Fri, 13/12/2013 - 12:01
Guggenheim Investments has set the distribution schedules associated with the maturities of Guggenheim BulletShares 2013 Corporate Bond ETF (BSCD) and Guggenheim BulletShares 2013 High Yield Corporate Bond ETF (BSJD).
These will be the fourth and fifth funds in the Guggenheim BulletShares suite of defined-maturity ETFs to mature.
For both ETFs the final day of trading will be 30 December 2013, while the maturity distribution effective date will be 31 December 2013.
Launched in 2010, the Guggenheim BulletShares line-up consists of 18 defined-maturity corporate bond and high yield corporate bond ETFs with maturities spanning from 2013 to 2022. BulletShares are designed to mature in their target year, providing investors with specific maturities to ladder portfolios or to manage their fixed income exposure within specific investment time frames. The BulletShares suite has approximately USD4.3bn in assets under management as of 30 November 2013.
Guggenheim Investments matured three BulletShares ETFs in 2011 and 2012.
Unlike traditional ETFs, which have a perpetual life, defined-maturity ETFs have a specified maturity date established when the ETF is launched. When the fund reaches the maturity date, the fund's final net asset value (NAV) is returned to the current shareholders.
A defined maturity ETF's portfolio is primarily comprised of securities that mature throughout the fund's stated maturity year. This defined maturity structure results in a duration profile similar to that of an individual bond - the fund's duration should decline as it approaches maturity, reducing sensitivity to interest rate changes. BSCD and BSJD do not seek to return any predetermined amount at maturity.
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