EWRS Guggenheim Russell 2000® Equal Weight ETF
"Investment Objectives: Seeks to correspond as closely as possible, before fees and expenses, to the price and yield performance of the Russell 2000® Equal Weight Index."
"Number of stocks: 1959"
One would therefore expect each stock to constitute 1/2000 or maybe 1/1959, but anyway, within rounding error 0.05% of the fund's holdings.
Code: Select all
Security Name Ticker Shares Market Value % of Net Assets PANTRY INC. PTRY 3,370 $124,454.10 0.29% Consumer Staples CHEFS WAREHOUSE CHEF 5,165 $113,784.95 0.26% Consumer Staples OMEGA PROTEIN CORP OME 10,710 $112,669.20 0.26% Consumer Staples .... REX ENERGY CORP REXX 8,979 $45,523.53 0.10% Energy SENOMYX INC. SNMX 7,243 $45,413.61 0.10% Materials .... ANALOGIC CORP ALOG 166 $14,380.58 0.03% Health Care Kindred Biosciences KIN 2,092 $14,372.04 0.03% Health Care .... IMMUNOGEN INC IMGN 1,387 $8,224.91 0.02% Health Care ALTISOURCE ASSET AAMC 22 $7,392.00 0.02% Financials
Guggenheim Russell 1000® Equal Weight ETF, EWRI is the same... everything should be 0.10%, but in fact the holdings taper from Rite Aid, 0.27% down to KLX INC, 0.02%.
Even RSP, which should all be 0.20%, varies from 0.24% down to 0.10% and 0.07%.
OK, I figured it out. Russell Equal Weight Indexed:
"The Russell Equal Weight Indexes offer a unique and practical alternative to conventional equal weighted indexes. Rather than simply assigning an equal weight to each constituent of the index, Russell's sector equal weight index methodology equally weights each sector within the index and then equally weights the companies within each sector."
NO, WAIT. It's still not right. Within each sector, the companies are supposed to be equally weighted--yet the "Industrials" range from West Corp, 0.19% down to ACTUANT CORPORATION, 0.04%. One of these "equally weighted" companies has over four times the weight of the other.