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BSCJ vs. ETF Alternatives
BSCJ Description
The Guggenheim BulletShares 2019 Corporate Bond ETF* (NYSE: BSCJ) seeks investment results that correspond generally to the performance, before the Fund's fees and expenses, of an investment grade corporate bond index called the BulletShares® USD Corporate Bond 2019 Index. The Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated investment-grade corporate bonds with effective maturities in the year 2019. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security as determined in accordance with a rules-based methodology developed by Accretive Asset Management LLC, the index provider. In the last six months of operation, when the bonds held in the Fund mature, the Fund's portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper. The Fund expects to use a sampling approach in seeking to achieve its objective. The quantity of holdings in the fund will be based on a number of factors, including the asset size of the Fund, potential transaction costs in acquiring particular securities, the anticipated impact of particular index securities on the performance of the Index and the availability of particular securities in the secondary market. In the last six months of operation, when the bonds held by the Fund mature, the Fund's portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper. The Fund will terminate on or about December 31, 2019 without requiring additional approval by the Trust's Board of Trustees (the "Board") or Fund shareholders. In connection with such termination, the Fund will make a cash distribution to then-current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to return any predetermined amount at maturity.
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Country: United States
Key Info
- In Your Portfolio: A Guide to U.S. Corporate Bond ETFs, A Guide to Maturity-Date Bond ETFs
- Asset Class Performance: Bonds
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- | M&A
- | On the move
- Friday, May 10, 5:57 AM Don't panic, Moody's says, there's "no strong evidence that recent [corporate debt] issuance levels presage a damaging correction." The notion that a bubble is building in the corporate bond market isn't reflected in credit spreads which, for both investment grade (LQD) and high yield (HYG, JNK), are closer to long-run averages than they are to alarmingly tight. Furthermore, the ratings agency says a surge in issuance reflects the "disintermediation of the banking sector" and notes that the proportion of total corporate liabilities comprised of debt securities hasn't significantly increased over the past two years." We can all rest easy now. (previous) 2 Comments
- Wednesday, May 8, 11:20 AM Coupons continue to shrink on fixed-rate U.S. corporate bonds reports Fitch, with the average falling to 5.6% in March, down from 5.7% at year end, and 6.1% a year ago. Investment-grade paper (LQD) came in at 3%, speculative (HYG, JNK) at 6.3%. New issuance in Q1 was $259.5B, putting 2013 on pace with 2012's record activity. Rating activity remains subdued, with downgrades affecting just 1% of issuance, upgrades 1.8%. Comment!
- Friday, April 19, 10:28 AM iShares launches four target-date maturity corporate bond funds today, expanding into an area currently occupied by Guggenheim's BulletShares ETFs. The iShares offerings - IBCB (2015), IBCC (2018), IBCD (2020), IBCE (2023) - come with a 0.10% price tag vs. Guggenheim's BSCD, BSCE, BSCF, BSCG, BSCH, BSCI, BSCJ, and BSCK at an expense ratio of 0.24%. Comment!
- Friday, April 12, 12:28 PM Fixed-income may not be being given away as it was in 2010, but there's still value, says Jeff Gundlach, scoffing at talk of a bond bubble. "Raise your hand" if you own Treasurys for yourself or a client, he asked a room full of advisors (none went up). Bonds are not "over-owned" in the U.S., he says, showing cash and fixed income make up a higher percentage of household financial assets in other countries. 5 Comments [U.S. Economy]
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Wednesday, February 27, 11:10 AM
Leading off his latest outlook with Alan Greenspan's "irrational exuberance" line, Bill Gross (BOND) ponders its application to credit markets (LQD, HYG, JNK) today. Conclusion: Not yet. Labeling credit irrationality a 6 on a scale of 1-10, Gross suggests not selling, but instead lowering expectations.
