CLOZ

Panagram BBB-B CLO ETF

 

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
  • FLOATING-RATE
    • CLOs and their underlying loans are floating-rate assets with low duration risk
  • 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

(as of 2/28/2023)

  • SEC 30-Day Yield SEC 30-Day Yield: The SEC 30-Day Yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share. -
  • Distribution Rate -
  • Distribution Frequency Monthly

Fund Details

  • Fund Ticker CLOZ
  • Exchange NYSE
  • CUSIP 81752T528
  • Launch 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 -

Performance

Month-End Returns | Quarter-End Returns

 

Returns (%)

(As of --)

1 Month Since Inception
CLOZ NAV
CLOZ MKT - -
JP Morgan CLO High Quality Mezzanine Index - -

Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return 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. Current performance may be lower or higher than the performance data quoted. Investors may obtain performance data current to the most recent month-end by calling 833-399-1001.

QTD Since Inception
CLOZ NAV
CLOZ MKT - -
JP Morgan CLO High Quality Mezzanine Index - -

Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return 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. Current performance may be lower or higher than the performance data quoted. Investors may obtain performance data current to the most recent month-end by calling 833-399-1001.

Distribution Overview

Ex-Date Record Date Payable Date Ordinary Income Total Distribution
02/10/2023 02/13/2023 02/16/2023 $0.04533275 $0.04533275
03/10/2023 03/13/2023 03/16/2023 $0.16793265 $0.16793265
04/14/2023 04/17/2023 04/20/2023 $0.25748029 $0.25748029
05/12/2023 05/15/2023 05/18/2023 $0.21505344 $0.21505344

 

 

 

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
Managing 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

  • Prospectus  View
  • Summary Prospectus   View
  • SAI  View
  • Semi-Annual Report View

Portfolio Top Holdings

(As of TBD)

CLOZ Portfolio Top 10 Holdings

ISSUER TICKER CUSIP QUANTITY MARKET VALUE WEIGHT %

 

Subject to Change

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.