BSMS Fees and Costs — Invesco BulletShares 2028 Municipal Bond ETF
Data updated: 2026-07-29
The net expense ratio is 0.18%. There are no sales loads or redemption fees. Portfolio turnover was 11%.
BSMS Fees and Expenses
Annual operating expenses and sales charges of BSMS. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.18% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.18% |
| Fee waiver | — |
| Net expense ratio | 0.18% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
BSMS Costs Over Time
On $10,000 invested in BSMS, assuming 5% a year before costs, total costs come to $114 over 5 years, cutting the return by 0.19% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.18%) | $19 | $59 | $104 |
| Lost growth on money paid in costs | $0 | $3 | $10 |
| Total costs | $19 | $62 | $114 |
| Value after costs | $10,481 | $11,514 | $12,648 |
| Impact on return, per year | 0.19% | 0.19% | 0.19% |
BSMS Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $111.9M
- Portfolio turnover (prospectus): 11%
- Securities lending: none during the year
BSMS Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BNY MELLON CAPITAL MARKETS, LLC | $49.7M | 47.14% |
| HEADLANDS TECHNOLOGIES SECURITIES, LLC | $30.8M | 29.19% |
| MORGAN STANLEY & CO. LLC | $6.8M | 6.49% |
| GOLDMAN, SACHS & CO. | $5.5M | 5.20% |
| MARKETAXESS CORPORATION | $3.5M | 3.36% |
| SUMRIDGE PARTNERS, LLC | $2.5M | 2.39% |
| MILLENNIUM ADVISORS, LLC | $2.1M | 2.02% |
| RBC CAPITAL MARKETS, LLC | $1.6M | 1.48% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $1.5M | 1.39% |
| WELLS FARGO SECURITIES, LLC | $1.4M | 1.35% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.