Fixed Income | US Fixed Income

Invesco BulletShares 2025 High Yield Corporate Bond ETF

Ticker: BSJP

Product Details

The Invesco BulletShares® 2025 High Yield Corporate Bond ETF (Fund) is based on the Invesco Bulletshares® High Yield Corporate Bond 2025 Index (Index). The Fund will invest at least 80% of its total assets in corporate bonds that comprise the Index. The Index seeks to measure the performance of a portfolio of US dollar-denominated, high yield corporate bonds with effective maturities in 2025. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a "sampling" methodology to seek to achieve its investment objective. The Fund and the Index are rebalanced monthly. The Fund has a designated year of maturity of 2025 and will terminate on or about Dec. 15, 2025. See the prospectus for more information.

Effective Jan. 1, 2024, the Underlying Index name changed from the Nasdaq BulletShares® USD High Yield Corporate Bond 2025 Index to the Invesco BulletShares® High Yield Corporate Bond 2025 Index. See the prospectus for more information. 

as of 05/31/2024 03/31/2024

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Nasdaq BulletShares USD High Yield Corporate Bond 2025 Index 3.73 11.22 4.36 5.80 N/A 5.13
Bloomberg US Corporate High Yield Total Return Index 1.63 11.24 1.78 4.19 4.30 4.01
Fund History (%)
Fund NAV 3.54 10.51 3.53 4.91 N/A 4.34
After Tax Held 2.41 7.29 1.10 2.55 N/A 2.00
After Tax Sold 2.08 6.13 1.62 2.72 N/A 2.28
Fund Market Price 3.85 10.58 3.60 5.00 N/A 4.37
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Nasdaq BulletShares USD High Yield Corporate Bond 2025 Index 2.58 11.28 4.41 5.58 N/A 5.09
Bloomberg US Corporate High Yield Total Return Index 1.47 11.15 2.19 4.21 4.44 4.09
Fund History (%)
Fund NAV 2.46 10.33 3.58 4.73 N/A 4.28
After Tax Held 1.74 7.07 1.19 2.38 N/A 1.95
After Tax Sold 1.45 6.02 1.69 2.59 N/A 2.24
Fund Market Price 2.73 9.91 3.56 4.70 N/A 4.31

Market returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times. Performance data quoted represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance data quoted. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. Fund performance reflects applicable fee waivers, absent which, performance data quoted would have been lower. After Tax Held and After Tax Sold are based on NAV. Returns less than one year are cumulative.

As the result of a reorganization on May 18, 2018, the returns presented reflect performance of the Guggenheim predecessor fund. Invesco is not affiliated with Guggenheim.

as of 03/31/2024

Growth of $10,000

Data beginning Fund inception and ending 03/31/2024. Fund performance shown at NAV.

An investor cannot invest directly in an index. The results assume that no cash was added to or assets withdrawn from the Index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.

Estimated Net Acquisition Yield Calculator

The Estimated Net Acquisition Yield Calculator provides an approximation of the yield to maturity, based on the market price of the fund at the time of purchase. However, it does not provide the actual yield calculation, as a number of factors can have an effect on a fund's actual yield to maturity. The calculation is based upon the purchase price of an individual share, accounting for the deduction of fund expenses. Please note that the results generated by the Estimated Net Acquisition Yield Calculator are for illustrative purposes only and are not representative of any specific investment outcome.

NAV:

as of 06/12/2024
as of 06/12/2024

Sector Allocation

Sector Percent of Fund
Consumer Discretionary 22.95%
Energy 13.77%
Industrials 13.15%
Financials 11.90%
Information Technology 10.97%
Health Care 8.23%
Materials 6.04%
Utilities 5.54%
Investment Companies 3.32%
Real Estate 2.32%
Communication Services 1.19%
Consumer Staples 0.61%
Cash 0.01%

Quality Allocations as of 06/12/2024

S&P Moody's
BB : 53% Ba : 39%
B : 33% B : 49%
CCC : 9% Caa : 10%
Not Rated : 5% Not Rated : 2%
as of 06/12/2024

