BSMN
Invesco BulletShares 2023 Municipal Bond ETF

Price: $25.62
Change: $0.01 (-0.0%)
Category: National Munis
Last Updated:

Vitals

Issuer Invesco
Brand Invesco
Structure ETF
Expense Ratio 0.18%
ETF Home Page Home page
Inception Sep 25, 2019

Analyst Report

The Invesco BulletShares 2023 Municipal Bond ETF tracks an index of U.S. municipal debt that matures in the indicated year. Municipal bonds are a popular segment because they are generally exempt from exempt from federal taxes. This makes munis especially appealing to investors in high tax brackets. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. BulletShares aims to invest fixed-rate, investment-grade municipal securities whose distributions are exempt from federal taxes including the alternative minimum tax. Municipal bonds are issued by state and local governments and agencies to pay for everything from road projects to school buildings. They are typically considered a relatively safe investment since the issuer can impose taxes to repay the debt, though defaults are not unheard of. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into other securities including cash, cash equivalents, fixed-income ETFs, derivatives and options. Investors should note that some fund distributions may be subject to federal income tax, capital gains or the AMT. As the fund’s portfolio matures in the final year, its yields may decline. Investors who prefer to maintain their exposure to munis can sell their maturing ETF and buy a later-dated BulletShares muni fund. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them attractive to those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. For investors hoping to build a broad portfolio of tax-exempt municipal securities, BulletShares provide income and diversification for a competitive fee.

ETF Database Themes

Category National Munis
Asset Class Bond
Region (General) North America
Region (Specific) U.S.
Bond Duration All-Term

FactSet Classifications

  • Segment Fixed Income: U.S. - Government, Local Authority/Municipal Investment Grade Short-Term
  • Category Government, Local Authority/Municipal
  • Focus Investment Grade
  • Niche Short-Term
  • Strategy Bullet Maturity
  • Weighting Scheme Market Value

Trading Data

Open - Volume -
Day Lo - Day Hi -
  • Open
  • Volume
  • Day Lo
  • Day Hi
  • 52 Week Lo $25.37
  • 52 Week Hi $25.72
  • AUM $35.8 M
  • Shares 1.4 M

Historical Trading Data

  • 1 Month Avg. Volume 3,887
  • 3 Month Avg. Volume 3,802

Alternative ETFs in the ETF Database National Munis Category

Type Symbol Expense Ratio Assets Avg. Daily Vol YTD Return
Cheapest VTEB 0.06% $14.2 B 1 M -0.01%
Largest (AUM) MUB 0.07% $23.7 B 1 M -0.18%
Most Liquid (Volume) VTEB 0.06% $14.2 B 1 M -0.01%
Top YTD Performer RTAI 1.91% $20.1 M 6,433 7.63%

Alternative ETFs in the FactSet Fixed Income: U.S. - Government, Local Authority/Municipal Investment Grade Short-Term Segment

Type Symbol Expense Ratio Assets Avg. Daily Vol YTD Return
Cheapest SUB 0.07% $6.3 B 345,574 -0.05%
Largest (AUM) SUB 0.07% $6.3 B 345,574 -0.05%
Most Liquid (Volume) JMST 0.18% $2.2 B 381,445 0.24%
Top YTD Performer JMST 0.18% $2.2 B 381,445 0.24%

Top 15 Holdings

Concentration Analysis

This section compares how balanced and deep this ETF is relative to its peers.

Holdings Comparison

BSMN ETF Database Category Average FactSet Segment Average
Number of Holdings 346 834 1846
% of Assets in Top 10 13.72% 18.28% 13.56%
% of Assets in Top 15 18.29% 22.35% 17.53%
% of Assets in Top 50 40.02% 40.61% 35.18%

Size Comparison

BSMN ETF Database Category Average FactSet Segment Average
Large (>12.9B) N/A N/A N/A
Mid (>2.7B) N/A N/A N/A
Small (>600M) N/A N/A N/A
Micro (<600M) N/A N/A N/A

BSMN Valuation

This section compares the P/E ratio of this ETF to its peers.

BSMN
P/E Ratio
N/A
ETF Database Category Average
P/E Ratio
N/A
FactSet Segment Average
P/E Ratio
N/A

BSMN Dividend

This section compares the dividend yield of this ETF to its peers.

BSMN ETF Database Category Average FactSet Segment Average
Dividend $ 0.01 $ 0.05 $ 0.02
Dividend Date 2021-10-18 N/A N/A
Annual Dividend Rate $ 0.13 $ 0.60 $ 0.32
Annual Dividend Yield 0.51% 1.55% 0.76%

BSMN Price and Volume Chart

BSMN Fund Flows

View charts featuring ETF fund flow data.

5 Day Net Flows: 0 1 Month Net Flows: 0 3 Month Net Flows: 2.56 M 6 Month Net Flows: 5.12 M 1 Year Net Flows: 17.9 M 3 Year Net Flows: 25.54 M 5 Year Net Flows: 25.54 M 10 Year Net Flows: 25.54 M

BSMN Price vs Flows AUM Influence

View charts that break down the influence that fund flows and price had on overall assets.

