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.

Investing involves risk including the risk of principal loss. The fund's principal risks include novel structure risk that refers to the fund's objective which invests substantially all of its assets in RCLO or RCLY in a fund of funds structure in which RCLO and RCLY are the underlying funds. The ability of the fund to meet its investment objective is directly related to the ability of the underlying funds to meet their investment objectives.

Affiliate risk is noted since the fund invests all of its assets in shares of RCLO or RCLY, each of which is an affiliate of the fund and is advised by the Adviser. The Adviser will generally receive fees for managing affiliated funds, in addition to the fees paid to the Adviser by the fund. In addition, the Adviser may have a conflict of interest when making investment decisions for the fund and affiliated funds, including with respect to the intended income and dividend distribution schedules for the Fund.


Liquidity risk refers to the possibility that the fund may not be able to sell or buy a security at a favorable price or time. Consequently, the fund may have to accept a lower price to sell a security, sell other securities to raise cash, or decline an investment opportunity, any of which could have a negative effect on the fund's performance.

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.

J.P. Morgan CLO High Quality Mezzanine Index is designed to track the performance of broadly-syndicated, arbitrage US CLO debt from high-quality mezzanine tranches in the flagship J.P. Morgan CLO (“CLOIE”) Index, representing 90% BBBs and 10% BB/Bs. 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 2026, JPMorgan Chase & Co. All rights reserved.

Distributor: Quasar Distributors, LLC.

Subject to change.