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TAXX

BondBloxx IR+M Tax-Aware Short Duration ETF

ACTIVE

Net asset value

$50.46

EXPENSE RATIO

0.35%

TAX Equivalent Yield

5.8%

30-Day Sec Yield

3.51%
ALL DATA AS OF 03/28/2025, UNLESS OTHERWISE STATED. 30-DAY SEC YIELD AS OF 02/28/2025. The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance please visit the performance section of this page.

Overview

The BondBloxx IR+M Tax-Aware Short Duration ETF (TAXX) is an actively managed fund that seeks attractive after-tax income, consistent with preservation of capital and prudent investment management.

TAXX invests in a diversified portfolio with at least 50% exposure to U.S. dollar denominated municipal bonds and the remainder invested in taxable short duration fixed income securities.

Key Features

Seeks to maximize after-tax income: Provides exposure to a diversified portfolio of municipal and taxable short duration bonds, a wider opportunity set to improve after-tax total return potential than municipal bonds alone.

Actively managed tax-aware strategy: Dynamically adjusts the weights of tax-exempt and taxable bonds using a bottom-up, relative value approach.

Experienced investment team: Leverages the strength of a team with extensive experience in active tax-aware strategies and ETF management.

Investment Team

The fund’s sub-adviser is Income Research + Management (IR+M), a fixed income investment management firm with extensive experience in active portfolio management and tax-aware strategies. IR+M provides asset allocation and tax efficient security selection recommendations for TAXX. Learn more about IR+M.

Portfolio managers: Elya Schwartzman, Mike Sheldon, Jim Gubitosi, Rachel Campbell, Allysen Mattison, Bill O’Neill, Jake Remley, Matt Walker, Wesly Pate

Fund Details

Product Name BondBloxx IR+M Tax-Aware Short Duration ETF
Ticker TAXX
CUSIP 09789C721
Asset Class Fixed Income
Fund Inception Date 3/14/2024
Exchange NYSE Arca
Distribution Frequency Monthly
Fund Net Assets $154,417,601
Shares Outstanding 3,060,000
Median Spread 0.08%
Premium Discount Ratio 0.19%
Closing Price as of 03/28/2025 $50.56

Fees

Management Fee 0.35%
Acquired Fund Fees and Expenses 0.00%
Foreign Taxes and Other Expenses 0.00%
Expense Ratio 0.35%

Asset Breakdown

Portfolio Characteristics

Average Coupon 4.57%
Average Maturity 5.03 Years
30-Day SEC Yield 3.51%
* 30-Day SEC Yield is as of 02/28/2025
Yield to Worst 4.2%
Option Adjusted Duration 1.68 Years
Tax Equivalent Yield 5.8%
After-Tax Yield 3.43%

Detailed Asset Breakdown

Munis - Revenue 50.7%
Munis - GO 13.7%
Corporate - Finance 9.7%
Securitized - CMBS 9.2%
Securitized - ABS 9%
Corporate - Industrial 6.3%
Cash and Equivalents 0.7%
Securitized - RMBS 0.6%
Corporate - Utility 0.2%
Due to rounding, these values may exceed 100%

Performance Benchmark Details

Performance Benchmark Bloomberg Municipal 1-3 Year Index
Ticker I20907US

Duration Breakdown %

Credit Rating Breakdown %

Bloomberg index credit quality ratings are based on the middle rating of Moodys, S&P and Fitch, and range from AAA to C or D (depending on the agency issuing the rating). Investment-grade is represented by a rating of BBB- or above.

