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.
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 % |
|---|---|---|---|---|---|---|
| CARLYLE US CLO FLT 01/30 | - | 14315BAG1 | - | 250,000 | $250,675.72 | 1.15% |
| CHASE AUTO 4.4% 11/27 | - | 16144QAB1 | - | 75,000 | $74,882.62 | 0.34% |
| CIFC FUNDING FLT 10/37 | - | 17180WAS4 | - | 500,000 | $500,000.00 | 2.30% |
| DELL 5.65% 09/28 | - | 24702HAE3 | - | 100,000 | $100,474.87 | 0.46% |
| DRYDEN 45 FLT 10/30 | - | 26244MAW2 | - | 452,047 | $452,583.01 | 2.08% |
| DRYDEN 45 FLT 10/30 | - | 26244MBE1 | - | 625,000 | $627,031.23 | 2.88% |
| ELMWOOD CLO FLT 04/37 | - | 29003EAS4 | - | 800,000 | $804,466.94 | 3.70% |
| EMPOWER CLO FLT 10/37 | - | 29246AAW0 | - | 500,000 | $500,000.00 | 2.30% |
| FIFTH THIRD 5.8% 11/26 | - | 31680EAB7 | - | 71,603 | $71,771.20 | 0.33% |
| GM FINANCIAL 4.47% 02/28 | - | 362583AD8 | - | 100,000 | $99,977.22 | 0.46% |
| GM FINANCIAL 3.1% 02/27 | - | 362585AC5 | - | 201,555 | $199,868.86 | 0.92% |
| GM FINANCIAL 5.09% 03/27 | - | 36269FAD8 | - | 133,000 | $134,045.11 | 0.62% |
| GM FINANCIAL 5.43% 09/26 | - | 36269WAB5 | - | 125,000 | $125,721.50 | 0.58% |
| GM FINANCIAL 4.29% 01/27 | - | 38012QAB4 | - | 100,000 | $99,741.19 | 0.46% |
| HARLEY-DAVIDS 5.37% 03/29 | - | 412922AC0 | - | 60,000 | $60,857.81 | 0.28% |
| HONDA AUTO 5.3% 12/29 | - | 43815QAD9 | - | 108,000 | $109,892.98 | 0.51% |
| HIGHBRIDGE LOAN FLT 10/30 | - | 44331DAY5 | - | 500,000 | $501,875.00 | 2.31% |
| HYUNDAI AUTO 5.15% 06/26 | - | 448988AB1 | - | 85,691 | $85,873.76 | 0.40% |
| LCM XIV LP 14A FLT 07/31 | - | 50184VAR5 | - | 311,846 | $312,142.53 | 1.44% |
| LCM 26 LTD 26A FLT 01/31 | - | 50200FAC3 | - | 560,863 | $561,423.89 | 2.58% |
| MADISON PARK FLT 07/30 | - | 55819UAG3 | - | 500,000 | $500,100.55 | 2.30% |
| MERCEDES-BENZ 4.74% 01/27 | - | 58768RAC4 | - | 175,000 | $175,063.11 | 0.81% |
| NEUBERGER FLT 04/33 | - | 64133KAW1 | - | 1,000,000 | $1,001,569.79 | 4.61% |
| NEUBERGER FLT 04/38 | - | 64134GAL3 | - | 500,000 | $502,109.09 | 2.31% |
| NEUBERGER FLT 10/35 | - | 64135FAA8 | - | 1,000,000 | $1,000,000.00 | 4.60% |
| OHA CREDIT FLT 10/36 | - | 67098DAS2 | - | 500,000 | $500,858.20 | 2.30% |
| SFS AUTO 5.47% 10/28 | - | 78398AAD5 | - | 145,000 | $146,598.80 | 0.67% |
| SHACKLETON FLT 07/31 | - | 81883AAS8 | - | 1,000,000 | $1,000,750.00 | 4.60% |
| TESLA AUTO 5.89% 06/26 | - | 88167PAC2 | - | 100,000 | $100,480.20 | 0.46% |
| TOYOTA AUTO 5.28% 05/26 | - | 891941AB2 | - | 110,369 | $110,416.14 | 0.51% |
| TOYOTA LEASE 4.93% 04/26 | - | 89239MAC1 | - | 100,000 | $100,047.40 | 0.46% |
| VOYA CLO 2019-1 FLT 10/37 | - | 92917NBC1 | - | 625,000 | $627,343.75 | 2.89% |
| WHITEBOX CLO II FLT 10/34 | - | 96466CAU2 | - | 500,000 | $501,521.69 | 2.31% |
| UNITED STATES ZERO 01/25 | - | 912797LR6 | - | 1,000,000 | $990,075.62 | 4.56% |
