PWV’s top-10 holdings include Apple (NasdaqGS: AAPL) and Exxon Mobil (NYSE: XOM), the two largest S&P 500 dividend payers in dollar terms. Add International Business Machines (NYSE: IBM) to the mix, and three of PWV’s top-10 holdings are also three of the largest share repurchasers among U.S. companies. [Another ETF Gets an Apple Lift]

PWV does qualify as a smart or strategic beta, but investors would do well to not focus on the jargon and focus more on the results. And those results are hard to contest because over the past three-, five- and 10-year periods, the Dynamic Large Cap Value Intellidex Index has outperformed the S&P 500 Value Index and the Russell 1000 Value Index, according to PowerShares data.

Powershares Dynamic Large Cap Value Portfolio

Tom Lydon’s clients own shares of Apple.

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