Holdings

Asset Weight
Municipal 64.360 %
Securitized 18.790 %
Credit 16.160 %
Cash and Equivalents 0.650 %
Asset Weight
Munis - Revenue 50.690 %
Munis - GO 13.670 %
Corporate - Finance 9.680 %
Securitized - CMBS 9.230 %
Securitized - ABS 8.950 %
Corporate - Industrial 6.310 %
Cash and Equivalents 0.650 %
Securitized - RMBS 0.610 %
Corporate - Utility 0.170 %
State Weight
Illinois 10.49 %
Texas 6.09 %
Washington 4.20 %
New York 4.15 %
Alabama 4.03 %
New Jersey 3.76 %
Indiana 3.27 %
Pennsylvania 3.26 %
Georgia 3.11 %
Michigan 3.03 %
Florida 2.01 %
Wisconsin 1.85 %
Missouri 1.65 %
Tennessee 1.43 %
Kentucky 1.36 %
South Carolina 0.83 %
North Carolina 0.83 %
Louisiana 0.82 %
Oklahoma 0.78 %
West Virginia 0.72 %
Nebraska 0.68 %
District Of Columbia 0.67 %
Nevada 0.67 %
Massachusetts 0.66 %
Iowa 0.59 %
Colorado 0.47 %
Minnesota 0.46 %
Virginia 0.36 %
Maryland 0.34 %
Oregon 0.34 %
Utah 0.34 %
Mississippi 0.33 %
Rhode Island 0.30 %
Connecticut 0.25 %
Arkansas 0.23 %
Non-Municipal Bonds 35.60 %
Name CUSIP Market Value % of Net Assets
KING CNTY WA SCH D 4% 12/01/31 4952243A3 $1,807,066.81 1.170 %
SAN ANTONIO TX ELE 5% 02/01/32 7962534U3 $1,504,364.23 0.970 %
TEXAS ST MUNI GAS 5% 01/01/28 88256RAC0 $1,415,915.54 0.920 %
DALLAS TX INDEP S V/R 02/15/55 235308Q63 $1,389,352.97 0.900 %
CLARKE CNTY GA HOS 5% 07/01/30 181685JD1 $1,278,672.67 0.830 %
NORTH CAROLINA HS V/R 07/01/56 65820BBB1 $1,283,812.70 0.830 %
ILLINOIS ST 5% 11/01/26 452152Q61 $1,258,669.51 0.820 %
MICHIGAN ST FIN AU 5% 11/15/25 59447TMA8 $1,240,158.06 0.800 %
PENNSYLVANIA ST TU 5% 06/01/29 709224QL6 $1,214,109.98 0.790 %
NEW JERSEY ST TURN 5% 01/01/31 6461396P5 $1,205,379.69 0.780 %
SAINT JOSEPH CNTY 5% 04/01/26 790608EQ2 $1,199,233.29 0.780 %
TENNERGY CORP TN V/R 10/01/54 880397CJ1 $1,192,372.77 0.770 %
SUBWAY 2024-1 6.028% 07/30/29 864300AA6 $1,146,441.92 0.740 %
ELMW1 2019-1A A1 V/R 04/20/37 290015AW6 $1,146,938.07 0.740 %
BLACK BELT ENERGY V/R 10/01/52 09182TAM9 $1,146,194.79 0.740 %
NORTH EAST TX IND V/R 08/01/49 659155QL2 $1,124,494.12 0.730 %
NEW YORK CITY NY T 4% 05/01/31 64971WL65 $1,123,788.10 0.730 %
WISCONSIN ST HSG V/R 08/01/58 97689RFG4 $1,133,600.99 0.730 %
WEST VIRGINIA S 3.25% 11/01/27 95662NMV7 $1,112,970.00 0.720 %
PITTSBURGH & ALLEG 4% 02/01/26 724791CC0 $1,116,496.20 0.720 %
SALES TAX SECURI 5.5% 01/01/33 79467BCB9 $1,077,435.44 0.700 %
NEW YORK CITY NY T 5% 02/01/29 64971WG38 $1,079,317.70 0.700 %
TACOMA WA SOL WST 5% 12/01/31 87354VAK6 $1,088,160.35 0.700 %
HAMILTON IN S ESTR 5% 06/30/25 40785TBN2 $1,042,489.48 0.680 %
CENTRL PLAINS ENER 5% 09/01/29 154871CE5 $1,047,782.09 0.680 %
DIST OF COLUMBIA H 5% 03/01/28 25477PQC2 $1,027,845.20 0.670 %
CHATTANOOGA TN HL V/R 12/01/29 162404DR5 $1,020,938.16 0.660 %
MASSACHUSETTS ST D 5% 07/01/25 57584YSU4 $1,016,706.32 0.660 %
NEW YORK CITY NY V/R 11/01/63 64972KCN3 $1,020,616.88 0.660 %
SNOHOMISH CNTY WA 4% 12/01/33 833209LY3 $1,018,818.71 0.660 %
MADISON MACOUPIN E 4% 05/01/29 557738PJ4 $1,025,236.74 0.660 %
PEND OREILLE CNTY 5% 01/01/33 706643CX9 $1,012,837.94 0.660 %
NEW JERSEY ST TRAN 5% 06/15/27 6461362B6 $1,004,609.35 0.650 %
MOBILE AL INDL DE V/R 07/15/34 607167DX8 $1,007,521.93 0.650 %
GCBSL 2021-53A A V/R 07/20/34 38177YAL6 $1,003,444.25 0.650 %
HOUSTON CNTY AL HL 5% 10/01/25 441878BU8 $1,006,736.80 0.650 %
MAIN STREET NATUR V/R 03/01/50 56035DCR1 $1,004,968.51 0.650 %
CASH CASH $1,002,556.51 0.650 %
DECATUR GA HSG AU V/R 09/01/28 24311PAF5 $1,002,967.50 0.650 %
NEW JERSEY ST HLT V/R 07/01/42 645790MC7 $965,725.66 0.630 %
CHICAGO IL WSTWTR ZCP 01/01/26 167727HT6 $975,939.20 0.630 %
MICHIGAN ST HSG 3.05% 06/01/26 594654YR0 $966,555.70 0.630 %
COOK CNTY IL SALES 5% 11/15/25 213248DH7 $952,563.07 0.620 %
