Fixed Income | US Fixed Income

Invesco BulletShares 2031 Municipal Bond ETF

Ticker: BSMV

Product Details

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. See the prospectus for more information.

as of 10/31/2022 09/30/2022

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Invesco BulletShares Municipal Bond 2031 Index-TR -20.39 -18.67 N/A N/A N/A -18.02
Bloomberg Municipal Bond Total Return Index -12.86 -11.98 -2.18 0.37 1.68 -11.55
Fund History (%)
Fund NAV -20.07 -18.44 N/A N/A N/A -17.67
After Tax Held -20.64 -19.10 N/A N/A N/A -18.30
After Tax Sold -11.85 -10.88 N/A N/A N/A -13.65
Fund Market Price -20.38 -18.93 N/A N/A N/A -18.02
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Invesco BulletShares Municipal Bond 2031 Index-TR -19.88 -18.34 N/A N/A N/A -18.81
Bloomberg Municipal Bond Total Return Index -12.13 -11.50 -1.85 0.59 1.79 -11.71
Fund History (%)
Fund NAV -19.60 -18.06 N/A N/A N/A -18.49
After Tax Held -20.10 -18.69 N/A N/A N/A -19.09
After Tax Sold -11.58 -10.65 N/A N/A N/A -14.28
Fund Market Price -19.99 -18.57 N/A N/A N/A -18.93

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.

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 11/28/2022
Data is currently unavailable
Please try again later.

as of {{yieldCalculations.navDate | date : 'MM/dd/yyyy'}}

Net Asset Value (NAV) $ {{yieldCalculations.navBase | number : 2}}
Weighted Average Yield to Worst (YTW)1 {{yieldCalculations.yieldToWorse | numberPercent}}
+ Price Adjustment2 {{yieldCalculations.priceAdjustment | numberPercent}}
= Price Adjusted Weighted Average Yield to Worst3 {{yieldCalculations.priceAdjustedYield | numberPercent}}
- Expense Ratio - {{yieldCalculations.expenseRatio * 100 | numberPercent}}
Estimated Net Acquisition Yield4 {{yieldCalculations.estimatedNetAcquisitionYield | numberPercent}}

1. Weighted Average Yield to Worst uses the lowest discount rate for all possible redemption date scenarios with its market price. A fund's Average YTW is defined as the weighted average of a fund's individual bond holding YTW and is based upon the price of each individual bond that was utilized to calculate that day's net asset value and does not include fund fees and expenses.
2. Price Adjustment is an adjustment made to the Weighted Average Yield to Worst (which is based upon NAV) to extent that the Purchase Price is above or below NAV. A Purchase Price that is greater than NAV will effectively reduce the Weighted Average Yield to Worst, while Purchase Price less than NAV will effectively increase the Weighted Average Yield to Worst. The Price Adjustment is an approximation.
Formula:
Price Adjustment = [NAV - Purchase Price / (NAV X Average Duration at most recent quarter end)]
3. Price Adjusted Weighted Average Yield to Worst is the sum of the weighted average yield to worst and the price adjustment.
4. Estimated Net Acquisition Yield is an approximation of the Weighted Average Yield to Worst a shareholder may experience given the impact of purchase price and the fund's expense ratio on the Weighted Average Yield to Worst based upon NAV.
Formula:
Estimated Net Acquisition Weighted Average Yield to Worst = Weighted Average Yield to Worst + Price Adjustment - Expense Ratio
Note: Net asset value data is based on daily data and Weighted Average Yield to Worst data is based on weekly data.

as of 11/25/2022

Sector Allocation

Sector Percent of Fund
UnClassified 100.00%

Quality Allocations as of 11/25/2022

S&P Moody's
AAA : 22% Aaa : 12%
AA : 48% Aa : 58%
A : 14% A : 16%
BBB : 2% Baa : 1%
Not Rated : 14% Not Rated : 13%

Cash is excluded from the credit rating quality allocations table.

