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Invesco BulletShares 2028 Municipal Bond ETF
BSMS

94 hedge funds and large institutions have $125M invested in Invesco BulletShares 2028 Municipal Bond ETF in 2025 Q2 according to their latest regulatory filings, with 13 funds opening new positions, 44 increasing their positions, 15 reducing their positions, and 9 closing their positions.

New
Increased
Maintained
Reduced
Closed

193% more repeat investments, than reductions

Existing positions increased: 44 | Existing positions reduced: 15

44% more first-time investments, than exits

New positions opened: 13 | Existing positions closed: 9

12% more capital invested

Capital invested by funds: $111M → $125M (+$13.8M)

1% more funds holding

Funds holding: 93 → 94 (+1)

2.58% less ownership

Funds ownership: 66.48% → 63.9% (-2.6%)

Holders
94
Holders Change
+1
Holders Change %
+1.08%
% of All Funds
1.24%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
13
Increased
44
Reduced
15
Closed
9
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
KCM
Kathmere Capital Management
Pennsylvania
+$5.8M
2
Commonwealth Equity Services
Commonwealth Equity Services
Massachusetts
+$1.15M
3
MWM
Modern Wealth Management
Kansas
+$1.12M
4
Morgan Stanley
Morgan Stanley
New York
+$1.04M
5
Jane Street
Jane Street
New York
+$956K

Top Sellers

Rank Fund Capital Flow
1
Toronto Dominion Bank
Toronto Dominion Bank
Ontario, Canada
-$1.69M
2
Goldman Sachs
Goldman Sachs
New York
-$709K
3
Envestnet Asset Management
Envestnet Asset Management
Illinois
-$612K
4
CA
CGN Advisors
Kansas
-$569K
5
HGA
Hobbs Group Advisors
South Carolina
-$372K
Name Holding Trade Value Shares
Change 		Change in
Stake
HWM
51
Horizons Wealth Management
North Carolina
$465K +$13.3K +579 +3%
HNB
52
Huntington National Bank
Ohio
$464K – – –
Wealth Enhancement Advisory Services
53
Wealth Enhancement Advisory Services
Minnesota
$460K +$1.18K +51 +0.3%
SFG
54
Sterling Financial Group
California
$454K -$12.8K -555 -3%
OIA
55
OneDigital Investment Advisors
Kansas
$446K – – –
HGA
56
Hobbs Group Advisors
South Carolina
$441K -$372K -16,161 -46%
HI
57
Harbour Investments
Wisconsin
$428K +$8.94K +388 +2%
BFA
58
Bill Few Associates
Pennsylvania
$398K – – –
FA
59
FF Advisors
California
$390K – – –
Royal Bank of Canada
60
Royal Bank of Canada
Ontario, Canada
$375K +$127K +5,495 +52%
Cetera Investment Advisers
61
Cetera Investment Advisers
Illinois
$372K +$44.2K +1,919 +14%
KV
62
Kickstand Ventures
New York
$357K – – –
WWA
63
Wingate Wealth Advisors
Massachusetts
$353K +$2.54K +110 +0.7%
CWM
64
Cornerstone Wealth Management
Missouri
$351K +$349K +15,125 New
CW
65
Cooksen Wealth
Texas
$350K – – –
YP
66
YANKCOM Partnership
South Dakota
$349K +$168K +7,300 +94%
HWM
67
Howard Wealth Management
Connecticut
$343K +$47.8K +2,076 +16%
AFA
68
AA Financial Advisors
Ohio
$331K +$61.1K +2,651 +23%
Thrivent Financial for Lutherans
69
Thrivent Financial for Lutherans
Minnesota
$323K – – –
SC
70
Savant Capital
Illinois
$304K – – –
JCM
71
Jacobi Capital Management
Pennsylvania
$286K +$57.6K +2,500 +25%
BPA
72
Beacon Pointe Advisors
California
$283K +$9.98K +433 +4%
FIM
73
Freedom Investment Management
Connecticut
$280K -$13.1K -568 -5%
SWM
74
Silverlake Wealth Management
Vermont
$275K – – –
HT
75
Heritage Trust
Oklahoma
$259K +$19.2K +835 +8%
1 2
3
4 5

BSMS Hedge Fund Activity: Q2 2025 in Review

94 of the 7,596 institutional investors tracked by Wall St. Rank reported a position in Invesco BulletShares 2028 Municipal Bond ETF (BSMS) for Q2 2025, worth a combined $125M — up 12% from $111M a quarter earlier.

Buyers outnumbered sellers: 13 funds opened new BSMS positions and 9 closed out — a net gain of 4 holders — while 44 added to existing stakes and 15 trimmed.

The largest buyer was Kathmere Capital Management, opening a new position worth an estimated $5.8M. The largest seller was Toronto Dominion Bank, exiting entirely with an estimated $1.69M sold.

  • 94 institutional investors held Invesco BulletShares 2028 Municipal Bond ETF (BSMS) as of Q2 2025, up from 93 in Q1 2025.
  • Funds reported $125M of Invesco BulletShares 2028 Municipal Bond ETF stock for Q2 2025, up 12% quarter-over-quarter.
  • 13 funds opened new Invesco BulletShares 2028 Municipal Bond ETF positions in Q2 2025 and 9 closed out, a net change of +4 holders.
  • The largest Invesco BulletShares 2028 Municipal Bond ETF buyer in Q2 2025 was Kathmere Capital Management, an estimated $5.8M added.
  • The largest Invesco BulletShares 2028 Municipal Bond ETF seller in Q2 2025 was Toronto Dominion Bank, an estimated $1.69M sold.

Based on aggregated 13F filings for Q2 2025.