| HUDSON RIVER TRADING LLC | - | 649962 | - | 99,742 | $99,817.90 | 0.46% |
| RED PLANET BORROWER LLC | - | 674344 | - | 99,743 | $98,704.11 | 0.45% |
| PRE-PAID LEGAL SERVICES, | - | 686160 | - | 99,744 | $99,927.78 | 0.46% |
| AMERICAN AIRLINES, INC. | - | 754674 | - | 100,000 | $100,047.00 | 0.46% |
| CALPINE CONSTRUCTION FIN | - | 782833 | - | 100,000 | $99,562.50 | 0.46% |
| JANE STREET GROUP, LLC | - | 814385 | - | 100,000 | $100,237.00 | 0.46% |
| CITADEL SECURITIES LP | - | 814605 | - | 99,749 | $100,021.05 | 0.46% |
| RENAISSANCE HOLDING CORP | - | 818178 | - | 99,749 | $99,935.77 | 0.46% |
| FIRST EAGLE HOLDINGS, IN | - | 820302 | - | 100,000 | $99,517.50 | 0.46% |
| MEDLINE BORROWER, LP | - | 826706 | - | 100,000 | $100,254.50 | 0.46% |
| ORGANON & CO. | - | 838697 | - | 100,000 | $100,156.50 | 0.46% |
| IRIDIUM SATELLITE LLC | - | 842417 | - | 99,749 | $98,216.60 | 0.45% |
| ONEDIGITAL BORROWER LLC | - | 843216 | - | 99,750 | $99,314.09 | 0.46% |
| BOXER PARENT COMPANY INC | - | 848805 | - | 100,000 | $99,783.50 | 0.46% |
| EDGEWATER GENERATION L.L | - | 854145 | - | 100,000 | $101,104.00 | 0.47% |
| HUB INTERNATIONAL LIMITED | - | 854869 | - | 99,750 | $100,051.74 | 0.46% |
| ALLIANT HOLDINGS INTERME | - | 866336 | - | 100,000 | $99,818.00 | 0.46% |
| THUNDER GENERATION FUNDI | - | 868234 | - | 100,000 | $100,250.00 | 0.46% |
| LSF12 CROWN US COMMERCIA | - | 873576 | - | 100,000 | $99,000.00 | 0.46% |
| ASGN INC 4.625% 05/28 | - | 00191UAA0 | - | 50,000 | $48,178.19 | 0.22% |
| ADVANCED 5% 09/27 | - | 00790RAA2 | - | 25,000 | $24,550.70 | 0.11% |
| AIR CANADA 3.875% 08/26 | - | 008911BK4 | - | 75,000 | $72,796.32 | 0.33% |
| AMERICAN 4% 01/28 | - | 024747AF4 | - | 45,000 | $43,062.96 | 0.20% |
| AMERICAN TOWER 1.5% 01/28 | - | 03027XBJ8 | - | 75,000 | $68,074.73 | 0.31% |
| AMWINS GROUP 6.375% 02/29 | - | 031921AC3 | - | 50,000 | $50,909.45 | 0.23% |
| BERRY GLOBAL 5.625% 07/27 | - | 085770AB1 | - | 50,000 | $49,941.76 | 0.23% |
| CHENIERE 4.625% 10/28 | - | 16411RAK5 | - | 75,000 | $74,154.91 | 0.34% |
| CONSTELLATION 3.15% 08/29 | - | 21036PBE7 | - | 75,000 | $70,478.49 | 0.32% |
| CROWDSTRIKE 3% 02/29 | - | 22788CAA3 | - | 50,000 | $45,989.01 | 0.21% |
| DELL 5.25% 02/28 | - | 24703DBJ9 | - | 75,000 | $76,878.06 | 0.35% |
| DUKE ENERGY 3.4% 06/29 | - | 26441CBE4 | - | 75,000 | $71,289.21 | 0.33% |
| ENERGY 4.2% 04/27 | - | 29273RBK4 | - | 75,000 | $74,436.17 | 0.34% |
| ENTEGRIS INC 4.75% 04/29 | - | 29365BAA1 | - | 50,000 | $48,877.79 | 0.22% |
| GO DADDY 5.25% 12/27 | - | 38016LAA3 | - | 50,000 | $49,462.21 | 0.23% |
| HCA INC 5.2% 06/28 | - | 404119CP2 | - | 65,000 | $66,147.73 | 0.30% |
| IRON 4.875% 09/29 | - | 46284VAF8 | - | 25,000 | $24,181.54 | 0.11% |
| MACQUARIE 6.4% 03/29 | - | 55609NAC2 | - | 75,000 | $77,956.73 | 0.36% |
