CoreValues Alpha Greater China Growth ETF
CGRO
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- CoreValues Alpha Greater China Growth ETF (CGRO) is an actively managed exchange-traded fund that seeks long-term capital appreciation by investing primarily in equity securities of growth companies operating in high-growth sectors across Greater China, including mainland China, Taiwan, and special administrative regions such as Hong Kong. The fund, under normal circumstances, allocates at least 80% of its net assets to common stocks and other equity-related securities, such as American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), and Global Depositary Receipts (GDRs), of companies in sectors including Communication Services, Consumer Discretionary, Consumer Staples, Financials, Health Care, Industrials, and Information Technology; its portfolio typically comprises 30 to 40 holdings, with top positions in companies like Xiaomi Corp, Alibaba Group Holding Ltd, PDD Holdings Inc, BYD Co Ltd, Pop Mart International Group Ltd, Tencent Holdings Ltd, Meituan, Horizon Robotics Inc, Full Truck Alliance Co Ltd, and Futu Holdings Ltd. It targets firms that derive significant revenue from Greater China or maintain substantial operations there, employing a "core values" strategy driven by top-down macro research, on-ground due diligence, and bottom-up fundamental analysis to capture economic alpha while adhering to U.S. sanctions and American national interests. Launched on October 16, 2023, and listed on NYSE Arca, Inc., the ETF is issued by Tidal Trust II, with Tidal Investments LLC serving as investment adviser and MSA Power Funds LLC as sub-adviser; it maintains a net expense ratio of 0.75% following a fee waiver through at least January 31, 2026. The fund is non-diversified, focusing on small-, mid-, and large-cap growth stocks principally listed in the U.S., Hong Kong, Taiwan, or accessible via programs like Stock Connect for China A-shares. Recent developments include a prospectus supplement dated March 3, 2025, removing all references to former Portfolio Manager Tim Chen; the fund reported portfolio turnover of 112% for the fiscal period ended September 30, 2024, and delivered a 1-year return of 15.01% as of December 31, 2024, amid assets under management of approximately $10 million. No major partnerships, acquisitions, funding rounds, or strategic expansions have been announced in the past 1-2 years; operations remain centered on its core active management approach targeting Greater China's high-growth equities for institutional and retail investors seeking emerging market exposure.