RFM ETF

$14.61

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AUM$97M

TER3.68%

Holdings93

RFM ETF

$14.61

RiverNorth Flexible Municipal Income Fund, Inc.

AUM$97M

TER3.68%

Holdings93

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Leveraged fund≈3xWeights reflect notional exposure via swaps/derivatives and do not sum to 100%.

Net exposure

28.4%

Gross exposure

297.8%

Long

163.1%

Short

-134.7%

Cash & collateral

0.0%

As of Mar 31, 2026

Showing top 20 of 93 holdings— Unlock all holdings(as of Mar 31, 2026)

#	Ticker ↕	Name ↕	Weight ↓	Shares ↕	Mkt Value ↕	Share Chg	Sector	Industry
1	MCSXX	Blackrock Liq Municash Cl Ins Mmf 4.08 4.08	11.71%	11,071,026	$11.07M	••••••	••••••••	••••••••
2	MHD	Blackrock Muniholdings Fund	9.50%	796,587	$8.99M	••••••	••••••••	••••••••
3	MQY	Blackrock Muniyield Quality Fu Blackrock Muniyield Quality	7.75%	667,753	$7.33M	••••••	••••••••	••••••••
4	TX MNFSCD 5.25 02/15	Mansfield Independent School District	7.74%	-	$7.32M	••••••	••••••••	••••••••
5	-	Port Authority of New York & New Jersey	5.52%	-	$5.22M	••••••	••••••••	••••••••
6	-	Chicago -A-Amt 5.25 1/45	5.48%	-	$5.19M	••••••	••••••••	••••••••
7	-	Kentucky Bond Development Corp. (Kentucky Communications Network)	4.88%	-	$4.62M	••••••	••••••••	••••••••
8	-	Salt Lake City Ut Arpt Revenue	4.83%	-	$4.57M	••••••	••••••••	••••••••
9	-	Airport System Rb Series 2022A	4.35%	-	$4.12M	••••••	••••••••	••••••••
10	MA MASTRN 5 06/01/20	Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Green Series 2023A	4.35%	-	$4.12M	••••••	••••••••	••••••••
11	-	Clark County Water Reclamation District	4.34%	-	$4.10M	••••••	••••••••	••••••••
12	NC NCSTRN 5 01/01/20	North Carolina Turnpike Authority 5.00% 01/01/2058	4.23%	-	$4.00M	••••••	••••••••	••••••••
13	MUB	Ishares National Muni Bond ETF	3.52%	31,348	$3.33M	••••••	••••••••	••••••••
14	MI MISTRN 5.5 11/15/	Michigan St Trun 5.5% 11/15/44	3.47%	-	$3.28M	••••••	••••••••	••••••••
15	CO DENSCD 5.5 12/01/	Denver City & County School District	3.45%	-	$3.26M	••••••	••••••••	••••••••
16	-	New Hope Cultural Ed Facs Fin Bds 2025 A 0.055 08/15/2049	3.41%	-	$3.22M	••••••	••••••••	••••••••
17	-	Houston Tx Hotel Occupancy Tax Houston C Rev Ref	3.34%	-	$3.16M	••••••	••••••••	••••••••
18	DC DCTTRN 4 07/15/20	Washington Metropolitan Area Transit Authority Dedicated Revenue	3.26%	-	$3.08M	••••••	••••••••	••••••••
19	MYI	BlackRock MuniYield Quality Fund III	3.23%	290,476	$3.05M	••••••	••••••••	••••••••
20	VMO	Invesco Municipal Opportunity Trust	3.07%	305,366	$2.90M	••••••	••••••••	••••••••

73+ more holdings available

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RFM ETF All Holdings

RFM holdings total 93 positions. The top 10 holdings account for 66.1% of the fund, led by Blackrock Liq Municash Cl Ins Mmf 4.08 4.08 at 11.7%, Blackrock Muniholdings Fund at 9.5%, Blackrock Muniyield Quality Fu Blackrock Muniyield Quality at 7.8%.

RFM portfolio concentration is relatively high, with the top 10 representing 66.1% of total assets. The largest sector exposure is Unknown at 44.7%.

RFM sector allocation provides a detailed breakdown. RFM overlap tool shows how holdings compare to other funds in your portfolio.

