CGRO

Greater China Growth ETF

America-first, China equity investment strategy that filters high alpha targets through a multi-layered risk scoring process

What We Do

Provide access to China alpha without compromising US national security or values

How We Do It

CVA China Risk Board
CVA China Risk Scorecard
CVA China Target Company Due Diligence Reports
Active Management
15 investment professionals on the ground in China

Why China? Why Now?

Arbitrage

There are no replacements for China’s economic might and it still has room to grow.

Decoupled Economies

Capital has exited China for non-financial and non-fundamental reasons enabling good entry opportunities.

Splinternet

China has a parallel universe of companies doing the same thing as those in America.
Our Investment Process

Fund Objective

CoreValues Alpha Greater China Growth ETF (the “Fund”) seeks long-term capital appreciation.

Fund Profile
as of 05/24/2024

Ticker cgro
Exchange NYSE
CUSIP 88634T394
# of Holdings 30
Inception Date 10/16/2023
Expense Ratio Net / Gross* 0.75% / 0.85%
* The Fund’s investment adviser, Toroso investment, LLC (the “Adviser”), has agreed to reduce its unitary management fee to 0.75% of the Fund’s average daily net assets through at least January 31, 2026

Market Data
as of 05/24/2024

Shares Outstanding 375,000
Net Assets 7.95M
Closing Price $21.29
Ticker cgro
NAV $21.22
30 Day Sec Yield * 0.27%
Premium / Discount 0.34%
Median 30-day Spread 0.28
* yield as of 03-31-24

Market Performance

Quarter-End Performance

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call 855-316-3778 or visit the Fund’s website at www.cvafunds.com. Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV) and may trade at a discount or premium to NAV. Shares are not individually redeemable from the Fund and may only be acquired or redeemed from the fund in creation units. Brokerage commissions will reduce returns.

Top Holdings
as of 05/28/2024

Name Symbol Par Value Market Value Weightings (%)
Cash & OtherCash&Other482.17$482.170.01%
First American Government Obligations Fund 12/01/2031FGXXX42,252.27$42,252.270.53%
ANTA Sports Products Ltd2020 HK3,901.00$43,386.050.55%
NETEASE INCNTES758.00$68,583.840.86%
Zhejiang Sanhua Intelligent Controls Co Ltd002050 C234,600.00$101,868.651.28%
Ningbo Tuopu Group Co Ltd601689 C115,000.00$116,980.451.47%
Yantai China Pet Foods Co Ltd002891 C243,200.00$141,797.701.78%
J&T Global Express Ltd1519 HK141,600.00$150,235.361.89%
Meituan3690 HK10,311.00$153,474.031.93%
Tesla IncTSLA885.00$158,627.401.99%
Anjoy Foods Group Co Ltd603345 C112,500.00$161,926.492.03%
NVIDIA CorpNVDA153.00$162,897.572.05%
Kuaishou Technology1024 HK23,916.00$173,397.502.18%
Baidu IncBIDU1,770.00$177,495.602.23%
Shenzhen Inovance Technology Co Ltd300124 C222,000.00$180,073.982.26%
Amer Sports IncAS16,755.00$248,309.103.12%
Taiwan Semiconductor Manufacturing Co LtdTSM1,813.00$290,080.003.65%
Shenzhen Transsion Holdings Co Ltd688036 C116,109.00$293,750.003.69%
Luckin Coffee IncLKNCY15,628.00$298,260.383.75%
Alibaba Group Holding LtdBABA4,108.00$333,816.084.19%
Tencent Music Entertainment GroupTME23,871.00$353,290.804.44%
Midea Group Co Ltd000333 C240,900.00$376,098.444.73%
Xiaomi Corp1810 HK161,586.00$378,450.604.76%
Proya Cosmetics Co Ltd603605 C126,100.00$390,628.174.91%
Contemporary Amperex Technology Co Ltd300750 C216,400.00$454,956.935.72%
Tencent Holdings Ltd700 HK9,653.00$465,755.555.85%
MINISO Group Holding LtdMNSO21,223.00$477,729.736.00%
BYD Co Ltd1211 HK19,259.00$512,685.996.44%
PDD Holdings IncPDD3,434.00$541,095.386.80%
TRIP.COM GROUPTCOM13,457.00$709,856.758.92%
Holdings are subject to change without notice.

America-first China investing

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Glossary:

Alpha: Excess return of an investment relative to the return of a benchmark index

Disclosures:

1 IMF as of 2023
2 Peterson Institute for International Economics as of 2021
3 CSIS as of 2019
4 People’s Bank of China, St. Louis Fed as of 2023
5 World Bank as of 2021

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 Fund, please call 855-316-3778 or visit our website at https://cvafunds.com/. Read the prospectus or summary prospectus carefully before investing.

Investing involves risks and the possible loss of principal.

Growth Investing Risks. The Fund will invest in companies that appear to be growth-oriented. Growth companies are those that the Sub-Adviser believes will have revenue and earnings that grow faster than the economy as a whole, offering above-average prospects for capital appreciation and little or no emphasis on dividend income.

China Investing Risks. The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions and policy in China and surrounding Asian countries. A relatively small number of Chinese companies represent a large portion of China’s total market and thus may be more sensitive to adverse political or economic circumstances and market movements. The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment, among others. The Public Company Accounting Oversight Board (“PCAOB”), which regulates auditors of U.S. public companies, has warned that it lacks the ability to inspect audit work and practices of PCAOB-registered accounting firms in China and Hong Kong. The PCAOB’s limited ability to oversee the operations of accounting firms in China and Hong Kong means that inaccurate or incomplete financial records of an issuer’s operations may not be detected, which could negatively impact the Fund’s investments in such companies. Under China’s political and economic system, the central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. In addition, expropriation, including nationalization, confiscatory taxation, political, economic or social instability or other developments could adversely affect and significantly diminish the values of the Chinese companies in which the Fund invests. International trade tensions may arise from time to time which can result in trade tariffs, embargoes, trade limitations, trade wars and other negative consequences.

Emerging Markets Risk. Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Distributed by Foreside Fund Services, LLC.

Tim Chen

Tim Chen is a Portfolio Manager at CVA Funds and a Partner at MSA, a leading fund manager investing in early stage companies across global markets.

Mr. Chen previously headed international product at Mobike, the largest micro-mobility company globally, which sold for $2.7 billion to Meituan, China's super app. Before that he led operations at Uber, ran growth at a Y-Combinator backed startup that was acquired by Block (fka Square), and worked at a long/short fundamental hedge fund. He started his career with Nomura in investment banking.

He graduated with a B.S. in Commerce from the University of Virginia.

Ben Harburg

Ben Harburg is a Portfolio Manager at CVA Funds and co-founded MSA Capital, a leading global fund manager investing in Greater China, North America, and emerging markets.

Mr Harburg previously worked for the US State Department, the US Department of Defense, Motorola (China), and started his career with the Boston Consulting Group.

He sits on the Board of Directors of the National Committee on US-China Relations and the Asian Cultural Council. He previously sat on the Board of Advisors of the Carnegie Endowment’s China Center and the Brooking Institution’s China Council.

He was a Fulbright Scholar at Ruhr-Universität Bochum, was the first native born American admitted to Tsinghua University Peoples Bank of China School of Finance elite EMBA program, and was a Neubauer Scholar at Tufts University (where he currently sits on the Board of Advisors of the School of Arts & Sciences).

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