| MASTEC INC 4.5% 08/28 | - | 576323AP4 | - | 50,000 | $48,946.01 | 0.23% |
| MATCH GROUP 4.625% 06/28 | - | 57665RAN6 | - | 50,000 | $48,171.74 | 0.22% |
| METHANEX 5.125% 10/27 | - | 59151KAM0 | - | 50,000 | $49,160.31 | 0.23% |
| MICRON 4.185% 02/27 | - | 595112BP7 | - | 75,000 | $74,505.45 | 0.34% |
| NETFLIX INC 4.875% 04/28 | - | 64110LAS5 | - | 75,000 | $76,162.74 | 0.35% |
| NEXTERA 1.875% 01/27 | - | 65339KBY5 | - | 75,000 | $70,952.34 | 0.33% |
| NEXTERA ENERGY 4.5% 09/27 | - | 65342QAB8 | - | 50,000 | $48,575.06 | 0.22% |
| ORACLE CORP 2.3% 03/28 | - | 68389XCD5 | - | 75,000 | $69,937.55 | 0.32% |
| PRIME 3.375% 08/27 | - | 74166MAF3 | - | 50,000 | $47,128.38 | 0.22% |
| PACTIV EVERGREEN 4% 10/27 | - | 76174LAA1 | - | 50,000 | $47,728.99 | 0.22% |
| RYAN 5.875% 08/32 | - | 78351GAA3 | - | 50,000 | $50,350.35 | 0.23% |
| SHERWIN-WILLI 2.95% 08/29 | - | 824348BJ4 | - | 75,000 | $70,013.90 | 0.32% |
| BLOCK INC 6.5% 05/32 | - | 852234AR4 | - | 50,000 | $51,510.90 | 0.24% |
| SMYRNA READY MIX 6% 11/28 | - | 85236FAA1 | - | 25,000 | $24,917.25 | 0.11% |
| STANDARD 4.75% 01/28 | - | 853496AD9 | - | 50,000 | $48,520.17 | 0.22% |
| T-MOBILE USA 2.625% 02/29 | - | 87264ABS3 | - | 75,000 | $69,210.42 | 0.32% |
| TALLGRASS 5.5% 01/28 | - | 87470LAD3 | - | 50,000 | $48,052.50 | 0.22% |
| UNIVERSAL 2.65% 10/30 | - | 913903AW0 | - | 75,000 | $65,995.82 | 0.30% |
| UNIVISION 6.625% 06/27 | - | 914906AU6 | - | 50,000 | $49,674.50 | 0.23% |
| VOC ESCROW LTD 5% 02/28 | - | 91832VAA2 | - | 50,000 | $48,868.47 | 0.22% |
| VERIZON 4.125% 03/27 | - | 92343VDY7 | - | 75,000 | $74,634.04 | 0.34% |
| VISTRA 4.375% 05/29 | - | 92840VAH5 | - | 50,000 | $47,906.52 | 0.22% |
| WESCO 6.375% 03/29 | - | 95081QAQ7 | - | 50,000 | $51,070.85 | 0.23% |
| US DOLLAR | - | USD | - | -110,056 | $-110,055.74 | -0.51% |
| FUNDS VARIABLE VAR 12/49 | - | 147990444 | - | 6,373,514 | $6,373,513.85 | 29.32% |
| AMERICAN 0.9% 11/26 | - | 02582JJR2 | - | 25,000 | $24,901.53 | 0.11% |
| AMERICAN 3.39% 05/27 | - | 02582JJT8 | - | 79,000 | $78,416.75 | 0.36% |
| AMERICAN 3.75% 08/27 | - | 02582JJV3 | - | 75,000 | $74,529.98 | 0.34% |
| APIDOS CLO XLIV FLT 04/35 | - | 037989AA8 | - | 500,000 | $501,332.54 | 2.31% |
| BMW VEHICLE 5.99% 09/26 | - | 055979AC2 | - | 100,000 | $100,836.21 | 0.46% |
| BENEFIT STREET FLT 10/36 | - | 08181GAA6 | - | 500,000 | $514,928.03 | 2.37% |
| BENEFIT STREET FLT 10/37 | - | 08182BBE7 | - | 500,000 | $500,000.00 | 2.30% |
| CARLYLE GLOBAL FLT 04/32 | - | 14309YCJ1 | - | 1,000,000 | $1,000,144.24 | 4.60% |
| CAPITAL ONE 3.66% 05/27 | - | 14043GAD6 | - | 84,716 | $84,110.84 | 0.39% |
| CBAM 2018-5 LTD FLT 04/31 | - | 12481QAL9 | - | 1,000,000 | $1,001,250.00 | 4.61% |
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.
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 is distributed by Foreside Fund Services, LLC.