HBDC vs RNMN: Grades, Fees and Holdings Compared

Hilton BDC Corporate Bond ETF

HBDCANasdaq

RiverNorth Market Neutral ETF

RNMNBCboe

Overlap

0.0%by weight

Expense ratio

HBDC −0.20pt a year

HBDC0.39%RNMN0.59%

Avg volume · 30D

HBDC 7.6×the volume

HBDC7.84KRNMN1.03K

HBDC vs RNMN Performance

Oct 31, 2025 – Oct 30, 2026

+2.0%HBDC+1.1%RNMN

Expense ratio: HBDC 0.39%, better; RNMN 0.59%
Fund size: HBDC $90M; RNMN $7M
1Y total return: HBDC +2.0%, better; RNMN +1.1%
Yield (12M): HBDC 5.15%; RNMN 11.84%, better
Holdings: HBDC 156; RNMN 219
Avg volume (30D): HBDC 7.84K sh, better; RNMN 1.03K sh
NAV per share: HBDC $24.37; RNMN $25.94
52W range

ETF.net Grade

Pillar letters and Scores for HBDC, RNMN, with each pillar’s weight
Pillar	HBDC	RNMN
Cost30% weight	A100Higher	A97
Mission25% weight	Not scored	Not scored
Risk15% weight	B63	B65Higher
Tradability15% weight	C48Higher	F10
Holdings10% weight	A86	A90Higher
Durability5% weight	C49Higher	C43

Rank among Alternative Strategies funds

How we build Categories ›

Same Category. HBDC 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 ›

HBDC ranks 2nd 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 2AQAINYLI Hedge Multi-Strategy Tracker 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

HBDCAHilton BDC Corporate Bond ETF

RNMNBRiverNorth Market Neutral ETF

In short

HBDC Private credit's lenders have to borrow too. HBDC owns the senior unsecured bonds that business development companies issue, a first-mover take on BDC debt instead of BDC stock, wrapped in a rules-based index.

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

HBDC The Fund seeks to track, before fees and expenses, the Solactive Hilton Capital BDC Corporate Bond TR Index.

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

HBDC At 0.39% it undercuts the typical alternatives fund (cohort median near 1.01%) and peers like QAI at 0.75% and FTLS at 0.95%.
First fund built only around BDC bonds, and it sits above the equity: senior unsecured debt from issuers required by law to keep 150% asset coverage.hiltoncapitalmanagement.com hiltonetfs.com
Plumbing is plain: a Solactive index rebalanced quarterly with credit and liquidity screens, and the fund seeks to pay monthly.hiltonetfs.com

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

HBDC Non-diversified by design. The BDC bond universe is small, so one issuer's credit trouble carries more weight here than in a broad corporate bond fund.hiltonetfs.com
Thinly traded, so spreads can run wider than in mainstream bond ETFs.
Launched in 2025, meaning the record is short and has not yet spanned a full credit cycle.

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 HBDC profile⁠

Full RNMN profile⁠

HBDC vs RNMN Holdings

How HBDC and RNMN differ

Overlap by weight

0.0%

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

Level by level

Asset classFixed Income, Equity0.0%
Holdings0 in both0.0%
Countryby domicile89.4%

Sector

No Sector split for HBDC.

Country, concentration and asset class

Country by domicile

Country weights in HBDC and RNMN, widest gap first
Country	More in HBDCMore in RNMN	HBDC	RNMN
United States	HBDC +10.6 points	100.0%	89.4%
Singapore	RNMN +3.4 points	0.0%	3.4%
United Kingdom	RNMN +2.8 points	0.0%	2.8%
Canada	RNMN +2.1 points	0.0%	2.1%
Mexico	RNMN +2.0 points	0.0%	2.0%
China	RNMN +0.2 points	0.0%	0.2%