Realtime Rating

The adjacent table gives investors an individual Realtime Rating for BSMN on several different metrics, including liquidity, expenses, performance, volatility, dividend, concentration of holdings in addition to an overall rating. The "A+ Metric Rated ETF" field, available to ETF Database Pro members, shows the ETF in the National Munis with the highest Metric Realtime Rating for each individual field. To view all of this data, sign up for a free 14-day trial for ETF Database Pro. To view information on how the ETF Database Realtime Ratings work, click here.

Metric Metric Realtime Rating A+ Metric Rated ETF
Liquidity n/a n/a
Expenses n/a n/a
Performance
Volatility
Dividend
Concentration

A+ Overall Rated ETF:

BSMN Expenses & Fees

This section compares the cost efficiency of this ETF to its peers.

Expenses Ratio Analysis

BSMN
Expense Ratio
0.18%
ETF Database Category Average
Expense Ratio
0.29%
FactSet Segment Average
Expense Ratio
0.20%

Tax Analysis

Max ST Capital Gains Rate 39.60%
Max LT Capital Gains Rate 20.00%
Tax On Distributions Ordinary income
Distributes K1 No
ESG Themes and Scores

BSMN does not have an ESG score. There are no ESG themes that map to this ETF.

BSMN Performance

This section shows how this ETF has performed relative to its peers.

BSMN ETF Database
Category Average
Factset Segment
Average
1 Month Return -0.05% -0.88% -0.18%
3 Month Return -0.10% -1.31% -0.29%
YTD Return 0.42% 0.54% 0.03%
1 Year Return 0.88% 2.62% 0.43%
3 Year Return N/A 8.75% 5.83%
5 Year Return N/A 6.02% 4.71%

Geographic Exposure

The following charts reflect the geographic spread of BSMN's underlying holdings.

Holdings Analysis

The following charts reflect the allocation of BSMN's underlying holdings.

Asset Percentage
Municipal 99.25%
CASH 0.82%
Bond Sector Percentage
Maturity Percentage
Less Than 1 Year 0.0%
1-3 Years 0.0%
3-5 Years 0.0%
5-7 Years 0.0%
7-10 Years 0.0%
10-15 Years 0.0%
15-20 Years 0.0%
20-30 Years 0.0%
30+ Years 0.0%
Asset Percentage
Municipal 99.25%
CASH 0.82%

BSMN Technicals

Volatility Analysis

This section shows how the volatility of this ETF compares to the peer group ETF Database Category.

5 Day Volatility
2.72%
Rank
47 of 50

20 Day Volatility
1.11%
Rank
40 of 50

50 Day Volatility
0.93%
Rank
42 of 50

200 Day Volatility
1.15%
Rank
36 of 50

Beta
0.04
Rank
27 of 50

Standard Deviation
0.08%
Rank
38 of 48

Technicals

  • 20 Day MA $25.63
  • 60 Day MA $25.65
  • MACD 15 Period -0.01
  • MACD 100 Period -0.02
  • Williams % Range 10 Day 65.37
  • Williams % Range 20 Day 70.56
  • RSI 10 Day 44
  • RSI 20 Day 46
  • RSI 30 Day 47
  • Ultimate Oscillator 33

Bollinger Bands

  • Lower Bollinger (10 Day) $25.61
  • Upper Bollinger (10 Day) $25.65
  • Lower Bollinger (20 Day) $25.60
  • Upper Bollinger (20 Day) $25.66
  • Lower Bollinger (30 Day) $25.60
  • Upper Bollinger (30 Day) $25.67

Support & Resistance

  • Support Level 1 $25.61
  • Support Level 2 $25.59
  • Resistance Level 1 $25.65
  • Resistance Level 2 $25.67

Stochastic

  • Stochastic Oscillator %D (1 Day) 35.78
  • Stochastic Oscillator %D (5 Day) 38.56
  • Stochastic Oscillator %K (1 Day) 42.39
  • Stochastic Oscillator %K (5 Day) 43.46

Financial Advisor Report

ETF Database's Financial Advisor Reports are designed as an easy handout for clients to explain the key information on a fund. Includes new analyst insights and classification data.

Fact Sheet

A fact sheet is not available for this ETF. Please visit the BSMN ETF home page for more information.

Data Lineage

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Analyst Report Authors

ETF Database analysts have a combined 50 years in the ETF and Financial markets, covering every asset class and investment style. The team monitors new filings, new launches and new issuers to make sure we place each new ETF in the appropriate context so Financial Advisors can construct high quality portfolios.

Disclosures

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Copyright MSCI ESG Research LLC [2018]. All Rights Reserved. MSCI ESG Research LLC’s (“MSCI ESG”) Fund Metrics products (the “Information”) provide environmental, social and governance data with respect to underlying securities within more than 23,000 multi-asset class Mutual Funds and ETFs globally. MSCI ESG is a Registered Investment Adviser under the Investment Advisers Act of 1940. MSCI ESG materials have not been submitted, to nor received approval from, the US SEC or any other regulatory body. None of the information constitutes an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. None of the Information can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided “as is” and the user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. All Information is provided solely for your internal use, and may not be reproduced or redisseminated in any form without express prior written permission from MSCI. Neither MSCI ESG nor any of its affiliates or any third party involved in or related to creating any Information makes any express or implied warranties, representations or guarantees, and in no event will MSCI ESG or any such affiliate or third party have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) relating to any Information. More information on MSCI ESG Fund Metrics, provided by MSCI ESG Research LLC, can be found at https://www.msci.com/esg-fund-metrics.
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