IUSV vs PWV

IUSVAiShares Core S&P U.S. Value ETF

PWVCInvesco Large Cap Value ETF

In short

IUSV A value fund with a wider net: it tracks the S&P 900 Value Index, which screens S&P 500 and MidCap 400 stocks on book value, earnings and sales versus price. Roughly 700 names, 0.04% a year, running since 2000.

PWV A 2005-vintage value fund that doesn't just buy the cheap half of the market. Invesco's Intellidex rules screen large caps down to roughly 50 names, and you pay 0.55% a year for that selectivity.

Stated mandate

IUSV The fund seeks to track the S&P 900 Value Index, which represents large- and mid-capitalization U.S. value equities. Value characteristics are identified using book value, earnings, and sales relative to price.

PWV The Fund seeks capital appreciation by investing primarily in common stocks that comprise its underlying index.

Why people hold it

• IUSV Costs 0.04% a year, a fraction of the typical US value ETF, and level with the cheapest of its large peers like SCHV.
• The index reaches past the S&P 500 into the S&P MidCap 400, so mid-cap value names come along. Large-cap-only rivals such as SCHV stop short of them.spindices.com
• A 2000 vintage and now a multi-billion-dollar iShares Core holding: it trades actively, tracks its index closely, and pays quarterly.

• PWV About 50 large-cap names picked by a rules-based Intellidex screen, not a few hundred sorted by price tag. Concentration is the whole point.invesco.com
• Running since 2005 and now a multi-billion-dollar fund, so it's a long-tenured strategy rather than a recent launch riding a value revival.
• Pays quarterly, and its swings have been mild for a stock fund compared with others in the value group.

Worth knowing

• IUSV S&P's style system splits the parent index by formula, and stocks with both value and growth traits can sit in each. This is the cheap half of the market, not a deep-value sleeve.spglobal.comspglobal.com 2
• The screen is pure price ratios (book value, earnings, sales), with no profitability or quality filter, so cheap-for-a-reason names are part of the deal.spglobal.com
• Holdings are float-market-cap weighted, so the biggest value names drive most of the movement.spglobal.com

• PWV At 0.55%, one of the pricier ways to own large-cap value. VTV, SCHV and IUSV run the plain-index version for 0.03% to 0.04%.
• A 50-stock screen can wander well away from broad value benchmarks, in either direction, between rebalances.
• Moderately traded, so spreads won't be as tight as the biggest value ETFs. That shows up most on large or hurried orders.

Full IUSV profile⁠

Full PWV profile⁠