsp; 104479 |
| American Healthcare REIT, Inc. | 35272 | &nbsp;&nbsp; 1509289 |
| Anywhere Real Estate, Inc.<sup>(b)</sup> | 8904 | &nbsp;&nbsp; 54403 |
| Apartment Investment & Management Co., <br> Class A<br>| 10843 | &nbsp;&nbsp; 84901 |
| Apple Hospitality REIT, Inc. | 20119 | &nbsp;&nbsp; 262754 |
| Armada Hoffler Properties, Inc. | 4269 | &nbsp;&nbsp; 31078 |
| Brandywine Realty Trust | 12190 | &nbsp;&nbsp; 51929 |
| Broadstone Net Lease, Inc.<sup>(c)</sup> | 25302 | &nbsp;&nbsp; 470364 |
| BRT Apartments Corp.<sup>(c)</sup> | 872 | &nbsp;&nbsp; 13952 |
| CareTrust REIT, Inc. | 31703 | &nbsp;&nbsp; 1090900 |
| CBL & Associates Properties, Inc. | 2682 | &nbsp;&nbsp; 85422 |
| Centerspace | 1580 | &nbsp;&nbsp; 94010 |
| Chatham Lodging Trust | 3632 | &nbsp;&nbsp; 27712 |
| City Office REIT, Inc. | 3676 | &nbsp;&nbsp; 25475 |
| Community Healthcare Trust, Inc. | 1727 | &nbsp;&nbsp; 26613 |
| Compass, Inc., Class A<sup>(b)</sup> | 9111 | &nbsp;&nbsp; 82728 |
| COPT Defense Properties | 16657 | &nbsp;&nbsp; 479388 |
| CTO Realty Growth, Inc. | 3853 | &nbsp;&nbsp; 66632 |
| Curbline Properties Corp.<sup>(c)</sup> | 11684 | &nbsp;&nbsp; 263241 |
| Cushman & Wakefield PLC<sup>(b)</sup> | 20230 | &nbsp;&nbsp; 319027 |
| DiamondRock Hospitality Co.<sup>(c)</sup> | 19709 | &nbsp;&nbsp; 168709 |
| Diversified Healthcare Trust | 10778 | &nbsp;&nbsp; 41064 |
| Douglas Emmett, Inc.<sup>(c)</sup> | 20266 | &nbsp;&nbsp; 328512 |
| Easterly Government Properties, Inc.<sup>(c)</sup> | 2463 | &nbsp;&nbsp; 56378 |
| Elme Communities | 10331 | &nbsp;&nbsp; 176454 |
| Empire State Realty Trust, Inc., Class A | 10153 | &nbsp;&nbsp; 77670 |
| Essential Properties Realty Trust, Inc. | 32916 | &nbsp;&nbsp; 1030929 |
| eXp World Holdings, Inc.<sup>(c)</sup> | 1635 | &nbsp;&nbsp; 17707 |
| Farmland Partners, Inc.<sup>(c)</sup> | 5529 | &nbsp;&nbsp; 60930 |
| Forestar Group, Inc.<sup>(b)</sup> | 938 | &nbsp;&nbsp; 25954 |
| Four Corners Property Trust, Inc. | 16147 | &nbsp;&nbsp; 418046 |
| Franklin Street Properties Corp. | 6934 | &nbsp;&nbsp; 11510 |
| FrontView REIT, Inc.<sup>(c)</sup> | 1678 | &nbsp;&nbsp; 22435 |
| FRP Holdings, Inc.<sup>(b)(c)</sup> | 1163 | &nbsp;&nbsp; 29889 |
| Getty Realty Corp.<sup>(c)</sup> | 8293 | &nbsp;&nbsp; 237097 |
| Gladstone Commercial Corp. | 6081 | &nbsp;&nbsp; 81789 |
| Gladstone Land Corp.<sup>(c)</sup> | 2238 | &nbsp;&nbsp; 20590 |
| Global Medical REIT, Inc.<sup>(c)</sup> | 4501 | &nbsp;&nbsp; 33758 |
| Global Net Lease, Inc.<sup>(c)</sup> | 26889 | &nbsp;&nbsp; 211616 |
| Independence Realty Trust, Inc.<sup>(c)</sup> | 28448 | &nbsp;&nbsp; 515193 |
| Industrial Logistics Properties Trust | 4996 | &nbsp;&nbsp; 30775 |
| Innovative Industrial Properties, Inc. | 1132 | &nbsp;&nbsp; 64139 |
| InvenTrust Properties Corp. | 5202 | &nbsp;&nbsp; 154864 |
| JBG SMITH Properties<sup>(c)</sup> | 8277 | &nbsp;&nbsp; 177459 |
| Kennedy-Wilson Holdings, Inc.<sup>(c)</sup> | 6268 | &nbsp;&nbsp; 55158 |
| Kite Realty Group Trust<sup>(c)</sup> | 24792 | &nbsp;&nbsp; 565753 |
| LTC Properties, Inc. | 6994 | &nbsp;&nbsp; 255281 |
| LXP Industrial Trust | 31199 | &nbsp;&nbsp; 283287 |
| Macerich Co. (The) | 22519 | &nbsp;&nbsp; 414350 |
| Marcus & Millichap, Inc. | 1937 | &nbsp;&nbsp; 63127 |
| Modiv Industrial, Inc. | 1160 | &nbsp;&nbsp; 17597 |
| National Health Investors, Inc.<sup>(c)</sup> | 7627 | &nbsp;&nbsp; 597118 |
| NET Lease Office Properties | 861 | &nbsp;&nbsp; 25503 |
| NETSTREIT Corp. | 7812 | &nbsp;&nbsp; 142882 |
| Newmark Group, Inc., Class A | 17340 | &nbsp;&nbsp; 315761 |
| NexPoint Residential Trust, Inc. | 2351 | &nbsp;&nbsp; 81133 |

