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JBBB B-BBB CLO ETF

Provides exposure to floating-rate collateralized loan obligations (CLOs) generally rated from B to BBB in a liquid, transparent manner.

NAV
$48.98
As of 24/12/2024

1-Day Change
$0.00 (0.00%)
 As of 24/12/2024

YTD Return
10.67%
As of 24/12/2024

Overview

About this ETF

An ETF with floating rate exposure to CLOs rated from B to BBB and seeking to deliver investors access to securities with low default risk, low correlations to traditional fixed income asset classes and yield potential.

Why Invest in this ETF

Diversification Potential
B to BBB-rated CLOs may help diversify a traditional fixed income portfolio.

Floating Rate Exposure
Floating-rate coupons can help limit the impact during periods of rising rates.

Efficient ETF Structure
Provides exposure to CLOs rated from B to BBB historically available only to institutional investors, with the liquidity, lower cost, and transparency characteristics of an ETF structure.

*Designations

NAIC 2.C (2024 preliminary)

What are CLOs?

Hear from Jess Shill, CLO Portfolio Manager, as she dives into the intricate world of Collateralized Loan Obligations, or CLOs. Learn how these financial instruments can play a pivotal role in financing smaller, innovative companies and offer investors distinct advantages.

Portfolio Management

John Kerschner, CFA
John Kerschner, CFA

Head of US Securitised Products | Portfolio Manager

Industry since 1990. Joined Firm in 2010.

Nick Childs, CFA
Nick Childs, CFA

Head of Structured and Quant Fixed Income| Portfolio Manager

Industry since 2003. Joined Firm in 2017.

Jessica Shill
Jessica Shill

Portfolio Manager | Securitised Products Analyst

Industry since 2017.

Performance

RETURNS (%) (As of 30/09/2024)
Nav Market-Price JP Morgan CLO BBB Index
 
3M YTD 1YR Since Inception
(01/12/2022)
Nav 2.05 7.90 12.13 6.20
Market-Price 1.51 7.39 11.45 6.13
JP Morgan CLO BBB Index 2.34 9.03 14.10 8.33
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times. Ordinary brokerage commissions apply and will reduce returns.
RETURNS (%) (As of 30/11/2024)
Nav Market-Price JP Morgan CLO BBB Index
 
3M YTD 1YR Since Inception
(01/12/2022)
Nav 2.78 9.79 11.87 6.47
Market-Price 3.07 9.85 12.09 6.60
JP Morgan CLO BBB Index 2.79 11.00 13.49 8.50
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times. Ordinary brokerage commissions apply and will reduce returns.
Calendar Year Returns (%)
Nav JP Morgan CLO BBB Index
2023
Nav 15.35
JP Morgan CLO BBB Index 17.66
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times. Ordinary brokerage commissions apply and will reduce returns.

Premium/Discount History

Morningstar Percentile

 (As of 25/12/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 3 - - - 23
Bank Loan | Rank/Count 5/221 -/- -/- -/- 42/215
 (As of 25/12/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 2 - - - 21
Bank Loan | Rank / Count 2/220 -/- -/- -/- 41/213

Growth of a Hypothetical Investment

@Nav JP Morgan CLO BBB Index Multisector Bond
Source: Morningstar, Inc.
This graph compares the performance of a hypothetical $1 investment in the fund, the fund’s Morningstar category average and its benchmark(s).
DISTRIBUTION OVERVIEW
Ex-DateRecord DatePayable DateOrdinary IncomeShort-Term Capital GainsLong-Term Capital GainsTotal Distribution
12/23/202412/23/202412/30/2024$0.3357300$0.0000000$0.0000000$0.3357300
12/02/202412/02/202412/06/2024$0.3168540$0.0000000$0.0000000$0.3168540
11/01/202411/01/202411/07/2024$0.3123970$0.0000000$0.0000000$0.3123970
10/01/202410/01/202410/07/2024$0.3509690$0.0000000$0.0000000$0.3509690
09/03/202409/03/202409/09/2024$0.3703210$0.0000000$0.0000000$0.3703210
08/01/2024 08/01/2024 08/07/2024 $0.3260150 $0.0000000$0.0000000$0.3260150
07/01/202407/01/202407/08/2024$0.2752230$0.0000000$0.0000000$0.2752230
06/03/202406/03/202406/07/2024$0.3132710$0.0000000$0.0000000$0.3132710
View Full History

Portfolio

Index represents the JP Morgan CLO BBB Index

Top Holdings (As of 24/12/2024)
% of Fund
OCP CLO 2024-31 Ltd|8.5674|04/20/2037, 8.57%, 04/20/37 1.36
CBAM 2019-9 Ltd|8.8059|07/15/2037, 8.81%, 07/15/37 1.34
Elmwood CLO II Ltd|7.60728|10/20/2037, 7.61%, 10/20/37 1.29
CBAM 2018-8 Ltd/KY|8.6559|07/15/2037, 8.66%, 07/15/37 1.20
Palmer Square CLO 2015-1 Ltd|7.07|05/21/2034, 7.07%, 05/21/34 1.13
LCM 41 Ltd|9.2059|04/15/2036, 9.21%, 04/15/36 1.10
Magnetite XLIV Ltd|7.41778|10/15/2037, 7.42%, 10/15/37 1.09
Bain Capital Credit Clo 2019-4 Ltd|8.25626|04/23/2035, 8.26%, 04/23/35 1.09
522 Funding CLO 2019-5 Ltd|7.9059|04/15/2035, 7.91%, 04/15/35 1.03
Madison Park Funding XXXIV Ltd|7.9973|10/16/2037, 8.00%, 10/16/37 0.99
View full holdings

Download

Portfolio Characteristics (As of 23/12/2024)
 
Number of Holdings
Debt Issues		 278
Portfolio Turnover Rate
(1-year trailing)		 60.56%
Weighted Average Maturity
(years)		 7.34
Effective Duration
(years)		 0.20
Yield to Worst
 7.99%
Sector Allocation % of Fund % of Fund As of 23/12/2024
Fixed Income country and/or regional weights primarily based on Bloomberg classifications.
Regional Allocation % of Fund % of Fund As of 12/23/2024
Credit Quality of Fixed Income Holdings % of Fund % of Fund As of 12/23/2024
Holdings in fixed income ETFs and pooled vehicles are classified based on their underlying securities and credit ratings are obtained from Bloomberg.
Credit quality ratings reflect the middle rating received from Moody’s, Standard & Poor’s and Fitch, where all three agencies have provided a rating. If only two agencies rate a security, the lowest rating is used. If only one agency rates a security, that rating is used. Ratings are measured on a scale that ranges from Aaa (highest) to D (lowest).
Maturity Breakdown of Fixed Income Holdings % of Fund % of Fund As of 23/12/2024

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