RWL also provides investors with different sector views on the S&P 500. Whereas technology, financial services and healthcare are the top three sector weights in the S&P 500, consumer discretionary, healthcare and consumer staples are RWL’s top three sector weights, according to Oppenheimer data.

Related: Factors ETF Investors Should Look For

As the bull market extends, investors tend to forget about valuations and continue to ride high-flying stocks, which may potentially expose investors to risks, such as a quick drawdown. Additionally, in an extended bull run, traditional market capitalization-weighted indices become top heavy and expose investors to some of the most high-flying stocks of the current market.

Over the past three years, RWL has posted a compound annual growth rate (CAGR) of 8.1%. The ETF’s standard deviation is inline with that of the cap-weighted S&P 500.

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Tom Lydon’s clients own shares of Apple.