AAM Todd International Intrinsic Value ETF (TIIV)

On our desk, we are monitoring TIIV's liquidity profile closely. With an average 1-month volume sitting around 417 shares, the execution risk for larger block trades in this $31.6M AUM fund requires careful limit-order usage. However, the underlying Price/Intrinsic Value sub-advisor strategy from Todd Asset Management provides a clear fundamental anchor for foreign large-cap exposure.

When evaluating TIIV from a quantitative allocation perspective, the 0.54% expense ratio and a 30-day SEC yield of 2.31% place it squarely in line with active foreign large-cap peers. Danelfin's AI score currently rates it a 6/10 (Hold) with a +0.72% probability advantage over the equal-weight US ETF universe over the next 3 months, reflecting steady mid-tier momentum.

Looking at the Q2 2026 regulatory filings, the institutional accumulation is notable. Four hedge funds and large institutions have parked $27.3M into TIIV, with net positive positioning changes including new and increased positions. This suggests sophisticated players are using the vehicle to capture international value opportunities despite the broader market's home-country bias.

As a risk manager reviewing our international equity sleeves, the lack of an underlying index tracking method means we are entirely dependent on Todd Asset Management's active stock-picking across its 65 holdings. While international performance has shown periods of outperformance—such as the broader foreign indices outpacing domestic benchmarks in prior cycles—the fund's niche asset scale demands close tracking error monitoring.

From a structural standpoint, TIIV offers physical replication with qualified dividends and a distribution frequency that is semi-annual. The fund's discount/premium to NAV is tightly bound around 0.2%, indicating that market maker arbitrage is functioning adequately despite the lower average daily volume values reported over the trailing 1-month window.