Palmer Square Credit Opportunities ETF

About the ETF

An actively managed ETF that seeks to generate attractive yield as well as total return through a flexible mandate that will be allocated across a diverse mix of relative value credit opportunities within CLOs, corporate credit, asset-backed securities, and bank loans.

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At a Glance

NAV
As of
$20.24
1-Day Change
$-- (--%)
YTD Return
--%

Yields (%)

As of
30 Day SEC Yield with Waivers
5.97%
Distribution Frequency
Quarterly
30 Day SEC Yield without Waivers
5.97%
Distribution Yield at NAV 12-Month
--

ETF Details

Inception Date
Sep 11, 2024
CUSIP
696930106
Total Net Assets
As of
$29,448,842
NAV Ticker
PSQOXX
Gross Annual Expense Ratio
As of most recent prospectus
0.50%
Exchange
NYSE ARCA
Net Annual Expense Ratio
As of most recent prospectus
0.50%
Performance Benchmark
Bloomberg U.S. Corporate 1 - 3 Year Index

Pricing Data

Closing Market Price
$20.23
Trading Volume (Shares)
24,008
Bid/Ask Midpoint
$20.24
Premium/Discount
-0.03%
Day High
$20.26
30-Day Median Bid/Ask Spread
0.25%
Day Low
$20.22
Shares Outstanding
As of
1.46M

Premium/Discount Disclosure

The table presents information about the differences between the daily closing price for shares of the fund and the fund's net asset value (NAV). The closing prices are determined by the fund's listing exchange. The table shows the number of trading days in which the fund traded at a premium, discount or at NAV.

Close of trading times: The NAV of funds normally is calculated using prices as of 4:00 p.m. eastern time. Each fund normally trades on its respective stock exchange until 4:00 p.m. eastern time.

Time of last trade: Trading generally takes place throughout the normal trading hours for funds on the listing exchange on which it is listed (generally 9:30 a.m. - 4:00 p.m. eastern time). At times, many trades are placed in rapid succession. At other times, little or no trading activity is taking place. It is important to note that the date/time of the last trade (which is recorded as the closing price) may not take place at exactly 4:00 p.m. eastern time when the funds normally calculate NAV. The date/time of the last trade sometimes may occur before 4:00 p.m. eastern time. Thus, ongoing price discovery may result in a deviation between the price recorded as the closing price and the NAV of the fund shares calculated at 4:00 p.m. eastern time.

Shareholders may pay more than NAV when buying fund shares and receive less than NAV when selling fund shares, because shares are bought and sold at current market prices.

Premium/Discount History

Type Calendar Year 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Days at Premium 56 0 0 13 43
Days at Discount 21 0 0 0 21
Days at Premium 4 4 0 0 0
Days at Discount 6 6 0 0 0

Performance / Quarter-end Returns

As of December 31, 2024

Q4 2024 YTD* Since Inception*
 Palmer Square Credit Opportunities ETF (PSQO) (NAV) 1.66% 2.11% 2.11%
 Palmer Square Credit Opportunities ETF (PSQO) (Market Price) 1.30% 2.16% 2.16%
 Bloomberg U.S. Corporate 1-3 Year Index 0.19% 0.51% 0.51%
*Partial Period: 9/11/2024 - 12/31/2024; Inception Date: 9/11/2024







The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling (855) 513-9988.

Portfolio Management

Angie Long is Chief Investment Officer and one of two Principal Owners for Palmer Square Capital Management, where she has key responsibilities for all investment-related activities.

With her leadership, the firm has grown Assets Under Management (AUM) to more than $31.2 billion and has expanded its global presence, notably with the recent establishment of a London office. She is widely regarded as a pioneer in the credit derivatives industry and is credited with creating the HYDI (High Yield Debt Index), the first liquid credit trading index and predecessor to all of today’s indices (the Markit CDX). Additionally, she is one of the architects of the firm’s leadership investment strategy in Collateralized Loan Obligations (CLOs). With more than 63 CLOs issued, including 14 in Europe, Palmer Square is one of only nine CLO managers among 128 with zero downgrades. Additionally, Angie’s vision was behind the firm’s proprietary scoring system to identify and evaluate fund performance in Environmental, Social and Governance (ESG) metrics, with all three European funds ESG compliant.

