At a glance
RFDA charges 0.52% a year, above the 0.27% average of the 8 funds most like it (the 8th cheapest of 9). It has $82.4M in assets, the 9th largest of that group; it paid 1.97% of its price in distributions over the past 12 months, monthly. Over the past year it returned +16.5% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds; over three years it returned +23.2% a year. At its worst it fell 34.6% in the 2020 crash (S&P 500: 33.7%) and 18.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 9 months after the lows. Its ten largest positions make up 26.6% of the fund, out of 77 in all.
The short version
RiverFront Dynamic US Dividend Advantage ETF (RFDA) is an actively managed fund of mostly US dividend-paying stocks. ALPS Advisors picks them with a largely rules-based score for value, quality, momentum and dividend yield. It pays monthly. Its 0.52% expense ratio is roughly double the 0.27% average of similar funds. With $82.4 million in net assets across 77 stocks as of August 31, 2026, it is the smallest fund in its peer group.
Price history
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RFDA +16.5% 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 | |
|---|---|---|---|---|---|---|
| RFDA official prospectus, to Dec 31, 2025 | — | +16.28% | — | — | — | +12.68% |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +17.88% | — | — | — | +15.04% |
| RFDA price data to Oct 27, 2026 | +16.6% | +16.5% | +23.2% | +13.0% | +13.7% | +13.3% |
- Over the year to Oct 27, 2026, RFDA returned +16.5%, 1st of 9 among similar funds.
- Its 5-year annualized return was +13.0% and its 10-year +13.7%.
- In the 2020 COVID crash it fell 34.6% and regained its old high 5.1 months after the low.
- Its worst full calendar year was 2018 (-9.2%); its best was 2019 (+27.2%).
- The deepest fall in its price history was 34.6% (Feb 12, 2020 to Mar 23, 2020), recovered by Aug 26, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +16.6% | — |
| 2025 | +16.4% | +16.28% |
| 2024 | +20.1% | +20.09% |
| 2023 | +17.0% | +17.14% |
| 2022 | -8.6% | -8.62% |
| 2021 | +25.9% | +25.75% |
| 2020 | +11.3% | +11.27% |
| 2019 | +27.2% | +26.88% |
| 2018 | -9.2% | -8.88% |
| 2017 | +19.8% | +19.74% |
| 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 34.6% over that stretch · deepest drop along the way 34.6%, back to its old high 5.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.1% over that stretch · deepest drop along the way 18.8%, back to its old high 9.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.2100 | |
| 2025 | $1.1900 | -4.8% |
| 2024 | $1.2500 | -1.6% |
| 2023 | $1.2700 | -15.3% |
| 2022 | $1.5000 | +120.6% |
| 2021 | $0.6800 | +7.9% |
| 2020 | $0.6300 | -4.5% |
| 2019 | $0.6600 | -4.3% |
| 2018 | $0.6900 | +15.0% |
| 2017 | $0.6000 |
What's inside
As of Aug 31, 2026, the fund held 77 securities; the ten largest made up 26.57% of assets.
| Holding | Weight | |
|---|---|---|
| Nvidia Corp | 3.22% | |
| Johnson & Johnson | 3.18% | |
| Jpmorgan Chase & Co | 3.08% | |
| Unitedhealth Group Inc | 2.80% | |
| Citigroup Inc | 2.56% | |
| Microsoft Corp | 2.56% | |
| Conocophillips | 2.49% | |
| Phillips 66 | 2.37% | |
| Merck & Co Inc | 2.28% | |
| Bristol-myers Squibb Co | 2.03% | |
| Hewlett Packard Enterprise Co | 2.02% | |
| Exxonmobil Holdings Corp | 1.96% | |
| Apple Inc | 1.91% | |
| Alphabet Inc | 1.82% | |
| Taiwan Semiconductor Manufacturing Co Ltd | 1.80% |
By country
United States 89.66%Taiwan 1.8%Bermuda 1.47%Canada 1.36%Marshall Islands 1.03%By asset type
Stocks 98.25%By sector
Sectors of the companies held, for the 64.7% of the fund in companies that have a stock page here; other holdings and cash aren't classified. 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 $9.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.84%, +2.12%, +2.13%.
How it works
RFDA does not track an index. Its adviser, ALPS Advisors, manages it actively. Under normal conditions, at least 65% of net assets goes into US companies with potential for dividend income. These include common stocks and real estate investment trusts (REITs, companies that own income-producing property). At least 80% goes into US issuers. The fund may own small, mid-size and large companies.
Stock selection is largely quantitative. The adviser scores each eligible stock on value (such as price-to-book), quality (such as cash as a share of market value), momentum (such as three-month relative price change) and dividend yield. Within each sector, it favors stocks that yield meaningfully more than their sector peers. A proprietary optimization process then fits in as many high scorers as possible within limits on sectors and on risk measures such as beta (how much a stock moves with the market) and volatility. Managers can use judgment on the model's settings, including how many stocks to hold and how much of each.
As of August 31, 2026, the fund held 77 stocks, and the top 10 made up 26.6% of assets. The largest were Nvidia (3.2%), Johnson & Johnson (3.2%), JPMorgan Chase (3.1%), UnitedHealth Group (2.8%) and Citigroup (2.6%). It held no derivatives and no other funds on that date. About 10% of assets was in companies based outside the US, such as Taiwan Semiconductor.
