Invesco BulletShares 2032 Municipal Bond ETF (BSMW) ETF

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About

No description available.

Exchange: XNAS
Inception: 2023-03-01
Has Options: No

Fund profile

holdings as of May 31, 2026SEC filingthrough May 2026flows, SEC filings

Municipal Bond Target Maturity Muni#11 of 27 by assets Invesco US Index-tracking

Expense ratio: 0.18%
Assets: $202M
Trailing yield: 3.38%
Average daily volume: $2.7M
Holdings: 1,768
Listed: Mar 1, 2023
Closure risk, 12 months: 1.1%
Tracking difference: -0.42 pts

FrenzyCap ETF score

66

how it is built

Cost71

Liquidity48

Scale48

Diversification100

Moves with. Long Treasuries (11% of its variance, beta 0.09); US large-cap stocks (8% of its variance, beta 0.07); Developed markets ex-US over US (3% of its variance, beta 0.05). These factors explain 24% of its daily moves over the last year, so most of what drives this fund is something else.

Stated objective. The Invesco BulletShares 2032 Municipal Bond ETF (the Fund) seeks to track the investment results (before fees and expenses) of the Invesco BulletShares Municipal Bond 2032 Index (the Underlying Index). (from the fund's prospectus)

All 1,768 holdings Flow history Overlap tool All Target Maturity Muni ETFs

Fund flows

through May 2026SEC filings

May 2026: +$5.0M
Latest 3 months: +$40M
Latest 12 months: +$98M

View as a table

Net flows of BSMW by month, Jun 2025 to May 2026
Month	Net flow
May 2026	+$5.0M
Apr 2026	+$33M
Mar 2026	+$2.5M
Feb 2026	+$7.6M
Jan 2026	+$7.6M
Dec 2025	+$10M
Nov 2025	+$7.6M
Oct 2025	+$7.5M
Sep 2025	+$5.0M
Aug 2025	+$2.5M
Jul 2025	+$4.9M
Jun 2025	+$4.9M

Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 40 months ago

Similar funds

Fund	Overlap	Fee	Assets	1Y
IBMPiShares iBonds Dec 2027 Term Muni Bond ETF	—	0.10%	$689M	−0.5%	compare
IBMQiShares iBonds Dec 2028 Term Muni Bond ETF	—	0.10%	$684M	−1.2%	compare
IBMRiShares iBonds Dec 2029 Term Muni Bond ETF	—	0.10%	$509M	−1.9%	compare
IBMOiShares iBonds Dec 2026 Term Muni Bond ETF	—	0.10%	$508M	+0.1%	compare
BSMRInvesco BulletShares 2027 Municipal Bond ETF	—	0.18%	$368M	−1.1%	compare

The largest other funds in the Target Maturity Muni category.

Under the hood

fiscal year to Aug 31, 2025SEC census

Authorized participants: 4 active
Created · redeemed: $42M · $0
Redemptions in kind: 0%
Creation unit: 100,000
Securities lending: not authorized
Return vs index: -0.42 pts
Diversification status: Non-diversified

From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.

ETF Profile

holdings as of 2026-05-31

Holdings

1768

AUM

$199.9M

Provider

Nport

Inception

2023-03-01

Exchange

XNAS

Data As Of

2026-05-31

Expense Ratio

0.18%

Dividend Yield

3.38%

Distribution

Monthly

Recent distributions

Ex-Date	Pay Date	Amount	Type
2026-10-19	2026-10-23	$0.0685	CD
2026-09-21	2026-09-25	$0.0672	CD
2026-08-24	2026-08-28	$0.0735	CD
2026-07-20	2026-07-24	$0.0729	CD
2026-06-22	2026-06-26	$0.0697	CD
2026-05-18	2026-05-22	$0.0620	CD

