Trenchless Fund ETF (RVER)

RVER: Can This New Active GARP ETF Deliver On Its Bold Objective?

This article initiates my coverage of the Trenchless Fund ETF by River1 Asset Management. RVER is actively managed with a 0.65% ER and typically holds only 12-25 stocks. Growth-at-a-reasonable-price is the main objective. RVER's managers select from a wide universe of stocks and have created a portfolio featuring twice the growth of SPY trading at the same valuation. However, RVER's current selections are extremely volatile, evidenced by the portfolio's 1.36 weighted average five-year beta. Their margins are also relatively weak, suggesting quality is not a key focus.