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HYSA

BondBloxx USD High Yield Bond Sector Rotation ETF

ACTIVE

Net asset value

$14.78

EXPENSE RATIO

0.55%

Yield to Maturity

8.14%

30-Day Sec Yield

6.83%
ALL DATA AS OF 04/12/2024, UNLESS OTHERWISE STATED. 30-DAY SEC YIELD AS OF 03/28/2024. 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 USD High Yield Bond Sector Rotation ETF (HYSA) is an actively managed fund that provides access to a high yield bond sector rotation strategy from an experienced fixed income management team.

The fund seeks to primarily invest its assets in U.S. dollar-denominated, high yield corporate bonds in the various sectors of the fixed income securities market through other exchange traded funds. HYSA allocates among BondBloxx’s seven high yield bond industry sector ETFs and seeks to outperform the ICE BofA US Cash Pay High Yield Constrained Index.

Key Features

Seeks to maximize total return:

The investment process seeks to drive alpha1 from high yield sector selection through a combination of bottom-up fundamental analysis and top-down strategic positioning.

Experienced investment team:

The fund’s investment team has extensive experience in high yield bond research, trading, and portfolio management.

Convenience:

In one trade, get access to a high yield bond sector rotation strategy with the transparency, liquidity, and cost efficiency of an ETF.

Investment Team

The fund’s sub-adviser is Macquarie Asset Management (MAM), a global asset manager that provides access to specialist investment experience across public and private markets. Macquarie Fixed Income (MFI) operates within MAM and offers broad investment capabilities, including in high yield. MFI provides allocation recommendations for HYSA among the underlying funds.

 

Portfolio managers

• Elya Schwartzman

• Adam Brown, CFA

• John McCarthy, CFA

   

Sector ETF breakdown

Fund Details

Product Name BondBloxx USD High Yield Bond Sector Rotation ETF
Ticker HYSA
CUSIP 09789C770
Asset Class Fixed Income
Fund Inception Date 9/18/2023
Exchange NYSE Arca
Distribution Frequency Monthly
Fund Net Assets $39,319,284
Shares Outstanding 2,660,000
Median Spread 0.27%
Premium Discount Ratio 0.19%
Closing Price as of 04/12/2024 $14.81

Fees

Management Fee 0.45%
Acquired Fund Fees and Expenses 0.35%
Foreign Taxes and Other Expenses 0.20%
Fee Waiver 0.45%
Expense Ratio 0.55%

The Fund’s investment advisor has contractually agreed to waive fees and/or reimburse operating expenses (other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses) so that the ratio of the Fund’s net total annual operating expenses will not exceed 0.55% through the anniversary of the listing date of the Fund in 2026. The contractual waiver may be terminated prior to the anniversary of the listing date of the Fund in 2026 only upon written agreement of the Trust and BondBloxx Investment Management. Please see the Fund’s prospectus for additional details.

Portfolio Characteristics

Average Coupon 6.11%
Average Maturity 4.79 Years
30-Day SEC Yield 6.83%
* 30-Day SEC Yield is as of 03/28/2024
Yield to Maturity 8.14%
Yield to Worst 8.03%
Option Adjusted Spread 314
Spread Duration 3.2

Portfolio Breakdown

Corporate 98.8%
Cash and Equivalents 1.2%
Due to rounding, these values may exceed 100%

Performance Benchmark Details

Performance Benchmark ICE BofA US Cash Pay High Yield Constrained Index
Ticker JUC0

Maturity Breakdown %

Credit Rating Breakdown %

Holdings

Name CUSIP Market Value % of Net Assets
BondBloxx USD High Yield Bond Industrial Sector ETF 09789C606 $9,875,909.67 25.120 %
BondBloxx USD High Yield Bond Telecom, Media & Technology Sector ETF 09789C507 $8,468,252.73 21.540 %
BondBloxx USD High Yield Bond Consumer Cyclicals Sector ETF 09789C101 $5,125,549.20 13.040 %
BondBloxx USD High Yield Bond Financial & REIT Sector ETF 09789C309 $4,736,490.85 12.050 %
BondBloxx USD High Yield Bond Energy Sector ETF 097890107 $3,964,419.16 10.080 %
BondBloxx USD High Yield Bond Healthcare Sector ETF 09789C408 $3,959,689.98 10.070 %
BondBloxx USD High Yield Bond Consumer Non-Cyclicals Sector ETF 09789C200 $3,149,591.97 8.010 %
CASH CASH $39,380.26 0.100 %
Sector Weight
Healthcare 9.94 %
Media 9.71 %
Energy 9.68 %
Basic Industry 8.99 %
Leisure 7.14 %
Services 7.12 %
Capital Goods 6.87 %
Technology & Electronics 6.01 %
Telecommunications 5.57 %
Financial Services 5.40 %
Retail 5.26 %
Real Estate 4.20 %
Consumer Goods 3.22 %
Utility 2.77 %
Insurance 2.20 %
Transportation 2.07 %
Automotive 1.87 %
Cash and Equivalents 1.17 %
Banking 0.76 %
Name Weight
CCO Holdings LLC/ CCO Holdings Capital Corp. 2.10 %
Tenet Healthcare Corporation 1.35 %
TransDigm Inc. 1.21 %
Cash and Equivalents 1.17 %
CSC Holdings LLC 1.08 %
Community Health Systems Incorporated 0.95 %
Carnival Corporation 0.77 %
Sirius Xm Radio Inc 0.71 %
Medline Borrower LP 0.69 %
Venture Global LNG Inc. 0.69 %
As of 04/12/2024 and subject to change.
The sub-sector breakdown represents the ICE Fixed Income Sector Classification - Level 3

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)
Apr 1, 2024 Apr 2, 2024 Apr 5, 2024 0.08613
Mar 1, 2024 Mar 4, 2024 Mar 7, 2024 0.08918
Feb 1, 2024 Feb 2, 2024 Feb 7, 2024 0.09349
Dec 28, 2023 Dec 29, 2023 Jan 4, 2024 0.07442
Dec 1, 2023 Dec 4, 2023 Dec 7, 2023 0.13064
Nov 1, 2023 Nov 2, 2023 Nov 7, 2023 0.09966
Oct 2, 2023 Oct 3, 2023 Oct 6, 2023 0.09318

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): For a bond, the option-adjusted spread is the measurement of the spread between the bond and the underlying government yield curve. For an Index, the average of its constituent security government option-adjusted spreads, weighted by full market value. 

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/