Invesco S&P Midcap 400 Pure Value ETF
ALTAR
Score™		 9.8% info Recommen-
dation		 SPECULATIVE
2020E    2021E
P/E
ratio		 613.2x P/Sales
ratio		 0.4x
P/BV
ratio		 0.7x Div.
yield		 2.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Rydex S&P Midcap 400 Pure Value ETF objective is to replicate as closely as possible, before expenses, the performance of the S&P 400 Midcap 400/Citigroup Pure Value Index.

FUND BASICS
Category US Equities
Fund Sponsor Rydex Investments
Website www.rydexfunds.com/etf
Inception date Mar 01, 2006
Assets (mns) $60
Currency USD
Expense ratio 35 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Fundamental
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 83
Wgt avg mkt cap (mns) $3,380
Large cap (>$10bn) 0.9%
Mid cap ($2-10bn) 77.1%
Small cap (<$2bn) 22.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
PENN NATIONAL GAMING INC 4.0 %
CNX RESOURCES CORPORATION 3.5 %
GENWORTH FINANCIAL INC-CL A 2.6 %
PATTERSON COS INC 2.6 %
AUTONATION INC 2.4 %
SYNNEX CORP 2.3 %
DELPHI TECHNOLOGIES PLC 2.3 %
UNITED STATES STEEL CORP 2.3 %
RYDER SYSTEM INC 2.3 %
EQT CORP 2.3 %
Total 26.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 95.5 %
BRITAIN 3.1 %
IRELAND 1.2 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-15.2% -0.6% 4.3% 9.5% 6.1%

Market Correlations
versus... Beta R-squared
S&P500 1.69 86%
MSCI EAFE 1.79 81%
MSCI Emg. Mkts. 1.28 66%

Technical Indicators
Recent close $54.64
30d moving avg. $57.29
Annualized volatility 31.9%
Short interest (ETF) 2.4%
Short interest (Underlying) 9.0%
Relative strength (RSI) 56

Liquidity measures
Avg. volume (thou.) 6
Turnover 0.6%
Bid/Ask (% of price) 0.16%
ADV underlying (mns) $324