Angie’s career includes experience at JPMorgan Chase & Co. where she was named a Managing Director at age 29 and held many senior roles including Deputy Head of North American Credit Trading, Head of High Yield Trading, and Head of Credit Derivatives Trading. In addition, she worked with the Global Head of Credit Trading to help oversee risk management for the High Yield and High Grade credit trading books. Angie received an AB degree in Economics from Princeton University and was a member of two National Championship Rugby teams and named an All-American in 1997. Angie has continued her involvement with Princeton as she served on the Women in Leadership Committee of Princeton, founded the Greater Kansas City Princeton Women’s Network (PWN), and is currently serving as Co-Chair for the Princeton Greater Kansas City Region’s Alumni Schools Committee. Angie is a member of the 100 Women in Finance and is a CFA® charterholder.

Taylor joined Palmer Square in 2013 and is a member of the firm’s structured credit investing team, as well as head of structured credit trading. He is responsible for trading the firms CLO, CMBS, RMBS, and ABS investments.

Prior to joining Palmer Square, Taylor worked at JPMorgan Chase & Co. in New York. Taylor was an integral part of the firm’s North American foreign exchange business serving as Associate Product Controller. In particular, Taylor played a key role in all financial operations and management of JPMorgan’s Forward and Spot foreign exchange trading desks. He began his career at JPMorgan as part of the firm’s Corporate Development Program, a two year selective leadership development program. Prior to JPMorgan Chase & Co., Taylor worked at Frontier Investment Bank, a boutique investment bank based out of Kansas City.

Taylor received a BA in Economics from Cornell University. During his time at Cornell, Taylor was a member of four top ten NCAA Wrestling teams, and traveled to Beijing in 2008 to represent team USA in the FILA Junior World Championships. He is also a CFA® charterholder.

