Europe’s First Passive CLO ETF Launched by Palmer Square Capital Management

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New Euro-Denominated CLO ETF (PCL0) Begins Trading August 7, 2025, on Xetra

MISSION WOODS, Kan.--(BUSINESS WIRE)-- Palmer Square Capital Management (“Palmer Square”), a credit-focused alternative asset management firm with more than $35.9 billion* in assets under management and one of the world’s largest CLO issuers, today announced the launch and commencement of trading for the Palmer Square EUR CLO Senior Debt Index UCITS ETF (PCL0), the first passive Euro-denominated CLO ETF designed specifically for European institutional investors that provides exposure to AAA- and AA-rated CLO debt. PCL0 is benchmarked against Palmer Square’s EUR CLO Senior Debt Index (ECLOSE), expanding differentiated access globally to the European CLO senior debt. PCL0 is the first sub-fund of a newly established Irish collective asset-management vehicle (ICAV), Palmer Square UCITS ICAV, an umbrella fund with segregated liability between sub-funds, established under the laws of Ireland.

“The launch of PCL0 epitomizes the philosophy of applying our deep global credit expertise and experience to innovative, investor-driven product solutions tailored to meet the rising institutional demand for this asset class around the world,” said Angie Long, Chief Investment Officer and Portfolio Manager at Palmer Square.

Palmer Square Founder and CEO, Chris Long, added, “As the newest addition to our global line-up of investment solutions, PCL0 is the first in a series of European Palmer Square ETFs providing high-quality exposure to cycle-resilient senior CLO debt, further extending global access to our recognized track record, while highlighting our distinct positioning and leadership in global credit markets.”

PCL0 tracks the performance, before fees and expenses, of ECLOSE, a proprietary, research-driven benchmark launched by Palmer Square in 2024 with a performance track record starting in 2018. Designed to provide institutional investors with a transparent, rules-based, high-quality benchmark for Euro-denominated CLO senior debt, ECLOSE serves as one of the cornerstones for Palmer Square’s expansion into the European ETF market.

“Our ETFs are designed to simplify portfolio construction while facilitating a superior way of gaining market exposure to the senior debt tranches of Euro-denominated CLOs,” said Taylor Moore, Managing Director and Portfolio Manager at Palmer Square. “PCL0 will enable institutional investors to efficiently allocate to the universe of AAA and AA European CLO debt and achieve optimal market exposure with ease.”

Jeremy Goff, Managing Director at Palmer Square, noted, “As the first and only passive UCITS CLO ETF tracking the performance characteristics of our ECLOSE index, PCL0 provides European institutional investors with an innovative and unique tool for accessing and allocating capital to this market.”

Palmer Square was the #1 European CLO issuer1 from 2022 through 2024, reinforcing its position at the forefront of European structured credit. The firm pioneered the first globally distributed CLO indices over a decade ago, including the U.S.-focused Palmer Square CLO Senior Debt Index (CLOSE) and CLO Debt Index (CLODI). Building on this legacy, the launch of PCL0 marks the next step in bringing Palmer Square’s approach and expertise to institutional investors across Europe.

Palmer Square UCITS ICAV is advised in Ireland by Maples and Calder (Ireland) LLP. Carne Global Fund Managers (Ireland) Limited serves as the Management Company. J.P. Morgan serves as Administrator, Registrar and Depository.

For more information, please visit www.palmersquarecap.com.

About Palmer Square Capital Management

Founded in 2009 by Christopher Long, with major offices in Kansas City and London, Palmer Square manages over $35.9 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 06/30/25). 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.

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.

The Fund is not registered with the Swiss Financial Market Supervisory Authority (“FINMA”) and is not currently listed on The Swiss Marketing Exchange (“SIX”).

The Fund is pending approval of the Overseas Funds Regime (“OFR”) by the Financial Conduct Authority and shall not be marketed to UK retail investors. Additionally, the listing of this Fund on the London Stock Exchange (“LSE”) is currently pending.

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/.

*Palmer Square Capital Management LLC’s AUM is unaudited. The AUM is an estimate as of 06/30/2025 and is inclusive of Palmer Square Capital Management LLC and its affiliates.
1The data includes all deals and managers in the CLO market except for Middle Market deals.

Media contact: palmersquare@kcsa.com

Source: Palmer Square Capital Management LLC

Released August 7, 2025

Important information about our US ETFs:

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call (855) 513-9988 or visit our website at etf.palmersquarefunds.com. Read the prospectus or summary prospectus carefully before investing.

The Palmer Square CLO Senior Debt ETF and the Palmer Square Credit Opportunities ETF are distributed by Foreside Fund Services, LLC.

The Palmer Square Credit Opportunities ETF:The Fund is subject to liquidity risk and therefore may not be able to sell some or all of the investments that it holds due to a lack of demand in the marketplace or other factors. The Fund is subject to credit risk in that if an issuer or guarantor of a debt security held by the Fund or a counterparty to a financial contract with the Fund defaults or is downgraded or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of the Fund’s portfolio will typically decline. The Fund is classified as “nondiversified,” which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified. High yield securities, commonly referred to as “junk bonds”, are rated below investment grade by at least one of Moody’s, S&P or Fitch (or if unrated, determined by the Fund’s advisor to be of comparable credit quality high yield securities). High yield funds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, and longer-term and lower rated securities are more volatile than shorter-term and higher rated securities. Using derivatives exposes the Fund to additional or heightened risks, including leverage risk, liquidity risk, valuation risk, market risk, counterparty risk, and credit risk. Derivatives transactions can be highly illiquid and difficult to unwind or value and they can increase Fund volatility.

The Palmer Square CLO Senior Debt ETF:The Fund is subject to liquidity risk and therefore may not be able to sell some or all of the investments that it holds due to a lack of demand in the marketplace or other factors. The Fund is subject to credit risk in that if an issuer or guarantor of a debt security held by the Fund or a counterparty to a financial contract with the Fund defaults or is downgraded or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of the Fund’s portfolio will typically decline. The Fund is classified as “nondiversified,” which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified. High yield securities, commonly referred to as “junk bonds”, are rated below investment grade by at least one of Moody’s, S&P or Fitch (or if unrated, determined by the Fund’s advisor to be of comparable credit quality high yield securities). High yield funds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, and longer-term and lower rated securities are more volatile than shorter-term and higher rated securities. Using derivatives exposes the Fund to additional or heightened risks, including leverage risk, liquidity risk, valuation risk, market risk, counterparty risk, and credit risk. Derivatives transactions can be highly illiquid and difficult to unwind or value and they can increase Fund volatility.

ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF's ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.

Important information about our UCITS ETF:

Regulatory Disclaimer/Legal Information

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 this Prospectus.

Carne Global Fund Managers (Ireland) Limited (the "Manager") reserves the right to terminate the arrangements made for the marketing of the sub-fund and/or its shares in accordance with Article 93a of Directive 2009/65/EC and Article 31a of Directive 2011/61/EU. Prior notice of this cessation will be made in Ireland.

This is a marketing communication. Please refer to the Prospectus of Palmer Square UCITS  ICAV (including the Supplements and KIID/KID for each relevant sub-fund of the Palmer Square UCITS ICAV available on etf.palmersquarefunds.com/ before making any final investment decisions. 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.