Form: NPORT-P

Monthly Portfolio Investments Report on Form N-PORT (Public)

May 22, 2025

Documents

Palmer Square CLO Senior Debt ETF
SCHEDULE OF INVESTMENTS
As of March 31, 2025 (Unaudited)
1
Principal
Amount
Value
COLLATERALIZED LOAN OBLIGATIONS
—
98.7%
AIMCO CLO 22 Ltd.
Series
2024-22A-A 5.793% (3-Month Term SOFR + 150 basis points), 4/19/2037
1,2,3
850,000
$
851,375
Apidos CLO XVIII-R
Series
2018-18A-A1R2 5.696% (3-Month Term SOFR + 133 basis points), 1/22/2038
1,2,3
1,000,000
997,769
Ares XXXIV CLO Ltd.
Series
2015-2A-AR3 5.623% (3-Month Term SOFR + 132 basis points), 4/17/2033
1,2,3
850,000
851,286
Bain Capital Credit CLO Ltd.
Series
2019-2A-AR3 5.215% (3-Month Term SOFR + 92 basis points), 10/17/2032
1,2,3
1,000,000
1,000,028
Series
2022-2A-A1 5.610% (3-Month Term SOFR + 132 basis points), 4/22/2035
1,2,3
1,000,000
998,555
Barings CLO Ltd.
Series
2022-4A-A1R 5.653% (3-Month Term SOFR + 136 basis points), 10/20/2037
1,2,3
1,000,000
999,771
Battalion CLO XI Ltd.
Series
2017-11A-AR 5.708% (3-Month Term SOFR + 141.2 basis points), 4/24/2034
1,2,3
1,000,000
1,000,514
Benefit Street Partners CLO XXXVII Ltd.
Series
2024-37A-A 5.698% (3-Month Term SOFR + 135 basis points), 1/25/2038
1,2,3
500,000
499,606
CarVal CLO VII-C Ltd.
Series
2023-1A-A1R 5.733% (3-Month Term SOFR + 144 basis points), 7/20/2037
1,2,3
1,000,000
1,000,350
Cedar Funding IV CLO Ltd.
Series
2014-4A-AR3 5.619% (3-Month Term SOFR + 134 basis points), 1/23/2038
1,2,3
500,000
500,521
CIFC Funding Ltd.
Series
2017-4A-A1R 5.508% (3-Month Term SOFR + 121.2 basis points), 10/24/2030
1,2,3
563,063
563,633
Series
2018-1A-A1R 5.669% (3-Month Term SOFR + 132 basis points), 1/18/2038
1,2,3
750,000
748,717
Series
2019-1A-A1R2 5.653% (3-Month Term SOFR + 136 basis points), 10/20/2037
1,2,3
1,000,000
1,000,500
Series
2021-7A-A1 5.682% (3-Month Term SOFR + 139.2 basis points), 1/23/2035
1,2,3
690,000
690,010
Dewolf Park CLO Ltd.
Series
2017-1A-AR 5.484% (3-Month Term SOFR + 118.2 basis points), 10/15/2030
1,2,3
888,197
888,650
Dryden 49 Senior Loan Fund
Series
2017-49A-BR 6.155% (3-Month Term SOFR + 186.2 basis points), 7/18/2030
1,2,3
500,000
500,803
Dryden 68 CLO Ltd.
Series
2019-68A-BRR 5.852% (3-Month Term SOFR + 155 basis points), 7/15/2035
1,2,3
1,000,000
998,960
Dryden 86 CLO Ltd.
Series
2020-86A-A1R 5.664% (3-Month Term SOFR + 136.2 basis points), 7/17/2034
1,2,3
1,000,000
1,000,628
Elmwood CLO VIII Ltd.
Series
2021-1A-AR 5.843% (3-Month Term SOFR + 155 basis points), 4/20/2037
1,2,3
800,000
801,293
HPS Loan Management Ltd.
Series
13A-18-BR 5.902% (3-Month Term SOFR + 160 basis points), 10/15/2030
1,2,3
250,000
250,555
KKR CLO 41 Ltd.
Series
2022-41A-B 6.202% (3-Month Term SOFR + 190 basis points), 4/15/2035
1,2,3
1,000,000
1,001,601
LCM 26 Ltd.
Series
26A-A1 5.625% (3-Month Term SOFR + 133.2 basis points), 1/20/2031
1,2,3
336,891
337,011
Madison Park Funding XLII Ltd.
Series
13A-B 6.052% (3-Month Term SOFR + 176.2 basis points), 11/21/2030
1,2,3
500,000
500,740
Madison Park Funding XVIII Ltd.
Series
2015-18A-ARR 5.495% (3-Month Term SOFR + 120.2 basis points), 10/21/2030
1,2,3
325,467
325,635
Neuberger Berman Loan Advisers CLO 31 Ltd.
Series
2019-31A-AR2 5.533% (3-Month Term SOFR + 123 basis points), 1/20/2039
1,2,3
625,000
622,757
Neuberger Berman Loan Advisers CLO 36 Ltd.
