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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
$48.11
As of 07/11/2025

1-Day Change
$0.04 (0.08%)
 As of 07/11/2025

YTD Return
1.77%
As of 07/11/2025

Morningstar Rating

As of 06/30/2025

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 (2025 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: Global Head of Securitised Products | Portfolio Manager
John Kerschner, CFA

Global Head of Securitised Products | Portfolio Manager

Industry since 1990. Joined Firm in 2010.

Nick Childs, CFA: Head of Structured and Quantitative Fixed Income | Portfolio Manager
Nick Childs, CFA

Head of Structured and Quantitative Fixed Income | Portfolio Manager

Industry since 2003. Joined Firm in 2017.

Jessica Shill: Portfolio Manager | Securitised Products Analyst
Jessica Shill

Portfolio Manager | Securitised Products Analyst

Industry since 2017.

Performance

RETURNS (%) (As of 06/30/2025)
Nav Market-Price JP Morgan CLO BBB Index
 
3M YTD 1YR 3YR Since Inception
(01/12/2022)
Nav 1.25 1.51 6.60 9.85 6.16
Market-Price 1.16 1.32 6.10 10.01 6.12
JP Morgan CLO BBB Index 2.08 3.20 8.29 11.91 8.23
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 06/30/2025)
Nav Market-Price JP Morgan CLO BBB Index
 
3M YTD 1YR 3YR Since Inception
(01/12/2022)
Nav 1.25 1.51 6.60 9.85 6.16
Market-Price 1.16 1.32 6.10 10.01 6.12
JP Morgan CLO BBB Index 2.08 3.20 8.29 11.91 8.23
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
2024 2023
Nav 11.04 15.35
JP Morgan CLO BBB Index 11.79 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

Growth of a Hypothetical Investment

@Nav JP Morgan CLO BBB Index Bank Loan
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). Fund performance is on a Net Asset Value (NAV) basis with net income reinvested where applicable.

Returns-Based Statistics (As of 04/30/2025)

RISK / REWARD
VS. JP Morgan CLO BBB Index		 3YR 5YR
Information Ratio -2.33 -
Alpha -2.12 -
Tracking Error 0.85 -
Beta 1.03 -
R-squared (%) 97.90 -
UP/DOWN MARKET CAPTURE (%)
JP Morgan CLO BBB Index		 3YR 5YR
Up Capture Ratio 90.47 -
Down Capture Ratio 121.30 -
STANDARD DEVIATION 3YR 5YR
B-BBB CLO ETF 5.80 -
JP Morgan CLO BBB Index 5.57 -
SHARPE RATIO 3YR 5YR
B-BBB CLO ETF 0.37 -
JP Morgan CLO BBB Index 0.75 -
DISTRIBUTION OVERVIEW
Ex-DateRecord DatePayable DateOrdinary IncomeShort-Term Capital GainsLong-Term Capital GainsTotal Distribution
07/01/202507/01/202507/08/2025$0.3333580$0.0000000$0.0000000$0.3333580
06/02/202506/02/202506/06/2025$0.2985510$0.0000000$0.0000000$0.2985510
05/01/202505/01/202505/07/2025$0.3774360$0.0000000$0.0000000$0.3774360
04/01/202504/01/202504/07/2025$0.3195610$0.0000000$0.0000000$0.3195610
03/03/202503/03/202503/07/2025$0.2796020$0.0000000$0.0000000$0.2796020
02/03/202502/03/202502/07/2025$0.2709430$0.0000000$0.0000000$0.2709430
12/23/202412/23/202412/30/2024$0.3357300$0.0000000$0.0000000$0.3357300
View Full History

Portfolio

Index represents the JP Morgan CLO BBB Index

Top Holdings (As of 07/11/2025)
% of Fund
Janus Henderson AAA CLO ETF 2.30
Regatta XVIII Funding Ltd|6.8561|04/15/2038, 6.86%, 04/15/38 2.08
Invesco Senior Loan ETF 1.52
Madison Park Funding XLV Ltd|7.1561|07/15/2034, 7.16%, 07/15/34 1.49
BlueMountain CLO XXXII Ltd|7.3561|10/15/2034, 7.36%, 10/15/34 1.48
OHA Credit Partners VII Ltd|6.82199|02/20/2038, 6.82%, 02/20/38 1.41
Elmwood CLO XII Ltd|7.3561|10/15/2037, 7.36%, 10/15/37 1.31
Sound Point CLO 2025R-1 Ltd|7.57199|02/20/2038, 7.57%, 02/20/38 1.30
CBAMR 2018-8 Ltd|8.2561|07/15/2037, 8.26%, 07/15/37 1.26
TCW CLO 2021-1 Ltd|7.36947|01/20/2038, 7.37%, 01/20/38 1.23
View full holdings

Download

Portfolio Characteristics (As of 07/10/2025)
 
Number of Holdings
Debt Issues		 201
Portfolio Turnover Rate
(1-year trailing)		 71.20%
Weighted Average Maturity
(years)		 6.92
Effective Duration
(years)		 0.08
Yield to Worst
 7.72%
Sector Allocation % of Fund % of Fund As of 07/10/2025
Fixed Income country and/or regional weights primarily based on Bloomberg classifications.
Regional Allocation % of Fund % of Fund As of July 10, 2025
Credit Quality of Fixed Income Holdings % of Fund % of Fund As of July 10, 2025
The credit quality may total over 100% at times due to the purchase of newly issued CLOs directly from the issuers. New CLO issues may experience delayed settlement periods.

The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Holdings in fixed income ETFs and pooled vehicles are classified based on their underlying securities and credit ratings are obtained from Bloomberg.
Maturity Breakdown of Fixed Income Holdings % of Fund % of Fund As of 07/10/2025

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