Asset Allocation

Top Holdings

top 50 of 1768 holdings

Symbol	Name	Weight %	Asset Class	Country
—	Regents of the University of California Medical Center	0.55%	Debt	US
—	New York (City of), NY Municipal Water Finance Authority	0.53%	Debt	US
—	Iowa (State of) Finance Authority (Iowa Fertilizer Co.)	0.45%	Debt	US
—	University of California	0.44%	Debt	US
—	University of California	0.40%	Debt	US
—	New Jersey (State of)	0.38%	Debt	US
—	New York (State of) Dormitory Authority	0.37%	Debt	US
—	Los Angeles Unified School District	0.34%	Debt	US
—	New Jersey (State of) Transportation Trust Fund Authority	0.32%	Debt	US
—	Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health)	0.31%	Debt	US
—	California (State of)	0.30%	Debt	US
—	New York (City of), NY Transitional Finance Authority	0.30%	Debt	US
—	Triborough Bridge & Tunnel Authority	0.29%	Debt	US
—	Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group)	0.29%	Debt	US
—	Texas (State of) Transportation Commission State Highway Fund	0.29%	Debt	US
—	California (State of)	0.29%	Debt	US
—	Maryland (State of)	0.29%	Debt	US
—	New York (State of) Thruway Authority (Bidding Group 4)	0.29%	Debt	US
—	New York (State of) Dormitory Authority	0.29%	Debt	US
—	Miami-Dade (County of), FL Transit System	0.28%	Debt	US
—	California (State of)	0.28%	Debt	US
—	San Francisco (City & County of), CA Airport Commission (San Francisco International Airport)	0.27%	Debt	US
—	Duluth (City of), MN Economic Development Authority (St. Luke's Hospital of Duluth)	0.27%	Debt	US
—	Triborough Bridge & Tunnel Authority (Green Bonds)	0.27%	Debt	US
—	Colorado (State of) Health Facilities Authority (Intermountain Healthcare)	0.27%	Debt	US
—	New York (City of), NY Transitional Finance Authority	0.27%	Debt	US
—	Massachusetts (Commonwealth of)	0.26%	Debt	US
—	New York (State of) Dormitory Authority	0.26%	Debt	US
—	New York (City of), NY Municipal Water Finance Authority	0.26%	Debt	US
—	Los Angeles (City of), CA Department of Water & Power	0.26%	Debt	US
—	New York (City of), NY	0.26%	Debt	US
—	Great Lakes Water Authority	0.26%	Debt	US
—	New York City Transitional Finance Authority Future Tax Secured Revenue	0.25%	Debt	US
—	Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Westlake Chemical Corp.)	0.25%	Debt	US
—	Wisconsin (State of) Public Finance Authority (Cone Health)	0.25%	Debt	US
—	State of Oregon Department of Transportation	0.25%	Debt	US
—	New Jersey (State of) Transportation Trust Fund Authority	0.24%	Debt	US
—	General Authority of Southcentral Pennsylvania	0.24%	Debt	US
—	New York (City of), NY Transitional Finance Authority	0.24%	Debt	US
—	Pennsylvania (Commonwealth of)	0.23%	Debt	US
—	South Carolina (State of) Public Service Authority (Santee Cooper)	0.23%	Debt	US
—	Delaware Valley Regional Finance Authority	0.23%	Debt	US
—	Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels)	0.22%	Debt	US
—	Illinois (State of) Toll Highway Authority	0.22%	Debt	US
—	Pflugerville Independent School District	0.22%	Debt	US
—	Philadelphia (City of), PA	0.22%	Debt	US
—	Metropolitan Transportation Authority Dedicated Tax Fund	0.22%	Debt	US
—	New York (City of), NY	0.21%	Debt	US
—	Massachusetts (Commonwealth of) Development Finance Agency (Green Bonds) (Harvard University)	0.21%	Debt	US
—	Dallas (City of), TX Independent School District	0.21%	Debt	US

Geographic Breakdown

Non-Equity Breakdown

Invesco BulletShares 2032 Municipal Bond ETF · NPORT-P period 2026-05-31 (filed 2026-07-29)

Net assets: $202M · 1768 total positions · equity 0.00% · non-equity 98.76%

Non-equity holdings — 1768 positions, 98.76% of NAV

Category	Weight	Value	Positions
Municipal	98.76%	$199.9M	1768

Summary

—

composite

—

Each spoke is this symbol's rank within its sector (0–100; the dotted ring marks the sector median at 50). Higher is more constructive for a long. One spoke — News sentiment — is an absolute reading, not a sector rank. Grayed spokes have no data. A fuller shape is a summary, not a recommendation.