Series
2020-36A-A1R2 5.593% (3-Month Term SOFR + 130 basis points), 4/20/2033
1,2,3
500,000
500,255
Palmer Square CLO Senior Debt ETF
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2025 (Unaudited)
2
Principal
Amount
Value
COLLATERALIZED LOAN OBLIGATIONS (Continued)
Neuberger Berman Loan Advisers CLO 39 Ltd.
Series
2020-39A-A1R 5.823% (3-Month Term SOFR + 153 basis points), 4/20/2038
1,2,3
830,000
$
832,080
Octagon 66 Ltd.
Series
2022-1A-A1R 6.073% (3-Month Term SOFR + 175 basis points), 11/16/2036
1,2,3
1,000,000
1,002,641
OHA Credit Funding 11 Ltd.
Series
2022-11A-B1R 5.893% (3-Month Term SOFR + 160 basis points), 7/19/2037
1,2,3
500,000
501,888
Palmer Square CLO Ltd.
Series
2021-4A-B 6.214% (3-Month Term SOFR + 191.2 basis points), 10/15/2034
1,2,3,4
645,000
645,852
Rad CLO 7 Ltd.
Series
2020-7A-A1R 5.653% (3-Month Term SOFR + 135 basis points), 4/17/2036
1,2,3
820,000
819,975
Sound Point CLO XX Ltd.
Series
2018-2A-A 5.662% (3-Month Term SOFR + 136.2 basis points), 7/26/2031
1,2,3
372,757
372,917
THL Credit Wind River CLO Ltd.
Series
2019-3A-AR2 5.362% (3-Month Term SOFR + 106 basis points), 4/15/2031
1,2,3
396,628
396,559
Thompson Park CLO Ltd.
Series
2021-1A-A1R 5.368% (3-Month Term SOFR + 105 basis points), 4/15/2034
1,2,3
1,500,000
1,500,001
Voya CLO Ltd.
Series
2015-3A-A1R3 5.440% (3-Month Term SOFR + 115 basis points), 10/20/2031
1,2,3
599,332
599,764
Series
2017-3A-A1RR 5.382% (3-Month Term SOFR + 106 basis points), 4/20/2034
1,2,3
1,000,000
999,872
Series
2019-4A-BR 6.314% (3-Month Term SOFR + 201.2 basis points), 1/15/2035
1,2,3
250,000
250,533
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $27,368,560)
27,353,605
SHORT-TERM INVESTMENTS — 0.3%
Number
of Shares
Money Market Funds — 0.3%
Fidelity Investments Money Market Funds - Treasury Portfolio - Class I, 4.20%
5
88,261
88,261
TOTAL SHORT-TERM INVESTMENTS
(Cost $88,261)
88,261
TOTAL INVESTMENTS — 99.0%
(Cost $27,456,821)
27,441,866
Other Assets in Excess of Liabilities — 1.0%
285,150
TOTAL NET ASSETS — 100.0%
$
27,727,016
1
Callable.
2
Floating rate security.
3
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 $27,353,605 which
represents 98.65% of total net assets of the Fund.
4
The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940,
as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which
is under common ownership or control.
5
The rate is the annualized seven-day yield at period end.
Palmer Square CLO Senior Debt ETF
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2025 (Unaudited)
3
Schedule of Affiliated Investments
    aa
Value at
Beginning
of Period
Purchases
1
Sales
Realized
Gain (Loss)
Net Change
in
Unrealized
Appreciation
Value
at End
of Period
Number
of Shares
Held at
End
of Period
Interest
Income
a      
a  
a  
a  
a  
a  
a  
a  
Palmer Square CLO Senior Debt ETF
Palmer Square CLO Ltd. Series
2021-4A-B 6.214% (3-Month
Term SOFR + 191.2 basis
points), 10/15/2034
$
—
$
645,071
$
—
$
—
$
781
$
645,852
645,000
$
23,034
Palmer Square CLO Ltd. Series
- 6.421% , 4/15/2031
—
181,482
(
181,523
)
41
—
—
—
484
Total Affiliated Securities
$—
$826,553
$(181,523)
$41
$781
$645,852
645,000
$23,518
1
May include accretion, amortization, partnership adjustments, and/or corporate actions.
