Guggenheim BulletShares 2025 Corporate Bond ETF


Investment Objectives

Guggenheim BulletShares 2025 Corporate Bond ETF* (BSCK) 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 NASDAQ BulletShares® USD Corporate Bond 2025 Index.

Highlights & Applications

  • Bond-Like Experience in an ETF: Combines the benefits of bonds-monthly income, final distribution at maturity, as well as control of portfolio maturity, yield, and credit quality—with the advantages of ETFs—broad diversification, liquidity, transparency, convenience, and cost-effectiveness.
  • Precise Exposure: Provides targeted investment-grade exposure, enabling investors to build customized portfolios tailored to specific maturity profiles, risk preferences, and investments goals.
  • Ease of Use: Provides a cost-effective and convenient way to build bond ladders and manage interest rate risk, via fixed-income ETFs with consecutively maturing years ranging from 2016 to 2025.

The Fund has a designated year of maturity of 2025 and will terminate on or about December 31, 2025. 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. In the final twelve 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 Fund will terminate on or about the date above without requiring additional 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 Fund.

Top Fund Holdings

as of 10/25/16 View All Holdings
ANHEUSER-BUSCH INBEV FIN 3.65 2/1/2026 4.97%
AT&T INC 3.4 5/15/2025 2.25%
VISA INC 3.15 12/14/2025 1.82%
BANK OF AMERICA CORP 3.875 8/1/2025 1.57%
MICROSOFT CORP 3.125 11/3/2025 1.56%
ACTAVIS FUNDING SCS 3.8 3/15/2025 1.55%
MORGAN STANLEY 4 7/23/2025 1.32%
CITIGROUP INC 4.4 6/10/2025 1.31%
APPLE INC 3.25 2/23/2026 1.30%
SHELL INTERNATIONAL FIN 3.25 5/11/2025 1.29%

Fund Credit Quality Breakdown††

as of 6/30/16

Source: BlackRock Solutions. The fund credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). All securities except for those labeled “Not Rated” (NR) or “Other Fixed Income” have been rated by a Nationally Recognized Statistical Rating Organization (“NRSRO”). For purposes of this presentation, when ratings are available from more than one NRSRO, the highest rating is used. Guggenheim Investments converts ratings to the equivalent S&P rating.

Top Fund Sectors

as of 6/30/16

Banking 23.57 %
Consumer Non-Cyclical 22.19 %
Technology 11.04 %
Energy 10.42 %
Consumer Cyclical 9.28 %
Communications 6.00 %
Insurance 3.90 %
REITs 3.82 %
Capital Goods 2.64 %

DATA SOURCE: Guggenheim Funds Distributors, LLC., Factset or Morningstar. Data and fund characteristics are as of most recent quarter-end and are subject to change on a daily basis and represent a percentage of the fund's holdings, excluding cash. The securities mentioned are provided for informational purposes only and should not be deemed as a recommendation to buy or sell.

Fund Profile

as of 10/25/16
Symbol BSCP
Exchange NYSE Arca
CUSIP 18383M191
Fund Inception Date 10/7/15
Expected Termination Date 12/31/25
Distribution Schedule (if any) Monthly
Gross Expense Ratio 0.24 %
Net Expense Ratio 0.24 %
Fiscal Year-End 5/31
Investment Adviser Guggenheim Funds Investment Advisors, LLC
Distributor Guggenheim Funds Distributors, LLC
NASDAQ BulletShares® USD Corporate Bond 2025 IndexBSCPB
Index Provider Accretive Asset Management LLC
Volume 18,331
Shares Outstanding 1,950,000
Total Managed Assets $41,103,635

The expense ratio is expressed as a unitary fee and covers all expenses of the Fund, except for the fee payments under the investment advisory agreement, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses.

The gross expense ratio reflects the fund’s actual total annual operating expense ratio, gross of any fee waivers or expense reimbursements as of its most recent prospectus.

Net Asset Value

as of 10/25/16 Price History
NAV  $21.08
Change $0.01
52-Week High $21.32
52-Week Low $19.62

Market Close

as of 10/25/16 Price History
  Market Price 
Close  $21.13
Change $0.02
52-Week High $21.39
52-Week Low $19.64
Bid/Ask Midpoint  $21.11
Premium / Discount  0.12%
Premium / Discount Historical Download1

1Shareholders may pay more than net asset value when they buy shares of an ETF and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices.

