ETF Evaluator:
Trenchless Fund ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Large Growth Over the Last Year
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ETF Details
Trenchless Fund ETF Overview
Trenchless Fund ETF (RVER) is an actively managed U.S. Equity Large Growth exchange-traded fund (ETF). River1 Asset Management LLC launched the ETF in 2024.
The investment seeks capital appreciation.
The fund is actively managed and seeks capital appreciation by investing in securities that River1 Asset Management LLC believes have an above-average probability of outperforming the S&P 500® Index over all time horizons. Its investable universe is comprised of all U.S. listed equity securities. The fund is non-diversified.
About Trenchless Fund ETF (RVER)
There are 2 members of the management team with an average tenure of 2.33 years: Tony Tagliapietra (2024) and Rob Haugen (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and NASDAQ Composite TR USD index with a weighting of 100%. Trenchless Fund ETF has 17 securities in its portfolio. The top 10 holdings constitute 80.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Trenchless Fund ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Trenchless Fund ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.3% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Trenchless Fund ETF has 0.7% of the portfolio in cash.
Assets Under Management
The fund has $134 million in total assets, which is below the $8 billion average for the Large Growth category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
RVER Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Trenchless Fund ETF expense ratio is above average compared to funds in the Large Growth category. Trenchless Fund ETF has an expense ratio of 0.66%, which is 34% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Trenchless Fund ETF has a portfolio turnover rate of 232%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 74% for the Large Growth category.
Recently, in the month of July 2026, Trenchless Fund ETF returned -3.7%, which earned it a grade of C, as the Large Growth category had an average return of -3.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Trenchless Fund ETF has a trailing yield of 0.06%, which is below the 0.53% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Trenchless Fund ETF Grades
Year to date, the ETF has returned 8.9%, 2.7 percentage points better than the category, which translates into a grade of B. The fund has returned 10.8% over the past year (grade of D).
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RVER Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| RVER Return (NAV) | -3.7% | 12.3% | 10.8% | na | na | na |
| RVER Return (Price) | -3.7% | 12.5% | 10.8% | na | na | na |
| NAV +/- Price Return | -0.000% | -0.151% | 0.006% | na | na | na |
| Large Growth Avg | -3.8% | 2.7% | 13.0% | 19.6% | 9.9% | 15.8% |
| RVER Grade (NAV) | C | A | D | na | na | na |
| +/- Category (NAV) | 0.1% | 9.6% | -2.2% | na | na | na |
| RVER Tax-Cost Ratio | na | na | 0.7% | na | na | na |
RVER Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RVER Return (NAV) | 8.9% | 5.9% | na | na | na | na | na | na | na | na | na |
| RVER Return (Price) | 9.0% | 5.7% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.009% | -0.039% | na | na | na | na | na | na | na | na | na |
| Large Growth Avg | 6.2% | 16.9% | 30.5% | 38.6% | -30.7% | 21.6% | 37.2% | 33.0% | -2.1% | 28.4% | 5.0% |
| RVER Grade (NAV) | B | F | na | na | na | na | na | na | na | na | na |
| +/- Category | 2.7% | -10.9% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.1% |
| Total Assets: | $ 134 Mil |
| Share Class Assets: | $ 134 Mil |
| Turnover: | 232.0% |
| Expense Ratio: | 0.66% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 2.3 years | |||
| Average Tenure: 2.3 years | |||
| Managers (Year): Tagliapietra Tony (2024), Haugen Rob (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 17 |
| % in Top 10 Holdings: | 80.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 99.3% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | 0.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | River1 Asset Management LLC |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | April 2, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.66% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.49% |
