ETF Evaluator:
Cultivar ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Mid-Cap Value Over the Last Year
| 45.0% | VictoryShares Free Cash Flow ETF (VFLO) |
| 39.1% | Bushido Capital US SMID Cap Equity ETF (RNIN) |
| 38.8% | Bushido Capital US Equity ETF (SMRI) |
| 37.8% | ProShares Equities for Rising Rates ETF (EQRR) |
| 37.4% | Vanguard US Multifactor ETF (VFMF) |
Risk
Index
Risk
Index
ETF Details
Cultivar ETF Overview
Cultivar ETF (CVAR) is an actively managed U.S. Equity Mid-Cap Value exchange-traded fund (ETF). CULTIVAR ETF launched the ETF in 2021.
The investment seeks long-term capital appreciation.
The fund is an actively managed exchange traded fund (“ETF”) that seeks to build a portfolio of approximately 50 to 100 securities across a broad spectrum of market capitalizations and sectors. To achieve its investment objective, it invests primarily in equity securities traded on U.S. exchanges of any size that the fund’s investment adviser, Cultivar Capital, Inc. (the “Adviser”), believes are under-valued, or under-appreciated, by other participants in the broader equity market. The fund is non-diversified.
About Cultivar ETF (CVAR)
There are 2 members of the management team with an average tenure of 4.61 years: Thomas Muir (2021) and Keith Henderson (2021). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Russell 3000 TR USD index with a weighting of 100%. Cultivar ETF has 90 securities in its portfolio. The top 10 holdings constitute 28.9% 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.
Cultivar ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Cultivar ETF has 8.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 80.1% There is 8.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 6.1% (6.1% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Cultivar ETF has 5.6% of the portfolio in cash.
Assets Under Management
The fund has $42 million in total assets, which is below the $2 billion average for the Mid-Cap Value 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.
CVAR 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 Cultivar ETF expense ratio is high compared to funds in the Mid-Cap Value category. Cultivar ETF has an expense ratio of 0.87%, which is 86% 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. Cultivar ETF has a portfolio turnover rate of 57%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 72% for the Mid-Cap Value category.
Recently, in the month of July 2026, Cultivar ETF returned 5.1%, which earned it a grade of B, as the Mid-Cap Value category had an average return of 3.5%. 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.
Cultivar ETF has a trailing yield of 1.44%, which is below the 2.05% category average.
The fund normally distributes its income 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.
Cultivar ETF Grades
Year to date, the ETF has returned 6.4%, 9.1 percentage points worse than the category, which translates into a grade of F. The fund has returned 16.4% over the past year (grade of D) and 8.1% over the past three years (grade of F).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Cultivar ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
CVAR 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 |
|
| CVAR Return (NAV) | 5.1% | 4.5% | 16.4% | 8.1% | na | na |
| CVAR Return (Price) | 4.8% | 4.6% | 16.6% | 8.1% | na | na |
| NAV +/- Price Return | 0.285% | -0.048% | -0.171% | -0.011% | na | na |
| Mid-Cap Value Avg | 3.5% | 6.1% | 23.5% | 13.9% | 10.2% | 10.8% |
| CVAR Grade (NAV) | B | D | D | F | na | na |
| +/- Category (NAV) | 1.6% | -1.6% | -7.1% | -5.8% | na | na |
| CVAR Tax-Cost Ratio | na | na | 0.6% | 0.8% | na | na |
CVAR Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CVAR Return (NAV) | 6.4% | 14.6% | 3.1% | 11.8% | -4.8% | na | na | na | na | na | na |
| CVAR Return (Price) | 6.2% | 15.5% | 2.4% | 11.7% | -5.0% | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.017% | 0.057% | -0.212% | -0.009% | 0.042% | na | na | na | na | na | na |
| Mid-Cap Value Avg | 15.4% | 10.4% | 12.2% | 12.9% | -5.7% | 31.6% | 0.6% | 25.6% | -10.0% | 15.5% | 20.3% |
| CVAR Grade (NAV) | F | B | F | C | C | na | na | na | na | na | na |
| +/- Category | -9.1% | 4.2% | -9.1% | -1.0% | 0.8% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.64 |
| R-Squared: | 36% |
| Standard Deviation: | 14.0% |
| Category Risk Index: | 0.97 |
| Category Risk Rating: | Average |
| Total Risk Index: | 1.14 |
| Total Risk Rating: | Average |
| Portfolio Characteristics | |
| Yield: | 1.4% |
| Total Assets: | $ 43 Mil |
| Share Class Assets: | $ 43 Mil |
| Turnover: | 57.3% |
| Expense Ratio: | 0.87% |
| Index Fund: | No |
| Index Tracked: | Russell 3000 TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.6 years | |||
| Average Tenure: 4.6 years | |||
| Managers (Year): Muir Thomas (2021), Henderson Keith (2021) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 90 |
| % in Top 10 Holdings: | 28.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 8.2% |
Portfolio Allocation |
|
| Domestic Stock: | 80.1% |
| Foreign Stock: | 8.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 6.1% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 5.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | CULTIVAR ETF |
| Phone Number: | 833-930-2229 |
| Website: | |
| Inception Date: | December 22, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.87% (Rating: High) |
| Category Average Expense Ratio (%): | 0.47% |