RFM ETF Holdings

92 of 93 holdings

Sector

Industry

Sort By

1
Blackrock Liq Municash Cl Ins Mmf 4.08 4.08
MCSXXFinancials
11.71%
2
Blackrock Muniholdings Fund
MHDUnknown
9.50%
3
Blackrock Muniyield Quality Fu Blackrock Muniyield Quality
MQYUnknown
7.75%
4
Mansfield Independent School District
TX MNFSCD 5.25 02/15Consumer Discretionary
7.74%
5
Port Authority of New York & New Jersey
Other
5.52%
6
Chicago -A-Amt 5.25 1/45
Other
5.48%
7
Kentucky Bond Development Corp. (Kentucky Communications Network)
Other
4.88%
8
Salt Lake City Ut Arpt Revenue
Other
4.83%
9
Airport System Rb Series 2022A
Other
4.35%
10
Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Green Series 2023A
MA MASTRN 5 06/01/20Financials
4.35%
11
Clark County Water Reclamation District
Other
4.34%
12
North Carolina Turnpike Authority 5.00% 01/01/2058
NC NCSTRN 5 01/01/20Financials
4.23%
13
Ishares National Muni Bond ETF
MUBFinancials
3.52%
14
Michigan St Trun 5.5% 11/15/44
MI MISTRN 5.5 11/15/Industrials
3.47%
15
Denver City & County School District
CO DENSCD 5.5 12/01/Financials
3.45%
16
New Hope Cultural Ed Facs Fin Bds 2025 A 0.055 08/15/2049
Other
3.41%
17
Houston Tx Hotel Occupancy Tax Houston C Rev Ref
Other
3.34%
18
Washington Metropolitan Area Transit Authority Dedicated Revenue
DC DCTTRN 4 07/15/20Financials
3.26%
19
BlackRock MuniYield Quality Fund III
MYIUnknown
3.23%
20
Invesco Municipal Opportunity Trust
VMOUnknown
3.07%
21
Puerto Rico Cmwlth Aqueduct &S Regd B/E 4.00000000
PR PRCUTL 4 07/01/20Utilities
3.00%
22
South Carolina Public Service Authority
Other
2.82%
23
California State University
Other
2.79%
24
Battery Park City Authority N Y 5.25% Nov 01, 2055
Other
2.78%
25
Las Vegas Valley Water District 5 2053-06-01
Other
2.70%
26
Invesco Municipal Trust
VKQUnknown
2.63%
27
New Jersey St Transn Tr Fd Aut 5% Jun 15, 2050
Other
2.50%
28
Dormitory Authority of The State of New York, Revenue Bonds, Nyu Langone Hospitals Obligated Group, Series 2020a
NY NYSHGR 4 07/01/20Financials
2.49%
29
Blackrock Municipal 2030 Target Term Tr
BTTUnknown
2.44%
30
New York Transn Dev Corp Spl F 6% Jun 30, 2050
Other
2.27%
31
Southeastern Pennsylvania Transportation Authority
Other
2.26%
32
San Francisco Calif Cit 5.5 01May55
CA SFOAPT 5.5 05/01/Real Estate
2.23%
33
Blackrock Muniholdings California Quality Fund, Inc.
XMUCXUnknown
2.22%
34
Triborough Bridge 5% 11/15/49
NY TRBTRN 5 11/15/20Financials
2.17%
35
Mta Hudson Rail Yards Trust, Series 2016 A, Rb
NY MTAGEN 5 11/15/20Industrials
2.10%
36
Western Asset Managed Municipals Fund I
MMUUnknown
1.68%
37
Missouri St Hlth & Eductnl Fac Regd N/C B/E Ag-Cr 5.00000000
Other
1.65%
38
Rockford Mi Public Sch Dist 05/01/2049
Other
1.63%
39
Eaton Vance Municipal Bond Fund
EIMUnknown
1.53%
40
Alliancebernstein National Municipal Income Fund, Inc.
AFBUnknown
1.51%
41
Virginia Small Business Fing A Regd B/e Amt 5.00000000
Other
1.51%
42
Blackrock Muniyield New York Quality Fund, Inc.
MYNUnknown
1.33%
43
Neuberger Berman Municipal Fund Inc
NBHUnknown
1.12%
44
Nuveen Pennsylvania Quality Municipal Income Fund
NQPUnknown
1.12%
45
Pub Fin A 5.75% 12/31/65
WI PUBTRN 5.75 12/31Financials
1.08%
46
