Net Asset Value(s)

Palmer Square EUR CLO Senior Debt Index UCITS ETF reported valuation data dated 02/10/2026 for GBP ticker PCLS and EUR ticker PCL0. Both entries list 1,025,000 units outstanding and shareholder equity of 53,199,075.28; NAV per share is 44.1859 GBP for PCLS and 51.9015 EUR for PCL0.

Analysis

This is a data-quality alert, not a directional credit signal. The two share-class rows report the same ISIN, units outstanding, and shareholder equity, but different NAVs and currencies; the reported GBP NAV multiplied by units also does not reconcile to the stated shareholder equity. These fields may reflect different scopes or a conversion/reporting issue, but the extract does not establish which. Verify the administrator’s original NAV file, share-class identifiers, valuation date convention, and whether equity and units are class-specific before using the figures in performance, sizing, or liquidity analysis.

If the vehicle is confirmed to track senior CLO debt, the relevant market risk is not captured by a single NAV print: loan deterioration, rating migration, and wider CLO spreads can pressure marks, while thin secondary-market liquidity can widen ETF discounts to NAV. Those are conditional exposures; holdings, market price, and spread data are not supplied. No evidence here supports a view on returns or a trade.

Key Decisions for Investors

• Do not infer performance or calculate class-level flows from this extract until the NAV, units, and equity fields are reconciled with the fund administrator.
• Check the ETF’s live bid/ask and premium or discount to verified NAV before trading; a persistent widening alongside broader CLO spread weakness would be a reason to reduce exposure, not to rely on reported NAV alone.
• For the next 1–3 months, monitor underlying CLO spread moves, loan downgrade/default trends, and fund holdings. Treat any position as a watch item until these exposure and liquidity details are verified.