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PZIV

GradeCNew York Stock Exchange Arca

Pzena International Value ETF

Active Equity · Pzena · Inception 2026-03-31

$29.70−0.28 (−0.94%)

As of Sep 23, 2026, 10:35 AM EDT

History starts Apr 1, 2026.History starts Apr 1, 2026.History starts Apr 1, 2026.
Intraday session: down, 4 prints from 29.98 to 29.70. Range 29.70 to 29.98. Use the arrow keys to read each point.$29.80$29.90$30.0010 AM12 PM2 PM4 PM
Expense ratio
0.70%
Fund size
$16M
1Y return
—
Yield · Last 12 months
—
Volume · 30D
0M sh
NAV per share
$29.71
52W range
low $25.38high $30.86

The ETF.net PZIV Grade

C

45/ 100

Rank 11 of 18 in International Active Value⁠

Confidence Medium

Six-pillar profile for PZIV. Scores out of 100: Cost 32, Risk 97, Mission not scored, Tradability 26, Holdings not scored, Durability 27. Strongest: Risk (97). Weakest: Tradability (26). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 45 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 32
    Category rank14/18 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 97
    Category rank1/17 · top 6%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 26
    Category rank14/18 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 27
    Category rank17/18 · bottom quartile

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on PZIV

ETF.net Research

CPzena has run the same deep-value playbook for decades: buy good businesses when they're cheap and unloved. PZIV brings that process to non-US stocks, as one of the firm's first two ETFs after it entered the wrapper in 2026.

Stated mandate

The Fund seeks long-term capital appreciation.

Why people hold it

  1. 01Genuinely active, not a value screen in disguise: Pzena targets companies trading below their historically demonstrated earnings power and runs concentrated, high-conviction portfolios.globenewswire.com
  2. 02The mandate reaches past the usual developed-market roster, allowing significant foreign holdings and leaving the door open to emerging markets.
  3. 03A plain 1940 Act equity ETF chasing long-term capital appreciation. No leverage, no options overlay, just overseas stocks picked one at a time.

Worth knowing

  1. 01At 0.70%, it costs more than systematic international value options such as AVIV (0.25%) and AVDV (0.36%). That gap is the price of the stock picking.
  2. 02It launched in 2026, so the ETF track record starts there, and it is still a small, thinly traded fund where bid-ask spreads can widen.
  3. 03Concentrated deep value is a style bet: fewer names, cheaper names, and results that can look nothing like a broad international index.globenewswire.com

PZIV Holdings

As of Sep 20, 2026, 9:30 AM
Asset class
Stocks
Holdings
—
Top-10 weight
30%
Largest holding
Cash & Other4.5%
The fund’s holdings, weight-ordered — page 1 of 4.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Cash & Other4.48%706,655$707K674
002—SHELL PLC3.03%10,034$479K3
003—BASF SE3.00%7,877$474K2
004ACNACCENTURE PLC2.96%2,452$467K268
005—PUBLICIS GROUPE SA2.94%4,143$464K1
006—TELEPERFORMANCE SE2.89%5,667$455K1
007—SAP SE2.86%2,093$452K3
008—SANOFI2.81%5,124$443K2
009—MICHELIN SCA2.78%11,392$439K1
010—ING GROEP NV2.74%11,664$433K2
011—JULIUS BÄR GRUPPE AG2.72%4,823$430K1
012—RECKITT BENCKISER GROUP PLC2.62%6,190$414K1
013—DAIMLER TRUCK HOLDING AG2.58%8,007$407K2
014—BANK OF IRELAND GROUP PLC2.43%16,415$383K3
015—HSBC HOLDINGS PLC2.41%18,536$381K3

Showing 1–15 of 54 holdings

PZIV Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

PZIV$10,539
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. PZIV $10,539. SPY $10,415. Use the arrow keys to read each point.$9,709$10,320$10,931Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for PZIV. Periods over one year show the average yearly return.
PeriodPZIV
Year to dateFund launched this year—
1 month−2.2%
3 months+5.4%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for PZIV
YearReturn barPZIV
2026 YTD+17.2%

History from Apr 1, 2026

PZIV in the news

ETF.net Research hasn’t filed on PZIV yet — coverage lands here as it’s written.

PZIV Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Mar 2026. No distributions yet.

PZIV Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Mar 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Mar 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Mar 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.50
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

PZIV Cost

Expense ratio0.70%
  • The middle half of International Active Value funds
  • Median 0.66%

11 of the 18 International Active Value funds charge less.

PZIV costs $70.00 a year on $10,000. The median International Active Value fund costs $65.50.