Concentration

Weight in the 10 largest Holdings

HBDC12.1%
RNMN21.5%

Securities held

HBDC155
RNMN219

Asset class

HBDC: Fixed Income
RNMN: Equity

Holdings

Only in HBDC155
In both0
Only in RNMN219

Only in HBDC

155 securities, 99.3% of HBDC by weight

Ares Capital Corp 2.875% 06/15/20281.35%
Blue Owl Capital Corp 5.95% 03/15/20291.28%
Apollo Debt Solutions BDC 6.9% 04/13/20291.26%
Ares Strategic Income Fund 5.7% 03/15/20281.24%
Apollo Debt Solutions BDC 6.7% 07/29/20311.23%
Blue Owl Credit Income Corp 5.8% 03/15/20301.20%
Blackstone Private Credit Fund 2.625% 12/15/20261.17%
Blue Owl Technology Finance Corp 6.5% 10/15/20291.13%
Ares Capital Corp 5.875% 03/01/20291.11%
Blue Owl Credit Income Corp 6.6% 09/15/20291.10%
Goldman Sachs Private Credit Corp 5.875% 01/31/20311.09%
Ares Capital Corp 5.8% 03/08/20321.07%
Blue Owl Capital Corp 2.875% 06/11/20281.04%
Ares Capital Corp 7% 01/15/20271.01%
FS KKR Capital Corp 7.5% 08/01/20310.98%
Apollo Debt Solutions BDC 6.55% 03/15/20320.97%
Sixth Street Lending Partners 6.5% 03/11/20290.97%
Golub Capital BDC Inc 6% 07/15/20290.96%
Sixth Street Lending Partners 6.125% 07/15/20300.95%
Ares Capital Corp 5.95% 07/15/20290.94%
Blackstone Private Credit Fund 3.25% 03/15/20270.93%
HPS Corporate Lending Fund 5.45% 01/14/20280.93%
Blue Owl Credit Income Corp 6.65% 03/15/20310.92%
Blackstone Private Credit Fund 6% 01/29/20320.91%
Goldman Sachs Private Credit Corp 6.15% 06/16/20310.91%
Ares Strategic Income Fund 6.2% 03/21/20320.91%
Ares Strategic Income Fund 5.6% 02/15/20300.90%
Golub Capital BDC Inc 7.05% 12/05/20280.90%
Apollo Debt Solutions BDC 5.7% 01/23/20310.90%
Blue Owl Technology Finance Corp 6.75% 04/04/20290.89%
Apollo Debt Solutions BDC 6.35% 06/30/20330.88%
Ares Capital Corp 5.55% 01/15/20300.87%
Ares Strategic Income Fund 6.35% 08/15/20290.86%
Goldman Sachs Private Credit Corp 5.05% 02/23/20280.86%
Blackstone Private Credit Fund 5.95% 07/16/20290.85%
Ares Strategic Income Fund 5.55% 04/15/20310.83%
Blue Owl Technology Finance Corp 6.1% 03/15/20280.82%
Blue Owl Credit Income Corp 7.95% 06/13/20280.82%
Ares Capital Corp 5.5% 09/01/20300.82%
Ares Capital Corp 5.25% 04/12/20310.81%
Goldman Sachs Private Credit Corp 5.375% 01/31/20290.79%
FS KKR Capital Corp 3.125% 10/12/20280.76%
Blackstone Private Credit Fund 5.95% 05/15/20310.76%
Blue Owl Credit Income Corp 7.75% 09/16/20270.74%
Sixth Street Lending Partners 5.75% 01/15/20300.74%
FS KKR Capital Corp 6.125% 01/15/20300.74%
HPS Corporate Lending Fund 4.9% 09/11/20280.73%
Goldman Sachs Private Credit Corp 6.25% 05/06/20300.73%
Blackstone Secured Lending Fund 5.35% 04/13/20280.73%
Ares Strategic Income Fund 5.45% 09/09/20280.72%

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

HBDC and RNMN share no securities.

All HBDC 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.

HBDC vs RNMN Cost

Overpaying RNMN vs HBDC

$3,737

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

HBDC 0.39%
$7,898
RNMN 0.59%
$11,635

Amount$10,000

Years30 years

Cost over time

HBDC 0.39%
RNMN 0.59%
Overpaying

Year by year

Year	HBDC	RNMN	Overpaying
10	$705	$1,058	$353
20	$2,725	$4,051	$1,326
30	$7,898	$11,635	$3,737

Expense ratio

0.39%HBDC, cheaper
0.59%RNMN

HBDC0.39%RNMN0.59%

0.39%10.91%

Middle half of Alternative Strategies funds
Median 1.13%

HBDC cheapest of 29 funds

RNMN 2nd cheapest of 29 funds

HBDC vs RNMN Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HBDC 5.15%; RNMN 11.84%, better
Payout (12M): HBDC $1.25; RNMN $3.08
Last payment: HBDC $0.11; RNMN $3.08
Ex-dividend: HBDC Oct 29, 2026; RNMN Dec 24, 2025
Paid on: HBDC Oct 30, 2026; RNMN Dec 26, 2025
Frequency: HBDC Monthly; RNMN Annual

Distribution history

Per share, 2023 to 2026, same scale for both

HBDCMonthly · 16 paymentsAll HBDC payments⁠

RNMNAnnual · 3 paymentsAll RNMN payments⁠

HBDC vs RNMN Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: HBDC 2.5%since Jul 2025RNMN 3.7%
Return per unit of riskSharpe ratio, 3 years: HBDC −0.28since Jul 2025RNMN 0.34
Worst fallMax drawdown, 5 years: HBDC −3.0%since Jun 2025RNMN −4.4%since Jul 2022
Market sensitivityBeta, 5 years: HBDC 0.13RNMN 0.02; Market = 1

HBDC and RNMN in the news

All news⁠

ETF Filings
Sound would hand two small income ETFs to Hilton Capital Management
Oct 16, 2026HBDC

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HBDC vs RNMN

In short

Stated mandate

Why people hold it

Worth knowing

How HBDC and RNMN differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HBDC

Only in RNMN

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Sound would hand two small income ETFs to Hilton Capital Management

How HBDC and RNMN differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HBDC

Only in RNMN

Weight gaps