Hotchkis & Wiley debuts ETF classes for two funds

Hotchkis & Wiley launched ETF share classes for the Hotchkis & Wiley International Value Fund (HWIV) and the Hotchkis & Wiley Opportunities Fund (HWO) on July 22. The new share classes carry expense ratios of 0.70% for HWIV and 0.90% for HWO and provide intraday trading and potential tax-efficiency while keeping the funds’ underlying mutual‑fund assets intact.

The listings allow investors to trade the existing mutual fund portfolios on an exchange throughout the day while preserving the funds’ active management and current holdings. The additions bring Hotchkis & Wiley’s ETF lineup to three products, alongside the Hotchkis & Wiley SMID Cap Diversified Value Fund (HWSM).

HWIV is an actively managed international equity strategy that targets 40 to 80 companies outside the United States. The fund focuses on companies the manager views as attractively valued with durable business models and shareholder-friendly management. As of the most recent portfolio data, financials and industrials make up about 17.7% and 14.3% of HWIV, respectively. HWIV produced an annualized three-year return of 22.2% as of June 30, compared with a 19.5% three-year annualized return for the VettaFi Full World Ex US Index over the same period.

HWO holds between 45 and 75 issuers the manager considers undervalued and may invest in special situations such as merger arbitrage, bonds and preferred stock. The portfolio is concentrated in information technology, which accounts for roughly 27.2% of assets, and its largest single holding is Workday Inc., at about 11.7% of the fund. Workday’s share price declined roughly 34% in 2026 even as the company reported accelerating revenue and growing free cash flow, factors Hotchkis & Wiley cites in treating it as a potential value opportunity. HWO’s annualized three-year return was 15.4% as of June 30, below the 19.5% three-year annualized return of the VettaFi US Enhanced Value Index for the same period.

The ETF share classes provide an exchange-traded option for investors seeking access to Hotchkis & Wiley’s active value and opportunistic strategies while maintaining the funds’ existing portfolios. The firm now offers HWSM for small- and mid-cap U.S. value, HWIV for international value excluding the U.S., and HWO for opportunistic and special-situation investments.