Invesco BulletShares 2036 Municipal Bond ETF (BSMA)

The Invesco BulletShares 2036 Municipal Bond ETF (BSMA) is a defined-maturity fund that tracks an index of investment-grade U.S. municipal bonds maturing in 2036, with income that is generally exempt from federal income tax.

The fund is scheduled to terminate in 2036. During its final year, maturing bonds are replaced with cash-like holdings, and the fund then distributes its net assets to shareholders. This structure allows investors to build tax-exempt bond ladders. The fund is sponsored by Invesco and trades on Nasdaq.