Chart

Seasonality

Month	'23	'24	'25	'26	Avg
Jan	--	-0.58%	-0.06%	0.72%	0.03%
Feb	--	-0.98%	0.98%	0.83%	0.28%
Mar	2.50%	-0.76%	-2.81%	-2.42%	-0.87%
Apr	-0.47%	-1.81%	-1.37%	0.33%	-0.83%
May	-0.91%	-0.78%	-0.50%	-0.05%	-0.56%
Jun	0.67%	1.12%	0.87%	0.47%	0.78%
Jul	-0.06%	1.00%	-0.86%	-1.63%	-0.39%
Aug	-2.15%	-0.04%	0.25%	-0.62%	-0.64%
Sep	-3.52%	0.71%	2.21%	-3.64%	-1.06%
Oct	-1.17%	-2.68%	0.78%	1.60%*	-0.37%
Nov	6.81%	1.65%	-0.03%	--	2.81%
Dec	2.90%	-2.01%	-0.16%	--	0.24%
Total	4.29%	-5.14%	-0.79%	-4.44%	-1.52%

* Only 4 year(s) of data available.

Technical Indicators

? Indicator Guide

Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.

Trend Indicators

SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
+DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.

Momentum Oscillators

RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
Williams %R — inverted scale: <−80 oversold, >−20 overbought.

Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.

Volume & Volatility

Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
ATR / True Range — average daily $ move; sizing and stop-loss reference.
HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.

Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →

Trend Indicators

SMA 20: $23.76

SMA 50: $24.16

SMA 200: $24.86

Current: $24.14

EMA 12: $23.92

EMA 26: $23.93

MACD: -0.0166 | Signal: 0.0712

BEARISH

ADX (14): 27.51

TREND

+DI: 35.57

−DI: 22.03

Momentum Oscillators

RSI (14): 60.14

NEUTRAL

Stoch %K: 83.44

Stoch %D: 79.92

Williams %R: -0.74

Volume & Volatility

BB Upper: $24.16

BB Lower: $23.37

NEUTRAL

OBV: 1,045,839

Vol SMA 20: 126,742

Vol ROC: -95.73%

ATR: $0.14

True Range: $0.19

HV 20: 7.4%

HV 30: 6.8%

HV 60: 5.3%

Data Summary

Data Points: 500

Last Updated: Oct 22, 10:05 AM ET

Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00

AI Analysis

LLM Stock Analysis Report: BSMW

Executive Summary

Overall assessment: NEUTRAL (confidence level 6/10) Key drivers: Trend direction, momentum signals, volume trends Primary risks: Volatility regime, risk relative to market (beta)

Recent news sentiment impact: Neutral, with no recent news available

Technical Analysis

Trend Direction: Short-term: Uptrend (20-day SMA above 50-day SMA), Medium-term: Weak trend (14-day ADX below 20), Long-term: Uptrend (200-day SMA above 50-day SMA)

Support/Resistance Levels: Key price levels: * Resistance: $25.16 (Upper Bollinger Band) * Support: $25.04 (Lower Bollinger Band) and $24.98 (EMA 12)

Momentum Signals: * RSI interpretation: Neutral (50.26) * MACD signal: Bullish (0.01 above -0.01, with histogram at 0.02) * Bollinger Bands position: Neutral (price within the bands)

Volume Analysis: Volume trends and institutional interest signals: * Volume SMA 20: 26733.45 * On-Balance Volume (OBV): 1686854.00 * Volume Rate of Change: 93.97%

News & Sentiment Analysis

Recent Headlines Summary: No recent news available

Sentiment Assessment: Neutral, with no recent news sentiment available

Catalyst Identification: None identified from the given data

Market Narrative: Technical signals are neutral, with a bullish trend in short-term and long-term timeframes. No recent news is available to contradict or align with these signals.

Risk & Volatility Assessment

Beta Interpretation: Low risk relative to market (beta: 0.05 vs SPY)

Volatility Regime: Current volatility regime: Low (ATR: $0.08, HV20: 2.1%)

Options Market Signals: No options data available

Downside Protection: Support levels: * Lower Bollinger Band: $25.04 * EMA 12: $24.98

Market Context & Positioning

Sector Performance: Not applicable (no sector performance data provided)

Institutional Activity: No institutional activity signals available from the given data

Correlation Analysis: Stock moves less than market, with a low correlation coefficient of 0.23

Relative Valuation: Stock is trading within its historical range, with no clear relative valuation signal.