Puerto Rico Sales Tax Fing Corp Sales Tax Revenue
PR PRCGEN 4.78 07/01Financials
1.07%
47
Commonwealth of Puerto Rico 4.00% 07/01/2035
PR PRC 4 07/01/2035Financials
1.05%
48
Muni Elec Auth Of Georgia
GA MELPWR 5 01/01/20Utilities
1.03%
49
Savannah-Georgia Convention Center Authority, Convention Center Hotel First Tier Revenue Bonds, Series 2025A
Other
1.03%
50
Ishares Msci Eur
EUFNUnknown
0.97%
51
Pimco Municipal Income Fund Ii
PMLUnknown
0.95%
52
Bny Mellon Strategic Municipals Inc
LEOUnknown
0.87%
53
Putnam Municipal Opportunities Trust
PMOUnknown
0.66%
54
Bny Mellon Strategic Municipal Bond Fund Inc
DSMUnknown
0.48%
55
Blackrock Taxable Municipal Bond Trust
BBNFinancials
0.39%
56
Pimco New York Municipal Income Fund Ii
PNIUnknown
0.37%
57
Blackrock Muniassets Fund Inc
XMUAXUnknown
0.34%
58
Mfs Municipal Income Trust
MFMUnknown
0.30%
59
Nuveen Ny Amt-free Quality Municipal Income Fund Preferred Shares 1.45%
NRKUnknown
0.28%
60
abrdn National Municipal Income Fund
VFLUnknown
0.12%
61
Putnam Managed Municipal Income Closed Fund
PMMUnknown
0.10%
62
Western Asset Intermediate Muni Fund Inc
XSBIXUnknown
0.05%
63
Mfs High Yield Municipal Trust
CMUUnknown
0.04%
64
Bny Mellon Municipal Bond Infrastructure Fund In
DMBUnknown
0.03%
65
Invesco Advantage Mit Ii
VKIUnknown
0.01%
66
Invesco Quality Municipal Income Trust
IQIUnknown
0.00%
67
Southeastern Pennsylvania Trans. Auth. Rev. 3.69% 2043-06-01
Other
-1.69%
68
Triborough Bridge & Tunnel Authority 4.750000% 2029/05/15
Other
-1.69%
69
San Francisco Ca Arpt 2025-Xm1205-Mst Q=Jp D1@ 05/01/2055
Other
-1.69%
70
New York State Dormitory Authority 3.69% 2030-03-15
Other
-1.74%
71
Nj Transp Fd 2021-Xm0929-Mst Q=Jpmc Bk D7 0.0022 2045-06-15
Other
-1.84%
72
Rb Series 2024A 3.350000%
Other
-1.86%
73
Las Vegas Valley Water District 3.9% 2053-06-01
Other
-1.98%
74
Tender Option Bond Trust Receipts / Ctfs Various States 0.970
Other
-2.11%
75
Ca St Univ Rev 2023-Xm1140-Mst Q=Bc D7, 3.89%
Other
-2.11%
76
TRI-PARTY WELLS FARGO SECURITIES L Feb 05, 2026
Other
-2.11%
77
State Of Michigan Trunk Line Revenue 4.010000% 2044/11/15
Other
-2.38%
78
Denver Colorado City And County School District 2.000000% 12/01/2049
Other
-2.38%
79
Tender Option Bond Trust Recei
Other
-2.54%
80
Tender Option Bond Trust Recei
Other
-2.54%
81
Houston Tx Hotel Occupancy Tax & Special Hotel Occupancy Tax Revenue 3.120000% 3.12 2034-03-01
Other
-2.54%
82
North Carolina Turnpike Authority, Tender Option Bond Trust Receipts(Series 2024-Xg0547), 3.810%, 1/1/2032
Other
-3.17%
83
Tender Option Bond Trust Recei
Other
-3.17%
84
Greater Asheville Regional Airport Authority 0.98% 2030-01-01
Other
-3.38%
85
Tender Option Bond Trust Receipts / Ctfs Various States 0.970
Other
-3.38%
86
Kentucky Bond Development Corp. 3.920000% 3.92 09/01/2028
Other
-3.81%
87
Tender Option Bond Trust Receipts / Ctfs Various States 0.960
Other
-3.81%
88
The Port Authority Of New York And New Jersey 0.92% 2052-08-01
Other
-3.96%
89
Chicago Ohare Il 2022-Xm1038-Mst Agm/Jpmc Bk D7@ 0.0217 2045-01-01
Other
-4.23%
90
Mansfield Tx Isd 2025-Xm1311-Mst G=Psf Q=Jp D1 0 2055-02-15
Other
-5.92%
91
Us Long Bond Future
Other
-22.87%
92
Us 10Yr Note Future
Other
-45.78%

