For Individual Investors in the US

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.

How to buy

NAV
$47.49
As of 09/21/2023

1-Day Change
-$0.02 (-0.04%)
 As of 09/21/2023

YTD Return
11.37%
As of 09/21/2023

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.

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

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 08/31/2023)
NAV Market Price JP Morgan CLO High Quality Mezzanine Index
 
3M YTD 1YR Since Inception
(01/11/2022)
NAV 6.98 10.54 10.27 2.79
Market Price 7.01 12.08 11.10 3.03
JP Morgan CLO High Quality Mezzanine Index 7.22 12.03 12.78 5.06
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 06/30/2023)
NAV Market Price JP Morgan CLO High Quality Mezzanine Index
 
3M YTD 1YR Since Inception
(01/11/2022)
NAV 2.87 4.85 6.91 -0.53
Market Price 4.89 6.51 8.13 -0.15
JP Morgan CLO High Quality Mezzanine Index 3.92 6.46 9.97 2.04
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
DISTRIBUTION OVERVIEW
Ex-DateRecord DatePayable DateOrdinary IncomeShort-Term Capital GainsLong-Term Capital GainsTotal Distribution
09/01/202309/05/202309/08/2023$0.3445190 $0.0000000$0.0000000$0.3445190
08/01/202308/02/202308/07/2023$0.3111450$0.0000000$0.0000000$0.3111450
07/03/202307/05/202307/10/2023$0.3462100$0.0000000$0.0000000$0.3462100
06/01/202306/02/202306/07/2023$0.3041180$0.0000000$0.0000000$0.3041180
05/01/202305/02/202305/05/2023$0.3120230$0.0000000$0.0000000$0.3120230
04/03/202304/04/202304/10/2023$0.3278340$0.0000000$0.0000000$0.3278340
03/01/202303/02/202303/07/2023$0.3018870$0.0000000$0.0000000$0.3018870
View Full History

Portfolio

Index represents the J.P. Morgan CLO High Quality Mezzanine Index

Top Holdings (As of 09/21/2023)
% of Fund
Rockford Tower CLO 2020-1 Ltd|9.33775|01/20/2032, 9.34%, 01/20/32 3.70
Janus Henderson AAA CLO ETF 3.15
BlueMountain CLO XXVIII Ltd|8.46957|04/15/2034, 8.47%, 04/15/34 3.03
Dryden 60 CLO Ltd|8.56957|07/15/2031, 8.57%, 07/15/31 2.90
Rockford Tower CLO 2018-2 Ltd|8.35043|10/20/2031, 8.35%, 10/20/31 2.78
Carlyle US CLO 2021-10 LTD|8.88775|10/20/2034, 8.89%, 10/20/34 2.73
Octagon 55 Ltd|8.35043|07/20/2034, 8.35%, 07/20/34 2.73
LCM 31 Ltd|9.18775|01/20/2032, 9.19%, 01/20/32 2.63
Franklin Park Place CLO I LLC|9.06105|04/14/2035, 9.06%, 04/14/35 2.31
CARLYLE US CLO 2022-2 LTD|8.87614|04/20/2035, 8.88%, 04/20/35 2.29
View full holdings

Download

Portfolio Characteristics (As of 09/21/2023)
 
Number of Holdings
Debt Issues		 63
Portfolio Turnover Rate
(1-year trailing)		 52.91%
Weighted Average Maturity
(years)		 5.83
Effective Duration
(years)		 -0.09
Yield to Worst
 9.74%

Yield to Worst is a portfolio level calculation that excludes cash and cash related costs.
Sector Allocation % OF FUND % OF FUND (As of 09/21/2023)
Regional Allocation % OF FUND % OF FUND (As of September 21, 2023)
Maturity Breakdown of Fixed Income Holdings % OF FUND % OF FUND (As of 09/21/2023)
Credit Quality of Fixed Income Holdings % OF FUND % OF FUND (As of September 21, 2023)
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).

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