BSMQ vs IBMR

BSMQCInvesco BulletShares 2026 Municipal Bond ETF

IBMRAiShares iBonds Dec 2029 Term Muni Bond ETF

In short

BSMQ One rung of a muni ladder in a single ticker: roughly 1,200 investment-grade municipal bonds, monthly distributions, and a built-in end date, with the fund set to terminate on or about Dec. 15, 2026 and pay out its net assets in cash.

IBMR A muni ladder rung in one ticker: it holds investment-grade municipal bonds maturing in 2029, tracks an AMT-free index, and pays monthly. Bond-style term structure, ETF plumbing.

Stated mandate

BSMQ The fund seeks to track the Invesco BulletShares Municipal Bond 2026 Index by investing at least 80% of total assets in its municipal bonds. The portfolio is designed to mature in 2026 and terminate around December 15, 2026.

IBMR The fund seeks to track an index of investment-grade municipal bonds that mature in 2029.

Why people hold it

• BSMQ It finishes like a bond. Invesco designed the portfolio to mature in 2026 and terminate on or about Dec. 15, 2026, paying shareholders a cash distribution of net assets.invesco.cominvesco.com 2
• Wide net for a dated rung: roughly 1,200 municipal bonds, sampled from the index rather than bought one by one, with fund and index rebalanced monthly.invesco.com
• The index holds investment-grade municipal debt whose interest is generally exempt from federal income tax, and BulletShares funds typically distribute monthly.invesco.cometfstrategy.com
• Duration falls as the termination date nears, so rate moves push the price around less late in the fund's life than early on.invesco.com

• IBMR Charges 0.10% a year, right at the median for target-maturity bond funds, and the iBonds lineup is built so maturity years stack into a ladder.
• Spreads across more than a thousand investment-grade munis, so one issuer's trouble barely moves the fund.
• Follows an AMT-free index, screening out bonds whose income can trip the alternative minimum tax.
• Pays monthly, matching how muni income is usually spent, and holds a well-built portfolio for its category.

Worth knowing

• BSMQ No set payout at the end. Invesco states the funds do not seek to return any predetermined amount at maturity, so the final cash distribution is whatever net assets are worth then.invesco.com
• In the last six months of the maturity year, bonds are expected to mature or be called and proceeds sit in cash or T-bills, so the muni profile fades before termination.invesco.com
• Fee is 0.18%, level with the target-maturity muni median, while the iShares iBonds muni rungs (IBMO, IBMP) list at 0.10%.

• IBMR Munis are the tax-advantaged lane. For the same 2029 rung in taxable bonds, iShares also runs IBDU (corporate) and IBTJ (Treasury).
• The index is callable-adjusted: plenty of munis can be redeemed early by their issuers, so the mix heading into the term date can shift.
• It is a fund, not a single bond. Shares trade at market prices and move with rates along the way, and the end payout is whatever the bonds deliver.

Full BSMQ profile⁠

Full IBMR profile⁠