BondBloxx Private Credit CLO ETF (PCMM) Stock Price, Quote, News & History

The Fund is a newly-organized, actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The Fund invests, under normal circumstances, at least 80 percent of its net assets (plus the amount of any borrowings for investment purposes) in private credit collateralized loan obligations (CLOs). A CLO is a type of asset backed security supported by interest and principal payments generated from a pool of loans, which may include, among others, U.S. and non-U.S. senior secured loans and subordinated corporate loans and privately placed loans. The term private credit refers to lending activity that occurs outside of the broadly-syndicated markets where banks and other traditional lenders place an issuers debt obligations across a wide range of investors. For purposes of the Funds 80 percent policy, the Fund expects private credit CLOs to be CLOs in which at least 80 percent of each such CLO consists of a pool of loans to companies that are privately-owned and do not issue equity securities in the public markets (private credit CLOs, also commonly known as middle market CLOs). The companies underlying these private credit CLOs can be companies of any size, although middle market CLOs are typically backed by pools of loans to small or medium-sized private companies with EBITDA values of $100 million or less. The Fund expects that each private credit CLO will consist of loans where at least 80 percent of the total companies within the CLO are private or where at least 80 percent of total loan amounts within the CLO are issued to private companies. The Fund may temporarily deviate from its 80 percent policy while deploying new capital as the result of the initial seeding of the Fund, as a result of cash creation or redemption activity, or during unusual market conditions such as a downgrade in the rating of one or more private credit CLOs.