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Invesco BulletShares 2028 Municipal Bond ETF
BSMS

107 hedge funds and large institutions have $157M invested in Invesco BulletShares 2028 Municipal Bond ETF in 2025 Q3 according to their latest regulatory filings, with 18 funds opening new positions, 53 increasing their positions, 17 reducing their positions, and 5 closing their positions.

New
Increased
Maintained
Reduced
Closed

260% more first-time investments, than exits

New positions opened: 18 | Existing positions closed: 5

212% more repeat investments, than reductions

Existing positions increased: 53 | Existing positions reduced: 17

25% more capital invested

Capital invested by funds: $125M → $157M (+$31.5M)

14% more funds holding

Funds holding: 94 → 107 (+13)

5.61% more ownership

Funds ownership: 63.9% → 69.52% (+5.6%)

Holders
107
Holders Change
+13
Holders Change %
+13.83%
% of All Funds
1.4%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
18
Increased
53
Reduced
17
Closed
5
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Truist Financial
Truist Financial
North Carolina
+$6.87M
2
SF
Summit Financial
New Jersey
+$5.04M
3
Morgan Stanley
Morgan Stanley
New York
+$3.63M
4
HBT
Hills Bank & Trust
Iowa
+$2.84M
5
EC
Elequin Capital
New York
+$2.32M

Top Sellers

Rank Fund Capital Flow
1
Jane Street
Jane Street
New York
-$3.25M
2
CA
CGN Advisors
Kansas
-$394K
3
KCM
Kathmere Capital Management
Pennsylvania
-$327K
4
SC
Savant Capital
Illinois
-$304K
5
FIM
Freedom Investment Management
Connecticut
-$280K
Name Holding Trade Value Shares
Change 		Change in
Stake
Osaic Holdings
26
Osaic Holdings
Arizona
$1.96M +$4.9K +210 +0.3%
S
27
SignatureFD
Georgia
$1.79M +$930K +39,898 +109%
MML Investors Services
28
MML Investors Services
Massachusetts
$1.6M -$48.8K -2,094 -3%
Jane Street
29
Jane Street
New York
$1.58M -$3.25M -139,485 -67%
Lido Advisors
30
Lido Advisors
California
$1.5M – – –
Stifel Financial
31
Stifel Financial
Missouri
$1.41M +$96.5K +4,138 +7%
HighTower Advisors
32
HighTower Advisors
Illinois
$1.36M +$118K +5,055 +10%
CAM
33
Clark Asset Management
New Hampshire
$1.3M +$411K +17,620 +46%
FNB
34
Farmers National Bank
Kentucky
$1.24M +$44.5K +1,907 +4%
MWM
35
Modern Wealth Management
Kansas
$1.14M – – –
Brown Advisory
36
Brown Advisory
Maryland
$1.1M – – –
ACM
37
AlphaStar Capital Management
North Carolina
$1.05M -$53.7K -2,304 -5%
Northwestern Mutual Wealth Management
38
Northwestern Mutual Wealth Management
Wisconsin
$1.04M +$250K +10,737 +32%
CAPTRUST Financial Advisors
39
CAPTRUST Financial Advisors
North Carolina
$962K +$218K +9,329 +29%
PWM
40
Paulson Wealth Management
Illinois
$900K +$283K +12,136 +46%
Jones Financial Companies
41
Jones Financial Companies
Missouri
$890K +$329K +14,115 +59%
Goldman Sachs
42
Goldman Sachs
New York
$823K +$819K +35,143 New
SFG
43
Sterling Financial Group
California
$757K +$298K +12,794 +65%
MWM
44
Marietta Wealth Management
Georgia
$713K +$207K +8,886 +41%
WAP
45
Wealthcare Advisory Partners
Pennsylvania
$691K – – –
KOC
46
Koss-Olinger Consulting
Florida
$650K – – –
SPA
47
Sentinel Pension Advisors
Massachusetts
$635K +$420 +18 +0.1%
AA
48
Addison Advisors
Vermont
$604K +$44.9K +1,925 +8%
FCAS
49
First Command Advisory Services
Texas
$568K +$39.2K +1,683 +7%
MWM
50
Meridian Wealth Management
Kentucky
$529K – – –
1
2
3 4 5

BSMS Hedge Fund Activity: Q3 2025 in Review

107 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Invesco BulletShares 2028 Municipal Bond ETF (BSMS) for Q3 2025, worth a combined $157M — up 25% from $125M a quarter earlier.

Buyers outnumbered sellers: 18 funds opened new BSMS positions and 5 closed out — a net gain of 13 holders — while 53 added to existing stakes and 17 trimmed.

The largest buyer was Truist Financial, opening a new position worth an estimated $6.87M. The largest seller was Jane Street, cutting an estimated $3.25M.

  • 107 institutional investors held Invesco BulletShares 2028 Municipal Bond ETF (BSMS) as of Q3 2025, up from 94 in Q2 2025.
  • Funds reported $157M of Invesco BulletShares 2028 Municipal Bond ETF stock for Q3 2025, up 25% quarter-over-quarter.
  • 18 funds opened new Invesco BulletShares 2028 Municipal Bond ETF positions in Q3 2025 and 5 closed out, a net change of +13 holders.
  • The largest Invesco BulletShares 2028 Municipal Bond ETF buyer in Q3 2025 was Truist Financial, an estimated $6.87M added.
  • The largest Invesco BulletShares 2028 Municipal Bond ETF seller in Q3 2025 was Jane Street, an estimated $3.25M sold.

Based on aggregated 13F filings for Q3 2025.