Full Portfolio Holdings

Name Ticker CUSIP Strike Price Qty. Market Value Weight %
EMPOWER CLO FLT 10/37 - 29246AAW0 - 500,000 $506,594.17 1.69%
FIFTH THIRD 5.8% 11/26 - 31680EAB7 - 33,433 $33,505.55 0.11%
FORD CREDIT 4.92% 05/28 - 34528QHV9 - 145,000 $145,611.87 0.49%
GM FINANCIAL 4.47% 02/28 - 362583AD8 - 100,000 $100,000.00 0.33%
GM FINANCIAL 3.1% 02/27 - 362585AC5 - 139,075 $138,233.59 0.46%
GM FINANCIAL 5.09% 03/27 - 36269FAD8 - 133,000 $133,768.05 0.45%
GM FINANCIAL 5.43% 09/26 - 36269WAB5 - 103,036 $103,533.36 0.35%
GM FINANCIAL 4.29% 01/27 - 38012QAB4 - 100,000 $99,894.68 0.33%
HARLEY-DAVIDS 5.37% 03/29 - 412922AC0 - 60,000 $60,730.75 0.20%
HONDA AUTO 5.3% 12/29 - 43815QAD9 - 108,000 $109,216.94 0.36%
HIGHBRIDGE LOAN FLT 10/30 - 44331DAY5 - 500,000 $502,441.93 1.68%
HYUNDAI AUTO 5.15% 06/26 - 448988AB1 - 64,939 $65,091.52 0.22%
JOHN DEERE 5.09% 06/27 - 47800BAC2 - 78,725 $78,969.46 0.26%
LCM XIV LP 14A FLT 07/31 - 50184VAR5 - 256,241 $256,760.88 0.86%
LCM 26 LTD 26A FLT 01/31 - 50200FAC3 - 459,555 $460,490.94 1.54%
MAGNETITE XXXIX FLT 01/37 - 559924AQ8 - 1,000,000 $1,000,008.39 3.34%
MENLO CLO I LTD FLT 01/38 - 586915AA8 - 500,000 $503,455.47 1.68%
MENLO CLO I LTD FLT 01/38 - 586915AG5 - 500,000 $503,562.80 1.68%
MERCEDES-BENZ 4.74% 01/27 - 58768RAC4 - 148,922 $149,049.87 0.50%
NEUBERGER FLT 04/33 - 64133KAW1 - 1,000,000 $1,001,860.08 3.34%
NEUBERGER FLT 04/38 - 64134GAL3 - 500,000 $503,699.81 1.68%
NEUBERGER FLT 10/38 - 64135FAN0 - 1,000,000 $1,001,447.81 3.34%
POST CLO VI LTD FLT 01/38 - 73742WAA7 - 500,000 $511,535.61 1.71%
SFS AUTO 5.47% 10/28 - 78398AAD5 - 145,000 $146,368.54 0.49%
SHACKLETON FLT 07/31 - 81883AAS8 - 817,099 $820,279.88 2.74%
SILVER POINT FLT 10/37 - 82808MAJ2 - 500,000 $508,345.14 1.70%
SYMPHONY STATIC FLT 10/29 - 87190WAA4 - 500,000 $502,948.12 1.68%
TESLA AUTO 5.89% 06/26 - 88167PAC2 - 99,163 $99,469.45 0.33%
TOYOTA AUTO 5.28% 05/26 - 891941AB2 - 39,713 $39,745.97 0.13%
TOYOTA LEASE 4.93% 04/26 - 89239MAC1 - 72,082 $72,152.77 0.24%
VOYA CLO 2019-1 FLT 10/37 - 92917NBC1 - 625,000 $630,629.85 2.10%
WHITEBOX CLO II FLT 10/37 - 96466CBE7 - 500,000 $507,757.83 1.69%
WORLD OMNI 5.92% 03/27 - 98163UAB6 - 145,575 $145,834.95 0.49%
UNITED STATES ZERO 04/25 - 912797KS5 - 500,000 $494,986.32 1.65%
UNITED STATES ZERO 05/25 - 912797LB1 - 150,000 $148,014.50 0.49%
UNITED STATES 3.5% 01/28 - 91282CGH8 - 300,000 $292,951.17 0.98%
UNITED STATES OF 4% 01/29 - 91282CJW2 - 300,000 $295,570.31 0.99%
RED PLANET BORROWER LLC - 674344 - 99,486 $98,345.75 0.33%
EP PURCHASER, LLC - 679846 - 99,744 $99,779.50 0.33%
PRE-PAID LEGAL SERVICES, - 686160 - 99,488 $100,258.04 0.33%
AMERICAN AIRLINES, INC. - 754674 - 100,000 $100,743.50 0.34%
CALPINE CONSTRUCTION FIN - 782833 - 100,000 $100,337.50 0.33%
ROCKET SOFTWARE, INC. - 793432 - 99,750 $100,959.97 0.34%