Palmer Square Credit Opportunities ETF
SCHEDULE OF INVESTMENTS
As of March 31, 2025 (Unaudited)
4
Principal
Amount
Value
ASSET-BACKED SECURITIES — 10.1%
American Express Credit Account Master Trust
Series
2022-2-A, 3.390% , 5/15/2027
1
79,000
$
78,879
Series
2022-3-A, 3.750% , 8/15/2027
1
75,000
74,769
Barings Equipment Finance LLC
Series
2025-A-A2, 4.640% , 10/13/2028
1,2
125,000
125,289
BMW Vehicle Lease Trust
Series
2023-2-A3, 5.990% , 9/25/2026
1
62,057
62,360
Capital One Multi-Asset Execution Trust
Series
2022-A3-A, 4.950% , 10/15/2027
1
135,000
135,293
Series
2023-A1-A, 4.420% , 5/15/2028
1
150,000
150,111
Capital One Prime Auto Receivables Trust
Series
2022-2-A3, 3.660% , 5/17/2027
1
53,255
53,014
Chase Auto Owner Trust
Series
2024-5A-A2, 4.400% , 11/26/2027
1,2
66,898
66,847
Citibank Credit Card Issuance Trust
Series
2023-A1-A1, 5.230% , 12/8/2027
1
170,000
170,800
Dell Equipment Finance Trust
Series
2023-1-A3, 5.650% , 9/22/2028
1,2
58,864
59,062
Discover Card Execution Note Trust
Series
2022-A4-A, 5.030% , 10/15/2027
1
110,000
110,275
Series
2023-A1-A, 4.310% , 3/15/2028
1
130,000
129,943
Fifth Third Auto Trust
Series
2023-1-A2A, 5.800% , 11/16/2026
1
15,352
15,363
Ford Credit Floorplan Master Owner Trust
Series
2023-1-A1, 4.920% , 5/15/2028
1,2
145,000
145,705
GM Financial Automobile Leasing Trust
Series
2023-2-A3, 5.050% , 7/20/2026
1
160,384
160,512
Series
2024-1-A3, 5.090% , 3/22/2027
1
133,000
133,628
Series
2024-2-A2A, 5.430% , 9/21/2026
1
87,236
87,547
Series
2024-3-A2A, 4.290% , 1/20/2027
1
100,000
99,829
GM Financial Consumer Automobile Receivables Trust
Series
2022-2-A3, 3.100% , 2/16/2027
1
110,100
109,545
Series
2023-2-A3, 4.470% , 2/16/2028
1
89,702
89,674
Harley-Davidson Motorcycle Trust
Series
2024-A-A3, 5.370% , 3/15/2029
1
60,000
60,799
Honda Auto Receivables Owner Trust
Series
2023-3-A3, 5.410% , 2/18/2028
1
370,000
373,100
Series
2023-3-A4, 5.300% , 12/18/2029
1
108,000
109,582
Hyundai Auto Lease Securitization Trust
Series
2024-A-A2A, 5.150% , 6/15/2026
1,2
52,043
52,115
Hyundai Auto Receivables Trust
Series
2025-A-A2A, 4.330% , 12/15/2027
1
170,000
169,918
John Deere Owner Trust
Series
2022-C-A3, 5.090% , 6/15/2027
1
66,172
66,386
Series
2025-A-A2A, 4.230% , 3/15/2028
1
50,000
50,004
Mercedes-Benz Auto Lease Trust
Series
2023-A-A3, 4.740% , 1/15/2027
1
119,528
119,601
Palmer Square Credit Opportunities ETF
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2025 (Unaudited)
5
Principal
Amount
Value
ASSET-BACKED SECURITIES (Continued)
Nissan Auto Lease Trust
Series
2024-B-A2A, 5.050% , 6/15/2027
1
171,856
$
172,599
SFS Auto Receivables Securitization Trust
Series
2023-1A-A3, 5.470% , 10/20/2028
1,2
145,000
146,151
Tesla Auto Lease Trust
Series
2023-A-A3, 5.890% , 6/22/2026
1,2
57,344
57,483
Toyota Auto Receivables Owner Trust
Series
2023-B-A2A, 5.280% , 5/15/2026
1
5,469
5,470
Series
2025-A-A2A, 4.480% , 11/15/2027
1
170,000
170,138
Toyota Lease Owner Trust
Series
2023-A-A3, 4.930% , 4/20/2026
1,2
36,875
36,883
Series
2024-A-A3, 5.250% , 4/20/2027
1,2
170,000
171,124
Verizon Master Trust
Series
2024-1-A1A, 5.000% , 12/20/2028
1
190,000
190,710
World Omni Select Auto Trust
Series
2023-A-A2A, 5.920% , 3/15/2027
1
39,247
39,262
TOTAL ASSET-BACKED SECURITIES
(Cost $4,049,047)
4,049,770
BANK LOANS
—
7.2%
Alliant Holdings Intermediate LLC, First Lien, Initial Term Loan, B6
7.069% (1-Month Term SOFR + 275 basis points), 9/19/2031
1,3,4
99,500
99,003
American Airlines, Inc., First Lien, 2024 Term Loan, B
6.569% (1-Month Term SOFR + 225 basis points), 2/15/2028
1,3,4
100,000
98,588
Boxer Parent Co., Inc., First Lien, 2031 Replacement Dollar Term Loan, B
7.291% (3-Month Term SOFR + 300 basis points), 7/30/2031
1,3,4
100,000
98,401
Calpine Construction Finance Co. LP, First Lien, Refinancing Term Loan, B
6.325% (1-Month Term SOFR + 200 basis points), 7/31/2030
1,3,4
100,000
99,834
Citadel Securities LP, First Lien, 2024 Term Loan, B
6.325% (1-Month Term SOFR + 200 basis points), 10/31/2031
1,3,4
99,499
99,512
Cotiviti, Inc., First Lien, New Term Loan, B
7.073% (1-Month Term SOFR + 275 basis points), 4/30/2031
