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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
LPT
76
Legacy Private Trust
Wisconsin
$257K +$255K +11,070 New
PFS
77
Prospera Financial Services
Texas
$254K – – –
ACA
78
Aptus Capital Advisors
Alabama
$225K +$1.61K +70 +0.7%
HF
79
HRT Financial
New York
$214K +$213K +9,236 New
OFG
80
Opulen Financial Group
Virginia
$204K +$1.24K +54 +0.6%
LC
81
Landaas & Company
Wisconsin
$201K +$199K +8,643 New
CBT
82
Crews Bank & Trust
Florida
$198K – – –
KOCAA
83
Knights of Columbus Asset Advisors
Connecticut
$165K – – –
LFG
84
Larson Financial Group
Missouri
$126K – – –
SPIA
85
Steward Partners Investment Advisory
New York
$120K +$119K +5,183 New
AIM
86
Anchor Investment Management
South Carolina
$116K +$115K +5,000 New
WSFS
87
Wilmington Savings Fund Society
Delaware
$98.5K +$97.7K +4,241 New
PS
88
Principal Securities
Iowa
$69.5K -$24.1K -1,047 -26%
PTC
89
Private Trust Company
Ohio
$51.1K -$98.5K -4,275 -66%
FFA
90
Farther Finance Advisors
California
$33.6K +$33.3K +1,447 New
Carson Wealth (CWM LLC)
91
Carson Wealth (CWM LLC)
Nebraska
$20K – – –
OP
92
ORG Partners
Indiana
$19.7K – – –
HIA
93
Harbor Investment Advisory
Maryland
$18.6K – – –
AF
94
Advisornet Financial
Minnesota
$8.25K – – –
EC
95
Elequin Capital
New York
$7.43K +$7.37K +320 New
Toronto Dominion Bank
96
Toronto Dominion Bank
Ontario, Canada
– -$1.69M -72,954 Closed
Goldman Sachs
97
Goldman Sachs
New York
– -$709K -30,594 Closed
PFG
98
PAX Financial Group
Texas
– -$322K -13,883 Closed
MWA
99
Midland Wealth Advisors
Illinois
– -$290K -12,508 Closed
CIC
100
Carnegie Investment Counsel
Ohio
– -$261K -11,410 Closed
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.