RPV may be seen as a basic type of enhanced or smart beta ETF strategy that specifically targets value stocks that tend to trade at a lower price relative to fundamentals, like dividends, earnings and sales. Along with the simple pure value play, such as RPV, the other value-focused ETFs may also incorporate other factors in their screening process.

Some value funds feature an overlap between quality and value, which can benefit investors.

“A number of these funds track indexes that either screen or weight their holdings by dividend payments or yields. Dividend strategies can cue off measures that may also be indicators of value (dividend yield) and/or profitability (dividend stability or growth),” according to Morningstar.

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