Listed Funds Trust – Reckoner BBB-B CLO ETF

The Listed Funds Trust – Reckoner BBB-B CLO ETF is an actively managed exchange-traded fund focused on generating current income and seeking capital preservation through investment in mezzanine tranches of collateralized loan obligations (CLOs), specifically those rated BBB- and BB. CLOs are structured credit products secured by diversified portfolios of primarily below-investment-grade corporate loans, and the fund targets segments that historically have offered a blend of higher yields and lower price volatility compared to similarly rated corporate bonds. The ETF benefits from the specialized expertise of Reckoner Capital Management, leveraging deep industry relationships and a rigorous data-driven selection process to curate its portfolio. The fund provides exposure to an alternative credit asset class—traditionally less accessible to retail investors—while maintaining liquidity and risk controls typical of a public ETF structure. By focusing on these rated CLO tranches, the fund aims to offer diversification and income potential, especially appealing for investors seeking low correlation to traditional fixed income markets. RCLO represents a notable expansion of choices in the ETF market for alternative credit, underscoring the ongoing evolution of credit investment opportunities in public markets.