A side-by-side comparison of Invesco BulletShares (R) 2028 Municipal Bond ETF (BSMS) and First Trust Municipal High Income ETF (FMHI) to help Canadian investors make an informed decision.
1-Year Performance
Normalised to 100 at the start — shows relative return over the trailing 12 months.
Head-to-Head Comparison
| Metric | BSMS | FMHI |
|---|---|---|
| YTD Return | -0.04%✓ | -2.46% |
| 1-Day Change | -0.13%✓ | -0.49% |
| 1-Week Change | +0.37% | +0.71%✓ |
| 1-Month Change | +1.68%✓ | +4.17% |
| Current Price | $23.29 | $46.58 |
| AUM | $363M | $1.12B✓ |
| MER (Expense Ratio) | 0.18%✓ | 0.73% |
| Dividend Yield | 2.71% | 4.44%✓ |
| Distribution Frequency | — | — |
| Inception Date | 2019-09-25 | 2017-11-01 |
| Holdings Count | 9 | 1 |
| MorningStar Rating | — | — |
| Category | US Municipal Bonds | US Municipal Bonds |
| Beta | 0.56 | 0.98 |
| 52-Week High | $23.35 | $47.88 |
| 52-Week Low | $22.57 | $44.17 |
| 50-Day MA | $23.07 | $45.82 |
| 200-Day MA | $23.37 | $47.50 |
✓ marks the better value for return/yield/AUM metrics. Lower ✓ for MER.
Annualised Returns
| Period | BSMS | FMHI |
|---|---|---|
| YTD | -0.04%✓ | -2.46% |
| 1 Year | +2.60%✓ | +1.91% |
| 3 Year | +3.71% | +5.64%✓ |
| 5 Year | +0.19% | +0.43%✓ |
| 10 Year | +0.00% | +0.00% |
| 1Y Volatility | 3.18% | 6.78% |
| Sharpe Ratio (3Y) | -0.09 | 0.23 |
Past performance is not a guarantee of future results.
Top 10 Holdings
| 1 | NEW YORK N Y 5% | 2.01% | |
| 2 | CALIFORNIA ST 5% | 1.28% | |
| 3 | ILLINOIS ST TOLL HWY AUTH TOLL HIGHWAY REV 5% | 1.28% | |
| 4 | NEW YORK ST DORM AUTH SALES TAX REV ST SUPPORTED DEBT 5% | 1.28% | |
| 5 | TEXAS MUN GAS ACQUISITION & SUPPLY CORP III GAS SUPPLY REV 5% | 1.23% | |
| 6 | NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT 5% | 1.25% | |
| 7 | CONNECTICUT ST 4% | 1.14% | |
| 8 | MASSACHUSETTS ST 5% | 1.17% | |
| 9 | UNIVERSITY COLO ENTERPRISE SYS REV 4% | 1.15% |
| 1 | TNM23 | TNM23 | 3.25% |
Sector Weights
| Sector | BSMS | FMHI |
|---|---|---|
| Basic Materials | 0.00% | 0.00% |
| Communication Services | 0.00% | 0.00% |
| Consumer Cyclicals | 0.00% | 0.00% |
| Consumer Defensive | 0.00% | 0.00% |
| Energy | 0.00% | 0.00% |
| Financial Services | 0.00% | 0.00% |
| Healthcare | 0.00% | 0.00% |
| Industrials | 0.00% | 0.00% |
| Real Estate | 0.00% | 0.00% |
| Technology | 0.00% | 0.00% |
| Utilities | 0.00% | 0.00% |
About BSMS
The fund generally will invest at least 80% of its total assets in securities that comprise the underlying index. The underlying index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment-grade municipal bonds with maturities or, in some cases, "effective maturities," in the year 2028 (collectively, "2028 Bonds").
About FMHI
Under normal market conditions, the fund seeks to achieve its investment objectives by investing at least 80% of its net assets (including investment borrowings) in municipal debt securities that pay interest that is exempt from regular federal income taxes. Municipal securities are generally issued by or on behalf of states, territories or possessions of the U.S. and the District of Columbia and their political subdivisions, agencies, authorities and other instrumentalities.
Which ETF is Right for You?
Both BSMS and FMHI are listed on Canadian exchanges and accessible through most Canadian brokerages including Questrade, Wealthsimple Trade, TD Direct, and Interactive Brokers.
Based on the available data, FMHI scores higher across our tracked metrics including YTD performance, dividend yield, and AUM — though both ETFs warrant individual research before investing.
- Consider your account type (TFSA, RRSP, non-registered) as it can affect dividend taxation.
- Compare management expense ratios (MER) directly on each provider's website.
- Look at average daily trading volume to assess liquidity.
- Review the fund's underlying index and holdings to ensure the exposure matches your goals.
This is not financial advice. Always do your own research or consult a licensed financial advisor before investing.
Frequently Asked Questions
What is the difference between BSMS and FMHI?
BSMS (Invesco BulletShares (R) 2028 Municipal Bond ETF) and FMHI (First Trust Municipal High Income ETF) are both Canadian-listed ETFs. Key differences include their AUM ($363M vs $1.12B), dividend yield (2.71% vs 4.44%), and year-to-date performance (-0.04% vs -2.46%).
Is BSMS better than FMHI?
There is no single "better" ETF — it depends on your investment goals. If you prioritise recent performance, BSMS has outperformed year-to-date. Always review the fund's prospectus and consider your tax situation.
Can I buy BSMS and FMHI on Wealthsimple?
Most Canadian-listed ETFs are available on Wealthsimple Trade commission-free. Both BSMS and FMHI should be accessible. Check Wealthsimple's supported tickers list to confirm availability.
Free newsletter · Every Saturday morning
The Saturday TSX Wrap
The week on the TSX, in five minutes.
- The biggest gainers and losers, and why they moved
- Sector and momentum moves at a glance
- The Canadian market stories you missed