NAV is the price per share at which each Fund issues and redeems shares. The net asset value per share for each Fund is determined once daily as of the close of the listing exchange, usually 4:00 p.m. Eastern time, each day the listing exchange is open for trading. NAV per share is determined by dividing the value of the Fund’s portfolio securities, cash and other assets (including accrued interest), less all liabilities (including accrued expenses), by the total number of shares outstanding.

In general, market price represents what the fund is trading at.

The closing price is the price of the last reported trade on any exchange on which the Fund trades before the market closes, usually at 4 pm Eastern time.

The bid/ask midpoint is the midpoint of the highest bid and lowest offer on the listing exchange at the time that the NAV is calculated, usually 4 pm Eastern time.

The premium/discount is the amount the Fund is trading higher (“premium”) or lower (“discount”) to its NAV, expressed as a percentage of its bid/ask midpoint to its NAV. A positive number indicates it’s trading at premium and a negative number indicates it’s trading at a discount.

Index Description

The NASDAQ Bulletshares® USD Corporate Bond 2025 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 2025.

Fund Characteristics

as of 6/30/16

Number of Securities163
Average Duration 7.39
Average Maturity 8.85 years
Weighted Average Coupon 3.62

P/E ratio is a harmonic weighted average and is equal to a security’s market capitalization divided by it after-tax earnings over the most recent 12-month period.

P/B ratio is a harmonic weighted average and is equal to a security’s market capitalization divided by its book value.

Alpha is a statistical measurement that depicts the performance difference between a fund’s return and an underlying performance benchmark, given a fund’s level of volatility, measured by beta. The benchmark will always reflect an alpha of 0.00%. A positive alpha indicates a fund has performed better than its beta would predict in the stated period.

Beta is the measure of a fund’s sensitivity to an index. By definition, the beta of an index is 1.00. Any fund with a higher beta is more volatile than the index. Likewise, any portfolio with a lower beta will be less volatile than the index in the stated period.

Standard deviation is a measure of historical volatility that indicates the degree to which an investment’s returns fluctuate around its average return. Generally, a higher standard deviation indicates a more risky investment.

Average market capitalization is the geometric mean of the market capitalization s for all securities in a fund’s portfolio.

Weighted average coupon is calculated by weighting each bond’s coupon by its relative size in the portfolio.

Weighted average bond price is a weighted average of individual bond prices.

Weighted average option-adjusted duration is a weighted average which measures the sensitivity of the price (the value of principal), incorporating the expected duration-shortening effect of an embedded call provision, of a fixed-income investment to a change in interest rates. The larger the duration number, the greater the interest-rate risk for bond prices.

Average maturity is the length of time until the principal amount of a bond must be repaid.

Average effective duration measures the sensitivity of the price (value of principal) of a fixed income investment to a change in interest rates. The larger the duration number, the greater the interest rate risk for bond prices.

Current Distribution

There are no Distributions to display.


BulletShares® USD Corporate Bond 2025 Index

BulletShares® USD Corporate Bond Indices measure the performance of maturity-targeted segments of the U.S. dollar-denominated investment grade corporate bond market. Set forth below are the criteria for determining the index family’s universe of eligible securities (the “Eligible Universe”) and the methodology for constructing each index. BulletShares® USD Corporate Bond Indices are owned by Accretive Asset Management LLC, an affiliate of Guggenheim Partners, and maintained by NASDAQ (the “Index Calculation Agent”). The BulletShares® methodology allocates bonds from the Eligible Universe into the BulletShares® Indices based on maturity, or in some cases effective maturity date.