SOUTH CAROLINA ST 5% 05/01/33 83703FLF7 $950,411.66 0.620 %
GREAT LAKES MI WTR 5% 07/01/32 39081JAM0 $937,120.66 0.610 %
BX 2025-VLT6 A V/R 03/15/27 12433KAA5 $934,132.46 0.600 %
MOUNT VERNON IL 4% 12/15/27 623385EY3 $929,642.84 0.600 %
SOUTHEAST ENERGY V/R 01/01/53 84136FBL0 $917,060.22 0.590 %
KENTUCKY ST ASSET/ 5% 09/01/27 49118NFK6 $885,008.94 0.570 %
MISSOURI ST HLTH & 5% 10/01/25 60636ATZ6 $883,731.28 0.570 %
JPMBB 2015-C33 A V/R 11/15/25 46645JAD4 $860,167.86 0.560 %
KANSAS CITY MO SCH 5% 04/01/30 485096AP6 $847,700.52 0.550 %
KIND 2024-1 A V/R 08/15/26 494925AA8 $855,344.68 0.550 %
NEW YORK CITY NY V/R 11/01/63 64972E7D5 $814,575.12 0.530 %
INDIANA ST FIN AU V/R 10/01/60 45470YFM8 $811,833.68 0.530 %
DU PAGE CNTY IL CM 5% 10/01/25 263493YM4 $823,458.89 0.530 %
SAINT CHARLES CNTY 5% 12/01/32 78764YDJ3 $825,470.26 0.530 %
BX 2024-BIO A V/R 02/15/29 05612AAA4 $813,541.62 0.530 %
NEW YORK ST DORM A 5% 07/01/32 64990BT86 $766,676.62 0.500 %
LEE CNTY IL CMNTY 4% 01/01/33 523588BE0 $774,014.13 0.500 %
WISCONSIN ST 5% 11/01/25 97705MBT1 $766,695.57 0.500 %
BLACK BELT ENERGY V/R 10/01/49 09182RBE0 $752,392.20 0.490 %
BX 2024-XL4 A V/R 02/15/26 05611VAA9 $761,829.57 0.490 %
JPMCC 2024-OMNI V/R 10/05/27 46593JAA2 $746,887.89 0.480 %
DEPOSITORY TRUST & V/R /PERP/ 249670AB6 $735,867.42 0.480 %
BX 2024-CNYN A V/R 04/15/41 05612HAA9 $730,878.16 0.470 %
PARK CREEK CO MET 5% 12/01/31 700387DF7 $728,619.10 0.470 %
MACON CNTY IL SCH 4% 01/01/29 555597HJ5 $724,337.23 0.470 %
BX 2023-XL3 A V/R 01/15/26 12434GAA3 $719,188.81 0.470 %
SAINT JOHN THE BA V/R 06/01/37 79020FBB1 $731,121.23 0.470 %
MINNESOTA MUNI GA V/R 12/01/52 60406UAM9 $715,315.38 0.460 %
BELL 2016-1A A 4.97% 05/25/26 87342RAC8 $705,955.98 0.460 %
SOUTHEAST ENERGY A 4% 06/01/29 84136FAR8 $709,375.11 0.460 %
ILLINOIS ST HSG D V/R 10/01/27 45203LET6 $717,647.70 0.460 %
BX 2024-VLT4 A V/R 07/15/29 05612TAA3 $709,344.44 0.460 %
NEW JERSEY ST HS 3.6% 10/01/27 64613AHR6 $715,418.08 0.460 %
SOUTHEAST ENERGY V/R 01/01/54 84136FBT3 $697,462.75 0.450 %
SANGAMON LOGAN & M 5% 12/01/32 800783FJ6 $689,122.07 0.450 %
US BANCORP V/R /PERP/ 902973BC9 $701,465.66 0.450 %
BURKE CNTY GA DEV V/R 10/01/32 121342QM4 $691,869.18 0.450 %
DEWEY CNTY OK EDUC 5% 09/01/30 252020AN2 $697,681.55 0.450 %
BX 2024-XL5 A V/R 03/15/26 05612GAA1 $686,482.79 0.440 %
BOOZ ALLEN HAM 3.875% 09/01/28 09951LAA1 $686,744.32 0.440 %
ILLINOIS ST DEV F ZCP 07/15/25 451913AH0 $668,617.94 0.430 %
PHILADELPHIA PA AU 5% 12/01/27 71779QAL6 $668,211.18 0.430 %
SOUTH BEND IN REDE 5% 08/01/28 836562D39 $642,747.28 0.420 %
TEXAS ST 5% 10/01/29 882723ZM4 $656,070.03 0.420 %
BCC 2022-6A A1R V/R 01/22/38 05685LAN4 $636,185.70 0.410 %
NEW JERSEY ST HS 3.5% 05/01/29 6461084N7 $637,019.65 0.410 %
PORT TACOMA WA 5% 12/01/27 735422NT0 $635,231.91 0.410 %
GSMS 2015-GC3 3.764% 07/10/25 36250PAD7 $637,573.53 0.410 %
NEVADA ST HSG DIV V/R 07/01/28 641272HR3 $636,327.63 0.410 %
CIFC 2021-4A AR V/R 07/23/37 12547DAL0 $615,495.41 0.400 %
ILLINOIS ST FIN AU 4% 12/01/31 45204EBR8 $618,982.69 0.400 %
WISCONSIN ST HSG V/R 11/01/58 97689RFF6 $623,093.37 0.400 %
BX 2021-VOLT A V/R 09/15/23 05609VAA3 $621,470.64 0.400 %
DALLAS TX HSG FIN V/R 08/01/27 235298BV7 $618,327.81 0.400 %
HILLSBOROUGH CNTY 5% 07/01/26 43232VSU6 $609,935.47 0.390 %
LV 2024-SHOW A V/R 10/10/29 50245XAA5 $601,156.20 0.390 %
FORD MOTOR CREDI 2.7% 08/10/26 345397B77 $581,290.25 0.380 %
LEE CNTY FL SCH BR 5% 08/01/32 523494PT3 $592,486.47 0.380 %
NEW JERSEY ST TRAN 5% 06/15/30 6461363N9 $567,143.63 0.370 %
NORTHERN TRUST CORP V/R /PERP/ 665859AQ7 $549,567.34 0.360 %
AMERICAN EXPRESS CO V/R /PERP/ 025816CH0 $558,292.37 0.360 %
PEFA INC IA GAS P V/R 09/01/49 70556CAB0 $562,076.79 0.360 %
F&G GLOBAL FUND 1.75% 06/30/26 30321L2A9 $559,979.57 0.360 %
LOUISA VA INDL DE V/R 11/01/35 546068AY3 $563,248.05 0.360 %
PNC FINANCIAL SERVI V/R /PERP/ 693475BD6 $553,371.39 0.360 %
WARNERMEDIA HO 3.755% 03/15/27 55903VBA0 $553,984.05 0.360 %
DALLAS TX HOTEL OC 4% 08/15/28 235286AG6 $555,108.51 0.360 %
OKEECHOBEE CNTY F V/R 07/01/39 678438AC6 $554,722.74 0.360 %
KENTUCKY ST TURNPI 5% 07/01/25 491552B61 $559,623.58 0.360 %
VICI PROPERTIE 4.375% 05/15/25 925650AA1 $560,187.66 0.360 %
WINDR 2021-3A A1 V/R 04/20/38 97316DAL0 $544,045.51 0.350 %
GENERAL MOTORS 5.05% 04/04/28 37045XFE1 $535,103.00 0.350 %
LOUISIANA ST HSG V/R 02/01/28 54627CBU6 $547,768.75 0.350 %
INDIANA FIN AUTH E 5% 07/01/28 45470ECJ2 $542,682.78 0.350 %
WASHINGTON ST HGR 5% 05/01/31 939781X62 $523,960.33 0.340 %
MSBAM 2015-C2 3.732% 07/15/25 61765LAU4 $520,590.64 0.340 %
SCRANTON PA 5% 09/01/29 810759PX2 $528,569.68 0.340 %
MARYLAND ST HLT 5.25% 06/01/28 57421CFN9 $528,624.97 0.340 %
UTAH ST ASSOCIATED 5% 09/01/32 917328RW8 $519,215.14 0.340 %
MAIN STREET NATUR V/R 06/01/53 56035DEN8 $530,121.89 0.340 %
UNIT 2025-1A 5.877% 04/20/30 91326EAA3 $520,538.36 0.340 %
OREGON ST DEPT OF 5% 04/01/27 68607VN84 $520,480.27 0.340 %
SBL HOLDINGS I 5.125% 11/13/26 78432MAA3 $519,101.70 0.340 %
PENNSYLVANIA ST TU 5% 12/01/28 709221UV5 $522,193.39 0.340 %
GOLUB CAPITAL BD 2.5% 08/24/26 38173MAB8 $511,744.46 0.330 %
HERCULES CAPIT 2.625% 09/16/26 427096AH5 $513,432.84 0.330 %
COOK CNTY IL SCH D 5% 12/01/27 215399DQ6 $503,035.90 0.330 %
EQUITABLE HOLDINGS V/R /PERP/ 29452EAA9 $506,411.60 0.330 %
APID 2024-47A A1 V/R 04/26/37 03770QAA2 $505,575.39 0.330 %
NEW YORK CITY NY V/R 05/01/64 64972KDQ5 $511,705.81 0.330 %
COWETA OK PUBLIC W 4% 08/01/27 223666EF1 $511,717.58 0.330 %
PLMRS 2022-4A A1 V/R 10/20/37 69700XAN5 $505,732.62 0.330 %
MISSISSIPPI ST DEV 5% 04/01/26 60534TY25 $514,232.81 0.330 %
NORTHSIDE TX INDEP 4% 08/01/32 66702RSD5 $503,980.37 0.330 %
METLIFE INC V/R /PERP/ 59156RCA4 $494,874.25 0.320 %
CHARLES SCHWAB CORP V/R /PERP/ 808513BD6 $491,642.06 0.320 %
TRUIST FINANCIAL CO V/R /PERP/ 89832QAE9 $489,949.96 0.320 %
SIXTH STREET LEN 6.5% 03/11/29 829932AB8 $497,793.55 0.320 %
HPS CORPORATE L 6.75% 01/30/29 40440VAF2 $496,930.15 0.320 %
BANK OF NY MELLON C V/R /PERP/ 064058AH3 $488,295.40 0.320 %
MICHIGAN ST FIN AU 5% 07/01/32 59447TFV0 $492,792.61 0.320 %
WELLS FARGO & COMPA V/R /PERP/ 949746TD3 $491,453.81 0.320 %
ANTARES HOLDING 3.95% 07/15/26 03666HAC5 $495,102.45 0.320 %
BLUE OWL TECHNO 3.75% 06/17/26 691205AE8 $501,332.45 0.320 %
ILLINOIS ST FIN AU 5% 05/15/32 45204EL63 $484,301.11 0.310 %
CHICAGO IL 5% 01/01/28 167486G29 $469,788.00 0.300 %
PINELLAS CNTY FL S 5% 07/01/25 723203BC8 $457,701.54 0.300 %
RHODE ISLAND ST CO 5% 07/01/31 76218NAF4 $455,674.98 0.300 %
MUNDELEIN IL 4% 12/15/33 626082JC6 $467,246.55 0.300 %
PEORIA & FULTON CN 5% 12/01/27 712746EE2 $457,967.09 0.300 %
ELM30 2024-6A A V/R 07/17/37 29001JAA4 $455,504.68 0.290 %
HARRIS CNTY TX CU V/R 07/01/49 414009MP2 $444,135.62 0.290 %
APID 2022-40A AR V/R 07/15/37 03769RAN5 $444,432.10 0.290 %
EPR PROPERTIES 4.75% 12/15/26 26884UAC3 $449,000.58 0.290 %
NTHRN IL MUNI PWR 5% 12/01/30 665250CP9 $449,171.63 0.290 %
SEMT 2025-1 A5 V/R 03/25/32 81743EAE1 $445,688.31 0.290 %
DNKN 2021-1A 2.493% 11/20/28 233046AQ4 $445,687.61 0.290 %
INDIANA FIN AUTH I 5% 10/01/28 45505MFQ4 $432,425.66 0.280 %
WEN 2019-1A A 3.783% 09/15/26 95058XAG3 $437,445.81 0.280 %
WFCM 2015-C29 3.637% 06/15/25 94989KAV5 $414,520.06 0.270 %
BOSTON PROPERTI 2.75% 10/01/26 10112RAY0 $407,089.27 0.260 %
WASHINGTON ST HGR 4% 05/01/33 939781X88 $405,345.22 0.260 %
