Reckoner Yield Enhanced AAA CLO ETF

Frequently Asked Questions About RAAA

What does RAAA invest in?

RAAA uses up to 50% leverage through reverse repurchase agreements to increase exposure to USDdenominated collateralized loan obligations (CLOs). It seeks income and capital preservation by focusing on AAArated CLO tranches, the senior and highestquality part of a CLO structure backed by pools of loans, including leveraged loans. CLOs must be rated AAA or deemed comparable by the adviser. Up to 20% of assets may be allocated to AA or Arated CLOs. A bottomup process evaluates manager skill, deal structure, collateral, cash flow, and trading frequency, emphasizing larger and more liquid transactions. Investments may also include ETFs with similar strategies. Most holdings are floatingrate and sourced from both primary and secondary markets, with allocations adjusted based on market trends. The fund is nondiversified but limits holdings of any single CLO or manager to 20% to help manage risk while pursuing income and credit quality.

What is the expense ratio of RAAA?

Reckoner Yield Enhanced AAA CLO ETF (RAAA) charges an expense ratio of 0.30%. This is the annual fee deducted from fund assets to cover management and operations.

What is RAAA's dividend yield?

RAAA's trailing-twelve-month yield is 5.37%, calculated from the sum of dividends over the past year divided by the current price.

What is the duration of RAAA?

Effective duration measures RAAA's sensitivity to interest-rate changes — a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. RAAA's current duration is published on the fund's factsheet on the issuer's website.

What is the credit quality of RAAA?

RAAA's credit quality breakdown — the share of holdings rated AAA through CCC and below — is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.

What is the yield to maturity of RAAA?

Yield to maturity (YTM) is the total return you'd earn from RAAA if every bond in the portfolio is held to maturity at the current price. RAAA's YTM is published on the fund's factsheet on the issuer's website — it differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.