9.30.24 PART F
Published on November 22, 2024
Palmer
Square
CLO
Senior
Debt
ETF
SCHEDULE
OF
INVESTMENTS
As
of
September
30,
2024
(Unaudited)
1
Principal
Amount
1
Value
BONDS
—
97
.5
%
ASSET-BACKED
SECURITIES
—
97
.5
%
Apidos
CLO
XLIV
Ltd.
500,000
Series
2023-44A-A1,
7.279%
(3-Month
Term
SOFR
+
2.000
basis
points),
26/4/2035
2,3,4
$
501,310
Bain
Capital
Credit
CLO
Ltd.
350,000
Series
2019-2A-AR2,
6.416%
(3-Month
Term
SOFR
+
1.130
basis
points),
17/10/2032
2,3,4
350,108
Cedar
Funding
XI
CLO
Ltd.
520,000
Series
2019-11A-A1R,
6.374%
(3-Month
Term
SOFR
+
1.312
basis
points),
29/5/2032
2,3,4
520,804
CIFC
Funding
Ltd.
385,000
Series
2018-1A-B,
6.941%
(3-Month
Term
SOFR
+
1.662
basis
points),
18/4/2031
2,3,4
385,295
Dryden
49
Senior
Loan
Fund
500,000
Series
2017-49A-BR,
7.141%
(3-Month
Term
SOFR
+
1.862
basis
points),
18/7/2030
2,3,4
500,901
Dryden
86
CLO
Ltd.
1,000,000
Series
2020-86A-A1R,
6.647%
(3-Month
Term
SOFR
+
1.362
basis
points),
17/7/2034
2,3,4
1,001,311
Elmwood
CLO
VIII
Ltd.
800,000
Series
2021-1A-AR,
6.832%
(3-Month
Term
SOFR
+
1.550
basis
points),
20/4/2037
2,3,4
804,333
Goldentree
Loan
Management
US
CLO
7
Ltd.
560,000
Series
2020-7A-AR,
6.614%
(3-Month
Term
SOFR
+
1.332
basis
points),
20/4/2034
2,3,4
560,450
LCM
26
Ltd.
560,863
Series
26A-A1,
6.614%
(3-Month
Term
SOFR
+
1.332
basis
points),
20/1/2031
2,3,4
561,366
Madison
Park
Funding
XVIII
Ltd.
244,071
Series
2015-18A-ARR,
6.484%
(3-Month
Term
SOFR
+
1.202
basis
points),
21/10/2030
2,3,4
244,620
Madison
Park
Funding
XXII
Ltd.
520,000
Series
2016-22A-BR,
7.163%
(3-Month
Term
SOFR
+
1.862
basis
points),
15/1/2033
2,3,4
521,040
Neuberger
Berman
Loan
Advisers
CLO
36
Ltd.
500,000
Series
2020-36A-A1R2,
6.582%
(3-Month
Term
SOFR
+
1.300
basis
points),
20/4/2033
2,3,4
500,673
Neuberger
Berman
Loan
Advisers
CLO
39
Ltd.
830,000
Series
2020-39A-A1R,
6.812%
(3-Month
Term
SOFR
+
1.530
basis
points),
20/4/2038
2,3,4
833,339
Octagon
Investment
Partners
XIV
Ltd.
230,768
Series
2012-1A-AARR,
6.513%
(3-Month
Term
SOFR
+
1.212
basis
points),
15/7/2029
2,3,4
230,927
OHA
Credit
Funding
11
Ltd.
500,000
Series
2022-11A-B1R,
6.806%
(3-Month
Term
SOFR
+
1.600
basis
points),
19/7/2037
2,3,4
499,575
OHA
Credit
Funding
4
Ltd.
500,000
Series
2019-4A-AR,
6.694%
(3-Month
Term
SOFR
+
1.412
basis
points),
22/10/2036
2,3,4
500,695
Palmer
Square
CLO
Ltd.
