Anchor Investment Exits Nearly All of Its BSCQ Position -- a $21 Million Trim
Key Points
Anchor Investment Management reduced its stake in the Invesco BulletShares 2026 Corporate Bond ETF by 1,078,615 shares -- an estimated $21.1 million transaction -- during Q1 2026, representing roughly 1.7% of the fund's prior-quarter assets under management (AUM).
The sale was a near-total exit: Anchor held 1,092,559 shares heading into the quarter and retained just 13,944 shares, worth approximately $272,000, at quarter's end.
BSCQ is a defined-maturity bond ETF set to wind down in December 2026, which likely played a role in the decision to exit.
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What happened
According to a recent SEC filing, Anchor Investment Management, LLC sold 1,078,615 shares of the Invesco BulletShares 2026 Corporate Bond ETF (NASDAQ:BSCQ) during the first quarter of 2026. The estimated trade value was $21.1 million, calculated using the average closing price for the quarter.
What else to know
- After the sale, BSCQ represents just 0.02% of Anchor's 13F reportable AUM -- effectively a token position.
- Top holdings after the filing:
- NASDAQ: GOOG/L: $47.0 million (3.9% of AUM)
- NASDAQ: MSFT: $37.7 million (3.1% of AUM)
- NASDAQ: AAPL: $33.0 million (2.8% of AUM)
- NYSE: V: $32.5 million (2.7% of AUM)
- NYSE: SCHB: $30.6 million (2.6% of AUM)
- As of May 1, 2026, shares were trading at $19.54, up roughly 4.5% over the past year -- trailing the S&P 500 by about 25 percentage points, while matching the Target Maturity bond benchmark.
ETF overview
| Metric | Value |
|---|---|
| AUM | $4.0 billion |
| Dividend yield | 4.15% |
| Expense ratio | 0.10% |
| 1-year return (as of 5/1/26) | 4.46% |
ETF snapshot
The Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) is a passively managed, defined-maturity bond fund that targets U.S. dollar-denominated investment-grade corporate bonds set to mature in 2026.
- Investment strategy: Seeks to track the Invesco BulletShares Corporate Bond 2026 Index, using a sampling methodology with monthly rebalancing.
- Fund structure: Exchange-traded fund with a defined maturity date of Dec. 15, 2026, offering periodic income distributions and a predictable timeline for principal return.
- Investor appeal: Designed for investors who want to align fixed-income allocations with a specific maturity horizon while maintaining diversified, investment-grade exposure.
What this transaction means for investors
This looks less like a vote of no-confidence and more like a natural wind-down decision. BSCQ is a defined-maturity ETF -- meaning it is designed to mature and return capital to investors on Dec. 15, 2026. With the fund now less than eight months from that finish line, it makes perfect sense for institutional holders like Anchor to begin closing out or dramatically trimming their positions. The return profile is largely locked in at this stage, and the incremental value of holding the remaining shares is modest.
For context, Anchor previously held more than 1 million BSCQ shares -- worth about $21.4 million, or roughly 1.7% of its prior-quarter AUM. That was a meaningful position for a fund primarily focused on equities. The near-complete exit brings that exposure down to a rounding error.
It is worth noting that BSCQ has trailed the broader market by a wide margin over the past year -- that is by design. Short-duration investment-grade bond ETFs are not built for capital appreciation; they are built for income and capital preservation. With a 4.15% annualized yield and a hard maturity date, BSCQ appeals to conservative investors who want a defined, predictable outcome -- not equity-style returns. For investors approaching a fixed spending goal in late 2026, a fund like BSCQ can still play a useful role in a portfolio. But for an equity-centric manager like Anchor, exiting ahead of maturity is simply good housekeeping.
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Andy Gould has positions in Alphabet, Apple, and Visa and has the following options: short May 2026 $400 calls on Alphabet. The Motley Fool has positions in and recommends Alphabet, Apple, Microsoft, and Visa. The Motley Fool has a disclosure policy.
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