At a glance
RFCI charges 0.51% a year, above the 0.14% average of the 7 funds most like it (the most expensive of 8). It has $14.9M in assets, the 8th largest of that group; it paid 4.71% of its price in distributions over the past 12 months, monthly. Over the past year it returned −1.1% with distributions reinvested, the weakest of those 8 funds; over three years it returned +5.4% a year. At its worst it fell 9.4% in the 2020 crash (S&P 500: 33.7%) and 11.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 23 months after the lows. Its ten largest positions make up 42.9% of the fund, out of 47 in all.
The short version
RiverFront Dynamic Core Income ETF (RFCI) is an actively managed bond fund: its adviser, ALPS Advisors, picks mostly corporate bonds and U.S. Treasuries and can put up to 15% in riskier junk bonds. It pays monthly, with a trailing yield of 4.71% as of October 27, 2026. But its 0.51% expense ratio is far above the 0.14% average of comparable bond ETFs, and it is tiny, at $14.9 million as of August 31, 2026.
Price history
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RFCI -1.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| RFCI official prospectus, to Dec 31, 2025 | — | +6.69% | — | +0.74% | — | +2.00% |
| Index7 index, same period | — | +7.30% | — | -0.36% | — | +1.63% |
| RFCI price data to Oct 27, 2026 | -0.8% | -1.1% | +5.4% | +0.9% | +1.8% | +1.9% |
- Over the year to Oct 27, 2026, RFCI returned -1.1%, 8th of 8 among similar funds.
- Its 5-year annualized return was +0.9% and its 10-year +1.8%.
- In the 2020 COVID crash it fell 9.4% and regained its old high 0.9 months after the low.
- Its worst full calendar year was 2022 (-9.3%); its best was 2019 (+8.8%).
- The deepest fall in its price history was 14.1% (Aug 4, 2020 to Oct 20, 2022), recovered by Jun 24, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.8% | — |
| 2025 | +6.8% | +6.69% |
| 2024 | +2.6% | +2.74% |
| 2023 | +6.0% | +5.90% |
| 2022 | -9.3% | -9.29% |
| 2021 | -1.4% | -1.48% |
| 2020 | +6.5% | +6.26% |
| 2019 | +8.8% | +8.56% |
| 2018 | -1.3% | -0.76% |
| 2017 | +3.1% | +3.27% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 2.3% over that stretch · deepest drop along the way 9.4%, back to its old high 0.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 10.9% over that stretch · deepest drop along the way 11.2%, back to its old high 22.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8400 | |
| 2025 | $1.0200 | +7.4% |
| 2024 | $0.9500 | +18.7% |
| 2023 | $0.8000 | +60.0% |
| 2022 | $0.5000 | -43.2% |
| 2021 | $0.8800 | +66.0% |
| 2020 | $0.5300 | -23.2% |
| 2019 | $0.6900 | +4.5% |
| 2018 | $0.6600 | +32.0% |
| 2017 | $0.5000 |
What's inside
As of Aug 31, 2026, the fund held 47 securities; the ten largest made up 42.86% of assets.
| Holding | Weight | |
|---|---|---|
| Us Treasury N/b Bonds and notes | 11.25% | |
| Us Treasury N/b Bonds and notes | 4.24% | |
| Us Treasury N/b Bonds and notes | 3.90% | |
| Us Treasury N/b Bonds and notes | 3.88% | |
| Kinetik Holdings Lp Bonds and notes | 3.88% | |
| General Motors Finl Co Bonds and notes | 3.42% | |
| Ingersoll Rand Inc Bonds and notes | 3.33% | |
| Hyatt Hotels Corp Bonds and notes | 3.33% | |
| Concentrix Corp Bonds and notes | 3.15% | |
| Us Treasury N/b Bonds and notes | 2.47% | |
| Pnc Financial Services Bonds and notes | 2.38% | |
| Bank Of America Corp Bonds and notes | 2.37% | |
| Ford Motor Credit Co Llc Bonds and notes | 2.23% | |
| Public Service Enterpris Bonds and notes | 2.21% | |
| Dominion Energy Inc Bonds and notes | 2.17% |
By country
United States 91.99%United Kingdom 2.83%Ireland 1.32%Singapore 1.31%Mexico 1.01%By issuer
Companies 71.71%US Treasury 25.74%Foreign governments 1.01%The bonds mature in 393.2 years on average (weighted by size), with an average coupon of 5.36%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $553K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.10%, -1.01%, +0.60%.
How it works
RFCI does not track an index. Its adviser, ALPS Advisors, works in two steps. First, a quantitative model, fed by the adviser's market judgments, sets a long-run mix across short-, medium- and long-term investment-grade (higher-rated) bonds, high-yield bonds and emerging-market debt. The aim is to balance upside against downside over five years. The adviser adjusts this mix at least once a year. Second, the adviser tilts the mix as conditions change and picks individual bonds.
The prospectus sets limits. Junk bonds, which are rated below investment grade, are capped at 15% of assets. Bonds priced in foreign currencies and bonds from emerging-market issuers are each capped at 10%. The fund may also hold preferred stock, convertible bonds and other bond funds, and it may hedge currency risk with forward contracts or swaps. The adviser aims to keep average duration, a gauge of rate sensitivity, between two and eight years. At a three-year duration, a 1-percentage-point rise in rates typically cuts prices by about 3%.