---

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)**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| One Liberty Properties, Inc.<sup>(c)</sup> | 2616 | &nbsp;&nbsp; $62496 |
| Outfront Media, Inc. | 23254 | &nbsp;&nbsp; 434385 |
| Paramount Group, Inc.<sup>(b)</sup> | 18642 | &nbsp;&nbsp; 134222 |
| Peakstone Realty Trust<sup>(c)</sup> | 4243 | &nbsp;&nbsp; 53971 |
| Pebblebrook Hotel Trust<sup>(c)</sup> | 5607 | &nbsp;&nbsp; 62462 |
| Phillips Edison & Co., Inc.<sup>(c)</sup> | 16910 | &nbsp;&nbsp; 595063 |
| Piedmont Realty Trust, Inc., Class A | 10597 | &nbsp;&nbsp; 89757 |
| Plymouth Industrial REIT, Inc. | 3482 | &nbsp;&nbsp; 76604 |
| Postal Realty Trust, Inc., Class A<sup>(c)</sup> | 2793 | &nbsp;&nbsp; 44241 |
| PotlatchDeltic Corp. | 8556 | &nbsp;&nbsp; 359609 |
| RE/MAX Holdings, Inc., Class A<sup>(b)</sup> | 1504 | &nbsp;&nbsp; 14168 |
| RLJ Lodging Trust<sup>(c)</sup> | 10087 | &nbsp;&nbsp; 77670 |
| RMR Group, Inc. (The), Class A | 945 | &nbsp;&nbsp; 15952 |
| Ryman Hospitality Properties, Inc.<sup>(c)</sup> | 6845 | &nbsp;&nbsp; 676218 |
| Sabra Health Care REIT, Inc.<sup>(c)</sup> | 40722 | &nbsp;&nbsp; 778197 |
| Safehold, Inc. | 4291 | &nbsp;&nbsp; 70630 |
| Saul Centers, Inc. | 1371 | &nbsp;&nbsp; 46847 |
| Sila Realty Trust, Inc.<sup>(c)</sup> | 8695 | &nbsp;&nbsp; 216853 |
| SITE Centers Corp. | 7345 | &nbsp;&nbsp; 90197 |
| SL Green Realty Corp. | 8279 | &nbsp;&nbsp; 470992 |
| SmartStop Self Storage REIT, Inc. | 2271 | &nbsp;&nbsp; 82642 |
| St. Joe Co. (The) | 3645 | &nbsp;&nbsp; 183927 |
| Summit Hotel Properties, Inc. | 6894 | &nbsp;&nbsp; 37779 |
| Sunstone Hotel Investors, Inc. | 16365 | &nbsp;&nbsp; 155140 |
| Tanger, Inc. | 17483 | &nbsp;&nbsp; 597569 |
| Tejon Ranch Co.<sup>(b)(c)</sup> | 2268 | &nbsp;&nbsp; 39486 |
| Terreno Realty Corp.<sup>(c)</sup> | 12698 | &nbsp;&nbsp; 733563 |
| UMH Properties, Inc.<sup>(c)</sup> | 11558 | &nbsp;&nbsp; 181345 |
| Uniti Group, Inc.<sup>(b)(c)</sup> | 27953 | &nbsp;&nbsp; 176104 |
| Universal Health Realty Income Trust<sup>(c)</sup> | 1745 | &nbsp;&nbsp; 70830 |
| Urban Edge Properties | 16080 | &nbsp;&nbsp; 332695 |
| Veris Residential, Inc. | 8940 | &nbsp;&nbsp; 140626 |
| Whitestone REIT | 5116 | &nbsp;&nbsp; 67327 |
| Xenia Hotels & Resorts, Inc. | 7735 | &nbsp;&nbsp; 109296 |
|  |  | &nbsp;&nbsp; 19910145 |
| **Utilities-2.93%** | **Utilities-2.93%** | **Utilities-2.93%** |
| ALLETE, Inc. | 4788 | &nbsp;&nbsp; 307150 |
| American States Water Co. | 3664 | &nbsp;&nbsp; 273078 |
| Avista Corp. | 8474 | &nbsp;&nbsp; 309640 |
| Black Hills Corp. | 6064 | &nbsp;&nbsp; 362688 |
| Brookfield Infrastructure Corp. (Canada)<sup>(c)</sup> | 12910 | &nbsp;&nbsp; 519240 |
| California Water Service Group | 4907 | &nbsp;&nbsp; 230285 |
| Chesapeake Utilities Corp. | 2389 | &nbsp;&nbsp; 295233 |
| Consolidated Water Co. Ltd. | 1542 | &nbsp;&nbsp; 51302 |
| Genie Energy Ltd., Class B | 3147 | &nbsp;&nbsp; 48149 |
| H2O America | 2411 | &nbsp;&nbsp; 121442 |
| Hawaiian Electric Industries, Inc.<sup>(b)(c)</sup> | 21632 | &nbsp;&nbsp; 280351 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-(continued)** | **Utilities-(continued)** | **Utilities-(continued)** |
| MGE Energy, Inc. | 4425 | &nbsp;&nbsp; $376789 |
| Middlesex Water Co. | 1902 | &nbsp;&nbsp; 101833 |
| New Jersey Resources Corp. | 8247 | &nbsp;&nbsp; 390001 |
| Northwest Natural Holding Co.<sup>(c)</sup> | 3852 | &nbsp;&nbsp; 159973 |
| NorthWestern Energy Group, Inc. | 6108 | &nbsp;&nbsp; 351271 |
| Oklo, Inc.<sup>(b)(c)</sup> | 2704 | &nbsp;&nbsp; 199122 |
| ONE Gas, Inc.<sup>(c)</sup> | 5540 | &nbsp;&nbsp; 423810 |
| Ormat Technologies, Inc.<sup>(c)</sup> | 4595 | &nbsp;&nbsp; 422234 |
| Otter Tail Corp.<sup>(c)</sup> | 2624 | &nbsp;&nbsp; 220390 |
| Portland General Electric Co. | 8223 | &nbsp;&nbsp; 351780 |
| Pure Cycle Corp.<sup>(b)(c)</sup> | 2623 | &nbsp;&nbsp; 26492 |
| RGC Resources, Inc. | 700 | &nbsp;&nbsp; 15568 |
| Southwest Gas Holdings, Inc. | 4111 | &nbsp;&nbsp; 328387 |
| Spire, Inc. | 5996 | &nbsp;&nbsp; 459294 |
| TXNM Energy, Inc. | 11940 | &nbsp;&nbsp; 676282 |
| Unitil Corp. | 1354 | &nbsp;&nbsp; 63584 |
| York Water Co. (The) | 1009 | &nbsp;&nbsp; 31350 |
|  |  | &nbsp;&nbsp; 7396718 |
| Total Common Stocks & Other Equity Interests <br>(Cost $216,956,819) | Total Common Stocks & Other Equity Interests <br>(Cost $216,956,819) | &nbsp;&nbsp; 252398977 |
| **Money Market Funds-0.04%** | **Money Market Funds-0.04%** | **Money Market Funds-0.04%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(f)(g)</sup> <br>(Cost $111,299)<br>| 111299 | &nbsp;&nbsp; 111299 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.95% <br>(Cost $217,068,118) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.95% <br>(Cost $217,068,118) | &nbsp;&nbsp; 252510276 |
| **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-24.12%** | **Money Market Funds-24.12%** | **Money Market Funds-24.12%** |
| Invesco Private Government Fund, <br> 4.28%<sup>(f)(g)(h)</sup><br>| 16927485 | &nbsp;&nbsp; 16927485 |
| Invesco Private Prime Fund, 4.46%<sup>(f)(g)(h)</sup> | 43982838 | &nbsp;&nbsp; 43996033 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $60,920,082) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $60,920,082) | &nbsp;&nbsp; 60923518 |
| TOTAL INVESTMENTS IN SECURITIES-124.07% <br>(Cost $277,988,200) | TOTAL INVESTMENTS IN SECURITIES-124.07% <br>(Cost $277,988,200) | &nbsp;&nbsp; 313433794 |
| OTHER ASSETS LESS LIABILITIES-(24.07)% | OTHER ASSETS LESS LIABILITIES-(24.07)% | &nbsp;&nbsp; (60804208)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $252629586 |