Key Levels & Action Items

Critical Price Levels: * Resistance: $25.16 (Upper Bollinger Band) * Support: $25.04 (Lower Bollinger Band) and $24.98 (EMA 12)

Breakout/Breakdown Levels: None identified from the given data

Time-Sensitive Catalysts: No time-sensitive catalysts identified from the given data

Risk Management: Stop-loss levels: * Below Lower Bollinger Band: $25.04 * Above Upper Bollinger Band: $25.16

Generated Jul 11, 5:53 AM ET

News

All BSMW news →

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Earnings History

Earnings calendar: this week’s reports with expected vs actual moves →

BSMW Options Activity & IV Rank

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Options Chain

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Spread Scanner GPU

Auto Refresh

? Score Guide Full Algorithm Docs ↗

Each spread is ranked by a composite score built in three stages. Full documentation →

Stage 1 — Base Score (GPU scanner)

score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.

Stage 2 — Skew Adjustment (±25% cap)

RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.

Stage 3 — Technical Overlay (±50% cap, 5 groups)

Group 1 · Directional Bias (±0.25)

RSI <40 bullish / >60 bearish
MACD crossover + histogram trend
Price vs SMA 50 & SMA 200

Group 2 · Momentum (±0.10)

Stochastic %K <20 / >80
Williams %R <−80 / >−20

Group 3 · Volatility (up to −0.25 / +0.15)

Blended ATR + straddle expected-move penalty
Bollinger Band signal (+ counter-trend penalty)
BB width — vol contraction boost for ICs

Group 4 · IV Regime (±0.15)

IV rank ≥ 75 → strong boost for credit spreads
IV rank < 25 → penalty (selling cheap vol)

Group 5 · Liquidity (penalty up to −0.10)

Min open interest across all legs
OI < 100 → −0.10 · OI < 500 → −0.05

score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →

Enter a ticker to scan for optimal spread opportunities.

Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.

Dealer Positioning

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Skew (Wing IV − ATM IV)

DTE:

Wing Δ:

Metric:

? What do these mean

Wing vs ATM

IV(put wing) − IV(ATM), in vol points

How much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.

Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.

Risk Reversal

IV(call wing) − IV(put wing), equal delta on each side

Which side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.

Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.

Reading them together

Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:

High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.

14 DTE / 10d —

— pts

ATM — / Wing —

30 DTE / 10d —

— pts

ATM — / Wing —

Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.

Volatility Surface

Enter a ticker to render the implied volatility surface.

Skew Metrics per Expiry ? Guide

Risk Reversal (RR)

IV(10% OTM call) − IV(10% OTM put)

Measures the direction of skew — which side the market is paying up for. Expressed as a vol difference in percentage points.

−3% to −10% → mild to moderate put skew. Normal for most large-cap stocks — puts always carry some premium from portfolio hedging demand.
−10% to −20% → strong put skew. Elevated fear, heavy hedging, or an upcoming catalyst (earnings, macro event). Worth noting.
Below −20% → extreme put skew. Stress signal — market aggressively buying downside protection.
−3% to 0% → nearly symmetric. Rare for equities; means the market sees roughly equal up/down risk.
Positive → calls more expensive than puts. Unusual — signals strong upside momentum, short squeeze risk, or takeover speculation.

Butterfly (BF)

½ × (IV call + IV put) − IV ATM

Measures curvature — how much the wings are bid up relative to ATM. Always expressed as a positive number (wing premium). Think of it as the cost of a tail hedge above and beyond the ATM vol.

0% to 2% → flat smile. Market pricing near-normal return distribution, low tail risk.
2% to 5% → moderate wing premium. Some tail risk priced in — typical in earnings cycles or elevated VIX environments.
Above 5% → high curvature. Fat tails aggressively priced — market expects a large move but is uncertain of direction. Very common right before earnings.

Reading them together

RR	BF	Interpretation
-15%	+5%	Strong put skew + fat tails — fear or upcoming catalyst (earnings, FDA)
-5%	+1%	Normal mild put skew, calm market
-20%	+8%	Extreme fear — heavy hedging, major event risk
~0%	+2%	Balanced market, no strong directional bias
+5%	+3%	Call skew — bullish momentum or short squeeze risk

Expiry	DTE	ATM IV	25d Put IV	25d Call IV	Risk Reversal	Butterfly	Interpretation	Strategy Suggestions (hover for rationale)

Volatility Smile

Enter a ticker to render the implied volatility smile.