Maturity

Years % of Fund
0 - 1 years 28.56
1 - 5 years 65.68
5 - 10 years 5.76
10 - 15 years 0.00
15 - 20 years 0.00
20 - 25 years 0.00
25 years and over 0.00

as of 06/12/2024 Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date Next Call Date S&P / Moody's Rating† Weight
Veritas US Inc / Veritas Bermuda Ltd 7.50% 09/01/2025 07/12/2024 CCC+/B3 3.76%
Invesco Government & Agency Portfolio N/A N/A NR/NR 3.32%
Bausch Health Cos Inc 5.50% 11/01/2025 07/15/2024 B-/Caa1 3.29%
CITGO Petroleum Corp 7.00% 06/15/2025 07/12/2024 B+/B3 2.67%
Carnival Corp 10.50% 06/01/2030 06/01/2025 BB-/B3 2.53%
Spirit AeroSystems Inc 9.38% 11/30/2029 11/30/2025 BB-/Ba2 2.25%
New Fortress Energy Inc 6.75% 09/15/2025 07/03/2024 BB-/B1 2.23%
Freedom Mortgage Corp 12.00% 10/01/2028 10/01/2025 B/B2 2.05%
Prime Healthcare Services Inc 7.25% 11/01/2025 07/12/2024 B-/B3 2.03%
CrownRock LP / CrownRock Finance Inc 5.62% 10/15/2025 07/12/2024 BB-/B1 2.02%

Holdings are subject to change and are not buy/sell recommendations.

The characterizations of distributions reflected in this table are as of the date noted below. The actual amounts of income, capital gains and return of capital for tax purposes are only determined after the Fund’s fiscal year end, and may differ from the amounts and characterizations reflected in the chart below. Please refer to the Tax Center for the most current and/or final characterizations of these distributions, including any distributions characterized as return of capital.