---

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

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)**

August 31, 2025

---

| | |
|:---|:---|
| 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 August 31, 2025. |
| <sup>(d)</sup> | Restricted security. The aggregate value of these securities at August 31, 2025 was $138,851, 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 aggregate value of these securities at <br> August 31, 2025 was $129,609, which 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 fiscal year ended August 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2024**<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>**August 31, 2025**<br>| **Dividend Income** |
| Invesco Mortgage <br> Capital, Inc.<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $46682 | &nbsp;&nbsp; $(1068)<br>| &nbsp;&nbsp; $(27)<br>| &nbsp;&nbsp; $(28)<br>| &nbsp;&nbsp; $45559 | &nbsp;&nbsp; $2005 |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; 79018 | &nbsp;&nbsp; 8028693 | &nbsp;&nbsp; (7996412)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 111299 | &nbsp;&nbsp; 8426 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 11087000 | &nbsp;&nbsp; 80647197 | &nbsp;&nbsp; (74806712)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 16927485 | &nbsp;&nbsp; 479,732<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 29671402 | &nbsp;&nbsp; 185813097 | &nbsp;&nbsp; (171487229)<br>| &nbsp;&nbsp; 689 | &nbsp;&nbsp; (1926)<br>| &nbsp;&nbsp; 43996033 | &nbsp;&nbsp; 1,295,559<br> \*<br>|
| Total | &nbsp;&nbsp; $40837420 | &nbsp;&nbsp; $274535669 | &nbsp;&nbsp; $(254291421)<br>| &nbsp;&nbsp; $662 | &nbsp;&nbsp; $(1954)<br>| &nbsp;&nbsp; $61080376 | &nbsp;&nbsp; $1785722 |

---

\* 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> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<sup>(h)</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.

------

**28**

------

**Statements of Assets and Liabilities**

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **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; $569709914 | &nbsp;&nbsp;&nbsp; $4976763499 | &nbsp;&nbsp;&nbsp; $252353418 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 6647456 | &nbsp;&nbsp;&nbsp; 49903334 | &nbsp;&nbsp;&nbsp; 61080376 |
| Cash | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 72726 | &nbsp;&nbsp;&nbsp; 21300 |
| Foreign currencies, at value | &nbsp;&nbsp; 3246 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Receivable for: |  |  |  |
| Dividends | &nbsp;&nbsp; 1046040 | &nbsp;&nbsp;&nbsp; 3595893 | &nbsp;&nbsp;&nbsp; 164443 |
| Securities lending | &nbsp;&nbsp; 1856 | &nbsp;&nbsp;&nbsp; 5621 | &nbsp;&nbsp;&nbsp; 10026 |
| Foreign tax reclaims | &nbsp;&nbsp; 616481 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total assets** | &nbsp;&nbsp; 578024993 | &nbsp;&nbsp;&nbsp; 5030341073 | &nbsp;&nbsp;&nbsp; 313629563 |
| **Liabilities:** |  |  |  |
| Payable for: |  |  |  |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 6443049 | &nbsp;&nbsp;&nbsp; 49618429 | &nbsp;&nbsp;&nbsp; 60920082 |
| Accrued unitary management fees | &nbsp;&nbsp; 164532 | &nbsp;&nbsp;&nbsp; 1221153 | &nbsp;&nbsp;&nbsp; 79895 |
| Other payables | &nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total liabilities** | &nbsp;&nbsp; 6607725 | &nbsp;&nbsp;&nbsp; 50839582 | &nbsp;&nbsp;&nbsp; 60999977 |
| **Net Assets** | &nbsp;&nbsp; $571417268 | &nbsp;&nbsp;&nbsp; $4979501491 | &nbsp;&nbsp;&nbsp; $252629586 |
| **Net assets consist of:** |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $535051044 | &nbsp;&nbsp;&nbsp; $5305471379 | &nbsp;&nbsp;&nbsp; $367036933 |
| Distributable earnings (loss) | &nbsp;&nbsp; 36366224 | &nbsp;&nbsp;&nbsp; (325969888)<br>| &nbsp;&nbsp;&nbsp; (114407347)<br>|
| **Net Assets** | &nbsp;&nbsp; $571417268 | &nbsp;&nbsp;&nbsp; $4979501491 | &nbsp;&nbsp;&nbsp; $252629586 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 20750001 | &nbsp;&nbsp;&nbsp; 84000001 | &nbsp;&nbsp;&nbsp; 5850001 |
| Net asset value | &nbsp;&nbsp; $27.54 | &nbsp;&nbsp;&nbsp; $59.28 | &nbsp;&nbsp;&nbsp; $43.18 |
| Market price | &nbsp;&nbsp; $27.53 | &nbsp;&nbsp;&nbsp; $59.24 | &nbsp;&nbsp;&nbsp; $43.18 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $493968493 | &nbsp;&nbsp;&nbsp; $4363027593 | &nbsp;&nbsp;&nbsp; $216911233 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $6647265 | &nbsp;&nbsp;&nbsp; $49901029 | &nbsp;&nbsp;&nbsp; $61076967 |
| Foreign currencies, at cost | &nbsp;&nbsp; $3232 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $6104383 | &nbsp;&nbsp;&nbsp; $48414029 | &nbsp;&nbsp;&nbsp; $59156454 |

