BSJG Fund Description

The Guggenheim BulletShares 2016 High Yield Corporate Bond ETF tracks a market value-weighted index of high yield corporate bonds with effective maturities in 2016.

BSJG ETF.com Insight

As part of Guggenheim’s BulletShares suite, BSJG behaves more like a bond than a typical bond fund. The fund provides bullet maturity—in this case Dec. 31, 2016—instead ofAs the fund matures, its maturity, duration and YTM will decline perpetual exposure to a maturity pocket of the US high yield market. As the fund matures, its maturity, duration and YTM will continue to decline. On its target date, BSJG will unwind and return all capital to investors. This structure permits BSJG to be used as a building block for a bond ladder. The fund charges a reasonable fee but struggles in tracking its index, increasing its true holding cost. BSJG trades with adequate liquidity given that it’s built to be held, not traded actively. In all, the fund provides a viable means to access a diverse pool of US high yield bonds while mimicking the life cycle of an individual bond. (Insight updated 09/30/2014)

1 Year

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

BSJG
-2.48% -2.48% -0.73% -0.52% -- -- --

BSJG (NAV)
-1.85% -2.14% 0.11% 0.36% -- -- --

-- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

BSJG Top 10 Countries

BSJG Top 10 Sectors

BSJG Top 10 Holdings

BSJG Summary Data

Issuer Guggenheim

A company that produces and manages ETFs.

Inception Date 04/25/12

The first date of a fund's operations, as documented by the issuer.

Legal Structure Open-Ended Fund

The organizational structure of the fund or ETN.

Expense Ratio 0.42%

The net total annual fee a fund holder pays to the issuer.

Assets Under Management $671.32 M

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

Average Daily $ Volume $4.96 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

(60-Day) | The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent." href="javascript:void(0)" class="term">Average Spread (60-Day) 0.08%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

BSJG Portfolio Data

Duration 2.7

Price sensitivity in percentage to a 100 basis point parallel shift (up or down) in interest rates.

Weighted Avg. Maturity 4.9 Years

The weighted average of remaining time until maturity for all securities in the portfolio.

Yield to Maturity 6.18%

The weighted average yield if all securities in the portfolio were held until maturity. Assumes that interest can be reinvested at YTM rate.

Next Ex-Dividend Date 01/02/15

The date on which a security's price excludes an upcoming dividend.

Number of Holdings 130

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

BSJG Index Data

Index Tracked BulletShares USD High Yield Corporate Bond 2016 Index

This is the benchmark an ETF is desigend to track or replicate.

Index Weighting Methodology Market Value

A set of rules that the underlying index provider follows to weight its constituent securities.

Index Selection Methodology Maturity

A set of rules that the underlying index provider follows to select its constituent securities.

Segment Benchmark BC US High
Yield 350M Cash Pay 0-5Y 2% Cap Index

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to BSJG

Top Competing ETFs BSJF

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

BSJG ETF.com Efficiency Insight

BSJG charges 42 bps, same as the rest of Guggenheim’s BulletShares suite. However, the fund struggles in tracking its index consistently–its tracking error is several times its stated fees at times, on both upside and downside. The growing asset base is enough to ward off any closure risk prior to its planned liquidation date. (Insight updated 09/30/2014)

Total Return - 09/30/2014

Performance [as of 09/30/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

BSJG
-1.41% -1.92% 1.12% 3.91% -- -- --

BSJG (NAV)
-1.52% -1.70% 1.33% 4.18% -- -- --

BulletShares USD High Yield Corporate Bond 2016 Index
-1.42% -1.72% 1.37% 3.95% 9.82% -- --

BC US High Yield 350M Cash Pay 0-5Y 2% Cap Index
-1.48% -1.58% 1.42% 4.20% -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

BSJG Portfolio Management

Expense Ratio 0.42%

The net total annual fee a fund holder pays to the issuer.

(12 Mo) | Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results." href="javascript:void(0)" class="term">Median Tracking Difference (12 Mo) 0.02%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

BSJG Tax exposures

Max LT/ST Capital Gains Rate 20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

Tax on Distributions N/A

IRS treatment of the majority of the fund's distributions.

Distributes K1 No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

BSJG Fund Structure

Legal Structure Open-Ended Fund

The organizational structure of the fund or ETN.

OTC Derivative Use No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

Securities Lending Active Yes

An indicator of whether or not a fund actively lends its portfolio holdings.

ETN Counterparty N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

ETN Counterparty Risk N/A

The risk of default by the ETN counterparty.

Fund Closure Risk Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Portfolio Disclosure Daily

The frequency of an issuer's disclosure of all fund holdings.

BSJG ETF.com Tradability Insight

BSJG isn't designed for active trading since target-maturity ETFs are built to be held to maturity. This means that liquidity is important but not mission critical. Trading volume and spreads matter, but investors might only need to trade once to buy in (and then wait for liquidation) which effectively cuts trading spreads in half. For larger investors, creation/redemption can move the prices adversely due to poor underlying liquidity in the high yield bond space. Institutions should work with market makers for block trades. (Insight updated 09/30/2014)

Average Spread

Premium/Discount

Volume

BSJG ETF.com/ Block LiquidityAs of 12/19/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of BSJG. BSJG is rated a 2 out of 5.

BSJG Tradability

Avg. Daily Share Volume 188,248

It is the daily number of shares traded, averaged over the past 45 trading days.

