RW

Rainwater Equity ETF

Investing In Recurring Revenue Businesses

The Rainwater Equity ETF (NYSE: RW) seeks to achieve long-term capital appreciation. The fund seeks to accomplish this objective by holding a focused portfolio of recurring revenue businesses built by strong leaders for the long run. We believe these businesses typically offer more durable growth, fewer surprises, and greater long-term wealth creation potential. The Rainwater Equity ETF is managed by Joseph R. Shaposhnik. Before establishing Rainwater Equity, he founded The TCW Group’s New America business unit, where he led and served as portfolio manager of a suite of investment strategies for nearly a decade. By combining a disciplined focus on contract-based or repeat-purchase revenue with the experience of a seasoned investment manager, Rainwater seeks to provide investors with a structural advantage.

The Case for Recurring Revenue Businesses

A Clearer Path to Potential Outperformance

Key Documents

Shareholder Update

Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so shares may be worth more or less when redeemed or sold. Current performance may be lower or higher than that quoted. Visit rainwateretf.com for the fund’s standardized performance and holdings details.

RW Overview

Cash Flow refers to the net amount of cash and cash equivalents being transferred into and out of a business. Learn more at rainwateretf.com.

Recent Podcast

Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so shares may be worth more or less when redeemed or sold. Current performance may be lower or higher than that quoted. Visit rainwateretf.com for the fund’s standardized performance and holdings details.

Bloomberg's Analysis of RW

Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so shares may be worth more or less when redeemed or sold. Current performance may be lower or higher than that quoted. Visit rainwateretf.com for the fund’s standardized performance and holdings details.

Fund Overview

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Portfolio Manager

Mr. Shaposhnik is portfolio manager of the Rainwater Equity ETF and the Founder of Rainwater Equity, LLC. Before establishing the firm, he founded TCW’s New America business unit in 2015, where he led and served as portfolio manager of a suite of investment strategies, including the TCW New America Premier Equities Fund/Compounders ETF (GRW), Global Premier Sustainable Equities UCITS, and Global Space Technology Equities portfolios for nearly a decade. Before joining TCW in 2011, he was an Equity Research Associate at Fidelity Management and Research Company, where he covered the semiconductor and entertainment software sectors for the firm’s U.S. domestic equity funds. Mr. Shaposhnik holds a BS in Business Administration from the Haas School of Business at the University of California, Berkeley, and an MBA from the UCLA Anderson School of Management.

Month-End Performance

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Quarter-End Performance

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Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so shares may be worth more or less when redeemed or sold. Current performance may be lower or higher than that quoted.

Market price returns are based upon the closing composite market price and do not represent the returns you would receive if you traded shares at other times. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. YTD is year-to-date and ITD is inception-to-date.

NAV and Market Price

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NAV is the sum of all assets less liabilities, divided by the number os shares outstanding.

Portfolio Holdings

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Fund holdings and allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.

Historical Premium/Discount

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Completed Calendar Quarters of Current Year

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The fund is traded at a premium if the price of the fund is trading above its NAV. Conversely, the fund is traded at a discount if the price of the fund is trading below its NAV.

Most Recent Completed Calendar Year

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Recent Distributions

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Documents