BondBloxxSM ETF Trust

Annual Report

 

 

October 31, 2023

 

 

 

 

 

BondBloxx USD High Yield Bond Industrial Sector ETF| XHYI |NYSE Arca

BondBloxx USD High Yield Bond Telecom, Media & Technology Sector ETF| XHYT |NYSE Arca

BondBloxx USD High Yield Bond Healthcare Sector ETF| XHYH |NYSE Arca

BondBloxx USD High Yield Bond Financial & REIT Sector ETF| XHYF |NYSE Arca

BondBloxx USD High Yield Bond Energy Sector ETF| XHYE |NYSE Arca

BondBloxx USD High Yield Bond Consumer Cyclicals Sector ETF| XHYC |NYSE Arca

BondBloxx USD High Yield Bond Consumer Non-Cyclicals Sector ETF| XHYD |NYSE Arca

BondBloxx USD High Yield Bond Sector Rotation ETF| HYSA |NYSE Arca

BondBloxx B Rated USD High Yield Corporate Bond ETF| XB |NYSE Arca

BondBloxx BB Rated USD High Yield Corporate Bond ETF| XBB |NYSE Arca

BondBloxx CCC Rated USD High Yield Corporate Bond ETF| XCCC |NYSE Arca

BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF| XEMD | Cboe BZX

BondBloxx Bloomberg Six Month Target Duration US Treasury ETF| XHLF |NYSE Arca

BondBloxx Bloomberg One Year Target Duration US Treasury ETF| XONE |NYSE Arca

BondBloxx Bloomberg Two Year Target Duration US Treasury ETF| XTWO |NYSE Arca

BondBloxx Bloomberg Three Year Target Duration US Treasury ETF| XTRE |NYSE Arca

BondBloxx Bloomberg Five Year Target Duration US Treasury ETF| XFIV |NYSE Arca

BondBloxx Bloomberg Seven Year Target Duration US Treasury ETF| XSVN |NYSE Arca

BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF| XTEN |NYSE Arca

BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF| XTWY |NYSE Arca

 

BondBloxx Investment Management Corporation | bondbloxxetf.com | 800.896.5089

 

 

 

 

Table of Contents

 

Shareholder Letter (Unaudited)   1
Fund Performance Overview (Unaudited)   2
High Yield Sectors   2
High Yield Ratings   12
Emerging Markets   16
US Treasury   18
Fund Expense Examples (Unaudited)   27
Portfolio of Investments   30
Statements of Assets and Liabilities   146
Statements of Operations   150
Statements of Changes in Net Assets   155
Financial Highlights   165
Notes to the Financial Statements   176
Report of Independent Registered Public Accounting Firm   199
Liquidity Risk Management Program (Unaudited)   201
Supplemental Information (Unaudited)   202
Board Approval of Investment Advisory Agreement (Unaudited)   203
Board of Trustees and Executive Officers (Unaudited)   206

 

 

 

 

BONDBLOXX ETF TRUST

 

Shareholder Letter (Unaudited)

 

Dear Shareholder,

 

The U.S. economy demonstrated remarkable resilience throughout 2023. Despite consensus expectations for a second-half recession driven by inflation and higher borrowing costs, economic indicators consistently outperformed projections. A notable example of this was that the U.S. economy grew almost 5% in the third quarter of 2023, the fastest expansion in nearly two years. A significant contributor to the economy’s ongoing resilience has been the enduring strength of the U.S. jobs market, which fueled continued household spending and caused businesses to restock to meet strong demand.

 

Inflation levels eased through most of 2023, allowing the Federal Reserve to halt further rate increases at its July, September, meetings as the U.S. economy continued to absorb prior adjustments. However, recent inflation data is still above the Fed’s 2% target, hovering in the low-to-mid 3% range for headline CPI. If in Q1 inflation remains persistent, the Fed could hold rates at these levels longer and have less reason to start cutting rates in the coming months.

 

Total return performance returned to positive in 2023 for most segments of the fixed income market, a welcome change from last year’s outlier year of [broad US fixed income market U.S. financial market losses. The U.S. high yield market experienced the best performance among broad fixed income asset classes for the second year in a row, outperforming U.S. Aggregate, U.S. Treasuries, investment grade corporates, and emerging markets sovereign debt. High yield performance was led by CCC-rated debt and the Consumer Cyclical industry sector.

 

Looking ahead, based on continued economic resilience and the Fed likely near the end of its rate hiking cycle, we believe now is the time for investors to increase their allocation to income, as we expect attractive forward returns in the coming year.

 

Within fixed income, we see opportunities for investors to look beyond broad-based benchmark ETFs to establish more precise exposures as away to seek outperformance.

 

At BondBloxx, we are committed to helping investors seize opportunities across fixed income markets. Our unique and innovative product suites span target duration U.S. Treasuries, credit rating and sector-specific high yield bonds, and short duration emerging markets.

 

Specific strategies we continue to view as compelling include:

 

High yield corporates – to seek attractive income as well as total return outperformance potential from tactical credit quality and industry sector selection

 

BBB corporates – to take advantage of this rating category’s strong fundamentals as well as yield levels not seen in 15 years

 

Short-term U.S. Treasuries – to potentially generate higher income, manage cash positions, and maintain liquidity

 

Intermediate-term U.S. Treasuries – to capture attractive total return potential considering the possible end to the Fed rate hike cycle, a slowing U.S. economy, and a normalization of the yield curve

 

Shorter-duration emerging markets sovereign debt – to reduce both interest rate and spread duration risk while benefiting from attractive yields and total return potential.

 

We are thankful for your investment and the trust you have placed in BondBloxx. We wish you a happy and prosperous New Year.

 

Joanna Gallegos

 

 

President, BondBloxx ETF Trust

 

There are risks associated with investing, including possible loss of principal. Fixed income investments are subject to interest rate risk; their value will normally decline as interest rates rise. Fixed income investments are also subject to credit risk, the risk that the issuer of a bond will fail to pay interest and principal in a timely manner.

 

1

 

 

BONDBLOXX ETF TRUST

 

Fund Performance Overview (Unaudited)

 

High Yield Sectors

 

The U.S. economy showed remarkable resilience over the 12-month period ending October 31, 2023 in the face of higher interest rates, persistent inflation and numerous external shocks. Economic growth was fueled by steady consumer spending, as the enduring strength of the labor market shored up household confidence. Gross Domestic Product grew at an annualized pace of 5.2% in the third quarter of 2023 - the fastest expansion in close to two years. The U.S. unemployment rate held near historic lows throughout the period. Meanwhile, signs of weakness were evident in areas such as housing, industrial production, and manufacturing.

 

Inflation pressures in the U.S. eased substantially from the 40-year peak reached in mid-2022, as annual consumer price growth hovered between 3.0% and 4.0% by mid-2023, down from 9.1% at its peak. This favorable trend in consumer price growth during the period enabled the Federal Reserve to slow its interest rate tightening campaign, having kept its policy rate unchanged at three of the last four meetings. This follows an aggressive 525 basis points in total rate increases over the previous 18 months.

 

After a year of double-digit declines across most asset classes, most fixed income sectors generated positive returns during the 12-month period ending in October 2023, led by higher-income generating sectors such as U.S. high yield and emerging markets. The overall equity market rose over 10%, driven by the technology sector and potential impacts of artificial intelligence, while other equity sectors and small-cap stocks lagged.

 

U.S High yield bonds generated positive returns for the 12-month period ending October 31, 2023, as a strong U.S. economy kept corporate cash flows relatively healthy, investor expectations of a recession receded, and the Federal Reserve approached the end of its interest rate hiking program. Owing to rising yields beginning in late 2021, a higher level of income helped insulate the asset class from price shocks. As measured by the BofA ICE Cash Pay High Yield Constrained Index, a broad benchmark of the asset class, U.S. high yield returned +5.79% for the 12-month period ending October 31, 2023.

 

While all sectors of U.S. high yield reported positive returns during the period, a high level of variance was recorded among the different industry sectors, driven by macroeconomic trends and idiosyncratic events. Robust consumer spending led to outperformance in the consumer cyclicals sectors (+8.71%), while strong balance sheets and ratings upgrades drove outperformance in the energy sector (+7.37%). Conversely, the telecommunications and media sector lagged (+1.28%) due to competitive cost pressures and several issuer-specific balance sheet problems.

 

2

 

 

BONDBLOXX ETF TRUST

 

BondBloxx USD High Yield Bond Industrial Sector ETF Growth

Fund Performance Overview (Unaudited) (Continued)

 

The following graph depicts the hypothetical $10,000 investment in the BondBloxx USD High Yield Bond Industrial Sector ETF (XHYI) at net asset value and market price as compared to the ICE Diversified US Cash Pay High Yield Core Industrial Index(1) from the Fund’s inception date (February 15, 2022(2)) to October 31, 2023.

 

BondBloxx USD High Yield Bond Industrial Sector ETF

Growth of a Hypothetical $10,000 Investment

 

 

Average Annual Total Returns as of October 31, 2023        
BondBloxx USD High Yield Bond       Since
Industrial Sector ETF   1 year   Inception(2)
Net Asset Value   5.77%   (0.84)%
Market Value   6.12%   (0.70)%
ICE Diversified US Cash Pay High Yield        
Core Industrial Index   7.00%   (0.26)%

 

(1) The ICE Diversified US Cash Pay High Yield Core Industrial Index is a rules-based index consisting of U.S. dollar-denominated below investment grade bonds (as determined by ICE Data Indices, LLC or its affiliates (collectively “Index Provider” or “IDI”)) that contains issuers from the industrial sector, including the basic materials, capital goods, transportation and services subsectors.
(2) The Fund commenced operations on February 15, 2022. Shares of XHYI were listed on the NYSE Arca, Inc. on February 17, 2022.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit https://bondbloxxetf.com/.

