Exchange-Traded Funds Research
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Panagram AAA CLO ETF CLOX:NYSE Arca

Last Price Today's Change Today's Volume Schwab Report CardSchwab Report Card
$25.545 -- -- 22,616 Below Avg. 
As of close 12/09/2024

Fund Performance

 

Fund Strategy

The investment seeks to generate current income, with a secondary objective of capital preservation. The fund is an actively managed exchange-traded fund (“ETF”) that pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings made for investment purposes) in collateralized loan obligations (“CLOs”) that are rated, at the time of purchase, AAA or an equivalent rating by a nationally recognized statistical rating organization (“NRSRO”) (or, if unrated, securities deemed by the adviser to be of comparable quality). The fund is non-diversified.

Short-term bond funds are not money market funds and have a higher risk profile, including possible fluctuation of the net asset value per share and principal loss.

Additional Information
Additional Information

Holdings: ETFs offer investors an interest in a portfolio of securities and other underlying assets and are therefore quite similar to mutual funds. One unique ETF feature is transparency, allowing investors to see the underlying portfolio securities on a daily basis.

:
Details as of close 12/09/2024
Today's Open$25.5342
Previous Close$25.545
Day's Range$25.52 - $25.56
52 Week Range$25.24 - $25.70
Closing NAV 12/06/2024$25.48
Premium/Discount 12/06/20240.25%
Avg. Volume (10 Day)107,473
Put/Call Ratio (1 Day)--
Put/Call Ratio (30 Day)--
Distributions & Yields
Next Dividend Payment$0.1103
Next Pay DateDec 9, 2024
Previous Ex-DateDec 3, 2024
Distribution Yield TTM  
Distribution Yield is the Trailing 12-Month End Yield - Morningstar computes this figure by summing the trailing 12-month's income distributions and dividing the sum by the last month's ending Net Asst Value (NAV), plus capital gains distributed over the same time period. Income refers only to interest payments from fixed-income securities and dividend payments from common stocks.

Calculated at month end:
Income

(NAV + Capital Gains)

x 100%

6.21%
SEC Yield (30 Day)5.75%
Fund Profile
Fund TypeExchange Traded FundTotal Assets$88.1M
Inception07/18/2023Gross Expense Ratio0.20%
Total Holdings59Net Expense Ratio0.20%
 
Leveraged Exchange Traded Products

Leveraged ETPs (exchange-traded products) typically use derivatives to attempt to multiply the returns of the underlying index each day. These products invest their portfolios much differently than other ETPs. They have the propensity to be more volatile and are inherently riskier than their non-leveraged counterparts. It is important to remember that these securities are generally designed for daily use only, and are generally not intended to be held overnight, because their returns over longer periods generally do not match the ETP’s multiple of the underlying index over those periods. These funds are not appropriate for most investors.


Leveraged Closed-end Funds

Funds that borrow money to purchase more assets in this way will generally move up more than the market when the market rises and move down farther than the market when the market falls. Bond funds that use leverage have the potential to increase the amount of income that they pay out, but at the cost of larger drops in value during a falling market. Leverage inherently increases the risk in a portfolio.

0824-U08J

NoPortfolio Turnover19%
 
For ETFs, this refers to the number of times the fund is long or short the index to explain its leverage factor. For example,
-300 means that the ETF is short 3 times the index.
-- 
ESG Fund

Environmental, Social, and Governance (ESG) is the industry term Schwab has chosen to use as an umbrella term to describe various investing approaches that consider not only traditional measures of risk and return, but environmental, social, and corporate governance (ESG) factors as well. Schwab uses ESG to broadly encompass ESG investing , but also investing approaches described as "values-based investing," "impact investing," "sustainable investing," and other approaches. An ESG product may apply ESG factors to its investment or governance processes in many different ways. A product that employs ESG strategies may choose to focus on one or more ESG factors, though an ESG product may also include securities that don't fit any ESG category. The information displayed utilizes the Morningstar "Sustainable Investment - Overall" datapoint. Click here to learn more about ESG at Schwab.

