Skip to content
etf.net

Launched · SEC filings

Towle Small-Cap Value ETF

TCVNYSE ArcaD

$33.33+0.27 (+0.82%)

At close: Nov 2, 2026, 4:00 PM ET

D27/ 100

Rank 7 of 8 in US Active Contrarian Value

D27/100Rank 7 of 8inUS Active Contrarian Value
Intraday session: up, 78 prints from 33.06 to 33.33. Range 33.33 to 33.66. Use the arrow keys to read each point.33.2033.4033.5033.6010 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$204M
1Y total return
+29.5%
Yield · Last 12 months
No data
Holdings
51
Avg volume · 30D
10.7K sh
52W range
low $24.50high $34.24
Launched
Filings
SEC EDGAR

The ETF.net TCV Grade

Based on 5 of 6 pillars

D

Score 27 out of 100

Category
US Active Contrarian Value⁠
Rank
7 of 8
Six-pillar profile for TCV. Scores out of 100: Cost 9, Risk 30, Mission not scored, Tradability 22, Holdings 74, Durability 60. Strongest: Holdings (74). Weakest: Cost (9). Based on 5 of 6 pillars.

Score 27 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F9 out of 100
    Rank 8 of 8

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D30 out of 100
    Rank 7 of 8

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F22 out of 100
    Rank 8 of 8

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A74 out of 100
    Rank 1 of 7

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B60 out of 100
    Rank 3 of 8

Our read on TCV

ETF.net Research

In short

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

  • Genuinely 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.
  • A 2011 inception gives this strategy a track record across several full market cycles, a longer history than most active equity ETFs can show.
  • Plain wrapper, no engineering: a standard 1940 Act registered fund holding equities, with no structural flags in our review.

Worth knowing

  • Cost 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.
  • It trades thinly. Spreads tend to be wider than on mega-cap index funds, which makes limit orders and patient execution matter more.
  • Distributions land once or twice a year, so this is built around capital appreciation rather than a regular income stream.

TCV Performance

Launched Oct 31, 2011

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

Not enough history yet.Not enough history yet.Not enough history yet.
TCV$12,947
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,146
Oct 31, 2025 to Nov 2, 2026. TCV $12,947. SPY $11,146. Use the arrow keys to read each point.$10,000$11,000$12,000$13,000Oct 2025May 2026Nov 2026

Oct 31, 2025 – Nov 2, 2026

Returns run to the Nov 2, 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+28.7%
1 month+4.0%
3 months+1.8%
1 year+29.5%
3 yearsHistory unavailableper yearNo data
5 yearsHistory unavailableper yearNo data
10 yearsHistory unavailableper yearNo data

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+28.7%
2025+4.0%

History from Jul 17, 2025

TCV in the news

TCV Dividends

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

$10,000 in TCV 1 year ago paid $30.37 in dividends.

TCV Risk

Risk pillarD30 out of 100Rank 7 of 8 in US Active Contrarian Value
How much the fund’s monthly returns vary, scaled to a year.
16.6%
Annualised · 15 months to Oct 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.
1.49
vs 3-month T-bills · 15 months to Oct 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%
15 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.
0.86
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.

FMP measures it over up to five years of monthly returns.

TCV Cost

Compare TCV and DFAL

Overpaying vs DFAL, cheapest in US Active Contrarian Value

$13,679

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • TCV 0.85%

    $16,199

  • DFAL 0.12% Cheapest

    $2,520

$10,000
30 years

Cost over time

  • TCV 0.85%
  • DFAL 0.12%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TCV $16,199DFAL $2,520

Year by year

YearTCVDFALOverpaying
10$1,508$220$1,288
20$5,706$859$4,847
30$16,199$2,520$13,679

Other funds in US Active Contrarian Value

See others