Rareview Tax Advantaged Income ETF

Rareview Tax Advantaged Income ETF (RTAI) is a fund of funds that trades municipal bond closed-end funds, such as BlackRock MuniHoldings Fund, based on how their prices compare with the value of their bonds. It pays monthly income, much of it intended to be exempt from federal income tax, and yielded 5.25% in the 12 months to October 27, 2026. The catch is cost: 4.59% a year in total expenses, including underlying funds' fees.

• Over the year to Oct 27, 2026, RTAI returned -4.4%, 8th of 8 among similar funds.
• Its 5-year annualized return was -1.9%.
• Its worst full calendar year was 2022 (-22.6%); its best was 2024 (+7.2%).
• The deepest fall in its price history was 34.3% (Sep 15, 2021 to Oct 25, 2023), not yet recovered.

As of Jun 30, 2026, the fund held 10 securities; the ten largest made up 97.68% of assets.

• Over the three months to Jun 30, 2026, investors withdrew a net $430K (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +2.70%, +1.17%, +1.82%.

RTAI has no index. Its adviser picks the holdings. It mainly invests in closed-end funds that hold municipal bonds (state and local government debt) and pay regular distributions. A closed-end fund has a fixed number of shares that trade on an exchange. So its price can sit below the value of its bonds (a discount) or above it (a premium). RTAI generally trims or exits a position once a fund's discount returns to, or moves well past, what the adviser considers fair value. As of June 30, 2026, it held 10 funds, and four BlackRock funds made up roughly half.

Income comes from those funds' distributions and from gains when a fund bought at a discount rises toward the value of its bonds. RTAI may also use dividend capture: purchasing a fund just before its ex-dividend date (the cutoff for the next payout) and exiting afterward. Trading is frequent, with portfolio turnover of 51%. Up to 30% of assets may go into municipal or short-term Treasury ETFs.

The closed-end funds it owns may borrow money (use leverage) to boost income, which magnifies gains and losses. RTAI can hold cash to offset that. It can also use futures, options and swaps to hedge interest-rate and other risks. On June 30, 2026, it held small options positions tied to three-month SOFR, a short-term interest rate.

• RTAI charges 4.59% a year, versus an average of 0.86% for the similar funds below (8th of 8, cheapest first).
• Of that, 0.75% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.65% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $460 in the first year and $5,144 over 10 years (assuming a 5% annual return).

It aims to pay monthly income, a substantial portion intended to be exempt from federal income tax, but its price has fallen sharply at times.

RTAI pays monthly. Its trailing 12-month yield was 5.25% as of October 27, 2026, and a substantial portion of the income is intended to be federally tax-exempt. The fund launched in October 2020, so it has no record from the 2008 crisis or the 2020 COVID crash. In the 2022 bear market it fell 26.9% (January 3 to September 29), and 2022 was its worst calendar year, a 22.67% loss. Its deepest drop, 34.3% from September 2021 to October 2023, was not recovered as of October 27, 2026. Raising cash from it in that stretch meant selling well below earlier prices.

Cost matters too. Total expenses are 4.59% a year, and the SEC's standard example puts costs on $10,000 at $460 after one year and $5,144 over 10 years. Past results don't predict future ones, and any plan needs to weigh the whole portfolio, not one fund.

Matched by other buffer (defined-outcome) funds, largest first.