RiverNorth Active Income ETF
CEFZ
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ROIC.AI
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- RiverNorth Active Income ETF (CEFZ) is an actively managed exchange-traded fund that seeks long-term capital appreciation and current income through opportunistic investments in closed-end funds, exchange-traded funds, equities, fixed income securities, and cash equivalents; it primarily allocates more than 50% of its assets to underlying funds providing exposure to both equity and fixed income asset classes, employing quantitative and qualitative approaches to exploit inefficiencies such as closed-end fund discounts to net asset value. The fund tactically invests across domestic and international markets, including emerging markets, with holdings such as Pershing Square Holdings Ltd., iShares Flexible Income Active ETF, and Saba Capital Income & Opportunity Fund II; it targets high income generation, aiming for an annualized distribution rate around 10%, alongside uncorrelated alpha from CEF trading strategies. CEFZ operates within the global moderately conservative allocation category and is distributed through exchange trading on the Cboe BZX Exchange. In a major strategic reorganization completed in August 2025, the fund converted from the RiverNorth Core Opportunity Fund (RNCOX), an open-end mutual fund launched on December 27, 2006, retaining identical investment objectives, substantially similar strategies, and its historical performance track record; TrueMark Investments, LLC serves as investment adviser, with RiverNorth Capital Management, LLC as sub-adviser, and Paralel Distributors LLC as distributor. This ETF structure enhances liquidity, transparency, and tax efficiency compared to its mutual fund predecessor, which had earned 5-star Morningstar ratings over 3-, 5-, and 10-year periods as of June 30, 2025. RiverNorth Capital Management, founded in 2000 and headquartered in Chicago, Illinois, specializes in niche market opportunities, while the fund is part of Elevation Series Trust, with principal executive offices in Denver, Colorado.