* Bank of America Research, "CLO Factbook," 5/30/2025

The Reckoner Leveraged AAA CLO ETF is different from most funds in that it seeks leveraged returns, which makes it riskier than funds that do not use leverage. Periods of higher market volatility may affect the fund’s return more than the returns of funds that do not use leverage. Accordingly, the fund may not be suitable for all investors and should be used only by knowledgeable investors who understand the potential consequences of seeking leveraged investment results. Shareholders should actively manage and monitor their investments.

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.

The fund is a recently organized investment company with no operating history. As with all ETFs, shares of the fund may be bought and sold in the secondary market at market prices (not NAV) and are not individually redeemed from the fund. Total returns are calculated using the daily 4:00pm net asset value (NAV). Although it is expected that the market price of shares of the fund will approximate the intraday value of the fund’s holdings used to calculate the fund’s NAV, there may be times when the market price is more than the intra-day NAV (premium) or less than the intra-day NAV (discount), which may result in a widening of the bid and ask spread, due to supply and demand of shares or during periods of market volatility. Market price returns do not represent the returns you would receive if you traded shares at other times. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Unlike other ETFs, the fund expects to affect most of its creations and redemptions primarily for cash, rather than in-kind securities. Cash purchases and sales may cause the fund to incur portfolio transaction fees, gains or losses on the sales, or charges or delays in investing the cash that it would otherwise not incur if a purchase or sale was made on an in-kind basis. The fund’s investment in debt securities may subject it to liquidity risk, interest rate risk, floating-rate obligations risk, call risk, and extension risk.

The fund is “non-diversified,” which means that it may invest a greater percentage of its assets in the securities of a single issuer or a lesser number of issuers than if it was a diversified fund.

J.P. Morgan CLO AAA Index is designed to track the performance of AAA-rated tranches of the broadly-syndicated, arbitrage US CLO debt in the flagship J.P. Morgan CLO (“CLOIE”) Index. It is not possible to invest directly in an index.

Information has been obtained from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright 2025, JPMorgan Chase & Co. All rights reserved.

Distributor: Quasar Distributors, LLC.

Subject to change