BSMQ - Invesco BulletShares 2026 Municipal Bond ETF

Fixed Income - US Fixed Income

Product Details

The Invesco BulletShares® 2026 Municipal Bond ETF (Fund) is based on the Invesco BulletShares® USD Municipal Bond 2026 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 2026. 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 2026 and will terminate on or about Dec. 15, 2026. See the prospectus for more information.

as of 09/30/2019 09/30/2019

Performance

  YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Index History (%)
Invesco BulletShares Municipal Bond 2026 Index N/A N/A N/A N/A N/A -0.09
Bloomberg Barclays Municipal Bond Index 6.75 8.55 3.19 3.66 4.16 0.00
Invesco BulletShares Municipal Bond 2026 Index N/A N/A N/A N/A N/A -0.09
Bloomberg Barclays Municipal Bond Index 6.75 8.55 3.19 3.66 4.16 0.00
Fund History (%)
Fund NAV N/A N/A N/A N/A N/A -0.12
After Tax Held N/A N/A N/A N/A N/A -0.12
After Tax Sold N/A N/A N/A N/A N/A -0.07
Fund Market Price N/A N/A N/A N/A N/A 0.52
Fund NAV N/A N/A N/A N/A N/A -0.12
After Tax Held N/A N/A N/A N/A N/A -0.12
After Tax Sold N/A N/A N/A N/A N/A -0.07
Fund Market Price N/A N/A N/A N/A N/A 0.52

This is a new Fund and has no full-year Fund performance to report as of most recent quarter end.

Market returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times. Performance data quoted represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance data quoted. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. After Tax Held and After Tax Sold are based on NAV. Returns less than one year are cumulative.

Quality Allocations as of 10/16/2019

S&P Moody's
AAA : 6% Aaa : 6%
AA : 60% Aa : 59%
A : 19% A : 18%
BBB : 9% Baa : 7%
Not Rated : 6% Not Rated : 11%

Cash is excluded from the credit rating quality allocations table.

as of 10/16/2019 Maturity

Years % of Fund
0 - 1 years 0.00
1 - 5 years 0.00
5 - 10 years 32.49
10 - 15 years 13.87
15 - 20 years 17.01
20 - 25 years 13.62
25 years and over 23.01

as of 10/16/2019Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date S&P / Moody's Rating† Weight
State of California 5.00% 09/01/2032 AA-/Aa2 5.26%
New York City Water & Sewer System 5.00% 06/15/2037 AA+/Aa1 5.16%
University of Houston 5.00% 02/15/2036 AA/Aa2 4.81%
State of Illinois 5.00% 11/01/2026 BBB-/Baa3 4.66%
Metropolitan Transportation Authority 5.25% 11/15/2026 AA/A1 4.48%
Commonwealth of Massachusetts 3.00% 09/01/2046 AA/Aa1 4.16%
Commonwealth of Pennsylvania 5.00% 02/01/2029 A+/Aa3 3.68%
New Jersey Health Care Facilities Financing Authority 5.00% 07/01/2043 AA-/A1 3.39%
City & County of Denver CO 5.38% 06/01/2043 AA+/Aa2 2.66%
State of Wisconsin Environmental Improvement Fund Revenue 5.00% 06/01/2026 AAA/NR 2.54%

Holdings are subject to change and are not buy/sell recommendations.

Frequency Distribution of Discounts & Premiums

    Bid/Ask MidPoint Above NAV
Quarter
Ending
Days 0.00-
0.25%
0.26-
0.50%
0.51-
0.99%
1.00-
1.49%
1.50-
1.99%
≥2.00%
09/30/2019 4 1 1 0 0 0 0
    Bid/Ask Midpoint Below NAV
Quarter
Ending
Days 0.00-
0.25%
0.26-
0.50%
0.51-
0.99%
1.00-
1.49%
1.50-
1.99%
≥2.00%
09/30/2019 4 1 1 0 0 0 0

Fund Inception: 09/25/2019

Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. Performance data quoted represents past performance, which is not a guarantee of future results.


 Risk & Other Information

† Credit ratings are assigned by Nationally Recognized Statistical Rating Organizations based on assessment of the credit worthiness of the underlying bond issuers. The ratings range from AAA (highest) to D (lowest) and are subject to change. Not rated indicates the debtor was not rated, and should not be interpreted as indicating low quality. Futures and other derivatives are not eligible for assigned credit ratings by any NRSRO and are excluded from quality allocations. For more information on rating methodologies, please visit the following NRSRO websites: standardandpoors.com and select "Understanding Ratings" under Rating Resources and moodys.com and select "Rating Methodologies" under Research and Ratings.

