CLOX

Panagram AAA CLO ETF

NAV

1-Day Change

-TBD(TBD)

ITD Return

ITD: Inception-to-Date

-

Updated as of: 7/19/2023

CLOX Details

Yield

  • SEC 30-Day Yield SEC 30-Day Yield: The fund’s annualized net investment income over the preceding 30 days divided by the maximum offering price as of the calculation date, multiplied by the average number of shares outstanding during the period -
  • Distribution Frequency Monthly

Fund Details

  • Fund Ticker CLOX
  • Exchange NYSE Arca
  • CUSIP 81752T486
  • Launch Date 7/19/2023
  • Total Net Assets -
  • Gross Expense Ratio 0.20%
  • Net Expense Ratio 0.20%
  • Primary Benchmark JP Morgan
    CLO AAA Index

Pricing Details

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

 

FUND DESCRIPTION


Panagram AAA CLO ETF ("CLOX" or the "Fund") is an actively managed exchange-traded fund ("ETF") seeking consistent return income and a higher quality portfolio by investing primarily in a diverse portfolio of CLO AAAs

 

FUND ATTRIBUTES


CLOX SEEKS TO OFFER INVESTORS:

    CAPITAL PRESERVATION
    • CLO AAAs can be considered high-quality investments with robust historical performance and a zero-loss record
    POTENTIAL FOR HIGHER INCOME
    • CLO AAAs can offer attractive risk-adjusted yield in comparison to other similarly rated instruments
    DIVERSITY
    • CLOX can offer diverse exposure across a variety of industries, companies, and credit managers
    LOW CORRELATION
    • CLO AAAs can offer a low correlation to public debt and equity markets
    ACTIVE MANAGEMENT
    • Actively managed by Panagram, a specialist in CLO investing

 

HISTORICAL PREMIUM/DISCOUNT View

CLOX Details

Yield

  • SEC 30-Day Yield SEC 30-Day Yield: The fund’s annualized net investment income over the preceding 30 days divided by the maximum offering price as of the calculation date, multiplied by the average number of shares outstanding during the period -
  • Distribution Frequency Monthly

Fund Details

  • Fund Ticker CLOX
  • Exchange NYSE Arca
  • CUSIP 81752T486
  • Launch Date 7/19/2023
  • Total Net Assets -
  • Gross Expense Ratio 0.20%
  • Net Expense Ratio 0.20%
  • Primary Benchmark JP Morgan
    CLO AAA Index

Pricing Details

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

Performance


Month-End Returns |


Quarter-End Returns

 

Returns (%)

(As of --)
1 Month Since Inception
CLOX NAV
CLOX MKT - -
JP Morgan CLO AAA 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.

QTD Since Inception
CLOX NAV
CLOX MKT - -
JP Morgan CLO AAA 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.

Distribution Overview

Ex-Date Record Date Payable Date Ordinary Income Total Distribution
08/11/2023 8/14/2023 8/17/2023 $0.09923950 $0.09923950
09/15/2023 9/18/2023 9/21/2023 $0.16022667 $0.16022667
10/13/2023 10/16/2023 10/19/2023 $0.10509250 $0.10509250
11/10/2023 11/13/2023 11/16/2023 $0.12553332 $0.12553332

 

 

 

Portfolio Management

John E. Kim

Portfolio Manager
CEO
Co-Founder of 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 of 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 the management fees attributable to CLOX, will be donated by Panagram 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 -)

CLOX Portfolio Top 10 Holdings

ISSUER TICKER CUSIP FACE VALUE MARKET VALUE WEIGHT %

View Full Holdings

Download

 

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.

Industry concentration is available upon request.

 

 

Important Risks and Additional Information:

An investor should consider the Fund’s investment objective, risks, charges, and expenses 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 AAA-rated 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. The most common risks associated with investing in CLOs are interest rate risk, credit risk, liquidity risk, prepayment risk (i.e., the risk that in a declining interest rate period CLO tranches could be refinanced or paid off prior to their maturities and the Fund would then have to reinvest the proceeds at a lower rate), and the risk of default of the underlying assets.

The Fund is a recently organized investment company with no operating history. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. Although it is expected that the market price of shares of the Fund will approximate the intraday value of the Fund’s holdings used to calculate the Fund’s NAV, there may be times when the market price is more than the intra-day NAV (premium) or less than the intra-day NAV (discount), which may result in a widening of the bid and ask spread, due to supply and demand of shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Unlike other ETFs, the Fund expects to affect most of its creations and redemptions primarily for cash, rather than in-kind securities. Cash purchases and sales may cause the Fund to incur portfolio transaction fees, gains or losses on the sales, or charges or delays in investing the cash that it would otherwise not incur if a purchase or sale was made on an in-kind basis. The Fund’s investment in debt securities may subject it to liquidity risk, interest rate risk, floating-rate obligations risk, call risk, and extension risk.

J.P. Morgan CLO AAA Index is designed to track the performance of AAA-rated tranches of the broadly-syndicated, arbitrage US CLO debt in the flagship J.P. Morgan CLO (“CLOIE”) Index.

Distributor: Quasar Distributors, LLC.