ETF Evaluator:
RiverNorth Market Neutral ETF ()
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(as of Aug 24)
Best Performing in Financial Over the Last Year
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ETF Details
RiverNorth Market Neutral ETF Overview
RiverNorth Market Neutral ETF (RNMN) is an actively managed Sector Equity Financial exchange-traded fund (ETF). TrueShares launched the ETF in 2022.
The investment seeks to preserve capital and provide incremental total return.
Under normal market conditions, the fund seeks to invest primarily in units made up of common stock, warrants and rights of U.S.-listed special purpose acquisition companies (“SPACs”). In seeking to achieve the fund’s investment objective, the sub-adviser will monitor the fund’s portfolio and adjust positions based on changes in expectations of the investments or the availability of better alternatives. At least 80% of the fund’s net assets, plus borrowings for investment purposes, will be invested in Pre-Merger SPACs. The fund is non-diversified.
About RiverNorth Market Neutral ETF (RNMN)
There are 2 members of the management team with an average tenure of 4.06 years: Patrick Galley (2022) and Eric Pestrue (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: ICE BofA US Broad Market TR USD index with a weighting of 100% and ICE BofA 0-3 M US Trsy Bill TR USD index with a weighting of 100%. RiverNorth Market Neutral ETF has 201 securities in its portfolio. The top 10 holdings constitute 26.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
RiverNorth Market Neutral ETF is part of the Equity global asset class and is within the Sector Equity ETF group. RiverNorth Market Neutral ETF has 13.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 78.4% There is 13.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.1% (0.0% domestic bond, 0.1% foreign bond and 0.0% convertible bond). RiverNorth Market Neutral ETF has 7.8% of the portfolio in cash.
Assets Under Management
The fund has $7 million in total assets, which is below the $2 billion average for the Financial category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
RNMN Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The RiverNorth Market Neutral ETF expense ratio is average compared to funds in the Financial category. RiverNorth Market Neutral ETF has an expense ratio of 0.59%, which is 61% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. RiverNorth Market Neutral ETF has a portfolio turnover rate of 64%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 27% for the Financial category.
Recently, in the month of July 2026, RiverNorth Market Neutral ETF returned 0.1%, which earned it a grade of F, as the Financial category had an average return of 4.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
RiverNorth Market Neutral ETF has a trailing yield of 9.45%, which is above the 3.85% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
RiverNorth Market Neutral ETF Grades
Year to date, the ETF has returned 2.0%, 2.8 percentage points worse than the category, which translates into a grade of D. The fund has returned 4.9% over the past year (grade of D) and 6.3% over the past three years (grade of F).
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RNMN Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| RNMN Return (NAV) | 0.1% | 1.3% | 4.9% | 6.3% | na | na |
| RNMN Return (Price) | 0.4% | 1.7% | 4.1% | 6.0% | na | na |
| NAV +/- Price Return | -0.312% | -0.416% | 0.825% | 0.314% | na | na |
| Financial Avg | 4.6% | 6.3% | 9.3% | 15.6% | 8.6% | 10.8% |
| RNMN Grade (NAV) | F | D | D | F | na | na |
| +/- Category (NAV) | -4.5% | -5.0% | -4.4% | -9.3% | na | na |
| RNMN Tax-Cost Ratio | na | na | 4.1% | 2.5% | na | na |
RNMN Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RNMN Return (NAV) | 2.0% | 10.2% | 5.5% | 5.7% | na | na | na | na | na | na | na |
| RNMN Return (Price) | 2.3% | 5.3% | 8.8% | 6.0% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.151% | -0.483% | 0.605% | 0.042% | na | na | na | na | na | na | na |
| Financial Avg | 4.8% | 11.7% | 23.9% | 13.9% | -13.8% | 32.1% | -1.0% | 28.6% | -12.8% | 14.2% | 22.3% |
| RNMN Grade (NAV) | D | C | F | D | na | na | na | na | na | na | na |
| +/- Category | -2.8% | -1.6% | -18.4% | -8.2% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.03 |
| R-Squared: | 2% |
| Standard Deviation: | 2.3% |
| Category Risk Index: | 0.13 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.19 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 9.5% |
| Total Assets: | $ 7 Mil |
| Share Class Assets: | $ 7 Mil |
| Turnover: | 64.0% |
| Expense Ratio: | 0.59% |
| Index Fund: | No |
| Index Tracked: | ICE BofA US Broad Market TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.1 years | |||
| Average Tenure: 4.1 years | |||
| Managers (Year): Galley Patrick (2022), Pestrue Eric (2022) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 201 |
| % in Top 10 Holdings: | 26.6% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 13.7% |
Portfolio Allocation |
|
| Domestic Stock: | 78.4% |
| Foreign Stock: | 13.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.1% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 7.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | TrueShares |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | July 11, 2022 |
Expenses and Fees
| Expense Ratio (%): | 0.59% (Rating: Avg) |
| Category Average Expense Ratio (%): | 1.52% |