1,3,4
99,500
97,510
Cross Financial Corp., First Lien, Term Loan, B
7.575% (1-Month Term SOFR + 325 basis points), 10/31/2031
1,3,4
99,750
99,875
Edgewater Generation LLC, First Lien, 2025 Refinancing Term Loan, B
7.299% (1-Month Term SOFR + 300 basis points), 8/1/2030
1,3,4
96,914
97,000
EP Purchaser LLC, First Lien, Closing Date Term Loan, B
8.090% (3-Month Term SOFR + 350 basis points), 11/6/2028
1,3,4
99,487
98,850
EPIC Crude Services LP, First Lien, Term Loan, B
7.302% (3-Month Term SOFR + 300 basis points), 10/15/2031
1,3,4
100,000
100,089
First Eagle Holdings, Inc., First Lien, Term Loan, B
7.329% (3-Month Term SOFR + 300 basis points), 3/5/2029
1,3,4
99,248
99,346
Grinding Media, Inc., First Lien, Term Loan, B
7.819% (3-Month Term SOFR + 350 basis points), 10/12/2028
1,3,4
99,750
98,877
Guggenheim Partners Investment Management Holdings LLC, First Lien, Term Loan, B
6.829% (3-Month Term SOFR + 250 basis points), 11/26/2031
1,3,4
99,750
99,625
HUB International Ltd., First Lien, 2025 Incremental Term Loan, B
6.787% (3-Month Term SOFR + 250 basis points), 6/20/2030
1,3,4
99,251
98,949
Palmer Square Credit Opportunities ETF
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2025 (Unaudited)
6
Principal
Amount
Value
BANK LOANS (Continued)
Hudson River Trading LLC, First Lien, Term Loan, B
7.322% (1-Month Term SOFR + 300 basis points), 3/18/2030
1,3,4
99,243
$
99,208
Hyperion Refinance SARL, First Lien, 2024-3 Dollar Term Loan, B
7.324% (1-Month Term SOFR + 300 basis points), 2/18/2031
1,3,4
99,500
98,929
Installed Building Products, Inc., First Lien, Term Loan, B3
6.075% (1-Month Term SOFR + 175 basis points), 3/28/2031
1,3,4
99,497
99,933
Iridium Satellite LLC, First Lien, Term Loan, B4
6.575% (1-Month Term SOFR + 225 basis points), 9/20/2030
1,3,4
99,246
97,773
LSF12 Crown US Commercial Bidco LLC, First Lien, Term Loan, B
8.573% (1-Month Term SOFR + 425 basis points), 12/2/2031
1,3,4
100,000
98,417
Medline Borrower LP, First Lien, Dollar Incremental Term Loan, B
6.575% (1-Month Term SOFR + 225 basis points), 10/23/2028
1,3,4
99,251
99,175
Michael Baker International LLC, First Lien, Term Loan, B
8.312% (1-Month Term SOFR + 400 basis points), 12/1/2028
1,3,4
99,749
99,667
OneDigital Borrower LLC, First Lien, 2025 Refinancing Term Loan, B
7.325% (1-Month Term SOFR + 300 basis points), 7/2/2031
1,3,4
99,250
98,735
Pre-Paid Legal Services, Inc., First Lien, Initial Term Loan, B
7.689% (1-Month Term SOFR + 325 basis points), 12/15/2028
1,3,4
99,240
98,334
Project Alpha Intermediate Holding, Inc., First Lien, Term Loan, B
7.550% (3-Month Term SOFR + 325 basis points), 10/28/2030
1,3,4
100,000
99,896
Quikrete Holdings, Inc., First Lien, Term Loan, B3
6.575% (1-Month Term SOFR + 225 basis points), 2/10/2032
1,3,4
100,000
99,003
Red Planet Borrower LLC, First Lien, Term Loan, B
7.924% (1-Month Term SOFR + 350 basis points), 9/29/2028
1,3,4
99,229
97,528
Renaissance Holdings Corp., First Lien, 2024-2 Term Loan, B
8.324% (1-Month Term SOFR + 400 basis points), 4/8/2030
1,3,4
98,994
97,324
Rocket Software, Inc., First Lien, Term Loan, B
8.575% (1-Month Term SOFR + 425 basis points), 11/28/2028
1,3,4
99,500
99,376
Thunder Generation Funding LLC, First Lien, Term Loan, B
7.303% (3-Month Term SOFR + 300 basis points; PRIME + 200 basis points), 10/3/2031
1,3,4
99,500
99,609
TOTAL BANK LOANS
(Cost $2,879,184)
2,868,366
COLLATERALIZED LOAN OBLIGATIONS
—
47.1%
Apidos CLO XVIII-R
Series
2018-18A-A1R2 5.696% (3-Month Term SOFR + 133 basis points), 1/22/2038
1,2,4
500,000
498,884
Ares XXXIX CLO Ltd.
Series
2016-39A-AR3 5.713% (3-Month Term SOFR + 142 basis points), 7/18/2037
1,2,4
1,000,000
1,001,505
Benefit Street Partners CLO XVII Ltd.
Series
2019-17A-D1R2 7.452% (3-Month Term SOFR + 315 basis points), 10/15/2037
1,2,4,5
500,000
501,879
Benefit Street Partners CLO XXXII Ltd.
Series
2023-32A-E 11.650% (3-Month Term SOFR + 735 basis points), 10/25/2036
1,2,4
500,000
506,149
Carlyle Global Market Strategies CLO Ltd.
Series
2012-4A-DR3 7.790% (3-Month Term SOFR + 350 basis points), 4/22/2032
1,2,4
1,000,000
1,001,979
Carlyle US CLO Ltd.