 

Net asset value (“NAV”) returns are based on the dollar value of a single share of the Fund, calculated using the value of the underlying assets of the Fund minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the NewYork Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total return reflects reinvestment of distributions on ex-date for NAV returns and payment date for market value returns. The market price of the Fund’s shares may differ significantly from their NAV during periods of market volatility. The referenced indices are shown for informational purposes only and are not meant to represent the Fund. One cannot invest directly in an index.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

As stated in the current prospectus, the expense ratio is 0.35%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

 

3

 

 

BONDBLOXX ETF TRUST

 

BondBloxx USD High Yield Bond Telecom, Media & Technology Sector ETF Growth

Fund Performance Overview (Unaudited) (Continued)

 

The following graph depicts the hypothetical $10,000 investment in the BondBloxx USD High Yield Bond Telecom, Media & Technology Sector ETF (XHYT) at net asset value and market price as compared to the ICE Diversified US Cash Pay High Yield Telecom, Media & Technology Index(1) from the Fund’s inception date (February 15, 2022(2)) to October 31, 2023.

 

BondBloxx USD High Yield Bond Telecom, Media & Technology Sector ETF

Growth of a Hypothetical $10,000 Investment

 

 

Average Annual Total Returns as of October 31, 2023        
BondBloxx USD High Yield Bond       Since
Telecom, Media & Technology Sector ETF   1 year   Inception(2)
Net Asset Value   0.89%   (4.86)%
Market Value   1.39%   (4.64)%
ICE Diversified US Cash Pay High Yield        
Telecom, Media & Technology Index   1.35%   (4.52)%

 

(1) The ICE Diversified US Cash Pay HighYieldTelecom, Media &Technology Index is a rules-based index consisting of U.S. dollar-denominated below investment grade bonds (as determined by ICE Data Indices, LLC or its affiliates (collectively “Index Provider” or “IDI”)) that contains issuers from the telecom, media and technology sector, including the telecommunications, technology & electronics, and media sub-sectors.
(2) The Fund commenced operations on February 15, 2022. Shares of XHYT were listed on the NYSE Arca, Inc. on February 17, 2022.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit https://bondbloxxetf.com/.

 

Net asset value (“NAV”) returns are based on the dollar value of a single share of the Fund, calculated using the value of the underlying assets of the Fund minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the NewYork Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total return reflects reinvestment of distributions on ex-date for NAV returns and payment date for market value returns. The market price of the Fund’s shares may differ significantly from their NAV during periods of market volatility. The referenced indices are shown for informational purposes only and are not meant to represent the Fund. One cannot invest directly in an index.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

As stated in the current prospectus, the expense ratio is 0.35%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

 

4

 

 

BONDBLOXX ETF TRUST

 

BondBloxx USD High Yield Bond Healthcare Sector ETF Growth

Fund Performance Overview (Unaudited) (Continued)

 

The following graph depicts the hypothetical $10,000 investment in the BondBloxx USD High Yield Bond Healthcare Sector ETF (XHYH) at net asset value and market price as compared to the ICE Diversified US Cash Pay High Yield Healthcare Index(1) from the Fund’s inception date (February 15, 2022(2)) to October 31, 2023.

 

BondBloxx USD High Yield Bond Healthcare Sector ETF

Growth of a Hypothetical $10,000 Investment

 

 

Average Annual Total Returns as of October 31, 2023        
BondBloxx USD High Yield Bond       Since
Healthcare Sector ETF   1 year   Inception(2)
Net Asset Value   5.36%   (6.38)%
Market Value   6.03%   (6.23)%
ICE Diversified US Cash Pay High Yield        
Healthcare Index   5.80%   (5.81)%

 

(1) The ICE Diversified US Cash Pay High Yield Healthcare Index is a rules-based index consisting of U.S. dollar-denominated below investment grade bonds (as determined by ICE Data Indices, LLC or its affiliates (collectively “Index Provider” or “IDI”)) that contains issuers from the healthcare sector, including the health facilities, health services, managed care, medical products, and pharmaceuticals sub-sectors.
(2) The Fund commenced operations on February 15, 2022. Shares of XHYH were listed on the NYSE Arca, Inc. on February 17, 2022.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit https://bondbloxxetf.com/.

 

Net asset value (“NAV”) returns are based on the dollar value of a single share of the Fund, calculated using the value of the underlying assets of the Fund minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the NewYork Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total return reflects reinvestment of distributions on ex-date for NAV returns and payment date for market value returns. The market price of the Fund’s shares may differ significantly from their NAV during periods of market volatility. The referenced indices are shown for informational purposes only and are not meant to represent the Fund. One cannot invest directly in an index.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

As stated in the current prospectus, the expense ratio is 0.35%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

 

5

 

 

BONDBLOXX ETF TRUST

 

BondBloxx USD High Yield Bond Financial & REIT Sector ETF Growth

Fund Performance Overview (Unaudited) (Continued)

 

The following graph depicts the hypothetical $10,000 investment in the BondBloxx USD High Yield Bond Financial & REIT Sector ETF (XHYF) at net asset value and market price as compared to the ICE Diversified US Cash Pay High Yield Financial & REIT Index(1) from the Fund’s inception date (February 15, 2022(2)) to October 31, 2023.

 

BondBloxx USD High Yield Bond Financial & REIT Sector ETF

Growth of a Hypothetical $10,000 Investment

 

 

Average Annual Total Returns as of October 31, 2023        
BondBloxx USD High Yield Bond       Since
Financial & REIT Sector ETF   1 year   Inception(2)
Net Asset Value   5.91%   (1.91)%
Market Value   6.17%   (1.83)%
ICE Diversified US Cash Pay High Yield        
Financial & REIT Index   6.53%   (1.38)%

 

(1) The ICE Diversified US Cash Pay High Yield Financial & REIT Index is a rules-based index consisting of U.S. dollar-denominated below investment grade bonds (as determined by ICE Data Indices, LLC or its affiliates (collectively “Index Provider” or “IDI”)) that contains issuers from the financial sector, including the banking, financial services, and insurance sub-sectors, and the REIT sector. The REIT sector is comprised solely of debt issued by real estate investment trusts.
(2) The Fund commenced operations on February 15, 2022. Shares of XHYF were listed on the NYSE Arca, Inc. on February 17, 2022.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit https://bondbloxxetf.com/.

 

Net asset value (“NAV”) returns are based on the dollar value of a single share of the Fund, calculated using the value of the underlying assets of the Fund minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the NewYork Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total return reflects reinvestment of distributions on ex-date for NAV returns and payment date for market value returns. The market price of the Fund’s shares may differ significantly from their NAV during periods of market volatility. The referenced indices are shown for informational purposes only and are not meant to represent the Fund. One cannot invest directly in an index.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

As stated in the current prospectus, the expense ratio is 0.35%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

 

6

 

 

BONDBLOXX ETF TRUST

 

BondBloxx USD High Yield Bond Energy Sector ETF Growth

Fund Performance Overview (Unaudited) (Continued)

 

The following graph depicts the hypothetical $10,000 investment in the BondBloxx USD High Yield Bond Energy Sector ETF (XHYE) at net asset value and market price as compared to the ICE Diversified US Cash Pay High Yield Energy Index(1) from the Fund’s inception date (February 15, 2022(2)) to October 31, 2023.

 

BondBloxx USD High Yield Bond Energy Sector ETF

Growth of a Hypothetical $10,000 Investment

 

 

Average Annual Total Returns as of October 31, 2023        
BondBloxx USD High Yield Bond       Since
Energy Sector ETF   1 year   Inception(2)
Net Asset Value   6.73%   2.15%
Market Value   7.43%   2.33%
ICE Diversified US Cash Pay High Yield        
Energy Index   7.48%   2.88%

 

(1) The ICE Diversified US Cash Pay High Yield Energy Index is a rules-based index consisting of U.S. dollar-denominated below investment grade bonds (as determined by ICE Data Indices, LLC or its affiliates (collectively “Index Provider” or “IDI”)) that contains issuers from the energy sector, including the exploration & production, gas distribution, oil field equipment & services, and oil refining & marketing sub-sectors.
(2) The Fund commenced operations on February 15, 2022. Shares of XHYE were listed on the NYSE Arca, Inc. on February 17, 2022.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit https://bondbloxxetf.com/.

 

Net asset value (“NAV”) returns are based on the dollar value of a single share of the Fund, calculated using the value of the underlying assets of the Fund minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the NewYork Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total return reflects reinvestment of distributions on ex-date for NAV returns and payment date for market value returns. The market price of the Fund’s shares may differ significantly from their NAV during periods of market volatility. The referenced indices are shown for informational purposes only and are not meant to represent the Fund. One cannot invest directly in an index.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

As stated in the current prospectus, the expense ratio is 0.35%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

 

7

 

 

BONDBLOXX ETF TRUST

 

BondBloxx USD High Yield Bond Consumer Cyclicals Sector ETF Growth

Fund Performance Overview (Unaudited) (Continued)

 

The following graph depicts the hypothetical $10,000 investment in the BondBloxx USD High Yield Bond Consumer Cyclicals Sector ETF (XHYC) at net asset value and market price as compared to the ICE Diversified US Cash Pay High Yield Consumer Cyclical Index(1) from the Fund’s inception date (February 15, 2022(2)) to October 31, 2023.

 

BondBloxx USD High Yield Bond Consumer Cyclicals Sector ETF

Growth of a Hypothetical $10,000 Investment

 

 

Average Annual Total Returns as of October 31, 2023        
BondBloxx USD High Yield Bond       Since
Consumer Cyclicals Sector ETF   1 year   Inception(2)
Net Asset Value   7.98%   (1.64)%
Market Value   8.77%   (1.59)%
ICE Diversified US Cash Pay High Yield        
Consumer Cyclical Index   8.81%   (1.12)%

 

(1) The ICE Diversified US Cash Pay High Yield Consumer Cyclical Index is a rules-based index consisting of U.S. dollar-denominated below investment grade bonds (as determined by ICE Data Indices, LLC or its affiliates (collectively “Index Provider” or “IDI”)) that contains issuers from the consumer cyclicals sector (companies whose performance is generally more closely connected to the business cycle and current economic conditions), including the automotive, leisure, real estate development & management, department stores, and specialty retail subsectors.
(2) The Fund commenced operations on February 15, 2022. Shares of XHYC were listed on the NYSE Arca, Inc. on February 17, 2022.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit https://bondbloxxetf.com/.

