At a glance
BSJS charges 0.42% a year, above the 0.4% average of the 7 funds most like it (the 4th cheapest of 8). It has $763.9M in assets, the 7th largest of that group; it paid 6.13% of its price in distributions over the past 12 months, monthly. Over the past year it returned +3.9% with distributions reinvested, the best of those 8 funds; over three years it returned +9.1% a year. At its worst it fell 17.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 21 months after the low. Its ten largest positions make up 16.8% of the fund, out of 171 in all.
The short version
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS) holds U.S. dollar high-yield corporate bonds (often called "junk" bonds) that mature in 2028. The fund itself is set to close on or about December 15, 2028, and pay its remaining assets to shareholders in cash. That fixed end date sets it apart from ongoing short-term junk bond funds. It pays income monthly, with a trailing yield of 6.13% as of October 27, 2026, and charges 0.42% a year.
Price history
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BSJS +3.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BSJS official prospectus, to Dec 31, 2024 | — | +7.75% | — | — | — | +2.76% |
| BSJS price data to Oct 27, 2026 | +2.9% | +3.9% | +9.1% | +3.3% | — | +3.2% |
- Over the year to Oct 27, 2026, BSJS returned +3.9%, 1st of 8 among similar funds.
- Its 5-year annualized return was +3.3%.
- Its worst full calendar year was 2022 (-13.7%); its best was 2023 (+12.3%).
- The deepest fall in its price history was 17.7% (Dec 27, 2021 to Sep 27, 2022), recovered by Jul 10, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +2.9% | — |
| 2025 | +8.3% | — |
| 2024 | +7.3% | +7.75% |
| 2023 | +12.3% | +12.71% |
| 2022 | -13.7% | -13.76% |
| 2021 | — | +3.13% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.4% over that stretch · deepest drop along the way 17.3%, back to its old high 21.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0900 | |
| 2025 | $1.4300 | -5.9% |
| 2024 | $1.5200 | +4.1% |
| 2023 | $1.4600 | +20.7% |
| 2022 | $1.2100 |
What's inside
As of Aug 31, 2026, the fund held 171 securities; the ten largest made up 16.78% of assets, and 12.93% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| CCO Holdings, LLC/CCO Holdings Capital Corp. Bonds and notes | 2.30% | |
| DISH DBS Corp. Bonds and notes | 2.00% | |
| Organon & Co. / Organon Foreign Debt Co-Issuer B.V. Bonds and notes | 1.94% | |
| Sirius XM Radio LLC. Bonds and notes | 1.82% | |
| Tenneco Inc. Bonds and notes | 1.77% | |
| United Rentals (North America), Inc. Bonds and notes | 1.54% | |
| Avantor Funding, Inc. Bonds and notes | 1.42% | |
| Uniti Services LLC Bonds and notes | 1.35% | |
| Bausch + Lomb Corp. Bonds and notes | 1.34% | |
| Tenet Healthcare Corp. Bonds and notes | 1.30% | |
| Newell Brands Inc. Bonds and notes | 1.22% | |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer Bonds and notes | 1.18% | |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l. Bonds and notes | 1.10% | |
| Aramark Services, Inc. Bonds and notes | 1.07% | |
| Kinetik Holdings L.P. Bonds and notes | 0.99% |
By country
United States 89.12%Canada 5.55%France 1.07%Cayman Islands 0.75%Luxembourg 0.72%By issuer
Companies 98.43%The bonds mature in 2.1 years on average (weighted by size), with an average coupon of 5.85%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $71.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.23%, +0.23%, +0.82%.
How it works
BSJS tracks the Invesco BulletShares USD High Yield Corporate Bond 2028 Index. Invesco Indexing LLC, which is affiliated with the fund's adviser, builds the index. It starts with U.S. dollar bonds from companies based in the U.S., Canada, Western Europe or Japan. To qualify, a bond must mature in 2028. A bond also qualifies if it is expected to be called (repaid early by the issuer) in 2028, which is its "effective maturity." It must also pay fixed taxable interest and be rated below investment grade, at BB+ or lower. Its average rating can be no lower than CCC-, and at least $200 million of it must be outstanding. The index held 225 bonds as of October 31, 2025.
Bonds are weighted by market value, and no single issuer can exceed 5% at each monthly rebalance. The fund uses sampling, so it doesn't buy every bond in the index. It usually holds bonds until they mature, are called or leave the index. As of August 31, 2026, its largest holdings were bonds from CCO Holdings (2.3%), DISH DBS (2.0%) and Organon (1.9%).
In 2028 the index stops adding bonds and stops rebalancing. As bonds mature, the money moves into cash, Treasury bills and investment-grade commercial paper. The fund then closes and pays out its net assets in cash. It does not promise any set amount, and it is not a target-date fund.
