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As of 31 March 2024

THREE REASONS TO CONSIDER AAA

  1. Short term investment grade bonds with the opportunity for yield: The 30-Day SEC Yield* for AAA was 6.29% as of March 31, 2024.
  2. Potential Mitigation Against Changing Interest Rates: AAA only invests in floating rate notes (“FRN”), whose coupons reset quarterly. The ETFs Interest Rate duration was 0.01 as of 3/31/2024. The 100% FRN portfolio and its small interest rate duration provides potential mitigation against changing interest rates and inflation.
  3. Highest Quality Ratings: AAA only invests in assets with ratings of AAA or equivalent.

Credit Ratings Exposure

Subject to Change

Top 10 Holdings

top 10 holdings chart
Security Description%
SYMP 2022-35A4.59%
BATLN 2021-17A4.56%
VOYA 2022-3A A1R4.30%
MP8 2015-2A ARR4.28%
DRSLF 2021-87A A3.79%
BABSN 2019-2A A13.70%
GCBSL 2023-66A A3.00%
RRAMX 2021-3A A12.85%
EATON 2013-1A A12.85%
GNRT 8A AR2.85%

Subject to Change

Top 5 CLO Manager Allocation

Manager Allocation%
Nuveen8.48%
Brigade Capital8.11%
Sound Point7.52%
Voya6.26%
Blue Owl4.99%

Portfolio Coupon Type Allocation

Coupon Type%
Floating100%
Fixed0%

Subject to Change

AAA

ALTERNATIVE ACCESS FIRST PRIORITY CLO BOND ETF

AAA provides efficient, direct access to AAA-rated CLO Bonds. The ETF seeks to deliver relatively higher income by investing in AAA-rated or equivalent Collateralized Loan Obligations (“CLOs”). The fund is actively managed and offers diversification benefits through a broad spectrum of underlying corporate borrowers. The AAF First Priority CLO Bond ETF (the “Fund”) seeks capital preservation and income.

FUND FACTS

TickerAAA
CUSIP46144X610
Intraday NAVAAAIV
Inception Date9 September 2020
ExchangeNYSE Arca
Number of Holdings46
Distribution FrequencyMonthly

FEES & EXPENSES

Management Fee0.25%

FUND DETAILS

30-Day SEC Yield6.29%
Interest Rate Duration0.01
Credit Spread Duration2.64
Average Credit RatingAAA
NAIC Designation1.A

*30-Day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparisons among bond funds. It is based on the most recent month end. This figure reflects the interest earned during the period after deducting the Fund’s expenses for the period.

AAA PERFORMANCE
Returns as of 31 March 2024
Average Annualized %
Quarter1 Year3 YearYTDSince Inception
Fund NAV1.84%8.42%3.65%1.84%3.32%
Market Price1.83%8.93%3.82%1.83%3.42%
Bloomberg Barclays US FRN < 5 Years Index1.80%7.10%3.39%1.80%3.00%

The Bloomberg Barclays Floating Rate Note < 5 Years Total Return Index measures the performance of USD denominated, investment grade, floating-rate notes across corporate and government-related sectors. It is not possible to invest in an index.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling 323-925-3305. Market price returns are based on the midpoint of the bid/ask spread at 4:00 PM Eastern time (when NAV is normally determined) and do not represent the return you would receive if you traded at other times.

Contact Information
Email: information@altacfunds.com
Phone: 323-925-3305
Website: www.aafetfs.com

The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and once available a copy may be obtained without charge, by calling the Fund at 1-323-925-3305. Read it carefully before investing.

Investing involves risk. Principal loss is possible. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV, and are not individually redeemed from the funds. Brokerage commissions will reduce returns.

The Fund is also subject to the following risks: Collateralized Loan Obligations (CLOs) are generally backed by a pool of credit-related assets that serve as collateral. Accordingly, CLO securities present risks similar to those of other types of credit investments, including default (credit), interest rate and prepayment risks. In addition, CLOs are often governed by a complex series of legal documents and contracts, which increases the risk of dispute over the interpretation and enforceability of such documents relative to other types of investments. An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. The Fund’sincome may decline if interest rates fall.

