BondBloxx BB Rated USD High Yield Corporate Bond ETF
Name
As of 09/05/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
5.9%
1 yr return
12.4%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$57.7 M
Holdings in Top 10
4.4%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.20%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 09/05/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
XBB - Profile
Distributions
- YTD Total Return 5.9%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 6.4%
- Dividend Distribution Frequency Monthly
Fund Details
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Legal NameBondBloxx BB Rated USD High Yield Corporate Bond ETF
-
Fund Family NameN/A
-
Inception DateMay 24, 2022
-
Shares OutstandingN/A
-
Share ClassN/A
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CurrencyUSD
-
Domiciled CountryUS
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ManagerElya Schwartzman
Fund Description
The Fund is non-diversified and seeks to track the investment results of the ICE BofA BB US Cash Pay High Yield Constrained Index (the “Index”), which contains all bonds in the ICE BofA US Cash Pay High Yield Index (the “Underlying Index”) that are rated BB1 though BB3, based on an average of Moody’s Investors Services, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) and Fitch Ratings, Inc. (“Fitch”), but caps issuer exposure at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. Similarly, the face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. In the event there are fewer than 50 issuers in the Index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro-rata basis. See “More Information About the Funds—Index Construction” for more information about the adjustment formula.
There is no limit to the number of issues in the Index, but as of December 31, 2023, the Index included approximately 863 constituents. The bonds included in the Index are publicly issued in the United States domestic market. Because the Index is reconstituted and rebalanced monthly, the components of the Index are likely to change over time.
As of December 31, 2023, the bonds eligible for inclusion in the Index include U.S. dollar-denominated high yield corporate bonds, currently in a coupon paying period, that are publicly issued in the U.S. domestic market, and that: (i) are issued by companies having “risk exposure” to countries (i.e., issuers that are subject to the risks of one or more of these countries as a result of the principal country of domicile of the issuers (as determined by ICE Data Indices, LLC or its affiliates, collectively “Index Provider” or “IDI”)) that are members of the FX-G10, which include Australia, Austria, Belgium, Canada, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, New Zealand, Norway, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, the U.K. and the U.S. and their respective territories; (ii) have an average rating of below investment grade (ratings from Fitch, Moody’s or S&P are considered; if more than one agency provides a rating, the Index Provider assigns a numeric equivalent to the available ratings from Fitch, Moody’s or S&P, calculates the average rating of the numeric equivalents and that average rating is then attached to the bond); (iii) are registered with the SEC, exempt from registration at issuance, or offered pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), with or without registration rights; (iv) have at least $250 million of outstanding face value; (v) have an original maturity date of at least 18 months at the time of issuance; and (vi) have at least one year to maturity as of the rebalancing date. There is no upper limit on the maturity of bonds eligible for inclusion in the Index. For more information regarding the Underlying Index, see “More Information About the Funds—Underlying Index” below.
BIM uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “outperform” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.
Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.
BIM uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable target index that BIM determines to collectively have an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and sector weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Index. There may be instances in which BIM may choose to underweight or overweight a security in the Index, purchase securities not in the Index that BIM believes are appropriate to substitute for certain securities in the Index in seeking to replicate as closely as possible, before fees and expenses, the performance of the Index. The Fund may sell securities that are represented in the Index in anticipation of their removal from the Index or purchase securities not represented in the Index in anticipation of their addition to the Index.
Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high-yield, below-investment grade bonds (sometimes called “junk bonds”) rated BB (or its equivalent) denominated in U.S. dollars of corporate issuers, either directly or indirectly (e.g., through derivatives). The Fund may also invest up to 20% of its net assets in certain futures, options and swap contracts, U.S. Treasury obligations, U.S. Government obligations, U.S. agency securities, securities of other registered investment companies, cash and cash equivalents, as well as in securities not included in its Index, but which BIM believes will help the Fund track its Index.
The Fund seeks to track the investment results of the Index before fees and expenses of the Fund.
The Index is sponsored by the Index Provider, which is independent of the Fund and BIM. The Index Provider determines the composition and relative weightings of the bonds in the Index and publishes information regarding the market value of the Index.
Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and tax-exempt securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As of December 31, 2023,, the Fund is not concentrated in any industry.
XBB - Performance
Return Ranking - Trailing
Period | XBB Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.9% | -39.9% | 6.2% | N/A |
1 Yr | 12.4% | -22.1% | 21.3% | N/A |
3 Yr | N/A* | -14.2% | 66.8% | N/A |
5 Yr | N/A* | -13.6% | 37.2% | N/A |
10 Yr | N/A* | -9.3% | 16.2% | N/A |
* Annualized
Return Ranking - Calendar
Period | XBB Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 3.9% | -44.3% | 3.7% | N/A |
2022 | N/A | -56.9% | 9.2% | N/A |
2021 | N/A | -53.7% | 70.9% | N/A |
2020 | N/A | -33.7% | 5.1% | N/A |
2019 | N/A | -9.4% | 12.0% | N/A |
Total Return Ranking - Trailing
Period | XBB Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.9% | -39.9% | 6.2% | N/A |
1 Yr | 12.4% | -22.1% | 22.2% | N/A |
3 Yr | N/A* | -14.2% | 66.8% | N/A |
5 Yr | N/A* | -13.6% | 37.2% | N/A |
10 Yr | N/A* | -9.3% | 16.2% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | XBB Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 10.6% | -44.3% | 3.7% | N/A |
2022 | N/A | -56.9% | 9.2% | N/A |
2021 | N/A | -53.7% | 70.9% | N/A |
2020 | N/A | -33.7% | 5.1% | N/A |
2019 | N/A | -9.4% | 12.0% | N/A |
XBB - Holdings
Concentration Analysis
XBB | Category Low | Category High | XBB % Rank | |
---|---|---|---|---|
Net Assets | 57.7 M | 1.47 M | 26.2 B | 90.12% |
Number of Holdings | 903 | 2 | 2736 | 13.16% |
Net Assets in Top 10 | 2.52 M | -492 M | 2.55 B | 94.47% |
Weighting of Top 10 | 4.40% | 3.0% | 100.0% | 98.28% |
Top 10 Holdings
- DIRECTV FIN LLC/COINC REGD 144A P/P 5.87500000 0.54%
- AMERICAN AIRLINES/AADVAN REGD 144A P/P 5.75000000 0.50%
- VENTURE GLOBAL LNG INC REGD 144A P/P 9.50000000 0.50%
- INTELSAT JACKSON HLDG REGD 144A P/P 6.50000000 0.49%
- EMRLD BOR / EMRLD CO-ISS REGD 144A P/P 6.62500000 0.46%
- VENTURE GLOBAL LNG INC REGD 144A P/P 8.37500000 0.39%
- AMERICAN AIRLINES/AADVAN REGD 144A P/P 5.50000000 0.39%
- VENTURE GLOBAL LNG INC REGD 144A P/P 8.12500000 0.38%
- WESTERN DIGITAL CORP REGD 4.75000000 0.38%
- CARNIVAL CORP REGD 144A P/P 4.00000000 0.36%
Asset Allocation
Weighting | Return Low | Return High | XBB % Rank | |
---|---|---|---|---|
Bonds | 97.65% | 0.00% | 154.38% | 12.84% |
Cash | 2.35% | -52.00% | 100.00% | 87.24% |
Stocks | 0.00% | -0.60% | 52.82% | 54.91% |
Preferred Stocks | 0.00% | 0.00% | 14.10% | 75.00% |
Other | 0.00% | -63.70% | 32.06% | 67.37% |
Convertible Bonds | 0.00% | 0.00% | 17.89% | 28.42% |
Bond Sector Breakdown
Weighting | Return Low | Return High | XBB % Rank | |
---|---|---|---|---|
Derivative | 0.00% | 0.00% | 45.95% | 64.30% |
Cash & Equivalents | 0.00% | 0.00% | 99.98% | 93.28% |
Securitized | 0.00% | 0.00% | 97.24% | 74.97% |
Corporate | 0.00% | 0.00% | 100.00% | 2.90% |
Municipal | 0.00% | 0.00% | 1.17% | 56.92% |
Government | 0.00% | 0.00% | 99.07% | 69.30% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | XBB % Rank | |
---|---|---|---|---|
US | 97.65% | 0.00% | 150.64% | 16.84% |
Non US | 0.00% | 0.00% | 96.17% | 59.47% |
XBB - Expenses
Operational Fees
XBB Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.20% | 0.02% | 3.87% | 98.40% |
