CLOZ

Panagram BBB-B CLO ETF

NAV

1-Day Change

TBD

Updated as of: TBD

 

FUND DESCRIPTION

Panagram BBB-B CLO ETF (“CLOZ” or the “Fund”) is an actively managed exchange-traded fund (“ETF”) seeking current income and capital preservation by investing primarily in a diverse portfolio of CLO BBBs and BBs.

 

FUND ATTRIBUTES

CLOZ can offer investors many key attributes:

  • YIELD PICKUP
    • CLO debt tranches may provide higher current yield versus comparable credit investments
  • RISING RATES HEDGE
    • CLOs are floating-rate assets, whose yield potentially rises as interest rates increase
  • HISTORICALLY LOW LOSS RATES
    • CLO tranches have experienced low default rates cumulatively and through multiple credit cycles
  • LOW CORRELATION
    • CLO BBBs and CLO BBs may offer low correlation to bonds and stocks
  • DIVERSITY
    • CLOZ’ portfolio of CLO tranches will be backed by loans to multiple issuers across many different industries
  • ACTIVE MANAGEMENT
    • Actively managed by Panagram, a specialist in CLO investing

 

HISTORICAL PREMIUM/DISCOUNT

CLOZ Details

Yields

  • Distribution Frequency Monthly

Fund Details

  • Fund Ticker CLOZ
  • Exchange NYSE
  • CUSIP 81752T528
  • Inception Date 1/24/2023
  • Total Net Assets -
  • Gross Expense Ratio 0.50%
  • Net Expense Ratio 0.50%
  • Primary Benchmark JP Morgan CLO
    High Quality
    Mezzanine Index

Pricing Details

  • Previous Close -
  • 30-Day Median Bid/Ask Spread
    (As of TBD) -
  • Premium/Discount -
  • Shares Outstanding -

Portfolio Management

John E. Kim

Portfolio Manager
CEO
Co-Founder at Panagram

Previously, John served as Principal and Head of Structured Products at Eldridge. Prior, John was a Managing Director at Natixis and head of CLO structuring at Deutsche Bank

MBA, NYU Stern School of Business
BA, Yale

Tim Wickstrom

Portfolio Manager
Executive Director
Co-Founder at Panagram

Previously, Tim was a Director at Eldridge in the structured products group. Prior, Tim was an Associate on Security Benefit’s investment team.

AB, Bowdoin College

Partnership with MMCC

A portion of CLOZ’ management fees will be donated to MMCC in furtherance of Panagram’s efforts to drive real change in local communities. MMCC is a vital resource that provides education and enrichment programs, support, and opportunities to more than 35,000 Bronx and Manhattan residents a year. Please refer to https://www.mmcc.org/ for additional information regarding MMCC.

Documents

Portfolio Top Holdings

(As of TBD)

CLOZ Portfolio Top 10 Holdings

ISSUER TICKER CUSIP QUANTITY MARKET VALUE WEIGHT %

View Full Holdings

Download

 

Subject to Change

Performance is historical and does not guarantee future results. Current performance may be lower or higher than quoted. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance data for the most recent month-end and quarter end is available above.

Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Total Returns are calculated using the daily 4:00pm net asset value (NAV). Market price returns reflect the midpoint of the bid/ask spread as of the close of trading on the exchange where Fund shares are listed. Market price returns do not represent the returns you would receive if you traded shares at other times.

 

 

Important Risks:

An investor should consider the investment objectives, risks, and charges and expenses of the fund carefully before investing. The prospectus contains this and other information about the fund. The prospectus can be found here. Please read the prospectus carefully before investing.

The risks of investing in CLO securities include both the credit risk associated with the underlying loans combined with the risks associated with the CLO structure governing the priority of payments (and any legal and counterparty risk associated with carrying out the priority of payments). This Fund intends to invest primarily in BBB and BB rated tranches (or equivalent ratings by a NRSRO); however, these ratings do not constitute a guarantee of credit quality and it's possible that under stressed market environments these tranches could experience substantial losses due to actual defaults, write-downs of the equity or other subordinated tranches, increased sensitivity to defaults due to collateral default and impairment of subordinate tranches, market anticipation of defaults, and general market aversion to CLO securities as an asset class.

Subordinated (i.e., mezzanine) CLO tranches are subject to higher credit risk and liquidity risk relative to more senior CLO tranches. The Fund is expected to have significant exposure to below investment grade CLO tranches (up to 70% of its total assets). To the extent a CLO or its underlying loans experience default or are having difficulty making principal and/or interest payments, subordinate CLO tranches will be more likely to experience adverse impacts, and such impacts will be more severe, relative to more senior or higher-rated CLO securities, which in turn will adversely affect the performance of the Fund. Under certain circumstances, no payment of interest or principal can be made o a holder of a mezzanine CLO tranche until the interest or principal payments have been made in full to holders of the Senior tranches. Distributor: Quasar Distributors, LLC.