Core Insights - The Rareview Tax Advantaged Income ETF (RTAI) focuses on total return with an emphasis on federally tax-exempt income through investments primarily in municipal bond closed-end funds (CEFs) [1] - The portfolio is managed as a fund-of-funds, concentrating on muni CEFs and may include ETFs representing municipal bonds when advantageous [1] - Security selection is based on discount dynamics, distribution profiles, and asset quality, with strategies like dividend-capture around ex-dates [1] Investment Strategy - The fund aims to allocate to municipal bond CEFs trading at discounts or premiums to NAV that provide regular cash distributions [1] - Position sizing and adjustments are influenced by discount-to-NAV mean reversion, relative value, and risk-balancing across municipal subsectors [1] - The fund may utilize listed or OTC futures, options, and swaps for hedging various risks, including interest-rate and credit risks [1] Portfolio Management - Liquidity, underlying fund control limits, and CEF market depth are critical factors that inform the fund's capacity and turnover [1] - The fund may hold cash to offset embedded leverage from underlying CEFs [1]