At a glance
RZV charges 0.35% a year, above the 0.27% average of the 8 funds most like it (the 6th cheapest of 9). It has $295.7M in assets, the 7th largest of that group; it paid 1.42% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +20.9% with distributions reinvested (S&P 500: +11.5%), 3rd of those 9 funds; over three years it returned +21.6% a year. At its worst it fell 48.1% in the 2020 crash (S&P 500: 33.7%) and 22.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 4 months after the lows. Its ten largest positions make up 16.1% of the fund, out of 156 in all.
The short version
Invesco S&P SmallCap 600 Pure Value ETF (RZV) is an index fund. It holds about 155 small, mostly US companies from the S&P SmallCap 600 that look cheapest on price-to-book, price-to-earnings and price-to-sales. Broader small-cap value funds can keep stocks with mixed traits. RZV drops any stock that also shows growth traits, and it gives the cheapest stocks the biggest weights. Its 0.35% expense ratio is higher than most similar funds.
Price history
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RZV +20.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| RZV official prospectus, to Dec 31, 2025 | — | +8.56% | — | +13.82% | +9.33% | — |
| RZV price data to Oct 27, 2026 | +22.2% | +20.9% | +21.6% | +10.2% | +10.4% | +8.0% |
- Over the year to Oct 27, 2026, RZV returned +20.9%, 3rd of 9 among similar funds.
- Its 5-year annualized return was +10.2% and its 10-year +10.4%.
- In the 2020 COVID crash it fell 48.1% and regained its old high 8 months after the low.
- Its worst full calendar year was 2008 (-41.2%); its best was 2009 (+62.6%).
- The deepest fall in its price history was 77.1% (Jun 4, 2007 to Mar 9, 2009), recovered by Sep 13, 2012.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +22.2% | — |
| 2025 | +8.6% | +8.56% |
| 2024 | +5.1% | +5.18% |
| 2023 | +23.0% | +22.91% |
| 2022 | -6.8% | -6.79% |
| 2021 | +46.0% | +46.04% |
| 2020 | -3.9% | -4.26% |
| 2019 | +22.3% | +22.65% |
| 2018 | -19.6% | -19.52% |
| 2017 | +1.3% | +1.11% |
| 2016 | +34.0% | +33.62% |
| 2015 | -12.8% | — |
| 2014 | +2.7% | — |
| 2013 | +45.3% | — |
| 2012 | +21.4% | — |
| 2011 | -7.7% | — |
| 2010 | +28.5% | — |
| 2009 | +62.6% | — |
| 2008 | -41.2% | — |
| 2007 | -19.1% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 73.9% over that stretch · deepest drop along the way 73.9%, back to its old high 12.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 45.9% over that stretch · deepest drop along the way 48.1%, back to its old high 8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.6% over that stretch · deepest drop along the way 22.7%, back to its old high 4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.6300 | |
| 2025 | $1.8900 | +48.8% |
| 2024 | $1.2700 | +4.1% |
| 2023 | $1.2200 | -3.2% |
| 2022 | $1.2600 | +51.8% |
| 2021 | $0.8300 | +97.6% |
| 2020 | $0.4200 | -42.5% |
| 2019 | $0.7300 | -37.6% |
| 2018 | $1.1700 | +56.0% |
| 2017 | $0.7500 | +120.6% |
| 2016 | $0.3400 | -49.3% |
| 2015 | $0.6700 | +55.8% |
| 2014 | $0.4300 | +10.3% |
| 2013 | $0.3900 | -31.6% |
| 2012 | $0.5700 | +96.6% |
| 2011 | $0.2900 | +70.6% |
| 2010 | $0.1700 | -37.0% |
| 2009 | $0.2700 | -59.7% |
| 2008 | $0.6700 | +1.5% |
| 2007 | $0.6600 |
What's inside
As of Jul 31, 2026, the fund held 156 securities; the ten largest made up 16.05% of assets. It also reported 30.49% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Ichor Holdings, Ltd. | 2.03% | |
| ManpowerGroup Inc. | 1.92% | |
| Acadia Healthcare Co., Inc. | 1.85% | |
| Vestis Corp. | 1.62% | |
| Edgewell Personal Care Co. | 1.54% | |
| Newell Brands Inc. | 1.52% | |
| ArcBest Corp. | 1.47% | |
| Cracker Barrel Old Country Store, Inc. | 1.42% | |
| Koppers Holdings Inc. | 1.36% | |
| MarineMax, Inc. | 1.33% | |
| CarMax, Inc. | 1.29% | |
| Coty Inc. | 1.28% | |
| Patterson-UTI Energy, Inc. | 1.27% | |
| Marriott Vacations Worldwide Corp. | 1.27% | |
| Concentrix Corp. | 1.27% |
By country
United States 94.31%Cayman Islands 2.69%Ireland 1.49%Bermuda 0.99%Jersey 0.45%By asset type
Stocks 99.93%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $7.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.78%, +7.72%, -0.27%.
How it works
RZV tracks the S&P SmallCap 600 Pure Value Index, which S&P Dow Jones Indices builds from the S&P SmallCap 600. Each stock gets two scores. The value score uses three measures: book value, earnings and sales, each compared with share price. The growth score uses three-year sales-per-share growth, the change in earnings per share compared with price, and 12-month price momentum. Stocks that score as both value and growth are left out. Only the 'pure value' stocks stay in.
