Fixed Income: U.S. - Corporate High Yield Intermediate

BSJO Top Performer Intra-day
Price $25.75
Today’s Change +0.07%(0.26)
12:32pm 11/24/2017
BSJM Bottom Performer Intra-day
Price $25.20
Today’s Change +0.02%(0.06)
12:45pm 11/24/2017
  • Overview
  • Efficiency
  • Tradability
  • Fit

ETF.com Insight

The U.S. Corporate Intermediate High Yield segment is home to the Guggenheim BulletShares suite–a series of target-date maturity products. This means investors looking for broad andfunds and the benchmark have fundamentally different investment objectives static exposure to the 3- to 10-year maturity US corporate high yield space will need to look outside the segment to shorter-term products or broad high-yield funds like JNK or HYG. In fact, this is not the segment for anyone looking to make a round-trip trade in a fund. The four products are designed to be held to maturity—behaving more like an individual bond—and have bid/ask spreads north of 15 bps.
Since all four funds carry identical expense ratios (42 bps), the choice comes down to your investment horizon, as there’s little else that differentiates them. Keep in mind that these funds are not mutually exclusive strategies. They actually complement each other to form a bond ladder. BSJI is the shortest-dated fund of the group, with a target maturity of 2018. Like many target-date funds from Guggenheim, all of the funds have average maturities that extend beyond their target dates thanks to the inclusion of longer-dated callable bonds.
Because our segment benchmark covers the broad intermediate corporate high-yield market, its exposure is spread fairly evenly across bonds expiring in the next 3-10 years. In contrast, the BulletShares funds have bullet exposure that’s concentrated mainly in their target maturity years by design. As such Fit scores may not provide the same utility when funds and the benchmark have fundamentally different purposes and investment objectives. (Insight updated 11/22/17)

All Funds (6)

BSJL $256.72 M 256717200 Matures in 2021

C 76
E
69
69
T
76
76
F
76
76

BSJK $623.7 M 623697000 Matures in 2020

C 72
E
76
76
T
74
74
F
72
72

BSJM $152.42 M 152420700 Matures in 2022

D 66
E
69
69
T
63
63
F
66
66

BSJN $58.1 M 58095400 N/A

N/A 0
E
0
-1
T
0
-1
F
0
-1

BSJO $25.52 M 25519000 N/A

N/A 0
E
0
-1
T
0
-1
F
0
-1

BSJP $4.94 M 4937600 N/A

N/A 0
E
0
-1
T
0
-1
F
0
-1

ETF.com Grade as 11/16/17

Fixed Income: U.S. - Corporate High Yield Intermediate

1 Year Total Return NAV
Performance  [as of 11/21/17] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
Benchmark: Barclays Intermediate US High Yield Index--------------
C 76.062919BSJL256717200BSJLGuggenheim BulletShares 2021 High Yield Corporate Bond ETF-0.50%1.51%5.49%7.37%5.12%----
C 71.934218BSJK623697000BSJKGuggenheim BulletShares 2020 High Yield Corporate Bond ETF-0.60%0.94%5.61%7.63%3.68%----
D 65.904156BSJM152420700BSJMGuggenheim BulletShares 2022 High Yield Corporate Bond ETF-0.84%1.12%4.71%7.41%5.32%----
N/A 0BSJN58095400BSJNGuggenheim BulletShares 2023 High Yield Corporate Bond ETF-0.73%1.36%5.19%7.62%------
N/A 0BSJO25519000BSJOGuggenheim BulletShares 2024 High Yield Corporate Bond ETF-1.14%1.66%6.04%8.25%------
N/A 0BSJP4937600BSJPGuggenheim BulletShares 2025 High Yield Corporate Bond ETF-0.97%------------
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

ETF.com Efficiency Insight

The segment is populated solely by Guggenheim’s BulletShares’ suite which will be unwound on respective designated maturity dates. They charge the identical expense ratio at 4242 bps and exhibit similar Efficiencies bps and exhibit similar Efficiencies.
Due to liquidity constraints in the underlying market, all funds show variability in tracking their respective indexes. However, since target maturity date funds are designed to be held to maturity, interim tracking volatility should not a deal breaker.
Since funds in the BulletShares suite are used to be the building blocks for a bond ladder, we expect asset will flow into newer funds steadily as older funds mature. Overall, we see low closure risk in the segment regardless of the size of the fund. (Insight updated 11/22/17)

All Funds (6)

76
76.107153
69
68.818583
69
68.656564
N/A
0
N/A
0
N/A
0

ETF.com Grade as 11/16/17

Fixed Income: U.S. - Corporate High Yield Intermediate

Tracking Difference (12 Month)

