At a glance
RSEE charges 2.77% a year. It has $72.9M in assets. Over the past year it returned +11.6% with distributions reinvested (S&P 500: +11.5%); over three years it returned +20.7% a year.
The short version
Rareview Systematic Equity ETF (RSEE) is an actively managed fund of funds, meaning it buys other stock ETFs rather than individual stocks. A computer model shifts its money among US large companies, US small companies, developed foreign markets and emerging markets. It can use futures to raise exposure to 133% of assets, bet against markets, or move to cash. Its 2.77% expense ratio is high for a stock fund, and it pays no income.
Price history
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RSEE +11.6% 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 | |
|---|---|---|---|---|---|---|
| RSEE official prospectus, to Dec 31, 2025 | — | +20.36% | — | — | — | +11.44% |
| RSEE price data to Oct 27, 2026 | +12.0% | +11.6% | +20.7% | — | — | +12.3% |
- Over the year to Oct 27, 2026, RSEE returned +11.6%.
- Its worst full calendar year was 2023 (+10.2%); its best was 2025 (+20.5%).
- The deepest fall in its price history was 21.6% (Feb 18, 2025 to Apr 8, 2025), recovered by Jun 30, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.0% | — |
| 2025 | +20.5% | +20.36% |
| 2024 | +18.6% | +18.60% |
| 2023 | +10.2% | +10.54% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.0800 | -96.9% |
| 2024 | $2.5700 | +1068.2% |
| 2023 | $0.2200 |
What's inside
As of Jun 30, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (31.08% of net assets), with its exposure coming from 0 swap and futures positions rather than from owning the stocks outright.
| Fund held | Weight | |
|---|---|---|
| VANGUARD S P 500 ETF Other | 46.58% | |
| VANGUARD FTSE DEVELOPED ETF Other | 33.08% | |
| INVESCO QQQ TRUST SERIES 1 Other | 26.61% | |
| VANGUARD SMALL CAP ETF Other | 13.66% | |
| VANGUARD FTSE EMERGING MARKE Other | 13.00% |
By country
United States 132.94%By asset type
Other 132.94%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $1.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +13.40%, +7.15%, -0.38%.
How it works
RSEE aims to beat global developed and emerging stock markets. It normally puts at least 80% of net assets into other stock ETFs. Those ETFs cover four areas, which the fund calls sub-strategies. The first is US large companies, worth $10 billion or more. The second is US small companies, worth less than $3 billion or in the Russell 2000 Index range. The third is emerging markets. The fourth is developed markets outside the US and Canada.
The sub-adviser's quantitative model reads price trends, market volatility and changes in US credit markets. It then decides how much goes to each area. When the model is positive, the fund can hold up to 133% of its assets in ETFs and equity index futures. A futures contract gives exposure to a stock index for a small upfront cost, so it creates leverage that magnifies gains and losses. When the model turns negative on an area, the fund can use futures to profit if that market falls. If all four signals are negative, the fund can hold mostly cash. Its leverage is not a fixed multiple reset each day. It rises and falls with the model's signals.
As of June 30, 2026, five ETFs together made up about 133% of net assets: Vanguard S&P 500 ETF (46.6%), Vanguard FTSE Developed (33.1%), Invesco QQQ Trust (26.6%), Vanguard Small Cap (13.7%) and Vanguard FTSE Emerging Markets (13.0%). Portfolio turnover, the share of holdings replaced in a year, was 126%.
What it really costs
- RSEE charges 2.77% a year.
- Of that, 1.1% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.26% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $280 in the first year and $3,328 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| RSEE | $280 | $912 | $1,569 | $3,328 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from the stated multiple of the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It uses leverage, can bet against markets and charges a 2.77% expense ratio, so it may suit a small, higher-risk slice of a portfolio more than a core stock position.
This actively managed fund invests in other stock ETFs, led by Vanguard S&P 500 ETF as of June 30, 2026. A computer model can lift stock exposure to 133% of assets (leverage, which magnifies gains and losses), bet against markets or hold cash. Launched in January 2022, it has no record through the 2008 or 2020 crashes or the full 2022 slump. Its deepest drop was 21.6%, from February 18 to April 8, 2025; it regained that ground by June 30, 2025, but anyone selling near the low locked in losses. Calendar years 2023 to 2025 were gains, the weakest 10.54% in 2023.
It paid no distributions in the year to October 27, 2026. Its 2.77% expense ratio is steep: the SEC's example puts costs on $10,000 at $3,328 over 10 years. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a model to shift money among US large, US small, developed and emerging stock ETFs, including going short or to cash.
- People comfortable with leverage of up to 133% of assets and a beta of 1.46 (as of October 27, 2026), held as a small slice.
- Investors who don't need income from this holding, since it paid no distributions in the year through October 27, 2026.
Look elsewhere if
- Cost-conscious investors: the 2.77% expense ratio adds up to $3,328 over 10 years on $10,000, according to the SEC's standard example.
- Retirees who need dividends or steady income, since RSEE paid nothing in the 12 months through October 27, 2026.
- Those who want a long record or a large fund: it launched in January 2022 and held $72.9 million as of June 30, 2026.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is RSEE a leveraged ETF?
Yes, but not like the 2x funds that reset every day. RSEE uses equity index futures to raise its total exposure to as much as 133% of assets when its model is positive. A futures contract gives exposure to a stock index for a small upfront cost. When the model turns negative, the fund can bet against a market or move mostly to cash. As of June 30, 2026, its ETF holdings added up to about 133% of net assets.
What is RSEE's expense ratio?
RSEE's expense ratio is 2.77%, according to the prospectus filed January 27, 2026. That includes a 1.10% management fee and reflects a 0.26% fee waiver. The SEC's standard example assumes $10,000 invested and a 5% yearly return. It puts costs at $280 after one year, $912 after three years, $1,569 after five years and $3,328 after 10 years. That is high for a stock ETF.
Does RSEE pay dividends?
No. RSEE made no distributions in the 12 months through October 27, 2026, so its trailing yield was 0%. All of its return came from changes in its share price. An investor who wants regular cash from this fund would have to sell shares to get it. That could mean selling during a downturn, when prices are low.
What's the difference between RSEE and the Vanguard S&P 500 ETF?
The Vanguard S&P 500 ETF was RSEE's largest holding, at 46.6% of net assets as of June 30, 2026. A plain S&P 500 fund simply holds large US companies. RSEE combines it with four other ETFs, including Invesco QQQ Trust, Vanguard FTSE Developed and Vanguard FTSE Emerging Markets. A quantitative model adds leverage, can bet against markets and can move to cash. RSEE charges a 2.77% expense ratio for that management.
How has RSEE performed since launch?
From its January 2022 launch through December 31, 2025, RSEE returned 11.44% a year on average, according to its prospectus. It gained 10.54% in 2023, 18.60% in 2024 and 20.36% in 2025. Based on its share price, it returned 11.6% over the year to October 27, 2026. The gains came with big swings. It fell 21.6% between February 18 and April 8, 2025, then recovered by June 30, 2025.