RAREVIEW DYNAMIC FIXED INCOME ETF
Name
As of 10/21/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
15.7%
1 yr return
31.1%
3 Yr Avg Return
1.0%
5 Yr Avg Return
N/A
Net Assets
$34.2 M
Holdings in Top 10
53.9%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 3.71%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 10/21/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
RDFI - Profile
Distributions
- YTD Total Return 15.7%
- 3 Yr Annualized Total Return 1.0%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 7.8%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameRAREVIEW DYNAMIC FIXED INCOME ETF
-
Fund Family NameCollaborative Investment Series Trust
-
Inception DateOct 20, 2020
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerNeil Azous
Fund Description
The Fund is a “fund of funds” that seeks to achieve its investment objective principally through investments in unaffiliated closed-end funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in fixed income closed-end funds trading at a discount or premium to their underlying net asset value and that pay regular periodic cash distributions.
Closed-end funds are investment companies registered with the U.S. Securities and Exchange Commission (“SEC”) that issue a fixed number of shares through an initial public offering, after which shares will typically be traded on an exchange such as the New York Stock Exchange (“NYSE”) or the Nasdaq National Market System. Unlike open-end investment companies, shares of closed-end funds are not redeemable by the fund on a daily basis. A share in a closed-end fund represents an investment in the underlying assets held by the closed-end fund. A closed-end fund’s value increases or decreases due to various factors, including but not limited to general market conditions, the market’s confidence in the closed-end fund advisor’s ability to generate desired investment returns, and investor confidence in the closed-end fund’s underlying assets. The Adviser seeks to select closed-end funds for the Fund’s portfolio whose shares are trading at a discount or premium relative to their underlying net asset values (“NAV”). A closed-end fund’s shares that are traded on an exchange may be bought or sold at a market price that is lower or higher than the per-share value of the closed-end fund’s underlying assets; when this occurs, the shares are considered to be traded at a discount or premium, respectively. The Fund may generate income in the form of capital gains when the Fund sells shares of a closed-end fund whose shares the Fund initially purchased at discount and whose NAV has subsequently moved closer to the per-share value of its underlying assets. The Fund may also receive income generated from distributions from its holdings in closed-end funds, and may employ a dividend capture strategy in which the Fund purchases shares of a closed-end fund just prior to the ex-dividend date to capture the dividend distribution, then selling it after the dividend is paid.
The Adviser will use a top-down macro-focused analysis to select closed-end funds that best fit within custom asset classes created by the Adviser that seek to mimic broader fixed income investment classes. Examples of these asset classes include: (i) investment-grade corporate bonds; (ii) high-yield corporate bonds; (iii) municipal bonds; (iv) convertible bonds; (v) leveraged loans; (vi) mortgage-backed securities; (vii) emerging market fixed income securities; and (viii) aggregate fixed income securities. While the Fund may at times be invested in all of these asset classes, the Fund’s allocation to these asset classes may vary at the Adviser’s discretion, and the Fund is not required to invest in all of the asset classes. The Adviser uses a quantitative approach to measure the relative discounted value or premium of each closed-end fund within an asset class to seek the closed-end fund investments which the Adviser believes have the potential to generate the highest levels of after-tax income. The Adviser’s weighting of each asset class will be determined by the top-down macro model’s measure of relative risk levels and expected return.
Through its investments in closed-end funds that hold non-U.S. fixed income securities, the Fund may invest indirectly in foreign securities, including securities of issuers located in emerging markets. The Fund defines emerging markets as countries in the MSCI Emerging Market Index or that we consider to be emerging markets based on our evaluation of their level of economic development or the size and experience of their securities markets.
