PCMM Overview

Award Recognition: BondBloxx Investment Management was named Best International Fixed Income ETF Issuer at the 2025 ETF Express Awards for its BondBloxx JP Morgan USD Emerging Markets 1–10 Year Bond ETF (XEMD).

Innovative Offerings: The firm has launched various ETFs, including the BondBloxx Private Credit CLO ETF (PCMM), which provides transparent access to private credit markets, showcasing its commitment to innovation in fixed income.

Asset Management Growth: BondBloxx manages over $6 billion in assets across 27 fixed income ETFs, reflecting its expertise in diversified bond strategies.

Industry Honors: In addition to the ETF Express award, BondBloxx was recognized as Best Fixed Income Asset Manager at the 2025 WealthManagement.com Industry Awards and was a finalist for Asset Manager of the Year at the Money Management Institute/Barron's Industry Awards.

Economic Impact: The yield curve steepened following a weak jobs report indicating a cooling economy.

Political Influence: President Trump's unexpected firing of the head of the Bureau of Labor Statistics raised concerns about the reliability of economic data.

Dividend Announcement: BondBloxx Private Credit CLO ETF (PCMM) has declared a monthly dividend of $0.3129 per share, with a forward yield of 7.42%.

Payment Details: The dividend is payable on August 6 for shareholders of record on August 1, with the ex-dividend date also on August 1.

ETF Overview: The SPDR SSGA Apollo IG Public & Private Credit ETF (PRIV) has received SEC approval to exceed the typical 15% limit on illiquid securities but currently holds only 5% in private credit, with most assets in liquid public securities, making it less differentiated from conventional fixed-income ETFs.

Liquidity and Yield Comparison: PRIV's portfolio is predominantly liquid, with over 75% classified as such, resulting in a lower yield of 5.44% compared to other private credit ETFs like BIZD and PCMM, which offer higher yields due to their different asset compositions.

Comparison of ETFs and Private Assets: Exchange-traded funds (ETFs) are characterized by their low cost, transparency, and liquidity, while private assets are often opaque and illiquid but may offer higher returns. Recent launches of actively managed private-credit ETFs aim to provide small investors access to previously inaccessible markets.

Concerns Over New ETF Structures: The proposed ETF from State Street and Apollo raises concerns regarding transparency and liquidity, as it plans to directly own private credit with limited disclosures. Industry experts worry this could lead to self-dealing and liquidity mismatches, especially during market stress.

Launch of New ETF: BondBloxx is set to launch the first ETF providing direct exposure to private credit, specifically targeting middle market companies in the U.S., which play a significant role in economic growth.

Investment Opportunities: The BondBloxx Private Credit CLO ETF (PCMM) aims to enhance portfolio diversification and returns by allowing all investors access to private credit, previously limited to institutional investors.