1 Comment [U.S. Economy] - Wednesday, February 13, 9:15 AM Corporate debt has duration risk as well, and worries over higher rates have BlackRock planning two actively-managed ETFs focused on short-term paper. Average duration of IG debt stands at a near-record 6.8 years, according to BAML. The long-end has been the place to be, but shorter-duration is "gaining traction." LQD -1.4% YTD. Comment! [U.S. Economy]
- Tuesday, February 5, 2:49 PM Money for nothing. IBM plans a sale of $2B in floating-rate debt, with the 2-year paper maybe priced at Libor minus 2 basis points. The 5-year notes look to yield 47 bps more than 5-year Treasurys. Coca-Cola and P&G both issued debt paying less than the benchmark rate last year. 1 Comment [U.S. Economy]
- Thursday, January 31, 4:37 PM Are funds flowing out of junk bonds? The noticeable turn lower in HYG and JNK in the past couple of sessions has been accompanied by surging volume, notes John Spence. Both of the ETFs have returned to about flat YTD. The IG corporate bond ETF (LQD) is now red. Dan Fuss describes today's high yield values as "ridiculous." Comment! [U.S. Economy]
- Friday, January 25, 3:01 PM Fans of target-date corporate bond ETFs look to soon get a wider - and cheaper - menu to choose from as iShares files to launch a series to compete with Guggenheim's BulletShares slate. The iShares fees are set to be priced at 0.10% vs. 0.24% for Guggenheim's. Comment! [Financials]
- Friday, January 18, 2:35 PM Investment-grade bonds continue to get a underweight allocation at Barclays, which says the spread to Treasurys isn't enough to compensate for the lack of liquidity, particularly so in higher-quality credits. The bank remains overweight high-yield - which also suffers from lower liquidity, but with a more adequate spread to make up for it. Chart of TLT vs. LQD vs. HYG YTD. Comment! [U.S. Economy, Financials]
- Tuesday, January 8, 5:09 PM Gundlach: By at least one measure - comparing the Merrill Corporate Index to the Treasury Index - corporate paper is as overvalued as it's ever been in the history of the data (going back to 1985). Another relatively overvalued fixed-income class is emerging market debt (EMB). "I would not be putting any new money into that." 2 Comments [U.S. Economy]
- Friday, January 4, 12:51 PM Investors want yield and treasurers/underwriters are happy to give it to them. A full 41% of investment grade corporate bond issuance was BBB (the lowest IG rating) in 2012, the highest proportion going back to at least 1998. Just 19% of issuance rated AA or AAA - only 1998's 17% was lower in the last 15 years. 4 Comments [Financials]
- Friday, December 7, 2012, 12:57 PM More from Hudachek's Overlooked ETFs: Investment-grade and high-yield debt investors may have interest in Guggenheim's Suite of products offering a range of maturities - from very short-term all the way out to 2020. The shortest term IG fund is BSCC, junk is BSJC. To go longer maturity, just swap the last "C'' in the fund symbol for "D," and so on, all the way out to "K." Comment! [Quick Ideas]
- Friday, December 7, 2012, 7:39 AM Duration risk in the investment grade bond market (LQD) is leading fund managers to reduce exposure. The average yield on IG bonds has fallen to 2.66% and bond math says it takes very little backup in yields from this point to wipe out a year (or years) of coupon payments. Corporate bonds often yield less than the equity of the same company - a rare situation, says Matt Eagan. "We think you have a better chance of preserving principal on the equity side." This from a bond man! 4 Comments [U.S. Economy, Financials]
- Wednesday, November 28, 2012, 10:06 AM If a bond issued at par goes to 116, that's not a bubble, says original (bond) gangster Dan Fuss. "If it goes to 250, that's a bubble, and that doesn't tend to happen with bonds." The strong performance of fixed income reflects a strong market, he says, but one with room yet to grow. 3 Comments [U.S. Economy, Financials]
- Tuesday, November 27, 2012, 3:26 PM With "liability driven investment" strategies - in which pensions attempt to match asset and liability duration - tilting managers away from stocks and to fixed income, corporate pension funds are expected to continue to be major buyers of corporate debt issuance. Robert Hunkeler with International Paper isn't playing, noting buying long-dated debt now just locks in yields too low to fund his plan. Comment! [Financials]
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