At a glance
EEMO charges 0.29% a year, below the 0.34% average of the 6 funds most like it (the 4th cheapest of 7). It has $24.1M in assets, the 7th largest of that group; it paid 1.92% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +13.3% with distributions reinvested (S&P 500: +11.5%), 5th of those 7 funds; over three years it returned +18.5% a year. At its worst it fell 40.2% in the 2020 crash (S&P 500: 33.7%) and 23.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 20 months after the lows. Its ten largest positions make up 41.8% of the fund, out of 256 in all.
The short version
Invesco S&P Emerging Markets Momentum ETF (EEMO) tracks the S&P Momentum Emerging Plus LargeMidCap Index, which picks the emerging-market stocks with the strongest 12-month price trends. That rule can concentrate the fund: as of July 31, 2026, South Korea made up 44% of assets, with SK hynix at 12.9%. Its 0.29% yearly fee is below the 0.34% average of similar funds, but with $24.1 million in assets on that date, it is small.
Price history
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EEMO +13.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| EEMO official prospectus, to Dec 31, 2025 | — | +11.03% | — | +1.21% | +6.08% | — |
| EEMO price data to Oct 27, 2026 | +17.3% | +13.3% | +18.5% | +5.4% | +6.4% | +1.8% |
- Over the year to Oct 27, 2026, EEMO returned +13.3%, 5th of 7 among similar funds.
- Its 5-year annualized return was +5.4% and its 10-year +6.4%.
- In the 2020 COVID crash it fell 40.2% and regained its old high 6.7 months after the low.
- Its worst full calendar year was 2015 (-30.6%); its best was 2017 (+49.6%).
- The deepest fall in its price history was 48.5% (Feb 29, 2012 to Feb 12, 2016), recovered by Jan 23, 2018.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +17.3% | — |
| 2025 | +10.9% | +11.03% |
| 2024 | +9.9% | +9.61% |
| 2023 | +13.9% | +13.80% |
| 2022 | -18.8% | -18.99% |
| 2021 | -5.5% | -5.35% |
| 2020 | +9.8% | +10.43% |
| 2019 | +21.2% | +20.50% |
| 2018 | -17.4% | -16.56% |
| 2017 | +49.6% | +45.59% |
| 2016 | +3.1% | +5.09% |
| 2015 | -30.6% | — |
| 2014 | +5.3% | — |
| 2013 | -12.7% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 40.2% over that stretch · deepest drop along the way 40.2%, back to its old high 6.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 20.9% over that stretch · deepest drop along the way 23.7%, back to its old high 19.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2900 | |
| 2025 | $0.4000 | -4.8% |
| 2024 | $0.4200 | -23.6% |
| 2023 | $0.5500 | +3.8% |
| 2022 | $0.5300 | +96.3% |
| 2021 | $0.2700 | -6.9% |
| 2020 | $0.2900 | -23.7% |
| 2019 | $0.3800 | -80.6% |
| 2018 | $1.9600 | +86.7% |
| 2017 | $1.0500 | +377.3% |
| 2016 | $0.2200 | -46.3% |
| 2015 | $0.4100 | -18.0% |
| 2014 | $0.5000 | +38.9% |
| 2013 | $0.3600 |
What's inside
As of Jul 31, 2026, the fund held 256 securities; the ten largest made up 41.79% of assets.
| Holding | Weight | |
|---|---|---|
| SK hynix Inc. | 12.93% | |
| Samsung Electronics Co., Ltd. | 9.71% | |
| Samsung Electronics Co., Ltd. Preferred stock | 4.77% | |
| SK Square Co., Ltd. | 3.91% | |
| Delta Electronics, Inc. | 3.48% | |
| Vale S.A. | 1.67% | |
| Elite Material Co., Ltd. | 1.47% | |
| Itau Unibanco Holding S.A. Preferred stock | 1.46% | |
| Ping An Insurance (Group) Co. of China, Ltd. | 1.23% | |
| Hyundai Motor Co. | 1.16% | |
| Samsung Electro-Mechanics Co., Ltd. | 1.16% | |
| OTP Bank PLC | 1.07% | |
| Credicorp Ltd. | 1.06% | |
| Grupo Mexico, S.A.B. de C.V. | 1.05% | |
| Zijin Mining Group Co. Ltd. | 1.00% |
By country
South Korea 44.17%Taiwan 13.68%Brazil 6.85%China 6.6%South Africa 3.78%By asset type
Stocks 87.74%Preferred stock 8.09%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $12.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +17.13%, +1.72%, -16.68%.
How it works
EEMO is an index fund: it tries to match the S&P Momentum Emerging Plus LargeMidCap Index, before fees, rather than beat it. S&P Dow Jones Indices builds that index from a parent index, the S&P Emerging Plus LargeMidCap, which covers emerging-market companies worth at least $100 million in shares available to trade.
Each stock in the parent index gets a momentum score: its price change over the past 12 months, excluding the latest month, adjusted for how much the price bounced around (volatility). The top 20% by score enter the index and are weighted by a modified version of company size, so bigger companies carry more weight. As of December 31, 2025, the index held 223 stocks worth $252 million to $702.6 billion each, in countries including Brazil, India, South Korea, Taiwan and Saudi Arabia.
