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PSQA

GradeBNew York Stock Exchange Arca

Palmer Square CLO Senior Debt ETF

Specialty Bonds · Palmer Square · Inception 2024-09-11

$20.80+0.03 (+0.14%)

As of Sep 23, 2026, 2:08 PM EDT

History starts Sep 12, 2024.
Intraday session: up, 14 prints from 20.77 to 20.80. Range 20.72 to 20.80. Use the arrow keys to read each point.$20.72$20.74$20.76$20.7810 AM12 PM2 PM4 PM
Expense ratio
0.21%
Fund size
$216M
1Y return
+5.4%
Yield · Last 12 months
4.08%
Volume · 30D
0.1M sh
NAV per share
$20.70
52W range
low $19.90high $21.09

The ETF.net PSQA Grade

B

62/ 100

Rank 10 of 34 in Collateralized Loan Obligations (CLO)⁠

Confidence Medium

Six-pillar profile for PSQA. Scores out of 100: Cost 64, Risk 45, Mission not scored, Tradability 71, Holdings 79, Durability 53. Strongest: Holdings (79). Weakest: Risk (45). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 62 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 64
    Category rank13/34 · top 38%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 45
    Category rank21/33 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 71
    Category rank7/34 · top 21%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 79
    Category rank8/34 · top 24%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 53
    Category rank19/34 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on PSQA

ETF.net Research

BMost CLO funds hand the keys to a manager. PSQA follows a rulebook instead, tracking the Palmer Square CLO Senior Debt Index for 0.20% a year: an index-based route into the senior end of the CLO stack.

Stated mandate

The Fund seeks to track, before fees and expenses, the price and yield performance of the Palmer Square CLO Senior Debt Index.

Why people hold it

  1. 01Costs 0.20% a year, below the 0.25% median for CLO funds, and level with what the category's marquee names charge (JAAA, CLOA, FAAA all at 0.20%).
  2. 02Rules, not discretion. The fund seeks to track the Palmer Square CLO Senior Debt Index, so the holdings follow a published methodology rather than a trading desk's judgment calls.
  3. 03Points at the senior end of the CLO capital stack, the slice that gets paid first, and distributes on a quarterly schedule.
  4. 04Grades out in the upper half of its CLO peer group on our review, a solid showing in an aisle stacked with big-name issuers.

Worth knowing

  1. 01Launched in September 2024, so the record is short and has not yet spanned a full credit cycle.
  2. 02The benchmark is Palmer Square's own index, so the rules and the fund running them come from the same shop. Worth knowing, not a flaw.
  3. 03Trading is moderate rather than heavy, so spreads can matter more here than at the category's most heavily traded funds.

PSQA Holdings

As of Sep 20, 2026, 9:02 AM
Asset class
Bonds
Holdings
—
Top-10 weight
15%
Largest holding
ELMWOOD CLO 38 FLT 04/381.9%
The fund’s holdings, weight-ordered — page 1 of 11.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—ELMWOOD CLO 38 FLT 04/381.88%4,200,000$4M3
002—REGATTA XX FLT 01/381.79%4,000,000$4M3
003—FIDELITY TREASURY1.76%3,930,259$4M2
004—CIFC FUNDING FLT 03/381.53%3,425,000$3M3
005—RR 16 LTD FLT 07/411.34%3,000,000$3M1
006—APIDOS CLO XXXV FLT 07/391.34%3,000,000$3M1
007—NEUBERGER FLT 04/391.34%3,000,000$3M1
008—CIFC FUNDING FLT 10/371.34%3,000,000$3M1
009—ARES LOAN FLT 03/381.34%3,000,000$3M4
010—MAGNETITE XXIII FLT 01/351.34%3,000,000$3M3
011—REGATTA XVIII FLT 04/381.34%3,000,000$3M4
012—INVESCO US CLO FLT 04/371.34%3,000,000$3M3
013—OCTAGON 68 LTD FLT 10/381.23%2,750,000$3M1
014—OCP CLO 2017-13 FLT 11/371.12%2,500,000$3M3
015—OAKTREE CLO FLT 07/371.12%2,500,000$3M2

Showing 1–15 of 151 holdings

PSQA Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

PSQA$10,538
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. PSQA $10,538. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for PSQA. Periods over one year show the average yearly return.
PeriodPSQA
Year to date+3.8%
1 month+0.3%
3 months+1.7%
1 year+5.4%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for PSQA
YearReturn barPSQA
2026 YTD+3.8%
2025+5.8%
2024+1.7%

History from Sep 12, 2024

PSQA in the news

ETF.net Research hasn’t filed on PSQA yet — coverage lands here as it’s written.

PSQA Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
4.08%Last 12 months
Payout per share
$0.85Last 12 months
Last payment
$0.20 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2024–2026

One bar per payment. 7 payments from 2024 to 2026 YTD. Dec 24, 2024 $0.29; Mar 25, 2025 $0.21; Jun 24, 2025 $0.23; Sep 24, 2025 $0.24; Dec 24, 2025 $0.24; Mar 25, 2026 $0.18; Jun 24, 2026 $0.20. Use the arrow keys to read each point.202420252026YTD
Ex-datePay dateAmount per share
Jun 24, 2026Jun 30, 2026$0.20
Mar 25, 2026Mar 31, 2026$0.18
Dec 24, 2025Dec 31, 2025$0.24
Sep 24, 2025Sep 30, 2025$0.24
Jun 24, 2025Jun 30, 2025$0.23
Mar 25, 2025Mar 31, 2025$0.21
Dec 24, 2024Dec 31, 2024$0.29

PSQA Risk

How much the fund’s monthly returns vary, scaled to a year.
1.2%
Annualised · 23 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.18
vs 3-month T-bills · 23 months to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−1.2%
24 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.06
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

PSQA Cost

Expense ratio0.21%
  • The middle half of Collateralized Loan Obligations (CLO) funds
  • Median 0.29%

12 of the 34 Collateralized Loan Obligations (CLO) funds charge less.

PSQA costs $21.00 a year on $10,000. The median Collateralized Loan Obligations (CLO) fund costs $29.00.