While the Fund will invest primarily in closed-end funds, the Fund may invest up to 30% of its assets in exchange traded funds (“ETFs”) that are representative of one of the Adviser’s custom asset classes if, in the Adviser’s discretion, the ETFs will provide a better investment opportunity or liquidity for the asset class. The Fund, and the closed-end funds in which the Fund invests, may invest in derivatives, including listed or over-the-counter index futures, options and swaps, for hedging purposes to mitigate interest rate, equity, credit, commodity, currency and volatility risks. The Fund may invest in cash and cash equivalents to offset leverage, credit, and interest rate exposure within the Fund’s holdings in closed-end funds.
The Adviser may sell or reduce the Fund’s position in a holding for a variety of reasons when appropriate and consistent with the Fund’s investment objectives and policies, or when the holding no longer meets the Adviser’s investment selection criteria. Generally, the Fund will sell or reduce its position in a closed-end fund when its discount-to-NAV has reverted to or has moved significantly above its fair value, as determined by the Adviser. The Fund may also sell or reduce its positions when attempting to rebalance the distribution of Fund assets among asset classes in the interest of affecting the Fund’s relative risk levels and expected returns.
In managing the Fund’s portfolio, the Adviser will engage in frequent portfolio transactions, resulting in a higher portfolio turnover rate.
RDFI - Performance
Return Ranking - Trailing
Period | RDFI Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 15.7% | -21.8% | 17.7% | 96.21% |
1 Yr | 31.1% | -26.4% | 18.0% | 87.62% |
3 Yr | 1.0%* | -29.6% | 52.0% | N/A |
5 Yr | N/A* | -33.0% | 28.7% | N/A |
10 Yr | N/A* | -27.0% | 12.7% | N/A |
* Annualized
Return Ranking - Calendar
Period | RDFI Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 0.7% | -31.8% | 18.4% | 0.56% |
2022 | -20.6% | -14.3% | 103.5% | N/A |
2021 | 5.3% | -20.2% | 60.6% | N/A |
2020 | N/A | -13.4% | 10.9% | N/A |
2019 | N/A | -12.3% | 4.1% | N/A |
Total Return Ranking - Trailing
Period | RDFI Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 15.7% | -21.8% | 28.6% | 99.05% |
1 Yr | 31.1% | -26.4% | 38.5% | 87.67% |
3 Yr | 1.0%* | -29.6% | 52.0% | N/A |
5 Yr | N/A* | -33.0% | 29.9% | N/A |
10 Yr | N/A* | -27.0% | 16.1% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | RDFI Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 8.6% | -31.8% | 18.4% | 0.56% |
2022 | -17.1% | -14.3% | 103.5% | N/A |
2021 | 12.5% | -20.2% | 60.6% | N/A |
2020 | N/A | -13.4% | 10.9% | N/A |
2019 | N/A | -12.3% | 4.7% | N/A |
RDFI - Holdings
Concentration Analysis
RDFI | Category Low | Category High | RDFI % Rank | |
---|---|---|---|---|
Net Assets | 34.2 M | 100 | 124 B | 90.58% |
Number of Holdings | 32 | 2 | 8175 | 88.24% |
Net Assets in Top 10 | 21.7 M | -1.57 B | 20.5 B | 77.04% |
Weighting of Top 10 | 53.85% | 4.3% | 100.0% | 19.91% |
Top 10 Holdings
- WESTERN ASSET EMERGING MARKETS DEBT FUND INC 7.45%
- NUVEEN PREFERRED INCOME OPPORTUNITIES FUND 6.39%
- ABRDN ASIA PACIFIC INC 6.25%
- FIRST TRUST INTERMEDIATE DURATION PREFERRED INCO 5.65%
- MORGAN STANLEY EMERGING MARKETS DOMESTIC DEBT FUND 5.63%
