MSCI ESG materials have not been submitted, to nor received approval from, the US SEC or any other regulatory body. MSCI ESG is a Registered Investment Adviser under the Investment Advisers Act of 1940. MSCI ESG Research LLCвЂ™s (вЂњMSCI ESGвЂќ) Fund Metrics products (the вЂњInformationвЂќ) provide environmental, social and governance data with respect to underlying securities within more than 23,000 multi-asset class Mutual Funds and ETFs globally. Investors should compare price, liquidity, and performance to other active and passive value ETFs.Д¬opyright MSCI ESG Research LLC. With a limited real-world performance history, it remains to be seen whether FLV will beat its indexed rivals over the long haul. FLVвЂ™s fees are competitive for active management, though significantly higher than low-cost value index funds. There are plenty of value funds on the market, including index-tracking funds, factor ETFs, and active funds like FLV. So-called value stocks - defined as companies with low share prices relative to their fundamentals - have historically outperformed the market over the long-term. Money managers have long recognized that certain factors, when deployed during certain market conditions, have consistently rewarded investors. Moreover, some active non-transparent ETFs target the same investment strategies pursued by factor funds. stocks are highly liquid, but theyвЂ™ve also proven a challenging market for active managers and very few consistently beat their benchmarks. In practice, this means many active equity ETFs, transparent or not, may lean heavily on large cap U.S. An active ETF must continue to accept new money, and therefore must be mindful of the capacity constraints of the underlying market. While other active money managers can close their funds to new investors if they believe their trade is getting too crowded, ETF managers canвЂ™t. Whether active non-transparent will pay off remains to be seen. The Securities and Exchange Commission finally approved non-transparent funds in 2019. For years, many active managers resisted launching ETFs because of fears that the daily portfolio transparency would give away their trade secrets.

The fundвЂ™s objective is to invest in large cap companies that are selling at a discount to their fair value.

This means the fundвЂ™s stock pickers donвЂ™t have to disclose their holdings every day, unlike most ETFs. The American Century Focused Large Cap Value ETF, which debuted in March 2020, is part of the first wave of active, non-transparent ETFs to reach the market.

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