FLSP vs RNMN: Grades, Fees and Holdings Compared

Franklin Systematic Style Premia ETF

FLSPANYSE Arca

RiverNorth Market Neutral ETF

RNMNBCboe

Overlap

0.0%by weight

Expense ratio

RNMN −0.06pt a year

FLSP0.65%RNMN0.59%

Avg volume · 30D

FLSP 156.5×the volume

FLSP161KRNMN1.03K

3Y return · a year

FLSP +4.9pt

FLSP+10.7%RNMN+5.8%

FLSP vs RNMN Performance

Oct 31, 2025 – Oct 30, 2026

+11.5%FLSP+1.1%RNMN

Expense ratio: FLSP 0.65%; RNMN 0.59%, better
Fund size: FLSP $1.1B; RNMN $7M
1Y total return: FLSP +11.5%, better; RNMN +1.1%
Yield (12M): FLSP 2.45%; RNMN 11.84%, better
Holdings: FLSP 295; RNMN 219
Avg volume (30D): FLSP 161K sh, better; RNMN 1.03K sh
NAV per share: FLSP $28.91; RNMN $25.94
52W range

ETF.net Grade

Pillar letters and Scores for FLSP, RNMN, with each pillar’s weight
Pillar	FLSP	RNMN
Cost30% weight	A93	A97Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	B65	B65
Tradability15% weight	C53Higher	F10
Holdings10% weight	A84	A90Higher
Durability5% weight	A85Higher	C43

Rank among Alternative Strategies funds

How we build Categories ›

Same Category. FLSP and RNMN are both graded against the same 29 Alternative Strategies funds, so their Grades compare head to head.

Alternative Strategies⁠

Category · 29 funds

See all 29 ›

FLSP ranks 1st and RNMN 6th of 29 funds in the Alternative Strategies Category.

Rank 1AFLSPFranklin Systematic Style Premia ETFScore 77
Rank 2AHBDCHilton BDC Corporate Bond ETFScore 76
Rank 5BIALTiShares Systematic Alternatives Active ETFScore 69
Rank 6BRNMNRiverNorth Market Neutral ETFScore 68
Rank 7BFARXFrontier Asset Absolute Return ETFScore 64

Our read on each fund

ETF.net Research

FLSPAFranklin Systematic Style Premia ETF

RNMNBRiverNorth Market Neutral ETF

In short

FLSP A hedge-fund style trade in an ETF wrapper. FLSP goes long and short across value, momentum and carry rather than just owning cheap stocks, which makes it the odd one out in a cohort of long-only factor funds.

RNMN A 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

FLSP The fund uses a top-down risk-premia strategy focused on value, momentum, and carry factors, taking both long and short positions.

RNMN 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

FLSP Runs both long and short positions, so the outcome hinges on the gap between the stocks it likes and the ones it doesn't, not purely on the market's direction.
Three return sources under one ticker: value, momentum and carry, blended top-down instead of stacked onto a single stock screen.
Spreads the bet across roughly 300 positions, so no single name carries the fund.
Live since 2019 and now a multi-billion-dollar fund, with the daily liquidity and transparency of an ETF wrapper around a strategy usually sold in private vehicles.

RNMN 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.com true-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

FLSP At 0.65% a year it costs multiples of plain-vanilla factor peers like VONV (0.06%) and FNDX (0.25%). That is the price tag on the long/short machinery.
No public index sits behind it, so there is no external yardstick to check it against, and results can look nothing like a US stock index in either direction.
Distributions land once or twice a year, not on a monthly rhythm.

RNMN 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.com 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.

Full FLSP profile⁠

Full RNMN profile⁠

FLSP vs RNMN Holdings

How FLSP and RNMN differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of FLSP and 0.0% of RNMN.