645,000
Series
2021-4A-B,
7.213%
(3-Month
Term
SOFR
+
1.912
basis
points),
15/10/2034
2,3,4
645,731
Rad
CLO
7
Ltd.
820,000
Series
2020-7A-A1R,
6.636%
(3-Month
Term
SOFR
+
1.350
basis
points),
17/4/2036
2,3,4
820,221
Sound
Point
CLO
XX
Ltd.
587,763
Series
2018-2A-A,
6.641%
(3-Month
Term
SOFR
+
1.362
basis
points),
26/7/2031
2,3,4
588,143
Voya
CLO
Ltd.
200,000
Series
2017-3A-A1R,
6.584%
(3-Month
Term
SOFR
+
1.302
basis
points),
20/4/2034
2,3,4
200,196
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$10,767,844)
10,771,038
TOTAL
BONDS
(Cost
$10,767,844)
10,771,038
Palmer
Square
CLO
Senior
Debt
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
September
30,
2024
(Unaudited)
2
Number
of
Shares
Value
SHORT-TERM
INVESTMENTS
—
1
.1
%
119,181
Fidelity
Investments
Money
Market
Funds
-
Treasury
Portfolio
-
Class
I,
4.78%
5
$
119,181
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$119,181)
119,181
TOTAL
INVESTMENTS
—
98.6%
(Cost
$10,887,025)
10,890,219
Other
Assets
in
Excess
of
Liabilities
—
1.4%
151,472
TOTAL
NET
ASSETS
—
100.0%
$
11,041,691
1
Local
currency.
2
Callable.
3
Floating
rate
security.
4
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
are
restricted
and
may
be
resold
in
transactions
exempt
from
registration
normally
to
qualified
institutional
buyers.
The
total
value
of
these
securities
is
$10,771,038
which
represents
97.55%
of
total
net
assets
of
the
Fund.
5
The
rate
is
the
annualized
seven-day
yield
at
period
end.
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
As
of
September
30,
2024
(Unaudited)
3
Principal
Amount
1
Value
BANK
LOANS
—
10.8%
Alliant
Holdings
Intermediate
LLC,
First
Lien,
Initial
Term
Loan
100,000
7.965%
(1-Month
Term
SOFR
+
3.000
basis
points),
19/9/2031
2,3,4
$
99,553
American
Airlines,
Inc.,
First
Lien,
Seventh
Amendment
Extended
Term
Loan
100,000
7.961%
(1-Month
Term
SOFR
+
2.750
basis
points),
7/2/2028
2,3,4
99,922
Boxer
Parent
Co.,
Inc.,
First
Lien,
2031
New
Dollar
Term
Loan
100,000
9.005%
(3-Month
Term
SOFR
+
3.750
basis
points),
30/7/2031
2,3,4
99,921
Calpine
Construction
Finance
Co.
LP,
First
Lien,
Refinancing
Term
Loan
100,000
6.845%
(1-Month
Term
SOFR
+
2.000
basis
points),
19/7/2030
2,3,4
99,459
Citadel
Securities
LP,
First
Lien,
Term
Loan
99,749
7.095%
(1-Month
Term
SOFR
+
2.250
basis
points),
29/7/2030
2,3,4
99,800
Edgewater
Generation
LLC,
First
Lien,
Refinancing
Term
Loan
100,000
9.095%
(1-Month
Term
SOFR
+
4.250
basis
points),
1/8/2030
2,3,4
101,000
First
Eagle
Holdings,
Inc.,
First
Lien,
Term
Loan,
B2
100,000
7.604%
(3-Month
Term
SOFR
+
3.000
basis
points),
5/3/2029
2,3,4
99,282
HUB
International
Ltd.,
First
Lien,