as of 11/25/2022

Maturity

Years % of Fund
0 - 1 years 0.00
1 - 5 years 0.00
5 - 10 years 25.63
10 - 15 years 34.05
15 - 20 years 18.61
20 - 25 years 14.72
25 years and over 6.99

as of 11/25/2022 Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date Next Call Date S&P / Moody's Rating† Weight
Commonwealth of Massachusetts Transportation Fund Revenue 5.00% 06/01/2042 06/01/2031 AA+/Aa1 3.21%
North Texas Tollway Authority 4.00% 01/01/2034 01/01/2031 A+/A2 2.70%
Nassau County Interim Finance Authority 4.00% 11/15/2034 05/15/2031 AAA/NR 2.63%
State of Maryland 5.00% 03/01/2035 03/01/2031 AAA/Aaa 2.35%
Los Angeles Department of Water & Power Water System Revenue 5.00% 07/01/2037 01/01/2031 NR/Aa2 2.33%
County of Cook IL 5.00% 11/15/2031 11/15/2030 A+/A2 2.32%
State of Washington 5.00% 02/01/2037 02/01/2031 AA+/Aaa 2.31%
Snohomish County Public Utility District No 1 Electric Syste 5.00% 12/01/2046 12/01/2031 NR/Aa2 2.27%
Intermountain Power Agency 5.00% 07/01/2045 07/01/2031 NR/Aa3 2.26%
State of New Jersey 4.00% 06/01/2031 N/A A-/A2 2.23%

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

Distributions | HideView All | Distribution Information

Ex-Date Record Date Pay Date $/
Share
Ordinary Income Short Term Gains Long Term Gains Return of Capital Liquidation Distribution
11/21/2022 11/22/2022 11/25/2022 0.04275 0.04275 - - - -
10/24/2022 10/25/2022 10/28/2022 0.04413 0.04413 - - - -
09/19/2022 09/20/2022 09/23/2022 0.04211 0.04211 - - - -
08/22/2022 08/23/2022 08/26/2022 0.04172 0.04172 - - - -
07/18/2022 07/19/2022 07/22/2022 0.04388 0.04388 - - - -
06/21/2022 06/22/2022 06/30/2022 0.03254 0.03254 - - - -
05/23/2022 05/24/2022 05/31/2022 0.03592 0.03592 - - - -
04/18/2022 04/19/2022 04/29/2022 0.03498 0.03498 - - - -
03/21/2022 03/22/2022 03/31/2022 0.03640 0.03640 - - - -
02/22/2022 02/23/2022 02/28/2022 0.03056 0.03056 - - - -
01/24/2022 01/25/2022 01/31/2022 0.03046 0.03046 - - - -
12/20/2021 12/21/2021 12/31/2021 0.02953 0.02953 - - - -
11/22/2021 11/23/2021 11/30/2021 0.02953 0.02953 - - - -
10/18/2021 10/19/2021 10/29/2021 0.03050 0.03050 - - - -

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%
09/30/2022 64 16 3 0 0 0 0
06/30/2022 62 13 15 14 0 0 0
03/31/2022 62 24 32 3 0 0 0
12/31/2021 64 29 34 0 0 0 0
Year Ended 2021 76 34 41 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%
09/30/2022 64 16 23 6 0 0 0
06/30/2022 62 13 5 2 0 0 0
03/31/2022 62 3 0 0 0 0 0
12/31/2021 64 1 0 0 0 0 0
Year Ended 2021 76 1 0 0 0 0 0

Fund Inception : 09/15/2021

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 Fund’s return may not match the return of the underlying index. The Fund are subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the Fund.

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

The Fund is 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 Fund’s operations, as the bonds mature and the portfolio transitions to cash and cash equivalents, the Fund’s 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 Fund 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.

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

Unlike a direct investment in bonds, the Fund’s 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 Fund may make distributions at a greater (or lesser) rate than the coupon payments received, which will result in the Fund 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.

Reinvestment risk is the risk that a bond’s cash flows (coupon income and principal repayment) will be reinvested at an interest rate below that on the original bond.

The Fund may hold illiquid securities that it may be unable to sell at the preferred time or price and could lose its entire investment in such securities.

The Fund’s use of a representative sampling approach will result in it 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 or state income taxes. Federal or state changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value.

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 U.S. Corporate Index is an unmanaged index considered representative of fixed-rate investment-grade taxable bond debt. An investment cannot be made into an index. 

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.