Panagram BBB-B CLO ETF (NYSEARCA:CLOZ) is an actively managed exchange-traded fund (ETF) designed to generate income and preserve capital. Unlike most ETFs, CLOZ is actively managed, meaning portfolio decisions are made by fund managers. The fund invests in a diversified basket of Collateralized Loan Obligations (CLOs) rated between BBB and BB. CLOs are bundles of corporate loans that are sliced into various risk categories and sold to investors. By investing in BBB- and BB-rated CLOs, CLOZ targets a balance between potential income from interest payments and managing credit risk. However, this strategy also exposes investors to the broader debt market and the risk of defaults on the underlying loans within the CLOs.