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BSJP (Invesco BulletShares 2025 High Yield Corporate Bond ETF) is no longer actively trading.
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The Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) aims to replicate the performance of the Invesco BulletShares High Yield Corporate Bond 2025 Index. This fund commits a minimum of 80% of its total assets to corporate bonds that are components of its benchmark index. The index itself is structured to measure the returns of a diversified portfolio of US dollar-denominated, high-yield corporate debt instruments, all of which are slated to mature in 2025. Instead of purchasing every security in the index, the fund employs a "sampling" strategy to meet its investment goals. Both…
BSJP, set to terminate in December 2025, holds 30% non-maturity-matched bonds (e.g., OneMain Finance Corp, maturing 2029), exposing investors to significant market and credit spread risks. BSJP has underperformed cash (e.g., BIL) this year despite its high-yield bonds, showing negative price changes due to its longer-duration holdings. A recession developing in 2025 will result in a negative impact on the ETF.
The fund was designed to be a diversified bullet portfolio with minimal volatility, as its underlying bonds were expected to mature in 2025. The fund has deviated from its original structure by introducing longer-dated bonds with maturities beyond 2025. The introduction of longer-dated bonds has increased the fund's market risk, exposing investors to potential losses in case of a recession.
Invesco BulletShares 2025 High Yield Corporate Bond ETF is a term corporate bond ETF that matures in December 2025. BSJP offers predictability, diversification, liquidity, lower costs, and interest rate management compared to traditional bonds and bond funds. The fund holds a diversified portfolio of high yield corporate bonds, with a focus on next year's maturities, making it attractive for investors with a shorter time horizon.
Earlier this year, many industry observers and investors were expecting an imminent slowdown with markets. But with rates coming back down and the risk outlook improving, the outlook on fixed income has improved.
This ETF, just like its holdings, is set for redemption in 2025. It invests in USD denominated, high yield corporate bonds. We review this fund and provide our opinion on whether the 8%+ yield is worth it.