PRFZ vs SPYV

PRFZBInvesco RAFI US 1500 Small-Mid ETF

SPYVAState Street SPDR Portfolio S&P 500 Value ETF

In short

PRFZ Fundamental indexing's small-cap veteran: since 2006, PRFZ has weighted holdings by book value, cash flow, sales and dividends instead of share price. That rulebook costs 0.36% a year, above the typical index wrapper.

SPYV The value side of the S&P 500, tracked since 2000 for four basis points. It does one thing: hold the index names that screen cheap, and charge close to nothing for the privilege.

Stated mandate

PRFZ The fund is a passively managed index fund that seeks to track the investment results of its underlying index before fees and expenses.

SPYV The fund seeks to track, before fees and expenses, the total return of the S&P 500 Value Index.

Why people hold it

• PRFZ Weight follows the business, not the ticker tape: book value, cash flow, sales and dividends set position sizes, and the index is rebuilt once a year.invesco.cominvesco.com 2
• Casts a wide net, holding about 1,500 names picked from the companies ranked 1,001 to 2,500 by fundamental size in a 3,000-stock universe.invesco.com
• Trading since 2006 and now a multi-billion-dollar fund, with Research Affiliates itself taking over as index provider in 2025.sec.gov
• Does what the label says: a passive fund that normally keeps at least 90% of assets in its index constituents, and it sits in the stronger half of its peer group.sec.gov

• SPYV 0.04% a year. VOOV tracks the identical S&P 500 Value Index and charges 0.07%, so this is the same exposure at a lower fee.
• Trading since 2000 and now a multi-billion-dollar fund that changes hands actively, so the plumbing is well worn.
• No stock picking, no factor secret sauce: it aims to match the S&P 500 Value Index before fees, and it is one of the cleaner implementations in its peer group.ssga.com

Worth knowing

• PRFZ The rulebook is not cheap: 0.36% a year, no waiver, above the category norm, against 0.03% for a plain cap-weighted tracker like SCHK.
• Weights reset only at the annual reconstitution, so in between the portfolio drifts with prices like any other index fund.invesco.com
• Sizing by fundamentals tilts toward cheaper, dividend-paying companies, so the fund can behave quite differently from a cap-weighted small-cap index.invesco.comlseg.com

• SPYV This is one style slice, roughly 400 value-screened names, not the whole S&P 500. It will move differently from the full index.
• Value goes through long stretches in and out of favor. The fund follows the index rules either way, with no manager stepping in.
• Distributions land quarterly, not monthly.

Full PRFZ profile⁠

Full SPYV profile⁠