How can recurring-revenue businesses provide greater stability and long-term growth for investors? In this 2026 Shareholder Update, Joseph Shaposhnik, portfolio manager of the Rainwater Equity ETF (NYSE: RW), explains the fund’s investment process, reviews recent performance drivers, and discusses current portfolio positioning.The conversation also explores key themes including artificial intelligence (AI), Constellation Software, and investment lessons learned from working with Fidelity Contrafund manager Will Danoff. Designed for financial advisors and long-term investors, this update highlights how recurring-revenue business models can support more consistent growth and fewer surprises over a full market cycle.Learn more about the Rainwater Equity ETF (NYSE: RW): www.rainwateretf.comConnect with our team: investors@rainwatereq.comSubscribe for more ETF insights and upcoming updates.DisclosurePerformance 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 www.rainwateretf.com for the fund’s standardized performance and holdings details. Cash Flow refers to the net amount of cash and cash equivalents being transferred into and out of a business.The fund is distributed by Pine Distributors, LLC. Pine is not affiliated with Empowered Fund, LLC dba ETF Architect, which serves as the Adviser to the funds.