An ETF investing in small cap companies weighted by revenue | Joachim De Zutter
For the third edition of the book "What works on Wall Street", James O'Shaughnessy calculated aggregated stock returns ordered by price-to-earnings, price-to-book, price-to-cashflow and price-to-sales value ratios over the period 1951-2003 and concluded that the price-to-sales ratio was the most consistent value ratio to use for selecting market-beating stocks from an all-cap stock universe.

In 2005 Robert D. Arnott, Jason Hsu qnd Philip Moore wrote an article on fundamental indexation for the Financial Analysts Journal. It showed that among alternative indexing metrics, the relative outperformance of a gross sales-weighted index was the highest during the period 1962-2004 (43 years).

The Oppenheimer Small Cap ETF (RWJ) is comprised of the same securities as the S&P SmallCap 600, weighted by top line revenue instead of market capitalization.
Since september 2013 the Oppenheimer Small Cap ETF can be traded via BinckBank. White Paper June 2013

NBIM discussion note: A survey of the small-firm effect

6 year historical chart to compare different large cap weighting strategies: cap weighting (SPY), equal weighting (RSP), revenue weighting (RWL), earnings weighting (EPS)

Oppenheimer Small Cap ETF (RWJ) PriceS&P SmallCap 600 Equal Weight Index
13 March 200913.32219.01
31 December 201551.70795.16
51.70 / 13.32 = 3.88795.16 / 219.01 = 3.63

~6 year historical chart to compare large cap weighting strategies with a large cap pure value strategy (RPV)