- NUVEEN VARIABLE RATE PREFERRED INCOME FUND 5.23%
- WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC 4.72%
- PIMCO DYNAMIC INCOME STRATEGY 4.62%
- TEMPLETON EMERGING MARKETS INCOME FUND 4.14%
- ANNALY CAPITAL MANAGEMENT INC 3.77%
Asset Allocation
Weighting | Return Low | Return High | RDFI % Rank | |
---|---|---|---|---|
Stocks | 3.77% | -38.22% | 261.12% | 37.62% |
Cash | 3.66% | -261.12% | 258.91% | 90.04% |
Other | 0.44% | -25.82% | 276.99% | 2.21% |
Preferred Stocks | 0.00% | 0.00% | 31.88% | 21.72% |
Convertible Bonds | 0.00% | 0.00% | 33.50% | 57.68% |
Bonds | 0.00% | -150.81% | 188.92% | 54.08% |
Stock Sector Breakdown
Weighting | Return Low | Return High | RDFI % Rank | |
---|---|---|---|---|
Utilities | 0.00% | 0.00% | 100.00% | 43.71% |
Technology | 0.00% | 0.00% | 33.40% | 68.65% |
Real Estate | 0.00% | 0.00% | 100.00% | 5.96% |
Industrials | 0.00% | 0.00% | 100.00% | 76.38% |
Healthcare | 0.00% | 0.00% | 100.00% | 69.98% |
Financial Services | 0.00% | 0.00% | 100.00% | 61.37% |
Energy | 0.00% | 0.00% | 100.00% | 39.29% |
Communication Services | 0.00% | 0.00% | 100.00% | 51.88% |
Consumer Defense | 0.00% | 0.00% | 99.97% | 35.76% |
Consumer Cyclical | 0.00% | 0.00% | 89.95% | 46.36% |
Basic Materials | 0.00% | 0.00% | 100.00% | 68.43% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | RDFI % Rank | |
---|---|---|---|---|
US | 3.77% | -40.06% | 261.12% | 5.39% |
Non US | 0.00% | -6.04% | 17.73% | 100.00% |
RDFI - Expenses
Operational Fees
RDFI Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 3.71% | 0.01% | 6.46% | 3.09% |
Management Fee | 0.97% | 0.00% | 2.29% | 80.35% |
12b-1 Fee | N/A | 0.00% | 1.00% | 0.25% |
Administrative Fee | N/A | 0.00% | 0.70% | N/A |
Sales Fees
RDFI Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 0.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
RDFI Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.50% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
RDFI Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 496.00% | N/A |
RDFI - Distributions
Dividend Yield Analysis
RDFI | Category Low | Category High | RDFI % Rank | |
---|---|---|---|---|
Dividend Yield | 7.79% | 0.00% | 17.29% | 2.14% |
Dividend Distribution Analysis
RDFI | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
RDFI | Category Low | Category High | RDFI % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | -1.55% | 11.51% | 9.05% |
Capital Gain Distribution Analysis
RDFI | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Oct 02, 2024 | $0.160 | OrdinaryDividend |
Sep 04, 2024 | $0.161 | OrdinaryDividend |
Aug 02, 2024 | $0.178 | OrdinaryDividend |
Jul 02, 2024 | $0.158 | OrdinaryDividend |
Jun 04, 2024 | $0.159 | OrdinaryDividend |
May 02, 2024 | $0.160 | OrdinaryDividend |
Apr 02, 2024 | $0.158 | OrdinaryDividend |
Mar 04, 2024 | $0.158 | OrdinaryDividend |
Feb 02, 2024 | $0.156 | OrdinaryDividend |
Jan 03, 2024 | $0.158 | OrdinaryDividend |
Dec 04, 2023 | $0.153 | OrdinaryDividend |
Nov 02, 2023 | $0.152 | OrdinaryDividend |
Oct 03, 2023 | $0.154 | OrdinaryDividend |
Sep 05, 2023 | $0.153 | OrdinaryDividend |
Aug 02, 2023 | $0.155 | OrdinaryDividend |
Jul 05, 2023 | $0.152 | OrdinaryDividend |
Jun 02, 2023 | $0.150 | OrdinaryDividend |