---

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

------

**29**

------

**Statements of Operations**

For the year ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **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; $13295700 | &nbsp;&nbsp;&nbsp; $51461715 | &nbsp;&nbsp;&nbsp; $3105848 |
| Affiliated dividend income | &nbsp;&nbsp; 14796 | &nbsp;&nbsp;&nbsp; 67806 | &nbsp;&nbsp;&nbsp; 10431 |
| Non-cash dividend income | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 403529 |
| Securities lending income, net | &nbsp;&nbsp; 49605 | &nbsp;&nbsp;&nbsp; 41275 | &nbsp;&nbsp;&nbsp; 73890 |
| Foreign withholding tax | &nbsp;&nbsp; (1135933)<br>| &nbsp;&nbsp;&nbsp; (17363)<br>| &nbsp;&nbsp;&nbsp; (14117)<br>|
| Total investment income | &nbsp;&nbsp; 12224168 | &nbsp;&nbsp;&nbsp; 51553433 | &nbsp;&nbsp;&nbsp; 3579581 |
| **Expenses:** |  |  |  |
| Unitary management fees | &nbsp;&nbsp; 1744512 | &nbsp;&nbsp;&nbsp; 14423699 | &nbsp;&nbsp;&nbsp; 954928 |
| Less: Waivers | &nbsp;&nbsp; (330)<br>| &nbsp;&nbsp;&nbsp; (1481)<br>| &nbsp;&nbsp;&nbsp; (182)<br>|
| Net expenses | &nbsp;&nbsp; 1744182 | &nbsp;&nbsp;&nbsp; 14422218 | &nbsp;&nbsp;&nbsp; 954746 |
| Net investment income | &nbsp;&nbsp; 10479986 | &nbsp;&nbsp;&nbsp; 37131215 | &nbsp;&nbsp;&nbsp; 2624835 |
| **Realized and unrealized gain (loss) from:** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (27236160)<br>| &nbsp;&nbsp;&nbsp; (1379010)<br>| &nbsp;&nbsp;&nbsp; (4947903)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (528)<br>| &nbsp;&nbsp;&nbsp; (1306)<br>| &nbsp;&nbsp;&nbsp; (1926)<br>|
| Unaffiliated in-kind redemptions | &nbsp;&nbsp; 7440118 | &nbsp;&nbsp;&nbsp; 99884429 | &nbsp;&nbsp;&nbsp; 24134712 |
| Affiliated in-kind redemptions | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (28)<br>|
| Foreign currencies | &nbsp;&nbsp; 13234 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (2)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (19783336)<br>| &nbsp;&nbsp;&nbsp; 98504113 | &nbsp;&nbsp;&nbsp; 19184853 |
| Change in net unrealized appreciation (depreciation) of: |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 54712151 | &nbsp;&nbsp;&nbsp; 538309915 | &nbsp;&nbsp;&nbsp; 5151989 |
| Affiliated investment securities | &nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; (180)<br>| &nbsp;&nbsp;&nbsp; 662 |
| Foreign currencies | &nbsp;&nbsp; 11354 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Change in net unrealized appreciation | &nbsp;&nbsp; 54723613 | &nbsp;&nbsp;&nbsp; 538309735 | &nbsp;&nbsp;&nbsp; 5152651 |
| Net realized and unrealized gain | &nbsp;&nbsp; 34940277 | &nbsp;&nbsp;&nbsp; 636813848 | &nbsp;&nbsp;&nbsp; 24337504 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $45420263 | &nbsp;&nbsp;&nbsp; $673945063 | &nbsp;&nbsp;&nbsp; $26962339 |

---

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

------

**30**

------

**Statements of Changes in Net Assets**

For the years ended August 31, 2025 and 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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)** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |  |  |
| Net investment income | $10479986 | $11595241 | $37131215 | $82504922 | $2624835 | $5277593 |
| Net realized gain (loss) | (19783336)<br>| 19476726 | 98504113 | 319151817 | 19184853 | (2554518)<br>|
| Change in net unrealized appreciation <br> (depreciation)<br>| 54723613 | 14743898 | 538309735 | (1864681)<br>| 5152651 | 23047259 |
| Net increase in net assets resulting from <br> operations<br>| 45420263 | 45815865 | 673945063 | 399792058 | 26962339 | 25770334 |
| **Distributions to Shareholders from:** |  |  |  |  |  |  |
| Distributable earnings | (13915675)<br>| (14142570)<br>| (37050567)<br>| (88481799)<br>| (3381622)<br>| (5511079)<br>|
| **Shareholder Transactions:** |  |  |  |  |  |  |
| Proceeds from shares sold | 123345376 | 232561877 | 436736133 | 7865762943 | 80853962 | 351082414 |
| Value of shares repurchased | (50412110)<br>| (34408118)<br>| (1421327852)<br>| (7624284266)<br>| (130369960)<br>| (445403652)<br>|
| Net increase (decrease) in net assets resulting <br> from share transactions<br>| 72933266 | 198153759 | (984591719)<br>| 241478677 | (49515998)<br>| (94321238)<br>|
| Net increase (decrease) in net assets | 104437854 | 229827054 | (347697223)<br>| 552788936 | (25935281)<br>| (74061983)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 466979414 | 237152360 | 5327198714 | 4774409778 | 278564867 | 352626850 |
| End of year | $571417268 | $466979414 | $4979501491 | $5327198714 | $252629586 | $278564867 |
| **Changes in Shares Outstanding:** |  |  |  |  |  |  |
| Shares sold | 4900000 | 9300000 | 8170000 | 155830000 | 2030000 | 9670000 |
| Shares repurchased | (1950000)<br>| (1350000)<br>| (26150000)<br>| (151360000)<br>| (3290000)<br>| (12300000)<br>|
| Shares outstanding, beginning of year | 17800001 | 9850001 | 101980001 | 97510001 | 7110001 | 9740001 |
| Shares outstanding, end of year | 20750001 | 17800001 | 84000001 | 101980001 | 5850001 | 7110001 |

---

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

------

**31**

------

**Financial Highlights**

Invesco International Developed Dynamic Multifactor ETF (IMFL)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **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; $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;0.52 | &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 investments | &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;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; (0.72)<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; (0.24)<br>| &nbsp;&nbsp;&nbsp; - |
| Total distributions | &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; $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; $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; 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; 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; $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<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; 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; 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.

