Invesco BulletShares 2032 Corporate Bond ETF

Invesco BulletShares 2032 Corporate Bond ETF (BSCW) holds US-dollar investment-grade corporate bonds that mature in 2032. It is set to close on or about December 15, 2032 and pay out its remaining assets in cash. Because of that fixed end date, it behaves more like a single bond than a typical bond fund. It charges 0.10% a year. That is slightly below the 0.11% average of similar funds but above the 0.03%–0.04% charged by the cheapest ones.

• Over the year to Oct 27, 2026, BSCW returned -1.4%, 7th of 8 among similar funds.
• Its worst full calendar year was 2024 (+2.2%); its best was 2023 (+9.3%).
• The deepest fall in its price history was 8.3% (Feb 2, 2023 to Oct 19, 2023), recovered by Dec 7, 2023.

As of Aug 31, 2026, the fund held 326 securities; the ten largest made up 9.93% of assets, and 3.18% sat in cash and money-market holdings.

The bonds mature in 5.7 years on average (weighted by size), with an average coupon of 4.36%.

• Over the three months to Aug 31, 2026, investors added a net $146.6M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.06%, -0.87%, +0.07%.

BSCW aims to match the Invesco BulletShares USD Corporate Bond 2032 Index. Invesco Indexing LLC, an Invesco affiliate, builds the index. It starts with US dollar bonds from companies based in the US, Canada, Western Europe or Japan. A bond qualifies if it matures in 2032 (or is likely to be called, meaning repaid early, in 2032). It must also pay fixed taxable interest, carry a higher-quality, investment-grade rating (at least BBB- or Baa3) and have at least $500 million outstanding.

Bonds are weighted by market value, with each issuer capped at 5% at the monthly rebalance. The fund uses sampling, holding a representative mix rather than every bond, and keeps at least 80% of assets in index bonds. It generally holds each bond until it matures, is called or leaves the index. As of October 31, 2025, the index had 302 bonds.

In 2032 the index adds no new bonds and rebalances only through June. Over the final six months, as bonds mature, the fund shifts into cash equivalents such as Treasury bills. It is set to close on or about December 15, 2032, and pay out its net assets in cash. The board can change that date. The payout amount is not fixed, and the fund does not follow a target date fund's gradual glide toward safer assets.

• BSCW charges 0.1% a year, versus an average of 0.11% for the similar funds below (7th of 8, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $10 in the first year and $129 over 10 years (assuming a 5% annual return).

It pays monthly income from investment-grade corporate bonds and returns its money in cash around a known date in late 2032.

BSCW could provide monthly income from high-grade corporate bonds with a set end date. Its trailing 12-month yield was 4.85% as of October 27, 2026, though monthly payments vary. The fund launched in September 2022, so it was not around for the 2008, 2020 or 2022 market drops. Its deepest decline was 8.3%, from February 2 to October 19, 2023. It recovered by December 7, 2023, about 1.6 months later. Its weakest calendar year, 2024, still returned 2.45%. Even with a fixed end date, someone forced to sell shares when bond prices fall could lock in a loss before 2032. The fund costs 0.10% a year, which is $57 over five years on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by bond funds with the closest average maturity and issuer mix (N-PORT).