Invesco S&P Midcap 400 Pure Value ETF
ALTAR
Score™
10.8% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
78.3x P/Sales
ratio
0.3x
P/BV
ratio
0.7x 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 01, 2006
Assets (mns) $57
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 84
Wgt avg mkt cap (mns) $3,038
Large cap (>$10bn) 1.0%
Mid cap ($2-10bn) 68.9%
Small cap (<$2bn) 30.2%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
CNX RESOURCES CORPORATION 2.9 %
PATTERSON COS INC 2.8 %
SYNNEX CORP 2.3 %
THOR INDUSTRIES INC 2.2 %
TELEPHONE AND DATA SYSTEMS, INC. 2.2 %
BJ'S WHOLESALE CLUB HOLDINGS, INC. 2.2 %
GOODYEAR TIRE & RUBBER CO 2.2 %
RYDER SYSTEM INC 2.2 %
DELPHI TECHNOLOGIES PLC 2.2 %
EQT CORP 2.2 %
Total 23.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 95.5 %
BRITAIN 3.1 %
IRELAND 1.3 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-25.5% -22.6% 0.1% 8.1% 5.2%

Market Correlations
versus... Beta R-squared
S&P500 1.72 86%
MSCI EAFE 1.77 79%
MSCI Emg. Mkts. 1.29 66%

Technical Indicators
Recent close $49.50
30d moving avg. $51.75
Annualized volatility 31.4%
Short interest (ETF) 0.8%
Short interest (Underlying) 9.0%
Relative strength (RSI) 50

Liquidity measures
Avg. volume (thou.) 8
Turnover 0.7%
Bid/Ask (% of price) 0.23%
ADV underlying (mns) $6,013