------

**32**

------

**Financial Highlights—(continued)**

Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF (OMFL)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of period | &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;0.41 | &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 investments | &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;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; (0.41)<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; $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; $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; 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; 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; $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<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; 0.75<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>(d)</sup> | &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> 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. 

Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF (OMFS)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of period | &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;0.43 | &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;4.09 | &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;4.52 | &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; (0.52)<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; $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; $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; 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; 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; $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<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; 1.07<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>(d)</sup> | &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> 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.

------

**33**

------

**Notes to Financial Statements**

Invesco Exchange-Traded Self-Indexed Fund Trust

August 31, 2025

**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 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. 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.

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Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts') prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

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

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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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

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

**F.** **Expenses** - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser 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.

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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** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts 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. Adoption of the new standard impacted the Funds' financial statement note disclosures only and did not affect the Funds' financial position or the results of its operations.

**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 fiscal year ended August 31, 2025, each Fund (except for International Developed Dynamic Multifactor ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are

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included in *Securities lending income, net* on the Statements of Operations, were incurred by each applicable Fund as listed below:

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| | |
|:---|:---|
|  | **Amount** |
| Russell 1000<sup>®</sup> Dynamic Multifactor ETF | $2035 |
| Russell 2000<sup>®</sup> Dynamic Multifactor ETF | 5562 |

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**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

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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 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. 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. 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 subjects 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 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 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

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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 the composition of 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.

*Small- and Mid-Capitalization Company Risk*. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-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:

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| | |
|:---|:---|
|  | **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>|

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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 fiscal year ended August 31, 2025, the Adviser waived fees for each Fund in the following amounts:

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| | |
|:---|:---|
| International Developed Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp; $330 |
| Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp; 1481 |
| Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp; 182 |

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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.

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The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a "Licensor"):

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| | |
|:---|:---|
| **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 fiscal year ended August 31, 2025, 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; $3156 |
| Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp; 140397 |
| Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp; 68777 |

---

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 August 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| International Developed Dynamic Multifactor ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $13765710 | &nbsp;&nbsp; $555944204 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $569709914 |
| Money Market Funds | &nbsp;&nbsp; 204216 | &nbsp;&nbsp; 6443240 | &nbsp;&nbsp; - | &nbsp;&nbsp; 6647456 |
| **Total Investments** | &nbsp;&nbsp; $13969926 | &nbsp;&nbsp; $562387444 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $576357370 |
| Russell 1000<sup>®</sup> Dynamic Multifactor ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $4976763499 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $4976763499 |
| Money Market Funds | &nbsp;&nbsp; 282600 | &nbsp;&nbsp; 49620734 | &nbsp;&nbsp; - | &nbsp;&nbsp; 49903334 |
| **Total Investments** | &nbsp;&nbsp; $4977046099 | &nbsp;&nbsp; $49620734 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $5026666833 |

---

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**41**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Russell 2000<sup>®</sup> Dynamic Multifactor ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $252398977 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $252398977 |
| Money Market Funds | &nbsp;&nbsp; 111299 | &nbsp;&nbsp; 60923518 | &nbsp;&nbsp; - | &nbsp;&nbsp; 61034817 |
| **Total Investments** | &nbsp;&nbsp; $252510276 | &nbsp;&nbsp; $60923518 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $313433794 |

---

**NOTE 5—Distributions to Shareholders and Tax Components of Net Assets**

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **Ordinary** <br>**Income\***<br>| **Ordinary** <br>**Income\***<br>|
| International Developed Dynamic Multifactor ETF | &nbsp;&nbsp; $13915675 | &nbsp;&nbsp; $14142570 |
| Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp; 37050567 | &nbsp;&nbsp; 88481799 |
| Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp; 3381622 | &nbsp;&nbsp; 5511079 |

---

\* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Net** <br>**Unrealized** <br>**Appreciation-** <br>**Investments**<br>| **Net** <br>**Unrealized** <br>**Appreciation-** <br>**Foreign** <br>**Currencies**<br>| **Capital Loss** <br>**Carryforwards**<br>| **Shares of** <br>**Beneficial** <br>**Interest**<br>| **Total** <br>**Net Assets**<br>|
| International Developed Dynamic Multifactor ETF | &nbsp;&nbsp; $6616901 | &nbsp;&nbsp; $67974216 | &nbsp;&nbsp; $58370 | &nbsp;&nbsp; $(38283263)<br>| &nbsp;&nbsp; $535051044 | &nbsp;&nbsp; $571417268 |
| Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp; 5722467 | &nbsp;&nbsp; 613279893 | &nbsp;&nbsp; - | &nbsp;&nbsp; (944972248)<br>| &nbsp;&nbsp; 5305471379 | &nbsp;&nbsp; 4979501491 |
| Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp; 424770 | &nbsp;&nbsp; 35150971 | &nbsp;&nbsp; - | &nbsp;&nbsp; (149983088)<br>| &nbsp;&nbsp; 367036933 | &nbsp;&nbsp; 252629586 |

---

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 have 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 fiscal year ended August 31, 2025, 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; $339038272 | &nbsp;&nbsp; $332191989 |
| Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp; 2483540591 | &nbsp;&nbsp; 2619022088 |
| Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp; 160045771 | &nbsp;&nbsp; 160923152 |

---

For the fiscal year ended August 31, 2025, 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; $110030835 | &nbsp;&nbsp; $48288453 |
| Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp; 322291704 | &nbsp;&nbsp; 1167673037 |
| Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp; 80805154 | &nbsp;&nbsp; 129304765 |

