CGRO
CoreValues Alpha Greater China Growth ETF
CGRO is an actively managed ETF investing in stocks of companies operating in high-growth sectors in Greater China, which includes mainland China, Taiwan, and China's special administrative regions, such as Hong Kong. The strategy seeks to capture economic gains or "alpha" in China without falling afoul of US sanctions or compromising American values or national interests.
Emerging Market
EQUITY
Active
MANAGEMENT STYLE
7.7 M
ASSETS UNDER MGMT
75 bp
EXPENSES
Fund Basics
| Fund sponsor | CVA Funds |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | Oct 16, 2023 |
| Assets (mns) | $8 |
| Expense ratio | 75 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| XIAOMI CORP. CLASS B | 9.7 % |
| PINDUODUO, INC. SPONSORED ADR CLASS A | 8.4 % |
| TENCENT HOLDINGS LTD | 7.8 % |
| TRIP.COM GROUP LTD. SPONSORED ADR | 7.5 % |
| BYD CO LTD-H | 6.8 % |
| MEITUAN DIANPING | 6.4 % |
| CONTEMPORARY AMPEREX TECHNOLOGY CO., LTD | 4.7 % |
| LUCKIN COFFEE INC - ADR | 4.1 % |
| FULL TRUCK ALLIANCE CO LTD | 3.9 % |
| JD.COM, INC. CLASS A | 3.8 % |
Constituent Breakdown
| Number of holdings | 29 |
| Herfindahl-Hirschman Index | 581 |
| Wgt avg mkt cap (mns) | $121,124 |
| Large cap (>$10bn) | 86.9% |
| Mid cap ($2-10bn) | 13.1% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 26.8% |
| Emerging mkts. | 73.2% |
Country Exposure
 |
CHINA | 88.7 % |
 |
UNITED STATES | 4.3 % |
 |
HONG KONG | 1.9 % |
Historical Performance
Standardized Performance (as of 11/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 22.2% | -- | -- | -- | -- | -- | 22.2% | Volatility | 31.3% | 29.6% | -- | -- | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.00 | 0% |
| MSCI EAFE | 0.00 | 0% |
| MSCI Emg Mkts | 0.00 | 0% |
Liquidity Measures
| Avg. volume (000) | 0 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.61% |
| ADV of underlying (mns) | $11,576 |
Technical Indicators
| Recent close | $23.62 |
| 30d moving avg. | $23.19 |
| Annualized volatility | 0.0% |
| Relative strength (RSI) | 55 |
| Short interest (ETF) | 0.4% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. CGRO |
Expenses vs. CGRO |
ALTAR Score™ vs. CGRO |
|---|---|---|---|---|
| KWEB | KraneShares CSI China Internet ETF | 32.0% | -6 bp | -3.2% |
| MCH | Matthews China Active ETF | 30.8% | +4 bp | +3.5% |
| CHIQ | Global X MSCI China Consumer Discretionary ETF | 30.1% | -10 bp | +3.9% |
| FXI | iShares China Large-Cap ETF | 29.4% | -1 bp | +6.1% |
| KTEC | KraneShares Hang Seng TECH Index ETF | 28.5% | -6 bp | -5.5% |
| CXSE | WisdomTree China ex-State-Owned Enterprises Fund | 28.0% | -43 bp | +4.1% |
| MCHI | iShares MSCI China ETF | 26.4% | -16 bp | +6.5% |
| FDNI | First Trust Dow Jones International Internet ETF | 25.0% | -10 bp | +0.2% |
| FLCH | Franklin FTSE China ETF | 23.9% | -56 bp | +6.9% |
| EMQQ | EMQQ The Emerging Markets Internet & Ecommerce ETF | 22.8% | +11 bp | -0.2% |
Risk and Returns: CGRO vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 12/20/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
CGRO
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may be less relevant.
ALTAR Score™
CGRO
2.0%
Cat. Avg
7.9%
ALTAR Score™ Calculation
Category Overview
There are 165 funds in the Emerging Equity category, with an average ALTAR Score™
of 7.9% and a standard deviation of
4.2%. CGRO's ALTAR Score™ is approximately
1.4 standard deviations
below
the category average. This places CGRO in the 8th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
CGROSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Active Emerging Market Equity ETFs |
| # of ETFs | 22 |
| Avg. Expense Ratio | 60.3 bp |
| Std. Deviation | 21.7 bp |
| CGRO (75 bp) Percentile rank | 75 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| CGRO | 75.0 | 61.1 | 136.1 |
| Peer Avg. | 73.8 | 43.7 | 117.5 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .