BSCW vs VBCB: Grades, Fees and Holdings Compared

Invesco BulletShares 2032 Corporate Bond ETF

BSCWBNasdaq

Vanguard Target Maturity 2028 Corporate Bond ETF

VBCBANasdaq

Overlap

No data

Expense ratio

VBCB −0.02pt a year

BSCW0.10%VBCB0.08%

Avg volume · 30D

BSCW 15.5×the volume

BSCW415KVBCB26.8K

BSCW vs VBCB Performance

Aug 7, 2026 – Nov 9, 2026

−0.7%BSCW+0.5%VBCB

Expense ratio: BSCW 0.10%; VBCB 0.08%, better
Fund size: BSCW $1.58B; VBCB $117M
1Y total return: BSCW +0.4%; VBCB No data
Yield (12M): BSCW 4.92%; VBCB No data
Holdings: BSCW 331; VBCB 667
Avg volume (30D): BSCW 415K sh, better; VBCB 26.8K sh
NAV per share: BSCW $19.93; VBCB $75.01
52W range

ETF.net Grade

Pillar letters and Scores for BSCW, VBCB, with each pillar’s weight
Pillar	BSCW	VBCB
Cost30% weight	C50	A89Higher
Mission25% weight	A100	A100
Risk15% weight	D35	A88Higher
Tradability15% weight	B64Higher	C40
Holdings10% weight	B62	A84Higher
Durability5% weight	B56Higher	C54

Rank among Defined-Maturity Investment Grade Corporate funds

How we build Categories ›

Same Category. BSCW and VBCB are both graded against the same 42 Defined-Maturity Investment Grade Corporate funds, so their Grades compare head to head.

Defined-Maturity Investment Grade Corporate⁠

Category · 42 funds

See all 42 ›

VBCB ranks 1st and BSCW 17th of 42 funds in the Defined-Maturity Investment Grade Corporate Category.

Rank 1AVBCBVanguard Target Maturity 2028 Corporate Bond ETFScore 81
Rank 2AVBCCVanguard Target Maturity 2029 Corporate Bond ETFScore 78
Rank 17BBSCVInvesco BulletShares 2031 Corporate Bond ETFScore 63
Rank 17BBSCWInvesco BulletShares 2032 Corporate Bond ETFScore 63
Rank 17BVBCEVanguard Target Maturity 2031 Corporate Bond ETFScore 63

Our read on each fund

ETF.net Research

BSCWBInvesco BulletShares 2032 Corporate Bond ETF

VBCBAVanguard Target Maturity 2028 Corporate Bond ETF

In short

BSCW A rung of a bond ladder in ETF form. BSCW holds investment-grade corporate bonds maturing in 2032, then winds down and terminates on or about Dec. 15, 2032, paying out net assets in cash.

VBCB Vanguard finally showed up to the bond-ladder party. VBCB owns U.S. investment-grade corporate bonds that all mature in 2028, and it undercuts the typical target-maturity rung on fees.

Stated mandate

BSCW The Fund invests primarily in US dollar-denominated, investment-grade corporate bonds whose effective maturities are in 2032.

VBCB The fund seeks to track a market-weighted index of U.S.-dollar-denominated, investment-grade corporate bonds that mature in 2028.

Why people hold it

BSCW Behaves like a bond, not a perpetual fund: holdings mature, the fund terminates on or about Dec. 15, 2032, and shareholders receive a cash distribution of net assets.sec.gov invesco.com
About 300 US dollar investment-grade corporate issues, so no single borrower carries the outcome. Income is paid monthly.
0.10% expense ratio on a multi-billion-dollar fund that trades with steady volume, so building or unwinding a ladder rung is straightforward.
Hugs its Nasdaq BulletShares 2032 index tightly, one of the stronger implementations among target-maturity bond ETFs.

VBCB Charges 0.08% a year, below the 0.10% typical for target-maturity bond funds and below the iBonds and BulletShares rungs (IBDU, BSCT, BSCU) it lines up against.
Every bond in the index is dollar-denominated investment grade maturing in 2028: one rung of a bond ladder in one ticker, with income paid quarterly.
A plain market-weighted ICE index run through Vanguard's index plumbing, and one of the stronger builds in the target-maturity bond group.

Worth knowing

BSCW No predetermined payout. The fund does not target a set amount of cash at maturity, so the final distribution depends on what the bonds are worth as they mature.sec.gov
In the final six months the matured bonds roll into cash and equivalents such as T-bills and commercial paper, so the portfolio drifts toward cash before the end date.sec.gov
The fee matches the category median rather than undercutting it; some rival rungs (VBCB, IBTJ) list lower, and corporate credit brings downgrade and default risk Treasury ladders do not.

