BSJL - Invesco BulletShares 2021 High Yield Corporate Bond ETF

Fixed Income - US Fixed Income

Product Details

The Invesco BulletShares® 2021 High Yield Corporate Bond ETF (Fund) is based on the Nasdaq Bulletshares® USD High Yield Corporate Bond 2021 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 2021. 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 2021 and will terminate on or about Dec. 15, 2021. See the prospectus for more information.

as of 10/31/2019

Morningstar Rating

Overall Rating - High Yield Bond Category

As of 10/31/2019 the Fund had an overall rating of 4 stars out of 610 funds and was rated 3 stars out of 610 funds, 4 stars out of 536 funds and N/A stars out of N/A funds for the 3-, 5- and 10- year periods, respectively.

Morningstar details

Source: Morningstar Inc. Ratings are based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance. Open-end mutual funds and exchange-traded funds are considered a single population for comparison purposes. Ratings are calculated for funds with at least a three year history. The overall rating is derived from a weighted average of three-, five- and 10-year rating metrics, as applicable, excluding sales charges and including fees and expenses. ©2019 Morningstar Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results. The top 10% of funds in a category receive five stars, the next 22.5% four stars, the next 35% three stars, the next 22.5% two stars and the bottom 10% one star. Ratings are subject to change monthly. Had fees not been waived and/or expenses reimbursed currently or in the past, the Morningstar rating would have been lower. Ratings for other share classes may differ due to different performance characteristics.

as of 10/31/2019 09/30/2019

Performance

  YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Index History (%)
Nasdaq BulletShares USD High Yield Corporate Bond 2021 Index 8.12 6.24 6.02 4.36 N/A 4.20
Bloomberg Barclays U.S. Corporate High Yield Index 11.71 8.38 6.03 5.18 7.78 5.10
Fund History (%)
Fund NAV 7.67 5.63 5.01 4.55 N/A 4.68
After Tax Held 5.85 3.35 2.77 2.31 N/A 2.49
After Tax Sold 4.53 3.30 2.83 2.45 N/A 2.58
Fund Market Price 8.06 6.06 5.12 4.43 N/A 4.62
  YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Index History (%)
Nasdaq BulletShares USD High Yield Corporate Bond 2021 Index 7.79 5.13 6.08 4.51 N/A 4.20
Bloomberg Barclays U.S. Corporate High Yield Index 11.41 6.36 6.07 5.37 7.94 5.13
Fund History (%)
Fund NAV 7.53 4.59 5.02 4.93 N/A 4.73
After Tax Held 5.89 2.36 2.78 2.71 N/A 2.54
After Tax Sold 4.45 2.68 2.84 2.75 N/A 2.61
Fund Market Price 7.96 4.71 4.99 5.00 N/A 4.68

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. 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 April 6, 2018, the returns presented reflect performance of the Guggenheim predecessor fund. Invesco is not affiliated with Guggenheim.

as of 09/30/2019

Growth of $10,000

Data beginning Fund inception and ending 09/30/2019. 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 12/04/2019
Data is currently unavailable
Please try again later.

as of {{yieldCalculations.navDate | date : 'MM/dd/yyyy'}}

Net Asset Value (NAV) $ {{yieldCalculations.navBase | number : 2}}
Weighted Average Yield to Worst (YTW)1 {{yieldCalculations.yieldToWorse | numberPercent}}
+ Price Adjustment2 {{yieldCalculations.priceAdjustment | numberPercent}}
= Price Adjusted Weighted Average Yield to Worst3 {{yieldCalculations.priceAdjustedYield | numberPercent}}
- Expense Ratio - {{yieldCalculations.expenseRatio * 100 | numberPercent}}
Estimated Net Acquisition Yield4 {{yieldCalculations.estimatedNetAcquisitionYield | numberPercent}}

