RiverNorth Capital Management and TrueMark Investments announced on Monday the launch of the RiverNorth Volition America Patriot ETF (FLDZ), a U.S.-focused core equity portfolio that supports a charitable organization benefiting the families of killed or disabled service members.
The new actively managed fund, listed on the NYSE on Jan. 3, seeks capital growth through a diversified portfolio of U.S.-based, U.S. publicly listed companies with more than $5 billion in market capitalization. Companies selected for the portfolio must generate at least 90% of their revenues in the United States and be tied to the U.S. economy.
The majority of the fund’s advisory fees and all profits from managing the fund will be donated to Folds of Honor, a nonprofit organization that provides the families of fallen and disabled service members with educational scholarships. RiverNorth will cover all operating costs to ensure these goals are met.
“It’s gratifying to see the investment community rally around the cause to assist military families in need,” said Lieutenant Colonel Dan Rooney, Folds of Honor founder and CEO, in a news release announcing the fund’s launch. “Since founding Folds of Honor in 2007, I have been deeply moved by how our partners have embraced the Folds mission to leave no family behind. We welcome the attention and committed financial support that FLDZ will bring to our families.”
Patrick Galley, CEO and CIO of RiverNorth, and portfolio manager to FLDZ, added in the release: “After learning about Folds of Honor and meeting Lieutenant Colonel Dan Rooney, I knew that we had to find an innovative and powerful way for RiverNorth and investors of every size to support its mission.”
Galley added: “At its heart, the fund is designed to be a core equity portfolio allocation that truly invests in America and makes a beneficial impact for the families of our fallen and disabled soldiers. Additionally, our partnership with the Volition America brand seamlessly aligns with the fund’s commitment to choose America and give investors the power of choice to invest in America. Additionally, our partnership with the Volition America brand seamlessly aligns with the Fund’s commitment to choose America and give investors the power of choice to invest in America.”
TrueMark Investments serves as advisor to FLDZ. RiverNorth, an investment management firm with more than $5 billion in assets under management, serves as the fund’s sub-advisor with day-to-day portfolio management responsibility.
The fund will be managed by an investment team led by RiverNorth’s Galley and portfolio manager & investment analyst Joseph Bailey and include TrueMark’s principal and chief investment officer Jordan Waldrep.
FLDZ’s expense ratio is 0.7%.
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