RiverNorth Announces Plans to Convert the RiverNorth Core Opportunity Fund to an ETF

RiverNorth Capital Management, LLC (“RiverNorth”), an investment manager and closed-end fund expert specializing in opportunistic strategies, has announced plans to convert the RiverNorth Core Opportunity Fund (NASDAQ: RNCOX/RNCIX) (the “Fund”), to an exchange-traded fund (ETF). The Fund had approximately $42 million in assets under management as of March 31, 2025.

The proposed conversion to an ETF offers many potential benefits to shareholders, including lower net expenses, enhanced tax-efficiency, and increased trading flexibility. The conversion, which has been approved by the Fund’s Board of Trustees (the “Board”), is subject to approval by shareholders. Shareholders should expect to receive proxy materials with more details in May 2025. If approved, the Fund would be converted to an actively managed ETF with essentially the same investment strategy as the current mutual fund. The conversion is expected to occur early in the third quarter of 2025.

In preparation for the prospective conversion, the I share class (RNCIX) will be merged into the R share class (RNCOX) on, or about, July 7, 2025. To ensure all shareholders are treated equitably post share class merger, the Board approved the elimination of RNCOX’s 12(b)-1 program with an effective date of June 30, 2025. This action aligns the fee structure across both share classes to ensure a net, neutral fee impact on Class I shareholders and a 0.25% reduction in the annual operating expenses for Class R Shareholders. More information on the changes described above can be found in the supplement to the Fund’s most recent prospectus: RNCOX/RNCIX Supplement/Prospectus.

“As always, our investors are our top priority,” said Patrick Galley, Chief Executive Officer and Chief Investment Officer of RiverNorth. “We are very excited at the prospect of providing our flagship Fund’s investment strategy, which is designed to capitalize on the inefficiencies within the closed-end fund market, in a more cost effective and flexible delivery channel. Further, as an ETF, the portfolio can be fully invested so there is opportunity for better returns.”

The Fund’s investment strategy seeks to provide investors with a diverse allocation to both equity and fixed income asset classes by opportunistically investing in closed-end funds, investment company debt, exchange-traded funds, business development companies, and special purpose acquisition companies. A key component of the Fund’s strategy is the potential to add excess return from tactical closed-end fund discount trading opportunities.

About RiverNorth

RiverNorth Capital Management, LLC is an independent investment manager and closed-end fund expert specializing in opportunistic strategies and structures built to exploit market inefficiencies. Founded in 2000, RiverNorth manages $5.0 billion¹ of assets in registered funds, private funds, and separately managed accounts.

¹ As of March 31, 2025. Firm AUM reflects Managed Assets which includes the effects of leverage and investments in affiliated funds.

Definitions. A Business Development Company (BDC) is an organization that invests in small- and medium-sized companies as well as distressed companies. A BDC helps the small- and medium-sized firms grow in the initial stages of their development.

A Special Purpose Acquisition Company is a publicly traded company that raises a blind pool of capital through an initial public offering for the purpose of acquiring an existing company.

Investing involves risk, including the possible loss of principal. Diversification does not ensure a profit or guarantee against loss. Past performance is not a guarantee of future results.

Fund Risks. More detailed information regarding these risks can be found in the Fund’s prospectus. Borrowing Risk: borrowings increase fund expenses and are subject to repayment, possibly at inopportune times. Closed-End Fund Risk: closed-end funds are exchange traded, may trade at a discount to their net asset values and may deploy leverage. Derivatives Risk: derivatives are subject to counterparty risk. Equity Risk: equity securities may experience volatility, and the value of equity securities may move in opposite directions from each other and from other equity markets generally. Convertible Security Risk: the market value of convertible securities adjusts with interest rates and the value of the underlying stock. Exchange Traded Note Risk: exchange traded notes represent unsecured debt of the issuer and may be influenced by interest rates, credit ratings of the issuer or changes in value of the reference index. Fixed Income Risk: the market value of fixed income securities adjusts with interest rates and the securities are subject to issuer default. Foreign/Emerging Market Risk: foreign securities may be subject to inefficient or volatile markets, different regulatory regimes, or different tax policies. These risks may be enhanced in emerging markets. Investment Style Risk: investment strategies may come in and out of favor with investors and may underperform or outperform at times. Management Risk: there is no guarantee that the adviser’s investment decisions will produce the desired results. Large Shareholder Purchase and Redemption Risk: The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Market Risk: economic conditions, interest rates and political events may affect the securities markets. Preferred Stock Risk: preferred stocks generally pay dividends, but may be less liquid than common stocks, have less priority than debt instruments and may be subject to redemption by the issuer. REIT Risk: the value of REITs changes with the value of the underlying properties and changes in interest rates and are subject to additional fees. Security Risk: The value of the Fund may decrease in response to the activities and financial prospects of individual securities in the Fund’s portfolio. Short Sale Risk: short positions are speculative, are subject to transaction costs and are riskier than long positions in securities. Small-Cap Risk: small-cap companies are more susceptible to failure, are often thinly traded and have more volatile stock prices. Structured Notes Risk: because of the imbedded derivative feature, structured notes are subject to more risk than investing in a simple note or bond. Swap Risk: swap agreements are subject to counterparty default risk and may not perform as intended. Tax Risk: new federal or state governmental action could adversely affect the tax-exempt status of securities held by the Fund, resulting in higher tax liability for shareholders and potentially hurting Fund performance as well. Underlying Fund Risk: underlying funds have additional fees, may utilize leverage, may not correlate to an intended index, and may trade at a discount to their net asset value.

Investors should consider the investment objective, management fees, risks, charges, and expenses of the Fund carefully before investing. The Prospectus contains this and other information about the Fund. For a current Prospectus, call toll-free (888) 848-7569 or go to rivernorth.com. Please read the Prospectus carefully before you invest.

RNCIX/RNCOX is distributed by ALPS Distributors Inc., FINRA Member firm. RiverNorth is not affiliated with ALPS.

RiverNorth® and the RN Logo are registered trademarks of RiverNorth Capital Management, LLC.

©2000-2025 RiverNorth Capital Management, LLC. All rights reserved.

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