Fixed Income | US Fixed Income

Invesco BulletShares 2029 Municipal Bond ETF

Ticker: BSMT

Product Details

The Invesco BulletShares® 2029 Municipal Bond ETF (Fund) is based on the Invesco BulletShares® USD Municipal Bond 2029 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 municipal securities, issued by US state, state agencies, or local governments with effective maturities in 2029. 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 2029 and will terminate on or about Dec. 15, 2029. See the prospectus for more information.

as of 03/31/2024 03/31/2024

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Invesco BulletShares Municipal Bond 2029 Index -0.41 2.40 -1.48 N/A N/A 0.35
Bloomberg Municipal Bond Total Return Index -0.39 3.13 -0.41 1.59 2.66 0.94
Fund History (%)
Fund NAV -0.46 2.09 -1.40 N/A N/A 0.24
After Tax Held -0.73 1.81 -1.49 N/A N/A 0.13
After Tax Sold -0.27 2.05 -0.70 N/A N/A 0.53
Fund Market Price -0.55 1.96 -1.37 N/A N/A 0.29
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Invesco BulletShares Municipal Bond 2029 Index -0.41 2.40 -1.48 N/A N/A 0.35
Bloomberg Municipal Bond Total Return Index -0.39 3.13 -0.41 1.59 2.66 0.94
Fund History (%)
Fund NAV -0.46 2.09 -1.40 N/A N/A 0.24
After Tax Held -0.73 1.81 -1.49 N/A N/A 0.13
After Tax Sold -0.27 2.05 -0.70 N/A N/A 0.53
Fund Market Price -0.55 1.96 -1.37 N/A N/A 0.29

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.

as of 03/31/2024

Growth of $10,000

Data beginning Fund inception and ending 03/31/2024. Fund performance shown at NAV.

An investor cannot invest directly in an index. The results assume that no cash was added to or assets withdrawn from the Index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.

NAV:

as of 04/19/2024

Quality Allocations as of 04/18/2024

S&P Moody's
AAA : 19% Aaa : 14%
AA : 49% Aa : 59%
A : 18% A : 15%
BBB : 1% Baa : 1%
BB : 0% Ba : 0%
Not Rated : 13% Not Rated : 12%
as of 04/18/2024

Maturity

Years % of Fund
0 - 1 years 0.30
1 - 5 years 5.67
5 - 10 years 39.52
10 - 15 years 19.66
15 - 20 years 14.58
20 - 25 years 13.78
25 years and over 6.49

as of 04/18/2024 Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date Next Call Date S&P / Moody's Rating† Weight
City of New York NY 5.00% 10/01/2031 10/01/2029 AA/Aa2 1.25%
State of California 5.00% 10/01/2032 10/01/2029 AA-/Aa2 1.21%
State of California 5.00% 04/01/2029 N/A AA-/Aa2 1.14%
State of California 5.00% 10/01/2031 10/01/2029 AA-/Aa2 0.95%
State of Connecticut 5.00% 04/15/2032 04/15/2029 AA-/Aa3 0.85%
Illinois State Toll Highway Authority 5.00% 01/01/2044 07/01/2029 AA-/Aa3 0.80%
NEW YORK CITY TRANSITIONAL FINANCE AUTH FUTURE TAX SEC REV 5.00% 11/01/2035 11/01/2029 AAA/Aa1 0.74%
Massachusetts School Building Authority 5.00% 02/15/2044 02/15/2029 AA/Aa3 0.66%
New Jersey Turnpike Authority 5.00% 01/01/2048 01/01/2029 AA-/A1 0.61%
State of Maryland 5.00% 03/15/2032 03/15/2029 AAA/Aaa 0.58%

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

The characterizations of distributions reflected in this table are as of the date noted below. The actual amounts of income, capital gains and return of capital for tax purposes are only determined after the Fund’s fiscal year end, and may differ from the amounts and characterizations reflected in the chart below. Please refer to the Tax Center for the most current and/or final characterizations of these distributions, including any distributions characterized as return of capital.