0824-U08J

No
Fund CompanyPanagram Structured Asset Management...Active Semi-transparent 
Active Semi-transparent ETFs

Active semi-transparent ETFs reveal full portfolio holdings only on a monthly or quarterly basis, not daily like traditional ETFs. There are different degrees of transparency as some firms will not disclose any daily holdings and others will reveal holdings daily, but shield certain positions and weights. Certain active semi-transparent ETFs may not be available for purchase or custody at Schwab.

0824-U08J

No
Morningstar Category 
Ultrashort-bond portfolios invest primarily in investment-grade U.S. fixed-income issues and have durations typically of less than one year. This category can include corporate or government ultrashort bond portfolios, but it excludes international, convertible, multisector, and high-yield bond portfolios. Because of their focus on bonds with very short durations, these portfolios offer minimal interest-rate sensitivity and therefore low risk and total return potential. Morningstar calculates monthly breakpoints using the effective duration of the Morningstar Core Bond Index in determining duration assignment. Ultrashort is defined as 25% of the three-year average effective duration of the MCBI.
Ultrashort Bond 
Buffer ETFs

Buffer ETFs provide investors with the opportunity to participate in the upside of an asset’s risk while giving investors some level of downside protection during a stated outcome period (typically one year). An upside return cap represents the maximum percentage of return an investor can achieve, and an investor will not participate in any excess returns above the cap. Buffer ETFs may limit an investor’s losses up to an ETF’s stated buffer limit; however, in the event of a decline in the underlying investments in excess of the buffer limit, the investor can experience those losses. Return cap and downside buffer levels for a Buffer ETF are established at the beginning of each outcome period and will likely differ from the prior outcome period. Buffer ETFs invest primarily in FLexible EXchange (“FLEX”) options to employ a structured or defined outcome strategy.

0824-U08J

No
 
Inverse ETP

Inverse ETPs (exchange-traded products) typically use derivatives to attempt to move in the opposite direction of the underlying index by a certain multiple each day. They generally have either a negative number like –1x or –2x or a term like “short” or “inverse” in their names. These products invest their portfolios much differently than other ETPs. They have the propensity to be more volatile and are inherently riskier than their non-inverse counterparts. It is important to remember that these securities are designed for daily use only, and are not intended to be held overnight, because their returns over longer periods generally do not match the ETP’s negative multiple of the underlying index over longer periods. These funds are not appropriate for most investors.

0824-U08J

No  
Quarterly Total Return as of 09/30/2024
 Annualized
Trend
1,5,10 Year
Annualized Returns
Description1 Year5 Year10 YearInception
07/2023
CLOX Market Price
+7.3%----+8.1%
CLOX NAV
+7.5%----+8.0%
Ultrashort BondMorningstar Category
+6.5%+2.5%+1.9%--
Bloomberg US Agg Bond TR USDBroad-Based Index
+11.6%+0.3%+1.8%+6.6%
Datasource: Morningstar
All performance periods are based on closing daily prices.
View Performance

Top 10 Holdings as of 11/29/2024

Holding
Maturity Date
% of Net Assets
Bain Capital Credit Clo 2024-2 Ltd. 6.18%07/15/2037
  • 3.4%
OCP CLO 2021-22 LTD 5.91%10/20/2037
  • 3.4%
OHA CREDIT FUNDING 5 LTD 6.13%10/18/2037
  • 3.4%
FLATIRON CLO 25 LTD 5.62%10/17/2037
  • 3.4%
GENERATE CLO 17 LTD 6.53%10/22/2037
  • 3.4%
GOLDENTREE LOAN MANAGEMENT US CLO 22 LTD 5.94%10/20/2037
  • 3.4%
CARLYLE US CLO 2021-2 LTD 5.96%04/20/2034
  • 2.3%
NEUBERGER BERMAN LOAN ADVISERS NBLA CLO 52 LTD 5.98%10/24/2038
  • 2.3%
ARES LOAN FUNDING IV LTD 6.41%10/15/2036
  • 2.3%
Bain Capital Cr Exch 6.03%07/25/2037
  • 2.3%
% of portfolio in top 10 holdings: 29.72%
View Portfolio, View All Holdings

