At a glance
BKDV charges 0.6% a year, above the 0.14% average of the 8 funds most like it (the most expensive of 9). It has $1.84B in assets, the 7th largest of that group; it paid 0.52% of its price in distributions over the past 12 months, annual. Over the past year it returned +23.9% with distributions reinvested (S&P 500: +11.5%), 8th of those 9 funds. Its ten largest positions make up 33.3% of the fund, out of 80 in all.
The short version
BNY Mellon Dynamic Value ETF (BKDV) is an actively managed fund. Instead of tracking an index, it holds about 80 mostly large US value stocks picked by its sub-adviser, NIMNA. Its 0.60% expense ratio is the highest among nine similar value funds, which average 0.14%. It also trades a lot, with 104% portfolio turnover, and its record only goes back to November 2024.
Price history
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BKDV +23.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BKDV official prospectus, to Dec 31, 2025 | — | +18.38% | — | — | — | +14.33% |
| Russell 1000® Value Index (reflects no deductions for fees, expenses or taxes) index, same period | — | +15.91% | — | — | — | +12.63% |
| Russell 1000® Index (reflects no deductions for fees, expenses or taxes) index, same period | — | +17.37% | — | — | — | +17.77% |
| BKDV price data to Oct 27, 2026 | +19.6% | +23.9% | — | — | — | +18.8% |
- Over the year to Oct 27, 2026, BKDV returned +23.9%, 8th of 9 among similar funds.
- Its worst full calendar year was 2025 (+18.6%); its best was 2025 (+18.6%).
- The deepest fall in its price history was 15.5% (Nov 29, 2024 to Apr 8, 2025), recovered by Jun 27, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +19.6% | — |
| 2025 | +18.6% | +18.38% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.1800 |
What's inside
As of Jul 31, 2026, the fund held 80 securities; the ten largest made up 33.3% of assets.
| Holding | Weight | |
|---|---|---|
| AMAZON.COM INC | 6.31% | |
| MICROSOFT CORP | 4.64% | |
| JP MORGAN CHASE & COMPANY | 4.05% | |
| BERKSHIRE HATHAWAY INC | 3.26% | |
| UNITEDHEALTH GROUP INC | 2.96% | |
| JOHNSON & JOHNSON | 2.76% | |
| CISCO SYSTEMS INC | 2.75% | |
| SLB LTD | 2.31% | |
| ASSURANT INC | 2.19% | |
| THERMO FISHER SCIENTIFIC INC | 2.08% | |
| COLGATE-PALMOLIVE COMPANY | 2.06% | |
| DELTA AIR LINES INC | 1.96% | |
| TEXAS INSTRUMENTS INC | 1.79% | |
| FIFTH THIRD BANCORP | 1.79% | |
| PHILIP MORRIS INTERNATIONAL INC | 1.78% |
By country
United States 91.04%Ireland 4.21%Curaçao 2.31%Switzerland 1.34%By asset type
Stocks 98.9%By sector
Sectors of the companies held, for the 79.4% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $365.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.70%, +2.12%, +1.52%.
How it works
BKDV does not follow an index. Its sub-adviser, NIMNA, picks stocks one company at a time, which is called a "bottom-up" approach. At least 80% of net assets must go into "value" companies, and the prospectus defines these broadly. A stock counts if it is in the Russell 3000 Value, S&P Composite 1500 Value or MSCI ACWI Value index. It also counts if its price-to-book ratio (share price compared with the company's accounting net worth) is below the S&P 500's. The definition is wide enough that the two largest holdings as of July 31, 2026 were Amazon (6.3%) and Microsoft (4.6%). JPMorgan Chase, Berkshire Hathaway and UnitedHealth came next.
The manager looks at three things. Does the stock look cheap against earnings, sales, book value and cash flow? Are the balance sheet and income sound? Does the business have momentum, such as rising earnings estimates or a catalyst like a new product or a management change? The fund sells a stock when it finds a better idea, when the price looks too high or when the business weakens.
The fund focuses on companies worth $5 billion or more. It can put up to 30% in foreign stocks, but about 91% was in US companies as of July 31, 2026, and it held no derivatives. The prospectus reports 104.28% turnover, meaning it traded about as much as its whole portfolio in a year. That can raise trading costs and taxable distributions.
What it really costs
- BKDV charges 0.6% a year, versus an average of 0.14% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $750 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BKDV | $61 | $192 | $335 | $750 |
In a retirement portfolio
BKDV adds an actively picked value tilt that could complement broad or growth-heavy index funds, but its high cost and short record argue against making it the main holding.
