US small cap value

This article contains details specific to United States (US) investors. Acting on fund or ETF suggestions in it may have harmful US tax consequences for non-US investors.

This page presents a selection of US small cap value index funds and exchange traded funds.

Selection

Most indexes are market-cap weighted and hold a subset of the target small-cap index. However, the "pure value" indexes weight the value stocks by a measure of their value characteristic, which is why they have much lower market caps (bordering on micro-cap) and price/book ratios. (Note that funds report portfolios on different dates; the S&P 600 Value ETFs should all have the same holdings, even though they have different reported market caps and price/book ratios.)

Selected funds

Ticker Symbol	Name	Expense Ratio	Average Volume	Average Mkt Cap	P/B	Total Assets
VBR	Vanguard Small-Cap Value ETF	0.07%	782,844 (50-day)	$3.3B (median)	1.3	$12.4B
JKL	iShares Morningstar Small Value Index ETF	0.30%	11,183.90 (20-day)	---	1.00	$241M
SLYV	SPDR S&P Small-Cap 600 Value ETF	0.15%	29,428 (1-day)	$1,380.58M	0.96	$1,865M
VIOV	S&P Small-Cap 600 Value ETF	0.15%	54,417 (50-day)	$1.2B (median)	1.0	$409.4M
IJS	iShares S&P Small-Cap 600 Value Index	0.25%	293,938.70 (20-day)	---	1.02	$4,468M
VTWV	Vanguard Russell 2000 Value ETF	0.15%	40,501 (50-day)	$1.6B (median)	1.0	$409.4M
IWN	iShares Russell 2000 Value Index	0.24%	1,330,621 (20-day)	---	0.99	$7,18B
XSVM	PowerShares Russell 2000 Pure Value ETF	0.44%	19,174 (30-day)	$954MM	0.8	$60.3MM
RZV	Invesco S&P Small-Cap 600 Pure Value ETF	0.35%	17,917 (30-day)	$772MM	0.54	$89.9MM

Small cap value ETFs based on Alternate Indexes include PowerShares Dynamic Small Cap Value (PWY) and WisdomTree SmallCap Earnings (EES).

See also

• Fama and French three-factor model
• US small cap index returns

External links

Resources

• Altruist FA Domestic Small Cap Value Funds

Forum discussions

• Which SCV ETF to pair with TSM?
• Persistence of the value premium
• Small value in taxable (includes factor loading estimates by Robert T)

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