ETF Evaluator: Invesco S&P MidCap 400® Pure Value ETF (RFV) Follow This ETF

Invesco S&P MidCap 400® Pure Value ETF Overview

Invesco S&P MidCap 400® Pure Value ETF (RFV) is a passively managed U.S. Equity Small Value exchange-traded fund (ETF). Invesco launched the ETF in 2006.

The investment seeks to track the investment results (before fees and expenses) of the S&P MidCap 400® Pure Value Index (the "underlying index"). The fund generally will invest at least 90% of its total assets in securities that comprise the underlying index. The underlying index is composed of a subset of securities from the S&P MidCap 400® Index that exhibit strong value characteristics.

About Invesco S&P MidCap 400® Pure Value ETF (RFV)

There are 3 members of the management team with an average tenure of 7.43 years: Peter Hubbard (2018), Michael Jeanette (2018) and Pratik Doshi (2020). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 2 primary benchmarks: S&P Composite 1500 TR USD index with a weighting of 100% and S&P MidCap 400 Pure Value TR USD index with a weighting of 100%. Invesco S&P MidCap 400® Pure Value ETF has 99 securities in its portfolio. The top 10 holdings constitute 25.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.

Invesco S&P MidCap 400® Pure Value ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Invesco S&P MidCap 400® Pure Value ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 100.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Invesco S&P MidCap 400® Pure Value ETF has 0.0% of the portfolio in cash.

Assets Under Management

The fund has $323 million in total assets, which is below the $2 billion average for the Small Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

RFV Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Invesco S&P MidCap 400® Pure Value ETF expense ratio is below average compared to funds in the Small Value category. Invesco S&P MidCap 400® Pure Value ETF has an expense ratio of 0.35%, which is 26% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Invesco S&P MidCap 400® Pure Value ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 61% for the Small Value category.

Recently, in the month of June 2026, Invesco S&P MidCap 400® Pure Value ETF returned 1.9%, which earned it a grade of F, as the Small Value category had an average return of 4.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.

Invesco S&P MidCap 400® Pure Value ETF has a trailing yield of 1.69%, which is below the 1.78% category average. The fund normally distributes its income quarterly and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Invesco S&P MidCap 400® Pure Value ETF Grades

Year to date, the ETF has returned 12.9%, 5.2 percentage points worse than the category, which translates into a grade of F. The fund has returned 20.4% over the past year (grade of F), 13.3% over the past three years (grade of D) and 11.2% per year over the past five years (grade of A) and 12.7% per year over the past 10 years (grade of A).

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