RENAISSANCE HOLDING CORP - 818178 - 99,749 $99,790.14 0.33%
FIRST EAGLE HOLDINGS, IN - 820302 - 99,499 $99,900.22 0.33%
COTIVITI, INC. - 821088 - 99,750 $100,498.62 0.34%
ORGANON & CO. - 838697 - 100,000 $100,771.00 0.34%
MICHAEL BAKER INTERNATIO - 839724 - 99,749 $100,435.65 0.34%
IRIDIUM SATELLITE LLC - 842417 - 99,497 $99,137.80 0.33%
MEDLINE BORROWER, LP - 842933 - 99,500 $100,219.88 0.33%
ONEDIGITAL BORROWER LLC - 843216 - 99,500 $99,998.50 0.33%
BOXER PARENT COMPANY INC - 848805 - 100,000 $100,982.50 0.34%
EDGEWATER GENERATION L.L - 854145 - 97,436 $98,920.34 0.33%
HUB INTERNATIONAL LIMITED - 854869 - 99,500 $100,048.74 0.33%
ALLIANT HOLDINGS INTERME - 866336 - 99,750 $100,286.66 0.33%
THUNDER GENERATION FUNDI - 868234 - 99,750 $100,633.29 0.34%
EPIC CRUDE SERVICES LP - 872278 - 100,000 $100,951.00 0.34%
LSF12 CROWN US COMMERCIA - 873576 - 100,000 $100,250.00 0.33%
CITADEL SECURITIES LP - 875696 - 99,749 $100,366.68 0.33%
CROSS FINANCIAL CORP - 875865 - 100,000 $100,875.00 0.34%
HUDSON RIVER TRADING LLC - 876743 - 99,492 $100,131.98 0.33%
HYPERION REFINANCE S.A.R - 881215 - 99,750 $100,637.28 0.34%
GUGGENHEIM PARTNERS INVE - 881519 - 100,000 $100,675.00 0.34%
GRINDING MEDIA INC - 881805 - 99,750 $100,311.59 0.33%
INSTALLED BUILDING PRODU - 881929 - 99,749 $100,372.17 0.33%
PROJECT ALPHA INTERMEDIA - 884607 - 100,000 $101,079.50 0.34%
JANE STREET GROUP, LLC - 884701 - 99,482 $99,523.64 0.33%
ACRISURE LLC / 7.5% 11/30 - 00489LAL7 - 50,000 $51,461.20 0.17%
ADVANCED 5% 09/27 - 00790RAA2 - 25,000 $24,713.08 0.08%
AIR CANADA 3.875% 08/26 - 008911BK4 - 75,000 $73,371.18 0.24%
AMERICAN 4% 01/28 - 024747AF4 - 95,000 $92,060.99 0.31%
AMWINS GROUP 6.375% 02/29 - 031921AC3 - 50,000 $50,384.20 0.17%
BERRY GLOBAL 5.625% 07/27 - 085770AB1 - 50,000 $49,989.23 0.17%
BLACKSTONE 3.75% 01/27 - 09257WAD2 - 25,000 $23,857.66 0.08%
BROADCOM INC 3.15% 11/25 - 11135FBB6 - 75,000 $74,103.98 0.25%
CVS HEALTH CORP 5% 02/26 - 126650DS6 - 75,000 $75,031.36 0.25%
CENTRAL 7.25% 06/29 - 15477CAA3 - 50,000 $49,835.19 0.17%
CONSTELLATION 3.15% 08/29 - 21036PBE7 - 75,000 $68,975.16 0.23%
DELL 5.25% 02/28 - 24703DBJ9 - 75,000 $75,844.98 0.25%
ENTEGRIS INC 4.75% 04/29 - 29365BAA1 - 50,000 $48,248.74 0.16%
GE HEALTHCARE 5.6% 11/25 - 36267VAD5 - 85,000 $85,494.96 0.29%
GO DADDY 5.25% 12/27 - 38016LAA3 - 50,000 $49,623.21 0.17%
HCA INC 5.2% 06/28 - 404119CP2 - 65,000 $65,044.24 0.22%
IRON 4.875% 09/29 - 46284VAF8 - 25,000 $23,866.78 0.08%
JANE STREET 6.125% 11/32 - 47077WAD0 - 42,000 $41,597.96 0.14%
MASTEC INC 4.5% 08/28 - 576323AP4 - 50,000 $48,474.15 0.16%
MATCH GROUP 4.625% 06/28 - 57665RAN6 - 50,000 $48,015.39 0.16%
METHANEX 5.125% 10/27 - 59151KAM0 - 50,000 $49,194.91 0.16%
MILEAGE PLUS 6.5% 06/27 - 599191AA1 - 37,500 $37,790.44 0.13%
