PSQO vs SCYB: Grades, Fees and Holdings Compared

Palmer Square Credit Opportunities ETF

PSQO—NYSE Arca

Schwab High Yield Bond ETF

SCYBANYSE Arca

Overlap

0.0%by weight

Expense ratio

SCYB −0.48pt a year

PSQO0.51%SCYB0.03%

Avg volume · 30D

SCYB 18.2×the volume

PSQO60.7KSCYB1.1M

PSQO vs SCYB Performance

Oct 31, 2025 – Oct 30, 2026

+4.4%PSQO+2.0%SCYB

Expense ratio: PSQO 0.51%; SCYB 0.03%, better
Fund size: PSQO $310M; SCYB $2.8B
1Y total return: PSQO +4.4%, better; SCYB +2.0%
Yield (12M): PSQO 4.58%; SCYB 7.14%, better
Holdings: PSQO 477; SCYB 1844
Avg volume (30D): PSQO 60.7K sh; SCYB 1.1M sh, better
NAV per share: PSQO $20.64; SCYB $25.22
52W range

ETF.net Grade

—PSQOUnder classification review

Pillar letters and Scores for PSQO, SCYB, with each pillar’s weight
Pillar	PSQO	SCYB
Cost30% weight	Not scored	A100
Mission25% weight	Not scored	A100
Risk15% weight	Not scored	B59
Tradability15% weight	Not scored	A88
Holdings10% weight	Not scored	A99
Durability5% weight	Not scored	B68

Rank among US High Yield funds

How we build Categories ›

US High Yield⁠

Category · 84 funds

See all 84 ›

SCYB ranks 1st of 84 funds in the US High Yield Category.

Rank 1ASCYBSchwab High Yield Bond ETFScore 90
Rank 1ASPHYState Street SPDR Portfolio High Yield Bond ETFScore 90
PSQONot yet graded

Our read on each fund

ETF.net Research

PSQO—Palmer Square Credit Opportunities ETF

SCYBASchwab High Yield Bond ETF

In short

PSQO No data

SCYB Three basis points for the broad US high-yield corporate market. Schwab undercuts a category where the typical fund charges more than ten times as much, spreading the bet across roughly 1,800 bonds and paying monthly.

Stated mandate

PSQO No data

SCYB The fund follows a rules-based strategy intended to track the high-yield bond market, primarily through bonds in the Bloomberg Barclays US Corporate High Yield Total Return Index and similar derivatives.

Why people hold it

PSQO No data

SCYB 0.03% a year against a category median of 0.40%. Even the cheap rivals sit above it: SPHY at 0.05%, USHY at 0.08%.
Tracks the same Bloomberg US Corporate High Yield index as BKHY, which charges 0.22%. Same map, cheaper toll.
Roughly 1,800 bonds, so no single issuer's blowup drives the outcome. Rules-based and passive, and it has hugged its index closely.
A multi-billion-dollar fund that trades actively and pays monthly, which matters in a corner of the market where getting out cheaply is half the job.

Worth knowing

PSQO No data

SCYB High yield means below-investment-grade credit. These bonds behave more like stocks than Treasuries when the economy sours, and the extra income is the payment for that risk.
Launched in 2023, so it has a shorter record than rivals that have traded through more credit cycles.
The strategy can hold derivatives alongside the bonds themselves to track the index, one layer beyond plain bond ownership.

Full PSQO profile⁠

Full SCYB profile⁠

PSQO vs SCYB Holdings

How PSQO and SCYB differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of PSQO and 0.0% of SCYB.

Level by level

Asset classFixed Income, Equity0.0%
Holdings0 in both0.0%
Countryby domicile58.8%

Sector

No Sector split for PSQO.

Country, concentration and asset class

Country by domicile

Country weights in PSQO and SCYB, widest gap first
Country	More in PSQOMore in SCYB	PSQO	SCYB
Cayman Islands	PSQO +41.0 points	42.2%	1.2%
United States	SCYB +31.3 points	54.6%	85.9%
Canada	SCYB +3.6 points	0.5%	4.1%
Japan	SCYB +1.3 points	0.0%	1.3%
Bermuda	SCYB +1.1 points	0.0%	1.1%
France	SCYB +1.0 points	0.1%	1.1%
Luxembourg	SCYB +0.6 points	0.5%	1.1%
Other countries (12)	SCYB +2.0 points	2.1%	4.1%

Outside the US: PSQO 7% developed, 93% emerging.