2024-1
Incremental
Term
Loan
99,750
8.255%
(3-Month
Term
SOFR
+
3.000
basis
points),
20/6/2030
2,3,4
99,717
Hudson
River
Trading
LLC,
First
Lien,
Term
Loan
99,742
8.319%
(3-Month
Term
SOFR
+
3.000
basis
points),
20/3/2028
2,3,4
99,751
Iridium
Satellite
LLC,
First
Lien,
Term
Loan,
B
99,749
7.095%
(1-Month
Term
SOFR
+
2.250
basis
points),
20/9/2030
2,3,4
98,159
Jane
Street
Group
LLC,
First
Lien,
2021
Term
Loan
100,000
7.861%
(1-Month
Term
SOFR
+
2.500
basis
points),
26/1/2028
2,3,4
100,023
Medline
Borrower
LP,
First
Lien,
Initial
Term
Loan
100,000
7.595%
(1-Month
Term
SOFR
+
2.750
basis
points),
23/10/2028
2,3,4
100,154
OneDigital
Borrower
LLC,
First
Lien,
Initial
Term
Loan
99,750
8.095%
(1-Month
Term
SOFR
+
3.250
basis
points),
13/6/2031
2,3,4
99,085
Organon
&
Co.,
First
Lien,
Dollar
Term
Loan
100,000
7.465%
(1-Month
Term
SOFR
+
2.500
basis
points),
19/5/2031
2,3,4
100,000
Pre-Paid
Legal
Services,
Inc.,
First
Lien,
Initial
Term
Loan
99,744
8.710%
(1-Month
Term
SOFR
+
3.750
basis
points),
7/12/2028
2,3,4
99,794
Red
Planet
Borrower
LLC,
First
Lien,
Term
Loan,
B
99,743
8.445%
(1-Month
Term
SOFR
+
3.500
basis
points),
2/10/2028
2,3,4
97,312
Renaissance
Holdings
Corp.,
First
Lien,
2024
Term
Loan
99,749
9.095%
(1-Month
Term
SOFR
+
4.250
basis
points),
8/4/2030
2,3,4
99,823
Thunder
Generation
Funding
LLC,
First
Lien,
Term
Loan,
B
100,000
7.197%
(12-Month
Term
SOFR
+
3.000
basis
points),
29/9/2031
2,3,4
100,000
TOTAL
BANK
LOANS
(Cost
$1,796,250)
1,792,755
BONDS
—
88.5%
ASSET-BACKED
SECURITIES
—
75.4%
American
Express
Credit
Account
Master
Trust
25,000
Series
2021-1-A,
0.900%
,
15/11/2026
3
24,876
79,000
Series
2022-2-A,
3.390%
,
15/5/2027
3
78,446
75,000
Series
2022-3-A,
3.750%
,
15/8/2027
3
74,619
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
September
30,
2024
(Unaudited)
4
Principal
Amount
1
Value
BONDS
(Continued)
ASSET-BACKED
SECURITIES
(Continued)
Apidos
CLO
XLIV
Ltd.
500,000
Series
2023-44A-A1,
7.279%
(3-Month
Term
SOFR
+
2.000
basis
points),
26/4/2035
3,4,5
$
501,310
Benefit
Street
Partners
CLO
XVII
Ltd.
500,000
Series
2019-17A-D1R2,
(3-Month
Term
SOFR
+
3.150
basis
points),
15/10/2037
3,4,5,6
500,000
Benefit
Street
Partners
CLO
XXXII
Ltd.
500,000
Series
2023-32A-E,
12.635%
(3-Month
Term
SOFR
+
7.350
basis
points),
25/10/2036
3,4,5
515,260
BMW
Vehicle
Lease
Trust
100,000
Series
2023-2-A3,
5.990%
,
25/9/2026
3
100,974
Capital
One
Prime
Auto
Receivables
Trust
84,716
Series
2022-2-A3,
3.660%
,
17/5/2027
3
84,165
Carlyle
Global
Market
Strategies
CLO
Ltd.
1,000,000
Series
2012-4A-DR3,
8.168%
(3-Month
Term
SOFR
+
3.500
basis
points),
22/4/2032
3,4,5
1,000,000
Carlyle
US
CLO
Ltd.