Series
2017-4A-C 7.364% (3-Month Term SOFR + 306.2 basis points), 1/15/2030
1,2,4
250,000
250,350
CBAM Ltd.
Series
2018-5A-D 7.064% (3-Month Term SOFR + 276.2 basis points), 4/17/2031
1,2,4
1,000,000
1,000,075
Palmer Square Credit Opportunities ETF
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2025 (Unaudited)
7
Principal
Amount
Value
COLLATERALIZED LOAN OBLIGATIONS (Continued)
Cedar Funding IV CLO Ltd.
Series
2014-4A-AR3 5.619% (3-Month Term SOFR + 134 basis points), 1/23/2038
1,2,4
500,000
$
500,521
Cedar Funding XII CLO Ltd.
Series
2020-12A-ARR 5.457% (3-Month Term SOFR + 120 basis points), 1/25/2038
1,2,4
500,000
498,628
CIFC Funding Ltd.
Series
2018-1A-A1R 5.669% (3-Month Term SOFR + 132 basis points), 1/18/2038
1,2,4
500,000
499,145
Creeksource Dunes Creek CLO Ltd.
Series
2024-1A-A1 5.744% (3-Month Term SOFR + 141 basis points), 1/15/2038
1,2,4
500,000
500,402
Dryden 30 Senior Loan Fund
Series
2013-30A-DR 7.185% (3-Month Term SOFR + 286.2 basis points), 11/15/2028
1,2,4
500,000
501,654
Dryden 45 Senior Loan Fund
Series
2016-45A-A1RR 5.382% (3-Month Term SOFR + 108 basis points), 10/15/2030
1,2,4
336,965
336,312
Series
2016-45A-DRR 7.352% (3-Month Term SOFR + 305 basis points), 10/15/2030
1,2,4
625,000
625,853
Dryden 80 CLO Ltd.
Series
2019-80A-DR 7.403% (3-Month Term SOFR + 310 basis points), 1/17/2033
1,2,4
475,000
472,428
Elmwood CLO IX Ltd.
Series
2021-2A-D1R 6.972% (3-Month Term SOFR + 265 basis points), 4/20/2038
1,2,4
1,000,000
992,428
Elmwood CLO VIII Ltd.
Series
2021-1A-AR 5.843% (3-Month Term SOFR + 155 basis points), 4/20/2037
1,2,4
800,000
801,293
Empower CLO Ltd.
Series
2023-1A-D 9.800% (3-Month Term SOFR + 550 basis points), 4/25/2036
1,2,4
1,000,000
1,007,574
Highbridge Loan Management Ltd.
Series
5A-2015-DR3 7.302% (3-Month Term SOFR + 300 basis points), 10/15/2030
1,2,4
500,000
500,018
LCM 26 Ltd.
Series
26A-A1 5.625% (3-Month Term SOFR + 133.2 basis points), 1/20/2031
1,2,4
336,891
337,011
LCM XIV LP
Series
14A-AR 5.595% (3-Month Term SOFR + 130.2 basis points), 7/20/2031
1,2,4
192,045
192,118
Menlo CLO I Ltd.
Series
2024-1A-A1 5.750% (3-Month Term SOFR + 142 basis points), 1/20/2038
1,2,4
500,000
499,408
Series
2024-1A-D1 7.580% (3-Month Term SOFR + 325 basis points), 1/20/2038
1,2,4
500,000
500,317
Neuberger Berman Loan Advisers CLO 36 Ltd.
Series
2020-36A-A1R2 5.593% (3-Month Term SOFR + 130 basis points), 4/20/2033
1,2,4
1,000,000
1,000,509
Neuberger Berman Loan Advisers CLO 39 Ltd.
Series
2020-39A-A1R 5.823% (3-Month Term SOFR + 153 basis points), 4/20/2038
1,2,4
500,000
501,253
Neuberger Berman Loan Advisers NBLA CLO 52 Ltd.
Series
2022-52A-AR 5.647% (3-Month Term SOFR + 135 basis points), 10/24/2038
1,2,4
1,000,000
1,000,500
Post CLO VI Ltd.
Series
2024-2A-E 10.955% (3-Month Term SOFR + 650 basis points), 1/20/2038
1,2,4
500,000
507,539
Shackleton CLO Ltd.
Series
2015-7RA-ARR 5.402% (3-Month Term SOFR + 110 basis points), 7/15/2031
1,2,4
817,099
817,532
Silver Point CLO 6 Ltd.
Series
2024-6A-D1 7.867% (3-Month Term SOFR + 330 basis points), 10/15/2037
1,2,4
500,000
496,021
Voya CLO Ltd.
Series
2017-3A-CRR 7.422% (3-Month Term SOFR + 310 basis points), 4/20/2034
1,2,4
1,000,000
999,921
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $18,850,107)
18,849,206
Palmer Square Credit Opportunities ETF
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2025 (Unaudited)
8
Principal
Amount
Value
CORPORATE BONDS —23.7%
AEROSPACE & DEFENSE — 0.2%
TransDigm, Inc.
5.500%, 11/15/2027
1
75,000
$
74,203
AUTOMOBILE COMPONENTS — 0.1%
Dana, Inc.
