A West Coast startup's team is celebrating a big milestone for their first ETF: its first birthday.
| Patrick Dewerk Neal
Distribution Cognizant, LLC
Managing Partner, Principal Owner
, managing partner and principal owner of Monterey, California-based Distribution Cognizant, LLC
that last Saturday was the first anniversary of the Reverb ETF
(RVRB on the Cboe BZX Exchange, Inc.
). The active fund's inception date was November 4, 2022, and it is a series of Advisor Series Trust
RVRB has an expense ratio of 30 basis points. As of the end of the day yesterday, the one-year-old, actively managed fund had more than $3.4 million in AUM.
The Distribution Cognizant team lays claim to RVRB being the only ETF that is powered by an app. With the free-to-use Reverberate app
, anonymous individual consumers express their satisfaction or dissatisfaction with different companies, and the fund's portfolio managers invest accordingly.
Distribution Cognizant serves as RVRB's investment advisor, and Penserra Capital Management LLC
serves as subadvisor. The new fund's PM team includes Neal and a trio of Penserra executives: director Anand Desai
and managing directors Dustin Lewellyn
and Ernesto Tong
"We are grateful to the app users who have shared their voices regarding which companies are making their lives better or worse, and we are grateful to our shareholders," Neal writes. "They are invesrting in both a novel market information source as well as an economy that is a little more responsive to people's average/median interests."
RVRB's other service providers include: ACA Foreside's Quasar Distributors, LLC
as distributor; Sullivan & Worcester LLP
as counsel; Tait, Weller & Baker LLP
as independent accounting firm; U.S. Bancorp Fund Services, LLC (dba U.S. Bank Global Fund Services
) as administrator, fund accountant, and transfer agent; and U.S. Bank National Association as custodian.
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