BDVL vs TOGA

BDVLAiShares Disciplined Volatility Equity Active ETF

TOGADTremblant Global ETF

In short

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.

TOGA No index here. A manager picks stocks anywhere in the world, and the 0.69% fee lands right at the middle of the active global equity pack. Launched in 2024, so the record is still short.

Stated mandate

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.

TOGA The Fund is an actively managed ETF whose objective is pursued primarily through investments in equity securities.

Why people hold it

• 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.

• TOGA Genuinely active and genuinely global: the portfolio is assembled by a manager choosing equities worldwide, not by copying a benchmark.
• The 0.69% expense ratio is the median for its active global equity group, so the stock-picking costs no more than the going rate.
• Plain-vanilla fund structure under the 1940 Act: ordinary ETF shares, 1099 at tax time, no K-1 paperwork.

Worth knowing

• 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.

• TOGA The strongest-graded funds in this global cohort charge far less: GSWO at 0.15% and AVGE at 0.25%, against 0.69% here.
• Thinly traded, so the gap between bid and ask can widen. Limit orders are the standard tool with funds like this.
• A 2024 launch means a short history, and on the single year of data available the ride has been bumpier than most global peers.

Full BDVL profile⁠

Full TOGA profile⁠