Federal Register #SR-CboeBZX-2026-027

SEC Review of Cboe BZX Proposal to List BondBloxx Private Credit Trust Shares

This opportunity involves a proposed rule change for the listing and trading of BondBloxx Private Credit Trust shares on the Cboe BZX Exchange: - Government Buyer: - Securities and Exchange Commission (SEC) - Cboe BZX Exchange, Inc. (as the exchange seeking approval) - OEMs and Vendors: - BondBloxx Investment Management Corporation (Advisor) - HCG Fund Management LP (Sub-Advisor) - Brown Brothers Harriman & Co. (Administrator, Custodian, Transfer Agent) - CSC Delaware Trust Company (Trustee) - Products/Services Requested: - Listing and trading of BondBloxx Private Credit Trust shares - Trust portfolio includes: - Private credit assets (personal installment loans, small business loans, point of sale loans, asset-backed securities) - Investment grade bonds, U.S. Treasuries, certain ETFs, and cash equivalents - Unique/Notable Requirements: - Trust must maintain approximately 20% of its portfolio in cash and cash equivalents for liquidity - Daily calculation and public dissemination of Net Asset Value (NAV) per share and portfolio information - Minimum of 100,000 shares outstanding at commencement of trading - Compliance with BZX Rule 14.11(f) for Trust Issued Receipts - Adherence to investor protection standards

Description

This notice pertains to the filing of a proposed rule change by Cboe BZX Exchange, Inc. to list and trade shares of the BondBloxx Private Credit Trust under BZX Rule 14.11(f), Trust Issued Receipts. The Trust aims to provide attractive risk-adjusted returns primarily through distributions of current income from its portfolio, which includes private credit assets such as personal installment loans, small business loans, point of sale loans, and asset-backed securities. The Trust will maintain a liquidity sleeve of approximately 20% of the portfolio in cash and cash equivalents to facilitate redemptions. Pricing information and net asset value per share will be made available daily to market participants.

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