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Invesco BulletShares 2027 Municipal Bond ETF
BSMR

137 hedge funds and large institutions have $211M invested in Invesco BulletShares 2027 Municipal Bond ETF in 2025 Q4 according to their latest regulatory filings, with 19 funds opening new positions, 75 increasing their positions, 15 reducing their positions, and 3 closing their positions.

New
Increased
Maintained
Reduced
Closed

533% more first-time investments, than exits

New positions opened: 19 | Existing positions closed: 3

400% more repeat investments, than reductions

Existing positions increased: 75 | Existing positions reduced: 15

12% more funds holding

Funds holding: 122 → 137 (+15)

10% more capital invested

Capital invested by funds: $191M → $211M (+$20.1M)

1.19% more ownership

Funds ownership: 69.63% → 70.83% (+1.2%)

0% more funds holding in top 10

Funds holding in top 10: 1 → 1 (0)

Holders
137
Holders Change
+15
Holders Change %
+12.3%
% of All Funds
1.67%
Holding in Top 10
1
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.01%
New
19
Increased
75
Reduced
15
Closed
3
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
EC
Elequin Capital
New York
+$3.67M
2
Thrivent Financial for Lutherans
Thrivent Financial for Lutherans
Minnesota
+$2.07M
3
HBT
Hills Bank & Trust
Iowa
+$1.99M
4
HighTower Advisors
HighTower Advisors
Illinois
+$1.93M
5
Invesco
Invesco
Georgia
+$846K

Top Sellers

Rank Fund Capital Flow
1
Commonwealth Equity Services
Commonwealth Equity Services
Massachusetts
-$3.84M
2
AUB
Atlantic Union Bankshares
Virginia
-$3.17M
3
VA
VestGen Advisors
Illinois
-$2.5M
4
Wells Fargo
Wells Fargo
California
-$1.01M
5
FCAS
First Command Advisory Services
Texas
-$359K
Name Holding Trade Value Shares
Change 		Change in
Stake
Envestnet Asset Management
26
Envestnet Asset Management
Illinois
$2.74M -$138K -5,843 -5%
Focus Partners Wealth
27
Focus Partners Wealth
Massachusetts
$2.65M +$264K +11,161 +11%
Commonwealth Equity Services
28
Commonwealth Equity Services
Massachusetts
$2.62M -$3.84M -162,110 -59%
Thrivent Financial for Lutherans
29
Thrivent Financial for Lutherans
Minnesota
$2.41M +$2.07M +87,660 +625%
VA
30
VestGen Advisors
Illinois
$2.29M -$2.5M -105,511 -52%
MML Investors Services
31
MML Investors Services
Massachusetts
$2.08M +$380K +16,076 +22%
S
32
SignatureFD
Georgia
$2.07M – – –
Stifel Financial
33
Stifel Financial
Missouri
$1.81M +$238K +10,071 +15%
Ameriprise
34
Ameriprise
Minnesota
$1.76M +$445K +18,817 +33%
CWM
35
Cornerstone Wealth Management
Missouri
$1.61M +$62K +2,619 +4%
EH
36
Equitable Holdings
New York
$1.59M +$323K +13,665 +26%
Royal Bank of Canada
37
Royal Bank of Canada
Ontario, Canada
$1.54M +$336K +14,213 +28%
PWM
38
Paulson Wealth Management
Illinois
$1.41M +$64.8K +2,739 +5%
Jones Financial Companies
39
Jones Financial Companies
Missouri
$1.32M +$329K +13,900 +33%
Northwestern Mutual Wealth Management
40
Northwestern Mutual Wealth Management
Wisconsin
$1.26M +$356K +15,060 +39%
FNB
41
Farmers National Bank
Kentucky
$1.21M +$31K +1,309 +3%
APA
42
Astoria Portfolio Advisors
New York
$1.15M +$120K +5,080 +12%
FF
43
Farnam Financial
Arizona
$1.12M – – –
CAPTRUST Financial Advisors
44
CAPTRUST Financial Advisors
North Carolina
$1.12M +$1.47K +62 +0.1%
PFG
45
PAX Financial Group
Texas
$1.11M +$615 +26 +0.1%
CAM
46
Clark Asset Management
New Hampshire
$1.11M +$30.8K +1,301 +3%
Brown Advisory
47
Brown Advisory
Maryland
$1.1M – – –
SPIA
48
Steward Partners Investment Advisory
New York
$1.07M +$594K +25,099 +125%
KAS
49
Kestra Advisory Services
Texas
$1.04M +$51.3K +2,166 +5%
ACA
50
Aptus Capital Advisors
Alabama
$1.03M +$6.6K +279 +0.6%
1
2
3 4 5

BSMR Hedge Fund Activity: Q4 2025 in Review

137 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in Invesco BulletShares 2027 Municipal Bond ETF (BSMR) for Q4 2025, worth a combined $211M — up 10% from $191M a quarter earlier.

Buyers outnumbered sellers: 19 funds opened new BSMR positions and 3 closed out — a net gain of 16 holders — while 75 added to existing stakes and 15 trimmed.

The largest buyer was Elequin Capital, opening a new position worth an estimated $3.67M. The largest seller was Commonwealth Equity Services, cutting an estimated $3.84M.

  • 137 institutional investors held Invesco BulletShares 2027 Municipal Bond ETF (BSMR) as of Q4 2025, up from 122 in Q3 2025.
  • Funds reported $211M of Invesco BulletShares 2027 Municipal Bond ETF stock for Q4 2025, up 10% quarter-over-quarter.
  • 19 funds opened new Invesco BulletShares 2027 Municipal Bond ETF positions in Q4 2025 and 3 closed out, a net change of +16 holders.
  • The largest Invesco BulletShares 2027 Municipal Bond ETF buyer in Q4 2025 was Elequin Capital, an estimated $3.67M added.
  • The largest Invesco BulletShares 2027 Municipal Bond ETF seller in Q4 2025 was Commonwealth Equity Services, an estimated $3.84M sold.

Based on aggregated 13F filings for Q4 2025.