 

Net asset value (“NAV”) returns are based on the dollar value of a single share of the Fund, calculated using the value of the underlying assets of the Fund minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the New York Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total return reflects reinvestment of distributions on ex-date for NAV returns and payment date for market value returns. The market price of the Fund’s shares may differ significantly from their NAV during periods of market volatility. The referenced indices are shown for informational purposes only and are not meant to represent the Fund. One cannot invest directly in an index.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

As stated in the current prospectus, the expense ratio is 0.35%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

 

8

 

 

BONDBLOXX ETF TRUST

 

BondBloxx USD High Yield Bond Consumer Non-Cyclicals Sector ETF Growth

Fund Performance Overview (Unaudited) (Continued)

 

The following graph depicts the hypothetical $10,000 investment in the BondBloxx USD High Yield Bond Consumer Non-Cyclicals Sector ETF (XHYD) at net asset value and market price as compared to the ICE Diversified US Cash Pay High Yield Consumer Non-Cyclical Index(1) from the Fund’s inception date (February 15, 2022(2)) to October 31, 2023.

 

BondBloxx USD High Yield Bond Consumer Non-Cyclicals Sector ETF

Growth of a Hypothetical $10,000 Investment

 

 

Average Annual Total Returns as of October 31, 2023        
BondBloxx USD High Yield Bond       Since
Consumer Non-Cyclicals Sector ETF   1 year   Inception(2)
Net Asset Value   5.40%   (1.36)%
Market Value   5.92%   (1.23)%
ICE Diversified US Cash Pay High Yield        
Consumer Non-Cyclical Index   5.96%   (0.97)%

 

(1) The ICE Diversified US Cash Pay High Yield Consumer Non-Cyclical Index is a rules-based index consisting of U.S. dollar-denominated below investment grade bonds (as determined by ICE Data Indices, LLC or its affiliates (collectively “Index Provider” or “IDI”)) that contains issuers from the consumer non-cyclicals sector (companies whose performance is generally less closely connected to the business cycle and current economic conditions), including the consumer goods, discount stores, food & drug retail, restaurants, and utilities sub-sectors.
(2) The Fund commenced operations on February 15, 2022. Shares of XHYD were listed on the NYSE Arca, Inc. on February 17, 2022.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit https://bondbloxxetf.com/.

 

Net asset value (“NAV”) returns are based on the dollar value of a single share of the Fund, calculated using the value of the underlying assets of the Fund minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the NewYork Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total return reflects reinvestment of distributions on ex-date for NAV returns and payment date for market value returns. The market price of the Fund’s shares may differ significantly from their NAV during periods of market volatility. The referenced indices are shown for informational purposes only and are not meant to represent the Fund. One cannot invest directly in an index.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

As stated in the current prospectus, the expense ratio is 0.35%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

 

9

 

 

BONDBLOXX ETF TRUST

 

BondBloxx USD High Yield Bond Sector Rotation ETF Growth

Fund Performance Overview (Unaudited) (Continued)

 

The following graph depicts the hypothetical $10,000 investment in the BondBloxx USD High Yield Bond Sector Rotation ETF (HYSA) at net asset value and market price as compared to a blended index Markit iBoxx USD Liquid Leveraged Loan Index and ICE BofA US Cash Pay High Yield Constrained Index(1) for the ten year period ended October 31, 2023.

 

BondBloxx USD High Yield Bond Sector Rotation ETF

Growth of a Hypothetical $10,000 Investment

 

 

Average Annual Total Returns as of October 31, 2023        
BondBloxx USD High Yield Bond                   Since
Sector Rotation ETF   1 year   3 years   5 years   10 years   Inception(2)
Net Asset Value   4.14%   1.48%   (0.31)%   1.09%   1.44%
Market Value   4.19%   1.36%   (0.38)%   1.04%   1.41%
Markit iBoxx USD Liquid Leveraged Loan Index / ICE BofA US Cash Pay High Yield                    
Constrained Index   4.14%   1.48%   (0.31)%   1.09%   1.44%

 

The Fund acquired the assets and liabilities of the Highland/iBoxx Senior Loan ETF (the “Predecessor ETF”), a series of the NexPoint Funds I, at the close of business on September 15, 2023. As a result of the reorganization, the Fund is the accounting successor of the Predecessor ETF. Performance results shown in the graph and the performance table above for the periods prior to September 16, 2023, reflect the performance of the Predecessor ETF.

 

(1) The Markit iBoxx USD Liquid Leveraged Loan Index, is comprised of about 100 of the most liquid, tradable leveraged loans, as identified by Markit’s Loans Liquidity service. Markit iBoxx USD Liquid Leveraged Loan Index is the Predecessor ETF’s index benchmark for the period from commencement of operations, November 6, 2012, through the acquisition on September 15, 2023.

The ICE BofA US Cash Pay High Yield Constrained Index is a rules-based index consisting of U.S. dollar-denominated below investment grade corporate debt, currently in a coupon paying period, that is publicly issued in the U.S. domestic market. ICE BofA US Cash Pay High Yield Constrained Index began on September 16, 2023. This Fund is actively managed and does not seek to track the performance of the ICE BofA US Cash Pay High Yield Constrained Index.

(2) The Fund commenced operations on November 6, 2012. The Fund was acquired as from the Predecessor ETF of the close of business on September 15, 2023. Shares of HYSA were listed on the NYSE Arca, Inc. on September 18, 2023. Prior to September 16, 2023, the Predecessor Fund was advised by a different investment adviser, had a different investment objective and policies and was a passively-managed fund that sought to track the performance of the Markit iBoxx USD Liquid Leveraged Loan Index.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit https://bondbloxxetf.com/.

 

10

 

 

BONDBLOXX ETF TRUST

 

BondBloxx USD High Yield Bond Sector Rotation ETF Growth

Fund Performance Overview (Unaudited) (Continued)

 

Net asset value (“NAV”) returns are based on the dollar value of a single share of the Fund, calculated using the value of the underlying assets of the Fund minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the NewYork Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total return reflects reinvestment of distributions on ex-date for NAV returns and payment date for market value returns. The market price of the Fund’s shares may differ significantly from their NAV during periods of market volatility. The referenced indices are shown for informational purposes only and are not meant to represent the Fund. One cannot invest directly in an index.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

As stated in the current prospectus, the expense ratio is 0.55%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

 

11

 

 

BONDBLOXX ETF TRUST

 

Fund Performance Overview (Unaudited) (Continued)

 

High Yield Ratings

 

The U.S. economy showed remarkable resilience over the 12-month period ending October 31, 2023 in the face of higher interest rates, persistent inflation and numerous external shocks. Economic growth was fueled by steady consumer spending, as the enduring strength of the labor market shored up household confidence. Gross Domestic Product grew at an annualized pace of 5.2% in the third quarter of 2023 - the fastest expansion in close to two years. The U.S. unemployment rate held near historic lows throughout the period. Meanwhile, signs of weakness were evident in areas such as housing, industrial production, and manufacturing.

 

Inflation pressures in the U.S. eased substantially from the 40-year peak reached in mid-2022, as annual consumer price growth hovered between 3.0% and 4.0% by mid-2023, down from 9.1% at its peak. This favorable trend in consumer price growth during the period enabled the Federal Reserve to slow its interest rate tightening campaign, having kept its policy rate unchanged at three of the last four meetings. This follows an aggressive 525 basis points in total rate increases over the previous 18 months.

 

After a year of double-digit declines across most asset classes, most fixed income sectors generated positive returns during the 12-month period ending in October 2023, led by higher-income generating sectors such as U.S. high yield and emerging markets. The overall equity market rose over 10%, driven by the technology sector and potential impacts of artificial intelligence, while other equity sectors and small-cap stocks lagged.

 

U.S high yield bonds generated positive returns for the 12-month period ending October 31, 2023, as a strong U.S. economy kept corporate cash flows relatively healthy, investor expectations of a recession receded, and the Federal Reserve approached the end of its interest rate hiking program. Owing to rising yields beginning in late 2021, a higher level of income helped insulate the asset class from price shocks. As measured by the BofA ICE Cash Pay High Yield Constrained Index, a broad benchmark of the asset class, U.S. high yield returned +5.79% for the 12-month period ending October 31, 2023.

 

Lower-rated high yield bonds outperformed for the 12-month period, as fears of recession in the U.S. abated and higher yields provided a comfortable cushion against interest rate fears and security price volatility. The ICE CCC US Cash Pay High Yield Constrained Index returned +8.30% for the period from November 1, 2022 to October 31, 2023. While generating positive returns, securities bonds with higher credit ratings were negatively impacted by interest rates, with BB and single-B rated high yield bonds returning +4.68% and +6.23%, respectively, as measured by ICE Index Services.

 

12

 

 

BONDBLOXX ETF TRUST

 

BondBloxx B Rated USD High Yield Corporate Bond ETF Growth

Fund Performance Overview (Unaudited) (Continued)

 

The following graph depicts the hypothetical $10,000 investment in the BondBloxx B Rated USD High Yield Corporate Bond ETF (XB) at net asset value and market price as compared to the ICE BofA Single-B US Cash Pay High Yield Constrained Index(1) from the Fund’s inception date (May 24, 2022(2)) to October 31, 2023.

 

BondBloxx B Rated USD High Yield Corporate Bond ETF

Growth of a Hypothetical $10,000 Investment

 

 

Average Annual Total Returns as of October 31, 2023        
BondBloxx B Rated USD High Yield       Since
Corporate Bond ETF   1 year   Inception(2)
Net Asset Value   5.35%   2.64%
Market Value   5.77%   0.22%
ICE BofA Single-B US Cash Pay High Yield        
Constrained Index   6.35%   3.37%

 

(1) The ICE BofA Single-B US Cash Pay High Yield Constrained Index contains all bonds in the ICE BofA US Cash Pay High Yield Index (the “Underlying Index”) that are rated B1 through B3, based on an average of Moody’s Investors Services Inc. (“Moody’s”), S&P Global Ratings (“S&P”) and Fitch Ratings, Inc. (“Fitch”), but caps issuer exposure at 2%.
(2) The Fund commenced operations on May 24, 2022. Shares of XB were listed on the NYSE Arca, Inc. on May 26, 2022.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit https://bondbloxxetf.com/.

