BSMW vs IBMR: Grades, Fees and Holdings Compared

Invesco BulletShares 2032 Municipal Bond ETF

BSMWCNasdaq

iShares iBonds Dec 2029 Term Muni Bond ETF

IBMRACboe

Overlap

No data

Expense ratio

IBMR −0.08pt a year

BSMW0.18%IBMR0.10%

Avg volume · 30D

IBMR 1.6×the volume

BSMW65.4KIBMR105K

3Y return · a year

BSMW+4.5%IBMR+4.5%

BSMW vs IBMR Performance

Oct 31, 2025 – Oct 30, 2026

0.0%BSMW+1.6%IBMR

Expense ratio: BSMW 0.18%; IBMR 0.10%, better
Fund size: BSMW $241M; IBMR $527M
1Y total return: BSMW 0.0%; IBMR +1.6%, better
Yield (12M): BSMW 3.33%, better; IBMR 2.54%
Holdings: BSMW 2022; IBMR 2071
Avg volume (30D): BSMW 65.4K sh; IBMR 105K sh, better
NAV per share: BSMW $24.30; IBMR $25.16
52W range

ETF.net Grade

Pillar letters and Scores for BSMW, IBMR, with each pillar’s weight
Pillar	BSMW	IBMR
Cost30% weight	C45	A87Higher
Mission25% weight	Not scored	A96
Risk15% weight	D36	C54Higher
Tradability15% weight	B55	A83Higher
Holdings10% weight	B57	A89Higher
Durability5% weight	A72	A85Higher

Rank among Defined-Maturity Municipal funds

How we build Categories ›

Same Category. BSMW and IBMR are both graded against the same 32 Defined-Maturity Municipal funds, so their Grades compare head to head.

Defined-Maturity Municipal⁠

Category · 32 funds

See all 32 ›

IBMR ranks 3rd and BSMW 18th of 32 funds in the Defined-Maturity Municipal Category.

Rank 1AIBMPiShares iBonds Dec 2027 Term Muni Bond ETFScore 88
Rank 2AIBMQiShares iBonds Dec 2028 Term Muni Bond ETFScore 87
Rank 3AIBMRiShares iBonds Dec 2029 Term Muni Bond ETFScore 83
Rank 4AIBMOiShares iBonds Dec 2026 Term Muni Bond ETFScore 82
Rank 17CBSMQInvesco BulletShares 2026 Municipal Bond ETFScore 49
Rank 18CBSMWInvesco BulletShares 2032 Municipal Bond ETFScore 48
Rank 19CBSMZInvesco BulletShares 2035 Municipal Bond ETFScore 45

Our read on each fund

ETF.net Research

BSMWCInvesco BulletShares 2032 Municipal Bond ETF

IBMRAiShares iBonds Dec 2029 Term Muni Bond ETF

In short

BSMW A rung of a municipal bond ladder in ETF form: investment-grade munis effectively maturing in 2032, after which the fund winds up and pays out. One bond's end date, with well over a thousand bonds inside.

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

BSMW The Fund tracks the investment results of the Invesco BulletShares Municipal Bond 2032 Index. The index covers investment-grade, U.S. dollar-denominated municipal bonds maturing or effectively maturing in 2032.

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

Why people hold it

BSMW It has a finish line. The fund terminates on or about Dec. 15, 2032 and distributes proceeds, unlike an open-ended muni fund that rolls its portfolio forever.invesco.com
Over a thousand investment-grade munis from US state, agency and local issuers, held via index sampling. Assembling that spread bond by bond is a chore.invesco.com
Income arrives monthly, and the fund and index rebalance monthly as the portfolio walks toward its 2032 maturity year.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

BSMW The 0.18% fee runs above the typical target-maturity bond ETF, including Invesco's own corporate BulletShares rungs like BSCT and BSCU at 0.10%.
Thinly traded, so bid-ask spreads and order type can matter as much as the headline fee on any given trade.
In the final year, bonds mature and the portfolio shifts into cash and cash equivalents, so the yield generally drifts toward cash yields.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 BSMW profile⁠

Full IBMR profile⁠

BSMW vs IBMR Holdings

How BSMW and IBMR differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Asset classFixed Income100%
Countryby domicile99.9%

Sector

No Sector split for BSMW.

Country, concentration and asset class

Country by domicile

Country weights in BSMW and IBMR, widest gap first
Country	More in BSMWMore in IBMR	BSMW	IBMR
United States	IBMR +0.1 points	99.9%	100.0%
Guam	BSMW +0.1 points	0.1%	0.0%

Concentration

Weight in the 10 largest Holdings

BSMW6.1%
IBMR4.8%

Securities held

BSMW1,631
IBMR1,324

Asset class

BSMW: Fixed Income
IBMR: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. BSMW holds 1,631 securities, IBMR 1,324.

All 2,020 BSMW holdings⁠All 2,069 IBMR holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BSMW vs IBMR Cost

Overpaying BSMW vs IBMR

$1,643

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

BSMW 0.18%
$3,749
IBMR 0.10%
$2,106

Amount$10,000

Years30 years

Cost over time

BSMW 0.18%
IBMR 0.10%
Overpaying

Year by year

Year	BSMW	IBMR	Overpaying
10	$328	$183	$145
20	$1,281	$717	$564
30	$3,749	$2,106	$1,643

Expense ratio

0.18%BSMW
0.10%IBMR, cheaper

IBMR0.10%BSMW0.18%

0.10%0.20%

Middle half of Defined-Maturity Municipal funds
Median 0.18%

IBMR cheapest of 32 funds

BSMW 10th cheapest of 32 funds

BSMW vs IBMR Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BSMW 3.33%, better; IBMR 2.54%
Payout (12M): BSMW $0.81; IBMR $0.64
Last payment: BSMW $0.07; IBMR $0.05
Ex-dividend: BSMW Oct 19, 2026; IBMR Oct 1, 2026
Paid on: BSMW Oct 23, 2026; IBMR Oct 6, 2026
Frequency: BSMW Monthly; IBMR Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

BSMWMonthly · 43 paymentsAll BSMW payments⁠

IBMRMonthly · 40 paymentsAll IBMR payments⁠

BSMW vs IBMR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BSMW 6.8%IBMR 4.4%, better
Return per unit of riskSharpe ratio, 3 years: BSMW 0.03, betterIBMR 0.02
Worst fallMax drawdown, 5 years: BSMW −7.6%since Mar 2023IBMR −4.8%since May 2023
Market sensitivityBeta, 5 years: BSMW 1.16IBMR 0.75; Market = 1

BSMW and IBMR in the news

All news⁠

New ETFs
Nine new bond ETFs match the index fund beside them, or cost more
Oct 5, 2026BSMW
New ETFs
State Street's new bond ETFs cost more than iShares for the same maturity years
Oct 5, 2026BSMW

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BSMW vs IBMR

In short

Stated mandate

Why people hold it

Worth knowing

How BSMW and IBMR differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Nine new bond ETFs match the index fund beside them, or cost more

State Street's new bond ETFs cost more than iShares for the same maturity years

How BSMW and IBMR differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings