Invesco BulletShares 2027 High Yield Corporate Bond ETF

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR) holds U.S. dollar high-yield ("junk") corporate bonds that mature in 2027. It tracks an Invesco index and plans to close on or about December 15, 2027, when it pays its cash out to shareholders. Most short-term high-yield funds have no end date, so this fixed end date sets it apart. Its 0.42% expense ratio is higher than the cheapest alternatives.

• Over the year to Oct 27, 2026, BSJR returned +3.1%, 3rd of 8 among similar funds.
• Its 5-year annualized return was +3.4%.
• In the 2020 COVID crash it fell 22.6% and regained its old high 5.3 months after the low.
• Its worst full calendar year was 2022 (-11.4%); its best was 2023 (+12.0%).
• The deepest fall in its price history was 22.6% (Feb 20, 2020 to Mar 23, 2020), recovered by Sep 1, 2020.

As of Aug 31, 2026, the fund held 93 securities; the ten largest made up 23.87% of assets, and 17.32% sat in cash and money-market holdings.

The bonds mature in 2.1 years on average (weighted by size), with an average coupon of 6.87%.

• Over the three months to Aug 31, 2026, investors added a net $58.1M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.17%, +0.26%, +0.66%.

BSJR tracks the Invesco BulletShares USD High Yield Corporate Bond 2027 Index. Invesco Indexing LLC, which is part of the same company as the fund's adviser, builds this index. It picks U.S. dollar bonds from companies based in the U.S., Canada, Western Europe or Japan. Each bond must pay fixed taxable interest, have at least $200 million outstanding and carry a below-investment-grade rating of BB+ or lower, but must average no lower than CCC-. It must also mature in 2027, or have an "effective maturity" in 2027. That means the issuer is likely to call the bond, or repay it early, that year. Some holdings are Rule 144A bonds. These are privately placed, are sold only to large institutions and can be harder to sell.

Bonds are weighted by market value, with each issuer capped at 5% at the monthly rebalance. The fund invests at least 80% of its assets in index bonds but uses "sampling": it holds a representative subset rather than every bond. As of October 31, 2025, the index had 125 bonds. The fund had 93 holdings as of August 31, 2026.

In 2027 the index adds no new bonds and stops rebalancing. As bonds mature, the fund moves into cash, Treasury bills and investment-grade commercial paper. Then it pays out its net assets in cash. It does not promise any set amount, and it is not a target date fund.

• BSJR charges 0.42% a year, versus an average of 0.4% for the similar funds below (4th of 8, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $43 in the first year and $530 over 10 years (assuming a 5% annual return).

BSJR pays monthly interest from high-yield bonds and has a known end date, but its junk-bond holdings make that income riskier than income from investment-grade bonds.

BSJR's trailing 12-month yield was 5.45% as of October 27, 2026, paid monthly. But junk bonds can fall sharply in a panic. The fund launched in September 2019, so it has no 2008 record. In the 2020 COVID crash it fell 22.6% between February 20 and March 23, 2020, and recovered by September 1, about five months later. In the 2022 bear market it fell 16.3% and did not recover until March 7, 2024, about 17 months after the low. Its worst calendar year was 2022, at -11.47%. Someone who has to sell in a slump like those would lock in losses. Holding until 2027 gives bonds time to mature, but defaults could still reduce what comes back. The 0.42% expense ratio works out to $43 in the first year on $10,000 under 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).