CLOC Spotlight

Built by CLO Managers. Managed for Investors.

CLOC

AAM CRESCENT CLO ETF

The CLOC Advantage

Attractive income potential Collateralized Loan Obligations (CLOs) have historically provided attractive income potential relative to traditional credit segments of the fixed income market.

Investment grade exposure CLOC seeks to invest in liquid, investment grade CLOs that have the potential to drive structural alpha while having lower sensitivity to interest rates.

Deep Expertise As one of the most experienced CLO managers in the industry, Crescent is both an issuer of and investor in CLOs. Crescent’s CLO Debt Investment strategy benefits greatly from this in-house resource.

With over three decades of experience across market cycles, Crescent is a global alternative investment manager singularly focused on corporate credit. Their formula for investing has remained consistent with a focus on rigorous credit-driven research coupled with a disciplined investment process. Crescent is a pioneer in non-investment grade credit and one of the first issuers of CLOs. The team has long-standing, deep relationships with sponsors and sell-side counterparties that has provided early access to loan transactions.

Singular focus on corporate credit

Committed to providing solutions to investors and borrowers

Team continuity

11+ year average tenure across senior investment professionals

Cycle-tested track record

Historically low loss rate; focused on current income and principal perservation

Fully integrated credit platform

Proprietary transaction-sourcing platform and sharing of ideas

Sourcing

Diligence Process

Portfolio Monitoring

Crescent's extensive structured credit experience drives their investment process

Investment Purchase Decision

Prepare investment memo Gather relevant color and market data for negotiation Identify a target price for transaction Engage counterparties

Monitor Investments

Trustee reports & Intex third party software NAV analysis and mark to market of underlying collateral Periodic fund review with collateral manager Proactive forecast of expected tranche cash flows Monitor tranche relative value, market liquidity and default conditions

Asset Reallocation

Constantly refresh and identify full absolute value and/or relative value Mitigate credit risk, downgrade risk or principal impairment risk Preserve spread, quality, duration and diversification

Attractive Yields at Each Rating Tier

CLOs have historically provided higher yields across rating categories when compared to similarly rated bonds.

Source: BofA Global Research, Palmer Square CLO Indices. As of 12/31/2025. Past performance is not a guarantee of future results.

Compelling Risk/Return Profile

CLOs have historically provided higher returns and lower volatility across rating categories when compared to investment grade & high yield corporates.

5-Yr Annualized Risk vs. Reward Source: JPM CLOIE, As of 12/31/2025

Meet Crescent Capital

Underwriters Issuers

Primary Market

BWIC (Bids Wanted in Competition) Dealer Inventory Direct Investors

secondary market

Initial Idea Screening/Analysis

Approved Manager List

Investment Purchase Decisions

Portfolio Credit Review

Deal Document Review

Tranche Value Analysis

Monitor Investments

Resilient Structure = Stability & Low Defaults

CLO tranches have generally experienced low impairment (default) rates historically; credit enhancement & several protective features built into the CLO structure, provide insulation from underlying loan portfolio losses.

Source: Nomura as of 9/30/2025.

Portfolio

AAM Crescent CLO ETF (CLOC) is an actively managed CLO ETF sub-advised by Crescent Capital Group (Crescent). The strategy diversifies across investment grade CLOs. Collateralized Loan Obligations (CLO) are diversified pools of senior secured corporate loans that provide exposure to corporate credit with structural protections. The asset class has historically offered consistent and compelling relative value, strong performance and low correlation of returns to traditional asset classes. Investment grade CLOs have also historically shown low default rates while offering elevated income potential.

Learn more about the CLOC difference

Reasons to Consider

Meet the CLOC Portfolio Managers

John Fekete Managing Director, Head of Tradable Credit (28 years)

Wayne Hosang Managing Director, Portfolio Manager (30+ Years)

James Guido Vice President, Assistant Portfolio Manager (10 Years)

Level up with an institutional-caliber solution

The CLO asset class, previously accessible only to large institutional investors, is now available for investor portfolios with CLOC. This presents exciting opportunities for enhanced yield potential with structural protections in place in an effort to preserve capital. CLOC seeks to deliver attractive returns with lower volatility, lower default rates, and higher recovery than the market average.

View Disclosures

The investment objectives, risks, charges and expenses must be considered carefully before investing. The fund’s statutory and summary prospectus contains this and other important information about the investment company, and may be obtained by calling 800.617.0004 or visiting www.aamlive.com. Read it carefully before investing.

18925 Base Camp Road • Monument, CO 80132 • www.aamlive.com | CRN: 2026-0318-13317 R Quasar Distributors, LLC

Your ticket to the CLO market

Click to view Crescent's timeline +

Over three decades investing across market cycles

Institutional-Caliber, Retail Access

CLOs have become one of the most compelling income-generating assets in today’s market. Typically accessible only to institutional investors, the proliferation of ETFs has made this asset class accessible to retail investors in an actively managed vehicle. Sales growth in CLO ETFs would indicate that advisors are increasingly allocating to this type of vehicle on behalf of clients.

