JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
BBHY
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- JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY) is an exchange-traded fund that seeks to track the performance of the ICE BofA US High Yield Index, providing exposure to U.S. dollar-denominated below investment grade corporate bonds publicly issued in the U.S. domestic market. The fund employs a passive, indexed investment approach by holding a diversified portfolio of approximately 1,591 high yield corporate debt securities, including fixed-rate and payment-in-kind bonds with at least 18 months to maturity; eligible securities encompass original issue zero coupon bonds, 144A securities, callable perpetuals, fixed-to-floating rate notes, and potentially distressed debt, weighted by market capitalization. With an effective duration of 3.08 years, a net expense ratio of 0.070%, and assets under management of around $626 million, BBHY targets income-oriented investors in the high yield bond segment through monthly dividend distributions and a 30-day SEC yield of approximately 6.94%. Launched on September 14, 2016, and domiciled in the United States, the ETF transitioned from an actively managed strategy—previously known as JPMorgan High Yield Research Enhanced ETF (ticker: JPHY)—to its current passive, index-tracking approach effective February 1, 2023, enhancing cost efficiency and benchmark alignment. This strategic shift, managed by a team from J.P. Morgan Asset Management's Global Fixed Income, Currency, and Commodities Quantitative Solutions group including Edward Gibbons, John Lux, and Mark Willauer, leverages the firm's proprietary Spectrum platform for automated portfolio replication and execution. Headquartered in New York as part of J.P. Morgan Asset Management—a division of JPMorgan Chase & Co. with over $2.8 trillion in assets under management—the ETF primarily invests in U.S. bonds (86%) supplemented by non-U.S. bonds (13%) and minimal cash equivalents. Credit quality allocation emphasizes BB-rated (52.7%), B-rated (34.3%), and CCC or lower-rated (12.4%) securities, reflecting the benchmark's below-investment-grade focus.