Invesco files the 2036 municipal BulletShares summary prospectus
Invesco Exchange-Traded Self-Indexed Fund Trust filed a Form 497K on September 11, 2026, the September 9 summary prospectus for Invesco BulletShares 2036 Municipal Bond ETF, at a 0.18% fee.
The last municipal BulletShares series that already trades, Invesco BulletShares 2035 Municipal Bond ETF BSMZ, held $65.2 million as of Sunday after opening in September 2025. The summary prospectus now on file for Invesco BulletShares 2036 Municipal Bond ETF BSMA sets the same 0.18% fee on a fund that has not commenced operations: a 0.18% management fee and other expenses of none, estimated for the current fiscal year.
Invesco said in June that, as of April 30, target-maturity ETFs had about $70 billion in assets and its BulletShares franchise stood at $27.6 billion.
A sampled 2036 book and a December 2036 unwind
BSMA would hold U.S. dollar investment-grade municipal bonds with maturities, or effective maturities, in 2036. It seeks to track the ICE BulletShares Municipal Bond 2036 Index, compiled and maintained by ICE Data Indices, LLC. The fund will sample that index of 1,735 constituents and is non-diversified. Under a fundamental 80% policy, it will, in normal conditions, hold municipal securities whose income is exempt from federal income tax. The registration lists the shares to trade on Nasdaq under that ticker.
It will terminate on or about December 15, 2036, without a shareholder vote, though the board may change that date. Holders then get a cash distribution of net assets after liabilities. The fund does not seek to pay any predetermined amount of cash at maturity, and it is not a target-date fund. Having defined the holdings as "2036 Bonds," the prospectus states that "in the last twelve months of operation, when the 2035 Bonds held by the Fund mature or are called, the proceeds are not reinvested in 2036 Bonds." No correction appears in the accession.
Invesco Capital Management LLC is the adviser. Peter Hubbard, Daniel Michalak, CFA, and Jeremy Neisewander are jointly responsible for the portfolio, each from September 2026.
The short prospectus is now the document a buyer would read. Shares still have to list. After that, the test is whether this fund gathers more than the $65.2 million in BSMZ.
Frequently asked
What would the fund hold?
Investment-grade U.S. dollar municipal bonds maturing, or effectively maturing, in 2036, sampled from an ICE index of 1,735 constituents.
What happens at maturity?
The fund terminates on or about December 15, 2036, without a shareholder vote, and holders receive a cash distribution of net assets after liabilities.
Is investors' payout amount fixed?
No: the fund does not seek to pay any predetermined amount of cash at maturity, and it is not a target-date fund.
What is the drafting error in the filing?
The prospectus says that in the last twelve months of operation the "2035 Bonds" held by the fund are not reinvested, though the fund's holdings are defined as 2036 Bonds, and no correction appears in the accession.