CEFZ ETF — Holdings & Analysis

For informational purposes only. Not financial advice.

Quick Answer

The RiverNorth Active Income ETF (CEFZ), managed by TrueShares, is an actively managed fund with $0.04 billion in assets under management.

CEFZ distinguishes itself through its multi-asset approach, investing in equities, fixed income, and cash equivalents, often via underlying funds like closed-end investment companies and ETFs. However, its high expense ratio of 3.36% significantly exceeds the category average, potentially impacting overall returns. Past performance does not guarantee future results.

RiverNorth Active Income ETF (CEFZ) ETF — Price, Holdings & Analysis

The RiverNorth Active Income ETF (CEFZ), managed by TrueShares, is an actively managed fund with $0.04 billion in assets under management. CEFZ distinguishes itself through its multi-asset approach, investing in equities, fixed income, and cash equivalents, often via underlying funds like closed-end investment companies and ETFs. However, its high expense ratio of 3.36% significantly exceeds the category average, potentially impacting overall returns. Past performance does not guarantee future results.

ETF Overview

The fund's adviser will allocate the fund's investments among equities, fixed income securities, and cash and cash equivalents. The adviser may allocate to the various asset classes either through the purchase of closed-end investment companies (including business development companies (BDCs)), exchange-traded funds ("ETFs") and other investment companies (collectively, "underlying funds") or through direct investment in the various securities. To achieve exposure to the asset classes discussed above, it will typically invest more than 50% of its assets in underlying funds.

CEFZ aims to generate income and capital appreciation by strategically allocating investments across various asset classes, including equities, fixed income securities, and cash equivalents. The fund achieves this diversification by investing in underlying funds, such as closed-end investment companies, ETFs, and business development companies (BDCs); typically, over 50% of its assets are allocated to these underlying funds. A significant portion of the portfolio is allocated to State Street Instl Treasury MMkt Premier (TRIXX) at 11.17%, followed by Pershing Square Holdings Ord (PSH) at 8.49%, and iShares Flexible Income Active ETF (BINC) at 6.55%. This approach allows CEFZ to gain exposure to a broad range of investment strategies and asset classes, potentially enhancing returns and mitigating risk. However, the fund's active management and layered structure contribute to a higher expense ratio. Past performance does not guarantee future results.

Risk Metrics

CEFZ's multi-asset strategy aims to diversify risk, but its concentration in top holdings introduces specific risks. State Street Instl Treasury MMkt Premier accounts for 11.17% of the portfolio, and the top 10 holdings comprise a significant portion of the total assets. The fund's beta of 0.87 indicates lower volatility compared to the overall market. However, the high expense ratio of 3.36% creates a substantial drag on performance, potentially eroding returns, especially in a lower-return environment. Furthermore, the fund's reliance on underlying funds exposes it to the risks associated with those funds, including management fees and investment strategies. Past performance does not guarantee future results.

Expense Ratio

3.36%

What does CEFZ hold?

Holding	Weight
State Street Instl Treasury MMkt Premier (TRIXX)	11.17%
Pershing Square Holdings Ord (PSH)	8.49%
iShares Flexible Income Active ETF (BINC)	6.55%
Saba Capital Income & Opportunities Fund II (SABA)	4.69%
Clough Global Equity Fund (GLQ)	4.35%
Invesco RAFI Emerging Markets ETF (PXH)	4.33%
Western Asset Inflation-Linked Opportunities and Income Fund (WIW)	4.31%
Royce Value Trust Inc (RVT)	3.55%
BlackRock Science and Technology Trust II (BSTZ)	3.53%
Royce Micro-Cap Trust (RMT)	3.37%

Dividend Yield

0.00%

iShares Russell 2000 ETF (IWM) — 0.19% expense ratio
ARK Innovation ETF (ARKK) — 0.75% expense ratio
State Street Technology Select Sector SPDR ETF (XLK) — 0.08% expense ratio
Invesco QQQ Trust, Series 1 (QQQ) — 0.18% expense ratio
iShares MSCI Emerging Markets ETF (EEM) — 0.72% expense ratio
iShares MSCI EAFE ETF (EFA) — 0.32% expense ratio
State Street Energy Select Sector SPDR ETF (XLE) — 0.08% expense ratio
State Street SPDR S&P 500 ETF (SPY) — 0.09% expense ratio

RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) (Equity) — 0.89% expense ratio
TrueShares Equity Hedge ETF (ONEH) (Equity) — 0.79% expense ratio

Risk Metrics

Beta: 0.87

Questions & Answers

What is CEFZ and what does it track?

The RiverNorth Active Income ETF (CEFZ) is an actively managed fund that invests across multiple asset classes, including equities, fixed income, and cash equivalents.

Unlike passively managed ETFs that track a specific index, CEFZ's investment strategy involves allocating assets through underlying funds such as closed-end investment companies, ETFs, and business development companies (BDCs).

What is the expense ratio for CEFZ?

The expense ratio for the RiverNorth Active Income ETF (CEFZ) is 3.36%. This means that for every $10,000 invested, $336 is used to cover the fund's operating expenses annually.

This expense ratio is significantly higher than the average expense ratio for equity ETFs, which is approximately 0.44%. The impact of this higher expense ratio on their overall returns may be worth researching. Past performance does not guarantee future results.

What are the top holdings in CEFZ?

The top holdings in the RiverNorth Active Income ETF (CEFZ) include State Street Instl Treasury MMkt Premier (TRIXX) at 11.17%, Pershing Square Holdings Ord (PSH) at 8.49%, iShares Flexible Income Active ETF (BINC) at 6.55%, Saba Capital Income & Opportunities…

Fund II (SABA) at 4.69%, and Clough Global Equity Fund (GLQ) at 4.35%.

Is CEFZ a good long-term investment?

Whether CEFZ is a suitable long-term investment depends on an individual investor's risk tolerance, investment goals, and time horizon. The fund's active management and multi-asset strategy offer the potential for diversification and income generation.

However, the high expense ratio of 3.36% can significantly impact long-term returns. Investors should carefully weigh the potential benefits of active management against the cost.

How does CEFZ compare to similar ETFs?

CEFZ differentiates itself with its active management and focus on investing in underlying funds. Compared to passively managed ETFs, CEFZ has a significantly higher expense ratio of 3.36%.

While many multi-asset ETFs exist, CEFZ's specific allocation strategy and focus on closed-end funds and BDCs set it apart.

Does CEFZ pay dividends?

As of 2026-03-15, the RiverNorth Active Income ETF (CEFZ) has a dividend yield of 0.00%. This indicates that the fund is not currently distributing dividends to its shareholders.

Investors seeking income-generating ETFs may want to consider other options with a higher dividend yield. However, it's important to note that dividend yields can fluctuate over time and are not guaranteed. Past performance does not guarantee future results.

Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.

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