Virtus ETF Trust II - Virtus Seix AAA Private Credit CLO ETF
PCLO
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- Virtus ETF Trust II – Virtus Seix AAA Private Credit CLO ETF is an actively managed exchange-traded fund that seeks capital preservation and current income by investing principally in debt securities issued by private-credit collateralized loan obligations. Trading on NYSE Arca under the ticker PCLO, the fund is organized as a series of Virtus ETF Trust II, is domiciled in the United States, and commenced operations on December 2, 2024. Virtus ETF Advisers LLC serves as the investment adviser, while Virtus Investment Advisers, Inc. and Virtus Fixed Income Advisers, LLC, operating under the Seix investment platform, provide portfolio-management services. The fund targets investors seeking listed exposure to the senior, highly rated tranches of CLOs backed by loans to private middle-market companies. The fund’s principal investment products consist of AAA-rated private-credit CLO debt instruments; floating-rate notes; asset-backed and securitized fixed-income securities; cash and cash equivalents; and, where appropriate, other fixed-income instruments with varying maturities. Under normal conditions, PCLO invests at least 80% of its net assets, plus borrowings for investment purposes, in private-credit CLOs that at the time of purchase are rated AAA by at least one nationally recognized statistical rating organization. Its portfolio is concentrated primarily in senior CLO tranches issued by private-credit platforms and direct-lending managers, with representative holdings including securities associated with BCRED, HPS Private Credit, Kohlberg Credit, Carlyle Direct Lending, Owl Rock, Woodmont and BCC Middle Market CLO transactions. The fund is non-diversified and focuses on U.S. private-credit markets, while its underlying exposures may include North American, Latin American and developed European issuers and obligors. PCLO represents Virtus Investment Partners’ expansion of its exchange-traded fund and structured-credit offerings through the launch of a dedicated private-credit CLO strategy in December 2024. The launch introduced a publicly traded vehicle designed to provide access to the AAA segment of the private-credit CLO market, combining Seix’s fixed-income and structured-credit investment capabilities with the operational structure of an ETF. Subsequent portfolio activity has included investment in newly issued and seasoned AAA private-credit CLO tranches, including 2025 and 2026 vintage transactions, reflecting continued deployment into the private-credit CLO market. The fund charges a 0.29% management fee and continues to be managed as a securitized fixed-income ETF rather than an index-tracking product.