BSMW

As part of Invesco's AMT-Free Muni Term ETF suite, BSMW behaves more like a bond than a typical bond fund. The fund provides bullet maturity—in this case 2032—instead of perpetual exposure to a maturity pocket of the muni space. As the fund ages, its maturity, duration, and YTM will continue to decline. On its target date, BSMW will unwind and return all capital to investors. Coupon payments received from underlying securities are exempted from both the federal income tax and the alternative minimum tax. As such, BSMW can be used as a building block for a tax-exempted bond ladder.