IV Rank (7 DTE)

IV Rank (30 DTE)

Straddle Price (30 DTE)

Beta Analysis

Risk Metrics

Beta: 0.0753

Alpha: -5.56%

Correlation: 0.2708

R-Squared: 7.3%

Stock Volatility: 3.5%

Market Volatility: 12.7%

Analysis Details

Benchmark: SPY
Data Points: 251
Period: 252 trading days

Interpretation:
Low volatility - stock moves less than market

Beta & Alpha Over Time

Notable investors who own BSMW

Investor	Value	Share of their portfolio	Rank	Q/Q shares	Source

Hedge funds, activists, holding companies and family offices we track, from their latest 13F (quarter-end value) and Form 4 filings in the last 3 years. Family offices · all institutions

BSMW Institutional Ownership (13F)

Latest filings — 2026-09-30

? 13F Guide

Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.

Shares — long equity positions in this name, aggregated across share classes.
Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
% of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.

Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.

74 filers5,143,103 shares$128.79M value

#	Filer	Shares	Value	% of Total	% of Float	Period
1	Morgan Stanley Custodian	516,887	$12.99M	10.09%	—	2026-06-30
2	LPL Financial LLC Custodian	458,971	$11.54M	8.96%	—	2026-06-30
3	Stratos Wealth Advisors, LLC	281,549	$7.08M	5.50%	—	2026-06-30
4	Lido Advisors, LLC	279,328	$7.02M	5.45%	—	2026-06-30
5	Atlantic Union Bankshares Corp	274,117	$6.89M	5.35%	—	2026-06-30
6	Wells Fargo & Company Custodian	233,494	$5.87M	4.56%	—	2026-06-30
7	Bank of America Corp Custodian	228,408	$5.74M	4.46%	—	2026-06-30
8	CONFLUENCE INVESTMENT MANAGEMENT LLC	190,633	$4.50M	3.49%	—	2026-09-30
9	PRECEDENT WEALTH PARTNERS, LLC	173,161	$4.35M	3.38%	—	2026-06-30
10	Invesco Ltd. Custodian	172,867	$4.35M	3.37%	—	2026-06-30
11	Raymond James Financial, Inc. Custodian	157,369	$3.96M	3.07%	—	2026-06-30
12	UBS Group AG Custodian	153,350	$3.86M	2.99%	—	2026-06-30
13	Hills Bank & Trust Co	143,604	$3.61M	2.80%	—	2026-06-30
14	Envestnet Asset Management, Inc.	125,681	$3.16M	2.45%	—	2026-06-30
15	MONECO ADVISORS, LLC	120,153	$3.02M	2.35%	—	2026-06-30
16	Envision Financial Planning, LLC	120,053	$3.02M	2.34%	—	2026-06-30
17	Kestra Advisory Services, LLC	109,126	$2.74M	2.13%	—	2026-06-30
18	Ameriprise Financial, Inc. Custodian	107,760	$2.71M	2.10%	—	2026-06-30
19	HighTower Advisors, LLC	96,848	$2.43M	1.89%	—	2026-06-30
20	Clark Asset Management, LLC	88,780	$2.23M	1.73%	—	2026-06-30
21	Northwestern Mutual Wealth Management Co	80,257	$2.02M	1.57%	—	2026-06-30
22	OSAIC HOLDINGS, INC. Custodian	63,386	$1.59M	1.24%	—	2026-06-30
23	Key Financial Inc	54,685	$1.37M	1.07%	—	2026-06-30
24	Jones Financial Companies LLLP Custodian	50,527	$1.27M	0.99%	—	2026-06-30
25	Stifel Financial Corp Custodian	48,863	$1.23M	0.95%	—	2026-06-30

#	Filer	Notional Value	% of Total	Period

#	Filer	Notional Value	% of Total	Period

BSMW Insider Trading (Form 4)

Form 4 filings — insider beneficial-ownership changes by officers, directors, and 10%+ holders. Filed within 2 business days of transaction.

Filed	Reporter	Role	Action	Shares	Avg Price	Net $	Link

Codes: P = open-market purchase · S = open-market sale · A = grant/award · M = option exercise · F = tax withholding at vest · G = bona-fide gift · D = disposition to issuer · J = other (described in filing footnote — typically 401(k), trust, inheritance) · W = will/inheritance. Only P / S codes carry directional signal.

