ETF Evaluator:
Avory Foundational ETF ()
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(as of Aug 26)
Best Performing in Large Blend Over the Last Year
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ETF Details
Avory Foundational ETF Overview
Avory Foundational ETF (AVRY) is an actively managed U.S. Equity Large Blend exchange-traded fund (ETF). Avory Funds launched the ETF in 2026.
The investment seeks to achieve long-term capital appreciation.
The fund is an actively managed exchange traded fund (“ETF”) that seeks to achieve its investment objective by investing in publicly traded equity securities listed on a U.S. exchange. Equity securities include common stock or securities with similar characteristics, including American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). The fund will invest primarily in the securities of U.S. companies with a market capitalization of greater than $500 million, though it may also invest in foreign companies, including companies in emerging markets. The fund is non-diversified.
About Avory Foundational ETF (AVRY)
There are 1 members of the management team with an average tenure of 0.52 years: Sean D. Emory (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
Avory Foundational ETF has 29 securities in its portfolio. The top 10 holdings constitute 58.2% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Avory Foundational ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Avory Foundational ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.9% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Avory Foundational ETF has -0.9% of the portfolio in cash.
Assets Under Management
The fund has $64 million in total assets, which is below the $13 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
AVRY Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Avory Foundational ETF expense ratio is high compared to funds in the Large Blend category. Avory Foundational ETF has an expense ratio of 0.89%, which is 115% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Avory Foundational ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 158% for the Large Blend category.
Recently, in the month of July 2026, Avory Foundational ETF returned 3.4%, which earned it a grade of A, as the Large Blend category had an average return of -0.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Avory Foundational ETF has a trailing yield of 0.00%, which is below the 1.16% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
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AVRY Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AVRY Return (NAV) | 3.4% | 5.3% | na | na | na | na |
| AVRY Return (Price) | 3.5% | 5.3% | na | na | na | na |
| NAV +/- Price Return | -0.117% | -0.016% | na | na | na | na |
| Large Blend Avg | -0.8% | 3.7% | 17.5% | 17.4% | 11.2% | 13.6% |
| AVRY Grade (NAV) | A | B | na | na | na | na |
| +/- Category (NAV) | 4.2% | 1.6% | na | na | na | na |
| AVRY Tax-Cost Ratio | na | na | na | na | na | na |
AVRY Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AVRY Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| AVRY Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Large Blend Avg | 9.5% | 15.3% | 21.9% | 22.9% | -17.1% | 26.9% | 18.3% | 29.6% | -5.1% | 21.5% | 11.4% |
| AVRY Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 65 Mil |
| Share Class Assets: | $ 65 Mil |
| Turnover: | na |
| Expense Ratio: | 0.89% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 0.5 years | |||
| Average Tenure: 0.5 years | |||
| Managers (Year): Emory Sean D. (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 29 |
| % in Top 10 Holdings: | 58.2% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 99.9% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 1.1% |
| Cash: | -0.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Avory Funds |
| Phone Number: | 215-330-4476 |
| Website: | www.valueshares.com |
| Inception Date: | January 21, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.89% (Rating: High) |
| Category Average Expense Ratio (%): | 0.41% |