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Invesco S&P Midcap 400 Pure Value ETF ETF based on the alternatives' overlap in portfolio holdings with RFV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: RFV Expense: 35 bp ALTAR Score™: 9.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH RFV
Ticker Fund
Name		 Overlap1
vs RFV
(%)		 Expense
ratio
(bp)		 Savings
vs RFV
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs RFV
(%)
RWK Invesco S&P MidCap 400 Revenue ETF 39.6 39 -4 8.0 -1.8
PXMV Invesco S&P MidCap Value with Momentum ETF 38.2 39 -4 10.2 +0.5
IJJ iShares S&P Mid-Cap 400 Value ETF 31.9 25 10 8.6 -1.1
MDYV SPDR S&P 400 Mid Cap Value ETF 31.9 15 20 8.8 -1.0
IVOV Vanguard S&P Mid-Cap 400 Value ETF 30.8 15 20 8.8 -1.0
JKL iShares Morningstar Small Cap Value ETF 20.9 30 5 10.4 +0.7
EWMC Invesco S&P MidCap 400 Equal Weight ETF 20.0 40 -5 7.2 -2.6
SMDY Syntax Stratified MidCap ETF 18.7 30 5 6.4 -3.3
AVUV Avantis U.S. Small Cap Value ETF 17.7 25 10 8.7 -1.1
BUY USCF SummerHaven SHPEI Index Fund 15.7 80 -45 9.3 -0.5
EZM WisdomTree U.S. MidCap Earnings Fund 15.3 38 -3 9.3 -0.5
AFMC First Trust Active Factor Mid Cap ETF 15.3 65 -30 6.6 -3.2
IJH iShares Core S&P Mid-Cap ETF 14.5 5 30 6.7 -3.1
MDY SPDR S&P Midcap 400 ETF Trust 14.4 23 12 6.5 -3.2
SPMD SPDR Portfolio Mid Cap ETF 14.1 5 30 6.7 -3.1
IVOO Vanguard S&P Mid-Cap 400 ETF 13.9 10 25 6.6 -3.1
FNK First Trust Mid Cap Value AlphaDEX Fund 13.5 70 -35 11.4 +1.6
PSC Principal U.S. Small Cap Index ETF 12.7 38 -3 7.1 -2.7
FYT First Trust Small Cap Value AlphaDEX Fund 12.5 72 -37 10.1 +0.3
VUSE Vident Core US Equity Fund 11.5 48 -13 9.1 -0.6
VBR Vanguard Small Cap Value Index Fund 10.7 7 28 8.5 -1.3
PVAL Principal Contrarian Value Index ETF 10.6 29 6 9.5 -0.2
DGRS WisdomTree US SmallCap Quality Dividend Growth Fund 10.4 38 -3 9.0 -0.8
OMFL Invesco Russell 1000 Dynamic Multifactor ETF 10.2 29 6 9.7 -0.1
DES WisdomTree U.S. SmallCap Dividend Fund 9.5 38 -3 8.9 -0.9
JHSC John Hancock Multifactor Small Cap ETF 9.5 42 -7 6.1 -3.7
FXO First Trust Financials AlphaDEX Fund 9.1 63 -28 13.0 +3.3
CSD Invesco S&P Spin-Off ETF 9.1 62 -27 5.8 -4.0
KIE SPDR S&P Insurance ETF 9.1 35 0 10.2 +0.4
ISMD Inspire Small/Mid Cap Impact ETF 8.8 60 -25 6.3 -3.4
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 8.5 20 15 9.3 -0.5
BKSE BNY Mellon US Small Cap Core Equity ETF 8.5 4 31 6.2 -3.6
XRT SPDR S&P Retail ETF 8.4 35 0 5.5 -4.3
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 8.3 60 -25 8.3 -1.5
FNX First Trust Mid Cap Core AlphaDEX Fund 8.1 61 -26 6.7 -3.0
RNSC Small Cap US Equity Select ETF 7.9 60 -25 7.4 -2.3
EQWM Invesco S&P MidCap Quality ETF 7.6 25 10 6.6 -3.2
FOVL iShares Focused Value Factor ETF 7.5 25 10 10.6 +0.8
SYLD Cambria Shareholder Yield ETF 7.5 59 -24 9.2 -0.6
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 7.4 40 -5 6.5 -3.3
ROGS Hartford Multifactor Global Small Cap ETF 7.2 34 1 8.4 -1.4
CSB VictoryShares US Small Cap High Dividend Volatility Wtd Idx 7.2 35 0 9.4 -0.4
KBE SPDR S&P Bank ETF 6.8 35 0 12.1 +2.3
KRE SPDR S&P Regional Banking ETF 6.8 35 0 11.9 +2.1
FAB First Trust Multi Cap Value AlphaDEX Fund 6.8 71 -36 10.1 +0.3
VFVA Vanguard U.S. Value Factor ETF 6.7 14 21 11.4 +1.7
FYX First Trust Small Cap Core AlphaDEX Fund 6.6 63 -28 6.6 -3.2
XOP SPDR S&P Oil & Gas Exploration & Production ETF 6.5 35 0 4.3 -5.5
IWN iShares Russell 2000 Value ETF 6.5 24 11 7.4 -2.4
RNMC Mid Cap US Equity Select ETF 6.5 60 -25 7.9 -1.9
