| YTD | 1 Months | 3 Months | 6 Months | 1 Year | Since Inception | |
|---|---|---|---|---|---|---|
| NAV | -.-% | -.-% | -.-% | -.-% | -.-% | -.-% |
| MKT | -.-% | -.-% | -.-% | -.-% | -.-% | -.-% |
| YTD | 1 Months | 3 Months | 6 Months | 1 Year | Since Inception | |
|---|---|---|---|---|---|---|
| nav | -.-% | -3.75% | -.-% | -.-% | -.-% | -1.64% |
| mkt | -.-% | -3.74% | -.-% | -.-% | -.-% | -1.71% |
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.
| Name | Symbol | Par Value | Market Value | Weightings (%) |
|---|---|---|---|---|
| Fluence Energy Inc | FLNC | 2.00 | $14.86 | 0.00% |
| Vnet Group Inc | VNET | 3.00 | $16.59 | 0.00% |
| Eos Energy Enterprises Inc | EOSE | 10.00 | $25.20 | 0.01% |
| Fermi Inc | FRMI | 10.00 | $34.30 | 0.01% |
| Hesai Group | HSAI | 3.00 | $48.03 | 0.01% |
| Mobileye Global Inc | MBLY | 4.00 | $28.40 | 0.01% |
| Parsons Corp | PSN | 1.00 | $45.08 | 0.01% |
| Quantum Computing Inc | QUBT | 6.00 | $44.64 | 0.01% |
| Red Cat Holdings Inc | RCAT | 3.00 | $17.31 | 0.01% |
| Radware Ltd | RDWR | 1.00 | $30.98 | 0.01% |
| NuScale Power Corp | SMR | 5.00 | $36.00 | 0.01% |
| WeRide Inc | WRD | 7.00 | $33.67 | 0.01% |
| Archer Aviation Inc | ACHR | 16.00 | $79.36 | 0.02% |
| Ambarella Inc | AMBA | 1.00 | $67.43 | 0.02% |
| Benchmark Electronics Inc | BHE | 1.00 | $81.47 | 0.02% |
| Leonardo DRS Inc | DRS | 2.00 | $72.48 | 0.02% |
| Firefly Aerospace Inc | FLY | 3.00 | $60.00 | 0.02% |
| Himax Technologies Inc | HIMX | 4.00 | $53.20 | 0.02% |
| Joby Aviation Inc | JOBY | 15.00 | $81.60 | 0.02% |
| Karman Holdings Inc | KRMN | 2.00 | $65.18 | 0.02% |
| Intuitive Machines Inc | LUNR | 4.00 | $52.76 | 0.02% |
| Ondas Inc | ONDS | 12.00 | $80.76 | 0.02% |
| Ouster Inc | OUST | 2.00 | $79.80 | 0.02% |
| QuantumScape Corp | QS | 13.00 | $59.54 | 0.02% |
| Redwire Corp | RDW | 8.00 | $76.64 | 0.02% |
| Tennant Co | TNC | 1.00 | $65.93 | 0.02% |
| Voyager Technologies Inc | VOYG | 2.00 | $54.52 | 0.02% |
| Netskope Inc | NTSK | 5.00 | $103.78 | 0.03% |
| Symbotic Inc | SYM | 2.00 | $85.26 | 0.03% |
| Allegro MicroSystems Inc | ALGM | 4.00 | $142.28 | 0.04% |
| AeroVironment Inc | AVAV | 1.00 | $137.11 | 0.04% |
| AXT Inc | AXTI | 2.00 | $136.92 | 0.04% |
| Centrus Energy Corp | LEU | 1.00 | $142.44 | 0.04% |
| Novanta Inc | NOVT | 1.00 | $141.28 | 0.04% |
| Oceaneering International Inc | OII | 3.00 | $134.43 | 0.04% |
| Oklo Inc | OKLO | 4.00 | $138.80 | 0.04% |
| Tenable Holdings Inc | TENB | 3.00 | $124.77 | 0.04% |
| Uranium Energy Corp | UEC | 15.00 | $137.85 | 0.04% |
| Mercury Systems Inc | MRCY | 2.00 | $158.98 | 0.05% |
| Applied Digital Corp | APLD | 8.00 | $189.44 | 0.06% |
| GLOBALFOUNDRIES Inc | GFS | 4.00 | $192.96 | 0.06% |
| Qualys Inc | QLYS | 1.00 | $202.42 | 0.06% |
| Varonis Systems Inc | VRNS | 4.00 | $200.48 | 0.06% |
| Vishay Intertechnology Inc | VSH | 6.00 | $204.24 | 0.06% |
| SentinelOne Inc | S | 9.00 | $236.43 | 0.07% |