---

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**42**

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Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of August 31, 2025, 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; $82315661 | &nbsp;&nbsp; $(14341445)<br>| &nbsp;&nbsp; $67974216 | &nbsp;&nbsp; $508383154 |
| Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp; 656827308 | &nbsp;&nbsp; (43547415)<br>| &nbsp;&nbsp; 613279893 | &nbsp;&nbsp; 4413386940 |
| Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp; 41497938 | &nbsp;&nbsp; (6346967)<br>| &nbsp;&nbsp; 35150971 | &nbsp;&nbsp; 278282823 |

---

**NOTE 7—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2025, the reclassifications were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed Net** <br>**Investment Income**<br>| **Undistributed Net** <br>**Realized Gain (Loss)**<br>| **Shares of** <br>**Beneficial Interest**<br>|
| International Developed Dynamic Multifactor ETF | &nbsp;&nbsp; $455160 | &nbsp;&nbsp; $(7628169)<br>| &nbsp;&nbsp; $7173009 |
| Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (97084774)<br>| &nbsp;&nbsp; 97084774 |
| Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp; 399472 | &nbsp;&nbsp; (24017761)<br>| &nbsp;&nbsp; 23618289 |

---

**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.

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**43**

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Invesco Exchange-Traded Self-Indexed Fund Trust and Shareholders of Invesco International Developed Dynamic Multifactor ETF, Invesco Russell 1000 Dynamic Multifactor ETF and Invesco Russell 2000 Dynamic Multifactor ETF

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco International Developed Dynamic Multifactor ETF, Invesco Russell 1000 Dynamic Multifactor ETF and Invesco Russell 2000 Dynamic Multifactor ETF (three of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 23, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

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**44**

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**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Qualified** <br>**Business** <br>**Income\***<br>| **Qualified** <br>**Dividend** <br>**Income\***<br>| **Corporate** <br>**Dividends** <br>**Received** <br>**Deduction\***<br>| **U.S.** <br>**Treasury** <br>**Obligations\***<br>| **Business** <br>**Interest** <br>**Income\***<br>|
| Invesco International Developed Dynamic Multifactor ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp; 99<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 92<br> %<br>| &nbsp;&nbsp; 87<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|

---

\* The above percentages are based on ordinary income dividends paid to shareholders during the Trust's fiscal year.

The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:

---

| | | |
|:---|:---|:---|
|  | **Foreign Taxes** <br>**Per Share**<br>| **Foreign Source** <br>**Income Per Share**<br>|
| Invesco International Developed Dynamic Multifactor ETF | &nbsp;&nbsp; $0.0488 | &nbsp;&nbsp; $0.6400 |

---

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**45**

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**Approval of Investment Advisory Contracts**

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for the following series (each, a "Fund" and collectively, the "Funds"):

Invesco Bloomberg Pricing Power ETF

Invesco BulletShares 2025 Corporate Bond ETF

Invesco BulletShares 2026 Corporate Bond ETF

Invesco BulletShares 2027 Corporate Bond ETF

Invesco BulletShares 2028 Corporate Bond ETF

Invesco BulletShares 2029 Corporate Bond ETF

Invesco BulletShares 2030 Corporate Bond ETF

Invesco BulletShares 2031 Corporate Bond ETF

Invesco BulletShares 2032 Corporate Bond ETF

Invesco BulletShares 2033 Corporate Bond ETF

Invesco BulletShares 2034 Corporate Bond ETF

Invesco BulletShares 2025 High Yield Corporate Bond ETF

Invesco BulletShares 2026 High Yield Corporate Bond ETF

Invesco BulletShares 2027 High Yield Corporate Bond ETF

Invesco BulletShares 2028 High Yield Corporate Bond ETF

Invesco BulletShares 2029 High Yield Corporate Bond ETF

Invesco BulletShares 2030 High Yield Corporate Bond ETF

Invesco BulletShares 2031 High Yield Corporate Bond ETF

Invesco BulletShares 2032 High Yield Corporate Bond ETF

Invesco BulletShares 2025 Municipal Bond ETF

Invesco BulletShares 2026 Municipal Bond ETF

Invesco BulletShares 2027 Municipal Bond ETF

Invesco BulletShares 2028 Municipal Bond ETF

Invesco BulletShares 2029 Municipal Bond ETF

Invesco BulletShares 2030 Municipal Bond ETF

Invesco BulletShares 2031 Municipal Bond ETF

Invesco BulletShares 2032 Municipal Bond ETF

Invesco BulletShares 2033 Municipal Bond ETF

Invesco International Developed Dynamic Multifactor ETF

Invesco Investment Grade Defensive ETF

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

Invesco Russell 1000® Dynamic Multifactor ETF

Invesco Russell 2000® Dynamic Multifactor ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser's relationship with the Funds.

*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 performed by the Adviser for the Funds, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund's performance and the performance of its underlying index, as well as the Adviser's analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco's independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds ("ETFs") businesses of Guggenheim Capital LLC ("Guggenheim") on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company ("Oppenheimer") on May 24, 2019 (each, a "Transaction"), and that each such Fund's performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust's registration statement. The Board concluded that each Fund's correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund's particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds' administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

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**46**

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**Approval of Investment Advisory Contracts—(continued)**

Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

*Fees, Expenses and Profitability*. The Trustees reviewed and discussed the information provided by the Adviser on each Fund's net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays its 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:

&nbsp;&nbsp;&nbsp;&nbsp;● 0.10% of the Fund's average daily net assets for each of Invesco BulletShares 2025 Corporate Bond ETF, Invesco BulletShares 2026 Corporate Bond ETF, Invesco BulletShares 2027 Corporate Bond ETF, Invesco BulletShares 2028 Corporate Bond ETF, Invesco BulletShares 2029 Corporate Bond ETF, Invesco BulletShares 2030 Corporate Bond ETF, Invesco BulletShares 2031 Corporate Bond ETF, Invesco BulletShares 2032 Corporate Bond ETF, Invesco BulletShares 2033 Corporate Bond ETF and Invesco BulletShares 2034 Corporate Bond ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.13% of the Fund's average daily net assets for Invesco Investment Grade Defensive ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.18% of the Fund's average daily net assets for each of Invesco BulletShares 2025 Municipal Bond ETF, Invesco BulletShares 2026 Municipal Bond ETF, Invesco BulletShares 2027 Municipal Bond ETF, Invesco BulletShares 2028 Municipal Bond ETF, Invesco BulletShares 2029 Municipal Bond ETF, Invesco BulletShares 2030 Municipal Bond ETF, Invesco BulletShares 2031 Municipal Bond ETF, Invesco BulletShares 2032 Municipal Bond ETF and Invesco BulletShares 2033 Municipal Bond ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.19% of the Fund's average daily net assets for Invesco RAFITM Strategic US ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.29% of the Fund's average daily net assets for Invesco Russell 1000® Dynamic Multifactor ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.34% of the Fund's average daily net assets for Invesco International Developed Dynamic Multifactor ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.39% of the Fund's average daily net assets for Invesco Russell 2000® Dynamic Multifactor ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.40% of the Fund's average daily net assets for Invesco Bloomberg Pricing Power ETF; and

