Skip to content
etf.net

Launched · SEC filings

RiverNorth Market Neutral ETF

RNMNCboeTrueSharesB

$25.90−0.12 (−0.46%)

As of Nov 2, 2026, 12:21 PM ET

B68/ 100

Rank 6 of 30 in Alternative Strategies

B68/100Rank 6 of 30inAlternative Strategies
Intraday session: down, 29 prints from 26.02 to 25.90. Range 25.90 to 26.02. Use the arrow keys to read each point.25.9325.9525.9826.0010 AM12 PM2 PM4 PM
Expense ratio
0.59%*
Fund size
$7M
1Y total return
+1.1%
Yield · Last 12 months
11.84%
Holdings
219
Avg volume · 30D
1.03K sh
52W range
low $24.83high $28.86
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Jul 9, 2027. Without it: 0.89%.

The ETF.net RNMN Grade

Based on 5 of 6 pillars

B

Score 68 out of 100

Category
Alternative Strategies⁠
Rank
6 of 30
Six-pillar profile for RNMN. Scores out of 100: Cost 97, Risk 65, Mission not scored, Tradability 10, Holdings 90, Durability 43. Strongest: Cost (97). Weakest: Tradability (10). Based on 5 of 6 pillars.

Score 68 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.
    A97 out of 100
    Rank 2 of 30

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B65 out of 100
    Rank 10 of 30

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F10 out of 100
    Rank 29 of 30

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A90 out of 100
    Rank 1 of 17

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C43 out of 100
    Rank 26 of 30

Our read on RNMN

ETF.net Research

In short

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.

Stated mandate

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.comyahoo.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 Performance

Launched Jul 11, 2022

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$10,112
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. RNMN $10,112. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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.

Trailing total return for RNMN. Periods over one year show the average yearly return.
PeriodRNMN
Year to date+1.8%
1 month−0.2%
3 months−0.2%
1 year+1.1%
3 yearsper year+5.8%
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for RNMN
YearReturn barRNMN
2026 YTD+1.8%
2025+10.2%
2024+5.3%
2023+6.0%
2022+1.9%

History from Jul 12, 2022

RNMN in the news

RNMN Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
11.84%Last 12 months
Payout per share
$3.08Last 12 months
Last payment
$3.08 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2022–2026

One bar per payment. 4 payments from 2022 to 2026 YTD. Dec 29, 2022 $0.06; Dec 27, 2023 $1.29; Dec 27, 2024 $1.10; Dec 24, 2025 $3.08. Use the arrow keys to read each point.20222023202420252026YTD
Ex-datePay dateAmount per share
Dec 24, 2025Dec 26, 2025$3.08
Dec 27, 2024Dec 30, 2024$1.10
Dec 27, 2023Dec 29, 2023$1.29
Dec 29, 2022Jan 3, 2023$0.06

$10,000 in RNMN 3 years ago paid $2,031 in dividends.

RNMN Risk

Risk pillarB65 out of 100Rank 10 of 30 in Alternative Strategies
How much the fund’s monthly returns vary, scaled to a year.
3.7%
Annualised · 36 months to Oct 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
0.34
vs 3-month T-bills · to Oct 2026
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.

The largest fall from a peak to the low that followed.
−4.4%
51 months · trough Sep 2024
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.

How strongly the fund’s returns move with its asset-class index.
0.02
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

RNMN Cost

Compare RNMN and HBDC

Overpaying vs HBDC, cheapest in Alternative Strategies

$3,737

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • RNMN 0.59%

    $11,635

  • HBDC 0.39% Cheapest

    $7,898

$10,000
30 years

Cost over time

  • RNMN 0.59%
  • HBDC 0.39%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2.5K$5K$7.5K$10K$12.5K051015202530RNMN $11,635HBDC $7,898

Year by year

YearRNMNHBDCOverpaying
10$1,058$705$353
20$4,051$2,725$1,326
30$11,635$7,898$3,737
How the 0.59% is worked out

Full fee 0.89%− waiver 0.30%= you pay 0.59%

The waiver ends Jul 9, 2027. After that the fee is 0.89% unless TrueShares renews it. Source: prospectus, Jul 2026.

Other funds in Alternative Strategies

See others