The so-called smart beta or intelligent indexing phenomenon can claim another victory as one more non-cap weighted exchange traded fund has crossed the $1 billion in assets under management mark.

The Guggenheim S&P 500 Pure Growth ETF (NYSEArca: RPG) is now a member of the $1 billion ETF club. RPG, which celebrates its eighth anniversary in early March, is part of Guggenheim’s six-ETF suite of pure style funds. The ETF is designed to pure exposure to growth or value stocks in the S&P 500, S&P MidCap 400 and S&P 600 SmallCap Indices, according to Guggenheim. RPG’s growth has been staggering as the fund had less than $330 million in AUM at the start of 2013.

RPG is home to 106 stocks and tracks the performance of the S&P 500 Pure Growth Index. The fund has annual expense ratio of 0.35% and scores favorably on risk and volatility metrics with a standard deviation of 14.74% and a beta of just 1.01, according to issuer data. [Watch Apple Exposure in Growth ETFs]

No single holding in RPG receives a weight of more than 2.25% in RPG. Top-10 holdings in the fund include Facebook (NasdaqGM: FB), Chipotle (NYSE: CMG) and Netflix (NasdaqGM: NFLX). Consumer discretionary is RPG’s largest sector weight at almost 28.1% while technology, health care and financial services have allocations ranging from 16.1% down to 15.6%.

With just over $1 billion in AUM, RPG is the largest of the six Guggenheim pure ETFs and five of those funds have over $100 million in assets. Combined, the Guggenheim suite of pure funds is rapidly approaching $3 billion in aasets.

Guggenheim is one of the largest purveyors of smart beta and equal-weight ETFs. The Guggenheim S&P Equal Weight ETF (NYSEArca: RSP) has over $6.6 billion in assets making it one of the largest equal-weight ETFs.

Showing Page 1 of 2