Alternative Access Funds Launches CLO Bond ETF 'AAA'

On September 9, 2020, Alternative Access Funds, LLC (“AAF”) announced the launch of the AAF First Priority CLO Bond ETF (AAA). The first day of trading commenced on Wednesday, on the New York Stock Exchange.

AAA will be one of the first of its kind in the marketplace that gives investors the ability to purchase direct exposure to first-priority collateralized loan obligation (“CLO”) bonds. The ETF will invest in US dollar-denominated first priority CLOs that are rated AAA or equivalent by various nationally recognized statistical ratings organizations (“NRSRO”). The objective of the ETF will be to seek capital preservation and generate current income.

Founding partner Peter Coppa expressed, “We are excited about launching ‘AAA’ on the NYSE. From the first day we started this venture almost two years ago, our mission was to give investors access to a segment of the credit universe that we believe is often misunderstood but in fact, has the potential to provide relatively attractive returns with a great deal of capital preservation.”

Coppa continues, “The CLO market has matured to a point where all types of investors, both institutional and retail, should be able to invest in it. With the launch of ‘AAA’, we believe it will generate additional interest in CLOs, specifically with respect to the AAA tranches, and introduce greater transparency and regulatory oversight into the asset class. Investors can be the beneficiary of this”.

‘AAA’ is the first ETF launched by AAF. After spending 17 years on Wall Street, Coppa founded AAF in 2018 and is joined by two partners, Todd Themistocles and Steve Kim, who will help manage AAF’s ETF rollout.

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