ETF Evaluator:
Reckoner Yield EnhAAA CLO ReinvestingETF ()
Follow This ETF
(as of Aug 24)
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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ETF Details
Reckoner Yield EnhAAA CLO ReinvestingETF Overview
Reckoner Yield EnhAAA CLO ReinvestingETF (RAAR) is an actively managed Taxable Bond Securitized Bond - Focused exchange-traded fund (ETF). Reckoner Capital Management LLC launched the ETF in 2026.
The investment seeks total return, while seeking to minimize making dividend or distribution payments.
The fund is an actively managed exchange-traded fund (“ETF”) that 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, AAA (or equivalent by a nationally recognized statistical rating organization (“NRSRO”)), which is the most senior level of debt tranche and considered to be investment-grade. It is non-diversified.
About Reckoner Yield EnhAAA CLO ReinvestingETF (RAAR)
There are 3 members of the management team with an average tenure of 0.47 years: Timothy Wickstrom (2026), John E. Kim (2026) and Jared Finsterbusch (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
Reckoner Yield EnhAAA CLO ReinvestingETF has 3 securities in its portfolio. The top 10 holdings constitute 99.1% 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 EnhAAA CLO ReinvestingETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Reckoner Yield EnhAAA CLO ReinvestingETF has 126.6% 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 189.1% (62.4% domestic bond, 126.6% foreign bond and 0.0% convertible bond). Reckoner Yield EnhAAA CLO ReinvestingETF has -89.3% of the portfolio in cash.
Assets Under Management
The fund has $12 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.
RAAR 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 EnhAAA CLO ReinvestingETF expense ratio is average compared to funds in the Securitized Bond - Focused category. Reckoner Yield EnhAAA CLO ReinvestingETF has an expense ratio of 0.40%, which is 28% higher than its category average, making the fund expense ratio grade a D. 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 EnhAAA CLO ReinvestingETF 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 EnhAAA CLO ReinvestingETF returned 0.4%, which earned it a grade of F, 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 EnhAAA CLO ReinvestingETF has a trailing yield of 0.00%, which is below the 5.32% category average.
The fund normally distributes its income annually 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.
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RAAR 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 |
|
| RAAR Return (NAV) | 0.4% | 1.2% | na | na | na | na |
| RAAR Return (Price) | 1.0% | 1.2% | na | na | na | na |
| NAV +/- Price Return | -0.695% | 0.026% | na | na | na | na |
| Securitized Bond - Focused Avg | 0.3% | 1.2% | 4.9% | 6.6% | 3.4% | 1.9% |
| RAAR Grade (NAV) | F | C | na | na | na | na |
| +/- Category (NAV) | 0.0% | 0.1% | na | na | na | na |
| RAAR Tax-Cost Ratio | na | na | na | na | na | na |
RAAR Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RAAR Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| RAAR Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | 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% |
| RAAR Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | 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: | -- |
| Total Assets: | $ 13 Mil |
| Share Class Assets: | $ 13 Mil |
| Turnover: | na |
| Expense Ratio: | 0.40% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 0.5 years | |||
| Average Tenure: 0.5 years | |||
| Managers (Year): Wickstrom Timothy (2026), Kim John E. (2026), Finsterbusch Jared (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 3 |
| % in Top 10 Holdings: | 99.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 126.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 62.4% |
| Foreign Bond: | 126.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.2% |
| Cash: | -89.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Reckoner Capital Management LLC |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | February 10, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.40% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.31% |