TCN 2023-SFR2 A 5% 12/17/28 895978AA2 $396,853.76 0.260 %
AIMCO 2024-22A A V/R 04/19/37 00901UAA1 $404,961.69 0.260 %
BLP 2024-IND2 A V/R 03/15/26 05625AAA9 $397,230.27 0.260 %
CITIZENS FINANCIAL V/R /PERP/ 174610AU9 $403,412.68 0.260 %
NEWARK NJ 5% 07/15/25 650367LQ6 $395,752.33 0.260 %
MSBAM 2016-C32 3.72% 12/15/26 61691GAS9 $384,968.57 0.250 %
CGCMT 2016-C1 3.209% 05/10/26 17290YAR9 $379,812.13 0.250 %
HILLSBOROUGH CNTY 5% 07/01/27 43232VUX7 $384,338.58 0.250 %
DPABS 2021-1A 2.662% 10/25/28 25755TAN0 $383,943.11 0.250 %
MICHIGAN ST BLDG A 5% 04/15/29 594615BH8 $391,915.88 0.250 %
NEW HAVEN CT 5% 08/01/25 645021BC9 $380,158.33 0.250 %
EL PASO TX 4% 08/15/31 283734B42 $373,771.67 0.240 %
NEW YORK ST DORM A 5% 03/15/32 64990AFC4 $363,597.98 0.240 %
KALAMAZOO MI HOSP 4% 05/15/31 483233RG9 $366,076.65 0.240 %
TROY NY CAPITAL RE 5% 09/01/25 897579BK3 $363,690.97 0.240 %
PEORIA IL PUBLIC B 4% 12/01/26 71323MEH1 $358,060.40 0.230 %
SPRINGDALE AR PUBL 5% 03/01/32 85025WAQ4 $357,977.97 0.230 %
COMM 2015-CR2 3.612% 09/10/25 12635QBG4 $347,750.13 0.230 %
LOUISVILLE & JEFFE 5% 10/01/29 54659LBM5 $356,905.26 0.230 %
CARMEL IN LOCAL PU 5% 06/01/28 143287CP3 $359,361.21 0.230 %
SPRO 2019-1A 3.882% 10/25/26 817743AA5 $350,861.23 0.230 %
IOWA ST FIN AUTH H 5% 08/15/26 462466FN8 $356,750.35 0.230 %
ATHENE GLOBAL F 1.73% 10/02/26 04685A3D1 $347,159.82 0.220 %
JPMMT 2024-9 A6A V/R 02/25/55 46593DAL1 $335,173.81 0.220 %
CVS PASS-THROU 5.926% 01/10/34 126650BY5 $338,636.08 0.220 %
MET TRANSPRTN AUTH 5% 11/15/30 59261AHB6 $343,750.02 0.220 %
CITIGROUP INC V/R /PERP/ 172967MU2 $346,103.00 0.220 %
PHILADELPHIA PA GA 5% 10/01/30 7178238H4 $333,409.70 0.220 %
BANK OF AMERICA COR V/R /PERP/ 060505GB4 $345,019.12 0.220 %
COOK CNTY IL SCH D 5% 12/15/26 213327VL0 $346,262.45 0.220 %
ANTERO MIDSTREA 5.75% 03/01/27 03690AAD8 $333,621.92 0.220 %
PUBLIC FIN AUTH WI 5% 06/01/26 74442CBF0 $340,113.04 0.220 %
WFLF 2023-1A A 5.8% 04/18/38 96328GAS6 $341,166.11 0.220 %
CHICAGO IL WTRWKS 5% 11/01/30 167736G76 $337,495.72 0.220 %
TRITON CONTAINE 2.05% 04/15/26 89680YAA3 $337,239.47 0.220 %
PENNSYLVANIA ST TU 5% 12/01/32 709221UK9 $332,239.13 0.220 %
BERRY GLOBAL INC 4.5% 02/15/26 08576PAA9 $319,748.10 0.210 %
BROWARD CNTY FL SC 5% 07/01/30 115065YH1 $329,973.74 0.210 %
ELM31 2024-7A A1 V/R 07/17/37 29003HAA6 $328,791.72 0.210 %
PSTAT 2024-1A A1 V/R 10/15/32 69703NAA2 $325,726.43 0.210 %
DILLON CNTY SC SCH 5% 12/01/30 25420CAL6 $324,963.90 0.210 %
ELEMENT FLEET 5.643% 03/13/27 286181AM4 $320,022.93 0.210 %
MADISON CNTY IL CM 5% 12/01/26 557021JZ6 $303,009.54 0.200 %
AIMCO 2021-14A A V/R 04/20/34 00144GAC5 $303,412.19 0.200 %
ILLINOIS ST FIN AU 5% 04/01/26 45204FXJ9 $304,592.97 0.200 %
PHILADELPHIA PA 5% 08/01/32 717813VR7 $312,874.34 0.200 %
ONEMAIN FINANCE 3.5% 01/15/27 682691AB6 $305,762.81 0.200 %
ILLINOIS ST FIN AU 5% 04/01/27 45204FXK6 $313,413.43 0.200 %
NEW JERSEY ST TRAN 5% 06/15/26 64613CCZ9 $310,995.28 0.200 %
KENTUCKY ST PUBLI V/R 02/01/50 74440DCM4 $312,957.54 0.200 %
WESTERN DIGITAL 4.75% 02/15/26 958102AM7 $290,397.90 0.190 %
SBA COMMUNICAT 3.875% 02/15/27 78410GAD6 $291,284.21 0.190 %
MAIN STREET NATUR V/R 07/01/52 56035DDH2 $293,217.99 0.190 %
WFCM 2015-LC2 3.839% 09/15/25 94989TAZ7 $298,274.67 0.190 %
ACADEMY LTD 6% 11/15/27 00401YAA8 $296,824.49 0.190 %
ROYAL CARIBBEAN 5.5% 08/31/26 780153BJ0 $292,552.06 0.190 %
GGAM FINANCE LT 7.75% 05/15/26 36170JAB2 $277,022.46 0.180 %
CAPITAL AREA HSG V/R 08/01/39 139726CY7 $281,571.24 0.180 %
DNKN 2021-1A 2.045% 11/20/26 233046AN1 $277,703.25 0.180 %
AVIATION CAPITA 1.95% 01/30/26 05369AAK7 $285,117.23 0.180 %
MICHIGAN ST FIN AU 5% 11/15/26 59447TMB6 $271,556.98 0.180 %
UBSCM 2019-C16 3.46% 10/15/28 90276YAC7 $275,853.48 0.180 %
