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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
Thrivent Financial for Lutherans
76
Thrivent Financial for Lutherans
Minnesota
$326K – – –
CA
77
CGN Advisors
Kansas
$324K -$394K -16,901 -55%
HT
78
Heritage Trust
Oklahoma
$322K +$60.8K +2,607 +23%
SPIA
79
Steward Partners Investment Advisory
New York
$312K +$190K +8,128 +157%
Ameriprise
80
Ameriprise
Minnesota
$305K +$304K +13,040 New
BFA
81
Bill Few Associates
Pennsylvania
$301K -$100K -4,306 -25%
CA
82
Clearstead Advisors
Ohio
$299K +$297K +12,757 New
CWM
83
Cornerstone Wealth Management
Missouri
$281K -$72.6K -3,113 -21%
SWM
84
Silverlake Wealth Management
Vermont
$277K – – –
Wealth Enhancement Advisory Services
85
Wealth Enhancement Advisory Services
Minnesota
$263K -$201K -8,608 -43%
PFS
86
Prospera Financial Services
Texas
$259K +$3.5K +150 +1%
AWM
87
Accurate Wealth Management
Florida
$229K +$227K +9,741 New
ACA
88
Aptus Capital Advisors
Alabama
$228K +$1.63K +70 +0.7%
CBA
89
Coastal Bridge Advisors
Connecticut
$209K +$208K +8,913 New
APA
90
Astoria Portfolio Advisors
New York
$208K +$207K +8,875 New
CBTWT
91
Community Bank & Trust (Waco, Texas)
Texas
$208K +$207K +8,888 New
OFG
92
Opulen Financial Group
Virginia
$207K +$1.26K +54 +0.6%
PAG
93
Private Advisor Group
New Jersey
$204K +$203K +8,723 New
HIP
94
HUB Investment Partners
Texas
$201K +$201K +8,601 New
CBT
95
Crews Bank & Trust
Florida
$200K – – –
AIM
96
Anchor Investment Management
South Carolina
$176K +$58.3K +2,500 +50%
FFA
97
Farther Finance Advisors
California
$176K +$141K +6,051 +418%
KOCAA
98
Knights of Columbus Asset Advisors
Connecticut
$166K – – –
OSAM
99
O'Shaughnessy Asset Management
Connecticut
$161K +$160K +6,856 New
OP
100
ORG Partners
Indiana
$160K +$140K +6,000 +706%
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.