5.375%, 11/15/2027
1
50,000
49,487
BEVERAGES — 0.5%
Constellation Brands, Inc.
3.150%, 8/1/2029
1
125,000
116,705
Primo Water Holdings, Inc. / Triton Water Holdings, Inc.
6.250%, 4/1/2029
1,2
100,000
99,819
216,524
BIOTECHNOLOGY — 0.6%
AbbVie, Inc.
4.250%, 11/14/2028
1
125,000
124,725
Amgen, Inc.
2.200%, 2/21/2027
1
100,000
96,055
220,780
BROADLINE RETAIL — 0.5%
Go Daddy Operating Co. LLC / GD Finance Co., Inc.
5.250%, 12/1/2027
1,2
100,000
99,239
Match Group Holdings II LLC
5.000%, 12/15/2027
1,2
25,000
24,530
Match Group Holdings II LLC
4.625%, 6/1/2028
1,2
75,000
72,035
195,804
BUILDING PRODUCTS — 0.7%
Advanced Drainage Systems, Inc.
5.000%, 9/30/2027
1,2
125,000
122,727
Smyrna Ready Mix Concrete LLC
6.000%, 11/1/2028
1,2
75,000
72,849
Standard Industries, Inc.
4.750%, 1/15/2028
1,2
75,000
72,667
268,243
CAPITAL MARKETS — 0.1%
Jane Street Group / JSG Finance, Inc.
4.500%, 11/15/2029
1,2
50,000
47,262
CHEMICALS — 0.9%
Celanese US Holdings LLC
6.500%, 4/15/2030
1
75,000
74,521
HB Fuller Co.
4.250%, 10/15/2028
1
100,000
94,925
Palmer Square Credit Opportunities ETF
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2025 (Unaudited)
9
Principal
Amount
Value
CORPORATE BONDS (Continued)
CHEMICALS (Continued)
Methanex Corp.
5.125%, 10/15/2027
1
75,000
$
73,597
Sherwin-Williams Co. (The)
3.450%, 6/1/2027
1
125,000
122,346
365,389
COMMERCIAL SERVICES & SUPPLIES — 0.8%
Clean Harbors, Inc.
4.875%, 7/15/2027
1,2
100,000
98,670
Prime Security Services Borrower LLC / Prime Finance, Inc.
3.375%, 8/31/2027
1,2
100,000
94,846
Veralto Corp.
5.500%, 9/18/2026
1
125,000
126,566
320,082
CONSTRUCTION & ENGINEERING — 0.3%
MasTec, Inc.
4.500%, 8/15/2028
1,2
50,000
48,850
Pike Corp.
5.500%, 9/1/2028
1,2
75,000
72,635
121,485
CONSUMER FINANCE — 0.4%
Avolon Holdings Funding Ltd.
3.250%, 2/15/2027
1,2
75,000
72,742
Ford Motor Credit Co. LLC
2.900%, 2/10/2029
1
75,000
67,132
139,874
CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.7%
7-Eleven, Inc.
1.300%, 2/10/2028
1,2
125,000
113,756
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
4.625%, 1/15/2027
1,2
100,000
98,601
US Foods, Inc.
4.750%, 2/15/2029
1,2
75,000
72,380
284,737
CONTAINERS & PACKAGING — 1.7%
Avery Dennison Corp.
4.875%, 12/6/2028
1
100,000
100,683
Ball Corp.
2.875%, 8/15/2030
1
75,000
65,425
Berry Global, Inc.
5.625%, 7/15/2027
1,2
100,000
99,979
Crown Americas LLC / Crown Americas Capital Corp. V
4.250%, 9/30/2026
1
100,000
98,131
Graphic Packaging International LLC
3.500%, 3/15/2028
1,2
125,000
118,087
Sealed Air Corp.
4.000%, 12/1/2027
1,2
75,000
72,259
Palmer Square Credit Opportunities ETF
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2025 (Unaudited)
10
Principal
Amount
Value
CORPORATE BONDS (Continued)
CONTAINERS & PACKAGING (Continued)
Silgan Holdings, Inc.
4.125%, 2/1/2028
1
125,000
$
120,022
674,586
DISTRIBUTORS — 0.4%
American Builders & Contractors Supply Co., Inc.
4.000%, 1/15/2028
1,2
145,000
138,780
DIVERSIFIED REITS — 0.2%
Digital Realty Trust LP
3.700%, 8/15/2027
1
100,000
98,225
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.7%
AT&T, Inc.
1.650%, 2/1/2028
1
100,000
92,521
CCO Holdings LLC / CCO Holdings Capital Corp.
5.125%, 5/1/2027
1,2
75,000
73,929
Verizon Communications, Inc.
4.125%, 3/16/2027
1
125,000
124,399
290,849
ELECTRIC UTILITIES — 1.7%
Duke Energy Corp.
3.150%, 8/15/2027
1
100,000
97,019
NextEra Energy Capital Holdings, Inc.
1.875%, 1/15/2027
1
125,000
119,467
NRG Energy, Inc.
3.375%, 2/15/2029
1,2
100,000
91,907
NRG Energy, Inc.
