BondBloxx Private Credit CLO ETF

PCMM

Valor de mercado US$ 259 mi

Why Priya Misra, a portfolio manager at the firm, is looking to take credit risk in high-quality companies.

Private credit has grown into an asset class that now rivals high-yield bonds, with direct lending, middle market loans, and collateralized loan structures moving trillions of dollars outside the traditional banking system.

Investors are returning to the bond market in force, driving fixed-income ETFs toward another record year as higher yields make bonds attractive for income-seeking investors once again.

LARKSPUR, Calif., July 20, 2026 (GLOBE NEWSWIRE) -- BondBloxx Investment Management , the first ETF issuer focused exclusively on fixed income, has released its Midyear Outlook, which contains a range of timely and compelling answers to the question “Why Fixed Income Now?

Redemption pressure in non-traded business development companies, funds that invest in small and midsize private U.S. businesses, shows little sign of easing. Looking at the underlying portfolios of BDCs, the fundamental picture is not breaking, but it is not healing, either. Notwithstanding the many fundamental challenges that will continue to pressure direct lending portfolios, the broader takeaway is that private credit is not a monolithic asset class.

LARKSPUR, Calif., April 29, 2026 (GLOBE NEWSWIRE) -- BondBloxx Investment Management Corporation today announced plans to close and liquidate the following ETFs based on an ongoing review of its ETF offerings: Ticker Fund Name XHYC BondBloxx USD High Yield Bond Consumer Cyclicals Sector ETF XHYD BondBloxx USD High Yield Bond Consumer Non-Cyclicals Sector ETF XHYI BondBloxx USD High Yield Bond Industrial Sector ETF XHYE BondBloxx USD High Yield Bond Energy Sector ETF XHYF BondBloxx USD High Yield Bond Financial & REIT Sector ETF XHYH BondBloxx USD High Yield Bond Healthcare Sector ETF XHYT BondBloxx USD High Yield Bond Telecom, Media & Technology Sector ETF     After the close of business on May 15, 2026, the funds will no longer accept creation orders.

BondBloxx Private Credit CLO ETF is rated 'Sell' due to an unfavorable macro environment and historically tight CLO spreads. PCMM's focus on middle market CLO tranches exposes it to floating rate risk and potential for larger drawdowns compared to broadly syndicated CLO ETFs. Lower Fed Funds rates are expected to directly reduce PCMM's SEC yield, which currently stands at 6.15%.

Redemptions are rising and managers are starting to limit withdrawals. Software-linked lending is flashing stress signals.

We don't see recent events in private credit as a systemic risk. Yet they raise important questions about the broader implications for spread markets, default rates, and the impact of questionable rating practices.

State Street Investment Management is continuing its push into the intersection of public and private credit with the launch of a new ETF.  The firm announced today the launch of the State Street IG Public & Private ABS ETF (PRAB).