---
ticker: "BSMS"
name: "Invesco BulletShares 2028 Municipal Bond ETF"
url: "https://etf.net/etf/BSMS"
grade: "C"
score: 53
graded_at: "2026-10-12"
category: "Defined-Maturity Municipal"
category_rank: "14 of 32"
methodology: "https://etf.net/methodology"
---

# BSMS: Invesco BulletShares 2028 Municipal Bond ETF

Grade **C**, Score 53 of 100. Rank 14 of 32 in Defined-Maturity Municipal.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 45 | 10 of 32 |
| Mission | Not scored | — |
| Risk | 52 | 11 of 29 |
| Tradability | 54 | 14 of 32 |
| Holdings | 75 | 7 of 32 |
| Durability | 71 | 9 of 32 |

## Top holdings

The fund holds 2362 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | USD Pending Dividends | 1.22% |
| 2 | — | State of Illinois 5.00% 11/01/2028 | 0.53% |
| 3 | — | Texas Water Development Board 5.00% 04/15/2049 | 0.47% |
| 4 | — | Triborough Bridge & Tunnel Authority 5.00% 02/01/2028 | 0.46% |
| 5 | — | North Texas Tollway Authority 5.00% 01/01/2043 | 0.38% |
| 6 | — | State of New Jersey 5.00% 06/01/2028 | 0.36% |
| 7 | — | Los Angeles Department of Water & Power 5.00% 07/01/2028 | 0.32% |
| 8 | — | Triborough Bridge & Tunnel Authority 5.00% 03/01/2028 | 0.28% |
| 9 | — | Grand Parkway Transportation Corp 5.00% 10/01/2043 | 0.28% |
| 10 | — | Los Angeles Unified School District/CA 5.25% 07/01/2042 | 0.28% |
| 11 | — | Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue 5.00% 07/01/2044 | 0.26% |
| 12 | — | Grand Parkway Transportation Corp 5.00% 10/01/2048 | 0.24% |
| 13 | — | County of Clark NV 5.00% 05/01/2048 | 0.22% |
| 14 | — | Las Vegas Convention & Visitors Authority 5.00% 07/01/2043 | 0.22% |
| 15 | — | New Jersey Economic Development Authority 5.00% 03/01/2028 | 0.22% |
| 16 | — | Illinois State Toll Highway Authority 5.00% 01/01/2042 | 0.21% |
| 17 | — | City of New York NY 5.00% 04/01/2043 | 0.20% |
| 18 | — | New Jersey Transportation Trust Fund Authority 5.00% 12/15/2033 | 0.20% |
| 19 | — | New Jersey Transportation Trust Fund Authority 5.00% 12/15/2032 | 0.20% |
| 20 | — | New York State Dormitory Authority 5.00% 03/15/2048 | 0.20% |
| 21 | — | Commonwealth of Pennsylvania 3.75% 03/01/2039 | 0.19% |
| 22 | — | University of California 5.00% 05/15/2058 | 0.19% |
| 23 | — | University of California 5.00% 05/15/2043 | 0.18% |
| 24 | — | New York City Municipal Water Finance Authority 5.00% 06/15/2040 | 0.18% |
| 25 | — | Texas Water Development Board 5.00% 10/15/2043 | 0.17% |
| 26 | — | New York State Dormitory Authority 5.00% 10/01/2038 | 0.17% |
| 27 | — | Metropolitan Transportation Authority 4.00% 11/15/2035 | 0.17% |
| 28 | — | State of California 5.00% 04/01/2035 | 0.17% |
| 29 | — | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue 5.25% 12/01/2044 | 0.17% |
| 30 | — | State of California 5.00% 12/01/2028 | 0.16% |

Source: etf.net, https://etf.net/etf/BSMS. Please cite the page URL.