LITHIA MOTORS 4.625% 12/15/27 536797AE3 $282,015.22 0.180 %
CVS HEALTH CORP AMRTZ 6.036%28 126650BP4 $263,657.62 0.170 %
XPLR INFRAST O 3.875% 10/15/26 65342QAL6 $256,695.94 0.170 %
DANA INC 5.625% 06/15/28 235825AG1 $263,631.79 0.170 %
DPABS 2018-1A 4.116% 10/25/25 25755TAJ9 $261,272.43 0.170 %
BEACON ROOFING S 4.5% 11/15/26 073685AF6 $245,443.06 0.160 %
PLNT 2022-1A 3.251% 12/05/26 72703PAD5 $245,356.29 0.160 %
WEN 2021-1A A2 2.37% 03/15/29 95058XAK4 $245,117.21 0.160 %
AESOP 2024-2A 5.13% 10/20/27 05377RJG0 $252,933.53 0.160 %
CVS CAREMARK 6.943% 1/10/30 126650BQ2 $243,705.06 0.160 %
CIVITAS RESOURCES 5% 10/15/26 097793AE3 $246,632.80 0.160 %
TRI POINTE HOME 5.25% 06/01/27 87265HAF6 $241,127.26 0.160 %
DELTA AIR LINES 20 2% 06/10/28 247361ZV3 $254,689.64 0.160 %
LAS VEGAS VLY NV W 5% 06/01/32 517845AR4 $243,540.65 0.160 %
CGCMT 2016-GC3 3.05% 01/10/26 17290XAS9 $230,929.30 0.150 %
GEN LUX SARL/GE 1.75% 04/10/26 37190AAA7 $227,700.48 0.150 %
BX 2022-CLS A 5.76% 10/13/27 05609XAA9 $223,689.28 0.140 %
BRINK'S CO/THE 4.625% 10/15/27 109696AA2 $214,528.52 0.140 %
CVS PASS-THROU 5.773% 01/31/33 126650BV1 $220,589.52 0.140 %
CCO HLDGS LLC/ 5.125% 05/01/27 1248EPBT9 $208,367.90 0.130 %
HSBC HOLDINGS PLC V/R 08/14/27 404280DZ9 $204,600.99 0.130 %
STARWOOD PROPE 4.375% 01/15/27 85571BAY1 $208,380.09 0.130 %
ROUND ROCK TX 4% 08/15/25 779223AC0 $201,765.84 0.130 %
ASHTEAD CAPITAL IN 4% 05/01/28 045054AJ2 $197,141.46 0.130 %
BARCLAYS PLC V/R 05/09/27 06738ECF0 $206,933.37 0.130 %
OAKTREE SPECIALT 2.7% 01/15/27 67401PAC2 $188,288.01 0.120 %
NOVELIS CORP 3.25% 11/15/26 670001AG1 $186,974.16 0.120 %
MIAMI-DADE CNTY FL 5% 07/01/28 59333FSL5 $181,799.02 0.120 %
CHICAGO IL MET WTR 5% 12/01/29 167560SY8 $187,630.92 0.120 %
JPMORGAN CHASE & V/R 04/22/27 46647PCB0 $178,694.62 0.120 %
CIFC 2018-3A A V/R 07/18/31 12551YAA1 $190,938.54 0.120 %
GSMS 2023-SHIP A V/R 09/06/26 36270GAA9 $163,843.73 0.110 %
NAVIENT CORP 5% 03/15/27 63938CAK4 $168,048.33 0.110 %
METHANEX CORP 5.125% 10/15/27 59151KAM0 $175,800.80 0.110 %
JMIKE 2019-1A 4.433% 02/15/27 476681AA9 $176,318.60 0.110 %
LOWER COLORADO RIV 5% 05/15/25 54811BWD9 $168,481.60 0.110 %
BATH & BODY WO 6.694% 01/15/27 501797AQ7 $166,599.40 0.110 %
HARRIS CNTY TX MET 5% 11/01/27 41422EFR9 $173,603.66 0.110 %
CLARK CNTY NV 5% 07/01/27 180848PA5 $157,688.04 0.100 %
SEMT 2024-7 A11 V/R 06/25/48 81748EAL0 $149,248.24 0.100 %
MORGAN STANLEY V/R 12/10/26 6174468V4 $160,422.13 0.100 %
LCM 18A A1R V/R 04/20/31 50188GAT0 $136,853.22 0.090 %
MSBAM 2015-C2 3.306% 04/15/25 61690FAM5 $137,033.85 0.090 %
BUCKEYE PARTNER 3.95% 12/01/26 118230AQ4 $140,115.02 0.090 %
DNKN 2017-1A A 4.03% 11/20/27 233046AF8 $137,085.17 0.090 %
TCN 2023-SFR1 A 5.1% 07/17/28 89616WAA6 $100,911.06 0.070 %
NFMOT 2023-1A 5.74% 03/15/26 65345GAB7 $101,309.02 0.070 %
WILLIAM CARTER 5.625% 03/15/27 96926JAC1 $90,588.76 0.060 %
UNITED WHOLESALE 5.5% 11/15/25 91153LAA5 $92,588.57 0.060 %
NAVIENT CORP 6.75% 06/15/26 63938CAJ7 $97,403.88 0.060 %
WFCM 2015-C31 3.695% 10/15/25 94989WAS6 $89,343.50 0.060 %
CCO HLDGS LLC/CA 5.5% 05/01/26 1248EPBR3 $92,902.33 0.060 %
BARINGS BDC INC 3.3% 11/23/26 06759LAC7 $96,818.48 0.060 %
PFSFC 2022-D A 4.27% 08/15/25 69335PEP6 $100,024.80 0.060 %
CCG 2023-2 A2 6.28% 03/14/27 12511QAB5 $69,922.89 0.050 %
GSMS 2016-GS2 3.05% 02/10/26 36252TAR6 $83,453.33 0.050 %
TRUIST FINANCIAL V/R 07/28/26 89788MAH5 $77,412.98 0.050 %
MSBAM 2015-C2 3.479% 05/15/25 61765LAT7 $71,648.55 0.050 %
TFLAT 2016-1A AR V/R 01/17/32 87230AAW6 $84,358.85 0.050 %
MSBAM 2015-C2 3.372% 08/15/25 61765TAE3 $40,395.44 0.030 %
COTY INC 5% 04/15/26 222070AE4 $34,658.23 0.020 %
As of 03/28/2025 and subject to change.

