RiverNorth Market Neutral ETF

Key Statistics

Historical Performance

Total return including reinvested distributions, from adjusted closing prices.

Top Holdings

Top 25 holdings as of Mar 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →

About RNMN

The Fund is an actively managed exchangetraded fund (“ETF”) that seeks to achieve its investment objective by pursuing a market neutral strategy designed togenerate positive returns during rising and falling equity markets (i.e., regardless of overall market direction). The Fund implementsthis market neutral strategy by seeking returns driven by the unique characteristics of its investments or pricing differencesbetween related products, rather than the direction of the broader equity market. Those returns are designed to be uncorrelatedwith the broader equity market. The Fund invests in a wide range of investments, including pre-merger special purpose acquisitioncompanies (“SPACs”) and their rights and warrants, equities, American Depository Receipts (“ADRs”), USequity and fixed income exchange traded futures and ETFs, exchange traded options (including FLEX options), and corporate bonds.It may also use total return swaps, credit default swaps, and/or interest rate swaps to obtain exposure efficiently and to managerisk. A SPAC is a “blank check”company with no commercial operations that is designed to raise capital via an initial public offering (“IPO”) forthe purpose of engaging in a merger, acquisition, reorganization, or similar business merger with one or more operating companies.Pre-Merger SPACs are SPACs that are either seeking a target for a merger or have not yet completed a merger with an identifiedtarget. All Pre-Merger SPACs (U.S. and non-U.S.) are eligible for the Fund’s portfolio. RiverNorth Capital Management, LLC(the “Sub-Adviser”), the Fund’s investment sub-adviser, evaluates sponsors of the Pre-Merger SPACs based on theteam’s strategy, experience, deal flow, and demonstrated track record, and assesses each Pre-Merger SPAC’s market valuerelative to the Fund’s share value. To limit equity market exposure, the Fund typically does not hold SPAC common stock pastthe point at which it can redeem shares for their pro rata share of trust assets. Instead, prior to the completion of a merger,the Sub-Adviser sells the SPAC’s shares if they are trading at a premium relative to the trust collateral or tender out ofthe shares using the Fund’s redemption rights. The Fund may, however, retain SPAC warrants after a merger if the Sub-Adviserbelieves they offer appropriate value. The Fund invests without restrictionas to the maturity or credit quality of any individual debt instrument, including investment grade debt instruments and businessdevelopment company (“BDC”) debt instruments. The Fund defines investment grade debt as that rated BBB- or higher byS&P Global Ratings or similarly by another nationally recognized statistical rating organization, or, if unrated, determinedby the Sub-Adviser to be of equivalent quality. BDC debt is generally below investment grade quality (commonly referred to as “junkbonds”). The Fund defines junk bonds as those rated below Baa3 by Moody’s Investors Service or below BBB- by S&PGlobal Ratings, or, if unrated, determined by the Sub-Adviser to be of similar credit quality. The Sub-Adviser selects debt instrumentsto maximize the portfolio’s yield while accounting for credit quality. The debt investments provide income and diversificationbenefits that reduce overall portfolio correlation to equity markets. A component of the Fund’s marketneutral strategy involves basis trades. The Sub-Adviser evaluates the relative valuations of ETFs and related futures contracts,and foreign equities and ADRs, to identify price discrepancies. In the event pricing discrepancies exist, the Fund may executebasis trade(s) to exploit the mispricing. A basis trade is a market neutral position that attempts to capture a price discrepancybetween two related assets by simultaneously taking a long position in one and a short position in the other, thereby hedging againstbroader market movements. For example, the Fund may invest long in a US large cap equity ETF and sell short futures positions ina highly correlated US large cap equity index. Similarly, the Fund may invest in the equities of foreign issuers and ADRs on securitiesof the same foreign issuer, aiming to profit from any price discrepancy between the securities of the same issuer while remainingneutral to underlying market direction. The Fund may employ an option box spreadstrategy. These trades allow the Fund, under certain market conditions, to lock in a spread above the risk-free interest rate bybuying and selling specific option contracts. The return potential is driven by the relative option prices, not the movement ofthe equity market itself. While gains from options are capital gains, this options strategy is commonly referred to as an incomeproducer. A box spread is a four-part, same expiration date, option portfolio with a maturity payout that does not vary and isconsidered a form of synthetic money market instrument. The Sub-Adviser is responsible for theday-to-day management of the Fund, subject to the oversight of TrueMark Investments, LLC (the “Adviser”), the Fund’sinvestment adviser. In selecting investments for the Fund, the Sub-Adviser has wide latitude to allocate assets across the differenttypes of investments. The Sub-Adviser applies quantitative and qualitative analyses, including fundamental and technical analyses,to assess the investment opportunities across the securities markets. The Fund selects investments with greatest risk/reward potential. In seeking to achieve the Fund’sinvestment objective, the Sub-Adviser monitors the Fund’s portfolio and adjust positions at least quarterly based on changesin expectations of the investments or the availability of better alternatives. As a result, the percentages allocated to varioustypes of investments and sectors may vary significantly over time. When using various derivatives, the Fundis required to post collateral to assure its performance to the counterparty. The Fund holds cash and cash-like instruments orhigh-quality short term fixed income securities (collectively, “Collateral”). The Collateral may consist of (1) U.S.Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) fixed income ETFs;and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companiesthat are rated investment grade or of comparable quality. The Fund considers an unrated security to be of comparable quality toa security rated investment grade if it believes it has a similar low risk of default. The Fund is non-diversified, which meansthat it can invest a greater percentage of its assets in the securities of fewer issuers than can a diversified fund. 

RNMN News

• No recent news found for RNMN.