ETF Evaluator:
Pzena International Value ETF ()
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(as of Aug 26)
Best Performing in Foreign Large Value Over the Last Year
| 42.4% | GMO International Value ETF (GMOI) |
| 42.0% | JPMorgan International Value ETF (JIVE) |
| 40.1% | Schwab Fundamental International Eq ETF (FNDF) |
| 39.7% | Cambria Global Value ETF (GVAL) |
| 39.3% | Invesco RAFI Developed Markets ex-US ETF (PXF) |
Risk
Index
Risk
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ETF Details
Pzena International Value ETF Overview
Pzena International Value ETF (PZIV) is an actively managed International Equity Foreign Large Value exchange-traded fund (ETF). Pzena Investment Management, LLC launched the ETF in 2026.
The investment seeks long-term capital appreciation.
Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks of non-U.S. companies. It seeks to invest in stocks that, in the opinion of the Adviser, sell at a substantial discount to their intrinsic value but have solid long-term prospects.
About Pzena International Value ETF (PZIV)
There are 4 members of the management team with an average tenure of 0.33 years: Allison Fisch (2026), Caroline Cai (2026), Rakesh Bordia (2026) and John P. Goetz (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
Pzena International Value ETF has 57 securities in its portfolio. The top 10 holdings constitute 27.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Pzena International Value ETF is part of the Equity global asset class and is within the International Equity ETF group. Pzena International Value ETF has 93.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 3.5% There is 93.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Pzena International Value ETF has -1.5% of the portfolio in cash.
Assets Under Management
The fund has $14 million in total assets, which is below the $2 billion average for the Foreign Large Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PZIV Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Pzena International Value ETF expense ratio is above average compared to funds in the Foreign Large Value category. Pzena International Value ETF has an expense ratio of 0.70%, which is 51% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Pzena International Value ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 44% for the Foreign Large Value category.
Recently, in the month of July 2026, Pzena International Value ETF returned 6.5%, which earned it a grade of B, as the Foreign Large Value category had an average return of 4.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Pzena International Value ETF has a trailing yield of 0.00%, which is below the 3.26% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
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PZIV Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PZIV Return (NAV) | 6.5% | 10.9% | na | na | na | na |
| PZIV Return (Price) | 6.4% | 10.9% | na | na | na | na |
| NAV +/- Price Return | 0.105% | 0.019% | na | na | na | na |
| Foreign Large Value Avg | 4.5% | 5.1% | 30.8% | 19.8% | 12.1% | 9.9% |
| PZIV Grade (NAV) | B | A | na | na | na | na |
| +/- Category (NAV) | 2.1% | 5.8% | na | na | na | na |
| PZIV Tax-Cost Ratio | na | na | na | na | na | na |
PZIV Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PZIV Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| PZIV Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Foreign Large Value Avg | 15.0% | 38.6% | 4.7% | 16.7% | -8.9% | 12.3% | -0.7% | 18.8% | -13.7% | 23.2% | 6.9% |
| PZIV Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 15 Mil |
| Share Class Assets: | $ 15 Mil |
| Turnover: | na |
| Expense Ratio: | 0.70% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 0.3 years | |||
| Average Tenure: 0.3 years | |||
| Managers (Year): Fisch Allison (2026), Cai Caroline (2026), Bordia Rakesh (2026), Goetz John P. (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 57 |
| % in Top 10 Holdings: | 27.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 93.3% |
Portfolio Allocation |
|
| Domestic Stock: | 3.5% |
| Foreign Stock: | 93.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 4.8% |
| Cash: | -1.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Pzena Investment Management, LLC |
| Phone Number: | 800-617-0004 |
| Website: | www.fortpittcapital.com |
| Inception Date: | March 31, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.70% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.46% |