250,000
Series
2017-4A-C,
8.363%
(3-Month
Term
SOFR
+
3.062
basis
points),
15/1/2030
3,4,5
250,781
Chase
Auto
Owner
Trust
75,000
Series
2024-5A-A2,
4.400%
,
26/11/2027
3,5
75,032
CIFC
Funding
Ltd.
500,000
Series
2018-2A-D1R,
(3-Month
Term
SOFR
+
3.050
basis
points),
20/10/2037
3,4,5,6
501,875
Dell
Equipment
Finance
Trust
100,000
Series
2023-1-A3,
5.650%
,
22/9/2028
3,5
100,585
Dryden
45
Senior
Loan
Fund
452,047
Series
2016-45A-A1RR,
5.923%
(3-Month
Term
SOFR
+
1.080
basis
points),
15/10/2030
3,4,5
452,047
625,000
Series
2016-45A-DRR,
7.893%
(3-Month
Term
SOFR
+
3.050
basis
points),
15/10/2030
3,4,5
625,000
Elmwood
CLO
VIII
Ltd.
800,000
Series
2021-1A-AR,
6.832%
(3-Month
Term
SOFR
+
1.550
basis
points),
20/4/2037
3,4,5
804,332
GM
Financial
Automobile
Leasing
Trust
48,000
Series
2024-1-A3,
5.090%
,
22/3/2027
3
48,503
125,000
Series
2024-2-A2A,
5.430%
,
21/9/2026
3
125,905
100,000
Series
2024-3-A2A,
4.290%
,
20/1/2027
3
99,924
GM
Financial
Consumer
Automobile
Receivables
Trust
100,000
Series
2023-2-A3,
4.470%
,
16/2/2028
3
100,166
Harley-Davidson
Motorcycle
Trust
60,000
Series
2024-A-A3,
5.370%
,
15/3/2029
3
61,279
Hyundai
Auto
Lease
Securitization
Trust
85,691
Series
2024-A-A2A,
5.150%
,
15/6/2026
3,5
85,933
LCM
26
Ltd.
560,863
Series
26A-A1,
6.614%
(3-Month
Term
SOFR
+
1.332
basis
points),
20/1/2031
3,4,5
561,366
LCM
XIV
LP
311,846
Series
14A-AR,
6.584%
(3-Month
Term
SOFR
+
1.302
basis
points),
20/7/2031
3,4,5
312,185
Madison
Park
Funding
XX
Ltd.
500,000
Series
2016-20A-ER,
10.825%
(3-Month
Term
SOFR
+
5.562
basis
points),
27/7/2030
3,4,5
500,043
Mercedes-Benz
Auto
Lease
Trust
150,000
Series
2023-A-A3,
4.740%
,
15/1/2027
3
150,232
Neuberger
Berman
Loan
Advisers
CLO
36
Ltd.
1,000,000
Series
2020-36A-A1R2,
6.582%
(3-Month
Term
SOFR
+
1.300
basis
points),
20/4/2033
3,4,5
1,001,345
Neuberger
Berman
Loan
Advisers
CLO
39
Ltd.
500,000
Series
2020-39A-A1R,
6.812%
(3-Month
Term
SOFR
+
1.530
basis
points),
20/4/2038
3,4,5
502,011
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
September
30,
2024
(Unaudited)
5
Principal
Amount
1
Value
BONDS
(Continued)
ASSET-BACKED
SECURITIES
(Continued)
OHA
Credit
Funding
4
Ltd.
500,000
Series
2019-4A-AR,
6.694%
(3-Month
Term
SOFR
+
1.412
basis
points),
22/10/2036
3,4,5
$
500,695
OHA
Credit
Funding
9
Ltd.
1,000,000
Series
2021-9X-D,
8.491%
(3-Month
Term
SOFR
+
3.212
basis
points),
19/7/2035
3,4
999,999
SFS
Auto
Receivables
Securitization
Trust
145,000
Series
2023-1A-A3,
5.470%
,
20/10/2028
3,5
147,064
Tesla
Auto
Lease
Trust
100,000
Series
2023-A-A3,
5.890%
,
22/6/2026
3,5
100,569
Toyota
Lease
Owner
Trust
100,000
Series
2023-A-A3,
4.930%
,
20/4/2026
3,5
100,083
Voya
CLO
Ltd.
