An indexed ETF that invests in the AAA and AA debt tranches of the U.S. CLO universe and seeks to replicate the performance, before fees and expenses, of the Palmer Square CLO Senior Debt Index, a proprietary, research-driven, and rules-based index that seeks to define the highest quality and most liquid segments of AAA and AA tranches of the CLO senior debt universe of assets.
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.
Chief Investment Officer/Portfolio Manager
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.
Managing Director/Portfolio Manager/Head of Structured Credit Trading
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.
| Name | Ticker | CUSIP | Strike Price | Qty. | Market Value | Weight % |
|---|---|---|---|---|---|---|
| NEUBERGER FLT 04/33 | - | 64133KAW1 | - | 500,000 | $500,698.74 | 4.76% |
| VOYA CLO 2017-3 FLT 04/34 | - | 92915QAU7 | - | 200,000 | $200,209.40 | 1.90% |
| SOUND POINT CLO FLT 07/31 | - | 83611JAA3 | - | 587,763 | $588,170.88 | 5.59% |
| RAD CLO 7 LTD FLT 04/36 | - | 74936GAA6 | - | 820,000 | $820,208.11 | 7.80% |
| PALMER SQUARE FLT 10/34 | - | 69702EAC9 | - | 645,000 | $645,658.90 | 6.14% |
| PALMER SQUARE FLT 04/31 | - | 69690CAL7 | - | 181,432 | $181,467.70 | 1.73% |
| OCTAGON FLT 07/29 | - | 67590ABP6 | - | 230,768 | $230,891.20 | 2.19% |
| OHA CREDIT FLT 07/37 | - | 67115VAQ5 | - | 500,000 | $499,562.50 | 4.75% |
| OHA CREDIT FLT 10/34 | - | 67115LAA2 | - | 1,000,000 | $1,000,698.96 | 9.51% |
| OHA CREDIT FLT 10/36 | - | 67098DAS2 | - | 500,000 | $500,559.99 | 4.76% |
| US DOLLAR | - | USD | - | -4,279,646 | $-4,279,646.42 | -40.68% |
| MADISON PARK FLT 01/33 | - | 55819XBC5 | - | 520,000 | $520,362.29 | 4.95% |
| MADISON PARK FLT 10/30 | - | 55819BAW0 | - | 244,071 | $244,261.58 | 2.32% |
| LCM 26 LTD 26A FLT 01/31 | - | 50200FAC3 | - | 560,863 | $561,265.51 | 5.34% |
| ELMWOOD CLO FLT 04/37 | - | 29003EAS4 | - | 800,000 | $805,186.29 | 7.65% |
| DRYDEN 86 CLO FLT 07/34 | - | 26245XAL1 | - | 1,000,000 | $1,001,346.52 | 9.52% |
| DRYDEN 49 FLT 07/30 | - | 26244QAQ6 | - | 500,000 | $500,962.14 | 4.76% |
| CIFC FUNDING FLT 04/31 | - | 12551RAC2 | - | 385,000 | $385,299.85 | 3.66% |
| APIDOS CLO XLIV FLT 04/35 | - | 037989AA8 | - | 500,000 | $501,425.40 | 4.77% |
| FUNDS VARIABLE VAR 12/49 | - | 147990444 | - | 4,989,473 | $4,989,472.99 | 47.43% |