Average Daily $ Volume $4.96 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

Median Daily Share Volume 135,309

Median number of shares traded over the past 45 trading days.

(%) | The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent." href="javascript:void(0)" class="term">Average Spread (%) 0.08%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

($) | The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars." href="javascript:void(0)" class="term">Average Spread ($) $0.02

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

(12 Mo) | The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period." href="javascript:void(0)" class="term">Max. Premium / Discount (12 Mo) 0.76% / -0.82%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

Impediment to Creations None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

Market Hours Overlap 100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

(Shares) | The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund." href="javascript:void(0)" class="term">Creation Unit Size (Shares) 100,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

(45 Day Average) | The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots." href="javascript:void(0)" class="term">Creation Unit/Day (45 Day Average) 1.35

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

(%) | The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit." href="javascript:void(0)" class="term">Creation Unit Cost (%) 0.02%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

Open Interest on ETF Options --

The total number of net outstanding options contracts for an ETF.

ETF.com Implied Liquidity 2

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

BSJG ETF.com Fit Insight

Unlike perpetual maturity bond funds, BSJG provides bullet maturity exposure. The fund is designed to unwind and return all capital in Dec 2016, just like an individual bond. As the fund approach its target date, its maturity, duration, and YTM will continue to decline. (Any exposure to bonds outside of its target maturity are callable bonds expected to be called away prior to fund’s target maturity date.) The fund is on track to provide the target maturity it promises. (Insight updated 09/30/2014)

BSJG Sector/Industry Breakdown

Sector BSJG Segment Benchmark
Industrial 79.33% 84.84%

Utility 5.86% 10.54%

Finance 14.81% 4.62%

BSJG Top 5 Countries

United States 79.89% 90.93%

Luxembourg 4.73% 3.08%

United Kingdom 1.46% 1.32%

France 1.44% 1.28%

Cayman Islands 0.17% 1.19%

BSJG Top 5 Currencies

USD 100.00% 100.00%

Developed Market Currencies 100.00% 100.00%

BSJG Performance Statistics

Beta 1.14

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

Up Beta 1.31

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

Down Beta 1.10

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

Downside Standard Deviation 0.21%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

BSJG Holdings Statistics

Sector BSJG Segment Benchmark
Weighted Avg. Maturity 3.41 4.86

The weighted average of remaining time until maturity for all securities in the portfolio.

Effective Duration 2.42 2.71

A measure of interest rate risk. Estimates change in value to the portfolio based on a 1% parallel shift in the yield curve.

(2 year) | A measure of interest rate risk. Estimates the portfolio's sensitivity to changes in 2 year interest rates holding other rates constant." href="javascript:void(0)" class="term">Key Rate Duration (2 year) 0.33 0.49

A measure of interest rate risk. Estimates the portfolio's sensitivity to changes in 2 year interest rates holding other rates constant.

(10 year) | A measure of interest rate risk. Estimates the portfolio's sensitivity to changes in 10 year interest rates holding other rates constant." href="javascript:void(0)" class="term">Key Rate Duration (10 year) 0.00 0.01

A measure of interest rate risk. Estimates the portfolio's sensitivity to changes in 10 year interest rates holding other rates constant.

Yield to Maturity 6.28% 6.18%

The weighted average yield if all securities in the portfolio were held until maturity. Assumes that interest can be reinvested at YTM rate.

Credit Spread Duration 2.39 2.68

Price sensitivity in percentage to a 100 basis point change (widening or narrowing) of spread relative to Treasury spot curve.

Concentration Low Low

The Herfindahl Index number – a metric of portfolio concentration where higher numbers mean higher concentration of holdings.

Number of Holdings 509 130

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

Weighted Avg. Credit B B

Market–value–weighted average credit quality of the portfolio.

BSJG Maturity Distribution

0 - 1 Year 7.09% 1.52%

Percent of the portfolio's exposure to securities with 0 - 1 years until maturity.

1 - 3 Years 22.56% 27.16%

Percent of the portfolio's exposure to securities with 1 - 3 years until maturity.

3 - 5 Years 70.35% 1.42%

Percent of the portfolio's exposure to securities with 3 - 5 years until maturity.

5 - 7 Years 0.00% 66.18%

Percent of the portfolio's exposure to securities with 5 - 7 years until maturity.

7 - 10 Years 0.00% 3.72%

Percent of the portfolio's exposure to securities with 7 - 10 years until maturity

10+ Years 0.00% 0.00%

Percent of the portfolio's exposure to securities with 10+ years until maturity.

BSJG Credit Breakdown

AAA 0.00% 0.00%

Percent of portfolio's exposure to AAA rated bonds (Investment Grade).

AA 0.00% 0.00%

Percent of portfolio's exposure to AA rated bonds (Investment Grade).

A 0.00% 0.00%

Percent of portfolio's exposure to A rated bonds (Investment Grade).

BBB 0.82% 0.01%

Percent of portfolio's exposure to BBB rated bonds (Investment Grade).

BB 40.35% 34.93%

Percent of portfolio's exposure to BB rated bonds (High Yield).

B 40.17% 44.15%

Percent of portfolio's exposure to B rated bonds (High Yield).

CCC 17.31% 20.77%

Percent of portfolio's exposure to CCC rated bonds (High Yield).

CC 0.46% 0.14%

Percent of portfolio's exposure to CC rated bonds (High Yield).

C 0.33% 0.00%

Percent of portfolio's exposure to C rated bonds (High Yield).