1. Weighted Average Yield to Worst uses the lowest discount rate for all possible redemption date scenarios with its market price. A fund's Average YTW is defined as the weighted average of a fund's individual bond holding YTW and is based upon the price of each individual bond that was utilized to calculate that day's net asset value and does not include fund fees and expenses.
2. Price Adjustment is an adjustment made to the Weighted Average Yield to Worst (which is based upon NAV) to extent that the Purchase Price is above or below NAV. A Purchase Price that is greater than NAV will effectively reduce the Weighted Average Yield to Worst, while Purchase Price less than NAV will effectively increase the Weighted Average Yield to Worst. The Price Adjustment is an approximation.
Formula:
Price Adjustment = [NAV - Purchase Price / (NAV X Average Duration at most recent quarter end)]
3. Price Adjusted Weighted Average Yield to Worst is the sum of the weighted average yield to worst and the price adjustment.
4. Estimated Net Acquisition Yield is an approximation of the Weighted Average Yield to Worst a shareholder may experience given the impact of purchase price and the fund's expense ratio on the Weighted Average Yield to Worst based upon NAV.
Formula:
Estimated Net Acquisition Weighted Average Yield to Worst = Weighted Average Yield to Worst + Price Adjustment - Expense Ratio
Note: Net asset value data is based on daily data and Weighted Average Yield to Worst data is based on weekly data.

as of 12/04/2019

Sector Allocation

Sector Percent of Fund
Communication Services 17.81%
Consumer Discretionary 16.33%
Energy 11.93%
Financials 9.23%
Industrials 8.63%
Utilities 8.47%
Information Technology 7.40%
Health Care 5.99%
Materials 5.23%
Telecommunication Services 4.24%
Real Estate 2.47%
Consumer Staples 2.28%

Quality Allocations as of 12/04/2019

S&P Moody's
BBB : 0% Baa : 0%
BB : 54% Ba : 49%
B : 40% B : 38%
CCC : 4% Caa : 10%
Not Rated : 1% Not Rated : 3%
as of 12/04/2019

Maturity

Years % of Fund
0 - 1 years 0.00
1 - 5 years 71.37
5 - 10 years 28.63
10 - 15 years 0.00
15 - 20 years 0.00
20 - 25 years 0.00
25 years and over 0.00

as of 12/04/2019 Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date Next Call Date S&P / Moody's Rating† Weight
Sprint Corp 7.25% 09/15/2021 N/A B/B3 3.54%
T-Mobile USA Inc 6.50% 01/15/2026 01/15/2021 BB+/Ba2 3.17%
DISH DBS Corp 6.75% 06/01/2021 N/A B-/B1 3.12%
Bausch Health Cos Inc 9.00% 12/15/2025 12/15/2021 B-/B3 2.52%
MGM Resorts International 6.62% 12/15/2021 N/A BB-/Ba3 2.13%
NRG Energy Inc 6.62% 01/15/2027 07/15/2021 BB/Ba3 1.98%
CenturyLink Inc 6.45% 06/15/2021 N/A B+/B2 1.98%
Meredith Corp 6.88% 02/01/2026 02/01/2021 B+/B3 1.95%
Sprint Communications Inc 11.50% 11/15/2021 N/A B/B3 1.79%
Bombardier Inc 8.75% 12/01/2021 N/A B-/Caa1 1.79%