  1. BulletShares® USD Corporate Bond Indices Eligibility Criteria
    • Issuers. Only U.S. dollar-denominated bonds issued by companies domiciled in the U.S., Canada, Western Europe¹ or Japan are included in the Eligible Universe.
    • Types of Bonds. Bonds must pay fixed amounts of taxable interest to be included in the Eligible Universe. The following bond types are specifically included:
      • Fixed coupon bonds.
      • Callable bonds.
      • Step-ups, event-driven, rating-driven and registration-driven bonds.
      • Amortizing bonds and sinking funds with fixed sinking schedules.
    • Selection Criteria. Bonds must meet all of the following selection criteria to be included in the Eligible Universe:
      • Credit rating of at least BBB- from Standard and Poor’s or Fitch, or Baa3 by Moody’s.
      • Outstanding face value of at least $500 million (existing bonds in the eligible universe require $400 million face value to remain).
    • Exclusions. To ensure adequate investability, the following bond types are specifically excluded:
      • Non-SEC registered bonds (including Rule 144A bonds, Reg S bonds, private placements, Eurodollar² bonds and EuroMTN bonds).
      • Retail bonds.
      • Floating rate bonds.
      • Zero coupon bonds.
      • Convertible bonds.
      • Bonds cum or ex-warrant.
      • Bonds with one cash flow only.
      • New bonds that have already been called.
      • Inflation or other index-linked bonds.
      • Corporate bonds guaranteed by an agency, national or supranational government (including FDIC or TLGP).
      • Perpetual securities (including Trust Preferred).
      • Securities for which the Index Calculation Agent is unable to, or is prohibited from providing an evaluated price.
  2. Index Creation
    On a semi-annual basis (last business day of June and December), existing bonds in the Eligible Universe are distributed into BulletShares® USD Corporate Bond Indices in accordance with their effective maturities. If no embedded issuer call option exists, then effective maturity is the actual year of maturity. If a bond contains an embedded issuer call option, then effective maturity shall be its actual year of maturity unless the yield to next call date is less than the yield to maturity, in which case its effective maturity shall be the year of the next call date.
  3. Target Weights
    BulletShares® USD Corporate Bond Indices employ a market value weighting methodology to weight individual positions. Once set, target weights are free to float due to market actions. Weights are reviewed and the index rebalanced monthly.

¹Western Europe here includes: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom.

²Denoted by ISIN codes beginning with country codes other than “U.S.”


Investors should consider the following risk factors and special considerations associated with investing in the fund, which may cause you to lose money, including the entire principal amount that you invest.

Investment Risk. An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.

Interest Rate Risk: As interest rates rise, the value of fixed-income securities held by the fund is 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: Issuers or guarantors of debt instruments or the counterparty to a repurchase agreement or loan of portfolio securities may be unable or unwilling to make timely interest and/or principal payments or otherwise honor their 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 generally have less credit risk than debt securities of non-government issuers. However, securities issued by certain U.S. government agencies are not necessarily backed by the full faith and credit of the U.S. government. Credit rating downgrades and defaults (failure to make interest or principal payment) may potentially reduce the fund’s income and share price.

Asset Class Risk: The bonds in the fund’s 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 fund’s having to reinvest proceeds at lower interest rates, resulting in a decline in the fund’s income.

Extension Risk: An issuer may 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 fund’s performance may suffer from its inability to invest in higher yielding securities.

Income Risk: Falling interest rates may cause the fund’s income to decline.

Liquidity Risk: If the fund invests in illiquid securities or securities that become illiquid, fund returns may be reduced because the fund may be unable to sell the illiquid securities at an advantageous time or price.

Declining Yield Risk: During the final year of the fund’s operations, as the bonds held by the fund mature and the fund’s portfolio transitions to cash and cash equivalents, the fund’s 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 fund and/or prevailing yields for bonds in the market.

Fluctuation of Yield and Liquidation Amount Risk: The fund, 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 fund’s existence, it may make distributions at a greater (or lesser) rate than the coupon payments received on the fund’s portfolio, which will result in the fund 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 fund relative to a direct investment in corporate bonds. If the amount you receive as liquidation proceeds upon the fund’s termination is higher or lower than your cost basis, you may experience a gain or loss for tax purposes.

Financial Services Sector Risk: The financial services industries are subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition.

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 securities of companies in a broader range of industries.

In addition the Fund is subject to: Non-Correlation Risk ,Passive Management Risk, Issuer-Specific Changes, Risk of Cash Transactions and Non-Diversified Fund Risk.

Please read the 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 Funds Distributors, LLC does not offer tax advice.

The Fund’s Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution.

The Fund will issue and redeem Shares at NAV only in a large specified number of Shares called a “Creation Unit” or multiples thereof. A Creation Unit consists of 150,000 Shares. The Fund generally issues and redeems Creation Units principally in-kind. Except when aggregated in Creation Units, the Shares are not redeemable securities of the Fund. Individual Shares of the Fund may only be purchased and sold in secondary market transactions through brokers. Shares of the Fund will be listed for trading on NYSE Arca, Inc. (“NYSE Arca”) and because Shares will trade at market prices rather than NAV, Shares of the Fund may trade at a price greater than or less than NAV.

Investors buying or selling ETF shares on the secondary market may incur brokerage costs and other transactional fees. Shares of ETFs may fluctuate in price due to daily changes in trading volume. At times, shares may not have a high volume of trading.

BulletShares®, BulletShares® USD Corporate Bond Index, and BulletShares® USD High Yield Corporate Bond Index are trademarks of Accretive Asset Management LLC and have been licensed for use by Guggenheim Investments. Accretive Asset Management, LLC 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.

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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