Invesco S&P Midcap 400 Pure Value
ALTAR
Score™
11.0% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
12.9x P/Sales
ratio
0.3x
P/BV
ratio
0.9x Div.
yield
2.4%


  • 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 07, 2006
Assets (mns) $138
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 90
Wgt avg mkt cap (mns) $3,326
Large cap (>$10bn) 0.6%
Mid cap ($2-10bn) 76.5%
Small cap (<$2bn) 22.9%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
GENWORTH FINANCIAL INC-CL A 2.7 %
BRIGHTHOUSE FINANCIAL, INC. 2.5 %
RESIDEO TECHNOLOGIES, INC. 2.4 %
DILLARDS INC-CL A 2.1 %
PATTERSON COS INC 1.9 %
DANA HOLDING CORP 1.9 %
SYNNEX CORP 1.9 %
TELEPHONE AND DATA SYSTEMS, INC. 1.9 %
AVNET INC 1.9 %
GOODYEAR TIRE & RUBBER CO 1.8 %
Total 20.9 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.0 %
BRITAIN 2.4 %
IRELAND 1.5 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru January 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-8.1% -2.2% 5.9% 10.1% 7.0%

Market Correlations
versus... Beta R-squared
S&P500 1.54 74%
MSCI EAFE 1.49 57%
MSCI Emg. Mkts. 0.97 42%

Technical Indicators
Recent close $65.67
30d moving avg. $66.52
Annualized volatility 21.7%
Short interest (ETF) 0.2%
Short interest (Underlying) 9.0%
Relative strength (RSI) 43

Liquidity measures
Avg. volume (thou.) 17
Turnover 0.8%
Bid/Ask (% of price) 0.12%
ADV underlying (mns) $3,103

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco S&P Midcap 400 Pure Value 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™: 11.0%


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 40.1 39 -4 7.4 -3.6
PXMV Invesco Fundamental Pure Mid Value 37.3 39 -4 8.7 -2.3
IJJ iShares S&P MidCap 400 Value 32.6 25 10 7.6 -3.4
MDYV SPDR S&P400 Mid Cap Value 32.5 15 20 7.7 -3.3
IVOV Vanguard S&P Mid-Cap 400 Value 32.1 20 15 7.7 -3.3
JKL iShares Morningstar Small Cap Value 23.0 30 5 8.7 -2.3
EWMC Invesco S&P Mid Cap 400 Equal Weight 21.7 40 -5 6.3 -4.8
FNK First Trust Mid Cap Value AlphaDEX 21.5 70 -35 9.2 -1.8
AFMC First Trust Active Factor Mid Cap 19.3 65 -30 6.8 -4.3
SMDY Syntax Stratified MidCap 19.1 30 5 6.2 -4.8
BUYN USCF SummerHaven SHPEN Index 16.3 80 -45 6.7 -4.3
MDY S&P MidCap 400 SPDR 16.0 24 11 5.6 -5.5
SPMD SPDR Portfolio Mid Cap 16.0 5 30 5.7 -5.3
IJH iShares Core S&P MidCap 16.0 7 28 5.7 -5.3
IVOO Vanguard S&P Mid-Cap 400 15.7 15 20 5.7 -5.4
AVUV Avantis U.S. Small Cap Value 15.0 25 10 7.9 -3.2
EZM WisdomTree Midcap Earnings 14.9 38 -3 8.5 -2.6
FYT First Trust Small Cap Value AlphaDEX 13.5 76 -41 7.4 -3.7
DGRS WisdomTree US Small Cap Dividend Growth 13.1 38 -3 8.7 -2.3
FXO First Trust Financial Alphadex 13.1 63 -28 7.8 -3.2

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

Content on this tab for subscribers only

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
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 9.8 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 11.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.74 CATEGORY
AVERAGE
1.56
 
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.