Cultivar ETF

Cultivar ETF (CVAR) is an actively managed, non-diversified fund from Cultivar Capital. It buys US-listed stocks of any size that its managers judge to be trading well below their estimated worth, and it can shift toward Treasuries or cash when they see market risk. It costs 0.87% a year, more than double the 0.38% average of similar funds. It held 11.5% in US Treasuries as of July 31, 2026.

• Over the year to Oct 27, 2026, CVAR returned +12.8%, 5th of 6 among similar funds.
• Its worst full calendar year was 2022 (-5.0%); its best was 2025 (+14.9%).
• The deepest fall in its price history was 19.4% (Apr 20, 2022 to Sep 27, 2022), recovered by Feb 1, 2023.

As of Jul 31, 2026, the fund held 90 securities; the ten largest made up 28.48% of assets.

• Over the three months to Jul 31, 2026, investors added a net $2.3M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.23%, -0.74%, +5.11%.

CVAR follows no index. Cultivar Capital's team picks roughly 50 to 100 US-listed stocks of any size. The fund can also hold depositary receipts, which are US-traded shares of foreign companies, and real estate investment trusts (REITs), which are companies that own property. Each stock is first screened with a discounted cash flow model. This estimates what a company is worth from the cash it is expected to produce, using a conservative cash flow assumption, a target return and the growth rate the market has historically implied. The fund generally buys at a 20% to 40% discount to that value.

Candidates then go to an investment sub-committee and the full investment committee. These set a buy price and a sell price for each stock. The fund may add to a position when the price falls back into its buy range, and it holds until the sell target is reached. There is no fixed rebalancing schedule. The prospectus reported portfolio turnover of 57.33%.

The managers also tilt toward or away from sectors, and raise or cut cash, based on their view of overall market valuations. Because the fund is non-diversified, single positions can exceed 5%. As of July 31, 2026, it held 90 positions: 82.7% in stocks and 11.5% in US Treasury bills and bonds. The top 10 made up 28.5%.

• CVAR charges 0.87% a year, versus an average of 0.38% for the similar funds below (6th of 6, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $89 in the first year and $1,073 over 10 years (assuming a 5% annual return).

Its value-focused picks overlap little with large value and dividend ETFs, and its one-year beta of 0.4 as of October 27, 2026 means it moved about 40% as much as the broad market.

CVAR launched in December 2021, so it has no record in the 2008 financial crisis or the 2020 COVID crash. During the 2022 bear market it lost 13.9%. Its deepest drop was 19.4%, from April 20 to September 27, 2022, and it had recovered by February 1, 2023, about four months later. Its worst calendar year was 2022, at -4.82%. A retiree forced to sell in late 2022 would have locked in losses, even though the recovery was quick. Income is modest: the trailing yield was 1.34% as of October 27, 2026, paid once a year. Cost is high. The SEC's standard $10,000 example shows $89 in fees after one year and $1,073 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).