ETF Overview
A passively managed 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.
Palmer Square CLO Senior Debt ETF (PSQA) seeks to provide investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of Palmer Square CLO Senior Debt Index.
Inception Date
Sep 11, 2024
Total Net Assets
As of
$38,710,182
Gross Annual Expense Ratio
As of most recent prospectus
0.20%
Net Annual Expense Ratio
As of most recent prospectus
0.20%
CUSIP
696930205
NAV Ticker
PSQAXX
Exchange
NYSE ARCA
Benchmark
Palmer Square CLO Senior Debt Index (CLOSE)
Performance
as of market close Aug 6, 2025
Daily NAV
$20.37
1-Day Change
$0.01 (0.05%)
YTD Return
3.45%
Returns
As of Jun 30, 2025
Quarter-End
Type |
Q2 2025* | YTD | Inception* |
|---|---|---|---|
| NAV | 1.54% | 2.84% | 4.96% |
| Market Price | 0.59% | 2.79% | 4.96% |
| Palmer Square CLO Senior Debt Index | 1.53% | 2.83% | 4.87% |
*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.
Yields as of Jul 31, 2025
30 Day SEC Yield with Waivers
5.39%
Distribution Yield at NAV 12-Month
--
30 Day SEC Yield without Waivers
5.39%
Distribution Frequency
Quarterly
Pricing Data
as of market close Aug 6, 2025
Closing Market Price
$20.37
Bid/Ask Midpoint
$20.38
Day High
$20.38
Day Low
$20.37
Trading Volume (Shares)
39,036
Premium/Discount
0.05%
30-Day Median Bid/Ask Spread
0.10%
Shares Outstanding
As of
1.90M
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 Aug 6, 2025
| Ticker | Name | Description | CUSIP | Shares | % of Fund |
|---|---|---|---|---|---|
| - | BENEFIT STREET FLT 01/38 | CDO/COLLATERALIZED DEBT OBLIGATION | 08182TAA7 | 500,000 | 1.29% |
| - | DRYDEN 86 CLO FLT 07/34 | CDO/COLLATERALIZED DEBT OBLIGATION | 26245XAY3 | 1,000,000 | 2.59% |
| - | DRYDEN 43 FLT 04/34 | CDO/COLLATERALIZED DEBT OBLIGATION | 26245CBQ5 | 1,000,000 | 2.59% |
| - | DRYDEN 49 FLT 07/30 | CDO/COLLATERALIZED DEBT OBLIGATION | 26244QAQ6 | 500,000 | 1.30% |
| - | DEWOLF PARK CLO FLT 10/30 | CDO/COLLATERALIZED DEBT OBLIGATION | 25211AAE9 | 778,486 | 2.01% |
| - | CIFC FUNDING FLT 01/38 | CDO/COLLATERALIZED DEBT OBLIGATION | 17181NAC8 | 750,000 | 1.94% |
| - | CEDAR FUNDING FLT 01/38 | CDO/COLLATERALIZED DEBT OBLIGATION | 150323BL6 | 500,000 | 1.30% |
| - | CARVAL CLO FLT 07/37 | CDO/COLLATERALIZED DEBT OBLIGATION | 14686BAN7 | 1,000,000 | 2.59% |
| - | CIFC FUNDING FLT 04/35 | CDO/COLLATERALIZED DEBT OBLIGATION | 12571KAC3 | 500,000 | 1.29% |
| - | CIFC FUNDING FLT 01/35 | CDO/COLLATERALIZED DEBT OBLIGATION | 12567HAC6 | 690,000 | 1.79% |
| - | CIFC FUNDING FLT 10/37 | CDO/COLLATERALIZED DEBT OBLIGATION | 12553DAS6 | 1,000,000 | 2.59% |
| - | CIFC FUNDING FLT 10/30 | CDO/COLLATERALIZED DEBT OBLIGATION | 12551JAL0 | 366,434 | 0.95% |
| - | CBAMR 2017-4 FLT 03/38 | CDO/COLLATERALIZED DEBT OBLIGATION | 12516EAG6 | 1,000,000 | 2.59% |
| - | BENEFIT STREET FLT 10/38 | CDO/COLLATERALIZED DEBT OBLIGATION | 08187LAC5 | 500,000 | 1.29% |
| - | BENEFIT STREET FLT 10/38 | CDO/COLLATERALIZED DEBT OBLIGATION | 08187LAA9 | 1,000,000 | 2.58% |
| - | DRYDEN 68 CLO FLT 07/35 | CDO/COLLATERALIZED DEBT OBLIGATION | 26252QAU6 | 1,000,000 | 2.59% |
| - | BATTALION CLO FLT 04/34 | CDO/COLLATERALIZED DEBT OBLIGATION | 07132LAL3 | 1,000,000 | 2.59% |
| - | BARINGS CLO LTD FLT 10/37 | CDO/COLLATERALIZED DEBT OBLIGATION | 06763HAL0 | 1,000,000 | 2.59% |
| - | BAIN CAPITAL FLT 07/38 | CDO/COLLATERALIZED DEBT OBLIGATION | 05685NAN0 | 1,000,000 | 2.59% |
| - | BAIN CAPITAL FLT 10/32 | CDO/COLLATERALIZED DEBT OBLIGATION | 05682LBA4 | 903,262 | 2.33% |
| - | BAIN CAPITAL FLT 04/35 | CDO/COLLATERALIZED DEBT OBLIGATION | 05682GAQ1 | 750,000 | 1.94% |
| - | MADISON PARK FLT 11/30 | CDO/COLLATERALIZED DEBT OBLIGATION | 04966HAE6 | 500,000 | 1.30% |
| - | ARES XXXIV CLO FLT 04/33 | CDO/COLLATERALIZED DEBT OBLIGATION | 04015GAX7 | 816,447 | 2.11% |
| - | APIDOS CLO FLT 01/38 | CDO/COLLATERALIZED DEBT OBLIGATION | 03767NAW6 | 1,000,000 | 2.60% |
| - | AIMCO CLO 22 FLT 04/37 | CDO/COLLATERALIZED DEBT OBLIGATION | 00901UAA1 | 850,000 | 2.20% |
| - | AGL CLO 13 LTD FLT 10/34 | CDO/COLLATERALIZED DEBT OBLIGATION | 00120JAL7 | 1,000,000 | 2.58% |
| - | AGL CLO 13 LTD FLT 10/34 | CDO/COLLATERALIZED DEBT OBLIGATION | 00120JAA1 | 1,000,000 | 2.59% |
| - | FIDELITY TREASURY | STIF | 316175504 | 2,920,922 | 7.54% |
| - | US DOLLAR | CURRENCIES | USD | -6,008 | -0.02% |
| - | OAKTREE CLO FLT 01/38 | CDO/COLLATERALIZED DEBT OBLIGATION | 67400EBE3 | 1,000,000 | 2.59% |
| - | ELMWOOD CLO 14 FLT 10/38 | CDO/COLLATERALIZED DEBT OBLIGATION | 29003WAL9 | 1,000,000 | 2.58% |
| - | GOLDENTREE LOAN FLT 04/37 | CDO/COLLATERALIZED DEBT OBLIGATION | 38138WAC8 | 500,000 | 1.30% |
| - | INVESCO US CLO FLT 04/37 | CDO/COLLATERALIZED DEBT OBLIGATION | 46146GAQ5 | 550,000 | 1.43% |
| - | KKR CLO 41 LTD FLT 04/35 | CDO/COLLATERALIZED DEBT OBLIGATION | 48255PAC9 | 1,000,000 | 2.59% |
| - | LCM 26 LTD 26A FLT 01/31 | CDO/COLLATERALIZED DEBT OBLIGATION | 50200FAC3 | 6,527 | 0.02% |