| Silicon Laboratories Inc | SLAB | 1.00 | $222.04 | 0.07% |
| Timken Co/The | TKR | 2.00 | $232.24 | 0.07% |
| Cash & Other | Cash&Other | 235.71 | $235.71 | 0.07% |
| Fluor Corp | FLR | 5.00 | $253.40 | 0.08% |
| Huntington Ingalls Industries Inc | HII | 1.00 | $264.80 | 0.08% |
| Kratos Defense & Security Solutions Inc | KTOS | 6.00 | $254.16 | 0.08% |
| Cognex Corp | CGNX | 5.00 | $314.60 | 0.09% |
| HEICO Corp | HEI | 1.00 | $298.28 | 0.09% |
| Skyworks Solutions Inc | SWKS | 4.00 | $305.40 | 0.09% |
| Viasat Inc | VSAT | 4.00 | $288.04 | 0.09% |
| Applied Industrial Technologies Inc | AIT | 1.00 | $335.38 | 0.10% |
| Regal Rexnord Corp | RRX | 2.00 | $330.06 | 0.10% |
| Moog Inc | MOG/A | 1.00 | $363.09 | 0.11% |
| Albemarle Corp | ALB | 4.00 | $405.08 | 0.12% |
| DigitalOcean Holdings Inc | DOCN | 3.00 | $404.46 | 0.12% |
| BWX Technologies Inc | BWXT | 3.00 | $431.49 | 0.13% |
| Sanmina Corp | SANM | 2.00 | $434.98 | 0.13% |
| Textron Inc | TXT | 6.00 | $444.96 | 0.13% |
| AST SpaceMobile Inc | ASTS | 10.00 | $509.65 | 0.15% |
| Curtiss-Wright Corp | CW | 1.00 | $512.60 | 0.15% |
| FTAI Aviation Ltd | FTAI | 3.00 | $509.90 | 0.15% |
| TTM Technologies Inc | TTMI | 4.00 | $484.04 | 0.15% |
| Akamai Technologies Inc | AKAM | 5.00 | $534.75 | 0.16% |
| IonQ Inc | IONQ | 14.00 | $558.46 | 0.17% |
| Semtech Corp | SMTC | 3.00 | $561.90 | 0.17% |
| Teledyne Technologies Inc | TDY | 1.00 | $613.66 | 0.18% |
| Lattice Semiconductor Corp | LSCC | 5.00 | $630.25 | 0.19% |
| Rubrik Inc | RBRK | 5.00 | $625.70 | 0.19% |
| Zscaler Inc | ZS | 3.00 | $701.19 | 0.21% |
| ARM Holdings PLC | ARM | 4.00 | $1,065.12 | 0.32% |
| Okta Inc | OKTA | 5.00 | $1,160.65 | 0.35% |
| ON Semiconductor Corp | ON | 16.00 | $1,240.48 | 0.37% |
| Axon Enterprise Inc | AXON | 3.00 | $1,268.67 | 0.38% |
| Microchip Technology Inc | MCHP | 19.00 | $1,435.45 | 0.43% |
| NetApp Inc | NTAP | 6.00 | $1,422.90 | 0.43% |
| Rocket Lab Corp | RKLB | 22.00 | $1,500.62 | 0.45% |
| Rockwell Automation Inc | ROK | 4.00 | $1,730.36 | 0.52% |
| Coherent Corp | COHR | 6.00 | $1,875.72 | 0.56% |
| Teradyne Inc | TER | 5.00 | $2,013.40 | 0.61% |
| NXP Semiconductors NV | NXPI | 10.00 | $2,275.20 | 0.68% |
| General Dynamics Corp | GD | 7.00 | $2,318.89 | 0.70% |
| Northrop Grumman Corp | NOC | 5.00 | $2,403.60 | 0.72% |
| Hewlett Packard Enterprise Co | HPE | 36.00 | $2,644.56 | 0.79% |
| Monolithic Power Systems Inc | MPWR | 2.00 | $2,772.58 | 0.83% |
| Datadog Inc | DDOG | 10.00 | $2,932.60 | 0.88% |
| Constellation Energy Corp | CEG | 10.00 | $2,980.70 | 0.90% |
| Vertiv Holdings Co | VRT | 13.00 | $3,156.14 | 0.95% |
| Snowflake Inc | SNOW | 9.00 | $3,320.01 | 1.00% |
| Lockheed Martin Corp | LMT | 7.00 | $3,567.13 | 1.07% |
| Fortinet Inc | FTNT | 19.00 | $3,700.25 | 1.11% |
| Cloudflare Inc | NET | 11.00 | $3,970.23 | 1.19% |
| Boeing Co/The | BA | 24.00 | $4,568.88 | 1.37% |
