- ISIN
- US46139W8331
- CUSIP
- 46139W833
- Issuer
- Invesco
- Inception Date
- Mar 1, 2023
- Region
- North America (U.S.)
- Category
- Municipal Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- Invesco BulletShares USD Municipal Bond 2032 Index
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $205M
Share Price Chart
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Performance
BSMW Performance Chart
Invesco BulletShares 2032 Municipal Bond ETF (BSMW) is up 1.3% since the beginning of the year. BSMW is currently trading at $25 per share.
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Returns By Period
Invesco BulletShares 2032 Municipal Bond ETF (BSMW) has returned 1.30% so far this year and 6.30% over the past 12 months.
Invesco BulletShares 2032 Municipal Bond ETF
- 1D
- 0.14%
- 1M
- 1.17%
- YTD
- 1.30%
- 6M
- 1.39%
- 1Y
- 6.30%
- 3Y*
- 3.05%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.50%
- 1M
- 0.31%
- YTD
- 8.56%
- 6M
- 8.85%
- 1Y
- 24.33%
- 3Y*
- 19.37%
- 5Y*
- 11.84%
- 10Y*
- 13.61%
BSMW Monthly Returns History
Based on dividend-adjusted daily data since Mar 1, 2023, BSMW's average daily return is +0.01%, while the average monthly return is +0.29%. At this rate, an investment would double in approximately 19.9 years.
Historically, 58% of months were positive and 43% were negative. The best month was Nov 2023 with a return of +7.5%, while the worst month was Sep 2023 at -3.2%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 5 months.
On a daily basis, BSMW closed higher 55% of trading days. The best single day was Apr 14, 2025 with a return of +1.6%, while the worst single day was Apr 7, 2025 at -2.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.18% | 1.11% | -2.48% | 0.95% | 0.22% | 0.36% | 1.30% | ||||||
| 2025 | 0.29% | 1.16% | -2.58% | -0.57% | -0.25% | 1.21% | -0.37% | 0.90% | 2.34% | 0.99% | 0.19% | 0.14% | 3.42% |
| 2024 | -0.47% | -0.35% | -0.45% | -1.66% | -0.27% | 1.62% | 0.85% | 0.57% | 1.10% | -1.82% | 2.12% | -1.51% | -0.35% |
| 2023 | 2.50% | -0.02% | -1.01% | 1.31% | 0.27% | -2.09% | -3.24% | -1.41% | 7.50% | 3.41% | 7.00% |
Benchmark Metrics
Invesco BulletShares 2032 Municipal Bond ETF has an annualized alpha of 3.65%, beta of -0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since March 01, 2023.
- This ETF participated in 48.57% of S&P 500 Index downside but only 22.97% of its upside - more exposed to losses than it benefited from rallies.
- Beta of -0.00 may look defensive, but with R2 of 0.00 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 0.00 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
- 3.65%
- Beta
- -0.00
- R²
- 0.00
- Upside Capture
- 22.97%
- Downside Capture
- 48.57%
Expense Ratio
BSMW has an expense ratio of 0.18%, which is considered low.
Return for Risk
Risk / Return Rank
BSMW ranks 64 for risk / return — better than 64% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Invesco BulletShares 2032 Municipal Bond ETF (BSMW) 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.
| BSMW | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.34 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.02 | 2.53 | -0.51 |
| Martin ratioReturn relative to average drawdown | 6.27 | 11.37 | -5.10 |
Dividends
Dividend History
Invesco BulletShares 2032 Municipal Bond ETF provided a 3.20% dividend yield over the last twelve months, with an annual payout of $0.80 per share.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $0.80 | $0.81 | $0.87 | $0.61 |
Dividend yield | 3.20% | 3.24% | 3.48% | 2.36% |
Monthly Dividends
The table displays the monthly dividend distributions for Invesco BulletShares 2032 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 | $0.07 | $0.07 | $0.07 | $0.07 | $0.06 | $0.00 | $0.33 | ||||||
| 2025 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.06 | $0.81 |
| 2024 | $0.08 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.08 | $0.07 | $0.08 | $0.08 | $0.07 | $0.87 |
| 2023 | $0.07 | $0.08 | $0.08 | $0.07 | $0.06 | $0.07 | $0.06 | $0.05 | $0.06 | $0.61 |
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 2032 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 2032 Municipal Bond ETF was 7.57%, occurring on Oct 25, 2023. Recovery took 28 trading sessions.
The current Invesco BulletShares 2032 Municipal Bond ETF drawdown is 0.98%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2023 pullback2023 | -7.57%Oct 2023 | 6mo 15d | 1mo 11d | 7mo 26dApr 2023 - Dec 2023 |
2025 selloff2025 | -6.44%Apr 2025 | 4mo 8d | 5mo 7d | 9mo 15dDec 2024 - Sep 2025 |
2024 pullback2024 | -3.48%May 2024 | 5mo 3d | 2mo 5d | 7mo 8dDec 2023 - Aug 2024 |
2024 pullback2024 | -3.20%Nov 2024 | 1mo 4d | 27d | 2mo 1dOct 2024 - Dec 2024 |
2026 pullback2026 | -2.92%Mar 2026 | 24d | — | 3mo 15dMar 2026 - now |
Drawdown Indicators
| BSMW | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.57% | -56.78% | +49.21% |
Max Drawdown (1Y)Largest decline over 1 year | -2.92% | -9.10% | +6.18% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -18.90% | +11.56% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.98% | -2.34% | +1.36% |
Average DrawdownAverage peak-to-trough decline | -1.72% | -10.72% | +9.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 2.02% | -1.08% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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