Concentration

Weight in the 10 largest Holdings

PSQO11.7%
SCYB3.7%

Securities held

PSQO435
SCYB1,843

Asset class

PSQO: Fixed Income
SCYB: Equity

Holdings

Only in PSQO435
In both0
Only in SCYB1,843

Only in PSQO

435 securities, 100% of PSQO by weight

United States of 4% 05/282.23%
United States Zero 11/261.92%
United States 3.5% 01/281.73%
Fidelity Treasury1.38%
United States of 4% 01/291.35%
Riserva Clo Ltd Flt 01/341.05%
Oaktree Clo Flt 07/381.04%
Golub Capital Flt 04/390.98%
Carlyle Us Clo Flt 10/340.96%
Eaton Vance Clo Flt 10/380.88%
Post Clo Viii Flt 07/390.81%
Whitebox Clo Iv Flt 07/390.80%
Trinitas Clo X Flt 01/350.80%
Sequoia Flt 05/560.71%
New Mountain Flt 04/390.65%
Elmwood Clo X Flt 07/380.64%
Elmwood Clo Flt 04/370.64%
Empower Clo Flt 04/370.64%
Post Clo 2023-1 Flt 10/380.64%
Neuberger Flt 07/390.64%
Benefit Street Flt 10/380.64%
Neuberger Flt 10/380.64%
Elmwood Clo Iv Flt 04/370.64%
Carlyle Us Clo Flt 01/350.64%
Ocp Clo 2021-21 Flt 01/380.64%
Elmwood Clo 38 Flt 04/380.64%
Kennedy Lewis Flt 07/370.64%
Magnetite Xlv Flt 04/380.64%
Magnetite Xxiii Flt 01/350.64%
Dryden 119 Clo Flt 07/390.64%
World Omni 4.37% 06/310.64%
Toyota Lease 5.07% 10/290.63%
Pmt Loan Trust Flt 03/570.62%
Sequoia Flt 09/560.60%
Empower Clo Flt 01/390.55%
Verizon 4.51% 06/320.53%
Nissan Auto 4.69% 12/290.53%
Greatamerica 4.76% 09/300.52%
Rate Mortgage Flt 07/560.51%
Obx 2026-AHC4 Flt 09/560.51%
Hyundai Auto 4.53% 04/280.51%
Ba Credit 4.93% 05/290.50%
Trinitas Clo Flt 04/390.49%
Dryden 83 Clo Flt 04/370.48%
Elmwood Clo 14 Flt 10/380.48%
Oha Credit Flt 07/390.48%
Sp Anchorage Flt 10/340.48%
Aimco Clo 27 Flt 04/390.48%
Barings Clo Ltd Flt 01/390.48%
United States Zero 12/260.48%

Only in SCYB

1,843 securities, 99.9% of SCYB by weight

Ssc Government Mm Gvmxx1.02%
1261229 B.c. Ltd. 10.00% 04/15/2032 (BBG01SXN7B44)0.45%
Meridian Arc Holdco Llc 6.25% 04/30/2031 (BBG021N2KYD4)0.34%
Softbank Group Corp 9.75% 04/01/2034 (BBG025B5VM54)0.31%
Softbank Group Corp 9.25% 04/01/2032 (BBG025B7PLB2)0.31%
Picard Midco Inc 6.50% 03/31/2029 (BBG019LX2T70)0.27%
Pr Rno Property Owner 1 Llc 6.50% 05/01/2031 (BBG021YPZPP1)0.26%
Quikrete Holdings Inc 6.38% 03/01/2032 (BBG01S19FXV3)0.26%
Cloud Software Group Inc 9.00% 09/30/2029 (BBG01G4F7QQ2)0.24%
Galaxy Digital Holdings Ltd 9.88% 08/01/2031 (BBG023X2YYQ0)0.23%
Echostar Corp 10.75% 11/30/2029 (BBG01QRKXMB0)0.23%
Nexstar Media Inc 6.50% 09/15/2033 (BBG02154SVJ2)0.23%
Venture Global Lng Inc 9.50% 02/01/2029 (BBG01JRWR409)0.22%
Sv Rno Property Owner 1 Llc 5.88% 03/01/2031 (BBG0208VTN17)0.22%
Centene Corporation 4.63% 12/15/2029 (BBG00T5K2GV4)0.22%
Asurion Llc 8.00% 12/31/2032 (BBG01YYNGVM6)0.21%
Oak Eagle Acquireco Inc 7.25% 07/01/2033 (BBG0216YVDJ1)0.21%
Core Scientific Finance I Llc 7.75% 05/15/2031 (BBG021TW11L6)0.20%
Wulf Compute Llc 7.75% 10/15/2030 (BBG01XWZ1957)0.20%
Cco Holdings Llc 5.00% 02/01/2028 (BBG00HCXTNX8)0.20%
Panther Escrow Issuer Llc 7.13% 06/01/2031 (BBG01M46NGP4)0.19%
Mozart Debt Merger Sub Inc 5.25% 10/01/2029 (BBG012QCFXV6)0.18%
Hub International Ltd 7.25% 06/15/2030 (BBG01GY3KTY6)0.18%
Carrix Inc 6.13% 08/01/2033 (BBG023NH2ZJ8)0.18%
Emerald Debt Merger Sub Llc 6.63% 12/15/2030 (BBG01GJ0S1M5)0.18%
Oak Eagle Acquireco Inc 8.75% 07/01/2034 (BBG0216YVF42)0.18%
Transdigm Inc 6.63% 03/01/2032 (BBG01LG68K26)0.18%
Skydance Corp 5.05% 03/15/2042 (BBG025PYMZH4)0.17%
Neptune Bidco Us Inc 9.29% 04/15/2029 (BBG01BCJPPT5)0.17%
Cco Holdings Llc 4.50% 05/01/2032 (BBG01016YSJ4)0.17%
Cco Holdings Llc 4.75% 03/01/2030 (BBG00Q9KZKK3)0.17%
Asurion Llc 8.38% 02/01/2034 (BBG01ZT0J7N8)0.17%
Coreweave Inc 9.75% 10/01/2031 (BBG021JWL723)0.17%
Transdigm Inc 6.38% 03/01/2029 (BBG01LG68JB9)0.17%
Mauser Packaging Solutions Holding 7.88% 04/15/2030 (BBG01YQ74FS2)0.17%
Transdigm 6.75% 01/31/2035 (BBG02534RLY1)0.16%
Transdigm Inc 6.38% 05/31/2033 (BBG01TYXN2R6)0.16%
Davita Inc 4.63% 06/01/2030 (BBG00V30XND6)0.16%
Cco Holdings Llc 4.25% 02/01/2031 (BBG00VXBDRR7)0.16%
Cco Holdings Llc 4.50% 08/15/2030 (BBG00RMHNL33)0.16%
Vodafone Group PLC 7.00% 04/04/2079 (BBG00NR6TKJ0)0.16%
Connect Finco Sarl 9.00% 09/15/2029 (BBG01PNMWYR0)0.15%
Venture Global Lng Inc 8.38% 06/01/2031 (BBG01GNYBL31)0.15%
Ukg Inc 6.88% 02/01/2031 (BBG01L81BM19)0.15%
Level 3 Financing Inc 7.00% 03/31/2034 (BBG01WHX5GT5)0.15%
Nrg Energy Inc 6.00% 01/15/2036 (BBG01XK0QB82)0.15%
Venture Global Lng Inc 9.88% 02/01/2032 (BBG01JRWR4F3)0.15%
Staples Inc 10.75% 09/01/2029 (BBG01MZLYJL3)0.15%
Aadvantage Loyalty Ip Ltd 5.75% 04/20/2029 (BBG00ZKWV8L4)0.15%
1011778 Bc Unlimited Liability Co 4.00% 10/15/2030 (BBG00XDH1DV1)0.15%

