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Trending ETFs

Name

As of 05/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$20.91

$20 M

4.16%

$0.87

4.17%

Vitals

YTD Return

1.8%

1 yr return

8.0%

3 Yr Avg Return

-5.1%

5 Yr Avg Return

N/A

Net Assets

$20 M

Holdings in Top 10

98.8%

52 WEEK LOW AND HIGH

$20.9
$17.32
$21.15

Expenses

OPERATING FEES

Expense Ratio 4.17%

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 05/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$20.91

$20 M

4.16%

$0.87

4.17%

RTAI - Profile

Distributions

  • YTD Total Return 1.8%
  • 3 Yr Annualized Total Return -5.1%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 4.2%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    RAREVIEW TAX ADVANTAGED INCOME ETF
  • Fund Family Name
    Collaborative Investment Series Trust
  • Inception Date
    Oct 20, 2020
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Neil 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 in municipal bond 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 with 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 adviser’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.

While the Fund will invest primarily in closed-end funds, the Fund may invest up to 30% of its assets in municipal or short term Treasury exchange traded funds (“ETFs”) 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 and 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 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.

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RTAI - Performance

Return Ranking - Trailing

Period RTAI Return Category Return Low Category Return High Rank in Category (%)
YTD 1.8% -86.8% 7.5% 92.14%
1 Yr 8.0% -48.9% 15.3% 96.47%
3 Yr -5.1%* -21.5% 51.9% N/A
5 Yr N/A* -5.9% 29.0% N/A
10 Yr N/A* -3.6% 13.2% N/A

* Annualized

Return Ranking - Calendar

Period RTAI Return Category Return Low Category Return High Rank in Category (%)
2023 1.0% -91.1% 101.7% 0.09%
2022 -25.2% -79.2% 102.5% N/A
2021 5.5% -66.1% 60.0% N/A
2020 N/A -57.4% 7.6% N/A
2019 N/A -35.9% 3.2% N/A

Total Return Ranking - Trailing

Period RTAI Return Category Return Low Category Return High Rank in Category (%)
YTD 1.8% -86.8% 7.5% 96.07%
1 Yr 8.0% -48.9% 15.4% 96.47%
3 Yr -5.1%* -21.5% 51.9% N/A
5 Yr N/A* -5.9% 29.0% N/A
10 Yr N/A* -3.6% 13.3% N/A

* Annualized

Total Return Ranking - Calendar

Period RTAI Return Category Return Low Category Return High Rank in Category (%)
2023 4.3% -91.1% 101.7% 0.09%
2022 -22.6% -79.2% 102.5% N/A
2021 10.6% -66.1% 60.0% N/A
2020 N/A -57.4% 7.6% N/A
2019 N/A -35.9% 3.2% N/A

RTAI - Holdings

Concentration Analysis

RTAI Category Low Category High RTAI % Rank
Net Assets 20 M 2.87 M 73.9 B 98.03%
Number of Holdings 10 1 14000 82.28%
Net Assets in Top 10 20.1 M -317 M 8.64 B 70.05%
Weighting of Top 10 98.78% 2.4% 100.0% 12.76%

Top 10 Holdings

  1. NUVEEN MUNICIPAL CREDIT INCOME FUND 13.85%
  2. NUVEEN AMT FREE MUNICIPAL CREDIT INCOME FUND 13.63%
  3. NUVEEN QUALITY MUNICIPAL INCOME FUND 12.97%
  4. BLACKROCK MUNIYIELD FUND INC 12.94%
  5. WESTERN ASSET MANAGED MUNICIPALS FUND INC 10.80%
  6. INVESCO QUALITY MUNICIPAL INCOME TRUST 8.46%
  7. INVESCO MUNICIPAL TRUST 8.32%
  8. BLACKROCK MUNICIPAL INCOME TRUST II 7.29%
  9. BLACKROCK MUNIYIELD QUALITY FUND III INC 6.28%
  10. INVESCO MUNICIPAL OPPORTUNITY TRUST 4.23%

Asset Allocation

Weighting Return Low Return High RTAI % Rank
Cash
1.22% -50.86% 100.00% 98.95%
Stocks
0.00% -0.03% 4.63% 1.82%
Preferred Stocks
0.00% -1.79% 0.04% 50.50%
Other
0.00% -13.03% 30.01% 1.28%
Convertible Bonds
0.00% 0.00% 0.93% 50.64%
Bonds
0.00% 0.00% 150.86% 1.14%

RTAI - Expenses

Operational Fees

RTAI Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 4.17% 0.02% 3.60% 0.83%
Management Fee 0.75% 0.00% 1.10% 98.63%
12b-1 Fee N/A 0.00% 1.00% 9.03%
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

RTAI Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 4.90% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

RTAI Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% 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.

RTAI Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 283.00% N/A

RTAI - Distributions

Dividend Yield Analysis

RTAI Category Low Category High RTAI % Rank
Dividend Yield 4.16% 0.00% 35.27% 1.09%

Dividend Distribution Analysis

RTAI Category Low Category High Category Mod
Dividend Distribution Frequency None Quarterly Monthly Monthly

Net Income Ratio Analysis

RTAI Category Low Category High RTAI % Rank
Net Income Ratio N/A -0.53% 24.00% 9.27%

Capital Gain Distribution Analysis

RTAI Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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RTAI - 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 35.05 7.21 1.58