Panagram BBB-B CLO ETF (NYSE : CLOZ ) Stock

The Fund 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 nationally recognized statistical rating organization (NRSRO) (or, if unrated, securities deemed by Panagram Structured Asset Management, LLC (the Adviser or Panagram) to be of comparable quality). CLOs are structured products with a long-only investment strategy (i.e., a strategy that does not include short positions) that issue multiple tranches of asset-backed securities. CLOs are collateralized by a pool of loans, which may include, among others, senior secured loans, senior unsecured loans, and subordinate corporate loans.