Invesco BulletShares 2032 Municipal Bond ETF
$23.82−0.17 (−0.70%)
- Expense ratio
- 0.18%
- Fund size
- $213M
- 1Y return
- −1.0%
- Yield · Last 12 months
- 3.37%
- Holdings
- 1913
- Volume · 30D
- 0M sh
- NAV per share
- $23.98
- 52W range
The ETF.net BSMW Grade
Score 50 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.CScore 45Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.DScore 34Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.BScore 57Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.AScore 72Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.AScore 70Category rank
Our read on BSMW
CA rung of a municipal bond ladder in ETF form: investment-grade munis effectively maturing in 2032, after which the fund winds up and pays out. One bond's end date, with well over a thousand bonds inside.
The Fund tracks the investment results of the Invesco BulletShares Municipal Bond 2032 Index. The index covers investment-grade, U.S. dollar-denominated municipal bonds maturing or effectively maturing in 2032.
Why people hold it
- It has a finish line. The fund terminates on or about Dec. 15, 2032 and distributes proceeds, unlike an open-ended muni fund that rolls its portfolio forever.invesco.com
- Over a thousand investment-grade munis from US state, agency and local issuers, held via index sampling. Assembling that spread bond by bond is a chore.invesco.com
- Income arrives monthly, and the fund and index rebalance monthly as the portfolio walks toward its 2032 maturity year.invesco.com
Worth knowing
- The 0.18% fee runs above the typical target-maturity bond ETF, including Invesco's own corporate BulletShares rungs like BSCT and BSCU at 0.10%.
- Thinly traded, so bid-ask spreads and order type can matter as much as the headline fee on any given trade.
- In the final year, bonds mature and the portfolio shifts into cash and cash equivalents, so the yield generally drifts toward cash yields.invesco.com
BSMW Holdings
- Bonds
- 1,913
- 5%
- USD Pending Dividends
BSMW Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | BSMW |
|---|---|
| Year to date | −2.1% |
| 1 month | −2.6% |
| 3 months | −3.5% |
| 1 year | −1.0% |
| 3 years | +2.9% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | BSMW |
|---|---|---|
| 2026 YTD | −2.1% | |
| 2025 | +3.4% | |
| 2024 | −0.4% | |
| 2023 | +7.0% |
BSMW in the news
ETF.net Research hasn’t filed on BSMW yet — coverage lands here as it’s written.
BSMW Dividends
- 3.37%
- $0.81
- $0.07 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 21, 2026 | Pays Sep 25, 2026 | $0.07 |
| Aug 24, 2026 | Aug 28, 2026 | $0.07 |
| Jul 20, 2026 | Jul 24, 2026 | $0.07 |
| Jun 22, 2026 | Jun 26, 2026 | $0.07 |
| May 18, 2026 | May 22, 2026 | $0.06 |
| Apr 20, 2026 | Apr 24, 2026 | $0.07 |
| Mar 23, 2026 | Mar 27, 2026 | $0.07 |
| Feb 23, 2026 | Feb 27, 2026 | $0.07 |
| Jan 20, 2026 | Jan 23, 2026 | $0.07 |
| Dec 22, 2025 | Dec 26, 2025 | $0.06 |
| Nov 24, 2025 | Nov 28, 2025 | $0.07 |
| Oct 20, 2025 | Oct 24, 2025 | $0.07 |
BSMW Risk
- 6.6%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.21
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −7.6%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 1.16
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
BSMW Cost
- The middle half of Defined-Maturity Municipal funds
- Median 0.18%
9 of the 32 Defined-Maturity Municipal funds charge less.