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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
HGA
51
Hobbs Group Advisors
South Carolina
$520K +$75.3K +3,228 +17%
DA
52
Dover Advisors
Virginia
$513K – – –
WA
53
WESPAC Advisors
California
$507K – – –
CFGA
54
Cambridge Financial Group (Arizona)
Arizona
$477K +$475K +20,365 New
HWM
55
Horizons Wealth Management
North Carolina
$469K +$816 +35 +0.2%
OIA
56
OneDigital Investment Advisors
Kansas
$450K – – –
RSA
57
River Street Advisors
Illinois
$442K +$440K +18,885 New
Cetera Investment Advisers
58
Cetera Investment Advisers
Illinois
$439K +$63.2K +2,712 +17%
HI
59
Harbour Investments
Wisconsin
$435K +$3.1K +133 +0.7%
SG
60
StoneX Group
New York
$432K -$90.4K -3,875 -17%
BPA
61
Beacon Pointe Advisors
California
$425K +$139K +5,944 +49%
LPT
62
Legacy Private Trust
Wisconsin
$421K +$161K +6,890 +62%
Royal Bank of Canada
63
Royal Bank of Canada
Ontario, Canada
$408K +$30.1K +1,292 +8%
MW
64
Members Wealth
Pennsylvania
$406K +$405K +17,350 New
FA
65
FF Advisors
California
$393K – – –
HNB
66
Huntington National Bank
Ohio
$378K – – –
HWM
67
Howard Wealth Management
Connecticut
$364K +$17.6K +755 +5%
KV
68
Kickstand Ventures
New York
$360K – – –
WWA
69
Wingate Wealth Advisors
Massachusetts
$358K +$2.54K +109 +0.7%
AWM
70
Avior Wealth Management
Nebraska
$354K -$126K -5,416 -26%
CW
71
Cooksen Wealth
Texas
$352K – – –
JCM
72
Jacobi Capital Management
Pennsylvania
$351K +$61.8K +2,650 +21%
YP
73
YANKCOM Partnership
South Dakota
$338K -$13.4K -575 -4%
AFA
74
AA Financial Advisors
Ohio
$334K +$280 +12 +0.1%
LC
75
Landaas & Company
Wisconsin
$327K +$124K +5,314 +61%
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.