Palmer Square CLO Senior Debt ETF (PSQA) is a passively managed exchange-traded fund that invests primarily in the AAA- and AA-rated senior debt tranches of U.S. dollar-denominated arbitrage collateralized loan obligations (CLOs); it seeks to replicate, before fees and expenses, the performance of the proprietary Palmer Square CLO Senior Debt Index, a rules-based index targeting the highest quality and most liquid segments of the U.S. CLO senior debt universe. The fund employs a representative sampling technique to track the index, focusing on floating-rate CLO debt rated AAA or AA at issuance by at least one major rating agency or equivalent as determined by the advisor; it is non-diversified and domiciled in the United States, trading on NYSE Arca. Launched on September 11, 2024, PSQA is issued by Palmer Square Funds Trust and managed by Palmer Square Capital Management LLC, a credit-focused alternative asset manager founded in 2009 and headquartered in Mission Woods, Kansas, outside Kansas City, with over $36 billion in assets under management as of late 2025. Geographically, the fund concentrates on U.S. fixed income markets, serving institutional and high-net-worth investors seeking exposure to structured credit. In recent developments, Palmer Square Capital Management launched PSQA alongside the Palmer Square Credit Opportunities ETF in September 2024 as part of its expansion into passive ETF strategies; the firm followed this in August 2025 with Europe's first passive CLO ETF, the Palmer Square EUR CLO Senior Debt Index UCITS ETF (PCL0), targeting AAA- and AA-rated Euro-denominated CLO debt for European institutional investors.