 

Net asset value (“NAV”) returns are based on the dollar value of a single share of the Fund, calculated using the value of the underlying assets of the Fund minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the NewYork Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total return reflects reinvestment of distributions on ex-date for NAV returns and payment date for market value returns. The market price of the Fund’s shares may differ significantly from their NAV during periods of market volatility. The referenced indices are shown for informational purposes only and are not meant to represent the Fund. One cannot invest directly in an index.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

As stated in the current prospectus, the expense ratio is 0.30%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

 

13

 

 

BONDBLOXX ETF TRUST

 

BondBloxx BB Rated USD High Yield Corporate Bond ETF Growth

Fund Performance Overview (Unaudited) (Continued)

 

The following graph depicts the hypothetical $10,000 investment in the BondBloxx BB Rated USD High Yield Corporate Bond ETF (XBB) at net asset value and market price as compared to the ICE BofA BB US Cash Pay High Yield Constrained Index(1) from the Fund’s inception date (May 24, 2022(2)) to October 31, 2023.

 

BondBloxx BB Rated USD High Yield Corporate Bond ETF

Growth of a Hypothetical $10,000 Investment

 

 

Average Annual Total Returns as of October 31, 2023        
BondBloxx BB Rated USD High Yield       Since
Corporate Bond ETF   1 year   Inception(2)
Net Asset Value   4.33%   1.50%
Market Value   4.78%   (0.74)%
ICE BofA BB US Cash Pay High Yield        
Constrained Index   4.79%   1.76%

 

(1) The ICE BofA BB US Cash Pay High Yield Constrained Index contains all bonds in the ICE BofA US Cash Pay High Yield Index (the “Underlying Index”) that are rated BB1 though BB3, based on an average of Moody’s Investors Services, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) and Fitch Ratings, Inc. (“Fitch”), but caps issuer exposure at 2%.
(2) The Fund commenced operations on May 24, 2022. Shares of XBB were listed on the NYSE Arca, Inc. on May 26, 2022.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit https://bondbloxxetf.com/.

 

Net asset value (“NAV”) returns are based on the dollar value of a single share of the Fund, calculated using the value of the underlying assets of the Fund minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the NewYork Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total return reflects reinvestment of distributions on ex-date for NAV returns and payment date for market value returns. The market price of the Fund’s shares may differ significantly from their NAV during periods of market volatility. The referenced indices are shown for informational purposes only and are not meant to represent the Fund. One cannot invest directly in an index.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

As stated in the current prospectus, the expense ratio is 0.20%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

 

14

 

 

BONDBLOXX ETF TRUST

 

BondBloxx CCC Rated USD High Yield Corporate Bond ETF Growth

Fund Performance Overview (Unaudited) (Continued)

 

The following graph depicts the hypothetical $10,000 investment in the BondBloxx CCC Rated USD High Yield Corporate Bond ETF (XCCC) at net asset value and market price as compared to the ICE CCC US Cash Pay High Yield Constrained Index(1) from the Fund’s inception date (May 24, 2022(2)) to October 31, 2023.

 

BondBloxx CCC Rated USD High Yield Corporate Bond ETF

Growth of a Hypothetical $10,000 Investment

 

 

Average Annual Total Returns as of October 31, 2023        
BondBloxx CCC Rated USD High Yield       Since
Corporate Bond ETF   1 year   Inception(2)
Net Asset Value   7.66%   3.37%
Market Value   7.91%   1.28%
ICE CCC US Cash Pay High Yield        
Constrained Index   8.57%   4.12%

 

(1) The ICE CCC US Cash Pay High Yield Constrained Index contains all bonds in the ICE BofA US Cash Pay High Yield Index (the “Underlying Index”) that are rated CCC1 through CCC3, based on an average of Moody’s Investors Services, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) and Fitch Ratings, Inc. (“Fitch”), but caps issuer exposure at 2%.
(2) The Fund commenced operations on May 24, 2022. Shares of XCCC were listed on the NYSE Arca, Inc. on May 26, 2022.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit https://bondbloxxetf.com/.

 

Net asset value (“NAV”) returns are based on the dollar value of a single share of the Fund, calculated using the value of the underlying assets of the Fund minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the NewYork Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total return reflects reinvestment of distributions on ex-date for NAV returns and payment date for market value returns. The market price of the Fund’s shares may differ significantly from their NAV during periods of market volatility. The referenced indices are shown for informational purposes only and are not meant to represent the Fund. One cannot invest directly in an index.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

As stated in the current prospectus, the expense ratio is 0.40%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

 

15

 

 

BONDBLOXX ETF TRUST

 

Fund Performance Overview (Unaudited) (Continued)

 

Emerging Markets

 

The U.S. economy showed remarkable resilience over the 12-month period ending October 31, 2023 in the face of higher interest rates, persistent inflation and numerous external shocks. Economic growth was fueled by steady consumer spending, as the enduring strength of the labor market shored up household confidence. Gross Domestic Product grew at an annualized pace of 5.2% in the third quarter of 2023 - the fastest expansion in close to two years. The U.S. unemployment rate held near historic lows throughout the period. Meanwhile, signs of weakness were evident in areas such as housing, industrial production, and manufacturing.

 

Inflation pressures in the U.S. eased substantially from the 40-year peak reached in mid-2022, as annual consumer price growth hovered between 3.0% and 4.0% by mid-2023, down from 9.1% at its peak. This favorable trend in consumer price growth during the period enabled the Federal Reserve to slow its interest rate tightening campaign, having kept its policy rate unchanged at three of the last four meetings. This follows an aggressive 525 basis points in total rate increases over the previous 18 months.

 

After a year of double-digit declines across most asset classes, most fixed income sectors generated positive returns during the 12-month period ending in October 2023, led by higher-income generating sectors such as U.S. high yield and emerging markets. The overall equity market rose over 10%, driven by the technology sector and potential impacts of artificial intelligence, while other equity sectors and small-cap stocks lagged.

 

Emerging markets debt generated strong positive returns during the 12-month period ending October 31, 2023, with the JP Morgan EMBI Global Diversified 1-10 Liquid Index returning +8.96% for the period. Returns in emerging markets debt were driven by resiliency across commodity markets, especially oil, and positive progress on debt restructuring talks from several distressed issuers. Additionally, returns were bolstered by a declining dollar, as the Federal Reserve nears the end of its interest rate hikes, lower forecasts of a recession in the U.S., and attractive yields in the asset class, cushioning investors from price volatility.

 

16

 

 

BONDBLOXX ETF TRUST

 

BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF Growth

Fund Performance Overview (Unaudited) (Continued)

 

The following graph depicts the hypothetical $10,000 investment in the BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF (XEMD) at net asset value and market price as compared to the J.P. Morgan EMBI Global Diversified Liquid 1-10 Year Maturity Index(1) from the Fund’s inception date (June 28, 2022(2)) to October 31, 2023.

 

BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF

Growth of a Hypothetical $10,000 Investment

 

 

Average Annual Total Returns as of October 31, 2023        
BondBloxx JP Morgan USD Emerging Markets       Since
1-10 Year Bond ETF   1 year   Inception(2)
Net Asset Value   8.50%   3.26%
Market Value   9.17%   3.32%
J.P. Morgan EMBI Global Diversified Liquid        
1-10 Year Maturity Index   8.96%   3.69%

 

(1) The J.P. Morgan EMBI Global Diversified Liquid 1-10 Year Maturity Index contains all bonds with at least $1 billion in face amount outstanding in the J.P. Morgan EMBI Global Diversified Index (the “Underlying Index”) that have an average life below 10 years at each month-end rebalance. The Underlying Index is a broad, diverse U.S. dollar-denominated emerging markets debt benchmark that tracks the total return of actively-traded external debt instruments in emerging market countries.
(2) The Fund commenced operations on June 28, 2022. Shares of XEMD were listed on the Cboe BZX, Inc. on June 30, 2022.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit https://bondbloxxetf.com/.

 

Net asset value (“NAV”) returns are based on the dollar value of a single share of the Fund, calculated using the value of the underlying assets of the Fund minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the NewYork Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total return reflects reinvestment of distributions on ex-date for NAV returns and payment date for market value returns. The market price of the Fund’s shares may differ significantly from their NAV during periods of market volatility. The referenced indices are shown for informational purposes only and are not meant to represent the Fund. One cannot invest directly in an index.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

As stated in the current prospectus, the expense ratio is 0.29%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

 

17

 

 

BONDBLOXX ETF TRUST

 

Fund Performance Overview (Unaudited) (Continued)

 

U.S. Treasury

 

The U.S. economy showed remarkable resilience over the 12-month period ending October 31, 2023 in the face of higher interest rates, persistent inflation and numerous external shocks. Economic growth was fueled by steady consumer spending, as the enduring strength of the labor market shored up household confidence. Gross Domestic Product grew at an annualized pace of 5.2% in the third quarter of 2023 - the fastest expansion in close to two years. The U.S. unemployment rate held near historic lows throughout the period. Meanwhile, signs of weakness were evident in areas such as housing, industrial production, and manufacturing.

 

Inflation pressures in the U.S. eased substantially from the 40-year peak reached in mid-2022, as annual consumer price growth hovered between 3.0% and 4.0% by mid-2023, down from 9.1% at its peak. This favorable trend in consumer price growth during the period enabled the Federal Reserve to slow its interest rate tightening campaign, having kept its policy rate unchanged at three of the last four meetings. This follows an aggressive 525 basis points in total rate increases over the previous 18 months.

 

After a year of double-digit declines across most asset classes, most fixed income sectors generated positive returns during the 12-month period ending in October 2023, led by higher-income generating sectors such as U.S. high yield and emerging markets. The overall equity market rose over 10%, driven by the technology sector and potential impacts of artificial intelligence, while other equity sectors and small-cap stocks lagged.

 

Yields on U.S. Treasuries rose during the period from October 31, 2022 to October 21, 2023 as the Federal Reserve raised interest rates in an effort to contain inflation. During the 12-month period, the Fed raised its target policy rate from 3.25% to 5.50%, completing a cumulative +5.25% in rate increases that began in early 2022. While annual inflation came down significantly from a peak of 9.1% in mid-2022 to 3.0% in mid-2023, annual price growth remained above the Fed’s oft-stated 2.0% target, which drove fears of entrenched inflation as well as additional Fed actions.

 

During the 12-month period, the yield on the benchmark 2-year Treasury rose by +0.60%, from 4.49% to 5.09%. The yield on the benchmark 10-year note rose by +0.88%, from 4.05% to 4.93%.

 

Shorter-dated Treasury securities earned positive returns during the period, as the income generated by interest payments more than compensated investors for downward security price movement. Meanwhile, returns were negative in longer maturities. For example, the Bloomberg US Treasury One Year Duration Index generated a return of +4.05% while the Bloomberg US Treasury Ten Year Duration Index returned -4.20% over the period.

