RFM ETF

$14.49

AUM$97M

TER3.68%

Holdings93

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RFM ETF

$14.49

RiverNorth Flexible Municipal Income Fund, Inc.

AUM$97M

TER3.68%

Holdings93

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Overview Performance Chart Dividends Top Holdings All Holdings Sectors Geography Similar Compare Overlap

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 50 of 92 holdings · as of Mar 31, 2026

RFM holdings, by weight
#	Ticker	Name	Weight	Cumulative	Shares	Mkt value	Sector	Industry
1	MCSXX	Blackrock Liquidity Funds Municash Portfolio, Institutional SharesFinancials · Capital Markets	11.71%	11.7%	11,071,026	$11.07M	Financials	Capital Markets
2	MHD	Blackrock Muniholdings Fund	9.50%	21.2%	796,587	$8.99M	-	-
Sector and industry · Pro
3	MQY	Blackrock Muniyield Quality Fund	7.75%	29.0%	667,753	$7.33M
4	—	Mansfield Independent School District	7.74%	36.7%	-	$7.32M
5	—	Port Authority of New York & New Jersey	5.52%	42.2%	-	$5.22M
6	—	Chicago -A-Amt 5.25 1/45	5.48%	47.7%	-	$5.19M
7	Debt	Kentucky Bond Development Corp. (Kentucky Communications Network)	4.88%	52.6%	-	$4.62M
8	—	Salt Lake City Ut Arpt Revenue	4.83%	57.4%	-	$4.57M
9	—	Airport System Rb Series 2022A	4.35%	61.8%	-	$4.12M
10	Debt	Commonwealth Of Massachusetts Transportation Fund Revenue	4.35%	66.1%	-	$4.12M
11	—	Clark County Water Reclamation District	4.34%	70.5%	-	$4.10M
12	Debt	North Carolina Turnpike Authority	4.23%	74.7%	-	$4.00M
13	Debt	Ishares National Muni Bond ETF	3.52%	78.2%	31,348	$3.33M
14	Debt	Michigan St Trun	3.47%	81.7%	-	$3.28M
15	—	Denver City & County School District	3.45%	85.1%	-	$3.26M
16	Debt	New Hope Cultural Ed Facs Fin Bds 2025 A	3.41%	88.5%	-	$3.22M
17	—	Houston Tx Hotel Occupancy Tax Houfac 09/58 Fixed 5.5	3.34%	91.9%	-	$3.16M
18	—	Washington Metropolitan Area Transit Authority Dedicated Revenue	3.26%	95.1%	-	$3.08M
19	MYI	Blackrock Muniyield Quality Fund Iii Inc	3.23%	98.4%	290,476	$3.05M
20	VMO	Invesco Municipal Opportunity Trust	3.07%	101.4%	305,366	$2.90M
21	—	Puerto Rico Cmwlth Aqueduct &S Regd B/E 4.00000000	3.00%	104.4%	-	$2.84M
22	—	South Carolina Public Service Authority	2.82%	107.3%	-	$2.67M
23	—	California State University	2.79%	110.0%	-	$2.64M
24	—	Battery Park City Authority N Y 5.25% Nov 01, 2055	2.78%	112.8%	-	$2.63M
25	—	Las Vegas Valley Water District 5 2053-06-01	2.70%	115.5%	-	$2.55M
26	VKQ	Invesco Municipal Trust	2.63%	118.2%	261,216	$2.49M
27	—	New Jersey St Transn Tr Fd Aut 5% Jun 15, 2050	2.50%	120.7%	-	$2.37M
28	—	Dormitory Authority of The State of New York, Revenue Bonds, Nyu Langone Hospitals Obligated Group, Series 2020a	2.49%	123.1%	-	$2.35M
29	BTT	Blackrock Municipal 2030 Target Term Tr	2.44%	125.6%	101,764	$2.31M
30	—	New York Transn Dev Corp Spl F 6% Jun 30, 2050	2.27%	127.8%	-	$2.14M
31	—	Southeastern Pennsylvania Transportation Authority	2.26%	130.1%	-	$2.13M
32	—	San Francisco Calif Cit 5.5 01May55	2.23%	132.3%	-	$2.11M
33	XMUCX	Blackrock Muniholdings California Quality Fund, Inc.	2.22%	134.6%	202,065	$2.10M
34	Debt	Triborough Bridge	2.17%	136.7%	-	$2.05M
35	—	Mta Hudson Rail Yards Trust, Series 2016 A, Rb	2.10%	138.8%	-	$1.99M
36	MMU	Western Asset Managed Municipals Fund	1.68%	140.5%	154,223	$1.59M
37	—	Missouri St Hlth & Eductnl Fac Regd N/C B/E Ag-Cr 5.00000000	1.65%	142.2%	-	$1.56M
38	—	Rockford Mi Public Sch Dist 05/01/2049	1.63%	143.8%	-	$1.54M
39	Debt	Eaton Vance Municipal Bond Fund	1.53%	145.3%	148,463	$1.45M
40	AB	Alliancebernstein National Municipal Income Fund, Inc.	1.51%	146.8%	133,312	$1.43M
41	—	Virginia Small Business Fing A Regd B/e Amt 5.00000000	1.51%	148.3%	-	$1.43M
42	MYN	Blackrock Muniyield New York Quality Fund, Inc.	1.33%	149.7%	131,033	$1.26M
43	NBH	Neuberger Berman Intermediate Municipal Fund	1.12%	150.8%	104,815	$1.06M
44	NQP	Nuveen Pennsylvania Quality Municipal Income Fund	1.12%	151.9%	88,956	$1.06M
45	Debt	Pub Fin A	1.08%	153.0%	-	$1.02M
46	—	Puerto Rico Sales Tax Fing Corp Sales Tax Revenue	1.07%	154.1%	-	$1.01M
47	Debt	Commonwealth of Puerto Rico	1.05%	155.1%	-	$995.9K
48	—	Municipal Elec 5% 01/59	1.03%	156.1%	-	$974.6K
49	—	Savannah-Georgia Convention Center Authority, Convention Center Hotel First Tier Revenue Bonds, Series 2025A	1.03%	157.2%	-	$975.9K
50	EUFN	Ishares Msci Eur	0.97%	158.1%	106,688	$915.4K
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Not reported for this fund: share changes.

