Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)
NASDAQ (NGS) NASDAQ (NGS) Primary 
BSJP: Worst Scenario Likely Unfolding
BSJP, set to terminate in December 2025, holds 30% non-maturity-matched bonds (e.g., OneMain Finance Corp, maturing 2029), exposing investors to significant market and credit spread risks. BSJP has underperformed cash (e.g., BIL) this year despite its high-yield bonds, showing negative price changes due to its longer-duration holdings. A recession developing in 2025 will result in a negative impact on the ETF.
BSJP: Deviating From What It Is Meant To Do
The fund was designed to be a diversified bullet portfolio with minimal volatility, as its underlying bonds were expected to mature in 2025. The fund has deviated from its original structure by introducing longer-dated bonds with maturities beyond 2025. The introduction of longer-dated bonds has increased the fund's market risk, exposing investors to potential losses in case of a recession.
