1. Palmer Square launched PCL0, a Euro-denominated CLO ETF on the LSE. 2. PCL0 provides exposure to AAA and AA-rated CLO debt, enhancing investment options. 3. Palmer Square was the #1 European CLO issuer from 2022 to 2024. 4. PCL0 aims to serve institutional investors with efficient access to structured credit. 5. ETF targets a gap in the European fixed income landscape with innovative solutions.
The launch of PCL0 increases Palmer Square’s market presence, potentially boosting PSBD's attractiveness to investors, similar to past successful ETF launches which increased issuer share prices noticeably.
The article highlights strategic expansion and product innovation at Palmer Square, indicating potential growth benefits for related entities, including PSBD.
As PCL0 establishes itself over time, institutional interest may grow, leading to sustained interest in associated products like PSBD.
Euro-Denominated CLO ETF (PCL0) Begins Trading September 16
Palmer Square Capital Management ("Palmer Square"), a credit-focused alternative asset management firm with more than $36.2 billion* in assets under management and one of the world's largest CLO issuers, announced the commencement of trading for the Palmer Square EUR CLO Senior Debt Index UCITS ETF (PCL0) on the London Stock Exchange (LSE). This follows PCL0‘s initial listing on Xetra, expanding access to the firm's pioneering European CLO ETF for UK-based and broader global institutional investors.
PCL0 is the first passive Euro-denominated CLO ETF available in Europe and provides targeted exposure to AAA and AA-rated CLO debt, benchmarked to Palmer Square's proprietary EUR CLO Senior Debt Index (ECLOSE). The ETF is structured as a sub-fund of the Palmer Square UCITS ICAV, an Irish-domiciled collective asset-management vehicle regulated under Irish law and is fully compliant with European ESG standards.
"The listing of PCL0 on the LSE is a continuation of our strategy to make institutional-quality CLO debt solutions accessible globally through efficient, investor-friendly ETFs," said Angie Long, Chief Investment Officer and Portfolio Manager at Palmer Square. "Investors across Europe and the UK now have multiple avenues through which to gain access to the high-quality, cycle-resilient senior CLO debt market with our UCITS ETF, PCL0."
Chris Long, Founder and CEO of Palmer Square, added: "As the only passive ETF in Europe targeting Euro-denominated AAA and AA CLO debt, PCL0 continues to underscore Palmer Square's leadership in credit through innovation and investor-driven product design. The addition of a UK exchange listing reflects the growing demand we see for this asset class from the global institutional community and highlights our expanding global footprint."
PCL0 tracks the performance, before fees and expenses, of ECLOSE, which was launched in 2024 to meet institutional demand for a transparent, rules-based benchmark for the European CLO senior debt market. ECLOSE reflects Palmer Square's rigorous credit standards, emphasizing liquidity, quality, and market relevance.
"We believe PCL0 fills a critical gap in the European fixed income landscape," said Taylor Moore, Managing Director and Portfolio Manager at Palmer Square. "It offers institutional allocators a streamlined, cost-efficient tool to access what we view as one of the most attractive risk-adjusted return opportunities in structured credit today."
Palmer Square was the #1 European CLO issuer from 2022 through 2024**, with more than 20 European CLOs issued and a zero-default record across all CLO platforms globally. The firm is also known for pioneering global CLO benchmarks, including the U.S.-focused Palmer Square CLO Senior Debt Index (CLOSE) and the Palmer Square CLO Debt Index (CLODI).
PCL0 is not available for retail distribution and is intended exclusively for professional investors, eligible counterparties, and advanced investors under MiFID II guidelines.
Palmer Square UCITS ICAV is advised by Maples and Calder (Ireland) LLP, with Carne Global Fund Managers (Ireland) Limited acting as Management Company. J.P. Morgan serves as Administrator, Registrar, and Depository.
For more information, please visit etf.palmersquarefunds.com.
About Palmer Square Capital Management
Founded in 2009 by Christopher Long, with major offices in Kansas City and London, Palmer Square manages over $36.2 billion* in fixed income/credit investments on behalf of a diverse client base inclusive of institutional investors, wealth management firms, and high net worth individuals (as of 07/31/25). The firm primarily focuses on Opportunistic Credit, Income Strategies, Private Credit, and CLOs while offering many product opportunities, including mutual funds, exchange-traded funds, separately managed accounts, private partnerships, CLOs, and a publicly traded Business Development Company, Palmer Square Capital BDC Inc. (NYSE:PSBD).
Notes and Disclosures
This is a marketing communication. Investors should rely on information in the Prospectus, the Supplement of the relevant Fund and the relevant Fund's most recent annual and/or semi-annual reports when making a decision to invest in the Fund. Prospective investors may also wish to consider the KIID for the relevant Class prior to subscribing for Shares in that Class in order to assist them in making an informed investment decision. The investment which is promoted concerns the acquisition of units or shares in a fund and not in a given underlying asset owned by the fund. Complete information on risks can be found in the Prospectus.
Palmer Square UCITS ICAV (the "ICAV") is registered in Ireland pursuant to the Irish Collective Asset-management Vehicles Act 2015 and is authorised by the Central Bank of Ireland as a UCITS.
The authorisation of the ICAV by the Central Bank shall not constitute a warranty as to the performance of the ICAV and the Central Bank shall not be liable for the performance or default of any Fund of the ICAV. The authorisation of the ICAV is not an endorsement or guarantee of the ICAV by the Central Bank nor is the Central Bank responsible for the contents of the Prospectus.
There is no guarantee that the investment objective of any passively managed fund will be achieved. The performance of a sub-fund may not match the performance of the index it tracks due to factors including, but not limited to, the investment strategy used, fees and expenses, and taxes.
The Fund is considered a complex product. Investors in the Fund are expected to understand and be able to evaluate the strategy, characteristics and risks of the Fund as disclosed in the Supplement, and in particular the risks associated with investments in CLOs, in order to make an informed investment decision. Investors are expected to have the knowledge of, and the investment experience in the financial markets generally.
The Shares of the Fund are intended exclusively for "Advanced Investors", "Professional Investors" and "Eligible Counterparties", each as prescribed in the current European MiFID template (as at the date of the Supplement). The sale of this Fund on the Secondary Market to Retail Investors is not permitted and the Fund shall not be offered to such Retail Investors.
This communication is not directed at and must not be acted upon by persons inside the United States and is otherwise only directed at persons residing in jurisdictions where the relevant funds are authorised for distribution or where no such authorisation is required. The jurisdictions where distribution of the information is available at https://etf.palmersquarefunds.com/.
The Palmer Square CLO Senior Debt Index is a rules-based observable pricing and total return index for Collateralized Loan Obligations (CLOs) debt for sale in the United States, rated at the time of issuance as AAA or AA (or an equivalent rating). Such debt is often referred to as the senior tranches of a CLO. The Palmer Square CLO Debt Index is designed to reflect the investable universe of U.S. CLO mezzanine original rated A, BBB and BB debt issued after January 1, 2011. It is not possible to invest directly in an index.
*Palmer Square Capital Management LLC's AUM is unaudited. The AUM is an estimate as of 07/31/2025 and is inclusive of Palmer Square Capital Management LLC and its affiliates. The data includes all deals and managers in the CLO market except for Middle Market deals.
**As of 12/31/2024. Source: JPM and Palmer Square. The data includes all deals and managers in the CLO market except for Middle Market deals.
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Media contact: palmersquare@kcsa.com