As would be expected, the RevenueShares' weighting system produces a different set of top holdings compared with market-cap-weighted ETFs. RWL has top holdings that include Wal-Mart ( WMT), ExxonMobil ( XOM), Chevron ( CVX), ConocoPhillips ( COP) and JPMorgan ( JPM).

The SPDR S&P 500 ETF ( SPY), which has the same components as RWL but uses a market-cap-weighted approach, has ExxonMobil, General Electric ( GE), Proctor & Gamble ( PG), Microsoft ( MSFT) and Johnson & Johnson ( JNJ) as its top-five holdings.

In coming months, RevenueShares will be rolling out sector-focused ETFs. The firm has filed nine that have been approved by the SEC, two of which may be released by the end of the year, O'Hara said.

Market turbulence may provide an opportunity for RevenueShares funds, O'Hara said. "When the market is going straight up, people don't want to change what they have been doing," he said.

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