AGQI vs BDVL

AGQIDFirst Trust Active Global Quality Income ETF

BDVLAiShares Disciplined Volatility Equity Active ETF

In short

AGQI A 2015 European income closed-end fund that shed its old wrapper in 2023 and came back as a global active ETF. Janus Henderson picks roughly 40 dividend payers worldwide, screened on returns, leverage and payout discipline rather than headline yield.

BDVL A global low-volatility fund with an active engine: a quant model picks roughly 500 stocks on low vol, quality and value, scored against MSCI's ACWI Minimum Volatility Index. Fee: 0.39% net of a waiver through June 30, 2028.

Stated mandate

AGQI The Fund seeks income together with long-term capital-growth potential, investing primarily in income-producing equity securities.

BDVL The Fund seeks risk-adjusted total return through active management of equity exposure, with a focus on managing volatility relative to the broad equity market.

Why people hold it

• AGQI Born in 2015 as a European income closed-end fund, converted to an ETF in 2023. Shares now create and redeem at NAV, so the old discount-to-NAV gap goes away.sec.govsec.gov 2
• Janus Henderson's income team runs the book: dividend payers screened on return on equity and invested capital, financial leverage and payout ratio, not just fat yields.sec.gov
• Roughly 40 holdings, deliberately tilted toward companies economically tied to countries outside the US. Distributions come quarterly.ftportfolios.com

• BDVL Costs 0.39% net of a waiver through June 30, 2028, below the median fee among global active equity peers and under sibling fund BFLX at 0.40%.
• Roughly 500 holdings worldwide, so no single stock runs the show. Its holdings build and risk profile rank among the strongest in its peer group.
• Built to hold core equity exposure while leaning toward stocks that have shown smaller price swings than the broad market.ishares.com
• Trading since 2017, a long life for an active equity ETF, and it has gathered billions from investors along the way.

Worth knowing

• AGQI The 0.85% fee is real active-manager money in a group where broad rivals like GSWO (0.15%) and DFAW (0.24%) cover global equity for a sliver of that.sec.gov
• Thinly traded for its size. Spreads can widen, so limit orders do work that market orders will not.
• Concentrated and global by design: up to 20% of net assets can sit in emerging markets, and currency swings land in your return either way.sec.gov

• BDVL A model, not an index, picks the names. Active discretion cuts both ways against the MSCI minimum-volatility benchmark it is measured by.
• The low-vol tilt means lighter exposure to the market's most volatile high-flyers, which shapes how it behaves when those names run.
• Cheaper active options sit in the same category: AVTM at 0.22% and AVGE at 0.23% deliver broad global equity without the volatility focus.

Full AGQI profile⁠

Full BDVL profile⁠