Performance

Growth Of $10,000 Since Inception

The Growth of $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Distributions

Ex-Date Record Date Pay Date Distribution Paid
(Per Share)
Mar 3, 2025 Mar 3, 2025 Mar 6, 2025 0.14207
Feb 3, 2025 Feb 3, 2025 Feb 6, 2025 0.15317
Dec 30, 2024 Dec 30, 2024 Jan 3, 2025 0.15505
Dec 2, 2024 Dec 2, 2024 Dec 5, 2024 0.13861
Nov 1, 2024 Nov 1, 2024 Nov 6, 2024 0.14724
Oct 1, 2024 Oct 1, 2024 Oct 4, 2024 0.14998
Sep 3, 2024 Sep 3, 2024 Sep 6, 2024 0.15362
Aug 1, 2024 Aug 1, 2024 Aug 6, 2024 0.15563
Jul 1, 2024 Jul 1, 2024 Jul 5, 2024 0.14170
Jun 3, 2024 Jun 3, 2024 Jun 6, 2024 0.16574
May 1, 2024 May 2, 2024 May 7, 2024 0.15440

Yield to Worst: The bond yield is computed by using the lower of either the yield to maturity or the yield to call on every possible call date. Yield to worst is shown for all securities with the exception of agency mortgage-backed securities (MBS), commercial mortgage-backed securities (CMBS), and asset-backed securities (ABS). Agency MBS are priced based on zero volatility yield. CMBS and ABS are priced based on effective maturity.

Option Adjusted Duration is a measure of the potential responsiveness of a bond or portfolio price to parallel shifts in interest rates.

After Tax Post-Liq.(%): After-Tax Post-Liquidation Returns measure the performance of the fund after accounting for both taxes on distributions and the taxes incurred from selling the fund shares. This metric provides a comprehensive view of the investment’s tax impact, including the realization of capital gains or losses upon the sale. The highest marginal Federal tax rate is assumed.

After Tax Pre-Liq.(%): After-Tax Pre-Liquidation Returns refer to the performance of the fund after considering the impact of taxes on distributions, but before any action to sell the fund shares is taken. This measure provides investors with insight into how taxes affect their returns without factoring in the potential taxes from selling the investment, thus focusing solely on the tax implications of the fund’s income and capital gains distributions. The highest marginal Federal tax rate is assumed.

After-tax yield: The after-tax yield is the return that investors can expect to receive after accounting for taxes owed on the interest income generated by the bond. This yield is particularly important when comparing the returns on municipal bonds, which are often exempt from federal income tax (and sometimes state and local taxes if the bond is issued within the investor’s state of residence), with those on taxable bonds, like corporate or government bonds.

Tax Equivalent Yield: The tax-equivalent yield (TEY) is the yield that a taxable bond would need to equal the yield on a comparable tax-exempt municipal bond, taking into account the impact of taxes. The calculation is a tool that investors can use to fairly compare the yield between a tax-free investment and a taxable alternative. TEY assumes the highest marginal Federal tax rate, is measured at the individual bond level, and aggregated to the portfolio level.

Tax Equivalent Yield = Tax Free Municipal Bond Yield / (1-Tax Rate)

Effective duration: Effective duration is a way to measure interest-rate sensitivity for bonds that have embedded options, such as callable or puttable features. Effective duration captures the potential variations in cash flows due to these options, and can be measured using modified duration for option-free bonds. The calculation is measured at the individual bond level and then aggregated to the portfolio level.

The 30-Day SEC Yield represents net investment income earned by the fund over the 30-Day period, expressed as an annual percent age rate based on the fund’s share price at the end of the 30-Day period.

Option Adjusted Duration is a measure of the potential responsiveness of a bond or portfolio price to parallel shifts in interest rates.

The values shown are based off of a price provided by the Fund’s third-party index provider, using the bid price for each security (the “index price”). Because the Fund values its securities at the midpoint between the bid and ask prices for most securities, the index price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining its net asset value (the “valuation price”). The values shown may have been different if the valuation price were to have been used to calculate such values. The index price is as of the most recent date for which a price is available, and may not necessarily be as of the date shown above.

