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RiverNorth Capital Management has announced plans to convert its Core Opportunity Fund (RNCOX) into an ETF. The fund, managing approximately $42 million in assets as of March 31, 2025, aims to provide shareholders with enhanced benefits through this conversion.
Key changes include:
- Lower net expenses
- Better tax efficiency
- Increased trading flexibility
The conversion requires shareholder approval, with proxy materials expected in May 2025. Before the planned Q3 2025 conversion, the I share class (RNCIX) will merge into the R share class (RNCOX) around July 7, 2025. The fund's 12(b)-1 program will end on June 30, 2025, resulting in a 0.25% reduction in annual operating expenses for Class R shareholders.
The fund's strategy focuses on capitalizing on closed-end fund market inefficiencies, investing in closed-end funds, investment company debt, ETFs, business development companies, and special purpose acquisition companies.
