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Panagram Bbb-B Clo ETF CLOZ:NYSE Arca
| Last Price | Today's Change | Today's Volume |  |  | |||
|---|---|---|---|---|---|---|---|
| $26.81 | +0.03 (0.11%) | 25,321 Below Avg. | |||||
| As of 10:31 am ET 10/22/2024 | |||||||
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, between BBB+ and B- or an equivalent rating by a NRSRO. It is non-diversified.
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 10:31 am ET 10/22/2024 | |
|---|---|
| Today's Open | $26.85 |
| Previous Close | $26.78 |
| Day's Range | $26.80 - $26.85 |
| 52 Week Range | $25.95 - $27.05 |
| Closing NAV 10/21/2024 | $26.89 |
|---|---|
| Premium/Discount 10/21/2024 | -0.42% |
| Avg. Volume (10 Day) | 575,007 |
| Put/Call Ratio (1 Day) | -- |
| Put/Call Ratio (30 Day) | -- |
| Fund Profile | |||
| Fund Type | Exchange Traded Fund | Total Assets | $481.4M |
|---|---|---|---|
| Inception | 01/23/2023 | Gross Expense Ratio | 0.50% |
| Total Holdings | 166 | Net Expense Ratio | 0.50% |
Leveraged Exchange Traded ProductsLeveraged 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 FundsFunds 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 | No | Portfolio Turnover | 0% |
| 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 FundEnvironmental, 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 Company | Panagram Structured Asset Management... | Active Semi-transparent Active Semi-transparent ETFsActive 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 Bank-loan portfolios primarily invest in floating-rate bank loans and floating-rate below investment-grade securities instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmarks such as Libor or SOFR. | Bank Loan | Buffer ETFsBuffer 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 ETPInverse 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 | ||
| Annualized Trend 1,5,10 Year | Annualized Returns | ||||
|---|---|---|---|---|---|
| Description | 1 Year | 5 Year | 10 Year | Inception 01/2023 | |
| CLOZ Market Price | +12.3% | -- | -- | +14.2% | |
| CLOZ NAV | +13.0% | -- | -- | +14.3% | |
| Bank LoanMorningstar Category | +9.3% | +4.5% | +3.8% | -- | |
| 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 09/30/2024
Holding | Maturity Date | % of Net Assets | |||
|---|---|---|---|---|---|
| OCP CLO 2024-31 LTD 9.24% | 04/20/2037 |
| |||
| Palmer Square CLO 2018-2 Ltd 9.19% | 04/16/2037 |
| |||
| OCTAGON 61 LTD 10.78% | 04/20/2036 |
| |||
| Madison Park Funding Xxxvii Ltd/Llc 9.05% | 04/15/2037 |
| |||
| Octagon Investment Partners 29 Ltd. / Octagon Investment Partners 29 LLC 8. | 07/18/2039 |
| |||
| Goldentree Loan Management US Clo 12 Ltd | 07/20/2037 |
| |||
| CIFC FUNDING 2021-II LTD 11.76% | 04/15/2034 |
| |||
| KAYNE CLO 10 LTD 8.29% | 04/23/2034 |
| |||
| OHA Credit Partners VI Ltd 8.29% | 02/20/2034 |
| |||
| ELMWOOD CLO XII LTD 11.89% | 01/20/2035 |
| |||
| % of portfolio in top 10 holdings: 14.99% | |||||
| View Portfolio, View All Holdings | |||||
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Why are ETFs so popular?
Exchange traded funds have gained the favor of investors because of their low expense ratios, tax efficiency, diversification, trading flexibility and liquidity. They offer a lower relative cost alternative to other vehicles such as stocks and many mutual funds.
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What are the associated risks?
Do ETFs come with a prospectus?
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.
- 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).
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- 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.