Stock price when the opinion was issued
It is a actively managed factor ETF. It is low cost and offers equity exposure. There is a lot of research that suggest lower liquidity equities often offer better returns. Equities are enough to support an ETF, but less liquid than liquid stocks. This is a good way to trade lower liquidity assets. This ETF had a very good performance since it launched. He would treat it like a world ETF in terms of volatility.
It trades in small cap stocks and stocks they intend to hold for the long term. He would be concern on the bid / ask spread. That is the key metric. The fact that it doesn’t trade as much is a risk factor.