Launched on March 1, 2006, the Invesco S&P MidCap 400 Pure Value ETF (RFV Quick QuoteRFV - Free Report) is a passively managed exchange traded fund designed to provide a broad exposure to the Mid Cap Value segment of the US equity market.

The fund is sponsored by Invesco. It has amassed assets over $295.53 million, making it one of the average sized ETFs attempting to match the Mid Cap Value segment of the US equity market.

Why Mid Cap Value

Compared to large and small cap companies, mid cap businesses tend to have higher growth prospects and are less volatile, respectively, with market capitalization between $2 billion and $10 billion. These types of companies, then, have a good balance of stability and growth potential.

Value stocks have lower than average price-to-earnings and price-to-book ratios. They also have lower than average sales and earnings growth rates. Looking at their long-term performance, value stocks have outperformed growth stocks in almost all markets. They are however likely to underperform growth stocks in strong bull markets.

Costs

Investors should also pay attention to an ETF's expense ratio. Lower cost products will produce better results than those with a higher cost, assuming all other metrics remain the same.

Annual operating expenses for this ETF are 0.35%, putting it on par with most peer products in the space.

It has a 12-month trailing dividend yield of 0.83%.

Sector Exposure and Top Holdings

Even though ETFs offer diversified exposure that minimizes single stock risk, investors should also look at the actual holdings inside the fund. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.

This ETF has heaviest allocation to the Consumer Discretionary sector -- about 27.7% of the portfolio. Energy and Financials round out the top three.

Looking at individual holdings, Hf Sinclair Corp (DINO) accounts for about 4.59% of total assets, followed by Pbf Energy Inc (PBF) and Macy's Inc (M).

The top 10 holdings account for about 31.75% of total assets under management.

Performance and Risk

RFV seeks to match the performance of the S&P MidCap 400 Pure Value Index before fees and expenses. The S&P MidCap 400 Pure Value Index measures the performance of securities that exhibit strong value characteristics in the S&P MidCap 400 Index.

The ETF has added roughly 7.6% so far this year and it's up approximately 0.14% in the last one year (as of 12/03/2025). In the past 52-week period, it has traded between $97.97 and $132.13.

The ETF has a beta of 1.13 and standard deviation of 21.61% for the trailing three-year period, making it a high risk choice in the space. With about 84 holdings, it effectively diversifies company-specific risk.

Alternatives

Invesco S&P MidCap 400 Pure Value ETF carries a Zacks ETF Rank of 3 (Hold), which is based on expected asset class return, expense ratio, and momentum, among other factors. Thus, RFV is a good option for those seeking exposure to the Style Box - Mid Cap Value area of the market. Investors might also want to consider some other ETF options in the space.

The iShares Russell Mid-Cap Value ETF (IWS) and the Vanguard Mid-Cap Value ETF (VOE) track a similar index. While iShares Russell Mid-Cap Value ETF has $14.01 billion in assets, Vanguard Mid-Cap Value ETF has $19.54 billion. IWS has an expense ratio of 0.23% and VOE charges 0.07%.

Bottom-Line

While an excellent vehicle for long term investors, passively managed ETFs are a popular choice among institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency.

To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.