Investment Style & Rating

Morningstar Investment Style

High
MidCredit Quality
Low
LtdModExt
Interest-Rate Sensitivity
Style Box is calculated only using the long position holdings of the portfolio.
Ultrashort Bond
Ultrashort-bond portfolios invest primarily in investment-grade U.S. fixed-income issues and have durations typically of less than one year. This category can include corporate or government ultrashort bond portfolios, but it excludes international, convertible, multisector, and high-yield bond portfolios. Because of their focus on bonds with very short durations, these portfolios offer minimal interest-rate sensitivity and therefore low risk and total return potential. Morningstar calculates monthly breakpoints using the effective duration of the Morningstar Core Bond Index in determining duration assignment. Ultrashort is defined as 25% of the three-year average effective duration of the MCBI.

Morningstar Rating

Ratings are not available for CLOX.

Past performance is no guarantee of future results. The ratings reflect historical risk-adjusted performance, and the overall rating is derived from a weighted average of the fund's 3, 5 and 10 year (Morningstar Rating) metrics.

 
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1

Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications and other factors.

  • Large-cap companies are generally more mature and the securities issued by these companies may not be able to reach the same levels of growth as the securities issued by small- or mid-cap companies.
  • An underlying strategy’s investments in growth stocks can be volatile. Growth companies usually invest a high portion of earnings in their businesses and may lack the dividends of value stocks that may cushion declining stock prices in a falling market. The prices of growth stocks are based largely on projections of the issuer’s future earnings and revenues. If a company’s earnings or revenues fall short of expectations, its stock price may fall dramatically. Growth stocks may also be more expensive relative to their earnings or assets compared to value or other stocks.
  • Investors in ETFs should consider carefully information contained in the prospectus, including investment objectives, risks, charges and expenses. You can view, download, and print a prospectus by selecting the "View Prospectus" link at the top of the page. If there are remaining questions, please call 1-800-435-4000. Please read the prospectus carefully before investing.
  • Unlike mutual funds, shares of ETFs are not individually redeemable directly with the ETF. Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV).
  • Market Price is the price at which investors buy and sell ETF shares in the stock market. ETF Market Price determines investor returns. An ETF’s Market Price may be higher or lower than the NAV at any given point in time. Market price returns are based upon the Official Closing Price of the primary listing exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times.
  • NAV (Net Asset Value) is a per share valuation of the securities in an ETF officially calculated once per day. NAV price performance is primarily used to evaluate the fund and its managers and may not reflect the actual return for the investor.
  • ETFs at Charles Schwab & Co., Inc. ("Schwab") which are U.S. exchange-listed can be traded without a commission on buy and sell transactions made online in a Schwab account. Unlisted ETFs are subject to a commission. Trade orders placed through a broker will receive the negotiated broker-assisted rate. An exchange process fee applies to sell transactions. All ETFs are subject to management fees and expenses. Please see the Charles Schwab Pricing Guide for additional information. Schwab's affiliate Charles Schwab Investment Management, Inc., dba Schwab Asset Management, serves as the investment adviser to the Schwab ETFs, which compensates Schwab Asset Management out of the applicable operating expense ratios. The amount of the fees is disclosed in the prospectus of each ETF.
  • Data Source Identification
  • Schwab's Financial and Other Relationships with certain ETFs
  • Morningstar proprietary ratings reflect historical risk-adjusted performance. For each fund with at least a 3-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar risk-adjusted return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. (Each share class is counted as a fraction of 1 fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The top 10% of the funds in an investment category receive 5 stars, 22.5% receive 4 stars, 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.
(1024-43GF, 1124-U99J)