There are risks involved with investing in ETFs, including possible loss of money. Shares are not actively managed and are subject to risks similar to those of stocks, including those regarding short selling and margin maintenance requirements. Ordinary brokerage commissions apply. The funds’ return may not match the return of the underlying index. The funds are subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the funds.

Investments focused in a particular sector are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.

The funds are non-diversified and may experience greater volatility than a more diversified investment.

Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa.

During the final year of the funds’ operations, as the bonds mature and the portfolio transitions to cash and cash equivalents, the funds’ yield will generally tend to move toward the yield of cash and cash equivalents and thus may be lower than the yields of the bonds previously held by the funds and/or bonds in the market.

If interest rates fall, it is possible that issuers of callable securities will call or prepay their securities before maturity, causing the Fund to reinvest proceeds in securities bearing lower interest rates and reducing the Fund’s income and distributions.

An issuer may be unable or unwilling to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer’s credit rating.

Income generated from the funds is based primarily on prevailing interest rates, which can vary widely over the short- and long-term. If interest rates drop, the funds’ income may drop as well. During periods of rising interest rates, an issuer may exercise its right to pay principal on an obligation later than expected, resulting in a decrease in the value of the obligation and in a decline in the funds’ income.

An issuer’s ability to prepay principal prior to maturity can limit the funds’ potential gains. Prepayments may require the funds to replace the loan or debt security with a lower yielding security, adversely affecting the funds’ yield.

The funds currently intend to effect creations and redemptions principally for cash, rather than principally in-kind because of the nature of the funds’ investments. As such, investments in the funds may be less tax efficient than investments in ETFs that create and redeem in-kind.

Unlike a direct investment in bonds, the funds’ income distributions will vary over time and the breakdown of returns between fund distributions and liquidation proceeds are not predictable at the time of investment. For example, at times the funds may make distributions at a greater (or lesser) rate than the coupon payments received, which will result in the funds returning a lesser (or greater) amount on liquidation than would otherwise be the case. The rate of fund distribution payments may affect the tax characterization of returns, and the amount received as liquidation proceeds upon fund termination may result in a gain or loss for tax purposes.

During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the fund, the ability of the fund to value its holdings becomes more difficult and the judgment of the sub-adviser may play a greater role in the valuation of the fund’s holdings due to reduced availability of reliable objective pricing data.

The funds’ use of a representative sampling approach will result in its holding a smaller number of securities than are in the underlying Index, and may be subject to greater volatility.

Municipal securities are subject to the risk that legislative or economic conditions could affect an issuer’s ability to make payments of principal and/ or interest.

The Global Industry Classification Standard was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's.

The Bloomberg Barclays U.S. Municipal Index covers the USD-denominated long-term tax exempt bond market and is made up of four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.

Invesco BulletShares® USD Municipal Bond Indexes are trademarks of Invesco Indexing LLC (index provider) and have been licensed for use by Invesco Capital Management LLC (investment adviser). Invesco Indexing LLC, Invesco Capital Management LLC, and Invesco Distributors, Inc. are wholly owned, indirect subsidiaries of Invesco Ltd.

as of 09/26/2019
12:00 AM EST

BSMQ
Intraday Stats

  • Last Trade $25.04
  • Current IIV $24.96
  • Change $0.00
  • % Change 0.00%
as of 10/17/2019
  • NAV at market close $24.95

as of 09/26/2019

Prior Close

  • Closing Price $25.04
  • Bid/Ask Midpoint $24.98
  • Bid/Ask Prem/Disc $0.03
  • Bid/Ask Prem/Disc 0.12%
as of 10/11/2019

Fund Characteristics

  • Effective Duration 7.90 yrs
  • Modified Duration 10.76 yrs
  • Weighted Avg Life 6.68
  • Weighted Avg Coupon 4.68%
  • Weighted Avg Price
    as of 10/16/2019
    117.23

Fund Details

  • Fund Ticker BSMQ
  • CUSIP # 46138J510
  • ISIN US46138J5103
  • Intraday NAV BSMQIV
  • Index Ticker IIBSMBQ
  • Index Provider Invesco Indexing LLC
  • Management Fee 0.18%
  • Total Expense Ratio 0.18%
  • Options No
  • Exchange Nasdaq
  • Inception Date 09/25/2019
  • # of Holdings 62
    as of 10/16/2019
as of 09/26/2019

Quick Facts

  • Previous Close $25.04
  • Open $0.00
  • Today's High $0.00
  • Today's Low $0.00
  • Today's Volume 335
  • N/A 30-Day Avg Trading
    Volume
  • 52 Week High $25.04
  • 52 Week Low $25.03
  • Shares Outstanding .40MM
  • Market Value $10.0MM