| - | MADISON PARK FLT 10/30 | CDO/COLLATERALIZED DEBT OBLIGATION | 55819BAW0 | 265,518 | 0.69% |
| - | MADISON PARK FLT 04/32 | CDO/COLLATERALIZED DEBT OBLIGATION | 55819MAN6 | 440,696 | 1.14% |
| - | MORGAN STANLEY FLT 10/34 | CDO/COLLATERALIZED DEBT OBLIGATION | 61773KAA0 | 900,000 | 2.33% |
| - | NEUBERGER FLT 07/38 | CDO/COLLATERALIZED DEBT OBLIGATION | 64131WAQ0 | 465,000 | 1.21% |
| - | NEUBERGER FLT 01/39 | CDO/COLLATERALIZED DEBT OBLIGATION | 64132JAW5 | 625,000 | 1.62% |
| - | NEUBERGER FLT 04/33 | CDO/COLLATERALIZED DEBT OBLIGATION | 64133KAW1 | 486,543 | 1.26% |
| - | NEUBERGER FLT 04/38 | CDO/COLLATERALIZED DEBT OBLIGATION | 64134GAL3 | 830,000 | 2.15% |
| - | OHA CREDIT FLT 07/37 | CDO/COLLATERALIZED DEBT OBLIGATION | 67115VAQ5 | 500,000 | 1.30% |
| - | ELMWOOD CLO FLT 04/37 | CDO/COLLATERALIZED DEBT OBLIGATION | 29003EAS4 | 800,000 | 2.07% |
| - | OCTAGON 66 LTD FLT 11/36 | CDO/COLLATERALIZED DEBT OBLIGATION | 67577WAP6 | 1,000,000 | 2.59% |
| - | PALMER SQUARE FLT 10/38 | CDO/COLLATERALIZED DEBT OBLIGATION | 69688FAN0 | 1,000,000 | 2.58% |
| - | PALMER SQUARE FLT 07/38 | CDO/COLLATERALIZED DEBT OBLIGATION | 69702EAQ8 | 750,000 | 1.94% |
| - | RAD CLO 7 LTD FLT 04/36 | CDO/COLLATERALIZED DEBT OBLIGATION | 74936GAA6 | 820,000 | 2.12% |
| - | SOUND POINT CLO FLT 07/31 | CDO/COLLATERALIZED DEBT OBLIGATION | 83611JAA3 | 243,535 | 0.63% |
| - | SYMPHONY CLO FLT 04/34 | CDO/COLLATERALIZED DEBT OBLIGATION | 87167WAC9 | 1,000,000 | 2.59% |
| - | THOMPSON PARK FLT 04/34 | CDO/COLLATERALIZED DEBT OBLIGATION | 884887AN0 | 1,500,000 | 3.88% |
| - | TRINITAS CLO X FLT 01/35 | CDO/COLLATERALIZED DEBT OBLIGATION | 89640AAL0 | 500,000 | 1.30% |
| - | VOYA CLO 2015-3 FLT 10/31 | CDO/COLLATERALIZED DEBT OBLIGATION | 92913UBC9 | 514,359 | 1.33% |
| - | VOYA CLO 2015-3 FLT 10/31 | CDO/COLLATERALIZED DEBT OBLIGATION | 92913UBJ4 | 515,000 | 1.33% |
| - | VOYA CLO 2019-4 FLT 01/35 | CDO/COLLATERALIZED DEBT OBLIGATION | 92918BAS2 | 250,000 | 0.65% |
| - | WELLMAN PARK FLT 07/37 | CDO/COLLATERALIZED DEBT OBLIGATION | 949723AJ9 | 1,000,000 | 2.59% |
| - | THL CREDIT WIND FLT 04/31 | CDO/COLLATERALIZED DEBT OBLIGATION | 97314JAJ4 | 222,249 | 0.57% |
Portfolio Management
Angie K. Long, CFA
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 $34.2 billion (as of 03/31/2025) 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 85 CLOs issued, including 23 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 R. Moore, CFA
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.