CLOX seeks current income, and to a lesser extent, preservation of capital by investing in the highest quality rated CLOs. The portfolio consists of USD-denominated collateralized loan obligations that are AAA rated, which may also include AA or A capped at 20% of assets. CLOs may include senior secured loans, senior unsecured loans, and subordinate corporate loans of any maturity, purchased from both the primary and secondary markets. The adviser monitors its portfolio daily and reviews current market environments using a bottom-up approach to proactively position investments for changing market conditions. No more than 20% is invested in obligations managed by a single CLO manager. Positions may be sold for more attractive investments or upon reevaluation of the investment's credit profile. As an actively managed fund, the managers have full discretion to make investment decisions at any time. Prior to January 2, 2025, the fund was named Panagram AAA CLO ETF.