BSMV — Invesco BulletShares 2031 Municipal Bond ETF

BSMV Fund Overview

BSMV — Invesco BulletShares 2031 Municipal Bond ETF is a US ETF managed by Invesco Exchange-Traded Self-Indexed Fund Trust, categorised as Intermediate Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Invesco Exchange-Traded Self-Indexed Fund Trust
• Category: Intermediate Municipal - National Bond
• Assets under management: $184.28M
• 1-year return: 5.1%
• Ticker: BSMV
• SEC CIK: 0001657201
• SEC series ID: S000073020
• Share class ID: C000229789

BSMV Investment Objective and Strategy

Invesco BulletShares 2031 Municipal Bond ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Invesco Exchange-Traded Self-Indexed Fund Trust.

Investment objective

The Invesco BulletShares 2031 Municipal Bond ETF (the Fund) seeks to track the investment results (before fees and expenses) of the Invesco BulletShares Municipal Bond 2031 Index (the Underlying Index).

Principal investment strategy

The Fund generally will invest at least 80% of its total assets in the securities that comprise the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the Index Provider) compiles and maintains the Underlying Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Funds investment adviser (the Adviser), and Invesco Distributors, Inc., the Funds distributor (the Distributor). The Underlying Index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment-grade municipal bonds with maturities or, in some cases, effective maturities, in the year 2031 (collectively, 2031 Bonds). Certain bonds in which the Fund may invest may contain embedded issuer call options. An embedded issuer call option means that the bond's issuer has the right to redeem a bond prior to its designated maturity date.

Accordingly, the effective maturity date of a bond reflects an assessment of when that bond is likely to be called by the issuer, or in the alternate, the bond's stated maturity date (if it is not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bonds effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre-refunded date shall be the year of the pre-refunded date.

In selecting components for inclusion in the Underlying Index, the Index Provider begins with an investment universe of U.S. dollar-denominated bonds issued by U.S. states, state agencies, territories and possessions of the United States, the District of Columbia or local governments. To be eligible for inclusion in the Underlying Index, bonds must (i) be 2031 Bonds (i.e., will mature or will have an effective maturity in the year 2031); (ii) be exempt from federal income tax; (iii) pay fixed amounts of interest; (iv) be rated at least BBB- by S&P Global Ratings, a division of S&P Global Inc. (S&P), or Fitch Ratings Inc. (Fitch), or at least Baa3 by Moodys Investors Service, Inc. (Moodys); and (v) have at least $15 million in face value outstanding (current Underlying Index components require 80% of the initial minimum face value qualification to remain eligible (e.g., $12 million in face value outstanding)).

The eligible universe may include callable, puttable, and pre-refunded bonds. 2031 Bonds selected for inclusion in the Underlying Index are market value weighted, with a 5% limit on individual issuers applied at each monthly rebalance prior to the final maturing year of the Underlying Index. Bonds held by the Fund generally will be held until they mature, are called or no longer meet the eligibility requirements of the Underlying Index and are removed from the Underlying Index. As of October 31, 2025, the Underlying Index was comprised of 1,433 constituents. The Fund will terminate on or about December 15, 2031 without requiring additional approval by the Board of Trustees (the Board) of Invesco Exchange-Traded Self-Indexed Fund Trust (the Trust) or Fund shareholders, although the Board may change the termination date.

In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then-current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Underlying Index (i.e., 2031), no new constituents are added and the Underlying Index does not rebalance. In the last twelve months of operation, when the 2031 Bonds held by the Fund mature or are called, the proceeds are not reinvested in 2031 Bonds. Instead, the Fund will invest such proceeds in any combination of variable rate demand obligations (VRDOs), certain derivatives (i.e., exchange-traded futures on fixed-income securities, fixed-income security indices, interest rates and currencies; exchange-traded and over-the-counter (OTC) options on fixed-income securities, interest rates, currencies, interest rate futures contracts, and fixed-income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed-income securities, fixed-income security indices, and fixed-income security futures), exchange-traded funds (ETFs), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Underlying Index, but which the Adviser believes will help the Fund track the Underlying Index.

The Fund should not be confused with a target date fund, which has assets that are managed according to a particular glidepath that illustrates how its investment strategy becomes increasingly conservative over time. The Fund does not purchase all of the securities in the Underlying Index; instead, the Fund utilizes a sampling methodology to seek to achieve its investment objective. Concentration Policy. The Fund will concentrate its investments (i.e., invest more than 25% of the value of its net assets) in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries.

BSMV Holdings

Top 10 holdings of Invesco BulletShares 2031 Municipal Bond ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all BSMV holdings

BSMV Portfolio Allocation

Asset-class allocation of Invesco BulletShares 2031 Municipal Bond ETF by percentage of net assets, from the latest SEC N-PORT filing.

BSMV Performance

Total returns for BSMV (as of 2026-10-01), from SEC filings.

BSMV Risk Information

Risk metrics for BSMV, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 3.3%

BSMV Costs and Fees

BSMV costs about $18 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.18%
• Gross expense ratio: 0.18%
• Portfolio turnover: 21%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

BSMV Cashflows

Over the 12 months to 2026-05, Invesco BulletShares 2031 Municipal Bond ETF had net inflows of $84.02M, from monthly SEC N-PORT filings.

BSMV Debt Constituents

Largest debt holdings of Invesco BulletShares 2031 Municipal Bond ETF by percentage of net assets, from the latest SEC N-PORT filing.

BSMV Prospectus and SEC Filings

Official Invesco BulletShares 2031 Municipal Bond ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2025-12-18
• Prospectus (485BPOS) — filed 2024-12-19
• Prospectus (485BPOS) — filed 2023-12-19
• Portfolio holdings (N-PORT) — filed 2026-07-29
• Portfolio holdings (N-PORT) — filed 2026-04-28
• Portfolio holdings (N-PORT) — filed 2026-01-29
• Annual census (N-CEN) — filed 2025-11-14
• Annual census (N-CEN) — filed 2024-11-14

Related Funds

Other Intermediate Municipal - National Bond funds tracked on ABC INVEST:

• Vanguard Tax-Exempt Bond Index Fund (VTEAX)
• Fidelity Intermediate Municipal Income Fund (FLTMX)
• JPMorgan Municipal ETF (JMUB)
• Capital Group Municipal Income ETF (CGMU)
• Diversified Municipal Portfolio (AIDAX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.