5.750%, 7/15/2029
1,2
25,000
24,655
Southern Co. (The)
5.113%, 8/1/2027
175,000
176,946
Vistra Operations Co. LLC
4.375%, 5/1/2029
1,2
100,000
95,045
XPLR Infrastructure Operating Partners LP
3.875%, 10/15/2026
1,2
25,000
24,078
XPLR Infrastructure Operating Partners LP
4.500%, 9/15/2027
1,2
50,000
46,638
675,755
ELECTRICAL EQUIPMENT — 0.2%
Vertiv Group Corp.
4.125%, 11/15/2028
1,2
100,000
95,306
ENERGY EQUIPMENT & SERVICES — 0.4%
Archrock Partners LP / Archrock Partners Finance Corp.
6.250%, 4/1/2028
1,2
100,000
100,159
Palmer Square Credit Opportunities ETF
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2025 (Unaudited)
11
Principal
Amount
Value
CORPORATE BONDS (Continued)
ENERGY EQUIPMENT & SERVICES (Continued)
Star Holding LLC
8.750%, 8/1/2031
1,2
75,000
$
71,782
171,941
FINANCIAL SERVICES — 1.0%
Block, Inc.
6.500%, 5/15/2032
1,2
50,000
50,567
Fiserv, Inc.
4.200%, 10/1/2028
1
125,000
123,296
Global Payments, Inc.
2.150%, 1/15/2027
1
125,000
119,753
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc.
4.625%, 11/1/2026
1,2
75,000
73,722
WEX, Inc.
6.500%, 3/15/2033
1,2
35,000
34,644
401,982
HEALTH CARE EQUIPMENT & SUPPLIES — 0.2%
GE HealthCare Technologies, Inc.
5.600%, 11/15/2025
1
85,000
85,401
HEALTH CARE PROVIDERS & SERVICES — 0.6%
CVS Health Corp.
5.000%, 2/20/2026
1
75,000
75,167
HCA, Inc.
5.200%, 6/1/2028
1
115,000
116,434
Universal Health Services, Inc.
1.650%, 9/1/2026
1
50,000
47,871
239,472
HEALTH CARE TECHNOLOGY — 0.3%
IQVIA, Inc.
5.000%, 5/15/2027
1,2
100,000
98,662
HOTELS, RESTAURANTS & LEISURE — 1.7%
1011778 BC ULC / New Red Finance, Inc.
3.875%, 1/15/2028
1,2
30,000
28,699
Boyd Gaming Corp.
4.750%, 12/1/2027
1
100,000
98,026
Churchill Downs, Inc.
5.500%, 4/1/2027
1,2
75,000
74,455
Hilton Domestic Operating Co., Inc.
3.750%, 5/1/2029
1,2
100,000
93,352
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC
4.750%, 6/1/2027
1,2
75,000
74,037
Penn Entertainment, Inc.
5.625%, 1/15/2027
1,2
75,000
74,430
Starbucks Corp.
4.850%, 2/8/2027
1
75,000
75,587
Palmer Square Credit Opportunities ETF
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2025 (Unaudited)
12
Principal
Amount
Value
CORPORATE BONDS (Continued)
HOTELS, RESTAURANTS & LEISURE (Continued)
VOC Escrow Ltd.
5.000%, 2/15/2028
1,2
75,000
$
73,210
Wyndham Hotels & Resorts, Inc.
4.375%, 8/15/2028
1,2
75,000
71,695
663,491
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.6%
AES Corp. (The)
5.450%, 6/1/2028
1
75,000
76,324
Atlantica Sustainable Infrastructure plc
4.125%, 6/15/2028
1,2
75,000
70,575
Clearway Energy Operating LLC
4.750%, 3/15/2028
1,2
75,000
72,769
219,668
INSURANCE — 0.5%
Acrisure LLC / Acrisure Finance, Inc.
7.500%, 11/6/2030
1,2
50,000
50,903
AmWINS Group, Inc.
6.375%, 2/15/2029
1,2
50,000
50,412
Panther Escrow Issuer LLC
7.125%, 6/1/2031
1,2
100,000
101,958
203,273
IT SERVICES — 0.1%
ASGN, Inc.
4.625%, 5/15/2028
1,2
35,000
33,434
MACHINERY — 0.2%
Mueller Water Products, Inc.
4.000%, 6/15/2029
1,2
100,000
92,996
MEDIA — 0.3%
Nexstar Media, Inc.
5.625%, 7/15/2027
1,2
75,000
73,947
Univision Communications, Inc.
6.625%, 6/1/2027
1,2
50,000
49,627
123,574
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.1%
Blackstone Mortgage Trust, Inc.
3.750%, 1/15/2027
1,2
50,000
47,680
MULTI-UTILITIES — 0.3%
DTE Energy Co.
4.950%, 7/1/2027
1
125,000
125,972
Palmer Square Credit Opportunities ETF
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2025 (Unaudited)
13
Principal
Amount
Value
CORPORATE BONDS (Continued)
OIL, GAS & CONSUMABLE FUELS — 1.6%
Buckeye Partners LP
4.500%, 3/1/2028
1,2
55,000
$
52,815
Cheniere Energy, Inc.
4.625%, 10/15/2028
1
125,000
123,708
Enbridge, Inc.
