BulletShares® ETF Maturity Process


With an innovative maturity feature that makes BulletShares® ETFs truly different from most other funds, it’s important to understand their maturity process and what to expect as these ETFs near maturity.

BulletShares® ETFs are comprised of individual bonds that all mature or are expected to be called in a specific year. This results in a more bond-like experience with a BulletShares® ETF’s duration shortening as it nears maturity.

In its final year, as a BulletShares® ETF’s underlying bonds mature, the proceeds from these bonds are typically invested in cash or cash alternatives. As the year progresses, the ETF’s cash and U.S. Treasury positions grow and its bond exposure decreases. Finally, at the end of the calendar year, the BulletShares® ETF terminates and the fund assets, less any fees and expenses of the fund, are distributed to shareholders.¹

Opportunities for Reinvestment

When your 2016 BulletShares® ETFs mature, consider moving your maturity proceeds into another BulletShares ETF. BulletShares offer a variety of maturities ranging from 2017 to 2026 to help investors meet their lifestyle and portfolio needs.

Matured ETF Fund Summary

To date, Guggenheim has successfully transitioned all of its maturing BulletShares® ETFs: five corporate bond BulletShares® ETFs and four high yield corporate bond ETFs*.

Important Dates: 2016 BulletShares Maturities

12.29.2016 Final day of trading
12.29.2016 Maturity distribution announcement date
12.30.2016 Maturity distribution effective date
12.30.2016 Maturity distribution payable date

Want to learn more?

PDFBulletShares Maturity FAQs

PDFWATCH VIDEO: Understanding the Maturity Process

Ticker ETF Name Maturity Date Final Net
Asset Value
Per Share
BSCG Guggenheim BulletShares 2016 Corporate Bond ETF 12/31/2016 $22.08361
BSJG Guggenheim BulletShares 2016 High Yield Corporate Bond ETF 12/31/2016 $25.81599
BSCF Guggenheim BulletShares 2015 Corporate Bond ETF 12/31/2015 $21.67973
BSJF Guggenheim BulletShares 2015 High Yield Corporate Bond ETF 12/31/2015 $25.74107
BSCE Guggenheim BulletShares 2014 Corporate Bond ETF 12/31/2014 $21.15144
BSJE Guggenheim BulletShares 2014 High Yield Corporate Bond ETF 12/31/2014 $26.25136
BSCD Guggenheim BulletShares 2013 Corporate Bond ETF 12/31/2013 $20.76709
BSJD Guggenheim BulletShares 2013 High Yield Corporate Bond ETF 12/31/2013 $25.56137
BSCC Guggenheim BulletShares 2012 Corporate Bond ETF 12/31/2012 $20.45780
BSJC Guggenheim BulletShares 2012 High Yield Corporate Bond ETF 12/31/2012 $25.41900
BSCB Guggenheim BulletShares 2011 Corporate Bond ETF 12/30/2011 $20.11990


Guggenheim Corporate Bond BulletShares. During the final six months of the year of maturity, bonds held within a Guggenheim BulletShares Corporate Bond ETF will mature and proceeds will be reinvested in cash and cash equivalents causing the ETF's yield to decrease.  

Guggenheim High Yield Corporate Bond BulletShares. During the year of maturity, bonds held within a Guggenheim BulletShares High Yield Corporate Bond ETF will mature and proceeds will be reinvested in cash and cash equivalents causing the ETF's yield to decrease.  

An adjustment for this decrease is not included in the yield values shown above as standard yield calculations represent a point in time weighted average of each underlying portfolio constituent.


* The funds do not seek to return any predetermined amount at maturity, and the amount an investor receives may be worth more or less than their original investment. In contrast, when an individual bond matures, an investor typically receives the bond’s par (or face) value.

¹ The funds have designated years of maturity ranging from 2017 to 2026 and will terminate on or about December 31st of their respective maturity year. In connection with such termination, each 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 funds do not seek to return any predetermined amount at maturity. In the final six months of operation, as 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, which may result in a lower yield than the yields of the bonds previously held by the fund and/or prevailing yields for bonds in the market. The funds will terminate on or about the date above without requiring approval by the Trust’s Board of Trustees (the “Board”) or Fund shareholders. The Board may change the termination date to an earlier or later date if a majority of the Board determines the change to be in the best interest of the funds.

