Invesco BulletShares 2025 Municipal Bond ETF
BSMP
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- Invesco BulletShares (R) 2025 Municipal Bond ETF (BSMP) is an exchange-traded fund that tracks the Invesco BulletShares USD Municipal Bond 2025 Index, investing at least 80% of its assets in U.S. dollar-denominated, investment-grade municipal bonds issued by states, state agencies and local governments with effective maturities in 2025; the fund employs a sampling methodology rather than full replication and rebalances monthly. Its portfolio, comprising approximately 927 holdings as of June 30, 2025, features fixed-rate securities exempt from federal taxes and the alternative minimum tax, with top geographic exposures in New York (21.03%), California (16.47%) and Texas (8.49%), and allocations primarily to local authorities (100%); key holdings include City of New York NY 3.75% due August 1, 2042, Commonwealth of Massachusetts 5.00% due October 1, 2025, and State of California 4.00% due October 1, 2025. Launched on September 25, 2019 and listed on Nasdaq, BSMP operates with a 0.18% expense ratio, effective duration of 0.57 years and a designated termination date on or about December 15, 2025, after which proceeds from maturing bonds transition to cash and equivalents for distribution to shareholders. The fund targets high-tax-bracket investors seeking tax-exempt income, bond-like behavior with ETF liquidity and diversification across ultra-short-term municipal segments. BSMP is issued by Invesco Ltd., a global investment manager founded in 1935 and headquartered in Atlanta, Georgia, which acquired the BulletShares platform through its 2018 purchase of Guggenheim's ETF business. Recent developments include monthly dividend declarations, such as $0.0078 per share payable December 17, 2025, and Invesco's June 2024 launch of new BulletShares maturities like the 2034 Corporate Bond ETF (BSCY) and 2032 High Yield Corporate Bond ETF (BSJW) to expand its fixed-income suite amid higher interest rate expectations.