BSMT vs IBMR

BSMTBInvesco BulletShares 2029 Municipal Bond ETF

IBMRAiShares iBonds Dec 2029 Term Muni Bond ETF

In short

BSMT A 2029 rung of a municipal bond ladder, wrapped in an ETF. It holds roughly 1,900 munis that all mature around the same time, then terminates in December 2029 and pays out: a bond-like ending with fund-like diversification.

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

BSMT The fund seeks to track an index measuring US dollar-denominated municipal securities issued by states, state agencies, and local governments. It invests at least 80% of assets in municipal bonds comprising that index.

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

Why people hold it

• BSMT Real end date. The fund is built to terminate on or about Dec. 15, 2029 and make a final distribution, so it behaves like a maturing bond instead of a portfolio that rolls forever.invesco.cominvesco.com 2
• Roughly 1,900 municipal bonds from states, state agencies and local governments, so no single issuer carries the rung. Buying that spread of individual munis yourself is a chore.
• Muni interest is generally free of federal income tax, and the fund pays monthly rather than on scattered bond coupon dates.prnewswire.com
• Part of the original 2019 muni BulletShares launch, the suite that brought defined maturity to munis. Ladder plumbing with years of live track record behind it.prnewswire.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

• BSMT At 0.18%, the fee sits above the target-maturity cohort median of 0.10%, and above Invesco's own 2029 corporate rung BSCT at 0.10%. Munis cost more to assemble; you pay for it.
• Unlike a single bond, the payout mix is not fixed upfront: Invesco notes income distributions vary and the split between distributions and liquidation proceeds is not predictable at purchase.invesco.com
• One maturity year, one slice of the curve. Invesco designs these to be stacked across years into a ladder, not used as a standalone core muni holding.invesco.com

• 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 BSMT profile⁠

Full IBMR profile⁠