Palmer Square Capital Management Lists Europe’s First Passive CLO ETF on the London Stock Exchange

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Euro-Denominated CLO ETF (PCL0) Begins Trading September 16

MISSION WOODS, Kan.--(BUSINESS WIRE)-- 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.

Media contact: palmersquare@kcsa.com

Source: Palmer Square Capital Management LLC

Released September 16, 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.