NEXTERA 1.875% 01/27 - 65339KBY5 - 75,000 $70,914.64 0.24%
NEXTERA ENERGY 4.5% 09/27 - 65342QAB8 - 50,000 $48,026.42 0.16%
ORACLE CORP 2.3% 03/28 - 68389XCD5 - 75,000 $69,329.81 0.23%
PRIME 3.375% 08/27 - 74166MAF3 - 50,000 $47,279.23 0.16%
BLOCK INC 6.5% 05/32 - 852234AR4 - 50,000 $50,952.35 0.17%
SMYRNA READY MIX 6% 11/28 - 85236FAA1 - 75,000 $73,843.62 0.25%
STANDARD 4.75% 01/28 - 853496AD9 - 50,000 $48,607.23 0.16%
T-MOBILE USA 2.25% 02/26 - 87264ABR5 - 75,000 $73,049.34 0.24%
TALLGRASS 5.5% 01/28 - 87470LAD3 - 50,000 $48,545.74 0.16%
US FOODS INC 4.75% 02/29 - 90290MAD3 - 75,000 $72,137.86 0.24%
UNIVERSAL 2.65% 10/30 - 913903AW0 - 75,000 $64,275.64 0.21%
UNIVISION 6.625% 06/27 - 914906AU6 - 50,000 $49,977.20 0.17%
VOC ESCROW LTD 5% 02/28 - 91832VAA2 - 50,000 $48,934.68 0.16%
VERIZON 4.125% 03/27 - 92343VDY7 - 75,000 $74,071.30 0.25%
VERTIV GROUP 4.125% 11/28 - 92535UAB0 - 75,000 $71,881.61 0.24%
VISTRA 4.375% 05/29 - 92840VAH5 - 50,000 $47,209.96 0.16%
ELMWOOD CLO FLT 04/37 - 29003EAS4 - 800,000 $806,298.40 2.69%
DRYDEN 30 FLT 11/28 - 26249BAW1 - 500,000 $501,571.57 1.67%
DRYDEN 45 FLT 10/30 - 26244MBE1 - 625,000 $627,748.03 2.09%
DRYDEN 45 FLT 10/30 - 26244MAW2 - 336,965 $338,268.14 1.13%
DISCOVER CARD 4.31% 03/28 - 254683CY9 - 130,000 $129,797.20 0.43%
DISCOVER CARD 5.03% 10/27 - 254683CX1 - 110,000 $110,471.68 0.37%
DELL 5.65% 09/28 - 24702HAE3 - 84,984 $85,343.61 0.28%
CREEKSOURCE FLT 01/38 - 225914AA8 - 500,000 $499,992.26 1.67%
CIFC FUNDING FLT 01/38 - 17181NAL8 - 500,000 $504,121.74 1.68%
CIFC FUNDING FLT 01/38 - 17181NAC8 - 500,000 $503,419.08 1.68%
CIFC FUNDING FLT 10/37 - 17180WAS4 - 500,000 $509,450.20 1.70%
CHASE AUTO 4.4% 11/27 - 16144QAB1 - 75,000 $74,909.21 0.25%
CEDAR FUNDING FLT 01/38 - 150323BL6 - 500,000 $502,350.05 1.68%
CARLYLE US CLO FLT 01/30 - 14315BAG1 - 250,000 $250,648.42 0.84%
CARLYLE GLOBAL FLT 04/32 - 14309YCJ1 - 1,000,000 $1,002,486.13 3.34%
CAPITAL ONE 3.66% 05/27 - 14043GAD6 - 63,457 $63,123.38 0.21%
CAPITAL ONE 4.42% 05/28 - 14041NGD7 - 150,000 $149,955.99 0.50%
CAPITAL ONE 4.95% 10/27 - 14041NGB1 - 135,000 $135,502.28 0.45%
CIFC FUNDING FLT 04/31 - 12549FBR9 - 605,000 $607,510.32 2.03%
CBAM 2018-5 LTD FLT 04/31 - 12481QAL9 - 1,000,000 $1,002,214.41 3.34%
BENEFIT STREET FLT 10/37 - 08182BBE7 - 500,000 $505,303.53 1.69%
BENEFIT STREET FLT 10/36 - 08181GAA6 - 500,000 $517,113.11 1.73%
BMW VEHICLE 5.99% 09/26 - 055979AC2 - 93,517 $94,081.29 0.31%
APIDOS CLO FLT 01/38 - 03767NAW6 - 500,000 $503,136.49 1.68%
AMERICAN 3.75% 08/27 - 02582JJV3 - 75,000 $74,696.09 0.25%
AMERICAN 3.39% 05/27 - 02582JJT8 - 79,000 $78,721.55 0.26%
FUNDS VARIABLE VAR 12/49 - 147990444 - 1,938,914 $1,938,914.26 6.47%
US DOLLAR - USD - -38,866 $-38,866.27 -0.13%
WESCO 6.375% 03/29 - 95081QAQ7 - 50,000 $50,917.35 0.17%