What it really costs
- RFDA charges 0.52% a year, versus an average of 0.27% for the similar funds below (8th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $53 in the first year and $652 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| RFDA | $53 | $167 | $291 | $652 |
In a retirement portfolio
RFDA is a diversified fund of 77 mostly US stocks with a dividend tilt, so it could fill part of a portfolio's US stock allocation rather than serve as a high-income or defensive fund.
RFDA could fill part of the US stock portion of a portfolio, with a tilt toward dividend payers. It is still a stock fund. In the 2020 COVID crash, it fell 34.6% from mid-February to March 23, 2020. It recovered by August 26, about five months later. In 2022, it dropped 18.8% and took about 9.4 months, until July 13, 2023, to recover. Its worst calendar year was 2018, at -8.88%. It launched in 2016, so it has no 2008 record. Anyone forced to sell during drops like these would lock in losses. The trailing yield was 1.97% as of October 27, 2026, paid monthly. Costs run 0.52% a year. In the SEC's standard example, that comes to $652 over 10 years on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting monthly dividend payouts from US stocks like Johnson & Johnson and JPMorgan Chase; past-year yield was 1.97% as of October 27, 2026.
- Investors wanting milder swings: one-year beta (sensitivity to market moves) was 0.64 as of October 27, 2026, though it fell 34.6% in early 2020.
- Investors comfortable with ALPS Advisors' active, mostly quantitative stock selection, which scores companies on value, quality, momentum and dividend yield.
Look elsewhere if
- Cost-conscious investors: the 0.52% expense ratio is nearly double the 0.27% peer average and far above Vanguard Dividend Appreciation ETF (VIG) at 0.05%.
- Investors wanting full S&P 500 returns: from its 2016 launch through December 31, 2025, it averaged 12.68% a year versus the index's 15.04%.
- Investors wary of small funds, which can close: net assets were $82.4 million as of August 31, 2026, below all eight similar funds.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| RFDA this fund | — | 0.52% | $82.4M | +16.5% | +23.2% |
| PFM Invesco Dividend Achievers™ ETF | 31% | 0.52% | $789.8M | +13.4% | +19.7% |
| VIG Vanguard Dividend Appreciation ETF | 27% | 0.05% | $130.90B | +15.6% | +19.8% |
| DGRW WisdomTree US Quality Dividend Growth Fund | 26% | 0.28% | $16.60B | +11.7% | +17.0% |
| OUSA ALPS O'Shares U.S. Quality Dividend ETF | 25% | 0.48% | $746.2M | +11.4% | +17.3% |
| XLG Invesco S&P 500® Top 50 ETF | 24% | 0.2% | $10.56B | +6.9% | +25.3% |
| TDVG T. Rowe Price Dividend Growth ETF | 23% | 0.5% | $1.38B | +13.6% | +18.7% |
| SPY SPDR S&P 500 ETF Trust | 23% | 0.0945% | $781.19B | +11.5% | +21.9% |
Questions investors ask
Is RFDA good for retirement income?
RFDA pays steady but modest income. Its trailing 12-month yield was 1.97% as of October 27, 2026, paid monthly. The fund aims for both growth and dividends, so most of its return has come from price gains rather than payouts. It fell 34.6% in the 2020 crash and 18.8% in 2022. Retirees who might need to sell shares in a downturn would face real swings. Its 0.52% annual fee also reduces what reaches investors.
Does RFDA pay monthly dividends?
Yes. RFDA pays distributions monthly. Over the 12 months to October 27, 2026, it paid $1.44 per share, a trailing yield of 1.97%. Monthly amounts can vary because they depend on the dividends the fund's holdings pay. The prospectus warns that companies may cut or eliminate their dividends. It also warns that dividend-paying stocks can fall out of favor and lag the wider market.
What is RFDA's expense ratio?
RFDA charges 0.52% a year, according to its prospectus filed March 30, 2026. All of it is a management fee, with no fee waiver. In the SEC's standard example, $10,000 earning 5% a year would cost about $53 in the first year and $652 over 10 years. That fee is roughly double the 0.27% average among similar funds. RFDA ranks 8th of 9 on cost in that group.
RFDA vs PFM: what's the difference?
Invesco Dividend Achievers ETF (PFM) shares about 31% of its holdings with RFDA, more than any other similar fund. Both charge 0.52%. RFDA is actively managed using scores for value, quality, momentum and yield. PFM is far larger: $789.8 million in net assets as of July 31, 2026, against RFDA's $82.4 million as of August 31, 2026. As of October 27, 2026, RFDA returned 16.5% over one year against PFM's 13.4%. Over three years, RFDA returned 23.2% a year and PFM 19.7%.
Has RFDA beaten the S&P 500?
Not over its full history. As of December 31, 2025, RFDA returned 12.68% a year since its 2016 launch, against 15.04% for the S&P 500 Index. Over one year, it returned 16.28% against 17.88%. It has also moved less than the market, with a one-year beta of 0.64 as of October 27, 2026. A beta below 1 means the fund has tended to rise and fall less than the overall market.