6.200%, 11/15/2030
1
150,000
158,799
Hess Midstream Operations LP
5.875%, 3/1/2028
1,2
40,000
40,212
Hess Midstream Operations LP
5.125%, 6/15/2028
1,2
50,000
49,266
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
5.500%, 1/15/2028
1,2
50,000
48,703
TerraForm Power Operating LLC
5.000%, 1/31/2028
1,2
100,000
96,878
Venture Global LNG, Inc.
8.125%, 6/1/2028
1,2
75,000
76,684
647,065
PASSENGER AIRLINES — 0.6%
Air Canada
3.875%, 8/15/2026
1,2
150,000
146,795
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.500%, 6/20/2027
1,2
16,875
16,958
United Airlines, Inc.
4.375%, 4/15/2026
1,2
75,000
73,865
237,618
PHARMACEUTICALS — 0.4%
Pfizer Investment Enterprises Pte. Ltd.
4.450%, 5/19/2028
1
150,000
150,390
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.7%
Broadcom, Inc.
3.150%, 11/15/2025
1
75,000
74,371
Broadcom, Inc.
4.800%, 4/15/2028
1
100,000
100,756
Entegris, Inc.
4.375%, 4/15/2028
1,2
75,000
72,009
Entegris, Inc.
4.750%, 4/15/2029
1,2
50,000
48,246
295,382
SOFTWARE — 0.7%
Central Parent, Inc. / CDK Global, Inc.
7.250%, 6/15/2029
1,2
50,000
43,323
Oracle Corp.
2.300%, 3/25/2028
1
125,000
117,435
Palmer Square Credit Opportunities ETF
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2025 (Unaudited)
14
Principal
Amount
Value
CORPORATE BONDS (Continued)
SOFTWARE (Continued)
Workday, Inc.
3.700%, 4/1/2029
1
125,000
$
120,522
281,280
SPECIALIZED REITS — 1.0%
American Tower Corp.
1.500%, 1/31/2028
1
125,000
114,808
Crown Castle, Inc.
3.800%, 2/15/2028
1
125,000
121,678
Iron Mountain, Inc.
5.250%, 3/15/2028
1,2
50,000
48,906
Iron Mountain, Inc.
5.000%, 7/15/2028
1,2
25,000
24,257
Iron Mountain, Inc.
4.875%, 9/15/2029
1,2
25,000
23,886
SBA Communications Corp.
3.875%, 2/15/2027
1
75,000
73,000
406,535
SPECIALTY RETAIL — 0.2%
Lowe's Cos., Inc.
3.100%, 5/3/2027
1
100,000
97,278
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.4%
Dell International LLC / EMC Corp.
5.250%, 2/1/2028
1
150,000
152,759
TRADING COMPANIES & DISTRIBUTORS — 0.6%
Herc Holdings, Inc.
5.500%, 7/15/2027
1,2
100,000
99,665
United Rentals North America, Inc.
4.875%, 1/15/2028
1
100,000
98,369
WESCO Distribution, Inc.
6.375%, 3/15/2029
1,2
50,000
50,643
248,677
WIRELESS TELECOMMUNICATION SERVICES — 0.5%
T-Mobile USA, Inc.
2.250%, 2/15/2026
1
125,000
122,552
Zegona Finance plc
8.625%, 7/15/2029
1,2
75,000
79,583
202,135
TOTAL CORPORATE BONDS
(Cost $9,531,501)
9,504,036
U.S. GOVERNMENT AND AGENCY SECURITIES —1.5%
United States Treasury Notes — 1.5%
U.S. Treasury Notes
3.500%, 1/31/2028
300,000
296,900
Palmer Square Credit Opportunities ETF
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2025 (Unaudited)
15
Principal
Amount
Value
U.S. GOVERNMENT AND AGENCY SECURITIES (Continued)
U.S. Treasury Notes
4.000%, 1/31/2029
300,000
$
300,873
597,773
TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES
(Cost $589,052)
597,773
SHORT-TERM INVESTMENTS — 10.1%
Number
of Shares
Money Market Funds — 2.9%
Fidelity Investments Money Market Funds - Treasury Portfolio - Class I, 4.20%
6
1,175,703
1,175,703
Principal
Amount
United States Treasury Bills — 7.2%
U.S. Treasury Bills, 4.086%, 4/1/2025
7
1,000,000
1,000,000
U.S. Treasury Bills, 4.010%, 4/17/2025
7
500,000
499,055
U.S. Treasury Bills, 4.110%, 5/1/2025
7
750,000
747,358
U.S. Treasury Bills, 4.160%, 5/15/2025
7
150,000
149,225
U.S. Treasury Bills, 4.190%, 7/10/2025
7
500,000
494,194
2,889,832
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,065,320)
4,065,535
TOTAL INVESTMENTS — 99.7%
(Cost $39,964,211)
39,934,686
Other Assets in Excess of Liabilities — 0.3%
125,098
TOTAL NET ASSETS — 100.0%
$
40,059,784
1
Callable.
2
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 $24,530,545 which
represents 61.23% of total net assets of the Fund.
3
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.
4
Floating rate security.
5
Denotes investments purchased on a when-issued or delayed delivery basis.
6
The rate is the annualized seven-day yield at period end.
7
The rate shown represents the yield at period end.