| Investment Objective: |
The Fund is an actively-managed ETF that seeks to achieve its investment objective by investing all of its assets in Reckoner Yield Enhanced AAA CLO ETF ("RAAA") in a master/feeder structure in which the Fund is the feeder fund and RAAA is the master fund. Reckoner Capital Management LLC, investment adviser seeks to manage the Fund's portfolio such that the Fund makes only one payment of any dividend or other income distributions to shareholders each year. The strategy has been designed for investors seeking to achieve exposure to RAAA, but who do not want to receive dividend or distribution payments (including income or capital gains distributions) more than once per year. There is no guarantee that the Fund will be able to minimize paying dividends and distributions. In implementing this strategy, the Fund may be entirely invested in cash, rather than RAAA, for certain temporary periods. Under normal circumstances, RAAA's total investment exposure is expected to be equal to approximately 200% of RAAA's net assets. RAAA expects to obtain additional exposure to collateralized loan obligations ("CLOs") through the use of reverse repurchase agreements, derivatives, swaps or similar financing transactions to the extent permitted under the Investment Company Act of 1940. |