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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 Liquidity Funds Municash Portfolio, Institutional Shares at 11.7%, Blackrock Muniholdings Fund at 9.5%, Blackrock Muniyield Quality Fund at 7.8%.

RFM portfolio concentration is relatively high, with the top 10 representing 66.1% of total assets. The largest sector exposure is Financials at 38.8%.

RFM sectors provide a detailed breakdown. RFM overlap shows how holdings compare to other funds in your portfolio.

Compare RFM

RFM vs SPY RFM vs QQQ RFM vs VOO RFM vs VTI RFM vs IVV RFM vs SCHD RFM vs VYM RFM vs VXUS

RFM ETF Holdings

92 of 93 holdings

Sector

Industry

Sort By

1
Blackrock Liquidity Funds Municash Portfolio, Institutional Shares
MCSXXFinancials
11.71%
2
Blackrock Muniholdings Fund
MHDUnknown
9.50%
3
Blackrock Muniyield Quality Fund
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
Commonwealth Of Massachusetts Transportation Fund Revenue 5% 06/01/2053
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 Houfac 09/58 Fixed 5.5
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 Inc
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
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 Intermediate Municipal Fund
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
Municipal Elec 5% 01/59
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
MUAUnknown
0.34%
58
Mfs Municipal Income Trust
MFMUnknown
0.30%
59
Nuveen New York Amt-free Municipal Income Fund
XNRKXUnknown
0.28%
60
abrdn National Municipal Income Fund
VFLUnknown
0.12%
61
Putnam Managed Municipal Income Trust
PMMUnknown
0.10%
62
Western Asset Intermediate Muni Fund, Inc.
SBIUnknown
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 Muni Income Tr 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 Liquidity Funds Municash Portfolio, Institutional Shares	MCSXX	11.710%
2	Blackrock Muniholdings Fund	MHD	9.500%
3	Blackrock Muniyield Quality Fund	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	Commonwealth Of Massachusetts Transportation Fund Revenue 5% 06/01/2053	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 Houfac 09/58 Fixed 5.5	-	3.340%
18	Washington Metropolitan Area Transit Authority Dedicated Revenue	DC DCTTRN 4 07/15/20	3.260%
19	Blackrock Muniyield Quality Fund Iii Inc	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	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 Intermediate Municipal Fund	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	Municipal Elec 5% 01/59	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	MUA	0.340%
58	Mfs Municipal Income Trust	MFM	0.300%
59	Nuveen New York Amt-free Municipal Income Fund	XNRKX	0.280%
60	abrdn National Municipal Income Fund	VFL	0.120%
61	Putnam Managed Municipal Income Trust	PMM	0.100%
62	Western Asset Intermediate Muni Fund, Inc.	SBI	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 Muni Income Tr 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%