Distributions | Hide View All | Distribution Information

Ex-Date Record Date Pay Date $/
Share
Ordinary Income Short Term Gains Long Term Gains Return of Capital Liquidation Distribution
04/22/2024 04/23/2024 04/26/0204 0.05328 0.05328 - - - -
03/18/2024 03/19/2024 03/22/2024 0.05122 0.05122 - - - -
02/20/2024 02/21/2024 02/23/2024 0.04763 0.04763 - - - -
01/22/2024 01/23/2024 01/26/2024 0.05222 0.05222 - - - -
12/18/2023 12/19/2023 12/22/2023 0.05408 0.05408 - - - -
11/20/2023 11/21/2023 11/24/2023 0.04926 0.04926 - - - -
10/23/2023 10/24/2023 10/27/2023 0.05068 0.05068 - - - -
09/18/2023 09/19/2023 09/22/2023 0.04955 0.04955 - - - -
08/21/2023 08/22/2023 08/25/2023 0.05174 0.05174 - - - -
07/24/2023 07/25/2023 07/28/0203 0.05171 0.05171 - - - -
06/20/2023 06/21/2023 06/23/2023 0.05045 0.05045 - - - -
05/22/2023 05/23/2023 05/26/2023 0.05249 0.05249 - - - -
04/24/2023 04/25/2023 04/28/2023 0.05114 0.05114 - - - -
03/20/2023 03/21/2023 03/24/2023 0.05332 0.05332 - - - -
02/21/2023 02/22/2023 02/24/2023 0.04798 0.04798 - - - -
01/23/2023 01/24/2023 01/27/2023 0.05323 0.05323 - - - -
12/19/2022 12/20/2022 12/23/2022 0.02964 0.02964 - - - -
11/21/2022 11/22/2022 11/25/2022 0.03910 0.03910 - - - -
10/24/2022 10/25/2022 10/28/2022 0.03435 0.03435 - - - -
09/19/2022 09/20/2022 09/23/2022 0.03262 0.03262 - - - -
08/22/2022 08/23/2022 08/26/2022 0.03357 0.03357 - - - -
07/18/2022 07/19/2022 07/22/2022 0.03398 0.03398 - - - -
06/21/2022 06/22/2022 06/30/2022 0.03310 0.03310 - - - -
05/23/2022 05/24/2022 05/31/2022 0.02911 0.02911 - - - -
04/18/2022 04/19/2022 04/29/2022 0.02812 0.02812 - - - -
03/21/2022 03/22/2022 03/31/2022 0.02904 0.02904 - - - -
02/22/2022 02/23/2022 02/28/2022 0.02614 0.02614 - - - -
01/24/2022 01/25/2022 01/31/2022 0.02901 0.02901 - - - -
12/20/2021 12/21/2021 12/31/2021 0.02882 0.02882 - - - -
11/22/2021 11/23/2021 11/30/2021 0.02796 0.02796 - - - -
10/18/2021 10/19/2021 10/29/2021 0.02883 0.02883 - - - -
09/20/2021 09/21/2021 09/30/2021 0.02785 0.02785 - - - -
08/23/2021 08/24/2021 08/31/2021 0.02788 0.02788 - - - -
07/19/2021 07/20/2021 07/30/2021 0.02768 0.02768 - - - -
06/21/2021 06/22/2021 06/30/2021 0.02698 0.02698 - - - -
05/24/2021 05/25/2021 05/28/2021 0.02846 0.02846 - - - -
04/19/2021 04/20/2021 04/30/2021 0.02773 0.02773 - - - -
03/22/2021 03/23/2021 03/31/2021 0.02894 0.02894 - - - -
02/22/2021 02/23/2021 02/26/2021 0.02912 0.02912 - - - -
01/19/2021 01/20/2021 01/29/2021 0.03343 0.03343 - - - -
12/21/2020 12/22/2020 12/31/2020 0.03894 0.03894 - - - -
11/23/2020 11/24/2020 11/30/2020 0.03833 0.03833 - - - -
10/19/2020 10/20/2020 10/30/2020 0.03957 0.03957 - - - -
09/21/2020 09/22/2020 09/30/2020 0.03832 0.03832 - - - -
08/24/2020 08/25/2020 08/31/2020 0.03973 0.03973 - - - -
07/20/2020 07/21/2020 07/31/2020 0.04020 0.04020 - - - -
06/22/2020 06/23/2020 06/30/2020 0.03907 0.03907 - - - -
05/18/2020 05/19/2020 05/29/2020 0.04077 0.04077 - - - -
04/20/2020 04/21/2020 04/30/2020 0.03993 0.03993 - - - -
03/23/2020 03/24/2020 03/31/2020 0.04092 0.04092 - - - -
02/24/2020 02/25/2020 02/28/2020 0.03839 0.03839 - - - -
01/21/2020 01/22/2020 01/31/2020 0.04116 0.04116 - - - -
12/23/2019 12/24/2019 12/31/2019 0.03974 0.03974 - - - -
11/18/2019 11/19/2019 11/29/2019 0.03974 0.03974 - - - -
10/21/2019 10/22/2019 10/31/2019 0.04106 0.04106 - - - -

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%
03/31/2024 61 12 43 6 0 0 0
12/31/2023 63 12 44 6 0 0 0
09/30/2023 63 21 11 0 0 0 0
06/30/2023 62 17 4 0 0 0 0
Year Ended 2023 250 79 86 8 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%
03/31/2024 61 0 0 0 0 0 0
12/31/2023 63 1 0 0 0 0 0
09/30/2023 63 27 4 0 0 0 0
06/30/2023 62 30 11 0 0 0 0
Year Ended 2023 250 62 15 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.

Premiums/Discounts

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.

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.

There is no guarantee that the Fund's income will be exempt from federal and state income taxes.

The Fund invests a substantial portion of its assets in New York (NY) municipal securities, and will have greater exposure to negative political, economic, regulatory or other factors within the state. Unfavorable developments in any economic sector may have a substantial impact on the overall NY municipal market. Certain issuers of NY municipal bonds have experienced serious financial difficulties in the past, and reoccurrence of these difficulties may impair the ability of such issuers to pay principal or interest on their obligations.

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.