Level by level

Asset classAlternatives, Equity0.0%
Holdings0 in both0.0%
Sector11 Sectors20.5%
Countryby domicile57.5%

Sector

Sector weights in FLSP and RNMN, widest gap first
Sector	More in FLSPMore in RNMN	FLSP	RNMN
Financials	RNMN +79.5 points	20.2%	99.7%
Technology	FLSP +23.0 points	23.0%	0.0%
Industrials	FLSP +10.7 points	10.7%	0.0%
Health Care	FLSP +10.3 points	10.3%	0.0%
Consumer Discretionary	FLSP +7.5 points	7.5%	0.0%
Communication	FLSP +6.4 points	6.4%	0.0%
Materials	FLSP +6.2 points	6.2%	0.0%
Energy	FLSP +6.2 points	6.2%	0.0%
Consumer Staples	FLSP +4.6 points	4.8%	0.2%
Utilities	FLSP +3.5 points	3.5%	0.0%
Real Estate	FLSP +1.0 points	1.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in FLSP and RNMN, widest gap first
Country	More in FLSPMore in RNMN	FLSP	RNMN
United States	RNMN +37.2 points	52.2%	89.4%
Canada	FLSP +11.4 points	13.5%	2.1%
United Kingdom	FLSP +10.2 points	13.0%	2.8%
Japan	FLSP +6.1 points	6.1%	0.0%
South Africa	FLSP +3.3 points	3.3%	0.0%
Singapore	RNMN +3.2 points	0.2%	3.4%
Switzerland	FLSP +2.6 points	2.6%	0.0%
Mexico	RNMN +2.0 points	0.0%	2.0%
Other countries (18)	FLSP +8.9 points	9.1%	0.2%

Outside the US: FLSP 92% developed, 8% emerging.

Concentration

Weight in the 10 largest Holdings

FLSP94.4%
RNMN21.5%

Securities held

FLSP260
RNMN219

Asset class

FLSP: Alternatives
RNMN: Equity

Holdings

Only in FLSP260
In both0
Only in RNMN219

Only in FLSP

260 securities, 100% of FLSP by weight

Recv TRSPAYMSFTLSSPRCV07/53.91%
Rbc Bluebay Us Govt Mm-In1.86%
Microsoft Corp1.72%
Micron Technology Inc1.33%
Alphabet Inc-Cl C1.28%
General Electric1.19%
Cisco Systems Inc1.19%
Goldman Sachs Group Inc1.18%
Gilead Sciences Inc1.12%
Morgan Stanley1.10%
Walt Disney Co/The0.99%
Roche Holding AG0.99%
Arista Networks Inc0.99%
Salesforce Inc0.97%
Toronto-Dominion Bank0.93%
Citigroup Inc0.92%
Lam Research Corp0.90%
Rtx Corp0.87%
Recruit Holdings Co Ltd0.86%
Advantest Corp0.82%
Vertex Pharmaceuticals In0.74%
Marathon Petroleum Corp0.69%
Hitachi Ltd0.68%
Applied Materials Inc0.67%
Sony Group Corp0.66%
Newmont Corp0.64%
Uber Technologies Inc0.64%
Booking Holdings Inc0.63%
Valero Energy Corp0.62%
Bristol-Myers Squibb Co0.60%
Phillips 660.60%
Safran SA0.58%
Altria Group Inc0.55%
Adobe Inc0.54%
Cadence Design Sys Inc0.50%
Elevance Health Inc0.50%
Deutsche Telekom Ag-Reg0.49%
Western Digital Corp0.49%
Suncor Energy Inc0.48%
Ing Groep NV0.47%
Fortinet Inc0.47%
L'oreal0.47%
Johnson Controls Internat0.46%
Regeneron Pharmaceuticals0.46%
Travelers Cos Inc/The0.44%
Eog Resources Inc0.43%
Comcast Corp-Class A0.43%
General Dynamics Corp0.43%
Bank of New York Mellon C0.43%
Novartis Ag-Reg0.42%