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call (855) 513-9988 or visit our website at etf.palmersquarefunds.com. Read the prospectus or summary prospectus carefully before investing.

Past performance does not guarantee future results.

This ETF is actively managed. There is no guarantee that the fund objective(s) will be met.

30-Day SEC Yield represents net investment income earned by the Fund over the 30-day period, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-day period.

Distribution Yield at NAV 12-Month is calculated by taking the distributions over the trailing 12-months and dividing by the net asset value on the last business day for that time period. The yield does not include long- or short-term capital gains distributions.

The Bloomberg U.S. 1-3 Year Corporate Bond Index is an unmanaged index that is designed to measure the performance of the short-term U.S. corporate bond market.

Risks: Different types of investments involve varying degrees of risk and there can be no assurance that any specific investment will be profitable. Please note that the performance of the funds may not be comparable to the performance of any index shown. Palmer Square has not verified, and is under no obligation to verify, the accuracy of index returns.

Collateralized Loan Obligation (“CLO”) is a single security backed by a pool of debt. The process of pooling assets into a marketable security is called securitization. CLOs are often backed by corporate loans with low credit ratings or loans taken out by private equity firms to conduct leveraged buyouts. The return of principal is not guaranteed, and prices may decline if payments are not made timely or credit strength weakens. CLOs are subject to liquidity risk, interest rate risk, credit risk, call risk and the risk of default of the underlying assets.

Derivatives transactions can be highly illiquid and difficult to unwind or value and they can increase Fund volatility.

The Palmer Square Credit Opportunities ETF: The Fund is subject to liquidity risk and therefore may not be able to sell some or all of the investments that it holds due to a lack of demand in the marketplace or other factors. The Fund is subject to credit risk in that if an issuer or guarantor of a debt security held by the Fund or a counterparty to a financial contract with the Fund defaults or is downgraded or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of the Fund’s portfolio will typically decline. The Fund is classified as “nondiversified,” which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified. High yield securities, commonly referred to as “junk bonds”, are rated below investment grade by at least one of Moody’s, S&P or Fitch (or if unrated, determined by the Fund’s advisor to be of comparable credit quality high yield securities). High yield funds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, and longer-term and lower rated securities are more volatile than shorter-term and higher rated securities. Using derivatives exposes the Fund to additional or heightened risks, including leverage risk, liquidity risk, valuation risk, market risk, counterparty risk, and credit risk. Derivatives transactions can be highly illiquid and difficult to unwind or value and they can increase Fund volatility.

The Palmer Square Credit Opportunities ETF is distributed by Foreside Fund Services, LLC.