&nbsp;&nbsp;&nbsp;&nbsp;● 0.42% of the Fund's average daily net assets for each of Invesco BulletShares 2025 High Yield Corporate Bond ETF, Invesco BulletShares 2026 High Yield Corporate Bond ETF, Invesco BulletShares 2027 High Yield Corporate Bond ETF, Invesco BulletShares 2028 High Yield Corporate Bond ETF, Invesco BulletShares 2029 High Yield Corporate Bond ETF, Invesco BulletShares 2030 High Yield Corporate Bond ETF, Invesco BulletShares 2031 High Yield Corporate Bond ETF and Invesco BulletShares 2032 High Yield Corporate Bond ETF.

The Trustees compared each Fund's net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF** <br>**Peer Median**<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco Bloomberg Pricing Power ETF |  |  | X |
| Invesco BulletShares 2025 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2026 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2027 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2028 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2029 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2030 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2031 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2032 Corporate Bond ETF | X |  | X |

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**47**

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**Approval of Investment Advisory Contracts—(continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal**<br> **to/Lower**<br> **than ETF**<br> **Peer Median**<br>| **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco BulletShares 2033 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2034 Corporate Bond ETF | X |  | X |
| Invesco BulletShares 2025 High Yield Corporate Bond ETF |  | X | X |
| Invesco BulletShares 2026 High Yield Corporate Bond ETF |  | X | X |
| Invesco BulletShares 2027 High Yield Corporate Bond ETF |  | X | X |
| Invesco BulletShares 2028 High Yield Corporate Bond ETF |  | X | X |
| Invesco BulletShares 2029 High Yield Corporate Bond ETF |  | X | X |
| Invesco BulletShares 2030 High Yield Corporate Bond ETF |  | X | X |
| Invesco BulletShares 2031 High Yield Corporate Bond ETF |  | X | X |
| Invesco BulletShares 2032 High Yield Corporate Bond ETF |  | X | X |
| Invesco BulletShares 2025 Municipal Bond ETF | X | N/A | X |
| Invesco BulletShares 2026 Municipal Bond ETF | X | N/A | X |
| Invesco BulletShares 2027 Municipal Bond ETF | X | N/A | X |
| Invesco BulletShares 2028 Municipal Bond ETF | X | N/A | X |
| Invesco BulletShares 2029 Municipal Bond ETF | X | N/A | X |
| Invesco BulletShares 2030 Municipal Bond ETF | X | N/A | X |
| Invesco BulletShares 2031 Municipal Bond ETF | X | N/A | X |
| Invesco BulletShares 2032 Municipal Bond ETF | X | N/A | X |
| Invesco BulletShares 2033 Municipal Bond ETF | X | N/A | X |
| Invesco International Developed Dynamic Multifactor ETF |  |  | X |
| Invesco Investment Grade Defensive ETF | X | X | X |
| Invesco RAFI<sup>TM</sup> Strategic US ETF | X |  | X |
| Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | X |  | X |
| Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF |  |  | X |

---

\* The information provided by the Adviser indicated that certain Funds did not have any open-end index fund peers. Those Funds have been designated in this column with an "N/A" for not available.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF and Invesco International Developed Dynamic Multifactor ETF. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board concluded that each Fund's unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco BulletShares 2034 Corporate Bond ETF or Invesco BulletShares 2032 High Yield Corporate Bond ETF because those Funds had not completed a full year of operations as of December 31, 2024. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

------

**48**

------

**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 each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

*Fall-out Benefits*. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc. and Invesco Indexing LLC, affiliates of the Adviser, serve as each Fund's distributor and index provider and are paid a distribution fee and licensing fee, respectively, by the Adviser. The Board concluded that each Fund's unitary advisory fee was reasonable, taking into account any ancillary benefits 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 continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board's analysis.

------

**49**

------

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory Contracts section of this report.

------

**50**

------

**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-SIEII-NCSR

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 PEO and 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) Code of Ethics is attached as Exhibit 99.CODEETH.](Code_of_Ethics.htm)

(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: November 7, 2025

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: November 7, 2025

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;</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:November 7, 2025

------

## 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>November 7, 2025</u><u>/s/ Brian Hartigan</u>

&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; 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>November 7, 2025</u>&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; 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; Principal Financial Officer

------

## 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 August 31, 2025 (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: November 7, 2025

<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> 

Name:Brian Hartigan

Title: Principal Executive Officer

Dated: November 7, 2025

&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.Code

#### Exhibit 99.CODEETH

#### EXHIBIT (a)(1)
CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Applicable To**  | &nbsp;&nbsp;&nbsp;&nbsp;·Invesco Funds; <br> &nbsp;&nbsp;&nbsp;&nbsp;·Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust, including (unless otherwise specifically excluded), their respective series (together with the Invesco Funds, each a "Fund," and collectively, the "Funds").  |
| &nbsp;&nbsp; **Risk Addressed by Policy**  | &nbsp;&nbsp; Ethics Violations by Principals  |
| &nbsp;&nbsp; **Relevant Law & Related Resources**  | &nbsp;&nbsp;&nbsp;&nbsp;·Investment Company Act of 1940; <br> &nbsp;&nbsp;&nbsp;&nbsp;·Sarbanes-Oxley Act of 2002  |
| &nbsp;&nbsp; **Revision Date**  | &nbsp;&nbsp; May 2024  |
| &nbsp;&nbsp; **Effective Date**  | &nbsp;&nbsp; June 2024  |

---

#### GLOSSARY
I. **PURPOSE** 

This Code of Ethics (the "Code") for the Invesco Funds and series of the Trusts (with each Invesco Fund and series of the Trusts being referred to herein as a "Fund," and collectively as the "Funds") applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller or persons performing similar functions (collectively, the "Covered Officers," each of whom is set forth in Exhibit A to this Code) for the purpose of promoting:

· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the registrant;

· compliance with applicable governmental laws, rules and regulations;

· prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· accountability for adherence to the Code.