 

18

 

 

BONDBLOXX ETF TRUST

 

BondBloxx Bloomberg Six Month Target Duration US Treasury ETF Growth

Fund Performance Overview (Unaudited) (Continued)

 

The following graph depicts the hypothetical $10,000 investment in the BondBloxx Bloomberg Six Month Target Duration US Treasury ETF (XHLF) at net asset value and market price as compared to the Bloomberg US Treasury 6 Month Duration Index(1) from the Fund’s inception date (September 13, 2022(2)) to October 31, 2023.

 

BondBloxx Bloomberg Six Month Target Duration US Treasury ETF

Growth of a Hypothetical $10,000 Investment

 

 

Average Annual Total Returns as of October 31, 2023        
BondBloxx Bloomberg Six Month       Since
Target Duration US Treasury ETF   1 year   Inception(2)
Net Asset Value   4.55%   4.17%
Market Value   4.50%   4.19%
Bloomberg US Treasury 6 Month        
Duration Index   4.60%   4.20%

 

(1) The Bloomberg US Treasury 6 Month Duration Index is comprised of certain U.S. Treasury notes and bonds that are included in the Bloomberg US Treasury Bill Index (the “Underlying Index”). The Index is constructed using two underlying “duration buckets” of U.S. Treasury notes and bonds included in the Underlying Index that are weighted by market capitalization of their component securities and then blended according to the weighting required to match the 6 month target duration of the Index at the monthly rebalancing date.
(2) The Fund commenced operations on September 13, 2022. Shares of XHLF were listed on the NYSE Arca, Inc. on September 15, 2022.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit https://bondbloxxetf.com/.

 

Net asset value (“NAV”) returns are based on the dollar value of a single share of the Fund, calculated using the value of the underlying assets of the Fund minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the NewYork Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total return reflects reinvestment of distributions on ex-date for NAV returns and payment date for market value returns. The market price of the Fund’s shares may differ significantly from their NAV during periods of market volatility. The referenced indices are shown for informational purposes only and are not meant to represent the Fund. One cannot invest directly in an index.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

As stated in the current prospectus, the expense ratio is 0.03%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

 

19

 

 

BONDBLOXX ETF TRUST

 

BondBloxx Bloomberg One Year Target Duration US Treasury ETF Growth

Fund Performance Overview (Unaudited) (Continued)

 

The following graph depicts the hypothetical $10,000 investment in the BondBloxx Bloomberg One Year Target Duration US Treasury ETF (XONE) at net asset value and market price as compared to the Bloomberg US Treasury 1 Year Duration Index(1) from the Fund’s inception date (September 13, 2022(2)) to October 31, 2023.

 

BondBloxx Bloomberg OneYear Target Duration US Treasury ETF

Growth of a Hypothetical $10,000 Investment

 

 

Average Annual Total Returns as of October 31, 2023        
BondBloxx Bloomberg One Year       Since
Target Duration US Treasury ETF   1 year   Inception(2)
Net Asset Value   4.01%   3.35%
Market Value   4.02%   3.44%
Bloomberg US Treasury 1 Year        
Duration Index   4.05%   3.42%

 

(1) The Bloomberg US Treasury 1 Year Duration Index is comprised of certain U.S. Treasury notes and bonds that are included in the Bloomberg US Short Treasury Index and Bloomberg US Treasury Index (each an “Underlying Index”). The Index is constructed using two underlying “duration buckets” of U.S. Treasury notes and bonds included in the Underlying Index that are weighted by market capitalization of their component securities and then blended according to the weighting required to match the 1 year target duration of the Index at the monthly rebalancing date.
(2) The Fund commenced operations on September 13, 2022. Shares of XONE were listed on the NYSE Arca, Inc. on September 15, 2022.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit https://bondbloxxetf.com/.

 

Net asset value (“NAV”) returns are based on the dollar value of a single share of the Fund, calculated using the value of the underlying assets of the Fund minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the NewYork Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total return reflects reinvestment of distributions on ex-date for NAV returns and payment date for market value returns. The market price of the Fund’s shares may differ significantly from their NAV during periods of market volatility. The referenced indices are shown for informational purposes only and are not meant to represent the Fund. One cannot invest directly in an index.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

As stated in the current prospectus, the expense ratio is 0.03%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

 

20

 

 

BONDBLOXX ETF TRUST

 

BondBloxx Bloomberg Two Year Target Duration US Treasury ETF Growth

Fund Performance Overview (Unaudited) (Continued)

 

The following graph depicts the hypothetical $10,000 investment in the BondBloxx Bloomberg Two Year Target Duration US Treasury ETF (XTWO) at net asset value and market price as compared to the Bloomberg US Treasury 2 Year Duration Index(1) from the Fund’s inception date (September 13, 2022(2)) to October 31, 2023.

 

BondBloxx Bloomberg TwoYear Target Duration US Treasury ETF

Growth of a Hypothetical $10,000 Investment

 

 

Average Annual Total Returns as of October 31, 2023        
BondBloxx Bloomberg Two Year       Since
Target Duration US Treasury ETF   1 year   Inception(2)
Net Asset Value   2.76%   1.62%
Market Value   2.82%   1.83%
Bloomberg US Treasury 2 Year        
Duration Index   2.81%   1.69%

 

(1) The Bloomberg US Treasury 2 Year Duration Index is comprised of certain U.S. Treasury notes and bonds that are included in the Bloomberg US Treasury Index (the “Underlying Index”). The Index is constructed using two underlying “duration buckets” of U.S. Treasury notes and bonds included in the Underlying Index that are weighted by market capitalization of their component securities and then blended according to the weighting required to match the 2 year target duration of the Index at the monthly rebalancing date.
(2) The Fund commenced operations on September 13, 2022. Shares of XTWO were listed on the NYSE Arca, Inc. on September 15, 2022.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit https://bondbloxxetf.com/.

 

Net asset value (“NAV”) returns are based on the dollar value of a single share of the Fund, calculated using the value of the underlying assets of the Fund minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the NewYork Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total return reflects reinvestment of distributions on ex-date for NAV returns and payment date for market value returns. The market price of the Fund’s shares may differ significantly from their NAV during periods of market volatility. The referenced indices are shown for informational purposes only and are not meant to represent the Fund. One cannot invest directly in an index.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

As stated in the current prospectus, the expense ratio is 0.05%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

 

21

 

 

BONDBLOXX ETF TRUST

 

BondBloxx Bloomberg Three Year Target Duration US Treasury ETF Growth

Fund Performance Overview (Unaudited) (Continued)

 

The following graph depicts the hypothetical $10,000 investment in the BondBloxx Bloomberg Three Year Target Duration US Treasury ETF (XTRE) at net asset value and market price as compared to the Bloomberg US Treasury 3 Year Duration Index(1) from the Fund’s inception date (September 13, 2022(2)) to October 31, 2023.

 

BondBloxx Bloomberg ThreeYear Target Duration US Treasury ETF

Growth of a Hypothetical $10,000 Investment

 

 

Average Annual Total Returns as of October 31, 2023        
BondBloxx Bloomberg Three Year       Since
Target Duration US Treasury ETF   1 year   Inception(2)
Net Asset Value   2.18%   0.62%
Market Value   2.24%   0.86%
Bloomberg US Treasury 3 Year        
Duration Index   2.21%   0.64%

 

(1) The Bloomberg US Treasury 3 Year Duration Index is comprised of certain U.S. Treasury notes and bonds that are included in the Bloomberg US Treasury Index (the “Underlying Index”). The Index is constructed using two underlying “duration buckets” of U.S. Treasury notes and bonds included in the Underlying Index that are weighted by market capitalization of their component securities and then blended according to the weighting required to match the 3 year target duration of the Index at the monthly rebalancing date.
(2) The Fund commenced operations on September 13, 2022. Shares of XTRE were listed on the NYSE Arca, Inc. on September 15, 2022.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit https://bondbloxxetf.com/.

 

Net asset value (“NAV”) returns are based on the dollar value of a single share of the Fund, calculated using the value of the underlying assets of the Fund minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the NewYork Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total return reflects reinvestment of distributions on ex-date for NAV returns and payment date for market value returns. The market price of the Fund’s shares may differ significantly from their NAV during periods of market volatility. The referenced indices are shown for informational purposes only and are not meant to represent the Fund. One cannot invest directly in an index.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

As stated in the current prospectus, the expense ratio is 0.05%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

 

22

 

 

BONDBLOXX ETF TRUST

 

BondBloxx Bloomberg Five Year Target Duration US Treasury ETF Growth

Fund Performance Overview (Unaudited) (Continued)

 

The following graph depicts the hypothetical $10,000 investment in the BondBloxx Bloomberg Five Year Target Duration US Treasury ETF (XFIV) at net asset value and market price as compared to the Bloomberg US Treasury 5Year Duration Index(1) from the Fund’s inception date (September 13, 2022(2)) to October 31, 2023.

 

BondBloxx Bloomberg FiveYear Target Duration US Treasury ETF

Growth of a Hypothetical $10,000 Investment

 

 

Average Annual Total Returns as of October 31, 2023        
BondBloxx Bloomberg Five Year       Since
Target Duration US Treasury ETF   1 year   Inception(2)
Net Asset Value   0.46%   (2.04)%
Market Value   0.59%   (1.71)%
Bloomberg US Treasury 5 Year        
Duration Index   0.49%   (2.01)%

 

(1) The Bloomberg US Treasury 5 Year Duration Index is comprised of certain U.S. Treasury notes and bonds that are included in the Bloomberg US Treasury Index (the “Underlying Index”). The Index is constructed using two underlying “duration buckets” of U.S. Treasury notes and bonds included in the Underlying Index that are weighted by market capitalization of their component securities and then blended according to the weighting required to match the 5 year target duration of the Index at the monthly rebalancing date.
(2) The Fund commenced operations on September 13, 2022. Shares of XFIV were listed on the NYSE Arca, Inc. on September 15, 2022.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit https://bondbloxxetf.com/.

