What this ETF is trying to do

The TRENCHLESS FUND ETF (ticker: RVER) is an exchange-traded fund that holds a variety of different investments. While the specific goal isn't listed, we can see what it contains by looking at its holdings. Its largest investment is First American Government Obligs X, which makes up 18.86% of the fund. Other significant holdings include NVIDIA Corp (7.47%), SoFi Technologies Inc (7.32%), and Generac Holdings Inc (6.27%). Because it holds many different things, like government obligations and tech companies, it is spread out across different areas.

What the numbers show

As of October 6, 2026, the current price of one share is $37.93. Looking back about one year, the estimated price was approximately $33.74.

It is important to understand two different types of returns:

• Price Return: This only measures how much the share price changed. Over the last year, the one-year price return was 12.41%.

• Total Return: This measures the share price change plus any cash distributions paid to investors. The one-year total return was 14.35%.

For example, if you had invested $10,000 into this ETF one year ago based on the estimated starting price, your investment's share value would have grown to approximately $11,241 due to the 12.41% price increase. Year-to-date (YTD), both the price return and the total return are approximately 22.80%.

Income and distribution explanation

Some investors look for "distributions," which is cash paid out from the ETF. This ETF has a distribution yield of 1.39%. Over the last year, it paid out $0.53 per share. However, these payments are described as "irregular" or "less frequent." In fact, there was only one payout in the last 12 months. Because the payments do not happen on a regular schedule, they may not be predictable for someone looking for steady income.

NAV erosion explanation

"NAV erosion" is a term used to describe when the actual value of the assets inside an ETF drops. Investors often watch this because if the value of the underlying assets disappears, it can be hard to get that money back. For this ETF, the erosion-risk score is 100, and the label says "No price erosion detected." This means the risk level is considered "good," and there is no severe erosion-risk flag.

Pros

• The ETF has shown positive price returns over both the last year and the current year-to-date period.

• The fund shows no signs of price erosion according to its erosion-risk score.

Cons

• The cash distributions are irregular, meaning they do not happen at set times like every month or every three months.

• The distribution yield is relatively low at 1.39%.

Beginner takeaway

When looking at this ETF, remember that the share price and the total return are different numbers. The price return tells you how the stock price moved, while the total return includes the extra cash from distributions. Also, keep in mind that even if an ETF pays out cash, it does not guarantee that the share price will stay the same.