------

The Code shall be administered by the Chief Compliance Officer of the Funds (the "Chief Compliance Officer"), or his or her delegate. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any waivers<sup>1</sup> sought by a Covered Officer must be considered by the Independent Trustees of the relevant Fund or Funds. Any question about the application of the Code should be referred to the Funds' Chief Compliance Officer.

II. **COVERED OFFICERS TO ACT HONESTLY AND CANDIDLY** 

Each Covered Officer named in Exhibit A to this Code owes a duty to the Funds to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

· act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Funds' policies;

· observe both the form and spirit of laws and governmental rules and regulations, and accounting standards;

· adhere to a high standard of business ethics; and

· place the interests of the Funds and its shareholders before the Covered Officer's own personal interests .

III. **COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST** 

***Overview. A "conflict of interest" occurs when a Covered Officer's private interest interferes, or appears to interfere, with the interests of, or his/her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with the Funds.***

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 as amended ("Investment Company Act"), and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" (as defined in the Investment Company Act) of the Funds or the Funds' investment adviser. The Funds' and their investment adviser's and any sub-adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this Code, unless or until the Chief Compliance Officer determines that any violation of such programs and procedures is also a violation of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and their investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the investment adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Funds and their investment adviser. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the investment adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

Each Covered Officer must:

------

· avoid conflicts of interest wherever possible;

· handle any actual or apparent conflict of interest ethically;

· not use his/her personal influence or personal relationships to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally (directly or indirectly) to the detriment of the Funds;

· not cause the Funds to take action, or fail to take action, for the personal benefit of the Covered Officer rather than the benefit of the Funds;

· not use material non-public knowledge of portfolio transactions made or contemplated for, or actions proposed to be taken by, the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

· as described in more detail below, discuss any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest with the Chief Compliance Officer.

Each Covered Officer must, at the time of signing this Code, report to the Chief Compliance Officer all affiliations or significant business relationships outside of the Funds and must update the report annually.

Conflict of interest situations should always be approved by the Chief Compliance Officer and communicated to the relevant Fund or Fund's Board. Any activity or relationship that would present such a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if an immediate member of the Covered Officer's family living in the same household engages in such an activity or has such a relationship. Examples of these include:

· service or significant business relationships as a trustee/ director on the board of any public or private company;

· being in the position of supervising, reviewing, or having any influence on the job evaluation, pay or benefit of any immediate family member;

· any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than its investment adviser, principal underwriter, or any affiliated person thereof; and

· a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment with Invesco, its subsidiaries, its parent organizations and any affiliates or subsidiaries thereof, such as compensation or equity ownership.

------

IV. **DISCLOSURE AND COMPLIANCE** 

Each Covered Officer should:

· familiarize himself/herself with the disclosure and compliance requirements generally applicable to the Funds;

· not knowingly misrepresent, conceal or omit required disclosures of, or cause others to do the same, facts about the Funds to others, whether within or outside the Funds, including to the Funds' Trustees and auditors, or to governmental regulators and self-regulatory organizations;

· to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and their investment adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

· promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

V. **REPORTING AND ACCOUNTABILITY** 

Each Covered Officer must:

· upon adoption of the Code (thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Chief Compliance Officer that he/she has received, read and understands the Code;

· annually thereafter affirm to the Chief Compliance Officer that he/she has complied with the requirements of the Code;

· not retaliate against any other Covered Officer, other officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and

· notify the Chief Compliance Officer promptly if he/she knows of or suspects any violation of this Code. Failure to do so is itself a violation of this Code.

The Funds will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

· the Chief Compliance Officer will take all appropriate action to investigate any potential violation reported to him/her;

· if, after such investigation, the Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;

------

· any matter that the Chief Compliance Officer believes is a violation will be reported to the relevant Fund's Audit Committee;

· if the Independent Trustees of the relevant Funds concur that a violation has occurred, they will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer or other appropriate disciplinary actions;

· the Independent Trustees of the relevant Funds will be responsible for granting waivers of this Code, as appropriate; and

· any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

VI. **OTHER POLICIES AND PROCEDURES** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' investment adviser, principal underwriter or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code unless any provision of this Code conflicts with any applicable federal or state law, in which case the requirements of such law will govern. The Funds' and their investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VII. **AMENDMENTS** 

These Procedures have been adopted by the Board, including a majority of the Trustees who are not interested persons (as defined in the Investment Company Act) of the Funds (the "Independent Trustees"). All material amendments to these Procedures must either be approved in advance by the Board and the Independent Trustees or ratified by the Board and the Independent Trustees, as determined by Legal and Compliance upon consultation with counsel to the Funds. Non-material amendments to these Procedures may be made by Legal and Compliance and will be reported to the Compliance Committee, other applicable committee of the Board, or to the Board at the next scheduled in-person meeting of the Board.

VIII. **CONFIDENTIALITY** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Covered Officers, the

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Chief Compliance Officer, Independent Trustees of the relevant Fund or Funds and the Independent Trustees' counsel, the relevant Fund or Funds and those Funds' counsel and the senior management of the investment adviser and its counsel.

IX. **INTERNAL USE** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

I have read and understand the terms of the above Code. I recognize the responsibilities and obligations incurred by me as a result of my being subject to the Code. I hereby agree to abide by the above Code.

#### Exhibit A
<u>Persons Covered by this Code of Ethics:</u>

· **Invesco Funds** 

o President and Principal Executive Officer – Glenn Brightman

o Treasurer and Principal Financial Officer – Adrian Deberghes

· **Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust** 

o President and Principal Executive Officer — Brian Hartigan

o Treasurer and Principal Financial Officer — Kelli Gallegos

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| 1 | Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer, as defined in Rule 3b-7 under the Exchange Act, of the registrant."  |

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