Holdings are weighted by value score, not by company size (market capitalization). So the cheapest-looking stocks get the largest weights. As of June 30, 2026, the index had 155 stocks, with market values from $427.9 million to $11.9 billion. Invesco uses full replication, which means the fund owns every stock in the index in the index's proportions. As of July 31, 2026, the largest positions were Ichor Holdings (2.0%), ManpowerGroup (1.9%) and Acadia Healthcare (1.9%). The top ten made up about 16% of assets.
The fund doesn't sell a stock that is lagging unless the index drops it. Portfolio turnover was 69%. Trading costs from that turnover are not part of the expense ratio. The weighting method can create sector tilts. As of April 30, 2026, the fund had significant exposure to consumer discretionary stocks.
What it really costs
- RZV charges 0.35% a year, versus an average of 0.27% for the similar funds below (6th of 9, 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).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| RZV | $36 | $113 | $197 | $444 |
In a retirement portfolio
It holds only the most strongly value-tilted stocks in the S&P SmallCap 600 Index, a narrow bet that has brought sharp rebounds but also very deep losses.
RZV could add a tilt toward cheaply priced small companies alongside a broad core fund, but its falls have been severe. It dropped 73.9% in the 2008 financial crisis, and its worst calendar year was 2008, down 41.2%. Its deepest drop, 77.1% from June 2007 to March 2009, was not recovered until September 2012. It fell 48.1% in the 2020 COVID crash and 22.7% in the 2022 bear market, recovering about 8 and 4 months after the lows. Anyone drawing income by selling shares in a slump could lock in deep losses.
Income is modest: a 1.42% yield as of October 27, 2026, paid quarterly. Its 0.35% expense ratio (annual fee), or $36 in the first year on $10,000 under the SEC's standard example, is above Vanguard's VIOV at 0.10%. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a concentrated deep-value tilt in small US companies, with stocks weighted by how cheap they look rather than by size.
- Long-term holders who can sit through drops like the 77.1% fall from 2007 to 2009, which took until 2012 to recover.
- People who want a small satellite position next to a broad core fund and accept 69% turnover and a 0.35% fee.
Look elsewhere if
- Cost-focused investors: Vanguard's VIOV charges 0.10% and SPDR's SLYV 0.15% for broader S&P 600 small-cap value exposure.
- Retirees who may need to sell in downturns: the fund lost 50.29% in the first quarter of 2020 alone.
- Income seekers: the trailing yield was just 1.42% as of October 27, 2026, paid quarterly.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| RZV this fund | — | 0.35% | $295.7M | +20.9% | +21.6% |
| RWJ Invesco S&P SmallCap 600 Revenue ETF | 43% | 0.39% | $2.06B | +20.3% | +21.7% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 36% | 0.1% | $1.98B | +19.0% | +19.4% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 36% | 0.15% | $4.83B | +18.9% | +19.2% |
| IJS iShares S&P Small-Cap 600 Value ETF | 35% | 0.18% | $8.02B | +18.8% | +19.1% |
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 29% | 0.37% | $673.3M | +22.1% | +16.7% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 27% | 0.72% | $194.5M | +27.4% | +18.4% |
| QVMS Invesco S&P SmallCap 600 QVM Multi-factor E… | 21% | 0.15% | $248.2M | +17.1% | +18.9% |
Questions investors ask
Is RZV good for retirement?
It can play a role, but mainly as a small, higher-risk slice rather than a core holding. RZV holds deeply discounted small companies, and its swings have been large. It lost 77.1% from June 2007 to March 2009 and did not fully recover until September 2012. Its worst quarter, the first quarter of 2020, was a 50.29% drop. Income is modest, with a 1.42% trailing yield as of October 27, 2026. That volatility matters for anyone who may need to sell during a downturn.
What's the difference between RZV and VIOV?
Both draw from the S&P SmallCap 600, but RZV is narrower. It keeps only stocks with 'pure value' traits, drops stocks that also look like growth stocks, and weights holdings by value score. Vanguard's VIOV takes a broader small-cap value approach and costs 0.10% a year, compared with 0.35% for RZV. About 36% of their holdings overlapped. As of October 27, 2026, RZV returned 20.9% over one year and 21.6% a year over three years. VIOV returned 19.0% and 19.4%.
What is RZV's 10-year return?
RZV returned 9.33% a year on average over the 10 years to December 31, 2025, according to its prospectus. Over five years it returned 13.82% a year. Results swung widely from year to year, from a 46.04% gain in 2021 to a 19.52% loss in 2018. Based on price, it gained 22.2% in 2026 through October 27. That is a partial year, not a full calendar year.
Does RZV pay dividends?
Yes, RZV pays dividends every quarter. In the 12 months to October 27, 2026, it paid $2.04 per share, a trailing yield of 1.42%. The money comes from dividends paid by the small companies it holds, so it can rise or fall with their profits. As a source of steady income, that yield is modest next to the fund's price swings, which include a 48.1% drop in early 2020.
What stocks are in RZV?
As of July 31, 2026, RZV held 156 companies, with fairly even weights. The largest were Ichor Holdings (2.0%), ManpowerGroup (1.9%), Acadia Healthcare (1.9%), Vestis (1.6%) and Edgewell Personal Care (1.5%). The top ten made up only about 16% of assets. Holdings such as Cracker Barrel, MarineMax and CarMax show the fund's significant consumer discretionary exposure, which its prospectus noted as of April 30, 2026.