Distributions | Hide View All | Distribution Information

Ex-Date Record Date Pay Date $/
Share
Ordinary Income Short Term Gains Long Term Gains Return of Capital Liquidation Distribution
05/20/2024 05/21/2024 05/24/2024 0.10985 0.10985 - - - -
04/22/2024 04/23/2024 04/26/0204 0.10948 0.10948 - - - -
03/18/2024 03/19/2024 03/22/2024 0.10815 0.10815 - - - -
02/20/2024 02/21/2024 02/23/2024 0.12534 0.12534 - - - -
01/22/2024 01/23/2024 01/26/2024 0.16193 0.16193 - - - -
12/18/2023 12/19/2023 12/22/2023 0.21859 0.21859 - - - -
11/20/2023 11/21/2023 11/24/2023 0.14291 0.14291 - - - -
10/23/2023 10/24/2023 10/27/2023 0.14142 0.14142 - - - -
09/18/2023 09/19/2023 09/22/2023 0.13163 0.13163 - - - -
08/21/2023 08/22/2023 08/25/2023 0.13889 0.13889 - - - -
07/24/2023 07/25/2023 07/28/0203 0.13672 0.13672 - - - -
06/20/2023 06/21/2023 06/23/2023 0.11787 0.11787 - - - -
05/22/2023 05/23/2023 05/26/2023 0.12392 0.12392 - - - -
04/24/2023 04/25/2023 04/28/2023 0.11323 0.11323 - - - -
03/20/2023 03/21/2023 03/24/2023 0.11825 0.11825 - - - -
02/21/2023 02/22/2023 02/24/2023 0.10697 0.10697 - - - -
01/23/2023 01/24/2023 01/27/2023 0.11641 0.11641 - - - -
12/19/2022 12/20/2022 12/23/2022 0.12492 0.12492 - - - -
11/21/2022 11/22/2022 11/25/2022 0.10847 0.10847 - - - -
10/24/2022 10/25/2022 10/28/2022 0.11027 0.11027 - - - -
09/19/2022 09/20/2022 09/23/2022 0.10189 0.10189 - - - -
08/22/2022 08/23/2022 08/26/2022 0.10386 0.10386 - - - -
07/18/2022 07/19/2022 07/22/2022 0.09790 0.09790 - - - -
06/21/2022 06/22/2022 06/30/2022 0.09410 0.09410 - - - -
05/23/2022 05/24/2022 05/31/2022 0.09356 0.09356 - - - -
04/18/2022 04/19/2022 04/29/2022 0.08863 0.08863 - - - -
03/21/2022 03/22/2022 03/31/2022 0.09367 0.09367 - - - -
02/22/2022 02/23/2022 02/28/2022 0.08078 0.08078 - - - -
01/24/2022 01/25/2022 01/31/2022 0.08840 0.08840 - - - -
12/20/2021 12/21/2021 12/31/2021 0.08418 0.08418 - - - -
11/22/2021 11/23/2021 11/30/2021 0.08618 0.08618 - - - -
10/18/2021 10/19/2021 10/29/2021 0.08534 0.08534 - - - -
09/20/2021 09/21/2021 09/30/2021 0.08111 0.08111 - - - -
08/23/2021 08/24/2021 08/31/2021 0.08407 0.08407 - - - -
07/19/2021 07/20/2021 07/30/2021 0.08117 0.08117 - - - -
06/21/2021 06/22/2021 06/30/2021 0.08801 0.08801 - - - -
05/24/2021 05/25/2021 05/28/2021 0.09142 0.09142 - - - -
04/19/2021 04/20/2021 04/30/2021 0.08684 0.08684 - - - -
03/22/2021 03/23/2021 03/31/2021 0.09220 0.09220 - - - -
02/22/2021 02/23/2021 02/26/2021 0.08633 0.08633 - - - -
01/19/2021 01/20/2021 01/29/2021 0.10098 0.10098 - - - -
12/21/2020 12/22/2020 12/31/2020 0.09432 0.09432 - - - -
11/23/2020 11/24/2020 11/30/2020 0.10283 0.10283 - - - -
10/19/2020 10/20/2020 10/30/2020 0.10433 0.10433 - - - -
09/21/2020 09/22/2020 09/30/2020 0.09714 0.09714 - - - -
08/24/2020 08/25/2020 08/31/2020 0.09697 0.09697 - - - -
07/20/2020 07/21/2020 07/31/2020 0.09341 0.09341 - - - -
06/22/2020 06/23/2020 06/30/2020 0.09630 0.09630 - - - -
05/18/2020 05/19/2020 05/29/2020 0.10392 0.10392 - - - -
04/20/2020 04/21/2020 04/30/2020 0.10529 0.10529 - - - -
03/23/2020 03/24/2020 03/31/2020 0.10710 0.10710 - - - -
02/24/2020 02/25/2020 02/28/2020 0.10062 0.10062 - - - -
01/21/2020 01/22/2020 01/31/2020 0.11241 0.11241 - - - -
12/23/2019 12/24/2019 12/31/2019 0.12121 0.12121 - - - -
11/18/2019 11/19/2019 11/29/2019 0.11291 0.11291 - - - -
10/21/2019 10/22/2019 10/31/2019 0.11983 0.11983 - - - -
09/23/2019 09/24/2019 09/30/2019 0.11504 0.11504 - - - -
08/19/2019 08/20/2019 08/30/2019 0.11645 0.11645 - - - -
07/22/2019 07/23/2019 07/31/2019 0.11760 0.11760 - - - -
06/24/2019 06/25/2019 06/28/2019 0.11575 0.11575 - - - -
05/20/2019 05/21/2019 05/31/2019 0.11406 0.11406 - - - -
04/22/2019 04/23/2019 04/30/2019 0.10464 0.10464 - - - -
03/18/2019 03/19/2019 03/29/2019 0.12195 0.12195 - - - -
02/19/2019 02/20/2019 02/28/2019 0.10430 - - - - -
01/22/2019 01/23/2019 01/31/2019 0.09859 0.09859 - - - -
12/24/2018 12/26/2018 12/31/2018 0.17386 0.17386 - - - -
11/19/2018 11/20/2018 11/30/2018 0.12157 0.12157 - - - -
10/22/2018 10/23/2018 10/31/2018 0.09399 0.09399 - - - -
09/24/2018 09/25/2018 09/28/2018 0.14383 0.14383 - - - -
08/20/2018 08/21/2018 08/31/2018 0.06047 0.06047 - - - -
08/02/2018 08/03/2018 08/07/2018 0.12305 0.12305 - - - -
07/03/2018 07/05/2018 07/09/2018 0.08827 0.08827 - - - -
06/04/2018 06/05/2018 06/07/2018 0.10587 0.10587 - - - -
05/02/2018 05/03/2018 05/07/2018 0.10360 0.10360 - - - -
04/03/2018 04/04/2018 04/06/2018 0.09680 0.09680 - - - -
03/02/2018 03/06/2018 03/08/2018 0.08600 0.08600 - - - -
02/02/2018 02/06/2018 02/08/2018 0.11320 0.11320 - - - -
12/28/2017 01/02/2018 01/04/2018 0.11190 0.11190 - - - -
12/04/2017 12/05/2017 12/07/2017 0.10140 0.10140 - - - -
11/02/2017 11/03/2017 11/07/2017 0.11450 0.11450 - - - -