The Fund is a recently organized, diversified management investment company with no operating history. Additionally, the investment adviser has not previously managed a registered fund, which may increase the risks of investing in the Fund.


Credit ratings are provided by a nationally recognized statistical rating organization (NRSRO). Ratings are grades given to bonds that indicate their credit quality as determined by private independent rating services such as Standard & Poor’s, Moody’s and Fitch. These firms evaluate a bond issuer’s financial strength, or its ability to pay a bond’s principal and interest in a timely fashion. Ratings are expressed as letters ranging from ‘AAA’, which is the highest grade, to ‘D’, which is the lowest grade.

Effective Duration is a statistic provides a measure of the sensitivity of the Fund's price to changes in interest rates and is calculated as the weighted average of the individual bond effective durations. Effective duration recognizes that changes in interest rates may also change the expected cash flows generated by any underlying bonds with embedded options. The calculation is expanded to incorporate the contribution of derivatives to the overall interest rate risk sensitivity to the portfolio.

Coupons refers to a bond’s coupon which is the annual interest rate paid on the issuer’s borrowed money, generally paid out semi-annually on individual bonds. The coupon is always tied to a bond’s face or par value and is quoted as a percentage of par.

Fixed rate notes or fixed interest rate debt securities are securities for which at the date of issue (a) the contractual nominal coupon payments are fixed and constant in terms of the currency of denomination for the life of the debt security, or for a certain number of years, and (b) the principal repayment is fixed in terms of the currency of denomination and time. Fixed interest rate debt securities include securities issued at par (value) or at a discount or premium, deep discounted and zero coupon bonds, strips, perpetuals, convertible and exchangeable bonds, subordinated bonds, equity warrants, and others as far as the definition is met.

Floating rate notes or variable interest rate debt securities have their coupon or principal payments (or both) linked to a general price index for goods and services (such as the consumer price index (CPI)), to a benchmark interest rate (such as the London interbank offered rate (LIBOR) or a bond yield), or to an asset price (such as gold). The reference value fluctuates in response to market conditions.

Preliminary NAIC Designations are the intellectual property of the National Association of Insurance Commissioners (NAIC) and are redistributed here under License. A Preliminary NAIC Designation is an opinion of the NAIC Securities Valuation Office (SVO) of the probable credit quality designation that would be assigned by the SVO to an investment if purchased by an insurance company and reported to the SVO. A Preliminary NAIC Designation is only one of the regulatory factors considered by the SVO as part of its analysis of probable regulatory treatment under the Regulatory Treatment Analysis Service (RTAS). A full discussion of such other regulatory factors is set forth in the RTAS Letter provided to Alternative Access Funds, LLC. A Preliminary NAIC Designation cannot be used to report the ETF to state insurance regulators. However, the purchasing insurance company may obtain an NAIC Designation for the ETF by filing the security and final documents for the ETF with the SVO. The indication of probable regulatory treatment indicated by a Preliminary NAIC Designation is not a recommendation to purchase the ETF and is not intended to convey approval or endorsement of the ETF Sponsor or the ETF by the NAIC.

NAIC Designations are the intellectual property of the National Association of Insurance Commissioners (NAIC) and are redistributed here under License. An NAIC Designation is a proprietary symbol used by the NAIC Securities Valuation Office (SVO) to denote a category or band of credit risk (i.e., the likelihood of repayment in accordance with a written contract) for an issuer or for a security. NAIC Designations may be notched up or down to reflect the position of a specific liability in the issuer’s capital structure and/or the existence of other non-payment risk in the specific security. Under NAIC reporting rules, shares of an ETF are presumed to be reportable as common stock. The SVO may classify an ETF as a bond or preferred stock and assign it an NAIC Designation if it meets defined criteria. For a discussion of these criteria please call the SVO or refer to the Purposes and Procedures Manual of the NAIC Investment Analysis Office. The assignment of an NAIC Designation is not a recommendation to purchase the ETF and is not intended to convey approval or endorsement of the ETF Sponsor or the ETF by the NAIC.

Diversification does not assure a profit nor protect against a loss in a declining market.

Distributed by ALPS Distributors, LLC. Control Number AAF000102