Only in RNMN

219 securities, 100% of RNMN by weight

State Street Inst U.s. Government Mmkt Admn Class3.21%
Solarius Capital Acquisition Corp2.12%
Bitcoin Infrastructure Acquisition2.04%
Activate Energy Acquisition Corp2.04%
Lafayette Digital Acquisition2.02%
SC II Acquisition Corp2.02%
SUMA Acquisition Corp2.02%
United Acquisition Corp2.02%
Legato Merger Corp IV2.01%
EQV Ventures Acquisition Corp2.01%
Hall Chadwick Acquisition Corp1.94%
Invest Green Acquisition Corp1.94%
Futurewave Acquisition Corp1.81%
Mountain Lake Acquisition Corp1.55%
GigCapital9 Corp1.55%
Colombier Acquisition Corp III1.47%
Pine Tree Acquisition Corp1.46%
Infinite Eagle Acquisition Corp1.46%
Bluerock Acquisition Corp II1.45%
Southport Acquisition Corp II1.45%
Aperture AC1.42%
West Enclave Merger Corp1.40%
Live Oak Acquisition Corp VI1.40%
Maywood Acquisition Corp 21.40%
Vernal Capital Acquisition Corp1.40%
Haymaker Acquisition Corp V1.40%
Blue Water Acquisition Corp IV1.40%
Texas Ventures Acquisition IV1.39%
Oceanlight Acquisition Corp1.39%
Yorkville International Capital1.38%
Mercator Acquisition Corp1.38%
Market Technology Acquisition1.38%
Columbus Circle Capital Corp I1.38%
Osprey Acquisition Corp III1.38%
Wilco 63 Corp1.37%
AMR Resources Acquisition Corp1.37%
Meridian3 Industrials Acquisition1.37%
Karman Line Acquisition Corp1.37%
FortuneX Acquisition Corp1.36%
BHAV Acquisition Corp1.36%
Mountain Crest Acquisition 6 Corp1.35%
Quantum Leap Acquisition Corp1.35%
X3 Acquisition Corp Ltd1.35%
Burtech Acquisition Corp II1.35%
Silver Pegasus Acquisition Corp1.34%
Quantumsphere Acquisition Corp1.33%
CSLM Digital Asset Acquisition1.31%
M3-Brigade Acquisition VI Corp1.31%
Range Capital Acquisition Corp1.31%
StoneBridge Acquisition II Corp1.30%

Weight gaps

FLSP and RNMN share no securities.

All 302 FLSP holdings⁠All 220 RNMN holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FLSP vs RNMN Cost

Overpaying FLSP vs RNMN

$1,082

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

FLSP 0.65%
$12,717
RNMN 0.59%
$11,635

Amount$10,000

Years30 years

Cost over time

FLSP 0.65%
RNMN 0.59%
Overpaying

Year by year

Year	FLSP	RNMN	Overpaying
10	$1,163	$1,058	$105
20	$4,440	$4,051	$389
30	$12,717	$11,635	$1,082

Expense ratio

0.65%FLSP
0.59%RNMN, cheaper

RNMN0.59%FLSP0.65%

0.39%10.91%

Middle half of Alternative Strategies funds
Median 1.13%

RNMN 2nd cheapest of 29 funds

FLSP 3rd cheapest of 29 funds

FLSP vs RNMN Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FLSP 2.45%; RNMN 11.84%, better
Payout (12M): FLSP $0.71; RNMN $3.08
Last payment: FLSP $0.71; RNMN $3.08
Ex-dividend: FLSP Dec 19, 2025; RNMN Dec 24, 2025
Paid on: FLSP Dec 29, 2025; RNMN Dec 26, 2025
Frequency: FLSP Annual; RNMN Annual

Distribution history

Per share, 2019 to 2026, same scale for both

FLSPAnnual · 9 paymentsAll FLSP payments⁠

RNMNAnnual · 4 paymentsAll RNMN payments⁠

FLSP vs RNMN Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FLSP 6.8%RNMN 3.7%, better
Return per unit of riskSharpe ratio, 3 years: FLSP 0.87, betterRNMN 0.34
Worst fallMax drawdown, 5 years: FLSP −9.5%RNMN −4.4%since Jul 2022
Market sensitivityBeta, 5 years: FLSP 0.01RNMN 0.02; Market = 1

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