ETF Evaluator:
CoreValues Alpha Greater China Gr ETF ()
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(as of Aug 25)
Best Performing in Greater China Region Over the Last Year
| 76.6% | Franklin FTSE Taiwan ETF (FLTW) |
| 70.4% | iShares MSCI Taiwan ETF (EWT) |
| 64.0% | KraneShares CHN Tech & Semicon STAR50ETF (KSTR) |
| 55.2% | VanEck ChiNext Innovators ETF (CNXT) |
| 42.4% | Neuberger China Equity ETF (NBCE) |
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ETF Details
CoreValues Alpha Greater China Gr ETF Overview
CoreValues Alpha Greater China Gr ETF (CGRO) is an actively managed International Equity Greater China Region exchange-traded fund (ETF). MSA Power Funds LLC launched the ETF in 2023.
The investment seeks long-term capital appreciation.
The fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing primarily in equity securities 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 fund is non-diversified.
About CoreValues Alpha Greater China Gr ETF (CGRO)
There are 3 members of the management team with an average tenure of 2.83 years: Charles Ragauss (2023), Qiao Duan (2023) and Ben Harburg (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. CoreValues Alpha Greater China Gr ETF has 34 securities in its portfolio. The top 10 holdings constitute 55.7% 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.
CoreValues Alpha Greater China Gr ETF is part of the Equity global asset class and is within the International Equity ETF group. CoreValues Alpha Greater China Gr ETF has 95.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 3.3% There is 95.1% 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). CoreValues Alpha Greater China Gr ETF has 1.5% of the portfolio in cash.
Assets Under Management
The fund has $2 million in total assets, which is below the $1 billion average for the Greater China Region 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.
CGRO 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 CoreValues Alpha Greater China Gr ETF expense ratio is high compared to funds in the Greater China Region category. CoreValues Alpha Greater China Gr ETF has an expense ratio of 0.89%, which is 37% 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. CoreValues Alpha Greater China Gr 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 56% for the Greater China Region category.
Recently, in the month of July 2026, CoreValues Alpha Greater China Gr ETF returned 11.9%, which earned it a grade of A, as the Greater China Region category had an average return of -0.9%. 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.
CoreValues Alpha Greater China Gr ETF has a trailing yield of 1.13%, which is below the 3.41% 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.
CoreValues Alpha Greater China Gr ETF Grades
Year to date, the ETF has returned -14.9%, 17.1 percentage points worse than the category, which translates into a grade of F. The fund has returned -13.8% over the past year (grade of F).
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CGRO 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 |
|
| CGRO Return (NAV) | 11.9% | -5.6% | -13.8% | na | na | na |
| CGRO Return (Price) | 10.1% | -6.5% | -14.7% | na | na | na |
| NAV +/- Price Return | 1.816% | 0.858% | 0.828% | na | na | na |
| Greater China Region Avg | -0.9% | -2.5% | 14.5% | 8.6% | -1.6% | 5.1% |
| CGRO Grade (NAV) | A | D | F | na | na | na |
| +/- Category (NAV) | 12.8% | -3.1% | -28.3% | na | na | na |
| CGRO Tax-Cost Ratio | na | na | 0.8% | na | na | na |
CGRO Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CGRO Return (NAV) | -14.9% | 20.0% | 15.0% | na | na | na | na | na | na | na | na |
| CGRO Return (Price) | -15.9% | 20.4% | 14.4% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.070% | 0.021% | -0.038% | na | na | na | na | na | na | na | na |
| Greater China Region Avg | 2.2% | 30.4% | 11.2% | -10.5% | -25.1% | -7.2% | 42.8% | 26.9% | -22.9% | 45.1% | -6.2% |
| CGRO Grade (NAV) | F | F | B | na | na | na | na | na | na | na | na |
| +/- Category | -17.1% | -10.4% | 3.9% | 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: | 1.1% |
| Total Assets: | $ 2 Mil |
| Share Class Assets: | $ 2 Mil |
| Turnover: | na |
| Expense Ratio: | 0.89% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 2.8 years | |||
| Average Tenure: 2.8 years | |||
| Managers (Year): Ragauss Charles (2023), Duan Qiao (2023), Harburg Ben (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 34 |
| % in Top 10 Holdings: | 55.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 95.1% |
Portfolio Allocation |
|
| Domestic Stock: | 3.3% |
| Foreign Stock: | 95.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.2% |
| Cash: | 1.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | MSA Power Funds LLC |
| Phone Number: | 855-316-3778 |
| Website: | |
| Inception Date: | October 2, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.89% (Rating: High) |
| Category Average Expense Ratio (%): | 0.65% |