625,000
Series
2019-1A-D1RR,
(3-Month
Term
SOFR
+
3.050
basis
points),
15/10/2037
3,4,5,6
627,343
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$11,704,372)
11,713,947
CORPORATE
—13.1%
CHEMICALS
—
0.8%
50,000
Methanex
Corp.
5.125%,
15/10/2027
3
49,514
75,000
Sherwin-Williams
Co.
(The)
2.950%,
15/8/2029
3
70,602
120,116
CONSUMER
FINANCE
—
0.5%
75,000
Macquarie
Airfinance
Holdings
Ltd.
6.400%,
26/3/2029
3,5
78,114
OIL,
GAS
&
CONSUMABLE
FUELS
—
1.3%
75,000
Cheniere
Energy,
Inc.
4.625%,
15/10/2028
3
74,561
75,000
Energy
Transfer
LP
4.200%,
15/4/2027
3
74,771
50,000
Tallgrass
Energy
Partners
LP
/
Tallgrass
Energy
Finance
Corp.
5.500%,
15/1/2028
3,5
48,446
197,778
INSURANCE
—
0.6%
50,000
AmWINS
Group,
Inc.
6.375%,
15/2/2029
3,5
51,251
50,000
Ryan
Specialty
LLC
5.875%,
1/8/2032
3,5
50,868
102,119
TECHNOLOGY
HARDWARE,
STORAGE
&
PERIPHERALS
—
0.5%
75,000
Dell
International
LLC
/
EMC
Corp.
5.250%,
1/2/2028
3
77,498
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
September
30,
2024
(Unaudited)
6
Principal
Amount
1
Value
BONDS
(Continued)
CORPORATE
(Continued)
HEALTH
CARE
PROVIDERS
&
SERVICES
—
0.8%
65,000
HCA,
Inc.
5.200%,
1/6/2028
3
$
66,723
75,000
Universal
Health
Services,
Inc.
2.650%,
15/10/2030
3
66,928
133,651
CAPITAL
MARKETS
—
0.5%
75,000
Intercontinental
Exchange,
Inc.
4.350%,
15/6/2029
3
75,667
WIRELESS
TELECOMMUNICATION
SERVICES
—
0.4%
75,000
T-Mobile
USA,
Inc.
2.625%,
15/2/2029
3
69,923
SOFTWARE
—
0.7%
50,000
Crowdstrike
Holdings,
Inc.
3.000%,
15/2/2029
3
46,322
75,000
Oracle
Corp.
2.300%,
25/3/2028
3
70,457
116,779
COMMERCIAL
SERVICES
&
SUPPLIES
—
0.3%
50,000
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
3.375%,
31/8/2027
3,5
47,555
CONSTRUCTION
&
ENGINEERING
—
0.3%
50,000
MasTec
,
Inc.
4.500%,
15/8/2028
3,5
49,141
SPECIALIZED
REITS
—
0.6%
75,000
American
Tower
Corp.
1.500%,
31/1/2028
3
68,384
25,000
Iron
Mountain,
Inc.
4.875%,
15/9/2029
3,5
24,504
92,888
BEVERAGES
—
0.5%
75,000
Constellation
Brands,
Inc.
3.150%,
1/8/2029
3
71,197
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
—
0.8%
50,000
Entegris
,
Inc.
4.750%,
15/4/2029
3,5
49,318
75,000
Micron
Technology,
Inc.
4.185%,
15/2/2027
3
74,813
124,131
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
September
30,
2024
(Unaudited)
7
Principal
Amount
1
Value
BONDS
(Continued)
CORPORATE
(Continued)
CONTAINERS
&
PACKAGING
—
0.3%
50,000
Berry
Global,
Inc.
5.625%,
15/7/2027
3,5
$
49,990
ENTERTAINMENT
—
0.5%
75,000
Netflix,
Inc.
