IVE tracks the S&P 500 Value Index, which assigns each S&P 500 company to value or growth using measures such as book-to-price, earnings-to-price and sales-to-price. Compared with the full S&P 500, the portfolio holds more financials, healthcare, energy, industrials and consumer staples and less technology. The dividend yield is higher than that of the S&P 500 as a whole. Value has often done better when interest rates are rising or when the economic cycle favors cyclical sectors.
