River1 Launches BUIL, the Rebuild America ETF, Bringing Builder-Informed Investing Rooted in one of the largest privately held infrastructure companies in the U.S.
New actively managed ETF BUIL targets a concentrated basket of U.S. infrastructure-related companies with a 0.65% annual expense ratio.
Rhea-AI Summary
River1 Asset Management (RVER) launched the Rebuild America ETF (Cboe BZX: BUIL) on September 16, 2026, as an actively managed fund targeting U.S. infrastructure-related companies.
The ETF seeks to invest in 15–25 publicly traded businesses exposed to power generation and transmission, grid infrastructure, construction, materials, manufacturing and data-center infrastructure, using fundamental and “builder‑informed” research. BUIL carries an annual expense ratio of 0.65%. Sound Capital acts as adviser, with River1 as sub‑adviser. The fund is non-diversified and subject to equity, ETF, new fund and broader market risks.
Positive
- BUIL ETF launched as an actively managed infrastructure-focused fund on Sept. 16, 2026
- Concentrated portfolio targeting approximately 15–25 infrastructure-related companies
- Expense ratio set at 0.65% annually for the BUIL ETF
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- Non-diversification risk from holding a relatively small number of companies
- New fund risk due to no operating history for the BUIL ETF
- ETF and market risks including trading at premiums/discounts to NAV and brokerage commissions
News Explained
BUIL is launched, but holders trade shares at market prices and face greater concentration effects because the fund is non-diversified.
BUIL has launched, and its holders buy and sell shares at market prices on the exchange rather than redeeming individual shares directly from the fund.
The fund's non-diversified structure allows a relatively small number of holdings, or even one holding, to represent a significant share of its assets, so developments at those companies can have a greater effect on the fund than in a diversified fund. “Builder-informed” refers to the professional backgrounds and research process of River1's principals; it does not indicate participation by Michels Corporation in investment decisions or access to material nonpublic information.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Actively managed ETF targets companies positioned to benefit as power, grid capacity, manufacturing and infrastructure investment accelerate across the
BUIL launches as a major new investment cycle takes shape across American power generation and transmission, manufacturing, construction and materials. Utilities are planning approximately
Launched by River1 following the 2024 debut of the Trenchless Fund ETF (NYSE Arca: RVER), BUIL is designed to give investors liquid public-market exposure to that multi-year investment cycle, through a concentrated portfolio rather than a broad infrastructure index. River1 expects the strategy to span companies involved in areas including energy and power, electrical-grid infrastructure, construction, materials and data-center infrastructure.
River1 was established by principals associated with the Michels family office and draws upon decades of experience investing in and studying infrastructure-related industries. That background contributes to River1's long-term understanding of infrastructure markets and industry trends. River1's investment team combines traditional fundamental research with extensive experience analyzing infrastructure-related industries and markets.
Tony Tagliapietra, CEO, and Rob Haugen, CIO respectively of River1, and BUIL portfolio managers, each bring more than 25 years of investment experience including work with major hedge funds and mutual funds. Their approach combines traditional fundamental analysis with insights drawn from an infrastructure ecosystem that sees the buildout happening in real time. BUIL was developed to bring those two disciplines together in a concentrated, actively managed public-market portfolio.
"A career investing in infrastructure with a front-row seat to what is actually being built in America is the ideal insight engine for the rebuild America market story," said Tagliapietra, CEO, River1 Asset Management. "Our investment process includes extensive industry research, company engagement, supply-chain analysis and fundamental valuation work designed to help identify opportunities across the infrastructure ecosystem. BUIL grew from the idea that those insights should make us better infrastructure investors."
That research approach is already revealing significant insights to the multi-year lead times for natural gas turbines, shortages of low-voltage wire and increasing pressure on
River1 evaluates investment themes by comparing market expectations against publicly available industry data, company disclosures, and broader infrastructure trends.
