The fund commits by fundamental policy to quarterly repurchases of at least 5% of shares, yet the prospectus contains no repurchase program, no fee schedule, and no named portfolio managers.

August 10, 2026

Rareview Capital has registered a new non-traded fund, and it arrives with an unusually specific promise attached: a portfolio built to support an annual distribution rate of 8% of net asset value.

Rareview Securitized Income Fund, a diversified closed-end management investment company, was registered with the SEC on August 7, 2026 under both the Securities Act and the Investment Company Act. Shares will be sold on a continuous basis and priced daily at net asset value rather than traded on an exchange. The adviser is Rareview Capital LLC of Las Vegas, a firm whose registered-fund business to date has been built around exchange-traded products. The statement of additional information describes the adviser as newly formed and registered for the purpose of advising the fund, a characterization that sits awkwardly against that existing ETF franchise.

A securitized credit portfolio with room to move down the stack

Under normal circumstances the fund will hold at least 80% of net assets plus borrowings in securitized debt, spanning:

• asset-backed securities and collateralized mortgage obligations;
• agency and non-agency residential mortgage-backed securities;
• commercial mortgage-backed securities and mortgage REITs;
• collateralized loan obligations.

The stated objective is current income with a focus on capital preservation, and the portfolio will be primarily investment grade. But the fund reserves latitude to reach for yield. It may buy below-investment-grade paper, and the risk disclosure specifically contemplates BBB-or-lower CLO tranches, mezzanine positions that sit behind senior noteholders in the payment waterfall. It may also hold subordinated MBS, residual interests, and securities backed by sub-prime mortgages, though it will not buy CMO residuals.

Two mechanics deserve attention. The fund expects to routinely use TBA commitments when buying MBS, and it may enter mortgage dollar rolls, selling a security for current-month delivery while contracting with the same counterparty to repurchase a similar security later. Both carry a leveraging effect, layered on top of explicit borrowing authority of up to 33 1/3% of assets. The fund may borrow for investment purposes, for temporary liquidity, and to fund share repurchases; interest expense on borrowed funds is currently shown as zero. Maturity and duration are unconstrained, and coupons may be fixed, floating, or variable.

An 8% target, and what funds it

The distribution policy is the number advisors will look at first. The fund intends to pay monthly, and the adviser says it seeks to construct a portfolio that will support an annual rate of 8% of NAV, framed in the document as 2% per quarter measured against end-of-quarter NAV.

The prospectus is candid about sourcing. Distributions may be funded from borrowing proceeds, available cash, or sales of portfolio securities, and where taxable income falls short of the payout, the difference is generally a tax-free return of capital. The document also warns that before proceeds are fully invested, portfolio income may run below the distribution rate, pointing again toward return of capital. Section 19(a) notices will accompany any distribution that is not solely net income.

Notably, the risk factor section, which runs through mortgage and asset-backed risk, CLO and mezzanine CLO risk, high-yield, dollar roll, TBA, interest rate, leverage, liquidity, and counterparty risk, contains no risk factor addressing the distribution rate or the prospect of return of capital.

A repurchase promise without a program

The fund adopts as a fundamental policy, changeable only by shareholder vote, that it will make quarterly repurchase offers for no less than 5% of shares outstanding at NAV less any repurchase fee, with pricing no later than the fourteenth day after the repurchase request deadline.

That is interval fund architecture. But the cover page leaves the interval fund box unchecked, and the prospectus contains no section describing the repurchase program, no repurchase fee amount, and no discussion of proration or suspension mechanics. The internal cross-reference to a quarterly repurchases section points nowhere, as does a reference elsewhere to a plan of distribution.

Other passages read as clearly non-traded. Shares are offered at NAV, the price moves daily during the continuous offering, and transfers are described as permitted only in rare circumstances such as death or bona fide gift. Yet the closed-end structure risk factor tells investors that fund shares are listed on the Exchange and that exchange trading may be halted, language at odds with a cover page stating plainly that no public market exists for the shares.

A cadence question sits alongside it. The distribution policy commits to monthly payments, but the capital structure section says the fund intends to distribute no less frequently than quarterly, and the summary describes monthly income distributions with capital gains paid at least annually.

What is still blank

This is an early-stage document, and most of the terms an allocator would need are placeholders. Bracketed items include the management fee, the expense cap under the one-year expense limitation agreement, the maximum sales load, and every line of the total expense ratio. So are the portfolio managers, the trustees, the administrator, the transfer agent, the custodian, and the distributor, along with the ticker, the fund website, and the date of the Delaware trust’s formation. Only the declaration of trust and bylaws were filed; the advisory agreement, expense limitation agreement, distribution agreement, selling agreements, and custody and transfer agent agreements all await a later amendment.

A few details are firm. The cover prices shares at $20.00. The fund will offer a single share class and may issue an unlimited number of shares, and no minimum threshold must be raised before proceeds are invested. The adviser paid organizational and offering expenses for the initial offering, subject to recoupment within three years under the expense limitation agreement, and the fund will bear the costs of the continuous offering. A single holder currently owns all outstanding shares in connection with an initial $100,000 purchase. Thompson Hine is counsel, and Neil Azous signed the registration as trustee.

For advisors, the open questions are the ones that matter most: what the all-in cost will be, who is running the portfolio, and whether a fundamental commitment to quarterly repurchases gets built out into a functioning liquidity program before the offering goes effective.