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.
