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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
Baird Financial Group
101
Baird Financial Group
Wisconsin
$322K – – –
Susquehanna International Group
102
Susquehanna International Group
Pennsylvania
$319K +$319K +13,465 New
Jane Street
103
Jane Street
New York
$317K +$317K +13,406 New
PFS
104
Prospera Financial Services
Texas
$314K +$3.31K +140 +1%
BEI
105
Benjamin Edwards Inc
Missouri
$303K +$1.82K +77 +0.6%
OFS
106
Opus Financial Solutions
Illinois
$282K +$282K +11,924 New
LIM
107
Leavell Investment Management
Alabama
$275K +$275K +11,600 New
TCM
108
Tassel Capital Management
North Carolina
$274K +$274K +11,590 New
CBA
109
Coastal Bridge Advisors
Connecticut
$271K +$28.2K +1,191 +12%
Goldman Sachs
110
Goldman Sachs
New York
$259K +$259K +10,931 New
BPA
111
Beacon Pointe Advisors
California
$247K -$188K -7,926 -43%
BWM
112
BCS Wealth Management
Tennessee
$228K +$228K +9,648 New
Wealth Enhancement Advisory Services
113
Wealth Enhancement Advisory Services
Minnesota
$228K +$18.1K +765 +9%
ASN
114
Advisory Services Network
Georgia
$224K +$87.6K +3,703 +64%
NL
115
NorthAvenue LLC
Ohio
$224K +$224K +9,460 New
CBTWT
116
Community Bank & Trust (Waco, Texas)
Texas
$220K – – –
CPC
117
Cookson Peirce & Co
Pennsylvania
$216K +$216K +9,131 New
NFG
118
Nations Financial Group
Iowa
$214K – – –
HNB
119
Huntington National Bank
Ohio
$210K – – –
BCM
120
Brookstone Capital Management
Illinois
$207K +$710 +30 +0.3%
OFG
121
Opulen Financial Group
Virginia
$205K +$1.16K +49 +0.6%
FF
122
Francis Financial
$203K – – –
CBT
123
Crews Bank & Trust
Florida
$200K – – –
KOCAA
124
Knights of Columbus Asset Advisors
Connecticut
$167K – – –
OSAM
125
O'Shaughnessy Asset Management
Connecticut
$161K – – –
2 3 4
5
6

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.