Skip to content
etf.net

TCV

GradeDNew York Stock Exchange Arca

Towle Value ETF

Active Equity · Towle · Inception 2011-10-31 · SEC filings

$32.17−0.11 (−0.34%)

As of Sep 23, 2026, 1:16 PM EDT

History starts Jul 17, 2025.
Intraday session: down, 10 prints from 32.28 to 32.17. Range 31.95 to 32.28. Use the arrow keys to read each point.$32.00$32.10$32.3010 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$199M
1Y return
+25.8%
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$32.13
52W range
low $24.41high $34.24

The ETF.net TCV Grade

D

29/ 100

Rank 7 of 8 in US Active Contrarian Value⁠

Confidence Low

Six-pillar profile for TCV. Scores out of 100: Cost 9, Risk 25, Mission not scored, Tradability 34, Holdings 74, Durability 60. Strongest: Holdings (74). Weakest: Cost (9). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 29 of 100 sits in the D 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.
    FScore 9
    Category rank8/8 · 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.
    DScore 25
    Category rank7/8 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 34
    Category rank6/8 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 74
    Category rank2/7 · top 29%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 60
    Category rank4/8 · top 50%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on TCV

ETF.net Research

DTowle runs one thing: its own definition of value, chosen stock by stock instead of by screen. The fund's history goes back to 2011, and it is priced like the boutique active manager behind it, not like an index tracker.

Stated mandate

The Fund seeks long-term capital appreciation. It is an actively managed ETF.

Why people hold it

  1. 01Genuinely active, not a rules-based value screen. Holdings come from Towle & Co.'s own definition of value in pursuit of long-term capital appreciation, so you get a house view rather than an index recipe.
  2. 02A 2011 inception gives this strategy a track record across several full market cycles, a longer history than most active equity ETFs can show.
  3. 03Plain wrapper, no engineering: a standard 1940 Act registered fund holding equities, with no structural flags in our review.

Worth knowing

  1. 01Cost is the trade-off for boutique stock picking: 0.85% a year, above the 0.65% median for active US equity ETFs and many times the 0.12% charged by core peers like DFAU.
  2. 02It trades thinly. Spreads tend to be wider than on mega-cap index funds, which makes limit orders and patient execution matter more.
  3. 03Distributions land once or twice a year, so this is built around capital appreciation rather than a regular income stream.

TCV Holdings

As of Sep 20, 2026, 10:09 AM
Asset class
Stocks
Holdings
—
Top-10 weight
28%
Largest holding
ARW3.2%

Geography

  • United States95.04%
  • Canada3.89%
  • Netherlands1.08%
The fund’s holdings, weight-ordered — page 1 of 4.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001ARWArrow Electronics Inc3.22%29,098$6M174
002GOLDGold.com Inc2.99%130,413$6M79
003COMPCompass Inc2.89%568,299$6M82
004MGAMagna International Inc2.75%86,144$5M30
005PGNYProgyny Inc2.73%199,281$5M131
006MEIMethode Electronics Inc2.68%401,009$5M61
007FIVNFive9 Inc2.65%161,964$5M119
008MOHMolina Healthcare Inc2.63%25,938$5M144
009SNXTD SYNNEX Corp2.55%19,021$5M230
010HOGHarley-Davidson Inc2.55%195,119$5M131
011NSPInsperity Inc2.54%100,186$5M101
012OSCROscar Health Inc2.49%153,857$5M129
013BWABorgWarner Inc2.48%77,621$5M207
014PBFPBF Energy Inc2.40%61,562$5M158
015NOVNOV Inc2.34%231,053$5M161

Showing 1–15 of 52 holdings

TCV Performance

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

TCV$12,584
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. TCV $12,584. SPY $11,723. Use the arrow keys to read each point.$9,180$11,404$13,627Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – 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 TCV. Periods over one year show the average yearly return.
PeriodTCV
Year to date+24.6%
1 month−3.8%
3 months+2.3%
1 year+25.8%
3 yearsHistory unavailable—per year
5 yearsHistory unavailable—per year
10 yearsHistory unavailable—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 TCV
YearReturn barTCV
2026 YTD+24.6%
2025+4.0%

History from Jul 17, 2025

TCV in the news

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

TCV 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.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.009 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 2 payments from 2025 to 2026 YTD. Dec 23, 2025 $0.07; Dec 30, 2025 $0.009. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Dec 30, 2025Dec 31, 2025$0.009
Dec 23, 2025Dec 24, 2025$0.07

TCV Risk

How much the fund’s monthly returns vary, scaled to a year.
15.9%
Annualised · 13 months to Aug 2026
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.
1.86
vs 3-month T-bills · 13 months to Aug 2026
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.
−12.3%
14 months · trough Aug 2025
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.
0.79
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.

TCV Cost

Expense ratio0.85%
  • The middle half of US Active Contrarian Value funds
  • Median 0.54%

Every other US Active Contrarian Value fund charges less.

TCV costs $85.00 a year on $10,000. The median US Active Contrarian Value fund costs $54.50.