Invesco BulletShares (R) 2023 Municipal Bond ETF
BSMN
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- Invesco BulletShares (R) 2023 Municipal Bond ETF (BSMN) is an exchange-traded fund managed by Invesco Ltd. that seeks to track the performance, before fees and expenses, of the IVZ BulletShares Municipal Bond 2023 Index through a sampling approach. The fund invests at least 80% of its total assets in investment-grade, U.S. dollar-denominated municipal bonds exempt from federal income taxes, including the alternative minimum tax, with effective maturities in calendar year 2023; it holds a market-value-weighted portfolio of such USD municipal bonds that is rebalanced monthly. BSMN operates within the muni target maturity category, providing targeted exposure to a defined maturity ladder in the U.S. fixed income market for institutional and retail investors seeking tax-advantaged income. Launched in September 2019 as part of Invesco's BulletShares suite of defined-maturity municipal bond ETFs covering target years from 2021 to 2029, BSMN matured and liquidated in late 2023 in line with its designated year-end termination, distributing net assets to shareholders after provisions for liabilities. Invesco, the fund's issuer, was originally established in 1935 and is headquartered in Atlanta, Georgia, with global operations across more than 20 countries serving clients in retail and institutional segments. The BulletShares series forms part of Invesco's broader ETF offerings, which include corporate, high yield, and emerging market debt strategies alongside municipals. Recent expansions in the BulletShares Municipal Bond lineup include the addition of longer-dated funds such as Invesco BulletShares 2030 Municipal Bond ETF (BSMU, launched 2020), 2031 Municipal Bond ETF (BSMV), and 2034 Municipal Bond ETF (BSMY, September 2024), extending the maturity ladder to support laddering strategies amid ongoing demand for tax-efficient fixed income. Invesco has continued monthly distributions across the series, with related funds like BulletShares 2025 Municipal Bond ETF declaring dividends as recently as December 2025. No major acquisitions or partnerships specific to BSMN were reported post-maturity, though Invesco advanced its overall ETF capabilities with three new active ETFs in May 2025.