Our ETFs
At Reckoner Capital, we are defined by a deep-seated belief in the power of credit markets to create value. Our firm was founded on the principles of disciplined analysis, rigorous risk management, and a commitment to transparency
Compare our funds
Why Reckoner Capital?
We are pioneers in structured credit and CLOs. Our team has previously managed more than $16 billion in alternative credit assets at a prior firm and is focused on what matters most to investors: a client-first mentality, meticulous due diligence, disciplined risk management, and strong risk-adjusted returns
Most important is our focus and expertise: we are a CLO specialist, not an ETF generalist. This gives us the know-how to innovate new CLO ETF structures that we believe differentiates Reckoner’s funds from a host of ETF options. We were the first to strategically deploy leverage to boost yields in our AAA-CLO ETF and we now offer a suite of solutions that provide investors with alternative paths to achieving their specific investment objectives offering capital preservation and options from current income to capital accumulation
Our CLO Products
A CLO, or Collateralized Loan Obligation, is a diversified pool of hundreds of floating-rate senior secured loans designed to deliver relative stability and attractive yields across market cycles, including periods of interest rate volatility
This highly diversified and uncorrelated asset class has displayed low default rates and attractive returns compared to corporate bonds of the same rating.* With our ETF structure, many different types of investors can now benefit from access to an asset class that has been available to institutional investors since the 1990s
The Reckoner Suite of CLO ETFs
Reckoner offers a range of CLO ETFs designed to help investors grow returns with smart strategies focused on current income, reinvestment, and capital preservation
Low-Correlation
Designed to provide consistent risk-adjusted returns with low correlation to traditional fixed income asset classes
Active Expert Management
Actively managed by experienced CLO professionals who strategically select bonds and make dynamic portfolio adjustments seeking to optimize returns based on market conditions
Institutional Access, ETF Format
Provides many different types of investors access to CLOs, an alternative credit asset class historically only available to institutional investors with the benefits of ETF structures – lower cost, transparency, and liquidity
AAA CLO ETFs
RAAA
The Reckoner Yield Enhanced AAA CLO ETF (RAAA) is an actively managed ETF designed to enhance yield on a diverse portfolio of AAA-rated CLO bonds through the use of leverage, while seeking capital preservation
Why Invest in the Reckoner Yield Enhanced AAA CLO ETF?
- Aims to provide enhanced yield and returns through leveraged exposure to a diverse portfolio of AAA-rated CLO bonds
- Distribution frequency: Monthly dividend
RAAR
The Reckoner Yield Enhanced AAA CLO Reinvesting ETF (RAAR) seeks an enhanced total return on a diverse portfolio of AAA-rated CLO assets while seeking compounding value through continuous asset growth. RAAR is designed to create long-term shareholder value by maximizing the reinvestment of underlying portfolio returns through the strategic use of leverage and distribution minimization. The Fund is actively managed and invests primarily in affiliated ETFs
Why invest in the Reckoner Yield Enhanced AAA CLO Reinvesting ETF?
- Aims to provide enhanced yield and returns through leveraged exposure to a diverse portfolio of AAA-rated CLO bonds
- Seeks compounding value through dividend minimization and continuous reinvestment
- Distribution frequency: Seeks to maximize reinvest and minimize distributions
RAAY
The Reckoner Yield Enhanced AAA CLO Annual ETF (RAAY) seeks an enhanced total return on a diverse portfolio of AAA-rated CLO assets while making one distribution per annum. RAAY is designed to create long-term shareholder value through the strategic use of leverage and receiving a single annual dividend or distribution payment after maximizing reinvestment. The Fund is actively managed and invests primarily in affiliated ETFs
Why invest in the Reckoner Yield Enhanced AAA CLO Annual ETF?
- Aims to provide enhanced yield and returns through leveraged exposure to a diverse portfolio of AAA-rated CLO bonds
- Seeks to limit distributions by delivering a single annual dividend payment
- Distribution frequency: Annual dividend
BBB-B CLO ETFs
RCLO
The Reckoner BBB-B CLO ETF (RCLO) is an actively managed ETF designed to generate current income while seeking capital preservation by primarily investing in a diverse portfolio of BBB- and BB-rated CLO bonds
Why invest in the Reckoner BBB-B CLO ETF?
