PCMM: BondBloxx Private Credit CLO ETF
ETF Education Report: BondBloxx Private Credit CLO ETF (PCMM)
What this ETF is trying to do
The BondBloxx Private Credit CLO ETF (ticker: PCMM) is an exchange-traded fund that focuses on private credit. Based on its top holdings, the fund invests in various Collateralized Loan Obligations (CLOs). These are types of debt investments. The fund holds a total of 78 different holdings.
What the numbers show
When looking at an ETF, it is important to separate the share price from the total return.
• Price Return: This measures only how much the share price has moved. The current price is $49.82. Compared to an estimated price from roughly one year ago of $50.39, the one-year price return was -1.13%. The year-to-date (YTD) price return is also slightly negative at -0.60%.
• Total Return: This includes both price changes and the money paid out to investors. Even though the share price went down slightly, the total return was positive. The one-year total return was 5.09%, and the YTD total return was 3.94%.
Income and distribution explanation
This ETF provides cash distributions to investors. The distribution yield is 6.11%. This number describes the cash payments relative to the ETF's price. These payments usually happen monthly, with 12 payments recorded over the last year.
It is important to remember that a high distribution yield is not the same as total return. While distributions provide cash income, they do not guarantee that your original investment will stay the same value.
NAV erosion explanation
"NAV erosion" is a term used to describe when the value of the underlying assets in a fund decreases over time. Investors often care about this because they want their principal (the original money they put in) to remain stable.
For PCMM, the erosion-risk score is 94, which is labeled as "Stable / sideways." The erosion severity is rated as "good," and there is no severe erosion-risk flag present.
Pros
• The fund has a positive total return even when the share price is slightly down.
• It provides regular monthly cash distributions.
• The erosion-risk measurements suggest the fund is currently stable.
Cons
• The share price has seen a slight decline over the last year and year-to-date.
• The list of holdings provided is only a partial list of the 78 total holdings.
Top Holdings
The following are some of the largest holdings in the portfolio (as of October 7, 2026). Please note that holdings can change over time.
• ANTARES CLO 2023-1 LTD 5.52%: 4.92%
• GOLUB CAPITAL PARTNERS CLO 45(M)-R 5.29%: 4.56%
• WOODMONT 2017-1 TRUST 5.37%: 4.25%
• BLACKROCK MT LASSEN CLO XV LLC 5.32%: 3.94%
• MONROE CAPITAL MML CLO XIV LTD 5.92%: 2.96%
• MCF CLO LLC 6.22%: 2.95%
• US DOLLARS: 2.86%
• LAKE SHORE MM CLO 2021-4R LTD 5.37%: 2.52%
• BCC MIDDLE MARKET CLO 2023-2 LLC 5.04%: 2.46%
• CERBERUS LOAN FUNDING 53 LLC 5.16%: 2.46%
Beginner takeaway
When looking at PCMM, notice the difference between the share price and the total return. While the price of a single share has dropped slightly, the total return (which includes the cash paid out to you) has been positive. Always look at both numbers to get a full picture of how an ETF is performing.
Top Holdings
Structured portfolio holdings supplied by the ETF data provider. These figures are not generated by the AI article.
| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | ANTARES CLO 2023-1 LTD 5.52% | n/a | 4.92% |
| 2 | GOLUB CAPITAL PARTNERS CLO 45(M)-R 5.29% | n/a | 4.56% |
| 3 | WOODMONT 2017-1 TRUST 5.37% | n/a | 4.25% |
| 4 | BLACKROCK MT LASSEN CLO XV LLC 5.32% | n/a | 3.94% |
| 5 | n/a | n/a | 3.16% |
| 6 | MONROE CAPITAL MML CLO XIV LTD 5.92% | n/a | 2.96% |
| 7 | MCF CLO LLC 6.22% | n/a | 2.95% |
| 8 | US DOLLARS | n/a | 2.86% |
| 9 | n/a | n/a | 2.71% |
| 10 | LAKE SHORE MM CLO 2021-4R LTD 5.37% | n/a | 2.52% |