Weight gaps

PSQO and SCYB share no securities.

All PSQO holdings⁠All 1,844 SCYB holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

PSQO vs SCYB Cost

Overpaying PSQO vs SCYB

$9,527

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

PSQO 0.51%
$10,165
SCYB 0.03%
$638

Amount$10,000

Years30 years

Cost over time

PSQO 0.51%
SCYB 0.03%
Overpaying

Year by year

Year	PSQO	SCYB	Overpaying
10	$918	$55	$863
20	$3,527	$216	$3,311
30	$10,165	$638	$9,527

Expense ratio

0.51%PSQO
0.03%SCYB, cheaper

SCYB0.03%PSQO0.51%

0.03%1.24%

Middle half of US High Yield funds
Median 0.42%

SCYB cheapest of 84 funds

PSQO 60th cheapest of 84 funds

PSQO vs SCYB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PSQO 4.58%; SCYB 7.14%, better
Payout (12M): PSQO $0.95; SCYB $1.80
Last payment: PSQO $0.27; SCYB $0.16
Ex-dividend: PSQO Sep 24, 2026; SCYB Oct 1, 2026
Paid on: PSQO Sep 30, 2026; SCYB Oct 7, 2026
Frequency: PSQO Quarterly; SCYB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

PSQOQuarterly · 8 paymentsAll PSQO payments⁠

SCYBMonthly · 38 paymentsAll SCYB payments⁠

PSQO vs SCYB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: PSQO 1.2%since Oct 2024SCYB 4.6%
Return per unit of riskSharpe ratio, 3 years: PSQO 1.20since Oct 2024SCYB 0.82
Worst fallMax drawdown, 5 years: PSQO −0.7%since Sep 2024SCYB −4.9%since Jul 2023
Market sensitivityBeta, 5 years: PSQO 0.12SCYB 0.28; Market = 1

PSQO and SCYB in the news

All news⁠

First-Year Review
Nuveen's high-yield ETF turns one at $1.77 billion. Coupons delivered 3.7%
Sep 23, 2026SCYB

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PSQO vs SCYB

In short

Stated mandate

Why people hold it

Worth knowing

How PSQO and SCYB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PSQO

Only in SCYB

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Nuveen's high-yield ETF turns one at $1.77 billion. Coupons delivered 3.7%

How PSQO and SCYB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PSQO

Only in SCYB

Weight gaps