| Investment Objective: |
The Fund is an actively managed exchange-traded fundthat pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets in investments that provide exposure to debt tranches of collateralized loan obligations ("CLOs") of any maturity or duration that are rated, at the time of purchase, between and including BBB+ and B- (or equivalent by a nationally recognized statistical rating organization ("NRSRO")). The Fund complies with this policy by investing substantially all of its assets in the shares of affiliated and unaffiliated underlying funds that are registered under the Investment Company Act of 1940 (the "1940 Act"), more specifically, underlying funds whose investment strategy consists of investing in, or providing exposure to, debt tranches of CLOs rated between and including BBB+ and B- (the "Underlying Funds"). The Fund's selection of Underlying Funds currently consists of Reckoner BBB-B CLO ETF ("RCLO") and Reckoner BBB-B CLO Annual ETF ("RCLY"). This selection may change over time, although Reckoner Capital Management LLC, investment adviser to the Fund, expects to select such Underlying Fund investments without considering or canvassing the universe of available unaffiliated investment companies. |