CLO Advantages at a glance

Historically low default rates Strong structural protection/credit enhancements Strong relative value compared to traditional fixed income assets classes Underlying exposure to Corporate Credit

Floating Rate Coupon Moody’s/S&P/Fitch rated Liquid secondary market Highly diversified Outperformance through credit cycles

Crescent Investment Process

Asset Reallocation

Disclosures

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CLOs: Where Income, Capital Preservation, and Performance Converge

Gross expense ratio is 0.49%. The Fund’s investment adviser has an agreement to waive 0.31% of its management fees for the Fund up to $100 million of assets until at least February 28, 2027. Please see prospectus for more information. The investment objectives, risks, charges and expenses must be considered carefully before investing. The fund’s statutory and summary prospectus containsthis and other important information about the investment company, and may be obtained by calling 800.617.0004 or visiting www.aamlive.com. Read it carefully before investing. Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV) and may trade at a discount or premium to NAV. Shares are not individually redeemable from the Fund and may be only be acquired or redeemed from the fund in creation units. Brokerage commissions will reduce returns. Diversification does not assure a profit or protect against a loss in a declining market. Principal Risks: Fixed-income securities are subject to the ability of an issuer to make timely principal and interest payments (credit risk), changes in interest rates (interest-rate risk), the creditworthiness of the issuer and general market liquidity (market risk). In a rising interest-rate environment, bond prices may fall and may result in periods of volatility and increased portfolio redemptions. In a declining interest-rate environment, the portfolio may generate less income. CLO Risk: CLOs are securities backed by an underlying portfolio of loan obligations. CLOs issue classes or “tranches” that vary in risk and yield and may experience substantial losses due to actual defaults, decrease of market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CLO securities as a class. 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). At certain times, this Fund may increase its exposure to and invest primarily in BBB+, BBB, and BBB- 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 defaults, write-downs of the equity or other subordinated tranches, increased sensitivity to defaults due to underlying collateral default and impairment of subordinated 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 Fund would then have to reinvest the proceeds at a lower rate), and the risk of defaults of the underlying assets. New Fund Risk: The Fund is a recently organized investment company with no operating history. As a result, prospective investors have no track record or history on which to base their investment decision. Management Risk: The Fund is actively managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund. Bank Loans Risk: The CLOs in which the Fund invests are typically collateralized by bank loans. Bank loans are typically originated and structured by banks and institutions on behalf of corporate borrowers. Bank loans are typically distributed by the arranging banks and private client lenders to investors primarily consisting of: CLOs; senior secured loan and high yield bond mutual funds; closed-end funds, hedge funds, banks, insurance companies and finance companies. Investments in bank loans may expose the Fund to different risks, including liquidity risk, price volatility, ability to restructure loans, credit risks and less protective loan documentation. Definitions: CLO AAA, CLO AA, CLO A refer to a tranches of CLOs that have the highest rating from a nationally recognized statistical ratings organization (NSRO). CLO BBB, CLO BB refer to a tranches of investment grade CLOs that are NSRO rated BBB or BB and thus riskier that CLO AAA, CLO AA, CLO A. Structural Protections are features to help mitigate the risk of defaults in the underlying loans, primarily through diversification across many borrowers, subordination where lower-rated tranches absorb losses before higher-rated ones, and tests. Volatility is the degree of variation of a trading price series over time, usually measured by the standard deviation. 30-day SEC Dividend Yield is based on the most recent 30-day period covered by the fund’s filing with the SEC. Tranche is a specific portion of a larger pool of assets such as a security or loan, that has distinct risk and return characteristics compared to other parts of the same financial deal with senior tranches being lower risk and lower return, and junior tranches are higher risk and higher return. The J.P. Morgan Collateralized Loan Obligation Index (CLOIE) Investment Grade Index is a benchmark index that tracks the total return performance of USD-denominated, investment grade broadly syndicated, arbitrage Collateralized Loan Obligations (CLOs) in the U.S. market, excluding certain types of CLOs such as middle-market, static, fixed-rate, and equity tranches, among others. It is not possible to invest directly in an index. Indices do not include cash. Not FDIC Insured • No Bank Guarantee • May Lose Value ©2026 Advisors Asset Management. Advisors Asset Management, Inc. (AAM) is an SEC-registered investment advisor and member FINRA/SIPC. AAM ETFs are distributed by Quasar Distributors, LLC. Quasar and AAM are not affiliated.

CLOC is actively managed by one of the leaders in the CLO market and seeks to deliver attractive returns with lower volatility, lower default rates, and higher recovery than the market average.

^The 30-day SEC Yield unsubsidized figure reflects the dividends and interest earned after the deduction of full fund expenses. Subsidized yield takes into account fee waivers.

While there may be risks associated with investing in CLOs that must be considered (such as prepayment risk or credit risk), CLOs can offer some important benefits:

CLOC ETF

CLOC Fact Card

Spotlight Flyer

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Past performance is not a guarantee of future results.