Market Price: Inception date for Market Price Calculation is as of 9/13/22. Market Returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times.

NAV: Inception date for NAV calculation is as of 9/13/22.

Number of Countries: The number of unique countries that have issued bonds represented in the fund.

Spread to Worst: Spread to worst is a bond’s yield to worst minus the yield at a point on the fair value government yield curve that corresponds to the bond’s expected redemption date.

NAV: Inception date for NAV calculation is as of 2/15/22.

Premium Discount disclosure to be added here.

Index disclosure to be added here.

Market Price: Inception date for Market Price Calculation is as of 2/17/22. Market Returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times.

Total return disclosure to be added here.

The Growth of $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Index Market Cap represents aggregate market value of bonds in the underlying index.

The yield an investor would have received if they had held the fund over the last twelve months assuming the most recent NAV. The 12-Month yield is calculated by assuming any income distributions over the past twelve months and dividing by the sum of the most recent NAV and any capital gain distributions made per the past twelve months.

30 Day SEC Yield: A standard calculation of yield introduced by the SEC in order to provide fairer comparison among funds. It is based on the most recent 30-day period. This yield figure reflects the interest earned during the period after deducting the Fund’s expenses for the period. It does not reflect the yield an investor would have received if they had held the Fund over the last twelve months assuming the most recent NAV. Distributions may vary from time to time.

Spread Duration is a measure of the potential responsiveness of a bond or portfolio price to changes in credit spread.

The values shown are based off of a price provided by the Fund’s third-party index provider, using the bid price for each security (the “index price”). Because the Fund values its securities at the midpoint between the bid and ask prices for most securities, the index price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining its net asset value (the “valuation price”). The values shown may have been different if the valuation price were to have been used to calculate such values. The index price is as of the most recent date for which a price is available, and may not necessarily be as of the date shown above.

Option Adjusted Spread (OAS): OAS is the yield spread between a bond or portfolio and a risk-free benchmark, typically US government securities, adjusted for the effects of embedded options. It reflects compensation for credit, liquidity, and other risks, excluding interest rate volatility.

The values shown are based off of a price provided by the Fund’s third-party index provider, using the bid price for each security (the “index price”). Because the Fund values its securities at the midpoint between the bid and ask prices for most securities, the index price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining its net asset value (the “valuation price”). The values shown may have been different if the valuation price were to have been used to calculate such values. The index price is as of the most recent date for which a price is available, and may not necessarily be as of the date shown above.

Yield to Worst: The bond yield is computed by using the lower of either the yield to maturity or the yield to call on every possible call date.

The values shown are based off of a price provided by the Fund’s third-party index provider, using the bid price for each security (the “index price”). Because the Fund values its securities at the midpoint between the bid and ask prices for most securities, the index price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining its net asset value (the “valuation price”). The values shown may have been different if the valuation price were to have been used to calculate such values. The index price is as of the most recent date for which a price is available, and may not necessarily be as of the date shown above.

Yield to Maturity: The discount rate that equates the present value of a bond’s cash flows with its market price (including accrued interest). The Fund Average Yield to Maturity is the weighted average of the fund’s individual bond holding yields based on Net Asset Value (‘NAV’). The measure does not include fees and expenses. For callable bonds, this yield is the yield-to-worst.

The values shown are based off of a price provided by the Fund’s third-party index provider, using the bid price for each security (the “index price”). Because the Fund values its securities at the midpoint between the bid and ask prices for most securities, the index price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining its net asset value (the “valuation price”). The values shown may have been different if the valuation price were to have been used to calculate such values. The index price is as of the most recent date for which a price is available, and may not necessarily be as of the date shown above.

Average Maturity: The average length of time to the repayment of principal for the securities in the fund. This metric considers the likelihood that bonds will be called or prepaid before the scheduled maturity date.

Average Coupon: The average coupon rate of the underlying bonds in the fund, weighted by each bond’s face value.

Number of Issuers: The number of unique companies that have issued bonds represented in the fund (distinct from the number of issues from a company).

Expense Ratio: As stated in the Fund’s current prospectus.

Acquired Fund Fees and Expenses (“AFFE”) reflect the Fund’s pro rata share of the indirect fees and expenses incurred by investing in one or more acquired funds, such as mutual funds, business development companies, or other pooled investment vehicles. AFFE are reflected in the prices of the acquired funds and thus included in the total returns of the Fund.

NAIC Rating: Property of the National Association of Insurance Commissioners (NAIC) and are redistributed here under License. An NAIC Designation is a proprietary symbol used by the NAIC Securities Valuation Office (SVO) to denote a category or band of credit risk (i.e., the likelihood of repayment in accordance with a written contract) for an issuer or for a security. NAIC Designations may be notched up or down to reflect the position of a specific liability in the issuer’s capital structure and/or the existence of other non-payment risk in the specific security. Under NAIC reporting rules, shares of an ETF are presumed to be reportable as common stock. The SVO may classify an ETF as a bond or preferred stock and assign it an NAIC Designation if it meets defined criteria. For a discussion of these criteria please call the SVO or refer to the Purposes and Procedures Manual of the NAIC Investment Analysis Office. The assignment of an NAIC Designation is not a recommendation to purchase the ETF and is not intended to convey approval or endorsement of the ETF Sponsor or the ETF by the NAIC.

The Securities Valuation Office (“SVO”) of the National Association of Insurance Commissioners (“NAIC”) assesses the credit quality of fixed income securities owned by state-regulated insurance companies and assigns appropriate NAIC designations, ranging from the highest quality of “1” to the lowest of “6.”  For more information visit https://content.naic.org/