What it really costs
- BSJS 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).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BSJS | $43 | $135 | $235 | $530 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It pays monthly income from short-maturity junk bonds and returns its remaining assets in cash at a known date in 2028.
BSJS could supply monthly income tied to a known end date. Its trailing yield was 6.13% as of October 27, 2026. Payouts vary, though, and the fund does not promise any set amount back in December 2028. It launched in September 2020, so it has no record from the 2008 crisis or the 2020 crash. In the 2022 bear market it fell about 17% and took roughly 21 months, until July 2024, to recover. Its 2022 calendar-year loss was 13.76%. A retiree who had to sell shares in late 2022 would have locked in much of that loss. Junk bonds can fall along with stocks when companies are under strain. The fund costs 0.42% a year, slightly above the 0.40% average for similar funds. Under the SEC's standard example, that is $43 in the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking monthly high-yield bond income. The trailing yield was 6.13% as of October 27, 2026.
- People matching money to a need around 2028, since the fund plans to close about December 15, 2028 and pay out cash.
- Those who accept junk-bond credit risk in return for short maturities, which averaged 2.1 years as of August 31, 2026.
Look elsewhere if
- Investors who can't stomach drops like the roughly 17% fall in 2022, which took about 21 months to recover.
- Cost-focused investors: the 0.42% fee is above SHYG's 0.30% and far above HYLB's 0.05%.
- Anyone who needs a guaranteed amount at maturity. The fund pays out whatever net assets remain, with no set target.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BSJS this fund | 2.1 yrs | 0.42% | $763.9M | +3.9% | +9.1% |
| BSJR Invesco BulletShares 2027 High Yield Corpor… | 2.1 yrs | 0.42% | $905.4M | +3.1% | +8.2% |
| BSJT Invesco BulletShares 2029 High Yield Corpor… | 3 yrs | 0.42% | $596.0M | +2.5% | +9.1% |
| SHYG iShares 0-5 Year High Yield Corporate Bond … | 3.1 yrs | 0.3% | $7.60B | +2.4% | +8.0% |
| SJNK SPDR Bloomberg Short Term High Yield Bond E… | 3.1 yrs | 0.4% | $4.88B | +1.5% | +7.8% |
| HYS PIMCO 0-5 Year High Yield Corporate Bond In… | 4.2 yrs | 0.57% | $1.69B | +1.2% | +8.5% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 4.6 yrs | 0.05% | $3.56B | +1.6% | +8.7% |
| BKLN Invesco Senior Loan ETF | 4.8 yrs | 0.65% | $6.74B | +3.9% | +6.9% |
Questions investors ask
Does BSJS pay monthly dividends?
Yes. BSJS pays distributions every month. Over the 12 months to October 27, 2026, it paid $1.32 per share, a trailing yield of 6.13%. The amount changes over time because it depends on the interest its bonds pay. When bonds are called early or mature, that income can shrink. The payouts come from taxable bond interest, so they are generally taxed as ordinary income in a taxable account.
What happens to BSJS when it matures in 2028?
In 2028, BSJS stops adding bonds and stops rebalancing. As its bonds mature, the money moves into cash, Treasury bills and investment-grade commercial paper. The fund is set to close on or about December 15, 2028, and pay its net assets to shareholders in cash. The fund's board can change that date. It does not promise any set amount. What holders get back depends on defaults, bond prices and early calls along the way.
BSJS vs BSJR: what's the difference?
The main difference is the end date. BSJS holds junk bonds maturing in 2028. BSJR, also from Invesco, holds bonds maturing in 2027. Both charge 0.42% a year, and both had an average maturity of 2.1 years as of August 31, 2026. Over the year to October 27, 2026, BSJS returned 3.9% and BSJR returned 3.1%. Choosing between them often comes down to which year matches a planned need for cash.
Is BSJS a safe investment?
Not in the way a Treasury bond or a CD is. BSJS owns high-yield, or "junk," bonds, which are debt from companies rated below investment grade. These companies are more likely to miss payments. The fund's worst quarter was an 11.1% loss in the three months to June 30, 2022, and it lost 13.76% in calendar 2022. From December 2021 to September 2022 it fell 17.7% at its deepest and took about 21 months to recover.
How has BSJS performed since launch?
Results have been mixed over its short life. The prospectus uses SEC-standard figures. On that basis, the fund returned 7.75% in 2024 and averaged 2.76% a year from its September 2020 launch through December 31, 2024. Price data through October 27, 2026, shows 3.9% over one year and 9.1% a year over three years. That three-year stretch starts after the 2022 losses. All of these returns are after its 0.42% annual fee.