 

Net asset value (“NAV”) returns are based on the dollar value of a single share of the Fund, calculated using the value of the underlying assets of the Fund minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the NewYork Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total return reflects reinvestment of distributions on ex-date for NAV returns and payment date for market value returns. The market price of the Fund’s shares may differ significantly from their NAV during periods of market volatility. The referenced indices are shown for informational purposes only and are not meant to represent the Fund. One cannot invest directly in an index.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

As stated in the current prospectus, the expense ratio is 0.05%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

 

23

 

 

BONDBLOXX ETF TRUST

 

BondBloxx Bloomberg Seven Year Target Duration US Treasury ETF Growth

Fund Performance Overview (Unaudited) (Continued)

 

The following graph depicts the hypothetical $10,000 investment in the BondBloxx Bloomberg Seven Year Target Duration US Treasury ETF (XSVN) at net asset value and market price as compared to the Bloomberg US Treasury 7 Year Duration Index(1) from the Fund’s inception date (September 13, 2022(2)) to October 31, 2023.

 

BondBloxx Bloomberg SevenYear Target Duration US Treasury ETF

Growth of a Hypothetical $10,000 Investment

 

 

Average Annual Total Returns as of October 31, 2023        
BondBloxx Bloomberg Seven Year       Since
Target Duration US Treasury ETF   1 year   Inception(2)
Net Asset Value   (2.04)%   (5.22)%
Market Value   (1.79)%   (4.88)%
Bloomberg US Treasury 7 Year        
Duration Index   (1.99)%   (5.14)%

 

(1) The Bloomberg US Treasury 7 Year Duration Index is comprised of certain U.S. Treasury notes and bonds that are included in the Bloomberg US Treasury Index (the “Underlying Index”). The Index is constructed using two underlying “duration buckets” of U.S. Treasury notes and bonds included in the Underlying Index that are weighted by market capitalization of their component securities and then blended according to the weighting required to match the 7 year target duration of the Index at the monthly rebalancing date.
(2) The Fund commenced operations on September 13, 2022. Shares of XSVN were listed on the NYSE Arca, Inc. on September 15, 2022.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit https://bondbloxxetf.com/.

 

Net asset value (“NAV”) returns are based on the dollar value of a single share of the Fund, calculated using the value of the underlying assets of the Fund minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the NewYork Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total return reflects reinvestment of distributions on ex-date for NAV returns and payment date for market value returns. The market price of the Fund’s shares may differ significantly from their NAV during periods of market volatility. The referenced indices are shown for informational purposes only and are not meant to represent the Fund. One cannot invest directly in an index.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

As stated in the current prospectus, the expense ratio is 0.05%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

 

24

 

 

BONDBLOXX ETF TRUST

 

BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF Growth

Fund Performance Overview (Unaudited) (Continued)

 

The following graph depicts the hypothetical $10,000 investment in the BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF (XTEN) at net asset value and market price as compared to the Bloomberg US Treasury 10 Year Duration Index(1) from the Fund’s inception date (September 13, 2022(2)) to October 31, 2023.

 

BondBloxx Bloomberg TenYear Target Duration US Treasury ETF

Growth of a Hypothetical $10,000 Investment

 

 

Average Annual Total Returns as of October 31, 2023        
BondBloxx Bloomberg Ten Year       Since
Target Duration US Treasury ETF   1 year   Inception(2)
Net Asset Value   (4.23)%   (9.02)%
Market Value   (3.98)%   (8.72)%
Bloomberg US Treasury 10 Year        
Duration Index   (4.20)%   (8.99)%

 

(1) The Bloomberg US Treasury 10 Year Duration Index is comprised of certain U.S. Treasury notes and bonds that are included in the Bloomberg USTreasury Index (the “Underlying Index”). The Index is constructed using two underlying “duration buckets” of U.S. Treasury notes and bonds included in the Underlying Index that are weighted by market capitalization of their component securities and then blended according to the weighting required to match the 10 year target duration of the Index at the monthly rebalancing date.
(2) The Fund commenced operations on September 13, 2022. Shares of XTEN were listed on the NYSE Arca, Inc. on September 15, 2022.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit https://bondbloxxetf.com/.

 

Net asset value (“NAV”) returns are based on the dollar value of a single share of the Fund, calculated using the value of the underlying assets of the Fund minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the NewYork Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total return reflects reinvestment of distributions on ex-date for NAV returns and payment date for market value returns. The market price of the Fund’s shares may differ significantly from their NAV during periods of market volatility. The referenced indices are shown for informational purposes only and are not meant to represent the Fund. One cannot invest directly in an index.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

As stated in the current prospectus, the expense ratio is 0.075%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

 

25

 

 

BONDBLOXX ETF TRUST

 

BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF Growth

Fund Performance Overview (Unaudited) (Continued)

 

The following graph depicts the hypothetical $10,000 investment in the BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF (XTWY) at net asset value and market price as compared to the Bloomberg US Treasury 20 Year Duration Index(1) from the Fund’s inception date (September 13, 2022(2)) to October 31, 2023.

 

BondBloxx Bloomberg TwentyYear Target Duration US Treasury ETF

Growth of a Hypothetical $10,000 Investment

 

 

Average Annual Total Returns as of October 31, 2023        
BondBloxx Bloomberg Twenty Year       Since
Target Duration US Treasury ETF   1 year   Inception(2)
Net Asset Value   (12.73)%   (21.06)%
Market Value   (12.45)%   (21.20)%
Bloomberg US Treasury 20 Year        
Duration Index   (12.60)%   (20.84)%

 

(1) The Bloomberg US Treasury 20 Year Duration Index is comprised of certain U.S. Treasury notes and bonds that are included in the Bloomberg USTreasury Index (the “Underlying Index”). The Index is constructed using two underlying “duration buckets” of U.S. Treasury notes and bonds included in the Underlying Index that are weighted by market capitalization of their component securities and then blended according to the weighting required to match the 20 year target duration of the Index at the monthly rebalancing date.
(2) The Fund commenced operations on September 13, 2022. Shares of XTWY were listed on the NYSE Arca, Inc. on September 15, 2022.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit https://bondbloxxetf.com/.

 

Net asset value (“NAV”) returns are based on the dollar value of a single share of the Fund, calculated using the value of the underlying assets of the Fund minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the NewYork Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total return reflects reinvestment of distributions on ex-date for NAV returns and payment date for market value returns. The market price of the Fund’s shares may differ significantly from their NAV during periods of market volatility. The referenced indices are shown for informational purposes only and are not meant to represent the Fund. One cannot invest directly in an index.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

As stated in the current prospectus, the expense ratio is 0.125%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

 

26

 

 

BONDBLOXX ETF TRUST

 

Fund Expense Examples (Unaudited)

 

As a shareholder, you incur two types of costs: (1) transaction costs for purchasing and selling shares; and (2) ongoing costs, including management fees and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. This example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The example assumes that you invest $1,000 in the Fund at the beginning of the period (May 1, 2023) or on date of Fund’s commencement of investment operations and held for the entire period until October 31, 2023. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.

 

Actual Expenses

 

The first line under each Fund in the tables below provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

 

Hypothetical Example for Comparison Purposes

 

The second line under each Fund in the tables below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

    Beginning
Account Value
    Ending
Account Value
    Annualized
Expense Ratios
for the Period
    Expenses
Paid During
the Period(1)
 
Fund   5/1/2023     10/31/2023     10/31/2023     10/31/2023  
BondBloxx USD High Yield Bond                              
Industrial Sector ETF                              
Actual Expenses   $ 1,000.00     $ 987.65     0.35%     $ 1.75  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,023.44     0.35%     $ 1.79  
                               
BondBloxx USD High Yield Bond                              
Telecom, Media & Technology Sector ETF                              
Actual Expenses   $ 1,000.00     $ 1,000.54     0.35%     $ 1.76  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,023.44     0.35%     $ 1.79  
                               
BondBloxx USD High Yield Bond                              
Healthcare Sector ETF                              
Actual Expenses   $ 1,000.00     $ 964.00     0.35%     $ 1.73  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,023.44     0.35%     $ 1.79  

 

27

 

 

BONDBLOXX ETF TRUST

 

Fund Expense Examples (Unaudited) (Continued)

 

     
Beginning
Account Value
    Ending
Account Value
    Annualized
Expense Ratios
for the Period
    Expenses
Paid During
the Period(1)
 
Fund   5/1/2023     10/31/2023     10/31/2023     10/31/2023  
BondBloxx USD High Yield Bond                              
Financial & REIT Sector ETF                              
Actual Expenses   $ 1,000.00     $ 1,004.65     0.35%     $ 1.77  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,023.44     0.35%     $ 1.79  
                               
BondBloxx USD High Yield Bond                              
Energy Sector ETF                              
Actual Expenses   $ 1,000.00     $ 1,012.88     0.35%     $ 1.78  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,023.44     0.35%     $ 1.79  
                               
BondBloxx USD High Yield Bond                              
Consumer Cyclicals Sector ETF                              
Actual Expenses   $ 1,000.00     $ 1,013.54     0.35%     $ 1.78  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,023.44     0.35%     $ 1.79  
                               
BondBloxx USD High Yield Bond                              
Consumer Non-Cyclicals Sector ETF                              
Actual Expenses   $ 1,000.00     $ 985.89     0.35%     $ 1.75  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,023.44     0.35%     $ 1.79  

 

Fund   Beginning
Account Value
7/1/2023(2)
    Ending
Account Value
10/31/2023
    Annualized
Expense Ratios
for the Period
10/31/2023
    Expenses
Paid During
the Period(3)
10/31/2023
 
BondBloxx USD High Yield Bond                              
Sector Rotation ETF(4)                              
Actual Expenses   $ 1,000.00     $ 988.64     0.41%     $ 1.37  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,023.14     0.41%     $ 2.09  

 

Fund   Beginning
Account Value
5/1/2023
    Ending
Account Value
10/31/2023
    Annualized
Expense Ratios
for the Period
10/31/2023
    Expenses
Paid During
the Period(1)
10/31/2023
 
BondBloxx B Rated USD High Yield                              
Corporate Bond ETF                              
Actual Expenses   $ 1,000.00     $ 1,002.02     0.30%     $ 1.51  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,023.69     0.30%     $ 1.53  
                               
BondBloxx BB Rated USD High Yield                              
Corporate Bond ETF                              
Actual Expenses   $ 1,000.00     $ 988.51     0.20%     $ 1.00  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,024.20     0.20%     $ 1.02  
                               
BondBloxx CCC Rated USD High Yield                              
Corporate Bond ETF                              
Actual Expenses   $ 1,000.00     $ 1,010.65     0.40%     $ 2.03  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,023.19     0.40%     $ 2.04  
                               
