Reckoner BBB-B CLO Annual ETF

The Reckoner BBB-B CLO Annual ETF is an actively managed exchange-traded fund that provides investors with targeted exposure to primarily BBB- and BB-rated tranches of collateralized loan obligations (CLOs). These mezzanine CLO securities are backed by diversified portfolios of senior secured, floating-rate corporate loans, typically issued to below-investment-grade companies and leveraged by private equity firms. The fund's primary function is to pursue capital preservation and total return through current income and potential appreciation, while uniquely limiting distributions to a single annual payment, allowing investors to remain fully invested for compounding over longer horizons. Managed by Reckoner Capital Management, a specialist in alternative credit, the ETF benefits from the CLO structure's embedded protections, including overcollateralization, cash flow waterfalls, and active portfolio management to optimize performance amid credit conditions. CLOs offer low interest-rate sensitivity due to floating rates, diversification across hundreds of loans, and historical resilience with low default rates on rated tranches. As part of Reckoner's innovative CLO ETF suite, it enhances accessibility to this high-yield asset class, traditionally institutional, enabling retail and institutional investors to tap into structured credit with exchange-traded liquidity and tailored distribution flexibility.