As of August 31, 2026, RFCI held 47 holdings: about 72% corporate bonds, 26% U.S. Treasuries and 1% foreign government debt. The largest position was a single Treasury bond, at 11.3%. The top corporate holdings were Kinetik Holdings, General Motors Financial, Ingersoll Rand and Hyatt Hotels. It held no derivatives or other funds.
What it really costs
- RFCI charges 0.51% a year, versus an average of 0.14% for the similar funds below (8th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $52 in the first year and $640 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| RFCI | $52 | $164 | $285 | $640 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its stated goal is total return driven mainly by income, it pays monthly, and 98.5% of its assets were in bonds as of August 31, 2026.
RFCI's main appeal for retirees is monthly income: a 4.71% yield from the past 12 months of payouts, as of October 27, 2026. Launched in 2016, it has no 2008 record. In the 2020 COVID crash it fell 9.4% in March but recovered within about a month. The 2022 bear market hurt more: it lost 11.2% from January to late September 2022 and recovered only in August 2024. Its worst calendar year was 2022, a 9.3% loss, and its deepest drop, 14.1% from August 2020 to October 2022, took about 32 months to recover from the low.
So withdrawals in a weak bond year can come from shares that stay below their old high for years. Its 0.51% expense ratio is also far above the 0.14% average of comparable bond ETFs. Past results don't predict future ones, and the whole portfolio matters more than any single fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting monthly income from a mix of corporate bonds and U.S. Treasuries; the trailing yield was 4.71% as of October 27, 2026.
- Those who want an adviser shifting among investment-grade, junk and emerging-market bonds, rather than tracking an index, within a two-to-eight-year duration range.
- Patient holders who can ride out slumps like 2022, when it fell 11.2% and took until August 2024 to recover.
Look elsewhere if
- Cost-focused investors: its 0.51% expense ratio is the highest among comparable bond ETFs, where BND, BIV and BSV each charge 0.03%.
- Anyone wary of tiny funds: net assets were $14.9 million as of August 31, 2026, and very small funds can close or trade less easily.
- Investors seeking a cushion when stocks fall: RFCI dropped 9.4% in March 2020 and 11.2% during the 2022 bear market.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| RFCI this fund | 393.2 yrs | 0.51% | $14.9M | -1.1% | +5.4% |
| PULS PGIM Ultra Short Bond ETF | 8.8 yrs | 0.15% | $18.71B | +4.1% | +5.2% |
| MINT PIMCO Enhanced Short Maturity Active Exchan… | 6.3 yrs | 0.35% | $16.43B | +3.9% | +4.9% |
| FBND Fidelity Total Bond ETF | 14.4 yrs | 0.36% | $28.16B | -0.2% | +5.4% |
| BIV Vanguard Intermediate-Term Bond ETF | 7.5 yrs | 0.03% | $52.45B | -0.7% | +5.1% |
| IUSB iShares Core Total USD Bond Market ETF | 11.8 yrs | 0.06% | $43.00B | -0.3% | +5.1% |
| BND Vanguard Total Bond Market ETF | 11.7 yrs | 0.03% | $397.11B | -0.4% | +4.7% |
| BSV Vanguard Short-Term Bond ETF | 2.9 yrs | 0.03% | $69.75B | +1.7% | +4.5% |
Questions investors ask
Does RFCI pay monthly dividends?
Yes. RFCI pays distributions monthly. Over the 12 months to October 27, 2026, it paid about $1.02 per share, a trailing yield of 4.71%. The money comes mainly from interest on its bonds, whose average coupon, or stated interest rate, was 5.36% as of August 31, 2026. Payouts can rise or fall as rates change and the adviser shifts holdings, so past payments don't guarantee future ones.
Is RFCI good for retirement income?
It may suit retirees who want monthly bond income, but it has trade-offs. The trailing yield was 4.71% as of October 27, 2026. Its 0.51% expense ratio is far above the 0.14% average of comparable bond ETFs, and net assets were just $14.9 million as of August 31, 2026. Through December 31, 2025, it returned 0.74% a year over five years. It lost 9.29% in 2022, and its deepest drop, 14.1%, did not fully recover until June 2025.
RFCI vs FBND: what's the difference?
The biggest differences are cost and size. FBND, the Fidelity Total Bond ETF, charges 0.36% a year versus RFCI's 0.51%. It had $28.2 billion in net assets as of August 31, 2026, against RFCI's $14.9 million. FBND returned -0.2% over one year and 6.0% a year over three years to October 30, 2026. RFCI returned -1.1% and 5.4% to October 27, 2026. Vanguard's BND and BIV cost even less, at 0.03%.
What is RFCI's expense ratio?
RFCI's expense ratio, the yearly fee taken from fund assets, is 0.51%, according to its prospectus filed March 30, 2026. All of it is the management fee. In the SEC's standard example, $10,000 invested at a 5% annual return would incur about $52 in costs after one year, $164 after three, $285 after five and $640 after ten. That is higher than all seven comparable bond ETFs we track, whose average is 0.14%.
What happens to RFCI when interest rates rise?
Its price usually falls, because bond prices move opposite to interest rates. The adviser aims to keep average duration between two and eight years. Duration estimates rate sensitivity: by the prospectus's example, a three-year duration means a 1-percentage-point rise in rates would cut prices by about 3%. RFCI's worst calendar year was 2022, at -9.29%, and its worst quarter was a 5.33% loss in early 2022. Over time, higher rates can also lift the income on new bonds the fund adds.