BondBloxx JP Morgan USD Emerging Markets                              
1-10 Year Bond ETF                              
Actual Expenses   $ 1,000.00     $ 1,010.39     0.29%     $ 1.47  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,023.74     0.29%     $ 1.48  
                               
BondBloxx Bloomberg Six Month                              
Target Duration US Treasury ETF                              
Actual Expenses   $ 1,000.00     $ 1,023.47     0.03%     $ 0.15  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,025.05     0.03%     $ 0.15  

 

28

 

 

BONDBLOXX ETF TRUST

 

Fund Expense Examples (Unaudited) (Continued)

 

Fund   Beginning
Account Value
5/1/2023
    Ending
Account Value
10/31/2023
    Annualized
Expense Ratios
for the Period
10/31/2023
    Expenses
Paid During
the Period(1)
10/31/2023
 
BondBloxx Bloomberg One Year                              
Target Duration US Treasury ETF                              
Actual Expenses   $ 1,000.00     $ 1,017.91     0.03%     $ 0.15  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,025.05     0.03%     $ 0.15  
                               
BondBloxx Bloomberg Two Year                              
Target Duration US Treasury ETF                              
Actual Expenses   $ 1,000.00     $ 999.41     0.05%     $ 0.25  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,024.95     0.05%     $ 0.26  
                               
BondBloxx Bloomberg Three Year                              
Target Duration US Treasury ETF                              
Actual Expenses   $ 1,000.00     $ 983.56     0.05%     $ 0.25  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,024.95     0.05%     $ 0.26  
                               
BondBloxx Bloomberg Five Year                              
Target Duration US Treasury ETF                              
Actual Expenses   $ 1,000.00     $ 951.52     0.05%     $ 0.25  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,024.95     0.05%     $ 0.26  
                               
BondBloxx Bloomberg Seven Year                              
Target Duration US Treasury ETF                              
Actual Expenses   $ 1,000.00     $ 918.83     0.05%     $ 0.24  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,024.95     0.05%     $ 0.26  
                               
BondBloxx Bloomberg Ten Year                              
Target Duration US Treasury ETF                              
Actual Expenses   $ 1,000.00     $ 878.83     0.075%     $ 0.36  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,024.83     0.075%     $ 0.38  
                               
BondBloxx Bloomberg Twenty Year                              
Target Duration US Treasury ETF                              
Actual Expenses   $ 1,000.00     $ 766.67     0.125%     $ 0.56  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,024.58     0.125%     $ 0.64  

 

(1) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by the 184 days in the period, then divided by 365.
(2) Fiscal year end changed from June 30, 2023 to October 31, 2023.
(3) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by the 54 days in the period, then divided by 365.
(4) The Fund acquired the assets and liabilities of the Predecessor ETF, a series of the NexPoint Funds I, at the close of business on September 15, 2023. As a result of the reorganization, the Fund is the accounting successor of the Predecessor ETF. Financial information above for the periods prior to September 16, 2023, reflect the performance of the Predecessor ETF. Prior to September 16, 2023, the Predecessor Fund had a different investment adviser, had a different investment objective and policies, and was a passively-managed fund that sought to track the performance of the Markit iBoxx USD Liquid Leveraged Loan Index.

 

29

 

 

BONDBLOXX ETF TRUST

 

BondBloxx USD High Yield Bond Industrial Sector ETF

Portfolio of Investments

October 31, 2023

 

                Face        
    Rate (%)     Maturity     Amount     Value  
CORPORATE BONDS – 97.8%                            
ADVERTISING – 0.1%                            
Summer BC Bidco B LLC(1)   5.50     10/31/26     $ 63,000     $ 54,917  
                             
AEROSPACE/DEFENSE – 9.1%                            
Bombardier, Inc.(1)   6.00     02/15/28       115,000       101,876  
Bombardier, Inc.(1)   7.13     06/15/26       182,000       175,340  
Bombardier, Inc.(1)   7.45     05/01/34       79,000       88,677  
Bombardier, Inc.(1)   7.50     03/15/25       54,000       53,997  
Bombardier, Inc.(1)   7.50     02/01/29       115,000       106,640  
Bombardier, Inc.(1)   7.88     04/15/27       285,000       274,554  
Moog, Inc.(1)   4.25     12/15/27       74,000       65,964  
Rolls-Royce PLC(1)   3.63     10/14/25       147,000       137,931  
Rolls-Royce PLC(1)   5.75     10/15/27       157,000       148,963  
Spirit AeroSystems, Inc.   3.85     06/15/26       50,000       46,248  
Spirit AeroSystems, Inc.   4.60     06/15/28       120,000       95,052  
Spirit AeroSystems, Inc.(1)   7.50     04/15/25       180,000       179,758  
Spirit AeroSystems, Inc.(1)   9.38     11/30/29       126,000       129,551  
TransDigm, Inc.   4.63     01/15/29       179,000       154,543  
TransDigm, Inc.   4.88     05/01/29       115,000       99,778  
TransDigm, Inc.   5.50     11/15/27       402,000       374,650  
TransDigm, Inc.(1)   6.25     03/15/26       660,000       645,417  
TransDigm, Inc.(1)   6.75     08/15/28       320,000       311,115  
TransDigm, Inc.(1)   6.88     12/15/30       220,000       212,637  
TransDigm, Inc.   7.50     03/15/27       85,000       84,983  
Triumph Group, Inc.   7.75     08/15/25       68,000       64,668  
Triumph Group, Inc.(1)   9.00     03/15/28       180,000       175,048  
                          3,727,390  
AIRLINES – 7.1%                            
Air Canada(1)   3.88     08/15/26       183,000       166,685  
Allegiant Travel Co.(1)   7.25     08/15/27       85,000       77,012  
American Airlines Group, Inc.(1)   3.75     03/01/25       82,000       76,583  
American Airlines, Inc.(1)   7.25     02/15/28       110,000       102,413  
American Airlines, Inc.(1)   11.75     07/15/25       297,000       315,045  
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(1)   5.50     04/20/26       435,833       424,255  
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(1)   5.75     04/20/29       455,000       410,879  
Delta Air Lines, Inc.   3.75     10/28/29       74,000       62,993  
Delta Air Lines, Inc.   4.38     04/19/28       64,000       58,853  
Delta Air Lines, Inc.   7.38     01/15/26       120,000       121,318  
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.(1)   5.75     01/20/26       183,000       135,429  
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.(1)   8.00     09/20/25       78,000       57,633  
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.(1)   8.00     09/20/25       90,000       66,499  
United Airlines Holdings, Inc.   4.88     01/15/25       48,000       46,568  
United Airlines, Inc.(1)   4.38     04/15/26       303,000       281,369  
United Airlines, Inc.(1)   4.63     04/15/29       309,000       261,291  
VistaJet Malta Finance PLC/Vista Management Holding, Inc.(1)   6.38     02/01/30       145,000       96,855  
VistaJet Malta Finance PLC/Vista Management Holding, Inc.(1)   7.88     05/01/27       80,000       61,613  
VistaJet Malta Finance PLC/Vista Management Holding, Inc.(1)   9.50     06/01/28       75,000       57,544  
                          2,880,837  

 

The accompanying notes are an integral part of these financial statements.

 

30

 

 

BONDBLOXX ETF TRUST

 

BondBloxx USD High Yield Bond Industrial Sector ETF

Portfolio of Investments (Continued)

October 31, 2023

 

                Face        
    Rate (%)     Maturity     Amount     Value  
AUTO MANUFACTURERS – 0.5%                            
JB Poindexter & Co., Inc.(1)   7.13     04/15/26     $ 85,000     $ 81,126  
PM General Purchaser LLC(1)   9.50     10/01/28       89,000       83,747  
Wabash National Corp.(1)   4.50     10/15/28       60,000       49,725  
                          214,598  
AUTO PARTS & EQUIPMENT – 0.3%                            
Dornoch Debt Merger Sub, Inc.(1)   6.63     10/15/29       99,000       77,990  
Titan International, Inc.   7.00     04/30/28       60,000       54,883  
                          132,873  
BUILDING MATERIALS – 6.6%                            
AmeriTex Hold Co. Intermediate LLC(1)   10.25     10/15/28       80,000       75,740  
Boise Cascade Co.(1)   4.88     07/01/30       60,000       51,682  
Builders FirstSource, Inc.(1)   4.25     02/01/32       198,000       157,816  
Builders FirstSource, Inc.(1)   5.00     03/01/30       82,000       71,651  
Builders FirstSource, Inc.(1)   6.38     06/15/32       106,000       97,156  
Camelot Return Merger Sub, Inc.(1)   8.75     08/01/28       105,000       98,148  
Cornerstone Building Brands, Inc.(1)   6.13     01/15/29       52,000       38,066  
CP Atlas Buyer, Inc.(1)   7.00     12/01/28       78,000       59,531  
Eco Material Technologies, Inc.(1)   7.88     01/31/27       79,000       74,889  
Emerald Debt Merger Sub LLC(1)   6.63     12/15/30       345,000       328,613  
Griffon Corp.   5.75     03/01/28       146,000       131,991  
James Hardie International Finance DAC(1)   5.00     01/15/28       60,000       55,446  
JELD-WEN, Inc.(1)   4.88     12/15/27       60,000       50,920  
Knife River Corp.(1)   7.75     05/01/31       65,000       64,857  
Louisiana-Pacific Corp.(1)   3.63     03/15/29       52,000       42,898  
Masonite International Corp.(1)   3.50     02/15/30       50,000       39,650  
Masonite International Corp.(1)   5.38     02/01/28       80,000       73,764  
MIWD Holdco II LLC/MIWD Finance Corp.(1)   5.50     02/01/30       78,000       61,987  
New Enterprise Stone & Lime Co., Inc.(1)   5.25     07/15/28       87,000       76,877  
Oscar Acquisition Co. LLC/Oscar Finance, Inc.(1)   9.50     04/15/30       90,000       79,490  
PGT Innovations, Inc.(1)   4.38     10/01/29       89,000       83,171  
Smyrna Ready Mix Concrete LLC(1)   6.00     11/01/28       167,000       154,563  
Standard Industries, Inc./NJ(1)   3.38     01/15/31       162,000       122,780  
Standard Industries, Inc./NJ(1)   4.38     07/15/30       245,000       200,406  
Standard Industries, Inc./NJ(1)   4.75     01/15/28       153,000       137,097  
Standard Industries, Inc./NJ(1)   5.00     02/15/27       130,000       120,307  
Summit Materials LLC/Summit Materials Finance Corp.(1)   5.25     01/15/29       102,000       92,461  
Summit Materials LLC/Summit Materials Finance Corp.(1)   6.50     03/15/27       50,000       48,733  
                          2,690,690  
CHEMICALS – 9.9%                            
Ashland, Inc.(1)   3.38     09/01/31       67,000       51,449  
Ashland, Inc.   6.88     05/15/43       45,000       42,488  
ASP Unifrax Holdings, Inc.(1)   5.25     09/30/28       120,000       81,193  
ASP Unifrax Holdings, Inc.(1)   7.50     09/30/29       63,000       33,773  
Avient Corp.(1)   5.75     05/15/25       100,000       98,087  
Avient Corp.(1)   7.13     08/01/30       110,000       105,948  
Axalta Coating Systems LLC(1)   3.38     02/15/29       107,000       88,042  
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV(1)   4.75     06/15/27       75,000       69,138  
Chemours Co.(1)   4.63     11/15/29       95,000       73,474  

 

The accompanying notes are an integral part of these financial statements.

