Mirador Makes Invesco High Yield Corporate Bond ETF Its Biggest Holding

Mirador Capital Partners LP disclosed a significant purchase of Invesco BulletShares 2026 High Yield Corporate Bond ETF(NASDAQ:BSJQ), adding almost 1 million shares in Q3 2025. The estimated transaction value was $22.47 million (non-GAAP), calculated using the average closing price for the quarter.

What happened

According to a filing with the Securities and Exchange Commission dated Oct. 6, 2025, Mirador increased its position in Invesco BulletShares 2026 High Yield Corporate Bond ETF by acquiring 961,109 shares. This brought the fund’s holding to over 3 million shares, worth $71.08 million.

What else to know

Mirador’s purchase brings its BSJQ holdings to 10.1% of reported AUM as of Sept. 30, 2025, making it the fund's largest holding.

Top holdings after the filing:

• Invesco BulletShares 2026 High Yield Corporate Bond ETF: $71.08 million (10.1% of AUM)
• Alphabet (NASDAQ:GOOGL): $42.57 million (6.0% of AUM)
• Invesco BulletShares 2027 Hi Yld Corp Bd ETF (NASDAQ:BSJR): $30.64 million (4.3% of AUM)
• Apple (NASDAQ:AAPL): $28.59 million (4.1% of AUM)
• Berkshire Hathaway (NYSE:BRK.B): $25.11 million (3.6% of AUM)

As of Oct. 6, 2025, shares were priced at $23.43, up 0.09% over the past year.

Dividend yield stands at 6.25% as of Oct. 7, 2025; shares are 0.66% below their 52-week high

Company overview

Company snapshot

The Invesco BulletShares 2026 High Yield Corporate Bond ETF offers investors targeted exposure to high yield corporate bonds with maturities in 2026. It facilitates precise portfolio construction for income and maturity management.

The fund’s defined-maturity approach offers access to a diversified pool of high yield issuers. With a 6.25% dividend yield and a rules-based methodology, the ETF offers exposure to income potential and bond laddering within a single security.

• Investment strategy: BSJQ tracks the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds maturing in 2026, providing targeted exposure to a defined maturity date.
• Underlying holdings: Primarily consists of high yield ("junk") corporate bonds, with at least 80% of assets invested in index constituents with maturities in 2026.
• Structure: Structured as an exchange-traded fund, it offers a rules-based approach to bond laddering with a fixed maturity profile.

Foolish take

Invesco corporate bond ETFs make up almost 17% of Mirador Capital Partners holdings, per its latest 13F filing. Is recent move to add over $22 million of Invesco's BulletShares 2026 High Yield Corporate Bond ETF reflects rebalancing rather than a significant change.

That's because Mirador also sold almost $38 million of its shares in a similar fund containing corporate bonds that are due to mature at the end of this year -- the Invesco BulletShares 2025 High Yield Corporate Bond ETF (NASDAQ:BSJP). Mirador put some of the proceeds into the BSJQ ETF that matures in 2026. It also opened a position in another Invesco High Yield Corporate Bond ETF that's due to mature in 2027.

Corporate Bond ETFs can be a way to diversify portfolios with income-generating assets. ETFs containing high-yield corporate bonds carry more risk than investment-grade bonds. As with many things in the investment world, that increased risk can translate into higher rewards. Mirador's strategy of laddering these corporate bond ETFs with fixed maturity dates can be a way to mitigate the risks of changing interest rates.

Glossary

ETF (Exchange-Traded Fund): An investment fund traded on stock exchanges, holding a basket of assets like stocks or bonds.

High yield corporate bond: A corporate bond rated below investment grade, offering higher interest due to greater risk.

Dividend yield: Annual dividends paid by an investment, expressed as a percentage of its current price.

13F reportable AUM: Assets under management that must be disclosed in quarterly SEC Form 13F filings by institutional investors.

Bond laddering: Investment strategy involving bonds with different maturities to manage interest rate risk and liquidity.

Defined-maturity approach: Investment strategy focusing on securities that mature in a specific year, providing predictable cash flows.

Rules-based approach: Investment method following predetermined, systematic criteria for selecting and managing assets.

Non-GAAP: Financial metric not calculated according to Generally Accepted Accounting Principles, often used for alternative performance measures.

Portfolio construction: The process of selecting and managing a mix of investments to achieve specific financial goals.

Junk bond: Informal term for a high yield, below investment grade corporate bond with higher default risk.

Underlying holdings: The individual securities or assets owned within a fund or ETF.

Assets under management (AUM): The total market value of investments managed by a fund or investment firm.

Emma Newbery has positions in Apple and Berkshire Hathaway. The Motley Fool has positions in and recommends Alphabet, Apple, and Berkshire Hathaway. The Motley Fool has a disclosure policy.