ALPS Hillman Active Value ETF
HVAL
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- ALPS Hillman Active Value ETF (NYSE Arca: HVAL) is an actively managed exchange-traded fund that seeks long-term total return from a combination of income and capital gains by investing primarily in common stocks of U.S. large-cap value companies that exhibit sustainable competitive advantages but are temporarily undervalued due to non-recurring or short-term factors; the fund employs a proprietary strategy managed by Hillman Capital Management, focusing on diversified sectors across the public equity markets of the United States, with an emphasis on large-cap stocks (over 92% allocation), complemented by modest mid-cap and small-cap exposures. Core offerings include actively managed equity exposure to value-oriented securities selected for their unrecognized or underappreciated intrinsic value; dividend-generating income streams; and portfolio diversification through bottom-up fundamental analysis targeting companies with strong economic moats. Launched on July 14, 2021, the ETF is sponsored and advised by SS&C ALPS Advisors, Inc., a Denver, Colorado-based boutique asset manager and wholly-owned subsidiary of SS&C Technologies Holdings, Inc., with operations centered in the United States. In a significant operational change, SS&C ALPS Advisors announced the closure of HVAL to new investors effective July 26, 2023, followed by full liquidation on July 28, 2023, due to insufficient assets under management (approximately $6 million at the time), marking the ETF's termination after roughly two years of operation; this decision was part of broader portfolio rationalization efforts by the sponsor amid challenging market conditions for small active ETFs. No subsequent relaunches, partnerships, acquisitions, or strategic expansions specific to HVAL have been reported through 2025, reflecting its defunct status within the large-cap value segment targeting institutional and retail investors seeking active management alternatives to passive benchmarks like the Morningstar US Large-Mid Broad Value Index. The fund previously distributed quarterly dividends, with yields around 2.87% based on historical payments, though post-liquidation shareholder redemptions concluded all distributions.