RVER An Active ETF Focused on Growth

While many passive ETFs seem content to sit in the middle of the pack, our NYSE-listed RVER is actively managed and seeks capital appreciation by investing in securities believed to have an above-average probability of outperforming the S&P 500 Index over all time horizons.

Our Growth at a Reasonable Price (GARP)1 approach eliminates many of the dead or non-growing companies in an index, while strategically avoiding stocks with overpriced valuations or risk to earnings.

This approach leads us to 12–25 stocks that we believe will be the best performers in the public markets, regardless of whether it is a bull or bear market.

PERFORMANCE Quarter end returns as of 09/30/2024
  CUMULATIVE AVG. ANNUALIZED
  Quarter Since Inception 1 Year 3 Year 5 Year
Fund NAV 3.79 6.01 - - -
Market Price 3.94 6.24 - - -
Benchmark (NASDAQ Composite Total Return) 2 2.76 12.41 - - -

Expense ratio: 0.65%

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (414-290-1920 ext.7089).

Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns.

Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price.

NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.

TOP 10 HOLDINGS
% Of Net Assets Name Ticker CUSIP Shares Held Market Value
13.20% First American Government Obligations Fund 12/01/2 FGXXX 31846V336 8,136,355 8,136,355.45
9.04% Alphabet Inc GOOGL 02079K305 29,116 5,573,093.56
6.61% Lyft Inc LYFT 55087P104 300,107 4,072,451.99
5.73% Amazon.com Inc AMZN 023135106 15,685 3,527,870.20
5.57% Microsoft Corp MSFT 594918104 7,862 3,432,549.20
5.49% iShares 20+ Year Treasury Bond ETF TLT 464287432 38,337 3,385,540.47
5.13% Snap Inc SNAP 83304A106 277,500 3,163,500.00
4.87% LVMH Moet Hennessy Louis Vuitton SE LVMUY 502441306 22,964 2,998,639.12
4.86% Merck & Co Inc MRK 58933Y105 30,511 2,991,603.55
4.78% Maplebear Inc CART 565394103 70,122 2,946,526.44

Data as of 12/23/2024 Holdings are subject to change.

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FUND DATA & PRICING
Net Assets as of 12/20/2024 $61.62m
NAV $30.06
Shares Outstanding 2,050,000
Premium/Discount Percentage 0.03%
Closing Price $30.07
Median 30 Day Spread 0.33%

Data as of 12/20/2024

IOPV, or Indicative Optimized Portfolio Value, is a calculation disseminated by the stock exchange that approximates the Fund’s NAV every fifteen seconds throughout the trading day.

Median 30 Day Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

FUND INFORMATION
Inception Date 4/3/2024
Primary Exchange NYSE Arca
Ticker RVER
CUSIP 00777X546
Expense Ratio 0.65%

* As of 09/25/2024

DISTRIBUTION DETAIL
Ex-Date Record Date Payable Date Amount
12/28/2022 12/29/2022 12/30/2022 0.18826841
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