This is an actively managed value ETF that does not simply track an index. Instead, it selects stocks based on the sub-adviser's value judgments. It invests most of its net assets in US-listed stocks deemed deeply undervalued, and its non-diversified structure results in high stock concentration.

It suits investors who want exposure to value-focused stock selection rather than index tracking, and who can tolerate the volatility of small and mid-cap and cyclical stocks.

It is an ETF run with an active management approach by Empowered Funds.

This is a deep value strategy that selects and holds US companies the market has excessively overlooked relative to their earnings potential and revenue base. It takes a contrarian approach, buying stocks that are undervalued because of temporary setbacks but have catalysts for recovery, and the managers adjust holdings and weights at their discretion.

• Active value stock selection that does not track an index
• A concentrated, non-diversified portfolio centered on small and mid-cap and cyclical stocks

Assets under management (AUM) stand at $201.8M, and the total expense ratio (Expense Ratio) is 0.85% per year.

Performance varies widely with the market cycles of value stocks and cyclical sectors, and results diverge between growth-led phases and value-recovery phases. Because stock concentration is high, issues at individual holdings tend to feed directly into short-term returns.

It belongs to a niche category with a smaller asset base than broad core ETFs, and fund flows shift with investor preference for the value style and perceptions of the economic cycle. Because it is actively managed, the manager's performance affects fund flows.

Its strength is capturing deep value opportunities that indexes miss, while its weaknesses are the high fee and its concentrated, cyclical exposure.

VTV, IWD, and IVE, shown in the table, belong to the same value category, but they are passive ETFs that track large-cap value indexes at low fees, so their management approach differs. Closer alternatives in terms of management character include AVUV, an actively managed small-cap value ETF; COWZ, which selects value stocks based on free cash flow; and CALF, which focuses on small-cap cash cows. These can be compared together.

These are the points to review before investing in TCV. Unlike ordinary index-tracking value ETFs, this is an actively managed ETF, so it is worth thoroughly checking its management approach, costs, stock concentration, and sector composition in advance.

Its concentrated, non-diversified structure and its weighting in small and mid-cap and cyclical stocks make short-term volatility relatively large. In phases when value stocks are out of favor, underperformance relative to broad core ETFs can last longer.

It is worth considering as a supplementary asset for investors who want active exposure to deep value opportunities that indexes miss. If minimizing costs and diversification are the priority, passive value ETFs such as VTV and IWD are more suitable.