BKDV could add exposure to cheaper, established companies to a portfolio built around broad index funds. Its history is short. It launched in November 2024, so it did not exist during the 2008, 2020 or 2022 downturns. Its deepest drop was 15.5%, from November 29, 2024 to April 8, 2025, and it recovered by June 27, 2025, about 2.6 months later. In the year to October 27, 2026, its beta was 0.69, which means it moved about 69% as much as the market. One quick recovery says little about a long bear market, and that matters for anyone who may need to sell shares in a bad year. Income is small: the yield was 0.52% as of October 27, 2026, paid once a year. Under the SEC's standard $10,000 example, costs come to $750 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want large-cap value stocks picked by an active manager and accept a 0.60% expense ratio for that stock selection.
- Investors who want value exposure that still includes Amazon and Microsoft alongside banks, insurers and health care companies.
- Investors holding it in a tax-advantaged account, where 104% turnover and the taxable distributions it can bring matter less.
Look elsewhere if
- Cost-focused investors: index funds such as VONV and MGV charge 0.07% a year, compared with BKDV's 0.60%.
- Investors who need regular income: the yield was 0.52% as of October 27, 2026, paid only once a year.
- Investors who want a long track record: BKDV launched in November 2024 and has not yet been through a bear market.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BKDV this fund | — | 0.6% | $1.84B | +23.9% | — |
| IWX iShares Russell Top 200 Value ETF | 43% | 0.2% | $3.56B | +28.4% | +24.5% |
| GVUS Marketbeta Russell 1000 Value Equity ETF | 37% | 0.12% | $416.9M | +26.6% | — |
| VONV Vanguard Russell 1000 Value ETF | 37% | 0.07% | $23.88B | +29.0% | +23.6% |
| DFLV Dimensional US Large Cap Value ETF | 37% | 0.22% | $6.77B | +27.5% | +23.4% |
| IWD iShares Russell 1000 Value ETF | 36% | 0.19% | $79.74B | +28.8% | +22.2% |
| MGV Vanguard Mega Cap Value ETF | 36% | 0.07% | $13.90B | +25.8% | +21.3% |
| ILCV iShares Morningstar Value ETF | 34% | 0.04% | $1.32B | +20.5% | +23.4% |
Questions investors ask
Is BKDV an actively managed ETF?
Yes. BKDV does not track an index. Its sub-adviser, NIMNA, picks stocks one by one. It looks for companies priced below their intrinsic value that have sound finances and improving business momentum, such as rising earnings estimates. At least 80% of net assets must be in "value" companies. That label is defined broadly: membership in one of several value indexes, or a price-to-book ratio below the S&P 500's. The fund held 80 stocks as of July 31, 2026.
BKDV vs IWX: what's the difference?
IWX, the iShares Russell Top 200 Value ETF, is an index fund that charges 0.20% a year. BKDV is actively managed and charges 0.60%. Of BKDV's similar funds, IWX had the most holdings in common, a 43% overlap based on their latest N-PORT reports. Over the year to October 27, 2026, IWX returned 28.4% and BKDV returned 23.9%. IWX is also larger, with about $3.6 billion in net assets as of June 30, 2026.
Does BKDV pay a dividend?
Yes, but the payout is small and comes once a year. In the 12 months to October 27, 2026, BKDV paid $0.18 per share, a yield of 0.52%. The fund's stated goal is capital appreciation, not income. The prospectus also warns that its frequent trading could produce taxable distributions, which matters most in a regular brokerage account.
Is BKDV expensive compared with other value ETFs?
Yes. Its 0.60% expense ratio, from the prospectus filed February 27, 2026, ranks 9th of 9 among comparable value funds, which average 0.14%. For example, the Vanguard Russell 1000 Value ETF (VONV) charges 0.07%. In the SEC's standard example, $10,000 earning 5% a year would cost about $61 in the first year and $750 over 10 years. The extra cost pays for active stock selection, which may or may not make up the difference.
Has BKDV beaten the Russell 1000 Value Index?
Yes, through December 31, 2025. BKDV returned 18.38% in 2025, compared with 15.91% for the Russell 1000 Value Index. Since inception it returned 14.33% a year, compared with 12.63% for the index. It trailed the broader Russell 1000 since inception, at 14.33% versus 17.77%. Over the year to October 27, 2026, its 23.9% price return ranked 7th of 9 among similar funds. The fund's record covers only about two years.