Frequency Distribution of Discounts & Premiums

    Bid/Ask MidPoint Above NAV
Quarter
Ending
Days 0.00-
0.25%
0.26-
0.50%
0.51-
0.99%
1.00-
1.49%
1.50-
1.99%
≥2.00%
03/31/2024 61 42 19 0 0 0 0
12/31/2023 63 22 28 3 0 0 0
09/30/2023 63 38 9 0 0 0 0
06/30/2023 62 45 5 0 0 0 0
Year Ended 2023 250 132 54 5 0 0 0
    Bid/Ask Midpoint Below NAV
Quarter
Ending
Days 0.00-
0.25%
0.26-
0.50%
0.51-
0.99%
1.00-
1.49%
1.50-
1.99%
≥2.00%
03/31/2024 61 0 0 0 0 0 0
12/31/2023 63 10 0 0 0 0 0
09/30/2023 63 16 0 0 0 0 0
06/30/2023 62 11 1 0 0 0 0
Year Ended 2023 250 55 4 0 0 0 0

Fund Inception : 09/27/2017

Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. Performance data quoted represents past performance, which is not a guarantee of future results.

Premiums/Discounts

Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. Performance data quoted represents past performance, which is not a guarantee of future results.

 Risk & Other Information

† Credit ratings are assigned by Nationally Recognized Statistical Rating Organizations based on assessment of the credit worthiness of the underlying bond issuers. The ratings range from AAA (highest) to D (lowest) and are subject to change. Not rated indicates the debtor was not rated, and should not be interpreted as indicating low quality. Futures and other derivatives are not eligible for assigned credit ratings by any NRSRO and are excluded from quality allocations. For more information on rating methodologies, please visit the following NRSRO websites: standardandpoors.com and select "Understanding Ratings" under Rating Resources and moodys.com and select "Rating Methodologies" under Research and Ratings.

There are risks involved with investing in ETFs, including possible loss of money. Shares are not actively managed and are subject to risks similar to those of stocks, including those regarding short selling and margin maintenance requirements. Ordinary brokerage commissions apply. The Fund's return may not match the return of the Underlying Index. The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the Fund.

Investments focused in a particular sector, such as consumer discretionary, are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.

The Fund may invest in privately issued securities, including 144A securities which are restricted (i.e. not publicly traded). The liquidity market for Rule 144A securities may vary, as a result, delay or difficulty in selling such securities may result in a loss to the Fund.

Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa. During the final year of the Fund's operations, as the bonds mature and the portfolio transitions to cash and cash equivalents, the Fund's yield will generally tend to move toward the yield of cash and cash equivalents and thus may be lower than the yields of the bonds previously held by the Fund and/or bonds in the market.

An issuer may be unable or unwilling to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer's credit rating.

The values of junk bonds fluctuate more than those of high quality bonds and can decline significantly over short time periods.

The risks of investing in securities of foreign issuers can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues.

