Net Asset Value(s)

Palmer Square EUR CLO Senior Debt Index UCITS ETF disclosed NAVs as of 16 December 2025: both tickers PCLS (GBP) and PCL0 (EUR) share ISIN IE000JTHNWF0, have 1,050,000 units outstanding and a shareholder equity base of 53,115,744.88, with NAVs of 44.3817 GBP and 50.5864 EUR per share. The dual-currency quotes reflect FX translation of the same underlying EUR CLO senior debt exposure and serve as the definitive valuation points for GBP- and EUR-denominated investors and for trading/liquidity assessment.

Analysis

Palmer Square EUR CLO Senior Debt Index UCITS ETF published NAVs as of 16 December 2025 for two share classes: PCLS (GBP) and PCL0 (EUR) both under ISIN IE000JTHNWF0. The fund reports 1,050,000 units outstanding and a shareholder equity base of 53,115,744.88, with NAVs of 44.3817 GBP and 50.5864 EUR per share, which are the definitive valuation points for GBP- and EUR-denominated holders.

The dual-currency presentation reflects a single underlying exposure to EUR-denominated CLO senior debt translated into GBP for the PCLS class; therefore movements in GBP/EUR FX will create divergence in returns between the two tickers independent of underlying credit performance. The provided sentiment and market-impact signals are neutral (sentiment_score 0.0, market_impact_score 0.1), indicating this disclosure is a routine NAV notice rather than an event-driven revaluation.

For investors, key drivers to watch are FX volatility between GBP and EUR and broader CLO senior-credit spreads, as the ETF’s value is tied to EUR CLO senior debt performance. Given the modest size implied by the stated equity base and units outstanding, secondary-market liquidity and any persistent premium/discount between the GBP and EUR share classes are practical considerations for execution and position sizing.

Key Decisions for Investors

• Assess currency exposure: GBP investors should evaluate FX impact between PCLS and PCL0 and consider hedging if they wish to isolate EUR CLO credit exposure
• Use the disclosed 1,050,000 units and shareholder equity base of 53,115,744.88 to gauge liquidity and limit position size relative to portfolio needs
• Monitor EUR CLO senior debt spreads and credit-market signals as primary risk drivers for NAV movements
• Compare secondary-market prices of PCLS and PCL0 for persistent premiums/discounts versus NAV and consider arbitrage or execution adjustments if divergence appears