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

Distributions | HideView All | Distribution Information

Ex-Date Record Date Pay Date $/
Share
Ordinary Income Short Term Gains Long Term Gains Return of Capital
11/18/2019 11/19/2019 11/29/2019 0.09661 0.09661 - - -
10/21/2019 10/22/2019 10/31/2019 0.10247 0.10247 - - -
09/23/2019 09/24/2019 09/30/2019 0.09894 0.09894 - - -
08/19/2019 08/20/2019 08/30/2019 0.10468 0.10468 - - -
07/22/2019 07/23/2019 07/31/2019 0.10605 0.10605 - - -
06/24/2019 06/25/2019 06/28/2019 0.10611 0.10611 - - -
05/20/2019 05/21/2019 05/31/2019 0.10866 0.10866 - - -
04/22/2019 04/23/2019 04/30/2019 0.10374 0.10374 - - -
03/18/2019 03/19/2019 03/29/2019 0.10595 0.10595 - - -
02/19/2019 02/20/2019 02/28/2019 0.09461 - - - -
01/22/2019 01/23/2019 01/31/2019 0.10077 0.10077 - - -
12/26/2018 12/27/2018 12/31/2018 - - 0.02273 0.00361 -
12/24/2018 12/26/2018 12/31/2018 0.15951 0.15951 - - -
11/19/2018 11/20/2018 11/30/2018 0.09127 0.09127 - - -
10/22/2018 10/23/2018 10/31/2018 0.08846 0.08846 - - -
09/24/2018 09/25/2018 09/28/2018 0.10882 0.10882 - - -
08/20/2018 08/21/2018 08/31/2018 0.04590 0.04590 - - -
08/02/2018 08/03/2018 08/07/2018 0.09284 0.09284 - - -
07/03/2018 07/05/2018 07/09/2018 0.09079 0.09079 - - -
06/04/2018 06/05/2018 06/07/2018 0.10304 0.10304 - - -
05/02/2018 05/03/2018 05/07/2018 0.09709 0.09709 - - -
04/03/2018 04/04/2018 04/06/2018 0.10420 0.10420 - - -
03/02/2018 03/06/2018 03/08/2018 0.09100 0.09100 - - -
02/02/2018 02/06/2018 02/08/2018 0.11130 0.11130 - - -
12/28/2017 12/29/2017 01/02/2018 0.15750 0.11630 0.04120 - -
12/04/2017 12/05/2017 12/07/2017 0.08920 0.08920 - - -
11/02/2017 11/03/2017 11/07/2017 0.09460 0.09460 - - -
10/03/2017 10/04/2017 10/06/2017 0.10280 0.10280 - - -
09/01/2017 09/06/2017 09/08/2017 0.10040 0.10040 - - -
08/01/2017 08/03/2017 08/07/2017 0.10410 0.10410 - - -
07/03/2017 07/06/2017 07/10/2017 0.10280 0.10280 - - -
06/01/2017 06/05/2017 06/07/2017 0.11470 0.11470 - - -
05/01/2017 05/03/2017 05/05/2017 0.09080 0.09080 - - -
04/03/2017 04/05/2017 04/07/2017 0.09050 0.09050 - - -
03/01/2017 03/03/2017 03/07/2017 0.08730 0.08730 - - -
02/01/2017 02/07/2017 02/03/2017 0.11130 0.11130 - - -
12/28/2016 12/30/2016 01/04/2017 0.11780 0.08760 - - 0.03020
12/01/2016 12/05/2016 12/07/2016 0.11710 0.11710 - - -
11/01/2016 11/03/2016 11/07/2016 0.10210 0.10210 - - -
10/03/2016 10/05/2016 10/07/2016 0.10150 0.10150 - - -
09/01/2016 09/06/2016 09/08/2016 0.11430 0.11430 - - -
08/01/2016 08/03/2016 08/05/2016 0.09880 0.09880 - - -
07/01/2016 07/06/2016 07/08/2016 0.10810 0.10810 - - -
06/01/2016 06/03/2016 06/07/2016 0.10810 0.10810 - - -
05/02/2016 05/04/2016 05/06/2016 0.09220 0.09220 - - -
04/01/2016 04/05/2016 04/07/2016 0.10130 0.10130 - - -
03/01/2016 03/03/2016 03/07/2016 0.10910 0.10910 - - -
02/01/2016 02/03/2016 02/05/2016 0.09950 0.09950 - - -
12/29/2015 12/31/2015 01/04/2016 0.09574 0.08472 - - 0.01102
12/01/2015 12/03/2015 12/07/2015 0.10580 0.10580 - - -
11/02/2015 11/04/2015 11/06/2015 0.10260 0.10260 - - -
10/01/2015 10/05/2015 10/07/2015 0.10110 0.10110 - - -
09/01/2015 09/03/2015 09/08/2015 0.10490 0.10490 - - -
08/03/2015 08/05/2015 08/07/2015 0.09400 0.09400 - - -
07/01/2015 07/06/2015 07/08/2015 0.10740 0.10740 - - -
06/01/2015 06/03/2015 06/05/2015 0.09750 0.09750 - - -
05/01/2015 05/05/2015 05/07/2015 0.10150 0.10150 - - -
04/01/2015 04/06/2015 04/08/2015 0.09370 0.09370 - - -
03/02/2015 03/04/2015 03/06/2015 0.09810 0.09810 - - -
02/02/2015 02/04/2015 02/06/2015 0.08920 0.08920 - - -
12/29/2014 12/31/2014 01/02/2015 0.10022 0.09007 - - 0.01015
12/01/2014 12/03/2014 12/05/2014 0.07740 0.07740 - - -
11/03/2014 11/05/2014 11/07/2014 0.12270 0.12270 - - -

