This ETF represents an alternative to popular funds tracking the S&P 500 Index, a broad-based measure of large cap U.S. equity performance. PIV consists of S&P 500 components that are deemed to reflect long-term growth and stability of earnings and dividends, perhaps making the fund more appealing for investors seeking lower volatility and hesitant to simply embrace cap-weighted indexing strategies. The downside to PIV is the expenses; at 0.50%, management fees are considerably higher than other options out there (VOO, which seeks to replicate the S&P 500, comes in at just six basis points, and SPY charges just 0.09%). PIV might be appealing to investors who believe that the methodology employed by the underlying index is capable of consistently generating excess returns, but the "alpha hurdle" calculated as the expense differential may scare away those looking to simply own the market and minimize fees. PIV has historically been a reliable way to destroy value, as the performance since inception has been less than inspiring.