- Issuer
- Invesco
- Inception Date
- Sep 25, 2019
- Region
- North America (U.S.)
- Category
- Municipal Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- Invesco BulletShares Municipal Bond 2028 Index
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $307M
Share Price Chart
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Performance
BSMS Performance Chart
Invesco BulletShares 2028 Municipal Bond ETF (BSMS) is up 1.1% since the beginning of the year. BSMS is currently trading at $24 per share. Investors who bought $1,000 worth of BSMS shares 5 years ago would now be looking at an investment worth $1,003.
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Returns By Period
Invesco BulletShares 2028 Municipal Bond ETF (BSMS) has returned 1.14% so far this year and 4.10% over the past 12 months.
Invesco BulletShares 2028 Municipal Bond ETF
- 1D
- 0.15%
- 1M
- 0.79%
- YTD
- 1.14%
- 6M
- 1.42%
- 1Y
- 4.10%
- 3Y*
- 2.97%
- 5Y*
- 0.05%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.00%
- 1M
- -0.34%
- YTD
- 8.39%
- 6M
- 8.57%
- 1Y
- 24.33%
- 3Y*
- 18.94%
- 5Y*
- 12.24%
- 10Y*
- 13.54%
BSMS Monthly Returns History
Based on dividend-adjusted daily data since Sep 26, 2019, BSMS's average daily return is +0.01%, while the average monthly return is +0.11%. At this rate, an investment would double in approximately 52.5 years.
Historically, 57% of months were positive and 43% were negative. The best month was Nov 2022 with a return of +4.9%, while the worst month was Sep 2022 at -4.0%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 5 months.
On a daily basis, BSMS closed higher 48% of trading days. The best single day was Mar 25, 2020 with a return of +5.2%, while the worst single day was Mar 23, 2020 at -5.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.59% | 0.61% | -0.96% | 0.39% | 0.07% | 0.45% | 1.14% | ||||||
| 2025 | 0.25% | 1.19% | -1.40% | -0.52% | 0.84% | 0.65% | 0.06% | 0.92% | 0.54% | 0.05% | 0.66% | 0.33% | 3.61% |
| 2024 | -0.17% | -0.03% | -0.28% | -0.91% | -0.36% | 0.94% | 1.01% | 0.19% | 1.00% | -0.78% | 1.20% | -0.78% | 1.00% |
| 2023 | 2.65% | -2.16% | 2.06% | -0.40% | -0.87% | 0.70% | 0.28% | -0.91% | -2.34% | -0.70% | 4.60% | 2.21% | 4.99% |
| 2022 | -2.99% | -0.55% | -3.78% | -3.37% | 1.44% | -1.71% | 2.87% | -2.54% | -3.99% | -0.36% | 4.90% | 0.09% | -9.93% |
| 2021 | 0.78% | -2.42% | 0.68% | 1.35% | 0.28% | 0.61% | 0.87% | -0.49% | -0.94% | -0.26% | 1.03% | 0.08% | 1.50% |
Benchmark Metrics
Invesco BulletShares 2028 Municipal Bond ETF has an annualized alpha of 0.46%, beta of 0.07, and R2 of 0.04 versus S&P 500 Index. Calculated based on daily prices since September 26, 2019.
- This ETF participated in 23.09% of S&P 500 Index downside but only 12.34% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.07 may look defensive, but with R2 of 0.04 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.04 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 0.46%
- Beta
- 0.07
- R²
- 0.04
- Upside Capture
- 12.34%
- Downside Capture
- 23.09%
Expense Ratio
BSMS has an expense ratio of 0.18%, which is considered low.
Return for Risk
Risk / Return Rank
BSMS ranks 83 for risk / return — in the top 83% of ETFs on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Invesco BulletShares 2028 Municipal Bond ETF (BSMS) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BSMS | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.82 | ||
| Sortino ratioReturn per unit of downside risk | +1.62 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.35 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 3.99 | 2.66 | +1.34 |
| Martin ratioReturn relative to average drawdown | 11.27 | 11.86 | -0.59 |
Dividends
Dividend History
Invesco BulletShares 2028 Municipal Bond ETF provided a 2.76% dividend yield over the last twelve months, with an annual payout of $0.65 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend | $0.65 | $0.66 | $0.66 | $0.61 | $0.36 | $0.39 | $0.42 | $0.12 |
Dividend yield | 2.76% | 2.79% | 2.81% | 2.58% | 1.56% | 1.49% | 1.61% | 0.46% |
Monthly Dividends
The table displays the monthly dividend distributions for Invesco BulletShares 2028 Municipal Bond ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.05 | $0.05 | $0.05 | $0.05 | $0.06 | $0.00 | $0.27 | ||||||
| 2025 | $0.05 | $0.05 | $0.05 | $0.05 | $0.06 | $0.06 | $0.06 | $0.06 | $0.05 | $0.05 | $0.05 | $0.05 | $0.66 |
| 2024 | $0.05 | $0.05 | $0.05 | $0.06 | $0.06 | $0.06 | $0.06 | $0.05 | $0.05 | $0.06 | $0.05 | $0.05 | $0.66 |
| 2023 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.61 |
| 2022 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.04 | $0.36 |
| 2021 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.06 | $0.39 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Invesco BulletShares 2028 Municipal Bond ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Invesco BulletShares 2028 Municipal Bond ETF was 14.95%, occurring on Oct 31, 2022. The portfolio has not yet recovered.
The current Invesco BulletShares 2028 Municipal Bond ETF drawdown is 0.78%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -14.95%Oct 2022 | 1y 3mo | — | 4y 11moJul 2021 - now |
COVID crash2020 | -14.02%Mar 2020 | 24d | 3mo 25d | 4mo 19dFeb 2020 - Jul 2020 |
2021 pullback2021 | -2.92%Feb 2021 | 9d | 3mo 13d | 3mo 22dFeb 2021 - Jun 2021 |
2020 pullback2020 | -2.40%Oct 2020 | 2mo 5d | 1mo 5d | 3mo 10dAug 2020 - Nov 2020 |
2019 pullback2019 | -1.09%Nov 2019 | 18d | 25d | 1mo 13dOct 2019 - Dec 2019 |
Drawdown Indicators
| BSMS | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.95% | -56.78% | +41.83% |
Max Drawdown (1Y)Largest decline over 1 year | -1.05% | -9.10% | +8.05% |
Max Drawdown (3Y)Largest decline over 3 years | -4.25% | -18.90% | +14.65% |
Max Drawdown (5Y)Largest decline over 5 years | -14.95% | -25.43% | +10.48% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.78% | -2.49% | +1.71% |
Average DrawdownAverage peak-to-trough decline | -4.94% | -10.72% | +5.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 2.03% | -1.66% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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