RCLO Fees and Costs — Reckoner BBB-B CLO ETF
Data updated: 2026-09-14
The net expense ratio is 0.30%. There are no sales loads or redemption fees.
RCLO Fees and Expenses
Annual operating expenses and sales charges of RCLO. Prospectus, as of June 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.30% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.30% |
| Fee waiver | — |
| Net expense ratio | 0.30% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
RCLO Costs Over Time
On $10,000 invested in RCLO, assuming 5% a year before costs, total costs come to $190 over 5 years, cutting the return by 0.31% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.30%) | $32 | $99 | $173 |
| Lost growth on money paid in costs | $0 | $5 | $17 |
| Total costs | $32 | $104 | $190 |
| Value after costs | $10,468 | $11,472 | $12,573 |
| Impact on return, per year | 0.31% | 0.31% | 0.31% |
RCLO Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $39.7M
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
RCLO Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $7.5M | 19.53% |
| MORGAN STANLEY & CO. LLC | $5.8M | 15.00% |
| CITIGROUP GLOBAL MARKETS INC. | $5.0M | 13.01% |
| MIZUHO SECURITIES USA LLC | $4.5M | 11.74% |
| GOLDMAN SACHS & CO. LLC | $4.5M | 11.72% |
| BOFA SECURITIES INC. | $3.9M | 10.18% |
| DEUTSCHE BANK SECURITIES INC. | $2.5M | 6.51% |
| SMBC NIKKO SECURITIES AMERICA INC. | $2.0M | 5.22% |
| WELLS FARGO SECURITIES LLC | $1.4M | 3.64% |
| BARCLAYS CAPITAL INC. | $1.3M | 3.46% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.