---
ticker: "BSMW"
name: "Invesco BulletShares 2032 Municipal Bond ETF"
url: "https://etf.net/etf/BSMW"
grade: "C"
score: 48
graded_at: "2026-10-12"
category: "Defined-Maturity Municipal"
category_rank: "18 of 32"
methodology: "https://etf.net/methodology"
---

# BSMW: Invesco BulletShares 2032 Municipal Bond ETF

Grade **C**, Score 48 of 100. Rank 18 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 | 33 | 27 of 29 |
| Tradability | 57 | 12 of 32 |
| Holdings | 60 | 17 of 32 |
| Durability | 69 | 10 of 32 |

## Top holdings

The fund holds 1957 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | Alabama Toll Road Bridge and Tunnel Authority 5.00% 10/01/2032 | 2.14% |
| 2 | — | USD Pending Dividends | 1.22% |
| 3 | — | Regents of the University of California Medical Center Pooled Revenue 5.00% 05/15/2047 | 0.48% |
| 4 | — | New York City Municipal Water Finance Authority 5.25% 06/15/2052 | 0.46% |
| 5 | — | Iowa Finance Authority 5.00% 12/01/2050 | 0.39% |
| 6 | — | University of California 5.00% 05/15/2032 | 0.38% |
| 7 | — | University of California 5.00% 05/15/2052 | 0.35% |
| 8 | — | Los Angeles Unified School District/CA 5.00% 07/01/2032 | 0.29% |
| 9 | — | State of New Jersey 4.00% 06/01/2032 | 0.29% |
| 10 | — | State of California 5.00% 09/01/2035 | 0.26% |
| 11 | — | Triborough Bridge & Tunnel Authority 5.00% 11/15/2032 | 0.26% |
| 12 | — | New York City Transitional Finance Authority Future Tax Secured Revenue 5.00% 02/01/2047 | 0.26% |
| 13 | — | New York City Municipal Water Finance Authority 5.00% 06/15/2047 | 0.26% |
| 14 | — | Texas Department of Transportation State Highway Fund 5.00% 10/01/2032 | 0.26% |
| 15 | — | Illinois Finance Authority 5.00% 08/15/2047 | 0.25% |
| 16 | — | Triborough Bridge & Tunnel Authority 5.25% 05/15/2052 | 0.25% |
| 17 | — | State of Maryland 5.00% 06/01/2035 | 0.25% |
| 18 | — | New York State Thruway Authority 5.00% 03/15/2048 | 0.25% |
| 19 | — | New York State Dormitory Authority 5.00% 03/15/2046 | 0.25% |
| 20 | — | State of California 5.00% 11/01/2042 | 0.24% |
| 21 | — | Los Angeles Department of Water & Power 5.00% 07/01/2042 | 0.23% |
| 22 | — | New York City Transitional Finance Authority Future Tax Secured Revenue 5.50% 11/01/2045 | 0.23% |
| 23 | — | New Jersey Transportation Trust Fund Authority 5.00% 06/15/2032 | 0.23% |
| 24 | — | City of New York NY 5.25% 10/01/2047 | 0.23% |
| 25 | — | State of California 5.00% 11/01/2037 | 0.23% |
| 26 | — | Commonwealth of Massachusetts 5.00% 11/01/2052 | 0.23% |
| 27 | — | Los Angeles Department of Water & Power 5.00% 07/01/2039 | 0.23% |
| 28 | — | New York State Dormitory Authority 5.00% 03/15/2041 | 0.22% |
| 29 | — | Michigan Finance Authority 4.00% 04/15/2038 | 0.22% |
| 30 | — | Louisiana Local Government Environmental Facilities & Community Development Auth 3.50% 11/01/2032 | 0.22% |

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