#	Company	Ticker	Weight
1	Blackrock Liq Municash Cl Ins Mmf 4.08 4.08	MCSXX	11.710%
2	Blackrock Muniholdings Fund	MHD	9.500%
3	Blackrock Muniyield Quality Fu Blackrock Muniyield Quality	MQY	7.750%
4	Mansfield Independent School District	TX MNFSCD 5.25 02/15	7.740%
5	Port Authority of New York & New Jersey	-	5.520%
6	Chicago -A-Amt 5.25 1/45	-	5.480%
7	Kentucky Bond Development Corp. (Kentucky Communications Network)	-	4.880%
8	Salt Lake City Ut Arpt Revenue	-	4.830%
9	Airport System Rb Series 2022A	-	4.350%
10	Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Green Series 2023A	MA MASTRN 5 06/01/20	4.350%
11	Clark County Water Reclamation District	-	4.340%
12	North Carolina Turnpike Authority 5.00% 01/01/2058	NC NCSTRN 5 01/01/20	4.230%
13	Ishares National Muni Bond ETF	MUB	3.520%
14	Michigan St Trun 5.5% 11/15/44	MI MISTRN 5.5 11/15/	3.470%
15	Denver City & County School District	CO DENSCD 5.5 12/01/	3.450%
16	New Hope Cultural Ed Facs Fin Bds 2025 A 0.055 08/15/2049	-	3.410%
17	Houston Tx Hotel Occupancy Tax Houston C Rev Ref	-	3.340%
18	Washington Metropolitan Area Transit Authority Dedicated Revenue	DC DCTTRN 4 07/15/20	3.260%
19	BlackRock MuniYield Quality Fund III	MYI	3.230%
20	Invesco Municipal Opportunity Trust	VMO	3.070%
21	Puerto Rico Cmwlth Aqueduct &S Regd B/E 4.00000000	PR PRCUTL 4 07/01/20	3.000%
22	South Carolina Public Service Authority	-	2.820%
23	California State University	-	2.790%
24	Battery Park City Authority N Y 5.25% Nov 01, 2055	-	2.780%
25	Las Vegas Valley Water District 5 2053-06-01	-	2.700%
26	Invesco Municipal Trust	VKQ	2.630%
27	New Jersey St Transn Tr Fd Aut 5% Jun 15, 2050	-	2.500%
28	Dormitory Authority of The State of New York, Revenue Bonds, Nyu Langone Hospitals Obligated Group, Series 2020a	NY NYSHGR 4 07/01/20	2.490%
29	Blackrock Municipal 2030 Target Term Tr	BTT	2.440%
30	New York Transn Dev Corp Spl F 6% Jun 30, 2050	-	2.270%
31	Southeastern Pennsylvania Transportation Authority	-	2.260%
32	San Francisco Calif Cit 5.5 01May55	CA SFOAPT 5.5 05/01/	2.230%
33	Blackrock Muniholdings California Quality Fund, Inc.	XMUCX	2.220%
34	Triborough Bridge 5% 11/15/49	NY TRBTRN 5 11/15/20	2.170%
35	Mta Hudson Rail Yards Trust, Series 2016 A, Rb	NY MTAGEN 5 11/15/20	2.100%
36	Western Asset Managed Municipals Fund I	MMU	1.680%
37	Missouri St Hlth & Eductnl Fac Regd N/C B/E Ag-Cr 5.00000000	-	1.650%
38	Rockford Mi Public Sch Dist 05/01/2049	-	1.630%
39	Eaton Vance Municipal Bond Fund	EIM	1.530%
40	Alliancebernstein National Municipal Income Fund, Inc.	AFB	1.510%
41	Virginia Small Business Fing A Regd B/e Amt 5.00000000	-	1.510%
42	Blackrock Muniyield New York Quality Fund, Inc.	MYN	1.330%
43	Neuberger Berman Municipal Fund Inc	NBH	1.120%
44	Nuveen Pennsylvania Quality Municipal Income Fund	NQP	1.120%
45	Pub Fin A 5.75% 12/31/65	WI PUBTRN 5.75 12/31	1.080%
46	Puerto Rico Sales Tax Fing Corp Sales Tax Revenue	PR PRCGEN 4.78 07/01	1.070%