Ticker Expense Ratio Median Max. Upside Max. Downside Max LT/ST Cap Gains Rate Rule Legal Structure Fund Closure Risk Efficiency
BSJK Guggenheim BulletShares 2020 High Yield Corporate Bond ETF 0.44% -1.64% -0.65% -2.90% 20.00% / 39.60% Low 76.107153
BSJL Guggenheim BulletShares 2021 High Yield Corporate Bond ETF 0.44% -3.28% -1.13% -6.66% 20.00% / 39.60% Low 68.818583
BSJM Guggenheim BulletShares 2022 High Yield Corporate Bond ETF 0.44% -1.81% -0.98% -6.57% 20.00% / 39.60% Low 68.656564
BSJN Guggenheim BulletShares 2023 High Yield Corporate Bond ETF 0.44% -- -- -- 20.00% / 39.60% Medium 0
BSJO Guggenheim BulletShares 2024 High Yield Corporate Bond ETF 0.42% -- -- -- 20.00% / 39.60% High 0
BSJP Guggenheim BulletShares 2025 High Yield Corporate Bond ETF 0.42% -- -- -- 20.00% / 39.60% Low 0

ETF.com Tradability Insight

Since target-date funds are designed to be held to maturity, so they are not for active trading. Do not expect robust volume in this segment.
Liquidities–volume andeffectively cutting trading costs in half spreads–improve as each fund age and gather asset. As such, it is not surprising that the oldest fund in the segment has the largest daily volume and narrowest spreads. If funds are held to maturity, investors only pay spreads one way, effectively cutting trading costs in half.
Since high yield market is generally very illiquid, multiple creations/redemptions are likely to impact prices on underlying securities. Be sure to work with market makers or give the issuer’s capital market desk a call for best execution. (Insight updated 11/22/17)

All Funds (6)

76
76.118148
74
73.526717
63
63.322692
N/A
0
N/A
0
N/A
0

ETF.com Grade as 11/16/17

Fixed Income: U.S. - Corporate High Yield Intermediate

Ticker Median Daily Volume ($) Average Spread Creation Unit/Day Market Hours Overlap Underlying Volume/Unit % Creation Cost Per Unit (%) Impediment to Creations Score - Tradability
BSJK Guggenheim BulletShares 2020 High Yield Corporate Bond ETF $2.79 M 0.07% 1.14 100.00% -- 0.02% None 73.526717
BSJL Guggenheim BulletShares 2021 High Yield Corporate Bond ETF $1.21 M 0.12% 0.48 100.00% -- 0.02% None 76.118148
BSJM Guggenheim BulletShares 2022 High Yield Corporate Bond ETF $825.03 K 0.14% 0.33 100.00% -- 0.02% None 63.322692
BSJN Guggenheim BulletShares 2023 High Yield Corporate Bond ETF $316.49 K 0.11% 0.12 100.00% -- 0.02% None 0
BSJO Guggenheim BulletShares 2024 High Yield Corporate Bond ETF $97.4 K 0.40% 0.04 100.00% -- 0.02% None 0
BSJP Guggenheim BulletShares 2025 High Yield Corporate Bond ETF $30.75 K 0.15% -- -- -- 0.02% N/A 0
Spread History
Premium/Discount History

ETF.com/ Block Liquidity

BSJL
5
4
3
2
1
BSJK
5
4
3
2
1
BSJM
5
4
3
2
1
BSJN
5
4
3
2
1
BSJO
5
4
3
2
1
BSJP
5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of each ETF.

ETF.com Fit Insight

The Guggenheim BulletShares suite–target-date high yield bond funds–has totally different objectives from our perpetual maturity benchmark. So take our Fit analysis with a grainbullet maturity exposures of salt.
Our benchmark spreads its assets across bonds maturing 3-10 years from now in fairly even amounts. In contrast and by design, funds in the suite provide bullet maturity exposure in 1 year increment. Underlying securities mature (or expected to be called) in their target maturity years. As such, they behave more like a bond than a bond fund. Investors can use them as the building block of a bond ladder.
Don’t be confused by the longer dated securities in the respective portfolios. They are primarily callable securities with the expected call dates that align with respective target maturity dates. In addition, portfolio statistics and characteristics will evolve as time lapses and they get closer to their target maturity dates.
Overall, funds in this segment deliver their stated bullet maturity exposures. However, if you are looking for perpetual maturity exposure, you will find none here. (Insight updated 11/22/17)

All Funds (6)

76
76.062919
72
71.934218
66
65.904156
N/A
0
N/A
0
N/A
0

ETF.com Grade as 11/16/17

Fixed Income: U.S. - Corporate High Yield Intermediate