ETF Evaluator:
Palmer Square CLO Senior Debt ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Securitized Bond - Focused Over the Last Year
| 6.0% | iShares BBB-B CLO Active ETF (BCLO) |
| 5.6% | Nuveen AA-BBB CLO ETF (NCLO) |
| 5.4% | Reckoner Yield Enhanced AAA CLO ETF (RAAA) |
| 5.4% | Eldridge BBB-B CLO ETF (CLOZ) |
| 5.3% | BondBloxx Private Credit CLO ETF (PCMM) |
Risk
Index
Risk
Index
ETF Details
Palmer Square CLO Senior Debt ETF Overview
Palmer Square CLO Senior Debt ETF (PSQA) is a passively managed Taxable Bond Securitized Bond - Focused exchange-traded fund (ETF). Palmer Square Capital Management LLC launched the ETF in 2024.
The investment seeks to provide investment results that correspond generally to the price and yield of Palmer Square CLO Senior Debt Index.
The index is a rules-based observable pricing and total return index for CLO debt for sale in the United States rated at the time of issuance as AAA or AA by at least one of the major rating agencies or an equivalent rating as determined by Palmer Square Capital Management LLC. The advisor uses an indexing strategy to achieve the fund’s objective. The fund is non-diversified.
About Palmer Square CLO Senior Debt ETF (PSQA)
There are 2 members of the management team with an average tenure of 1.88 years: Angie Long (2024) and Taylor Moore (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Palmer Square CLO Senior Debt PR USD index with a weighting of 100%. Palmer Square CLO Senior Debt ETF has 127 securities in its portfolio. The top 10 holdings constitute 18.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Palmer Square CLO Senior Debt ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Palmer Square CLO Senior Debt ETF has 47.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 100.2% (52.6% domestic bond, 47.6% foreign bond and 0.0% convertible bond). Palmer Square CLO Senior Debt ETF has -0.2% of the portfolio in cash.
Assets Under Management
The fund has $176 million in total assets, which is below the $1 billion average for the Securitized Bond - Focused category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PSQA Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Palmer Square CLO Senior Debt ETF expense ratio is below average compared to funds in the Securitized Bond - Focused category. Palmer Square CLO Senior Debt ETF has an expense ratio of 0.21%, which is 33% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Palmer Square CLO Senior Debt ETF has a portfolio turnover rate of 68%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Securitized Bond - Focused category.
Recently, in the month of July 2026, Palmer Square CLO Senior Debt ETF returned 0.4%, which earned it a grade of D, as the Securitized Bond - Focused category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Palmer Square CLO Senior Debt ETF has a trailing yield of 4.13%, which is below the 5.32% category average.
The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Palmer Square CLO Senior Debt ETF Grades
Year to date, the ETF has returned 2.9%, 0.4 percentage points better than the category, which translates into a grade of B. The fund has returned 5.3% over the past year (grade of B).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Palmer Square CLO Senior Debt ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
PSQA Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PSQA Return (NAV) | 0.4% | 1.2% | 5.3% | na | na | na |
| PSQA Return (Price) | 0.7% | 1.1% | 5.5% | na | na | na |
| NAV +/- Price Return | -0.277% | 0.105% | -0.224% | na | na | na |
| Securitized Bond - Focused Avg | 0.3% | 1.2% | 4.9% | 6.6% | 3.4% | 1.9% |
| PSQA Grade (NAV) | D | C | B | na | na | na |
| +/- Category (NAV) | 0.1% | 0.1% | 0.3% | na | na | na |
| PSQA Tax-Cost Ratio | na | na | 1.7% | na | na | na |
PSQA Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PSQA Return (NAV) | 2.9% | 5.7% | na | na | na | na | na | na | na | na | na |
| PSQA Return (Price) | 3.0% | 5.8% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.020% | 0.020% | na | na | na | na | na | na | na | na | na |
| Securitized Bond - Focused Avg | 2.5% | 5.9% | 7.6% | 9.0% | -3.7% | 0.3% | 5.8% | 7.5% | 0.6% | 3.1% | 3.0% |
| PSQA Grade (NAV) | B | C | na | na | na | na | na | na | na | na | na |
| +/- Category | 0.4% | -0.2% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 4.1% |
| Total Assets: | $ 177 Mil |
| Share Class Assets: | $ 177 Mil |
| Turnover: | 68.0% |
| Expense Ratio: | 0.21% |
| Index Fund: | Yes |
| Index Tracked: | Palmer Square CLO Senior Debt PR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.9 years | |||
| Average Tenure: 1.9 years | |||
| Managers (Year): Long Angie (2024), Moore Taylor (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 127 |
| % in Top 10 Holdings: | 18.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 47.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 52.6% |
| Foreign Bond: | 47.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -0.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Palmer Square Capital Management LLC |
| Phone Number: | 800-736-1145 |
| Website: | |
| Inception Date: | September 11, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.21% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.31% |
