In this conversation, Joseph Shaposhnik, Founder and Portfolio Manager of Rainwater Equity, sits down the hosts of Excess Returns to talk about investing through geopolitical shocks, AI disruption, and massive capital cycles.Joseph shares how disciplined investors can stay focused on durable businesses and long-term free cash flow—rather than reacting to short-term headlines. He also breaks down how his team evaluates opportunities across AI, defense, and broader markets, and where he sees the most compelling opportunities today.

This video originally was posted on the Excess Returns Spotify channel. Rainwater Equity has received permission to repost this content.Find Out More About Joseph Shaposhnik:LinkedIn: https://www.linkedin.com/in/joseph-shaposhnik-21424a5/Follow on X: https://x.com/JShaposhnikDisclosurePerformance 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.

Rainwater Equity ETF - Overview Cash Flow refers to the net amount of cash and cash equivalents being transferred into and out of a business.

Disclosure

Performance 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.

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.

Find Out More About Joseph Shaposhnik:

LinkedIn:

https://www.linkedin.com/in/joseph-shaposhnik-21424a5/

Follow on X:

https://x.com/JShaposhnik

Disclosure

Performance 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.