BSMWvsGNMAETF Comparison
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Invesco BulletShares 2032 Municipal Bond ETF (BSMW) belongs to the Municipal Bonds segment. iShares GNMA Bond ETF (GNMA) is part of the MBS & ABS segment. BSMW's top 1 sector exposures are Municipal. In contrast, GNMA's top sector exposures are Industrials and Non-Corporate. BSMW is more expensive with a Total Expense Ratio (TER) of 0.18%, versus 0.11% for GNMA. BSMW is down -2.1% year-to-date (YTD) with +$89M in YTD flows. GNMA performs better with -1.65% YTD performance, and +$36M in YTD flows. Run a side-by-side ETF comparison of BSMW and GNMA below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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BSMW vs GNMA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | BSMW GNMA | -0.09%-0.41% | -3.05%-2.53% | -2.10%-1.65% | -1.51%-1.41% | +10.84%+15.95% | n/a+0.31% |
| Flows | BSMW GNMA | +$17M-$15M | +$27M+$7M | +$89M+$36M | +$112M+$69M | +$207M+$124M | --$12M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | BSMW GNMA | +4.97%+5.77% | +3.12%+4.49% | +4.15%+5.59% | n/a+6.56% |
| Max drawdown | BSMW GNMA | -5.60%-4.45% | -6.62%-5.36% | -6.62%-5.36% | n/a-15.48% |
| Max drawdown duration | BSMW GNMA | 92d52d | 229d229d | 229d229d | n/a1397d |
Trading data
BSMW | GNMA | |
Last sale 10/16/2026 at 1:30 PM | $24.03 | $42.27 |
| Previous close 10/15/2026 | $24.03 | $42.26 |
| Consolidated volume 10/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 30, 2026
1-year trailing difference
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BSMW | GNMA | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
BSMW | GNMA | |
|---|---|---|
| Last price | $24.03 | $42.27 |
| 1D performance | +0.00% | +0.02% |
| AuM | $227.69 M | $416.20 M |
| E/R | 0.18% | 0.11% |
Characteristics
BSMW | GNMA | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Invesco | iShares |
| Benchmark | ICE BulletShares USD Municipal Bond 2032 Index | Bloomberg U.S. GNMA Bond Index |
| N° of holdings | 629 | 109 |
| Asset class | Fixed Income | Bonds |
| Trailing 12m distribution yield | Join | Join |
| Inception date | March 1, 2023 | February 14, 2012 |
| ESG | No | No |
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Exposure
Countries
BSMW
USA
40.37%
Other
59.63%
GNMA
USA
48.8%
Other
51.2%
Sectors
BSMW
Municipal
40.37%
Other
59.63%
GNMA
Industrials
39.92%
Non-Corporate
8.88%
Other
51.2%
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Diversification
BSMW
Total weight of top 15 holdings out of 15
5.14%
GNMA
Total weight of top 15 holdings out of 15
33.91%
Top 15 holdings
Data as of August 31, 2026
BSMW
University of California Medical Center, 5% 15may2047, USD (2022)
0.51%
New York Municipal Water Finance Authority, 5.25% 15jun2052, USD (2023)
0.49%
US46246SAU96
0.42%
University of California, 5% 15may2032, USD (2022)
0.41%
University of California, 5% 15may2052, USD (2022)
0.38%
New York Dormitory Authority, 5% 1may2052, USD (2022A)
0.35%
Los Angeles Unified School District, 5% 1jul2032, USD (2024)
0.31%
New Jersey, 4% 1jun2032, USD
0.30%
Tarrant Cultural Education Facilities Finance Corp., 5% 15nov2051, USD (2022D)
0.29%
US13063DT817
0.29%
US89602HEY99
0.28%
US01728VWU06
0.28%
New York Transitional Finance Authority, 5% 1feb2047, USD
0.28%
New York Municipal Water Finance Authority, 5% 15jun2047, USD
0.28%
Triborough Bridge and Tunnel Authority, 5.25% 15may2052, USD (2022C)
0.28%
GNMA
BlackRock Cash Funds - Treasury
8.88%
G2 MA7192, 2% 20feb2051, USD (ABS)
2.59%
US3618N5XQ77
2.51%
G2 MA9360, 4.5% 20dec2053, USD (ABS)
2.42%
US21H0526945
1.97%
US36179WTX64
1.90%
G2 MA8878, 5% 20may2053, USD (ABS)
1.67%
G2 MB0025, 5% 20nov2054, USD (ABS)
1.64%
US36179WJR07
1.62%
G2 MA7880, 2% 20feb2052, USD (ABS)
1.59%
G2 MA8801, 5.5% 20apr2053, USD (ABS)
1.59%
G2 MA6864, 2% 20sep2050, USD (ABS)
1.44%
US36179WLP13
1.40%
US36179WFG87
1.38%
US3617NWEY42
1.32%
Frequently asked questions about BSMW and GNMA
How have the BSMW and GNMA ETFs performed in 2026?
As of October 16, 2026, BSMW is down -2.1% year-to-date (YTD), while GNMA has lost -1.65%. That puts GNMA better performer ahead so far this year.
Which ETF is attracting more investor money: BSMW or GNMA?
Year-to-date, the BSMW ETF saw +$89M in flows, compared to +$36M for GNMA.
Which ETF is more volatile: BSMW or GNMA?
Over the past year, BSMW had a volatility of 3.12%, while GNMA experienced 4.49%.
Which ETF is bigger: BSMW or GNMA?
As of October 16, 2026, BSMW holds $227.69 M in assets under management (AUM), while GNMA manages $416.20 M.
What sectors do the BSMW and GNMA ETFs invest in?
BSMW leans toward sectors like Municipal. Meanwhile, GNMA focuses on Industrials and Non-Corporate.
What are the top holdings of the BSMW ETF and GNMA ETF?
BSMW top holdings include University of California Medical Center, 5% 15may2047, USD (2022), New York Municipal Water Finance Authority, 5.25% 15jun2052, USD (2023) and US46246SAU96. GNMA holds in its top three: BlackRock Cash Funds - Treasury, G2 MA7192, 2% 20feb2051, USD (ABS) and US3618N5XQ77.
Which ETF is more diversified: BSMW or GNMA?
BSMW holds 1912 securities with 5.14% of its assets in the top 15. GNMA has 355 securities and a top 15 weight of 33.91%.
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