Net Asset Value(s)

The table reports Palmer Square EUR CLO Senior Debt Index UCITS ETF figures dated 05/11/2026. It lists 1,025,000 units outstanding and shareholder equity of 53,315,545.37 for both the EUR and GBP share classes; NAV per share is 52.0152 EUR and 43.3328 GBP, respectively.

Analysis

This is a valuation snapshot, not a credit event or evidence of a change in portfolio value. The EUR and GBP NAVs may reflect currency translation rather than different economics; the near-identical identifiers alongside different tickers make share-class and data mapping worth checking before interpreting the figures. A single NAV observation does not establish performance, market discount/premium, or liquidity. The relevant risk is broader CLO senior-debt exposure: spread widening, deteriorating loan collateral, or reduced secondary-market liquidity could pressure NAV and make ETF trading prices diverge from it. Near term, the only actionable signal would be a persistent price-to-NAV dislocation after confirming the correct share class and FX convention. Over 1–3 months, monitor CLO spreads, loan defaults/downgrades, and ETF bid-ask depth; over 6–18 months, weaker collateral or impaired refinancing could challenge the senior tranche cushion. No thesis-changing catalyst is evident in this snapshot.

Key Decisions for Investors

• No directional trade on this disclosure alone; it contains no independently verifiable change in credit quality or portfolio exposure.
• Verify whether PCL0 and PCLS represent currency-denominated share classes and whether the quoted NAVs use consistent valuation times and FX rates. Treat any apparent gap as a possible data or currency artifact until reconciled.
• If considering an entry, compare each class’s executable market price with its corresponding NAV and assess bid-ask depth; avoid acting on a cross-currency NAV comparison.
• Watch CLO spreads, underlying loan credit deterioration, and ETF liquidity. A sustained discount to the correctly matched NAV alongside spread widening would weaken the case; normalization of spreads and the discount would falsify a bearish dislocation thesis.