Management Fee | 0.20% | 0.00% | 1.84% | 1.62% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.00% | 0.50% | N/A |
Sales Fees
XBB Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 0.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
XBB Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
XBB Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 1.00% | 327.00% | N/A |
XBB - Distributions
Dividend Yield Analysis
XBB | Category Low | Category High | XBB % Rank | |
---|---|---|---|---|
Dividend Yield | 6.37% | 0.00% | 39.36% | 89.40% |
Dividend Distribution Analysis
XBB | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
XBB | Category Low | Category High | XBB % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | -2.39% | 14.30% | N/A |
Capital Gain Distribution Analysis
XBB | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Sep 03, 2024 | $0.216 | OrdinaryDividend |
Aug 01, 2024 | $0.219 | OrdinaryDividend |
Jul 01, 2024 | $0.211 | OrdinaryDividend |
Jun 03, 2024 | $0.218 | OrdinaryDividend |
May 01, 2024 | $0.211 | OrdinaryDividend |
Apr 01, 2024 | $0.205 | OrdinaryDividend |
Mar 01, 2024 | $0.203 | OrdinaryDividend |
Feb 01, 2024 | $0.219 | OrdinaryDividend |
Dec 28, 2023 | $0.217 | OrdinaryDividend |
Dec 01, 2023 | $0.205 | OrdinaryDividend |
Nov 01, 2023 | $0.226 | OrdinaryDividend |
Oct 02, 2023 | $0.200 | OrdinaryDividend |
Sep 01, 2023 | $0.212 | OrdinaryDividend |
Aug 01, 2023 | $0.204 | OrdinaryDividend |
Jul 03, 2023 | $0.176 | OrdinaryDividend |
Jun 01, 2023 | $0.229 | OrdinaryDividend |
May 01, 2023 | $0.200 | OrdinaryDividend |
Apr 03, 2023 | $0.213 | OrdinaryDividend |
Mar 01, 2023 | $0.191 | OrdinaryDividend |
Feb 01, 2023 | $0.189 | OrdinaryDividend |
Dec 29, 2022 | $0.221 | OrdinaryDividend |
Dec 01, 2022 | $0.205 | OrdinaryDividend |
Nov 01, 2022 | $0.204 | OrdinaryDividend |
Oct 03, 2022 | $0.199 | OrdinaryDividend |
Sep 01, 2022 | $0.202 | OrdinaryDividend |
Aug 01, 2022 | $0.205 | OrdinaryDividend |
Jul 01, 2022 | $0.204 | OrdinaryDividend |
XBB - Fund Manager Analysis
Managers
Elya Schwartzman
Start Date
Tenure
Tenure Rank
May 24, 2022
0.02
0.0%
Mr. Schwartzman is a co-founder of BIM. Prior to joining BIM in 2021, Mr. Schwartzman was the president & founder of ESIC LLC, a consulting firm specializing in fixed income ETF portfolio management, strategy, and infrastructure. From 2010 to 2019, Mr. Schwartzman was a director at BlackRock, Inc., where he oversaw a portfolio management team and was responsible for over $200 billion in ETFs and other global bond portfolios, while developing systems and technology for the ETF ecosystem. Mr. Schwartzman holds a US patent on a system for processing ETF custom baskets, developed during his time with BlackRock. He was a senior portfolio manager at State Street Global Advisors, where he guided the initial launch of fixed income ETFs and managed active high yield funds. Prior to joining SSgA in 1999, he was a high yield analyst and helped to launch the high yield department at Baring Asset Management. He received his MBA in quantitative finance from the Sloan School of Management (MIT).
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.13 | 37.79 | 7.07 | 2.92 |