Palmer Square Credit Opportunities ETF

NYSE: PSQO

ETF Overview

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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ETF Details

Palmer Square Credit Opportunities ETF (PSQO) seeks a high level of current income. As a secondary objective, the Fund seeks long-term capital appreciation.

Inception Date
Sep 11, 2024
Total Net Assets
As of
$106,575,280
Gross Annual Expense Ratio
As of most recent prospectus
0.52%
Net Annual Expense Ratio
As of most recent prospectus
0.52%
CUSIP
696930106
NAV Ticker
PSQOXX
Exchange
NYSE ARCA
Benchmark
Bloomberg U.S. Corporate 1-3 Year Index

Performance

as of market close Nov 13, 2025

Daily NAV

$20.69

1-Day Change

$-0.01 (-0.05%)

YTD Return

5.90%

Returns

As of Sep 30, 2025

Metric 1 Month 3 Months YTD 1 Year Since Inception*
NAV 0.62% 1.70% 5.34% 7.08% 7.18%
Market Value 0.62% 1.80% 5.39% 6.76% 7.28%
Bloomberg U.S. Corporate 1-3 Year Index 0.44% 1.43% 4.60% 4.81% 5.13%
Metric 1 Month 3 Months YTD 1 Year Since Inception*
NAV 0.39% 1.65% 5.75% 7.07% 6.99%
Market Value 0.44% 1.85% 5.85% 7.12% 7.12%
Bloomberg U.S. Corporate 1-3 Year Index 0.33% 1.65% 4.94% 5.65% 4.80%

*Inception Date: 9/11/2024

Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized. Returns less than one year are cumulative.

Displaying historical daily NAV for all available dates

Date NAV Change

Yields as of Oct 31, 2025

30 Day SEC Yield with Waivers
5.51%
Distribution Yield at NAV 12-Month
0.04%
30 Day SEC Yield without Waivers
5.51%
Distribution Frequency
Quarterly
Ex Date Record Date Payment Date Ordinary Income Short Term Capital Gains Long Term Capital Gains Return of Capital Total Distribution Distribution Summary
2024-12-24 2024-12-24 2024-12-31 0.282474 0 0 0 0.282474 PDF
2025-03-25 2025-03-25 2025-03-31 0.202108 0 0 0 0.202108 PDF
2025-06-24 2025-06-24 2025-06-30 0.1639750 0 0 0 0.163975 PDF
2025-09-24 2025-09-24 2025-09-30 0.2581840 0 0 0 0.258184 PDF

Past performance is not indicative of future results. There is no guarantee that the Fund or the companies in its portfolio will pay or continue to pay dividends.
The Fund’s distribution policy is to make quarterly distributions to shareholders. Whether reinvested in additional shares or taken in cash, exchange traded fund shareholders are responsible for taxes on all ordinary income distributions. For federal income tax purposes, the fund’s distributions of net investment income are taxable to shareholders as ordinary income. Additionally, shareholders will not be able to use any capital losses to offset those gains. This data is provided for informational purposes only. Every year in January, shareholders are sent a Form 1099-DIV, which provides the federal tax status of dividends and distributions received during the calendar year. We recommend that shareholders consult their tax advisors for assistance with how this information will impact their specific tax situation.
This general tax information does not constitute, and should not be considered a substitute for, tax or legal advice. The rules governing the proper tax characterization of distributions by exchange traded funds can be complex. Each fund shareholder should consult his or her own tax advisor regarding the proper tax characterization and reporting of the fund’s distributions.

Pricing Data

as of market close Nov 13, 2025

Closing Market Price
$20.70
Bid/Ask Midpoint
$20.71
Day High
$20.72
Day Low
$20.69
Trading Volume (Shares)
7,161
Premium/Discount
0.05%
30-Day Median Bid/Ask Spread
0.15%
Shares Outstanding
As of
5.15M
Type Calendar Year 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Days at Premium 56 46 40 36 25
Days at Discount 21 14 21 28 7

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.

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Portfolio

As of 06/30/2025. Fund holdings are subject to change at any time and should not be considered a recommendation to buy or sell any security.

Asset Allocation

Total may not add up to 100% due to rounding.

Full Investment Holdings

as of Nov 13, 2025

CUSIP Name Asset Type # of Shares Market Value $ % of Fund

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 $35.9 billion (as of 06/30/2025) 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 91 CLOs issued, including 25 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.

Documents

PSQO Fact Sheet
Q3 2025 PSQO Letter
2025 Annual PSQO Shareholder Report
2025 Annual Financials and Other Information
2024 Semi-Annual PSQO Shareholder Report
2024 Semi-Annual Financial Statements
September 2025 Distribution Summary Memo
June 2025 Distribution Summary Memo
March 2025 Distribution Summary Memo
Palmer Square ETF 2024 ICI Primary Layout
Palmer Square ETF 2024 ICI Secondary Layout
Palmer Square ETF 2024 ICI Foreign (NRA) Layout
Summary Prospectus
Prospectus
Statement of Additional Information

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. ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF's ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns

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. ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF's ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.

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.