BondBloxx has just announced the launch of three new ETFs looking to track sub-indexes of the ICE BofA US Cash Pay High Yield Constrained Index. The ETFs are: the BondBloxx BB Rated USD High Yield Corporate Bond ETF (XBB), the BondBloxx B Rated USD High Yield Corporate Bond ETF (XB), and the BondBloxx CCC Rated USD High Yield Corporate Bond ETF (XCCC). Based on the name, XBB plans to invest in bonds rated BB1 to BB3 while XB invests in bonds rated B1 to B3 and XCCC invests in bonds rated CCC1 to CCC3. A quote from the portfolio manager at BondBloxx states, “As rising rates and volatility continue to impact the corporate bond market, the need for new tools to manage fixed income exposure is becoming even more critical.”