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%
09/30/2019 64 31 33 0 0 0 0
03/31/2019 61 17 39 2 0 0 0
12/31/2018 63 27 1 0 0 0 0
09/30/2018 63 62 1 0 0 0 0
Year Ended 2018 251 129 2 0 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%
09/30/2019 64 0 0 0 0 0 0
03/31/2019 61 1 2 0 0 0 0
12/31/2018 63 22 9 4 0 0 0
09/30/2018 63 0 0 0 0 0 0
Year Ended 2018 251 88 21 11 0 0 0

Fund Inception : 09/17/2014

 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 industry or sector are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.

The Fund is non-diversified and may experience greater volatility than a more diversified investment.

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

Nasdaq BulletShares® USD High Yield 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.

as of 12/05/2019
12:57 PM EST

BSJL
Intraday Stats

  • Last Trade $24.53
  • Current IIV $24.49
  • Change $0.00
  • % Change 0.00%
as of 12/04/2019
  • NAV at market close $24.48
as of 12/04/2019

Fund Yield

  • SEC 30 Day Yield 4.11%
  • Distribution Rate 4.74%
  • 12 Month Distribution Rate 5.26%
  • 30-Day SEC Unsubsidized Yield
    as of 12/04/2019
    4.11%
as of 12/04/2019

Prior Close

  • Closing Price $24.53
  • Bid/Ask Midpoint $24.54
  • Bid/Ask Prem/Disc $0.06
  • Bid/Ask Prem/Disc 0.25%
as of 11/29/2019

Fund Characteristics

  • Effective Duration 1.39 yrs
  • Modified Duration 2.52 yrs
  • Yield to Maturity 5.13%
  • Yield to Worst 4.34%
  • Weighted Avg Life 1.48
  • Weighted Avg Coupon 6.29%
  • Weighted Avg Price
    as of 12/04/2019
    103.48
The source of the calculation for these fund characteristics is Aladdin (BRS).

Fund Details

  • Fund Ticker BSJL
  • CUSIP # 46138J809
  • ISIN US46138J8099
  • Intraday NAV BSJLIV
  • Index Ticker BSJKL
  • Index Provider Invesco Indexing LLC
  • Management Fee 0.42%
  • Total Expense Ratio 0.43%
  • Fee Waiver 0.01%
  • Net Expense Ratio 0.42%
  • Marginable No
  • Short Selling No
  • Options No
  • Exchange NYSE Arca
  • Inception Date 09/17/2014
  • # of Holdings 106
    as of 12/04/2019
as of 12/05/2019

Quick Facts

  • Previous Close $24.53
  • Open $24.53
  • Today's High $24.54
  • Today's Low $24.52
  • Today's Volume 120,741
  • 234,966 30-Day Avg Trading
    Volume
  • 52 Week High $24.89
  • 52 Week Low $23.32
  • Shares Outstanding 39.40MM
  • Market Value $964.6MM