PVAL vs SEIV

PVALBPutnam Focused Large Cap Value ETF

SEIVASEI QiM U.S. Large Cap Value Active ETF

In short

PVAL One of the rare active ETFs that keeps most of its book private: about 40 large-cap value stocks, a daily tracking basket instead of daily holdings, and 0.55% net of a waiver through December 31, 2026.

SEIV Active quant value stock-picking at an index-fund price. SEIV screens U.S. large caps for cheap valuations plus quality, momentum and low volatility, then runs a concentrated book of roughly 80 names for 0.15% a year.

Stated mandate

PVAL The fund seeks capital growth and current income.

SEIV The Fund seeks long-term capital appreciation through primarily U.S. common stocks priced below fundamental valuation measures, using a quantitative, active stock-selection approach.

Why people hold it

• PVAL Concentrated by design: about 40 names, with at least 80% of net assets in large caps the size of Russell 1000 Value members.sec.gov
• Semi-transparent wrapper: a tracking basket posts daily, the actual portfolio within eight business days after quarter-end, so the manager isn't telegraphing trades.franklintempleton.comsec.gov
• Active stock picking at 0.55% (0.56% gross), net of a waiver through December 31, 2026, which lands near the category median fee.
• The mandate pairs capital growth with current income, and this multi-billion-dollar fund pays quarterly.

• SEIV 0.15% a year for genuine active selection, against a 0.55% median in its U.S. value peer group. It matches the cheapest large-value quant funds rather than charging active prices.
• Value is not the only screen. The model also weighs quality, momentum and low volatility, which is how a cheap-stock strategy tries to avoid the cheap-for-a-reason trap.
• Other funds measured against the S&P 500 in this cohort charge far more (LSVD 0.40%, GSPY 0.50%, VNSE 1.34%). SEIV runs its version at 0.15%.
• Sits among the strongest implementations in a crowded U.S. value field, and trades with enough regular activity to be workable for ordinary retail order sizes.

Worth knowing

• PVAL You swap daily transparency for discretion: the tracking basket is not the real portfolio, and the prospectus flags wider spreads and larger premiums or discounts.sec.gov
• Rules-based rivals run much cheaper: WTV at 0.12%, AVLV at 0.15%, DFLV at 0.21%, none leaning on a fee waiver.
• About 40 holdings means one stock's move counts for more here than in a sprawling value index fund.

• SEIV About 80 stocks measured against a 500-name benchmark. That concentration means stretches where it looks nothing like the S&P 500, in either direction.
• Launched in 2022, so the live record is short, and the asset base is mid-sized rather than among the giants of the value aisle.
• You get the factor recipe, not the trade-by-trade logic: selection sits inside a quantitative model. Distributions land quarterly, not monthly.

Full PVAL profile⁠

Full SEIV profile⁠