Fund Evaluator:

Invesco BulletShares 2036 Muncpl Bd ETF Overview

Invesco BulletShares 2036 Muncpl Bd ETF (BSMA) is a passively managed Municipal Bond Muni Target Maturity fund. Invesco launched the fund in 2026.

The investment seeks to track the investment results (before fees and expenses) of the ICE BulletShares® Municipal Bond 2036 index. Under normal circumstances, at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in municipal securities the income from which is exempt from federal income tax, and in derivatives and other investments that have economic characteristics similar to municipal securities, the income from which is exempt from federal income tax. It is non-diversified.

About Invesco BulletShares 2036 Muncpl Bd ETF (BSMA)

There are 3 members of the management team with an average tenure of 0.04 years: Peter Hubbard (2026), Jeremy Neisewander (2026), Daniel Michalak (2026). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: ICE BulletShares Muni Bd 2036 TR USD index with a weighting of 100%. Invesco BulletShares 2036 Muncpl Bd ETF has 190 securities in its portfolio. The top 10 holdings constitute 12.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Invesco BulletShares 2036 Muncpl Bd ETF is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Invesco BulletShares 2036 Muncpl Bd ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 98.6% (98.6% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Invesco BulletShares 2036 Muncpl Bd ETF has 1.4% of the portfolio in cash.

Assets Under Management

The fund has $4 million in total assets, which is above the $4 million average for the Muni Target Maturity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

BSMA Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Invesco BulletShares 2036 Muncpl Bd ETF expense ratio is low compared to funds in the Muni Target Maturity category. Invesco BulletShares 2036 Muncpl Bd ETF has an expense ratio of 0.18%, which is the same as its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. A portfolio turnover rate cannot be currently calculated for Invesco BulletShares 2036 Muncpl Bd ETF.

Recently, in the month of September 2026, Invesco BulletShares 2036 Muncpl Bd ETF returned 0.0%, which earned it a grade of NA, as the Muni Target Maturity category had an average return of 0.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Invesco BulletShares 2036 Muncpl Bd ETF has a trailing yield of 0.00%, which is above the 0.00% category average. The fund normally distributes its income monthly and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

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