Income generated from the Fund is based primarily on prevailing interest rates, which can vary widely over the short- and long-term. If interest rates drop, the Fund's income may drop as well. During periods of rising interest rates, an issuer may exercise its right to pay principal on an obligation later than expected, resulting in a decrease in the value of the obligation and in a decline in the Fund's income.

An issuer's ability to prepay principal prior to maturity can limit the Fund's potential gains. Prepayments may require the Fund to replace the loan or debt security with a lower yielding security, adversely affecting the Fund's yield.

The Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind because of the nature of the Fund's investments. As such, investments in the Fund may be less tax efficient than investments in ETFs that create and redeem in-kind.

Restricted securities generally cannot be sold to the public and may involve a high degree of business, financial and liquidity risk, which may result in substantial losses to the Fund.

Unlike a direct investment in bonds, the Fund's income distributions will vary over time and the breakdown of returns between Fund distributions and liquidation proceeds are not predictable at the time of investment. For example, at times the Fund may make distributions at a greater (or lesser) rate than the coupon payments received, which will result in the Fund returning a lesser (or greater) amount on liquidation than would otherwise be the case. The rate of Fund distribution payments may affect the tax characterization of returns, and the amount received as liquidation proceeds upon Fund termination may result in a gain or loss for tax purposes.

During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value its holdings becomes more difficult and the judgment of the Sub-Adviser may play a greater role in the valuation of the Fund's holdings due to reduced availability of reliable objective pricing data.

The Fund’s use of a representative sampling approach will result in its holding a smaller number of securities than are in the underlying Index, and may be subject to greater volatility.

The Global Industry Classification Standard was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's.

The Bloomberg U.S. Corporate High Yield Index is an unmanaged index considered representative of fixed-rate, noninvestment-grade debt.

Invesco BulletShares® Corporate Bond Indexes are trademarks of Invesco Indexing LLC (index provider) and have been licensed for use by Invesco Capital Management LLC (investment adviser). Invesco Indexing LLC, Invesco Capital Management LLC, and Invesco Distributors, Inc. are wholly owned, indirect subsidiaries of Invesco Ltd.

NAIC Disclosure

Preliminary NAIC Designation Disclosure:
Preliminary NAIC Designations are the intellectual property of the National Association of Insurance Commissioners (NAIC) and are redistributed here under License. A Preliminary NAIC Designation is an opinion of the NAIC Securities Valuation Office (SVO) of the probable credit quality designation that would be assigned by the SVO to an investment if purchased by an insurance company and reported to the SVO. A Preliminary NAIC Designation is only one of the regulatory factors considered by the SVO as part of its analysis of probable regulatory treatment under the Regulatory Treatment Analysis Service (RTAS). A full discussion of such other regulatory factors is set forth in the RTAS Letter provided to Invesco. A Preliminary NAIC Designation cannot be used to report the ETF to state insurance regulators. However, the purchasing insurance company may obtain an NAIC Designation for the ETF by filing the security and final documents for the ETF with the SVO. The indication of probable regulatory treatment indicated by a Preliminary NAIC Designation is not a recommendation to purchase the ETF and is not intended to convey approval or endorsement of the ETF Sponsor or the ETF by the NAIC. 

NAIC Designation Disclosure:
NAIC Designations are the intellectual property of the National Association of Insurance Commissioners (NAIC) and are redistributed here under License. An NAIC Designation is a proprietary symbol used by the NAIC Securities Valuation Office (SVO) to denote a category or band of credit risk (i.e., the likelihood of repayment in accordance with a written contract) for an issuer or for a security. NAIC Designations may be notched up or down to reflect the position of a specific liability in the issuer’s capital structure and/or the existence of other non-payment risk in the specific security. Under NAIC reporting rules, shares of an ETF are presumed to be reportable as common stock. The SVO may classify an ETF as a bond or preferred stock and assign it an NAIC Designation if it meets defined criteria. For a discussion of these criteria please call the SVO or refer to the Purposes and Procedures Manual of the NAIC Investment Analysis Office. The assignment of an NAIC Designation is not a recommendation to purchase the ETF and is not intended to convey approval or endorsement of the ETF Sponsor or the ETF by the NAIC.