The issuer of the BSMN ETF is Invesco Indexing LLC, an affiliate of Invesco Capital Management LLC, the fund's investment adviser, and Invesco Distributors, Inc., the fund's distributor. The BSMN ETF aims to invest at least 80% of its total assets in securities that make up the Underlying Index, which seeks to measure the performance of U.S. dollar-denominated investment-grade municipal bonds maturing in the year 2023. The index provider employs a market value-weighted approach with a 5% limit on individual issuers applied at each monthly rebalance prior to the final maturing year of the index. The fund's investment strategy involves a sampling methodology to achieve its investment objective, and it does not concentrate its investments in any one industry or group of industries beyond what is reflected in the Underlying Index. The BSMN ETF is designed to provide exposure to municipal bonds with maturities or effective maturities in 2023, offering investors a way to access this segment of the fixed-income market.
The Invesco Municipal Bond 2023 ETF (BSMN) primarily focuses on investing in U.S. dollar-denominated investment-grade municipal bonds maturing or having effective maturities in the year 2023. These bonds are carefully selected to meet strict eligibility criteria, including being exempt from federal income tax, having fixed interest payments, and meeting specific credit rating requirements from agencies like S&P Global Ratings, Fitch Ratings Inc., or Moody's Investors Service, Inc. The Underlying Index, which the ETF tracks, aims to measure the performance of these bonds, and the ETF is designed to hold these bonds until maturity, call, or when they no longer meet the eligibility criteria. As of October 31, 2022, the Underlying Index included 2,585 constituents. It's important to note that the ETF is set to terminate on or about December 15, 2023, with its net assets distributed to shareholders at that time. During the maturing year of the Underlying Index (2023), no new constituents are added, and the ETF does not reinvest in 2023 Bonds. Instead, it may invest in a combination of variable rate demand obligations, derivatives, ETFs, cash, and municipal bonds not included in the Underlying Index, as determined by the Adviser to track the Underlying Index. The ETF follows a sampling methodology to achieve its investment objective and avoids concentration in any single industry or group of industries, in line with its concentration policy.
Tracking the Bloomberg Barclays US Municipal Bond 2023 Index is the primary objective of the Invesco Bloomberg Barclays 2023 Muni Bond ETF (BSMN). This ETF seeks to invest at least 80% of its total assets in securities that make up the Underlying Index. The Index Provider, affiliated with Invesco, compiles and maintains the Underlying Index, which focuses on U.S. dollar-denominated investment-grade municipal bonds maturing in the year 2023. BSMN employs a sampling methodology to achieve its investment objective and aims to provide investors exposure to this specific segment of the municipal bond market.
The correlation aspect of the Invesco BulletShares 2023 Municipal Bond ETF (BSMN) is primarily tied to the performance of its underlying index, which consists of U.S. dollar-denominated investment-grade municipal bonds with maturities or effective maturities in the year 2023. As such, BSMN's correlation with the broader municipal bond market and interest rate movements is a crucial factor for investors seeking to gauge its performance. Additionally, its correlation with other fixed-income assets and interest rate-sensitive securities can influence the ETF's behavior within diversified portfolios. To explore BSMN's correlations in more detail and gain deeper insights into its market dynamics, investors can leverage the ETF insider web app, which provides simple visualization tools and comprehensive data on correlations, allowing for informed investment decisions and risk management strategies.
The BSMN ETF, known as the Invesco Bond Series Municipal 2023 ETF, primarily focuses on the municipal bond sector. This ETF aims to invest at least 80% of its total assets in securities that comprise the Underlying Index, which measures the performance of a portfolio of U.S. dollar-denominated investment-grade municipal bonds with maturities or effective maturities in the year 2023. The portfolio includes bonds issued by U.S. states, state agencies, territories, and local governments, meeting specific criteria for credit quality and tax-exempt status. The BSMN ETF employs a sampling methodology to achieve its investment objective and avoids excessive concentration in any one industry or group of industries within the municipal bond sector.
The exposure profile of the Invesco BulletShares 2022 Municipal Bond ETF (BSMN) centers around the municipal bond market, offering investors a targeted approach to fixed-income investing. BSMN primarily invests in investment-grade municipal bonds with maturities in 2022, providing exposure to the diverse landscape of U.S. municipal securities. Investors keen on understanding the specific sectors, regions, and market dynamics within the municipal bond space can leverage the ETF Insider web app. This powerful tool facilitates a comprehensive exploration of BSMN''s exposure, allowing users to uncover intricate details, correlations, and overlaps within the municipal bond market, enhancing their ability to make informed investment decisions.
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