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™: 10.8%


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 38.7 39 -4 8.3 -2.6
PXMV Invesco S&P MidCap Value with Momentum ETF 38.5 39 -4 10.4 -0.4
IJJ iShares S&P Mid-Cap 400 Value ETF 30.9 25 10 8.8 -2.0
MDYV SPDR S&P 400 Mid Cap Value ETF 30.9 15 20 8.9 -1.9
IVOV Vanguard S&P Mid-Cap 400 Value ETF 29.9 15 20 8.8 -2.0
JKL iShares Morningstar Small Cap Value ETF 21.0 30 5 10.7 -0.2
EWMC Invesco S&P MidCap 400 Equal Weight ETF 20.2 40 -5 7.4 -3.4
SMDY Syntax Stratified MidCap ETF 18.1 30 5 6.5 -4.3
AVUV Avantis U.S. Small Cap Value ETF 16.1 25 10 9.6 -1.2
EZM WisdomTree U.S. MidCap Earnings Fund 15.3 38 -3 9.4 -1.4
AFMC First Trust Active Factor Mid Cap ETF 15.2 65 -30 6.4 -4.4
MDY SPDR S&P Midcap 400 ETF Trust 14.2 23 12 6.6 -4.2
SPMD SPDR Portfolio Mid Cap ETF 14.2 5 30 6.8 -4.0
IJH iShares Core S&P Mid-Cap ETF 14.2 6 29 6.8 -4.1
OMFL Invesco Russell 1000 Dynamic Multifactor ETF 13.7 29 6 10.0 -0.8
IVOO Vanguard S&P Mid-Cap 400 ETF 13.6 10 25 6.6 -4.2
FNK First Trust Mid Cap Value AlphaDEX Fund 13.3 70 -35 10.6 -0.3
FYT First Trust Small Cap Value AlphaDEX Fund 13.0 72 -37 9.7 -1.1
PSC Principal U.S. Small Cap Index ETF 12.5 38 -3 7.2 -3.6
VBR Vanguard Small Cap Value Index Fund 11.8 7 28 8.6 -2.2
VUSE Vident Core US Equity Fund 10.4 48 -13 8.5 -2.4
PVAL Principal Contrarian Value Index ETF 10.3 29 6 10.4 -0.4
FXO First Trust Financials AlphaDEX Fund 10.1 63 -28 11.8 +0.9
DGRS WisdomTree US SmallCap Quality Dividend Growth Fund 10.0 38 -3 9.3 -1.6
FOVL iShares Focused Value Factor ETF 9.3 25 10 10.7 -0.1
DES WisdomTree U.S. SmallCap Dividend Fund 9.1 38 -3 9.0 -1.8
JHSC John Hancock Multifactor Small Cap ETF 9.1 42 -7 6.1 -4.8
KIE SPDR S&P Insurance ETF 8.6 35 0 10.2 -0.6
RNSC Small Cap US Equity Select ETF 8.4 60 -25 8.0 -2.9
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 8.4 60 -25 8.7 -2.1
BKSE BNY Mellon US Small Cap Core Equity ETF 8.3 4 31 5.8 -5.0
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 8.3 20 15 9.7 -1.1
XRT SPDR S&P Retail ETF 8.2 35 0 6.9 -3.9
ISMD Inspire Small/Mid Cap Impact ETF 8.0 60 -25 6.7 -4.2
EQWM Invesco S&P MidCap Quality ETF 7.9 25 10 6.4 -4.5
FNX First Trust Mid Cap Core AlphaDEX Fund 7.8 61 -26 6.6 -4.3
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 7.6 40 -5 6.3 -4.5
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 7.5 7 28 5.6 -5.2
QVAL Alpha Architect U.S. Quantitative Value ETF 7.4 49 -14 12.6 +1.7
KBE SPDR S&P Bank ETF 7.3 35 0 11.8 +1.0
KRE SPDR S&P Regional Banking ETF 7.3 35 0 11.6 +0.8
CSB VictoryShares US Small Cap High Dividend Volatility Wtd Idx 7.3 35 0 9.7 -1.1
BUY USCF SummerHaven SHPEI Index Fund 7.2 80 -45 10.5 -0.3
VFVA Vanguard U.S. Value Factor ETF 7.2 14 21 11.7 +0.9
RNMC Mid Cap US Equity Select ETF 7.1 60 -25 8.0 -2.9
CSD Invesco S&P Spin-Off ETF 7.0 62 -27 6.4 -4.4
KBWR Invesco KBW Regional Banking ETF 6.9 35 0 11.7 +0.9
FYX First Trust Small Cap Core AlphaDEX Fund 6.8 63 -28 6.8 -4.0
FAB First Trust Multi Cap Value AlphaDEX Fund 6.7 71 -36 9.8 -1.1
LSAF LeaderShares AlphaFactor US Core Equity ETF 6.5 75 -40 7.4 -3.4
XKST SPDR Kensho Smart Mobility ETF 6.5 45 -10 5.3 -5.5
SCHA Schwab U.S. Small-Cap ETF 6.4 4 31 4.8 -6.0