May 02, 2023 | $0.005 | ReturnOfCapital |
May 02, 2023 | $0.147 | OrdinaryDividend |
Apr 04, 2023 | $0.150 | OrdinaryDividend |
Mar 02, 2023 | $0.098 | OrdinaryDividend |
Feb 02, 2023 | $0.089 | OrdinaryDividend |
Jan 18, 2023 | $0.115 | OrdinaryDividend |
Dec 02, 2022 | $0.090 | OrdinaryDividend |
Nov 02, 2022 | $0.076 | OrdinaryDividend |
Oct 04, 2022 | $0.103 | OrdinaryDividend |
Sep 02, 2022 | $0.088 | OrdinaryDividend |
Aug 02, 2022 | $0.106 | OrdinaryDividend |
Jul 05, 2022 | $0.068 | OrdinaryDividend |
Jun 02, 2022 | $0.081 | OrdinaryDividend |
May 03, 2022 | $0.103 | OrdinaryDividend |
Apr 13, 2022 | $0.085 | OrdinaryDividend |
Mar 02, 2022 | $0.102 | OrdinaryDividend |
Feb 02, 2022 | $0.156 | OrdinaryDividend |
Dec 29, 2021 | $0.753 | OrdinaryDividend |
Dec 02, 2021 | $0.116 | OrdinaryDividend |
Nov 02, 2021 | $0.145 | OrdinaryDividend |
Oct 04, 2021 | $0.113 | OrdinaryDividend |
Sep 02, 2021 | $0.075 | OrdinaryDividend |
Aug 03, 2021 | $0.143 | OrdinaryDividend |
Jul 02, 2021 | $0.094 | OrdinaryDividend |
Jun 02, 2021 | $0.113 | OrdinaryDividend |
May 04, 2021 | $0.111 | OrdinaryDividend |
Apr 05, 2021 | $0.097 | OrdinaryDividend |
Mar 02, 2021 | $0.100 | OrdinaryDividend |
Feb 02, 2021 | $0.063 | OrdinaryDividend |
Dec 29, 2020 | $0.179 | OrdinaryDividend |
Dec 02, 2020 | $0.092 | OrdinaryDividend |
RDFI - Fund Manager Analysis
Managers
Neil Azous
Start Date
Tenure
Tenure Rank
Oct 20, 2020
1.61
1.6%
Neil Azous, Chief Investment Officer and Portfolio Manager, has been the Managing Director and Portfolio Manager of Rareview Capital since 2016, when Mr. Azous founded thecompany. From 2013 to the present day, Neil has worked at Rareview Macro LLC as its Founder and Managing Member. Prior to founding Rareview, Neil was a Managing Director at Navigate Advisors from 2009 to 2013. First at Donaldson Lufkin and Jenrette from 2001 to 2004, and then at UBS Investment Bank from 2004 to 2009, Neil’s responsibilities included trading derivatives, hedging solutions, asset allocation, and fundamental securities analysis. Neil began his career at Goldman Sachs in 1998, working in fixed income. Neil completed graduate level coursework for an MS in Real Estate at New York University and received his BA in Business Administration from the University of Washington, where he is a member of the University of Washington Bothell Board of Advisors and was the recipient of the Bothell Business School 2013 Distinguished Undergraduate Alumnus Award. He is active in various charity and community organizations.
Michael Sedacca
Start Date
Tenure
Tenure Rank
Feb 01, 2022
0.33
0.3%
Mr. Sedacca is a Portfolio Manager of Rareview Capital LLC, which was formed in 2016. Michael is a member of the investment team. His responsibilities include portfolio management, research, and trading. Michael is also a Senior Investment Analyst of Rareview Macro LLC, an independent research and consulting firm formed. In his prior role, he was responsible for managing the research platform at T3 Live, a premier financial publishing company that specializes in propriety trading and education. Michael completed coursework at the University of North Carolina-Chapel Hill where he played collegiate golf.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 28.19 | 5.64 | 3.19 |