| Space Exploration Technologies Corp | SPCX | 29.00 | $4,714.53 | 1.42% |
| First American Government Obligations Fund 12/01/2031 | FGXXX | 5,258.00 | $5,258.00 | 1.58% |
| Seagate Technology Holdings PLC | STX | 7.00 | $5,481.00 | 1.65% |
| Analog Devices Inc | ADI | 17.00 | $6,905.23 | 2.08% |
| RTX Corp | RTX | 39.00 | $7,252.83 | 2.18% |
| QUALCOMM Inc | QCOM | 42.00 | $7,371.00 | 2.22% |
| Bloom Energy Corp | BE | 27.00 | $7,573.50 | 2.28% |
| Oracle Corp | ORCL | 55.00 | $7,777.00 | 2.34% |
| Crowdstrike Holdings Inc | CRWD | 30.00 | $8,251.20 | 2.48% |
| MARVELL TECHNOLOGY INC | MRVL | 32.00 | $8,808.96 | 2.65% |
| GE Vernova Inc | GEV | 9.00 | $9,042.57 | 2.72% |
| International Business Machines Corp | IBM | 40.00 | $9,085.20 | 2.73% |
| Micron Technology Inc | MU | 9.00 | $9,261.00 | 2.78% |
| Texas Instruments Inc | TXN | 33.00 | $9,363.42 | 2.81% |
| Palo Alto Networks Inc | PANW | 24.00 | $10,050.72 | 3.02% |
| Broadcom Inc | AVGO | 34.00 | $12,292.36 | 3.70% |
| Intel Corp | INTC | 124.00 | $12,982.80 | 3.90% |
| NVIDIA Corp | NVDA | 64.00 | $14,673.92 | 4.41% |
| Amazon.com Inc | AMZN | 58.00 | $15,220.94 | 4.58% |
| Alphabet Inc | GOOGL | 44.00 | $15,473.04 | 4.65% |
| Microsoft Corp | MSFT | 32.00 | $17,122.24 | 5.15% |
| Advanced Micro Devices Inc | AMD | 29.00 | $17,634.90 | 5.30% |
| Tesla Inc | TSLA | 49.00 | $18,752.30 | 5.64% |
| Palantir Technologies Inc | PLTR | 99.00 | $20,695.95 | 6.22% |
Disclosures:
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.
America First Technologies Risk. Companies involved in the categories of America First Technologies may be subject to a significant amount of governmental regulation, and changes in governmental policies and the need for regulatory approvals may have a material adverse effect on such critical technologies and the companies involved with them.
Sector and Industry Risk. At times the Fund may increase the relative emphasis of its investments in a particular sector, industry or group of industries.
Foreign Securities Risk. Investments in securities or other instruments of non-U.S. issuers involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies.
Liquidity Risk. Some investments held by the Fund, such as equity securities of non-listed, private, closely-held companies, may be difficult to sell, or illiquid, particularly during times of market turmoil.
IPO Risk. The Fund may purchase securities of companies that are offered in an IPO. The risk exists that the market value of IPO shares will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer.
Concentration Risk. The Fund’s investments are expected to be concentrated in an industry or group of industries to the extent the Underlying Index is so concentrated.
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.
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 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 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).