- Targets capital preservation and a consistent income stream by investing in a diverse portfolio of BBB- and BB-rated CLO bonds
- Distribution frequency: Monthly dividend
RCLR
The Reckoner BBB-B CLO Reinvesting ETF (RCLR) seeks total return on a diverse portfolio of BBB- and BB-rated CLO assets while seeking compounding value through continuous asset growth. RCLR is designed to provide capital preservation by maximizing the reinvestment of underlying portfolio returns through exposure to the mezzanine tranches of CLOs and distribution minimization. The Fund is actively managed and invests primarily in affiliated ETFs
Why invest in the Reckoner BBB-B CLO Reinvesting ETF?
- Targets capital preservation and a consistent income stream by investing in a diverse portfolio of BBB- and BB-rated CLO bonds
- Seeks compounding value through dividend minimization and continuous reinvestment
- Distribution frequency: Seeks to minimize distributions through reinvestment
RCLY
The Reckoner BBB-B CLO Annual Pay ETF (RCLY) seeks total return on a diverse portfolio of BBB- and BB-rated CLO assets while making one distribution per annum. RCLY is designed to provide capital preservation through exposure to the mezzanine tranches of CLOs and the optionality of receiving a single annual dividend or distribution payment. The Fund is actively managed and invests primarily in affiliated ETFs
Why invest in the Reckoner BBB-B CLO Annual Pay ETF?
- Targets capital preservation and a consistent income stream by investing in a diverse portfolio of BBB- and BB-rated CLO bonds
- Seeks to limit distributions by delivering a single annual dividend payment
- Distribution frequency: Annual dividend
- S&P Global, “CLO Spotlight: U.S. CLO Tranche Defaults As Of Sept. 30, 2025,” 10/17/2025; S&P Global; S&P Global, “Default, Transition, and Recovery: 2024 Annual Global Corporate Default And Rating Transition Study,” 3/27/2025; Bank of America, “Securitized products yield history, 2008-present,” 1/9/2026.
Reckoner Yield Enhanced AAA CLO ETF, Reckoner Yield Enhanced AAA CLO Annual ETF, and Reckoner Yield Enhanced AAA CLO Reinvesting ETF are different from most funds in that each seeks leveraged returns, which makes it riskier than funds that do not use leverage. Periods of higher market volatility may affect each fund’s return more than the returns of funds that do not use leverage. Accordingly, each fund may not be suitable for all investors and should be used only by knowledgeable investors who understand the potential consequences of seeking leveraged investment results. Shareholders should actively manage and monitor their investments.
Investing involves risk including the risk of principal loss.
Affiliate risk is noted since certain of the fund invests all of its assets in an affiliated fund which is advised by the Adviser. The Adviser will generally receive fees for managing those affiliated funds, in addition to the fees paid to the Adviser by the respective fund. In addition, the Adviser may have a conflict of interest when making investment decisions for each of the funds, including with respect to the intended income and dividend distribution schedules for the fund.
Liquidity risk refers to the possibility that the funds may not be able to sell or buy a security at a favorable price or time. Consequently, the funds may have to accept a lower price to sell a security, sell other securities to raise cash, or decline an investment opportunity, any of which could have a negative effect on the respective fund’s performance.
Collateralized Loan Obligations (“CLOs”) are structured products that issue different tranches, with varying degrees of risk, which are backed by an underlying portfolio consisting primarily of below investment grade corporate loans. Investments in CLOs presents risks similar to those of other credit investments, including interest rate risk, credit risk, liquidity risk, prepayment risk, and the risk of defaults of the underlying assets.
The funds are recently organized investment companies with little or no operating history. As with all ETFs, shares of the fund may be bought and sold in the secondary market at market prices (not NAV) and are not individually redeemed from the fund. Total returns are calculated using the daily 4:00pm net asset value (NAV). Although it is expected that the market price of shares of the fund will approximate the intraday value of the fund’s holdings used to calculate the fund’s NAV, there may be times when the market price is more than the intra-day NAV (premium) or less than the intra-day NAV (discount), which may result in a widening of the bid and ask spread, due to supply and demand of shares or during periods of market volatility. Market price returns do not represent the returns you would receive if you traded shares at other times. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. For RAAA and RCLO, these ETFs expect to affect most of its creations and redemptions primarily for cash, rather than in-kind securities. Cash purchases and sales may cause the fund to incur portfolio transaction fees, gains or losses on the sales, or charges or delays in investing the cash that it would otherwise not incur if a purchase or sale was made on an in-kind basis. Each fund’s investment in debt securities may subject it to liquidity risk, interest rate risk, floating-rate obligations risk, call risk, and extension risk.
Distributor: Quasar Distributors, LLC.
Subject to change.