4.875%,
15/4/2028
3
76,859
HOTELS,
RESTAURANTS
&
LEISURE
—
0.3%
50,000
VOC
Escrow
Ltd.
5.000%,
15/2/2028
3,5
49,438
BUILDING
PRODUCTS
—
0.7%
25,000
Advanced
Drainage
Systems,
Inc.
5.000%,
30/9/2027
3,5
24,727
25,000
Smyrna
Ready
Mix
Concrete
LLC
6.000%,
1/11/2028
3,5
25,116
50,000
Standard
Industries,
Inc.
4.750%,
15/1/2028
3,5
49,018
98,861
ELECTRIC
UTILITIES
—
1.6%
75,000
Duke
Energy
Corp.
3.400%,
15/6/2029
3
72,070
75,000
NextEra
Energy
Capital
Holdings,
Inc.
1.875%,
15/1/2027
3
71,237
50,000
NextEra
Energy
Operating
Partners
LP
4.500%,
15/9/2027
3,5
48,891
50,000
Vistra
Operations
Co.
LLC
4.375%,
1/5/2029
3,5
48,434
240,632
DIVERSIFIED
TELECOMMUNICATION
SERVICES
—
0.5%
75,000
Verizon
Communications,
Inc.
4.125%,
16/3/2027
3
74,903
IT
SERVICES
—
0.3%
50,000
ASGN,
Inc.
4.625%,
15/5/2028
3,5
48,609
FINANCIAL
SERVICES
—
0.3%
50,000
Block,
Inc.
6.500%,
15/5/2032
3,5
52,128
TOTAL
CORPORATE
(Cost
$2,047,705)
2,047,977
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
September
30,
2024
(Unaudited)
8
Principal
Amount
1
Value
BONDS
(Continued)
CORPORATE
(Continued)
FINANCIAL
SERVICES
(Continued)
TOTAL
BONDS
(Cost
$13,752,077)
$
13,761,924
Number
of
Shares
SHORT-TERM
INVESTMENTS
—
21.4%
3,351,123
Fidelity
Investments
Money
Market
Funds
-
Treasury
Portfolio
-
Class
I,
4.78%
7
3,351,123
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$3,351,123)
3,351,123
TOTAL
INVESTMENTS
—
120.7%
(Cost
$18,899,450)
18,905,802
Liabilities
in
Excess
of
Other
Assets
—
(20.7)%
(3,236,113)
TOTAL
NET
ASSETS
—
100.0%
$
15,669,689
1
Local
currency.
2
Bank
loans
generally
pay
interest
at
rates
which
are
periodically
determined
by
reference
to
a
base
lending
rate
plus
a
premium.
All
loans
carry
a
variable
rate
of
interest.
These
base
lending
rates
are
generally
(
i
)
the
Prime
Rate
offered
by
one
or
more
major
United
States
banks,
(ii)
the
lending
rate
offered
by
one
or
more
European
banks
such
as
the
London
Interbank
Offered
Rate
("LIBOR"),
(iii)
the
Certificate
of
Deposit
rate,
or
(iv)
Secured
Overnight
Financing
Rate
("SOFR").
Bank
Loans,
while
exempt
from
registration,
under
the
Securities
Act
of
1933,
contain
certain
restrictions
on
resale
and
cannot
be
sold
publicly.
Floating
rate
bank
loans
often
require
prepayments
from
excess
cash
flow
or
permit
the
borrower
to
repay
at
its
election.
The
degree
to
which
borrowers
repay,
whether
as
a
contractual
requirement
or
at
their
election,
cannot
be
predicted
with
accuracy.
3
Callable.
4
Floating
rate
security.
5
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
are
restricted
and
may
be
resold
in
transactions
exempt
from
registration
normally
to
qualified
institutional
buyers.
The
total
value
of
these
securities
is
$10,560,407
which
represents
67.39%
of
total
net
assets
of
the
Fund.
6
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
7
The
rate
is
the
annualized
seven-day
yield
at
period
end.