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BondBloxx launches three high-yield corporate bond ETFs
Chicago, May 26 – BondBloxx ETF Trust has launched three high-yield corporate bond ETFs, distinguished by debt ratings, according to a form N-1A filing with the Securities and Exchange Commission.
The three funds are the BondBloxx BB Rated USD High Yield Corporate Bond ETF (NYSE Arca: XBB), the BondBloxx B Rated USD High Yield Corporate Bond ETF (NYSE Arca: XB) and the BondBloxx CCC Rated USD High Yield Corporate Bond ETF (NYSE Arca: XCCC).
The fund is newly organized, non-diversified and seeks to track the investment results of the ICE BofA BB US Cash Pay High Yield Constrained index, ICE BofA Single-B US Cash Pay High Yield Constrained index or the ICE CCC US Cash Pay High Yield Constrained index, respectively.
Issuer exposure is capped at 2% in the indexes.
For the indexes, 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
Elya Schwartzman is managing the funds and their investments. Schwartzman is a co-founder of BondBloxx. Previously he founded ESIC, LLC and then before that was at BlackRock, Inc. for nine years.
BondBloxx Investment Management Corp. is based in Larkspur, Calif.
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