ETF Evaluator:
CoreValues America First Technology ETF ()
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(as of Aug 05)
Best Performing in Technology Over the Last Year
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ETF Details
CoreValues America First Technology ETF Overview
CoreValues America First Technology ETF (USMD) is an actively managed Sector Equity Technology exchange-traded fund (ETF). CoreValues launched the ETF in 2026.
The investment seeks long-term capital appreciation.
The fund is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing in a portfolio primarily comprised of U.S. exchange-listed companies that the fund’s sub-adviser, MSA Power Funds LLC identifies as likely to benefit from the advancement of strategic and emerging technologies critical to national innovation, security and industrial leadership in the United States. Under normal circumstances, at least 80% of the fund’s net assets will be invested in equity securities of America First Technologies companies.
About CoreValues America First Technology ETF (USMD)
There are 3 members of the management team with an average tenure of 0.48 years: Charles Ragauss (2026), Qiao Duan (2026) and Ben Harburg (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
CoreValues America First Technology ETF has 120 securities in its portfolio. The top 10 holdings constitute 46.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
CoreValues America First Technology ETF is part of the Equity global asset class and is within the Sector Equity ETF group. CoreValues America First Technology ETF has 0.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.3% There is 0.1% 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 America First Technology ETF has 0.6% of the portfolio in cash.
Assets Under Management
The fund has $297 million in total assets, which is below the $3 billion average for the Technology 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.
USMD 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 America First Technology ETF expense ratio is high compared to funds in the Technology category. CoreValues America First Technology ETF has an expense ratio of 0.87%, which is 62% 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 America First Technology 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 39% for the Technology category.
Recently, in the month of July 2026, CoreValues America First Technology ETF returned -7.3%, which earned it a grade of C, as the Technology category had an average return of -9.8%. 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.
CoreValues America First Technology ETF has a trailing yield of 0.00%, which is below the 0.45% 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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USMD 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 |
|
| USMD Return (NAV) | -7.3% | 4.5% | na | na | na | na |
| USMD Return (Price) | 21.5% | 21.5% | na | na | na | na |
| NAV +/- Price Return | -28.768% | -17.008% | na | na | na | na |
| Technology Avg | -9.8% | 7.3% | 33.6% | 22.3% | 10.5% | 19.0% |
| USMD Grade (NAV) | C | D | na | na | na | na |
| +/- Category (NAV) | 2.5% | -2.9% | na | na | na | na |
| USMD Tax-Cost Ratio | na | na | na | na | na | na |
USMD Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| USMD Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| USMD 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 |
| Technology Avg | 21.3% | 23.2% | 19.9% | 43.8% | -35.8% | 16.7% | 53.3% | 37.8% | -3.2% | 33.7% | 15.0% |
| USMD 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: | $ 0 Mil |
| Share Class Assets: | $ 0 Mil |
| Turnover: | na |
| Expense Ratio: | 0.87% |
| 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: 3 | |||
| Longest Tenure: 0.5 years | |||
| Average Tenure: 0.5 years | |||
| Managers (Year): Ragauss Charles (2026), Duan Qiao (2026), Harburg Ben (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 120 |
| % in Top 10 Holdings: | 46.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.1% |
Portfolio Allocation |
|
| Domestic Stock: | 99.3% |
| Foreign Stock: | 0.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | CoreValues |
| Phone Number: | 855-316-3778 |
| Website: | |
| Inception Date: | February 5, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.87% (Rating: High) |
| Category Average Expense Ratio (%): | 0.54% |
