Invesco S&P MidCap 400® Pure Value ETF

Invesco S&P MidCap 400 Pure Value ETF (RFV) tracks the S&P MidCap 400 Pure Value Index. The index holds a narrow group of mid-sized US companies that look cheapest on book value, earnings and sales compared with their share price. Broad mid-cap value funds keep stocks that also show growth traits, but RFV drops them and gives the cheapest stocks the biggest weights. That sharper focus costs 0.35% a year, compared with 0.18% for IJJ.

• Over the year to Oct 27, 2026, RFV returned +15.2%, 3rd of 8 among similar funds.
• Its 5-year annualized return was +11.4% and its 10-year +12.5%.
• In the 2020 COVID crash it fell 48.8% and regained its old high 7.8 months after the low.
• Its worst full calendar year was 2008 (-43.0%); its best was 2009 (+59.7%).
• The deepest fall in its price history was 71.8% (Jun 4, 2007 to Mar 9, 2009), recovered by Feb 7, 2011.

As of Jul 31, 2026, the fund held 96 securities; the ten largest made up 27.6% of assets. It also reported 14.74% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Jul 31, 2026, investors withdrew a net $1.4M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.09%, +1.88%, +4.39%.

S&P Dow Jones Indices builds the index from the S&P MidCap 400. It gives each stock a value score and a growth score. The value score uses three measures: book value to price, earnings to price, and sales to price. The growth score uses three-year sales growth per share, the three-year change in earnings per share compared with the share price, and momentum (the stock's price change over 12 months). Many style indexes include stocks that show both value and growth traits. This one keeps only the stocks that rank as "pure value."

Stocks are weighted by their value score, not by company size, so the cheapest names get the largest positions. As of June 30, 2026, the index had 97 stocks, with market values from $1.9 billion to $22.5 billion. As of July 31, 2026, the largest holdings were PBF Energy (4.5%), Arrow Electronics (3.9%), Avnet (3.8%), HF Sinclair (3.1%) and TD SYNNEX (2.6%). The top 10 made up 27.6% of assets.

Invesco uses "full replication," which means the fund buys essentially every stock in the index at its index weight. It trades only when the index changes, even if a stock is doing badly. Portfolio turnover was 61%, which means the fund replaces a large share of its holdings each year. If index weights shift, the fund can become "non-diversified" and hold bigger positions in fewer companies. It concentrates in one industry only if the index does.

• RFV charges 0.35% a year, versus an average of 0.3% for the similar funds below (5th of 8, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $444 over 10 years (assuming a 5% annual return).

RFV is a concentrated bet on cheap mid-sized stocks and has had very deep drawdowns, so it fits better as a small add-on than as a foundation.

RFV can add a deliberate tilt toward cheap mid-sized companies alongside a broad core fund. Its history shows what that tilt can cost in bad markets. It lost 71.8% from June 2007 to March 2009 and did not regain its earlier peak until February 2011. Its worst calendar year was 2008, when it fell 43%. In early 2020 it dropped 48.8% in about a month, then recovered by November 2020. The 2022 decline was milder, at 19.5%. Anyone forced to sell shares in a slump like these could lock in deep losses. The yield was 1.63% as of October 27, 2026, paid quarterly, so the fund is not built for income. It costs 0.35% a year, or $444 over 10 years on $10,000 in the SEC's standard example. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.