TAAA

(As of TBD)

Important Risks

The risks of investing in CLO securities include both the credit risk associated with the underlying loans combined with the risks associated with the CLO structure governing the priority of payments (and any legal and counterparty risk associated with carrying out the priority of payments). This ETF intends to invest primarily in AAA-rated rated tranches (or equivalent ratings by a NRSRO); however, these ratings do not constitute a guarantee of credit quality and it’s possible that under stressed market environments these tranches could experience substantial losses due to actual defaults, write-downs of the equity or other subordinated tranches, increased sensitivity to defaults due to collateral default and impairment of subordinate tranches, market anticipation of defaults, and general market aversion to CLO securities as an asset class. The most common risks associated with investing in CLOs are interest rate risk, credit risk, liquidity risk, prepayment risk (i.e., the risk that in a declining interest rate period CLO tranches could be refinanced or paid off prior to their maturities and the ETF would then have to reinvest the proceeds at a lower rate), and the risk of default of the underlying assets.

TAAA is a recently organized investment company with no operating history. As with all ETFs, shares of TAAA may be bought and sold in the secondary market at market prices. Although it is expected that the market price of shares of the ETF will approximate the intraday value of TAAA’s holdings used to calculate TAAA’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. 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, TAAA expects to affect most of its creations and redemptions primarily for cash, rather than in-kind securities. Cash purchases and sales may cause the ETF 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. TAAA’s investment in debt securities may subject it to liquidity risk, interest rate risk, floating-rate obligations risk, call risk, and extension risk.

This is a marketing communication and should not be construed as investment advice. It is not an offer to sell or a solicitation to buy any investment. This document is intended solely for Professional Clients (as defined by MiFID rules) and Qualified Investors. It should not be relied upon by anyone else.

Eldridge or any connected party to the ETF shall not be held responsible for any damages or losses resulting from the use of any information contained within this publication, or from any inaccuracies or incompleteness in it. No guarantee of accuracy is given, and no liability is accepted for any errors or omissions. The information in this document may change without notice and should not be used as a basis for investment decisions.

The aforementioned dates in relation to distributions are indicative only and investors acknowledge and agree that (i) any distribution will be subject to the approval of the management body of TAAA and (ii) nothing hereunder shall be construed as a guarantee of distribution and the ability of TAAA to make a distribution as of the dates envisaged hereon will depend on the actual profits or losses of TAAA.