The Invesco BulletShares® 2031 Municipal Bond ETF (Fund) is based on the Invesco BulletShares® USD Municipal Bond 2031 Index (Index). The Fund will invest at least 80% of its total assets in municipal bonds that comprise the index. The Index seeks to measure the performance of a portfolio of US dollar-denominated, issued by US state, state agencies, or local governments with effective maturities in 2031. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a 'sampling' methodology to seek to achieve its investment objective. The Fund and the Index are rebalanced monthly. The Fund has a designated year of maturity of 2031 and will terminate on or about Dec. 15, 2031.