AVIV vs PZIV

AVIVAAvantis International Large Cap Value ETF

PZIVDPzena International Value ETF

In short

AVIV Avantis takes the academic value playbook overseas: about 600 developed-market large caps screened for cheap prices and strong profitability, at 0.25% a year. Active management without the active-manager price tag.

PZIV Pzena 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

AVIV The fund seeks long-term capital appreciation through a broadly diversified portfolio of large-capitalization companies in non-U.S. developed countries.

PZIV The Fund seeks long-term capital appreciation.

Why people hold it

• AVIV 0.25% a year, against a roughly 0.65% median across active international value funds. Cheap enough that the fee stops being the deciding factor.
• Two screens, not one: cheap valuations plus higher profitability. Both factors are written into the mandate rather than left to a manager's mood.
• About 600 large caps spread across non-US developed markets, so no single name or country steers the fund. Breadth is the design, not a byproduct.
• Among the active international value ETFs we cover, one of the strongest implementations in the group, and it has been running since 2021.

• PZIV Genuinely 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
• The mandate reaches past the usual developed-market roster, allowing significant foreign holdings and leaving the door open to emerging markets.
• A 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

• AVIV Value tilts can lag the broad market for long stretches. This one holds the tilt through those stretches rather than trying to time it.
• Active, with no published index behind it. You are buying the Avantis process, not a rulebook you can audit line by line.
• Large caps only. The same approach for smaller overseas companies lives in a sibling fund, AVDV, which charges 0.36%.

• PZIV At 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.
• It 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.
• Concentrated deep value is a style bet: fewer names, cheaper names, and results that can look nothing like a broad international index.globenewswire.com

Full AVIV profile⁠

Full PZIV profile⁠