"There is an enormous amount of capital going into rebuilding and expanding the physical backbone of the
The fund will hold approximately 15 to 25 publicly traded companies selected through fundamental analysis of cash flow, growth, valuation and margin durability, together with an assessment of how directly each business can benefit from the infrastructure buildout. River1 will actively adjust the portfolio as supply constraints, pricing power and spending move through the infrastructure value chain.
The Rebuild America ETF (BUIL) is an actively managed ETF focused on publicly traded companies positioned within the ongoing expansion and rebuilding of
About River1 Asset Management
River1 Asset Management LLC is an investment manager with a builder-informed1 approach to public-market investing. Its investment team combines decades of active investment management experience with access to infrastructure-industry knowledge developed through its roots in the Michels family's infrastructure-building enterprise.
1 Builder-informed refers to the professional backgrounds and industry experience of River1's principals and research process. The term does not imply participation by Michels Corporation in investment decisions or access to material nonpublic information.
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Funds, please call 414-290-1920 ext. 7089 or visit our website at river1.us/buil/prospectus. Read the prospectus or summary prospectus carefully before investing.
Investing involves risk. Loss of principal is possible.
Non-Diversification Risk. A non-diversified fund under the federal securities laws may hold a significant percentage of its assets in the securities of relatively fewer companies or even one company; therefore, events affecting those companies have a greater impact on the Fund than on a diversified fund. Equity Securities Risk. The risks that could affect the value of the Fund's shares and the total return on your investment include the possibility that the equity securities held by the Fund will experience sudden, unpredictable drops in value or long periods of decline in value. New Fund Risk. The Fund is a recently organized investment company with no operating history. As a result, prospective investors have no track record or history on which to base their investment decision. ETF Risk. ETFs may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market prices (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Market risks, including political, regulatory, market, and economic or other developments, and developments that impact specific economic sectors, industries or segments of the market, can affect the value of the Fund's shares. Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the market generally and on specific securities. The Fund is subject to the risk that the prices of, and the income generated by, securities held by the Fund may decline significantly and/or rapidly in response to adverse issuer, political, regulatory, general economic and market conditions, or other developments, such as regional or global economic instability (including terrorism and related geopolitical risks), interest rate fluctuations, and those events directly involving the issuers that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment.
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SOURCE River1 Asset Management
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What is the primary investment focus of the Rebuild America ETF (BUIL)?
The Rebuild America ETF (BUIL) focuses on publicly traded companies positioned to benefit from the expansion and rebuilding of U.S. physical infrastructure, including power generation and transmission, electrical-grid infrastructure, construction, materials, manufacturing, and data-center infrastructure.
How many holdings will the BUIL ETF typically have?
The BUIL ETF is expected to hold approximately 15 to 25 publicly traded companies, selected through fundamental analysis of cash flow, growth, valuation, margin durability, and each company’s connection to the infrastructure buildout.
Who manages and advises the BUIL ETF?
Sound Capital serves as adviser to the BUIL ETF, while River1 Asset Management acts as sub-adviser. River1’s CEO Tony Tagliapietra and CIO Rob Haugen are portfolio managers, each with more than 25 years of investment experience.
What research approach does River1 use for the BUIL ETF?
River1 combines traditional fundamental analysis with a builder-informed research process that draws on infrastructure-industry knowledge linked to the Michels family’s infrastructure-building enterprise, along with industry research, company engagement, supply-chain analysis and valuation work.
Where can investors obtain the BUIL ETF prospectus?
Investors can obtain a prospectus or summary prospectus for the BUIL ETF by calling 414-290-1920 ext. 7089 or by visiting river1.us/buil/prospectus. The documents include information on objectives, risks, charges and expenses.
What key risks are highlighted for investors in the BUIL ETF?
Highlighted risks include non-diversification risk, equity securities risk, ETF-specific risks such as trading at a premium or discount to NAV and brokerage commissions, new fund risk from lack of operating history, and broader market risks tied to political, regulatory, economic and geopolitical events.