47	Commonwealth of Puerto Rico 4.00% 07/01/2035	PR PRC 4 07/01/2035	1.050%
48	Muni Elec Auth Of Georgia	GA MELPWR 5 01/01/20	1.030%
49	Savannah-Georgia Convention Center Authority, Convention Center Hotel First Tier Revenue Bonds, Series 2025A	-	1.030%
50	Ishares Msci Eur	EUFN	0.970%
51	Pimco Municipal Income Fund Ii	PML	0.950%
52	Bny Mellon Strategic Municipals Inc	LEO	0.870%
53	Putnam Municipal Opportunities Trust	PMO	0.660%
54	Bny Mellon Strategic Municipal Bond Fund Inc	DSM	0.480%
55	Blackrock Taxable Municipal Bond Trust	BBN	0.390%
56	Pimco New York Municipal Income Fund Ii	PNI	0.370%
57	Blackrock Muniassets Fund Inc	XMUAX	0.340%
58	Mfs Municipal Income Trust	MFM	0.300%
59	Nuveen Ny Amt-free Quality Municipal Income Fund Preferred Shares 1.45%	NRK	0.280%
60	abrdn National Municipal Income Fund	VFL	0.120%
61	Putnam Managed Municipal Income Closed Fund	PMM	0.100%
62	Western Asset Intermediate Muni Fund Inc	XSBIX	0.050%
63	Mfs High Yield Municipal Trust	CMU	0.040%
64	Bny Mellon Municipal Bond Infrastructure Fund In	DMB	0.030%
65	Invesco Advantage Mit Ii	VKI	0.010%
66	Invesco Quality Municipal Income Trust	IQI	0.000%
67	Southeastern Pennsylvania Trans. Auth. Rev. 3.69% 2043-06-01	-	-1.690%
68	Triborough Bridge & Tunnel Authority 4.750000% 2029/05/15	-	-1.690%
69	San Francisco Ca Arpt 2025-Xm1205-Mst Q=Jp D1@ 05/01/2055	-	-1.690%
70	New York State Dormitory Authority 3.69% 2030-03-15	-	-1.740%
71	Nj Transp Fd 2021-Xm0929-Mst Q=Jpmc Bk D7 0.0022 2045-06-15	-	-1.840%
72	Rb Series 2024A 3.350000%	-	-1.860%
73	Las Vegas Valley Water District 3.9% 2053-06-01	-	-1.980%
74	Tender Option Bond Trust Receipts / Ctfs Various States 0.970	-	-2.110%
75	Ca St Univ Rev 2023-Xm1140-Mst Q=Bc D7, 3.89%	-	-2.110%
76	TRI-PARTY WELLS FARGO SECURITIES L Feb 05, 2026	-	-2.110%
77	State Of Michigan Trunk Line Revenue 4.010000% 2044/11/15	-	-2.380%
78	Denver Colorado City And County School District 2.000000% 12/01/2049	-	-2.380%
79	Tender Option Bond Trust Recei	-	-2.540%
80	Tender Option Bond Trust Recei	-	-2.540%
81	Houston Tx Hotel Occupancy Tax & Special Hotel Occupancy Tax Revenue 3.120000% 3.12 2034-03-01	-	-2.540%
82	North Carolina Turnpike Authority, Tender Option Bond Trust Receipts(Series 2024-Xg0547), 3.810%, 1/1/2032	-	-3.170%
83	Tender Option Bond Trust Recei	-	-3.170%
84	Greater Asheville Regional Airport Authority 0.98% 2030-01-01	-	-3.380%
85	Tender Option Bond Trust Receipts / Ctfs Various States 0.970	-	-3.380%
86	Kentucky Bond Development Corp. 3.920000% 3.92 09/01/2028	-	-3.810%
87	Tender Option Bond Trust Receipts / Ctfs Various States 0.960	-	-3.810%
88	The Port Authority Of New York And New Jersey 0.92% 2052-08-01	-	-3.960%
89	Chicago Ohare Il 2022-Xm1038-Mst Agm/Jpmc Bk D7@ 0.0217 2045-01-01	-	-4.230%
90	Mansfield Tx Isd 2025-Xm1311-Mst G=Psf Q=Jp D1 0 2055-02-15	-	-5.920%
91	Us Long Bond Future	-	-22.870%
92	Us 10Yr Note Future	-	-45.780%