Cash Flow refers to the net amount of cash and cash equivalents being transferred into and out of a business. 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.Click here for a Prospectus: https://etfarchitect.com/wp-content/uploads/compliance/etf/statutory_prospectus/RW_Prospectus.pdfLearn more about the fund at https://rainwateretf.com/.

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.

In this conversation, Joseph Shaposhnik, Founder and Portfolio Manager of Rainwater Equity, sits down the hosts of Excess Returns to share the core principles behind his long-term investment approach and the philosophy that has guided decades of successful investing.Joseph reflects on his time as a portfolio manager at TCW, discusses what truly drives durable outperformance, and explains why Rainwater focuses on businesses with recurring revenue, strong free cash flow, and management teams deeply committed to long-term value creation.The discussion also draws lessons from legendary investors including Warren Buffett, Bill Miller, and Peter Lynch, while addressing how valuation, portfolio construction, and market structure have evolved in an era dominated by passive investing.This episode offers a clear look into how Rainwater Equity thinks about owning businesses for many years – not trading headlines – and why compounding, patience, and discipline matter more than ever.Disclosures & DisclaimersNot Investment Advice: The information provided in this video is for educational and informational purposes only and should not be construed as investment, legal, or tax advice. The views expressed by Joseph Shaposhnik and the hosts of Excess Returns are their own as of the date of recording and are subject to change without notice.No Solicitation: This content does not constitute an offer to sell or a solicitation of an offer to buy any interest in any investment vehicle managed by Rainwater Equity. Any such offer or solicitation will be made only by means of a confidential private offering memorandum or prospectus.Risk of Loss: Investing in securities involves risk, including the potential loss of principal. Past performance is not indicative of future results. There is no guarantee that the investment strategies discussed will be successful or that the target returns mentioned will be achieved.Portfolio Holdings: Specific securities mentioned (such as Nvidia, Broadcom, or Constellation Software) are discussed to illustrate investment philosophy and should not be considered recommendations to buy or sell. These securities may or may not be held in portfolios managed by Rainwater Equity at any given time.Third-Party Content: This video was originally produced and published by Excess Returns. While Rainwater Equity has received permission to repost this content, it does not necessarily endorse all views or advertisements presented by the original creator or the Spotify platform.