Trenchless Fund ETF

Trenchless Fund ETF (RVER) is an actively managed, non-diversified fund. It holds a small group of U.S.-listed stocks that its sub-advisor, River1 Asset Management, believes can beat the S&P 500. As of June 30, 2026, it held 18 companies, led by Hewlett Packard Enterprise and NVIDIA, and its top 10 made up about 68% of assets. Its 0.66% expense ratio is below the 0.75% average of the funds with the most similar holdings.

• Over the year to Oct 27, 2026, RVER returned +3.7%, 5th of 7 among similar funds.
• Its worst full calendar year was 2025 (+5.7%); its best was 2025 (+5.7%).
• The deepest fall in its price history was 26.2% (Feb 18, 2025 to Apr 8, 2025), recovered by Jul 10, 2025.

As of Jun 30, 2026, the fund held 18 securities; the ten largest made up 67.95% of assets, and 23.5% sat in cash and money-market holdings.

By sector

• Over the three months to Jun 30, 2026, investors withdrew a net $2.3M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +9.18%, +16.56%, +0.10%.

RVER does not track an index. River1 Asset Management, the sub-advisor, picks stocks from every U.S.-listed company of any size. That includes American Depositary Receipts (ADRs), which are U.S.-traded shares that stand for stock in a foreign company. The fund usually holds about 12 to 30 companies.

River1 uses three screens. The first is valuation: a company's price compared with its free cash flow, net income, revenue and EBITDA (earnings before interest, taxes, depreciation and amortization). The second is growth. Here River1 drops companies it thinks are likely to miss earnings forecasts. The third looks at institutional owners and removes companies where a few large shareholders could hurt the stock. River1 then ranks what is left by how likely it thinks each price is to rise, and it chooses holdings from that list. The review never stops, and the prospectus sets no fixed rebalancing schedule or weighting formula. Portfolio turnover was 232%. That means the fund traded more than twice the value of its portfolio in a year, and those trading costs are not part of the expense ratio.

Because the fund is non-diversified, a few stocks can carry a lot of weight. As of June 30, 2026, Hewlett Packard Enterprise and NVIDIA together made up more than 23% of assets. The fund held no derivatives on that date and does not use leverage or options.

• RVER charges 0.66% a year, versus an average of 0.75% for the similar funds below (3rd of 7, cheapest first).
• Of that, 0.65% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $67 in the first year and $822 over 10 years (assuming a 5% annual return).

RVER is a concentrated, high-turnover stock-picking fund that swings more than the market, so it fits better as a small add-on than as a foundation.

RVER launched in April 2024, so it has no record through the 2008, 2020 or 2022 downturns. Its deepest drop was 26.2%, from February 18 to April 8, 2025. It recovered by July 10, 2025, about three months later. Its only full calendar year, 2025, returned 5.95%. Over the year to October 27, 2026, its volatility was 27.3%. Its beta was 1.61, which means it moved about 1.6 times as much as the market. Anyone who might have to sell shares in a bad year could face steep losses at the wrong time. Income is small: the trailing yield was 1.55% as of October 27, 2026, paid once a year. Costs come to $67 in the first year on a $10,000 investment, using the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).