BSMT ETF — Holdings & Analysis

With an expense ratio of 0.18%, BSMT aims to provide exposure to the municipal bond market while utilizing a sampling methodology to track the Invesco BulletShares USD Municipal Bond 2029 Index. The fund is designed to terminate on or about December 15, 2029.

Invesco BulletShares 2029 Municipal Bond ETF (BSMT) ETF — Price, Holdings & Analysis

The Invesco BulletShares 2029 Municipal Bond ETF (BSMT) is a fixed-income ETF with $0.25 billion in assets under management. BSMT's strategy focuses on investing in US dollar-denominated municipal securities with effective maturities in 2029, offering investors a targeted maturity date. With an expense ratio of 0.18%, BSMT aims to provide exposure to the municipal bond market while utilizing a sampling methodology to track the Invesco BulletShares USD Municipal Bond 2029 Index. The fund is designed to terminate on or about December 15, 2029.

ETF Overview

The Invesco BulletShares 2029 Municipal Bond ETF (Fund) is based on the Invesco BulletShares USD Municipal Bond 2029 Index (Index). The Fund will invest at least 80% of its total assets in municipal bonds that comprise the index. The Index seeks to measure the performance of a portfolio of US dollar-denominated municipal securities, issued by US state, state agencies, or local governments with effective maturities in 2029. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a "sampling" methodology to seek to achieve its investment objective. The Fund and the Index are rebalanced monthly. The Fund has a designated year of maturity of 2029 and will terminate on or about Dec. 15, 2029. See the prospectus for more information.

BSMT, the Invesco BulletShares 2029 Municipal Bond ETF, seeks to replicate the performance of the Invesco BulletShares USD Municipal Bond 2029 Index. The ETF invests primarily in US dollar-denominated municipal bonds issued by US state, state agencies, or local governments, all with effective maturities in 2029. This targeted maturity approach allows investors to build a bond ladder with defined maturity dates. BSMT employs a sampling methodology, meaning it does not necessarily hold all securities in the index but rather a representative selection. As of today, March 15, 2026, the fund's sector allocation is heavily weighted towards Cash & Others at 98.1%, with a smaller allocation of 1.9% to Financial Services. The fund is designed to terminate around December 15, 2029, at which point the remaining assets will be distributed to shareholders.

Risk Metrics

BSMT's risk profile is influenced by its concentration in municipal bonds with a specific maturity date. The fund's heavy allocation to Cash & Others (98.1%) may reduce interest rate risk but could also limit potential returns. The fund's beta of 0.82 (3Y) suggests it is less volatile than the overall market. The expense ratio of 0.18% introduces a minor drag on performance, which is important to consider over the life of the ETF. Investors should be aware of the risks associated with fixed-income investments, including interest rate risk and credit risk, although the focus on municipal bonds can provide some tax advantages. The concentration in a single maturity year also means that investors are exposed to the specific credit and economic conditions prevailing around 2029.

Expense Ratio

0.18%

How Is the Fund Allocated?

Sector	Weight
Cash & Others	98.1%
Financial Services	1.9%

Country	Weight
Other	98.1%
United States	1.9%
Germany	0.0%

Dividend Yield

0.00%

JPMorgan International Bond Opportunities ETF (JPIB) — 0.50% expense ratio
IDX Dynamic Fixed Income ETF (DYFI) — 1.12% expense ratio
Invesco Taxable Municipal Bond ETF (BAB) — 0.28% expense ratio
Academy Veteran Impact ETF (VETZ) — 0.35% expense ratio
iShares MBS ETF (MBB) — 0.04% expense ratio
iShares iBonds Oct 2027 Term TIPS ETF (IBID) — 0.10% expense ratio
Bluemonte Long Term Bond ETF (BLTD) — 0.23% expense ratio
JPMorgan Mortgage-Backed Securities ETF (JMTG) — 0.24% expense ratio

Invesco QQQ Trust, Series 1 (QQQ) (Equity) — 0.18% expense ratio
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (Equity) — 0.47% expense ratio
Invesco ESG S&P 500 Equal Weight ETF (RSPE) (Equity) — 0.20% expense ratio
Invesco Taxable Municipal Bond ETF (BAB) (Fixed Income) — 0.28% expense ratio
Invesco Dividend Achievers ETF (PFM) (Equity) — 0.52% expense ratio
Invesco Russell 2000 Dynamic Multifactor ETF (OMFS) (Equity) — 0.39% expense ratio

Risk Metrics

Beta: 0.82

Questions & Answers

What is BSMT and what does it track?

The Invesco BulletShares 2029 Municipal Bond ETF (BSMT) is a fixed-income ETF managed by Invesco. It aims to track the performance of the Invesco BulletShares USD Municipal Bond 2029 Index.

This index comprises US dollar-denominated municipal securities issued by US state, state agencies, or local governments with effective maturities in 2029.

What is the expense ratio for BSMT?

The expense ratio for BSMT is 0.18%. This means that for every $10,000 invested in the fund, investors will pay $18 in annual fees to cover the fund's operating expenses.

While there isn't a readily available category average for target maturity municipal bond ETFs, the expense ratio is relatively low compared to actively managed fixed income funds.

What are the top holdings in BSMT?

As a municipal bond ETF, BSMT's holdings consist of various municipal bonds.

While a precise breakdown of the top individual bond holdings is not available in the provided data, the sector allocation shows a significant portion in Cash & Others (98.1%), with the remaining 1.9% allocated to Financial Services.

Is BSMT a good long-term investment?

Whether BSMT is a suitable long-term investment depends on an investor's individual financial goals and risk tolerance.

BSMT offers a targeted maturity approach, focusing on municipal bonds maturing in 2029, which can be attractive for investors seeking to align their bond holdings with specific future liabilities. The ETF's expense ratio is 0.18%.

How does BSMT compare to similar ETFs?

BSMT differentiates itself through its focus on municipal bonds with a defined maturity date of 2029. While direct comparisons to similar ETFs are challenging without a specific competitive set, BSMT's expense ratio of 0.18% is a key factor.

Its AUM of $0.25 billion indicates moderate investor interest.

Does BSMT pay dividends?

According to the provided data, BSMT's dividend yield is 0.00% as of today, March 15, 2026. This indicates that the fund is not currently distributing income to shareholders in the form of dividends.

While municipal bonds generally provide income, the fund's current allocation to Cash & Others (98.1%) may be impacting its ability to generate and distribute dividends.