BSMW Proposed Insider Sales (Form 144)

Recent SEC Filings

Current reports — material events the company must disclose within 4 business days (earnings releases, M&A, executive changes, etc.).

Filing Date	Accession	Link

Annual report — audited financial statements, MD&A, risk factors. Filed 60–90 days after fiscal year-end.

Filing Date	Accession	Link

Quarterly report — unaudited financials and MD&A. Filed 40–45 days after each of the first three fiscal quarters.

Filing Date	Accession	Link

ETF Holders

#	ETF	Provider	Weight	$ Exposure	ETF AUM	As Of

Fundamentals

? Fundamentals Guide

Quarterly filings sourced from SEC 10-Q / 10-K reports. TTM tiles aggregate the most recent four quarters; bars show the last ~12 quarters oldest → newest.

Metrics

Revenue — top-line sales. Look for consistent YoY growth; seasonal businesses need same-quarter comparisons (Q4 '24 vs Q4 '23).
Net Income — bottom-line profit after all expenses. Can be volatile from one-time items; red bars = net loss.
Diluted EPS — net income per share assuming options/converts are exercised. Direct input to the P/E ratio.
Operating Cash Flow — cash generated from core operations, before capex and financing. Harder to manipulate than net income; growing OCF is a quality signal.

How to read the bars

Sequential growth — quarter-over-quarter trend. Accelerating bars are a momentum signal.
YoY growth — compare to the same quarter a year earlier to remove seasonality.
Quality — OCF should roughly track Net Income over time. Large divergence (net income ≫ OCF) flags accruals risk.
Margins — scan the bar ratios: Net Income / Revenue tells you margin trend without needing a separate chart.

TTM (trailing-twelve-month) smooths seasonality and is used for the P/E calculation. Filings appear 30–90 days after the period closes.

Valuation

? Valuation Guide

Ratios derived from TTM financials and the current market price, sampled daily. History chart shows how expensive the stock is today relative to its own recent past.

Price Multiples

P/E — price / TTM earnings. Rough market rule: 10–15 value, 15–25 market, >30 growth/premium. Negative when earnings are negative.
P/B — price / book value. Useful for financials and asset-heavy names; meaningless for asset-light software.
P/S — price / TTM revenue. Useful when earnings are negative or noisy (early-stage growth).
EV/EBITDA — capital-structure-neutral. <10 cheap, 10–15 reasonable, >20 rich. Good for comparing across leverage profiles.
EV/Sales — like P/S but accounts for debt + cash. Compare within sector.

Profitability & Yields

ROE — return on equity. >15% strong, >25% exceptional. Caution: high leverage inflates ROE.
ROA — return on assets. Leverage-neutral; >5% solid, >10% exceptional.
Div Yield — annual dividend / price. Compare to 10Y Treasury; sustained yield >6% often signals distress.
FCF Yield — free cash flow / market cap. >5% is attractive; negative means burning cash.

Balance Sheet

Debt/Equity — leverage. <1 conservative, >2 aggressive. Sector-dependent (utilities naturally high, tech low).
Current Ratio — short-term liquidity. >1.5 comfortable, <1 raises short-term solvency flags.

Reading the history chart

Compare current level to the 3-year band: near the high end = relatively expensive; near the low = relatively cheap.
Multiples expanding while earnings are flat = sentiment-driven rally.
Multiples compressing while earnings grow = value coming from fundamentals.

Metric:

Short Interest & Float

? Short Interest Guide

Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.

Metric definitions

Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
SI % of Float — short interest / free float. The key crowding metric.
Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
Free Float — shares available for public trading (total shares minus insider / restricted).
Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.

How to read the signals

SI % of Float < 5% — typical, no particular signal.
5–15% — elevated; watch for catalysts (earnings, guidance, macro).
15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
>30% — extreme; borrow is likely expensive and squeeze risk is material.
Days to Cover > 5 combined with high SI% amplifies squeeze potential.

History chart

Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
A sudden drop in SI after a rally may indicate a squeeze in progress.

Short interest is reported mid-month and end-of-month; short volume is daily.

Metric:

Constituent Performance

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Click any bar to view the full quote for that stock.

Constituents

Symbol	Name	Weight %	Price	1 Day	1 Week	1 Month

BSMW Invesco BulletShares 2032 Municipal Bond ETF