AFSM First Trust Active Factor Small Cap ETF 6.5 75 -40 5.6 -4.1
FTXN First Trust Nasdaq Oil & Gas ETF 6.5 60 -25 3.5 -6.3
PEXL Pacer US Export Leaders ETF 6.5 60 -25 6.0 -3.8
XKST SPDR Kensho Smart Mobility ETF 6.4 45 -10 4.9 -4.8
KBWR Invesco KBW Regional Banking ETF 6.3 35 0 12.2 +2.5
AUSF Global X Adaptive U.S. Factor ETF 6.2 27 8 9.5 -0.3
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 6.1 17 18 5.1 -4.7
SCHA Schwab U.S. Small-Cap ETF 6.0 4 31 4.8 -5.0
PYZ Invesco DWA Basic Materials Momentum ETF 6.0 60 -25 5.4 -4.3
PBSM Invesco PureBeta MSCI USA Small Cap ETF 6.0 6 29 5.4 -4.3
PMOM Principal Sustainable Momentum Index ETF 5.9 29 6 8.6 -1.1
FNDA Schwab Fundamental U.S. Small Co. Index ETF 5.8 25 10 7.2 -2.6
VB Vanguard Small-Cap ETF 5.7 5 30 5.5 -4.2
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 5.6 24 11 6.8 -2.9
EES WisdomTree SmallCap Earnings Fund 5.6 38 -3 10.7 +1.0
XTN SPDR S&P Transportation ETF 5.4 35 0 4.8 -5.0
JKJ iShares Morningstar Small-Cap ETF 5.4 25 10 6.8 -3.0
COWZ Pacer US Cash Cows 100 ETF 5.3 49 -14 10.9 +1.1
PXE Invesco Dynamic Energy Exploration & Production ETF 5.3 63 -28 2.6 -7.2
RDIV Invesco S&P Ultra Dividend Revenue ETF 5.3 39 -4 11.0 +1.2
FXR First Trust Industrials/Producer Durables AlphaDEX Fund 5.3 63 -28 6.3 -3.4
DON WisdomTree U.S. MidCap Dividend Fund 5.2 38 -3 7.9 -1.9
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 5.2 30 5 7.9 -1.9
IFRA iShares U.S. Infrastructure ETF 5.1 40 -5 6.2 -3.6
SQLV Legg Mason Small-Cap Quality Value 5.1 62 -27 6.5 -3.2
IAT iShares U.S. Regional Banks ETF 5.1 42 -7 11.4 +1.7
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 5.1 7 28 5.6 -4.2
DVLU First Trust Dorsey Wright Momentum & Value ETF 5.1 60 -25 8.9 -0.9
GBDV Global Beta Smart Income ETF 4.9 29 6 8.7 -1.1
FSMD Fidelity Small-Mid Factor ETF 4.9 29 6 6.6 -3.2
LSAF LeaderShares AlphaFactor US Core Equity ETF 4.9 75 -40 6.2 -3.5
VTWV Vanguard Russell 2000 Value Index Fund 4.9 15 20 7.4 -2.4
FCG First Trust Natural Gas ETF 4.8 60 -25 4.0 -5.8
JVAL JPMorgan U.S. Value Factor ETF 4.8 12 23 9.0 -0.8
IEO iShares U.S. Oil & Gas Exploration & Production ETF 4.8 42 -7 4.0 -5.7
FXD First Trust Consumer Discretionary AlphaDEX Fund 4.7 64 -29 5.8 -4.0
FTXR First Trust Nasdaq Transportation ETF 4.7 60 -25 5.4 -4.4
NUSC Nuveen ESG Small-Cap ETF 4.7 40 -5 5.2 -4.6
WBIY WBI Power Factor High Dividend ETF 4.6 70 -35 11.3 +1.5
PEY Invesco High Yield Equity Dividend Achievers ETF 4.6 52 -17 10.1 +0.4
XHS SPDR S&P Health Care Services ETF 4.6 35 0 4.9 -4.9
RYJ Invesco Raymond James SB-1 Equity ETF 4.5 76 -41 3.5 -6.2
ONEY SPDR Russell 1000 Yield Focus ETF 4.5 20 15 9.3 -0.5
IUSS Invesco Strategic US Small Company ETF 4.5 23 12 5.5 -4.3
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 4.4 29 6 7.1 -2.7
SLT Salt TruBeta High Exposure ETF 4.4 29 6 8.6 -1.2
SLX VanEck Vectors Steel ETF 4.4 56 -21 13.5 +3.8
XME SPDR S&P Metals & Mining ETF 4.4 35 0 7.3 -2.5
CSA VictoryShares US Small Cap Volatility Weighted Index ETF 4.4 35 0 8.6 -1.2
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 4.3 25 10 6.9 -2.9

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Invesco S&P Midcap 400 Pure Value ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 7.2 %
Divided by: Fwd. P/BV 0.7 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 9.8 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.65 CATEGORY
AVERAGE		 1.52
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.