- Issuer
- Invesco
- Inception Date
- Sep 17, 2025
- Region
- North America (U.S.)
- Category
- Municipal Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- Invesco BulletShares USD Municipal Bond 2035 Index
- Domicile
- US
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $48M
Share Price Chart
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Performance
BSMZ Performance Chart
Invesco BulletShares 2035 Municipal Bond ETF (BSMZ) is up 1.6% since the beginning of the year. BSMZ is currently trading at $25 per share.
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Returns By Period
Invesco BulletShares 2035 Municipal Bond ETF
- 1D
- -0.19%
- 1M
- 1.53%
- YTD
- 1.59%
- 6M
- 2.01%
- 1Y
- —
- 3Y*
- —
- 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%
BSMZ Monthly Returns History
Based on dividend-adjusted daily data since Sep 17, 2025, BSMZ's average daily return is +0.02%, while the average monthly return is +0.33%. At this rate, an investment would double in approximately 17.5 years.
Historically, 70% of months were positive and 30% were negative. The best month was Oct 2025 with a return of +1.6%, while the worst month was Mar 2026 at -2.6%. The longest winning streak lasted 3 consecutive months, and the longest losing streak was 1 months.
On a daily basis, BSMZ closed higher 55% of trading days. The best single day was May 26, 2026 with a return of +0.7%, while the worst single day was Mar 20, 2026 at -1.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.72% | 1.46% | -2.59% | 1.50% | 0.48% | 0.08% | 1.59% | ||||||
| 2025 | -0.24% | 1.58% | 0.62% | -0.29% | 1.66% |
Benchmark Metrics
Invesco BulletShares 2035 Municipal Bond ETF has an annualized alpha of 2.75%, beta of 0.10, and R2 of 0.13 versus S&P 500 Index. Calculated based on daily prices since September 17, 2025.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (19.81%) than losses (19.00%) - typical of diversified or defensive assets.
- Beta of 0.10 may look defensive, but with R2 of 0.13 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 0.13 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
- 2.75%
- Beta
- 0.10
- R²
- 0.13
- Upside Capture
- 19.81%
- Downside Capture
- 19.00%
Expense Ratio
BSMZ has an expense ratio of 0.18%, which is considered low.
Return for Risk
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Invesco BulletShares 2035 Municipal Bond ETF (BSMZ) 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.
| BSMZ | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.34 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.53 | — |
| Martin ratioReturn relative to average drawdown | — | 11.37 | — |
Dividends
Dividend History
Invesco BulletShares 2035 Municipal Bond ETF provided a 2.03% dividend yield over the last twelve months, with an annual payout of $0.52 per share.
| Period | TTM | 2025 |
|---|---|---|
| Dividend | $0.52 | $0.17 |
Dividend yield | 2.03% | 0.68% |
Monthly Dividends
The table displays the monthly dividend distributions for Invesco BulletShares 2035 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 | $0.07 | $0.07 | $0.08 | $0.08 | $0.00 | $0.34 | ||||||
| 2025 | $0.07 | $0.07 | $0.03 | $0.17 |
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 2035 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 2035 Municipal Bond ETF was 3.26%, occurring on Mar 24, 2026. The portfolio has not yet recovered.
The current Invesco BulletShares 2035 Municipal Bond ETF drawdown is 0.58%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 pullback2026 | -3.26%Mar 2026 | 22d | — | 3mo 15dMar 2026 - now |
2025 pullback2025 | -0.84%Dec 2025 | 5d | 1mo 4d | 1mo 9dNov 2025 - Jan 2026 |
2025 pullback2025 | -0.65%Nov 2025 | 2d | 12d | 14dNov 2025 - Nov 2025 |
2026 pullback2026 | -0.61%Jan 2026 | 4d | 13d | 17dJan 2026 - Feb 2026 |
2025 pullback2025 | -0.61%Oct 2025 | 0s | 13d | 13dOct 2025 - Nov 2025 |
Drawdown Indicators
| BSMZ | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.26% | -56.78% | +53.52% |
Max Drawdown (1Y)Largest decline over 1 year | — | -9.10% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
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 | -0.58% | -2.34% | +1.76% |
Average DrawdownAverage peak-to-trough decline | -0.70% | -10.72% | +10.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.02% | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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