BondBloxx^SM 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

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:

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.

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.

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

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.

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

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.

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

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.

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

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.

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

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.

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

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.

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

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.

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

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.

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.

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/.

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.

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.

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

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.

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

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.

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

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.

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.

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

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.

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.

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

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.

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

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.

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

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.

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

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.

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

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.

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

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.

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

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.

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

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.

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.

BONDBLOXX ETF TRUST

Fund Expense Examples (Unaudited) (Continued)

BONDBLOXX ETF TRUST

Fund Expense Examples (Unaudited) (Continued)

BONDBLOXX ETF TRUST

BondBloxx USD High Yield Bond Industrial Sector ETF

Portfolio of Investments

October 31, 2023