ROGS Hartford Multifactor Global Small Cap ETF 6.4 34 1 8.2 -2.7
IWN iShares Russell 2000 Value ETF 6.3 24 11 7.5 -3.3
PEXL Pacer US Export Leaders ETF 6.3 60 -25 6.1 -4.8
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 6.2 17 18 5.3 -5.5
PMOM Principal Sustainable Momentum Index ETF 6.2 29 6 9.3 -1.6
VB Vanguard Small-Cap ETF 6.0 5 30 5.5 -5.3
PBSM Invesco PureBeta MSCI USA Small Cap ETF 5.9 6 29 5.5 -5.3
XOP SPDR S&P Oil & Gas Exploration & Production ETF 5.9 35 0 3.8 -7.0
FTXN First Trust Nasdaq Oil & Gas ETF 5.8 60 -25 2.3 -8.5
PYZ Invesco DWA Basic Materials Momentum ETF 5.8 60 -25 6.0 -4.9
FNDA Schwab Fundamental U.S. Small Co. Index ETF 5.8 25 10 6.9 -3.9
DON WisdomTree U.S. MidCap Dividend Fund 5.7 38 -3 7.8 -3.0
AFSM First Trust Active Factor Small Cap ETF 5.7 75 -40 5.8 -5.0
JKJ iShares Morningstar Small-Cap ETF 5.7 25 10 6.9 -4.0
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 5.6 30 5 8.0 -2.8
EES WisdomTree SmallCap Earnings Fund 5.6 38 -3 12.0 +1.2
FXR First Trust Industrials/Producer Durables AlphaDEX Fund 5.6 63 -28 7.2 -3.6
JVAL JPMorgan U.S. Value Factor ETF 5.5 12 23 8.8 -2.0
SYLD Cambria Shareholder Yield ETF 5.5 59 -24 9.1 -1.7
AUSF Global X Adaptive U.S. Factor ETF 5.5 27 8 8.0 -2.8
IAT iShares U.S. Regional Banks ETF 5.4 42 -7 11.1 +0.3
VTWV Vanguard Russell 2000 Value Index Fund 5.4 15 20 7.7 -3.2
IFRA iShares U.S. Infrastructure ETF 5.4 40 -5 6.1 -4.7
RYJ Invesco Raymond James SB-1 Equity ETF 5.4 82 -47 3.7 -7.2
NUSC Nuveen ESG Small-Cap ETF 5.4 40 -5 5.5 -5.3
PXE Invesco Dynamic Energy Exploration & Production ETF 5.3 63 -28 1.1 -9.7
FTXR First Trust Nasdaq Transportation ETF 5.3 60 -25 6.3 -4.6
XTN SPDR S&P Transportation ETF 5.3 35 0 5.7 -5.1
COWZ Pacer US Cash Cows 100 ETF 5.2 49 -14 11.0 +0.1
HSMV First Trust Horizon Managed Volatility Small/Mid ETF 5.2 80 -45 5.8 -5.1
SQLV Legg Mason Small-Cap Quality Value 5.0 62 -27 8.1 -2.7
PEY Invesco High Yield Equity Dividend Achievers ETF 4.8 53 -18 9.3 -1.5
VAMO Cambria Value & Momentum ETF 4.8 64 -29 7.8 -3.1
JDIV JPMorgan U.S. Dividend ETF 4.7 12 23 8.0 -2.9
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 4.7 24 11 7.4 -3.4
XHS SPDR S&P Health Care Services ETF 4.7 35 0 4.5 -6.3
XMMO Invesco S&P MidCap Momentum ETF 4.6 39 -4 4.8 -6.1
RDIV Invesco S&P Ultra Dividend Revenue ETF 4.6 39 -4 11.3 +0.5
ONEY SPDR Russell 1000 Yield Focus ETF 4.6 20 15 9.5 -1.3
FXD First Trust Consumer Discretionary AlphaDEX Fund 4.5 64 -29 7.9 -2.9
PLCY EventShares U.S. Legislative Opportunities ETF 4.5 75 -40 3.8 -7.0
FSMD Fidelity Small-Mid Factor ETF 4.5 29 6 7.2 -3.6
GBDV Global Beta Smart Income ETF 4.5 29 6 9.0 -1.8
SLT Salt TruBeta High Exposure ETF 4.4 29 6 9.6 -1.2
IYT iShares Transportation Average ETF 4.4 42 -7 5.3 -5.6
CSA VictoryShares US Small Cap Volatility Weighted Index ETF 4.4 35 0 8.5 -2.4
VXF Vanguard Extended Market Index Fund 4.3 7 28 3.8 -7.0
TPSC Timothy Plan US Small Cap Core ETF 4.3 52 -17 8.5 -2.3

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 7.4 %
Divided by: Fwd. P/BV 0.7 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 10.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.67 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.