 

31

 

 

BONDBLOXX ETF TRUST

 

BondBloxx USD High Yield Bond Industrial Sector ETF

Portfolio of Investments (Continued)

October 31, 2023

 

                Face        
    Rate (%)     Maturity     Amount     Value  
CHEMICALS – 9.9% (Continued)                            
Chemours Co.   5.38     05/15/27     $ 73,000     $ 66,021  
Chemours Co.(1)   5.75     11/15/28       120,000       101,599  
CVR Partners LP/CVR Nitrogen Finance Corp.(1)   6.13     06/15/28       85,000       75,092  
Element Solutions, Inc.(1)   3.88     09/01/28       120,000       102,240  
GPD Cos, Inc.(1)   10.13     04/01/26       75,000       67,632  
HB Fuller Co.   4.00     02/15/27       40,000       36,154  
HB Fuller Co.   4.25     10/15/28       50,000       43,377  
Herens Holdco Sarl(1)   4.75     05/15/28       55,000       42,654  
Illuminate Buyer LLC/Illuminate Holdings IV, Inc.(1)   9.00     07/01/28       68,000       63,604  
INEOS Finance PLC(1)   6.75     05/15/28       65,000       60,771  
INEOS Quattro Finance 2 PLC(1)   3.38     01/15/26       75,000       71,705  
Ingevity Corp.(1)   3.88     11/01/28       85,000       69,085  
Innophos Holdings, Inc.(1)   9.38     02/15/28       45,000       42,490  
Iris Holding, Inc.(1)   10.00     12/15/28       60,000       43,843  
LSF11 A5 Hold Co. LLC(1)   6.63     10/15/29       52,000       42,233  
Mativ Holdings, Inc.(1)   6.88     10/01/26       55,000       49,558  
Minerals Technologies, Inc.(1)   5.00     07/01/28       60,000       52,526  
NOVA Chemicals Corp.(1)   4.25     05/15/29       86,000       63,687  
NOVA Chemicals Corp.(1)   5.00     05/01/25       75,000       70,908  
NOVA Chemicals Corp.(1)   5.25     06/01/27       163,000       137,942  
Nufarm Australia Ltd./Nufarm Americas, Inc.(1)   5.00     01/27/30       55,000       47,774  
Olin Corp.   5.00     02/01/30       80,000       69,186  
Olin Corp.   5.13     09/15/27       75,000       68,841  
Olin Corp.   5.63     08/01/29       102,000       92,840  
Olympus Water US Holding Corp.(1)   4.25     10/01/28       120,000       95,876  
Olympus Water US Holding Corp.(1)   6.25     10/01/29       60,000       45,055  
Olympus Water US Holding Corp.(1)   7.13     10/01/27       50,000       46,085  
Olympus Water US Holding Corp.(1)   9.75     11/15/28       260,000       254,267  
Polar US Borrower LLC/Schenectady International Group, Inc.(1)   6.75     05/15/26       47,000       20,958  
Rain Carbon, Inc.(1)   12.25     09/01/29       70,000       71,312  
Rayonier AM Products, Inc.(1)   7.63     01/15/26       70,000       59,572  
SCIH Salt Holdings, Inc.(1)   4.88     05/01/28       167,000       144,390  
SCIH Salt Holdings, Inc.(1)   6.63     05/01/29       105,000       88,123  
SCIL IV LLC/SCIL USA Holdings LLC(1)   5.38     11/01/26       115,000       102,122  
SK Invictus Intermediate II Sarl(1)   5.00     10/30/29       100,000       75,601  
SNF Group SACA(1)   3.13     03/15/27       60,000       53,236  
SNF Group SACA(1)   3.38     03/15/30       45,000       36,073  
TPC Group, Inc.(1)   13.00     12/16/27       55,000       55,075  
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.(1)   5.13     04/01/29       70,000       29,536  
Tronox, Inc.(1)   4.63     03/15/29       162,000       127,768  
Valvoline, Inc.(1)   3.63     06/15/31       82,000       62,438  
Valvoline, Inc.(1)   4.25     02/15/30       90,000       88,241  
Vibrantz Technologies, Inc.(1)   9.00     02/15/30       115,000       91,654  
WR Grace Holdings LLC(1)   4.88     06/15/27       116,000       104,355  
WR Grace Holdings LLC(1)   5.63     08/15/29       168,000       130,361  
WR Grace Holdings LLC(1)   7.38     03/01/31       55,000       51,034  
                          4,058,486  

 

The accompanying notes are an integral part of these financial statements.

 

32

 

 

BONDBLOXX ETF TRUST

 

BondBloxx USD High Yield Bond Industrial Sector ETF

Portfolio of Investments (Continued)

October 31, 2023

 

                Face        
    Rate (%)     Maturity     Amount     Value  
COAL – 0.4%                            
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.(1)   7.50     05/01/25     $ 44,000     $ 43,718  
Conuma Resources Ltd.(1)   13.13     05/01/28       40,000       37,034  
SunCoke Energy, Inc.(1)   4.88     06/30/29       74,000       62,026  
                          142,778  
COMMERCIAL SERVICES – 13.6%                            
ADT Security Corp.(1)   4.13     08/01/29       151,000       129,683  
ADT Security Corp.(1)   4.88     07/15/32       110,000       92,139  
Adtalem Global Education, Inc.(1)   5.50     03/01/28       60,000       54,703  
Albion Financing 1 Sarl/Aggreko Holdings, Inc.(1)   6.13     10/15/26       83,000       76,871  
Albion Financing 2 Sarl(1)   8.75     04/15/27       70,000       64,294  
Allied Universal Holdco LLC/Allied Universal Finance Corp.(1)   6.00     06/01/29       145,000       104,926  
Allied Universal Holdco LLC/Allied Universal Finance Corp.(1)   6.63     07/15/26       295,000       276,511  
Allied Universal Holdco LLC/Allied Universal Finance Corp.(1)   9.75     07/15/27       155,000       134,814  
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl(1)   4.63     06/01/28       189,000       154,783  
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl(1)   4.63     06/01/28       115,000       93,822  
Alta Equipment Group, Inc.(1)   5.63     04/15/26       50,000       44,779  
APi Group DE, Inc.(1)   4.13     07/15/29       45,000       36,781  
APi Group DE, Inc.(1)   4.75     10/15/29       49,000       42,009  
Aptim Corp.(1)   7.75     06/15/25       75,000       68,837  
APX Group, Inc.(1)   5.75     07/15/29       120,000       99,895  
APX Group, Inc.(1)   6.75     02/15/27       90,000       86,995  
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.(1)   4.75     04/01/28       80,000       68,721  
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.(1)   5.38     03/01/29       92,000       78,892  
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.(1)   5.75     07/15/27       55,000       50,514  
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.(1)   5.75     07/15/27       55,000       50,613  
Brink’s Co.(1)   4.63     10/15/27       91,000       82,391  
Brink’s Co.(1)   5.50     07/15/25       60,000       58,448  
CoreLogic, Inc.(1)   4.50     05/01/28       115,000       91,259  
Garda World Security Corp.(1)   4.63     02/15/27       90,000       80,366  
Garda World Security Corp.(1)   6.00     06/01/29       75,000       57,249  
Garda World Security Corp.(1)   7.75     02/15/28       60,000       57,763  
Garda World Security Corp.(1)   9.50     11/01/27       88,000       80,049  
Graham Holdings Co.(1)   5.75     06/01/26       60,000       57,809  
Grand Canyon University   5.13     10/01/28       60,000       53,238  
Herc Holdings, Inc.(1)   5.50     07/15/27       183,000       172,215  
Hertz Corp.(1)   4.63     12/01/26       75,000       62,893  
Hertz Corp.(1)   5.00     12/01/29       150,000       107,876  
Korn Ferry(1)   4.63     12/15/27       60,000       54,637  
Matthews International Corp.(1)   5.25     12/01/25       45,000       42,864  
Neptune Bidco US, Inc.(1)   9.29     04/15/29       398,000       351,629  
NESCO Holdings II, Inc.(1)   5.50     04/15/29       141,000       121,046  
Port of Newcastle Investments Financing Pty Ltd.(1)   5.90     11/24/31       45,000       37,663  
Prime Security Services Borrower LLC/Prime Finance, Inc.(1)   3.38     08/31/27       155,000       136,433  
Prime Security Services Borrower LLC/Prime Finance, Inc.(1)   5.75     04/15/26       203,000       197,131  
Prime Security Services Borrower LLC/Prime Finance, Inc.(1)   6.25     01/15/28       195,000       181,018  
Signal Parent, Inc.(1)   6.13     04/01/29       45,000       25,693  
Sotheby’s(1)   7.38     10/15/27       118,000       105,509  
Sotheby’s/Bidfair Holdings, Inc.(1)   5.88     06/01/29       45,000       35,929  

 

The accompanying notes are an integral part of these financial statements.

 

33

 

 

BONDBLOXX ETF TRUST

 

BondBloxx USD High Yield Bond Industrial Sector ETF

Portfolio of Investments (Continued)

October 31, 2023