CoreValues Alpha Greater China Growth ETF

CoreValues Alpha Greater China Growth ETF (CGRO) is an actively managed fund of about 30 to 40 growth stocks tied to mainland China, Hong Kong and Taiwan. Sub-adviser MSA Power Funds picks the stocks using a “core values” approach meant to avoid US sanctions and conflicts with American values or interests. It costs 0.89% a year, above the 0.68% average of similar China funds, and held just $2 million as of June 30, 2026.

• Over the year to Oct 27, 2026, CGRO returned -34.7%, 3rd of 4 among similar funds.
• Its worst full calendar year was 2024 (+14.7%); its best was 2025 (+20.3%).
• The deepest fall in its price history was 38% (Oct 2, 2025 to Oct 22, 2026), not yet recovered.

As of Jun 30, 2026, the fund held 31 securities; the ten largest made up 54.49% of assets.

• Over the three months to Jun 30, 2026, investors added a net $589K (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +4.27%, -7.02%, -9.27%.

CGRO does not track an index. Sub-adviser MSA Power Funds picks stocks using a “core values” approach meant to capture Chinese growth without breaching US sanctions or compromising American values or national interests. It starts top-down, weighing economic growth, inflation, interest rates, consumer spending and policy to find sectors with the most growth potential. Staff in China add “on-ground” insight, and company research covers finances, governance and management. Weights shift with its view of growth potential.

At least 80% of net assets go to companies operating in Greater China, which includes mainland China, Hong Kong and Taiwan. That covers firms based there or earning at least 40% of revenue or profits there. The prospectus expects most holdings to be US-listed, including American depositary receipts (US-traded certificates for foreign shares). It can also buy mainland-listed “A-shares” through Stock Connect, a trading link via Hong Kong, and US companies with meaningful sales in the region.

It generally holds 30 to 40 stocks. As of June 30, 2026, it held 31, and the top 10 made up 54.5% of assets, led by Tencent (8.8%), Alibaba (7.3%), Luckin Coffee (5.4%), UBTech Robotics (5.4%) and Tesla (5.0%). As a “non-diversified” fund, it can bet heavily on a few companies. Its 93% turnover rate signals heavy trading, which can add costs and taxable gains.

• CGRO charges 0.89% a year, versus an average of 0.68% for the similar funds below (4th of 4, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $91 in the first year and $1,096 over 10 years (assuming a 5% annual return).

It is a concentrated, actively managed bet on 30 to 40 Greater China growth stocks, with a short history and a 38% drop that had not recovered.

CGRO could add Chinese growth companies such as Tencent and Alibaba to a US-heavy portfolio. Launched in October 2023, it has no record in the 2008, 2020 or 2022 downturns. Its two full calendar years were gains, 15.01% in 2024 and 19.99% in 2025, per the prospectus. Then it fell 38% from October 2, 2025, to October 22, 2026, and had not recovered as of October 27, 2026. Selling shares for income during such a drop locks in losses.

Its trailing 12-month yield, payouts over the past year as a share of price, was 31.5% as of October 27, 2026, paid twice a year. For a growth fund, that may reflect one-off distributions, such as capital gains, not dependable income. Its 0.89% expense ratio is the highest among similar China funds. Past results don't predict future ones, and any plan needs to consider the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.