BSMS - Invesco BulletShares 2028 Municipal Bond ETF

Fixed Income - US Fixed Income

Product Details

The Invesco BulletShares® 2028 Municipal Bond ETF (Fund) is based on the Invesco BulletShares® USD Municipal Bond 2028 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 2028. 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 2028 and will terminate on or about Dec. 15, 2028. See the prospectus for more information.

as of 03/31/2020 03/31/2020


  YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Index History (%)
Invesco BulletShares Municipal Bond 2028 Index -0.62 N/A N/A N/A N/A -0.39
Bloomberg Barclays Municipal Bond Index -0.63 3.85 3.96 3.19 4.15 0.10
Fund History (%)
Fund NAV -0.57 N/A N/A N/A N/A -0.31
After Tax Held -0.76 N/A N/A N/A N/A -0.69
After Tax Sold -0.34 N/A N/A N/A N/A -0.18
Fund Market Price -0.37 N/A N/A N/A N/A -0.15
  YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Index History (%)
Invesco BulletShares Municipal Bond 2028 Index -0.62 N/A N/A N/A N/A -0.39
Bloomberg Barclays Municipal Bond Index -0.63 3.85 3.96 3.19 4.15 0.10
Fund History (%)
Fund NAV -0.57 N/A N/A N/A N/A -0.31
After Tax Held -0.76 N/A N/A N/A N/A -0.69
After Tax Sold -0.34 N/A N/A N/A N/A -0.18
Fund Market Price -0.37 N/A N/A N/A N/A -0.15

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

Growth of $10,000

Data beginning Fund inception and ending {G10KEndDate}. 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.


as of 04/08/2020
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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.
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.
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.

Quality Allocations as of 04/08/2020

S&P Moody's
AAA : 15% Aaa : 14%
AA : 56% Aa : 57%
A : 13% A : 11%
BBB : 6% Baa : 9%
Not Rated : 10% Not Rated : 9%

Cash is excluded from the credit rating quality allocations table.

as of 04/08/2020


Years % of Fund
0 - 1 years 0.00
1 - 5 years 0.00
5 - 10 years 25.42
10 - 15 years 17.37
15 - 20 years 13.42
20 - 25 years 21.54
25 years and over 22.24

as of 04/08/2020 Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date S&P / Moody's Rating† Weight
Los Angeles Department of Water 5.00% 07/01/2043 AA+/Aa2 5.07%
Pennsylvania Turnpike Commission 5.00% 12/01/2048 NR/Aa3 4.98%
Massachusetts School Building Authority 4.00% 02/15/2043 AA/Aa3 4.60%
Indiana Finance Authority 5.00% 02/01/2033 AAA/Aaa 4.58%
New York City Water & Sewer System 4.00% 06/15/2049 AA+/Aa1 4.58%
West Virginia Hospital Finance Authority 4.00% 06/01/2051 A/A2 4.53%
Salt River Project Agricultural Improvement & Power District 5.00% 01/01/2037 AA+/Aa1 4.47%
New Jersey Transportation Trust Fund Authority 5.25% 06/15/2043 BBB+/Baa1 4.28%
State of Maryland 5.00% 08/01/2031 AAA/Aaa 3.33%
Hurst-Euless-Bedford Independent School District 5.00% 08/15/2028 AA+/NR 3.15%

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

Distributions | HideView All | Distribution Information

Ex-Date Record Date Pay Date $/
Ordinary Income Short Term Gains Long Term Gains Return of Capital Liquidation Distribution
03/23/2020 03/24/2020 03/31/2020 0.03948 0.03948 - - - -
02/24/2020 02/25/2020 02/28/2020 0.03697 0.03697 - - - -
01/21/2020 01/22/2020 01/31/2020 0.03966 0.03966 - - - -
12/23/2019 12/24/2019 12/31/2019 0.03838 0.03838 - - - -
11/18/2019 11/19/2019 11/29/2019 0.03838 0.03838 - - - -
10/21/2019 10/22/2019 10/31/2019 0.03839 0.03839 - - - -

Frequency Distribution of Discounts & Premiums

    Bid/Ask MidPoint Above NAV
Days 0.00-
03/31/2020 62 21 1 0 1 0 0
12/31/2019 64 48 1 1 0 0 0
09/30/2019 4 4 0 0 0 0 0
Year Ended 2019 68 52 1 1 0 0 0
    Bid/Ask Midpoint Below NAV
Days 0.00-
03/31/2020 62 25 10 3 1 0 0
12/31/2019 64 14 0 0 0 0 0
09/30/2019 4 0 0 0 0 0 0
Year Ended 2019 68 14 0 0 0 0 0

Fund Inception : 09/25/2019

 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: and select "Understanding Ratings" under Rating Resources and 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 04/06/2020
12:00 AM EST

Intraday Stats

  • Last Trade $24.00
  • Current IIV $24.49
  • Change $0.00
  • % Change 0.00%
as of 04/08/2020
  • NAV at market close $24.48
as of 04/08/2020

Fund Yield

  • SEC 30 Day Yield 2.31%
  • Distribution Rate 1.94%
as of 04/06/2020

Prior Close

  • Closing Price $24.00
  • Bid/Ask Midpoint $0.00
  • Bid/Ask Prem/Disc -
  • Bid/Ask Prem/Disc -
as of 04/03/2020

Fund Characteristics

  • Effective Duration 8.78 yrs
  • Modified Duration 11.48 yrs
  • Yield to Maturity 3.25%
  • Yield to Worst 2.61%
  • Weighted Avg Life 8.42
  • Weighted Avg Coupon 4.74%
  • Weighted Avg Price
    as of 04/07/2020

Fund Details

  • Fund Ticker BSMS
  • CUSIP # 46138J486
  • ISIN US46138J4866
  • Intraday NAV BSMSIV
  • Index Ticker IIBSMBS
  • Index Provider Invesco Indexing LLC
  • Management Fee 0.18%
  • Total Expense Ratio 0.18%
  • Net Expense Ratio 0.18%
  • Marginable No
  • Short Selling No
  • Options No
  • Exchange Nasdaq
  • Inception Date 09/25/2019
  • # of Holdings 44
    as of 04/08/2020
as of 04/06/2020

Quick Facts

  • Previous Close $24.00
  • Open $0.00
  • Today's High $0.00
  • Today's Low $0.00
  • Today's Volume 7,840
  • 3,909 30-Day Avg Trading
  • 52 Week High $26.02
  • 52 Week Low $22.11
  • Shares Outstanding .20MM
  • Market Value $4.9MM