As the markets shift away from momentum stocks with greater emphasis on value plays, one exchange traded fund stands out for specifically targeting companies with value characteristics.

Guggenheim S&P 500 Pure Value ETF (NYSEArca: RPV) targets the cheapest third of the S&P 500 Index and weights its holdings by the strength of their value characteristics,” according to Morningstar analyst Alex Bryan. “This style purity allows investors to add a value tilt to a diversified portfolio with a smaller investment in this fund than its peers would require.”

Specifically, RPV tracks 118 S&P 500 stocks, including Alcoa (NYSE: AA) 2.4%, Berkshire Hathaway (NYSE: BRK-B) 2.2% and Wellpoint (NYSE: WLP) 2.1%. The ETF leans toward financials at 25.1% of the portfolio, followed by utilities at 16.9% and energy at 16.9%.

RPV’s heavier emphasis on value stocks has been a winning strategy so far. Year-to-date, RPV has been outperformed, rising 5.3%, compared to the S&P 500 index’s 2.2% gain. [Value ETFs May be the New Black]

Other value ETFs, such as the iShares S&P 500 Value ETF (NYSEArca: IVE),include some blended stocks, which have weighed on the performance. IVE is up 3.1% year-to-date.

In comparison, growth stocks have fallen behind these asset styles, with the iShares S&P 500 Growth ETF (NYSEArca: IVW) only 1.3% higher year-to-date.

Moreoever, RPV has provided a sterling long-term performance record. RPV shows a 25.7% average annualized return over the past five years, whereas the S&P 500 index returned 17.6%. [Meet the Best ETF Since the 2009 Market Bottom]

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