ETF Evaluator:
Reckoner Yield Enhanced AAA CLO ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Securitized Bond - Focused Over the Last Year
| 6.0% | iShares BBB-B CLO Active ETF (BCLO) |
| 5.6% | Nuveen AA-BBB CLO ETF (NCLO) |
| 5.4% | Reckoner Yield Enhanced AAA CLO ETF (RAAA) |
| 5.4% | Eldridge BBB-B CLO ETF (CLOZ) |
| 5.3% | BondBloxx Private Credit CLO ETF (PCMM) |
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Risk
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ETF Details
Reckoner Yield Enhanced AAA CLO ETF Overview
Reckoner Yield Enhanced AAA CLO ETF (RAAA) is an actively managed Taxable Bond Securitized Bond - Focused exchange-traded fund (ETF). Reckoner Capital Management LLC launched the ETF in 2025.
The investment seeks to generate current income, with a secondary objective of capital preservation.
The fund is an actively-managed ETF that pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets in debt tranches of collateralized loan obligations of any maturity or duration that are rated, at the time of purchase, AAA, which is the most senior level of debt tranche and considered to be investment-grade. The fund is non-diversified.
About Reckoner Yield Enhanced AAA CLO ETF (RAAA)
There are 3 members of the management team with an average tenure of 1.06 years: Timothy Wickstrom (2025), John E. Kim (2025) and Jared Finsterbusch (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Reckoner Yield Enhanced AAA CLO ETF has 60 securities in its portfolio. The top 10 holdings constitute 57.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Reckoner Yield Enhanced AAA CLO ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Reckoner Yield Enhanced AAA CLO ETF has 128.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 191.1% (63.1% domestic bond, 128.0% foreign bond and 0.0% convertible bond). Reckoner Yield Enhanced AAA CLO ETF has -91.3% of the portfolio in cash.
Assets Under Management
The fund has $35 million in total assets, which is below the $1 billion average for the Securitized Bond - Focused category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
RAAA Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Reckoner Yield Enhanced AAA CLO ETF expense ratio is below average compared to funds in the Securitized Bond - Focused category. Reckoner Yield Enhanced AAA CLO ETF has an expense ratio of 0.30%, which is 4% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Reckoner Yield Enhanced AAA CLO ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 51% for the Securitized Bond - Focused category.
Recently, in the month of July 2026, Reckoner Yield Enhanced AAA CLO ETF returned 0.5%, which earned it a grade of A, as the Securitized Bond - Focused category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Reckoner Yield Enhanced AAA CLO ETF has a trailing yield of 5.19%, which is below the 5.32% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Reckoner Yield Enhanced AAA CLO ETF Grades
Year to date, the ETF has returned 3.0%, 0.5 percentage points better than the category, which translates into a grade of A. The fund has returned 5.4% over the past year (grade of A).
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RAAA Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| RAAA Return (NAV) | 0.5% | 1.3% | 5.4% | na | na | na |
| RAAA Return (Price) | 0.4% | 1.3% | 5.4% | na | na | na |
| NAV +/- Price Return | 0.057% | -0.025% | -0.010% | na | na | na |
| Securitized Bond - Focused Avg | 0.3% | 1.2% | 4.9% | 6.6% | 3.4% | 1.9% |
| RAAA Grade (NAV) | A | C | A | na | na | na |
| +/- Category (NAV) | 0.1% | 0.1% | 0.5% | na | na | na |
| RAAA Tax-Cost Ratio | na | na | 2.1% | na | na | na |
RAAA Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RAAA Return (NAV) | 3.0% | na | na | na | na | na | na | na | na | na | na |
| RAAA Return (Price) | 3.1% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.029% | na | na | na | na | na | na | na | na | na | na |
| Securitized Bond - Focused Avg | 2.5% | 5.9% | 7.6% | 9.0% | -3.7% | 0.3% | 5.8% | 7.5% | 0.6% | 3.1% | 3.0% |
| RAAA Grade (NAV) | A | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 0.5% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 5.2% |
| Total Assets: | $ 35 Mil |
| Share Class Assets: | $ 35 Mil |
| Turnover: | na |
| Expense Ratio: | 0.30% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 200% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 1.1 years | |||
| Average Tenure: 1.1 years | |||
| Managers (Year): Wickstrom Timothy (2025), Kim John E. (2025), Finsterbusch Jared (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 60 |
| % in Top 10 Holdings: | 57.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 128.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 63.1% |
| Foreign Bond: | 128.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.2% |
| Cash: | -91.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Reckoner Capital Management LLC |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | July 8, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.30% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.31% |
