BSMR vs IBMR

BSMRBInvesco BulletShares 2027 Municipal Bond ETF

IBMRAiShares iBonds Dec 2029 Term Muni Bond ETF

In short

BSMR One rung of a muni ladder in a single ticker: BSMR holds municipal bonds maturing in 2027, then winds itself up and pays out cash. It behaves more like a bond you hold to maturity than a perpetual bond fund.

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

BSMR The fund seeks to track its investment results before fees and expenses.

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

Why people hold it

• BSMR Defined maturity, like an actual bond: the fund is built to terminate no later than the end of its 2027 maturity year and distribute its net assets in cash to shareholders then.prnewswire.com
• One trade instead of hunting down individual muni CUSIPs: the portfolio spreads across thousands of municipal bonds and pays income monthly.
• A rung in Invesco's BulletShares suite, on the muni shelf since 2019, with sibling funds across other maturity years for anyone stacking a ladder.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

• BSMR The fee is 0.18% a year, above the typical target-maturity bond ETF and above Invesco's own corporate BulletShares rungs such as BSCT and BSCU.
• In the final year, maturing bonds roll into cash and cash equivalents such as variable rate demand obligations, so the income and rate sensitivity taper toward the end.prnewswire.com
• Mid-sized and moderately traded rather than one of the muni market's heavyweights.

• 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 BSMR profile⁠

Full IBMR profile⁠