Invesco BulletShares 2025 Municipal Bond ETF (BSMP)

The Invesco BulletShares 2025 Municipal Bond ETF was a target-maturity exchange-traded fund that held investment-grade, tax-exempt municipal bonds maturing or expected to be called during 2025. It followed an index built from bonds in that single maturity year, so the fund behaved somewhat like an individual bond: it paid monthly income and was designed to wind down and return its assets once the target year ended.

Invesco launched its BulletShares municipal series in 2019, offering a ladder of funds that each target a specific calendar year. Investors used them to build bond ladders with exchange-traded liquidity and diversification across many municipal issuers. BSMP traded on NASDAQ and, like its siblings, its portfolio shifted into cash and very short paper as underlying bonds matured during its final year.

As planned in its prospectus, the fund closed at the end of 2025. It stopped taking creation orders on December 10, 2025, its shares last traded on NASDAQ on December 15, 2025, and the fund was terminated on December 17, 2025. Shareholders who still held units received a cash payment equal to the net asset value of their shares, including any final income and gains.

The closure was a scheduled maturity rather than a failure of the fund. Investors who want similar exposure can use later BulletShares municipal funds with 2026 and subsequent maturity years, or broad municipal bond ETFs that hold bonds across many maturities. Its closure followed the same pattern as earlier BulletShares funds whose target years had already passed, and it was handled through the routine termination process described in the fund's offering documents.