Investors should consider the following risk factors and special considerations associated with investing in the Funds, which may cause you to lose money, including the entire principal amount that you invest. Interest Rate Risk: As interest rates rise, the value of fixed-income securities held by the Funds are likely to decrease. Securities with longer durations tend to be more sensitive to interest rate changes, making them more volatile than securities with shorter durations. Credit/Default Risk: The risk that issuers or guarantors of debt instruments or the counterparty to a derivatives contract (BulletShares Corporate Bond ETFs only), repurchase agreement or loan of portfolio securities is unable or unwilling to make timely interest and/or principal payments or otherwise honor its obligations. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. Securities issued by the U.S. government have limited credit risk. Credit rating downgrades and defaults (failure to make interest or principal payment) may potentially reduce the Funds’ income and share prices. Asset Class Risk: The bonds in the Funds’ portfolio may underperform the returns of other bonds or indexes that track other industries, markets, asset classes or sectors. Call Risk/Prepayment Risk: During periods of falling interest rates, an issuer of a callable bond may exercise its right to pay principal on an obligation earlier than expected. This may result in the Funds having to reinvest proceeds at lower interest rates, resulting in a decline in the Funds’ income. Extension Risk: The risk that an issuer will exercise its right to pay principal on an obligation later than expected. This may happen when there is a rise in interest rates. Under these circumstances, the value of the obligation will decrease and the Funds’ performance may suffer from its inability to invest in higher yielding securities. Income Risk: The risk that falling interest rates will cause the Funds’ income to decline.Liquidity Risk: If the Funds invest in illiquid securities or securities that become illiquid, Fund returns may be reduced because the Funds may be unable to sell the illiquid securities at an advantageous time or price. Declining Yield Risk: During the final year of the Funds’ operations, as the bonds held by the Funds mature and the Funds’ portfolio transitions to cash and cash equivalents, the Funds’ yield will generally tend to move toward the yield of cash and cash equivalents and thus may be lower than the yields of the bonds previously held by the Funds and/or prevailing yields for bonds in the market. Fluctuation of Yield and Liquidation Amount Risk: The Funds, unlike a direct investment in a bond that has a level coupon payment and a fixed payment at maturity, will make distributions of income that vary over time. Unlike a direct investment in bonds, the breakdown of returns between Fund distributions and liquidation proceeds are not predictable at the time of your investment. For example, at times during the Funds’ existence, it may make distributions at a greater (or lesser) rate than the coupon payments received on the Funds’ portfolio, which will result in the Funds returning a lesser (or greater) amount on liquidation than would otherwise be the case. The rate of Fund distribution payments may adversely affect the tax characterization of your returns from an investment in the Funds relative to a direct investment in corporate bonds. If the amount you receive as liquidation proceeds upon the Funds’ termination is higher or lower than your cost basis, you may experience a gain or loss for tax purposes. In addition the Funds are subject to Non-Correlation Risk, Replication Management Risk, Issuer-Specific Changes, and Non-Diversified Fund Risk. The investment-grade corporate bond ETFs also entail the following risks. Foreign Issuers Risk: Investing in U.S. registered, dollar-denominated bonds of foreign corporations which have different risks than investing in U.S. companies. These include currency, political, and economic risk, as well as less market liquidity, generally greater market volatility and less complete financial information than for U.S. issuers. Derivatives Risk: The Funds may invest in certain types of derivatives contracts, including futures, options and swaps which, increases the risk of loss for the Funds. The high-yield corporate bond ETFs also entail the following risks: High-Yield Securities Risk: The Funds invest in bonds that are rated below investment-grade and are considered to be “junk” securities. While these securities generally offer a higher current yield than that available from higher grade issues, they typically involve greater risk. The ability of issuers of high-yield securities to make timely payments of interest and principal may be adversely impacted by adverse changes in general economic conditions, changes in the financial condition of the issuers and price fluctuations in response to changes in interest rates. High-yield securities are less liquid than investment-grade securities and may be difficult to price or sell, particularly in times of negative sentiment toward high-yield securities. Concentration Risk: If the Index concentrates in an industry or group of industries the Fund’s investments will be concentrated accordingly. In such event, the value of the Fund’s shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries. In addition, the high-yield corporate bond ETFs may entail some or all of the following sector risks. Financial Services Sector Risk, Consumer Staples Sector Risk, Telecommunications Sector Risk, and Consumer Discretionary Sector Risk. Please read each Fund’s prospectus for more detailed information on these risks and considerations. As with any investment, you should consider how your investment will be taxed. The tax information contained in the prospectus is provided as general information. Investors should consult their own tax professional about the tax consequences of an investment as Guggenheim Investments does not offer tax advice.

BulletShares®, BulletShares® USD Corporate Bond Index, and BulletShares® USD High Yield Corporate Bond Index are trademarks of Guggenheim Index ServicesSM and have been licensed for use by Guggenheim Investments. Guggenheim Index ServicesSM is an affiliate of Guggenheim Investments.


Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. To obtain a prospectus and summary prospectus (if available) click here or contact us.

Investing involves risk, including the possible loss of principal.

Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC ("Guggenheim"), which includes Security Investors, LLC ("SI"), Guggenheim Funds Investment Advisors, LLC, ("GFIA") and Guggenheim Partners Investment Management ("GPIM") the investment advisers to the referenced funds. Securities offered through Guggenheim Funds Distributors, LLC, an affiliate of Guggenheim, SI, GFIA and GPIM.


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