Elevation Series Trust - RiverNorth Market Neutral ETF
$26.040.00 (0.00%)
- 0.89%
- $7M
- +2.0%
- 11.83%
- 0M sh
- $25.99
- low $24.83high $29.01
The ETF.net RNMN Grade
B
Score 61 out of 100
- 8 of 30
Score 61 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.A76 out of 100Rank 8 of 30Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B65 out of 100Rank 11 of 30Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F13 out of 100Rank 29 of 30Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A93 out of 100Rank 1 of 15Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C43 out of 100Rank 26 of 30
Our read on RNMN
BA 2022 pre-merger SPAC arbitrage fund that grew up: RiverNorth widened it in 2026 into a full market-neutral book of arbitrage and relative-value trades, aiming at returns untethered from stocks and bonds.
The Fund seeks consistent total return with limited correlation to equity markets. It uses a market-neutral strategy intended to generate returns in both rising and falling markets through investment characteristics and relative pricing differences.
Why people hold it
- At 0.59% it undercuts the other top-rated funds in its alternatives cohort (QALT at 0.80%, CCEF at 0.74%, HDG at 0.95%) and lands far below the group's median fee.
- Wide toolkit by design: pre-merger SPAC arbitrage, relative value, basis trades and corporate bond arbitrage, run to seek returns independent of market direction.rivernorth.comtrue-shares.com
- Hedge-fund-style trades in a plain 1940 Act ETF wrapper: a few hundred positions, no lockup, no accreditation gate.
- RiverNorth has run the strategy since the 2022 launch, and the fund stands among the stronger implementations in its alternatives peer group.true-shares.com
Worth knowing
- Small fund, thinly traded. Spreads can run wider than mainstream ETFs, and order size matters more than usual here.
- The market-neutral mandate dates only to the July 2026 rename from the narrower pre-merger SPAC fund, so the live record under the wider remit is short.true-shares.comfinance.yahoo.com
- Payouts land once or twice a year, and market neutral means limited correlation, not low risk: arbitrage spreads can move against the book.
RNMN Holdings
- Stocks
- 223
- 21%
- GRAF
Sectors
- Financials99.9%
- Technology0.0%
- Industrials0.0%
- Materials0.0%
- Communication0.0%
Geography
- United States89.58%
- Cayman Islands5.47%
- Singapore2.13%
- Mexico1.47%
- United Kingdom0.75%
- Hong Kong0.36%
- China0.21%
- Sweden0.03%
RNMN Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.
RNMN$10,198
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | RNMN |
|---|---|
| Year to date | +1.9% |
| 1 month | −0.2% |
| 3 months | −0.1% |
| 1 year | +2.0% |
| 3 years | +5.8% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | RNMN |
|---|---|---|
| 2026 YTD | +1.9% | |
| 2025 | +10.2% | |
| 2024 | +5.3% | |
| 2023 | +6.0% | |
| 2022 | +1.9% |
RNMN in the news
RNMN Dividends
- 11.83%
- $3.08
- $3.08 per share
- Annual
Distribution history
RNMN Risk
- 3.7%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.37
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −4.4%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.02
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
RNMN Cost
0.89%
RNMN0.89%
- The middle half of Alternative Strategies funds
- Median 1.00%
7 of the 30 Alternative Strategies funds charge less.
Other funds in Alternative Strategies
- AFTLSFirst Trust Long/Short Equity ETFExpense ratio 0.95%1 year return +15.9%
- BIALTiShares Systematic Alternatives Active ETFExpense ratio 0.99%1 year return —
- BFARXThe Advisors' Inner Circle Fund II - Frontier Asset Absolute Return ETFExpense ratio 0.95%1 year return +17.9%
- BHDGProShares - Hedge Replication ETFExpense ratio 0.95%1 year return +8.6%
- BCLSEConvergence Long/Short Equity ETFExpense ratio 1.52%1 year return +37.4%