VBCB Launched in 2026 and still small, it trades thinly, so spreads can run wider than on the long-established corporate ladders.
Corporate credit, not Treasuries. Investment grade lowers the odds of trouble, but downgrades and defaults stay in the mix.
One maturity year, not a whole curve. This is a rung, not a stand-in for a broad bond fund.

Full BSCW profile⁠

Full VBCB profile⁠

BSCW vs VBCB Holdings

How BSCW and VBCB differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile88.5%
Asset classBonds100%
Sector1 Sector100%

Sector

Sector weights in BSCW and VBCB, widest gap first
Sector	More in BSCWMore in VBCB	Gap	BSCW	VBCB
Corporate		Same weight	100.0%	100.0%

Country, concentration and asset class

Country by domicile

Country weights in BSCW and VBCB, widest gap first
Country	Gap	BSCW	VBCB
United States	BSCW +9.8 points	90.4%	80.6%
United Kingdom	VBCB +4.5 points	0.4%	4.9%
Japan	VBCB +2.3 points	1.0%	3.3%
Australia	VBCB +2.0 points	0.0%	2.0%
Germany	VBCB +1.0 points	0.0%	0.9%
Spain	VBCB +0.7 points	0.0%	0.7%
Luxembourg	BSCW +0.6 points	0.6%	0.0%
Switzerland	VBCB +0.6 points	0.0%	0.6%
Other countries (7)	BSCW +0.6 points	7.6%	7.0%

Concentration

Weight in the 10 largest Holdings

BSCW10.0%
VBCB6.2%

Securities held

BSCW329
VBCB662

Asset class

BSCW: Bonds
VBCB: Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. BSCW holds 329 securities, VBCB 662.

All 329 BSCW holdings⁠All 664 VBCB holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BSCW vs VBCB Cost

Overpaying BSCW vs VBCB

$417

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

BSCW 0.10%
$2,106
VBCB 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

BSCW 0.10%
VBCB 0.08%
Overpaying

Year by year

Year	BSCW	VBCB	Overpaying
10	$183	$147	$36
20	$717	$575	$142
30	$2,106	$1,689	$417

Expense ratio

0.10%BSCW
0.08%VBCB, cheaper

VBCB0.08%BSCW0.10%

0.08%0.15%

Middle half of Defined-Maturity Investment Grade Corporate funds
Median 0.10%

VBCB cheapest of 42 funds

BSCW 11th cheapest of 42 funds

BSCW vs VBCB Dividends

Last 12 months to Nov 9, 2026

Yield (12M): BSCW 4.92%; VBCB No data
Payout (12M): BSCW $0.98; VBCB No data
Last payment: BSCW $0.08; VBCB $0.26
Ex-dividend: BSCW Oct 19, 2026; VBCB Nov 2, 2026
Paid on: BSCW Oct 23, 2026; VBCB Nov 4, 2026
Frequency: BSCW Monthly; VBCB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

BSCWMonthly · 46 paymentsAll BSCW payments⁠

VBCBMonthly · 7 paymentsAll VBCB payments⁠

BSCW vs VBCB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BSCW 6.4%VBCB No data
Return per unit of riskSharpe ratio, 3 years: BSCW 0.42VBCB No data
Worst fallMax drawdown, 5 years: BSCW −8.3%since Sep 2022VBCB No data
Market sensitivityBeta, 5 years: BSCW 1.14VBCB 0.05; Market = 1

Popular comparisons

BSCWBvsVBCCA
Invesco BulletShares 2032 Corporate Bond ETF · Vanguard Target Maturity 2029 Corporate Bond ETF
Expense ratio
0.10% · 0.08%
Category
VBCBAvsVBCCA
Vanguard Target Maturity 2028 Corporate Bond ETF · Vanguard Target Maturity 2029 Corporate Bond ETF
Expense ratio
0.08% · 0.08%
Category
BSCWBvsIBDTA
Invesco BulletShares 2032 Corporate Bond ETF · iShares iBonds Dec 2028 Term Corporate ETF
Expense ratio
0.10% · 0.10%
Category
VBCBAvsIBDTA
Vanguard Target Maturity 2028 Corporate Bond ETF · iShares iBonds Dec 2028 Term Corporate ETF
Expense ratio
0.08% · 0.10%
Category
BSCWBvsVBCAA
Invesco BulletShares 2032 Corporate Bond ETF · Vanguard Target Maturity 2027 Corporate Bond ETF
Expense ratio
0.10% · 0.08%
Category
VBCBAvsVBCAA
Vanguard Target Maturity 2028 Corporate Bond ETF · Vanguard Target Maturity 2027 Corporate Bond ETF
Expense ratio
0.08% · 0.08%
Category