Reckoner Capital Management, an ETF provider whose product line concentrates on the collateralized loan obligation (CLO) space, is expanding its lineup with four new funds offering investors distribution flexibility.
Reckoner’s two prior funds, the Reckoner Yield Enhanced AAA CLO ETF (RAAA) and the Reckoner BBB-B CLO ETF (RCLO), appeal to those looking to diversify their monthly potential income with CLO exposure. These new funds appeal to investors who want to more closely align their cash flows with their investment objectives.
- The Reckoner Yield Enhanced AAA CLO Reinvesting ETF (RAAR): provides leveraged exposure to AAA-rated CLO bonds seeking compounding value through distribution minimization and continuous reinvestment.
- The Reckoner Yield Enhanced AAA CLO Annual ETF (RAAY): provides leveraged exposure to AAA-rated CLOs while limiting distributions to a single annual payment.
- The Reckoner BBB-B CLO Reinvesting ETF (RCLR): provides exposure to primarily BBB- and BB-rated CLO bonds seeking compounding value through distribution minimization and continuous reinvestment.
- The Reckoner BBB-B CLO Annual ETF (RCLY): provides exposure to primarily BBB- and BB-rated CLO bonds while limiting distributions to a single annual payment.
“We heard from many investors who want exposure to CLOs over the long term that they would prefer to remain fully invested rather than receiving distributions on a monthly basis,” said Reckoner co-founder and CEO John Kim. “Our newly launched reinvesting and annual distribution CLO ETFs give investors the flexibility to match their cash flow requirements to their investment horizons and to recognize distributions as taxable income when the shares are sold. As CLO specialists with more than a decade of experience and longstanding industry relationships, we have the know-how to innovate new CLO ETF structures that provide investors with alternative paths to achieving their specific investment objectives.”
Active Expertise in an ETF Wrapper
Increasingly, investors are turning to active funds — evidenced by a record number of new active ETF launches in 2025. A new year brings more market uncertainty, which makes active management even more imperative. That’s especially the case in the CLO market, which carries its own unique set of complexities and idiosyncratic risks. Reckoner’s actively managed funds. enable investors to benefit from the experience of the funds’ portfolio managers who know how to navigate a nuanced CLO market.
In a time when the fixed income market faces macroeconomic uncertainties ahead, the launch of these new funds is timely. Rather than rely on traditional sources such as bonds, income seekers can diversify their streams with CLOs whether they’re looking for long-term wealth building, capital preservation, and/or income. Reckoner continues to make the CLO market accessible with the expansion of its lineup that features the flexibility, tax efficiency, and cost-efficiency of an ETF wrapper.
“ETFs offer a very accessible way to invest in CLOs, yet ETFs can often have ‘a one-size-fits-all’ feel with little flexibility to accommodate individual needs,” said Richard Hoge, Managing Director at Reckoner. “As the sole manager of the entire suite of funds and their underlying assets, we can provide investors distribution options with an efficient fee structure that does not require compensation for multiple managers. We’re excited to make high quality alternative investments like CLOs available to ETF investors through actively managed funds that help them meet their financial goals.”
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For important information about the ETFs, please click here https://reckoner.com/raaa/ for RAAA, click here https://reckoner.com/raay/ for RAAY, click here https://reckoner.com/raar/ for RAAR, click here https://reckoner.com/rclo/ for RCLO, click here https://reckoner.com/rcly/ for RCLY, click here https://reckoner.com/rclr/ for RCLR.
Important Information
Carefully consider the fund’s objectives, risks, charges, and expenses before investing. The prospectus at links above or 212.597.2500 provides the full details. Read it carefully before investing.
Investing involves risk including the risk of principal loss. The fund’s principal investment risks include management risk, novel structure risk, affiliated fund risk, collateralized loan obligation risk, non-diversified fund risk, new fund risk, leverage risk, and liquidity risk. For additional information about these and other fund risks, please refer to the “Principal Investment Risks” section of the prospectus.
ETFs may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market prices (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.
Past performance is no guarantee of future results.
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.
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