Pzena Expands Into ETFs With Classic Value Strategies

How the ETFs Work

Both ETFs are actively managed, guided by Pzena’s disciplined, bottom-up research process.  Each portfolio is concentrated, emphasizing quality businesses whose market prices don’t yet reflect their true worth.

The Pzena U.S. Large Cap Value ETF

targets large U.S. companies trading at meaningful discounts to their intrinsic value.

The strategy is benchmarked to the Russell 1000 Value Index. As of April 6, 2026, the fund’s top holdings include Baxter International, Lear Coporation, CVS Health Corporation, Humana, Citigroup, Wells Fargo, Dow, Dollar General Corporation, Magna International, and Capital One Financial Corporation.

Meanwhile, the Pzena International Value ETF

takes a global approach, targeting non-U.S. companies across developed and emerging markets that Pzena believes are deeply undervalued relative to their long-term earnings potential.

The strategy is benchmarked to the MSCI EAFE Net Index. As of April 6, 2026, its top holdings included Daimler Truck Holding, BASF SE, Michelin, Sanofi, Equinor, Reckitt Benckiser Group, Suntory Beverage & Food, Teleperformance, and Accenture.

PZLV and PZIV both trade on the NYSE and have expense ratios of 0.60% and 0.70% respectively.

Why Investors Should Consider These ETFs

Unlike passive value funds, Pzena’s ETFs rely on intensive fundamental research, evaluating whether underperformance is temporary or structural and building portfolios designed for long-term capital appreciation.

This active, high-conviction approach reflects the same philosophy that has guided Pzena for over three decades: buy good businesses at low prices. As Caroline Cai, CEO of Pzena Investment Management, notes:

“Launching our first ETFs represents an important milestone for Pzena and reflects our commitment to making classic value investing accessible to a wider range of investors. We are excited to offer the ETF structure to clients who want that same disciplined, high-conviction approach in a convenient, tax-efficient vehicle.”

About the Issuer

Pzena Investment Management is a global investment manager solely focused on classic value investing. Founded in 1995, the firm manages a range of global and regional value strategies for institutional and intermediary clients, employing rigorous, research-driven methods to identify companies trading below their intrinsic value. With the launch of PZLV and PZIV, Pzena brings its signature value approach to the ETF space, offering broader access to its proven strategies. More information can be found at www.pzena.com.

Please note this article is for information purposes only and does not in any way constitute investment advice. It is essential that you seek advice from a registered financial professional prior to making any investment decision.