The fund generally keeps at least 90% of assets in index stocks or depositary receipts (ADRs and GDRs, certificates representing foreign shares) and may hold a representative sample rather than every stock. Because winners change, turnover was 128% in the year covered by its February 2026 prospectus, meaning it replaced more than its entire portfolio. The mix shifts fast: the index had significant financials exposure on October 31, 2025; by July 31, 2026, the fund's largest holdings were SK hynix and Samsung Electronics.
What it really costs
- EEMO charges 0.29% a year, versus an average of 0.34% for the similar funds below (4th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $30 in the first year and $368 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EEMO | $30 | $93 | $163 | $368 |
In a retirement portfolio
Its momentum rule, 44% weighting in South Korea as of July 31, 2026, and swings nearly twice the market's (a one-year beta of 1.89 as of October 27, 2026) suit a small add-on more than a foundation.
EEMO could add emerging-market stocks with strong price trends, but its drops have been deep. Launched in 2012, it has no 2008 record. It fell 40.2% in the 2020 COVID crash and regained its high by October 12, 2020. In the 2022 bear market it fell 23.7% and needed until May 24, 2024 to recover. Its deepest drop, 48.5%, ran from February 2012 to February 2016, with recovery only in January 2018; its worst calendar year was 2015, down 30.6%. Drawing cash from the fund after falls like these would lock in losses.
Its yield was 1.92% for the 12 months to October 27, 2026, paid quarterly, so income is a side benefit. The SEC's standard example ($10,000 earning 5% a year) puts costs at $368 over 10 years. Past results don't predict future ones; a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a momentum tilt in emerging markets who accept fast-changing holdings; turnover was 128% in the year covered by its 2026 prospectus.
- Investors adding a small, higher-risk slice beside a broad core fund who can stomach drops like its 40.2% fall in early 2020.
- Cost-conscious investors seeking a rules-based twist on emerging markets: its 0.29% expense ratio (annual fee) is below the 0.34% peer average and EEM's 0.72%.
Look elsewhere if
- People seeking the lowest-cost broad emerging-markets fund; IEMG charges 0.09% a year versus EEMO's 0.29%.
- Anyone uneasy with heavy concentration: as of July 31, 2026, South Korea was 44% of assets and the top 10 holdings 41.8%.
- Retirees needing steady income or stable value: its 12-month yield was 1.92% as of October 27, 2026, and its deepest drop was 48.5%.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| EEMO this fund | — | 0.29% | $24.1M | +13.3% | +18.5% |
| EMXC iShares MSCI Emerging Markets ex China ETF | 35% | 0.25% | $24.92B | +27.3% | +24.6% |
| EEM iShares MSCI Emerging Markets ETF | 30% | 0.72% | $31.21B | +12.7% | +20.3% |
| ESGE iShares ESG Aware MSCI EM ETF | 30% | 0.26% | $6.91B | +15.2% | +23.2% |
| IEMG iShares Core MSCI Emerging Markets ETF | 27% | 0.09% | $160.90B | +11.7% | +19.8% |
| DFEM Dimensional Emerging Markets Core Equity 2 … | 21% | 0.39% | $8.96B | +14.6% | +21.4% |
| AVEM Avantis Emerging Markets Equity ETF | 20% | 0.33% | $28.05B | +14.1% | +21.5% |
Questions investors ask
What does EEMO invest in?
EEMO holds emerging-market stocks with the strongest price momentum, as chosen by the S&P Momentum Emerging Plus LargeMidCap Index. As of July 31, 2026, it had 256 holdings, but the top 10 made up 41.8% of assets. The largest were SK hynix (12.9%), Samsung Electronics (9.7%, plus 4.8% in its preferred shares, a separate class of stock), SK Square (3.9%) and Delta Electronics (3.5%). By country, South Korea was 44.2%, Taiwan 13.7%, Brazil 6.9% and China 6.6%.
How has EEMO performed over the long term?
Its long-term record is mixed. As of December 31, 2025, its prospectus shows average annual returns of 11.03% over one year, 1.21% over five years and 6.08% over 10 years. Single years swing widely, from a 45.59% gain in 2017 to an 18.99% loss in 2022. Based on prices through October 27, 2026, it returned 18.5% a year over three years, which ranked 7th of 7 among similar emerging-market funds.
Does EEMO pay dividends?
Yes. EEMO makes quarterly payouts. Over the 12 months to October 27, 2026, it paid $0.39 per share, a yield of 1.92%. The amount depends on dividends from the stocks it owns, so it can vary from one payment to the next. Income isn't the fund's goal: its index picks stocks on price momentum, not dividends, so the yield is a side effect of whatever it holds at the time.
EEMO vs EMXC: what's the difference?
EEMO picks emerging-market stocks by price momentum, while EMXC, the iShares MSCI Emerging Markets ex China ETF, holds emerging-market stocks outside China. Their holdings overlapped by about 35% in their latest SEC holdings reports, the most of any similar fund. EMXC costs less (0.25% versus 0.29%) and is far larger ($24.9 billion versus $24.1 million in mid-2026 filings). It also returned more: 27.4% over one year and 25.9% a year over three years to October 30, 2026, against EEMO's 13.3% and 18.5% to October 27, 2026.
How risky is EEMO?
EEMO has been riskier than the broad market. As of October 27, 2026, its one-year beta, a gauge of how much it moves with the market, was 1.89, so it has tended to swing almost twice as much. Its worst quarter, ending March 31, 2020, was a 34% loss, and it fell 11.9% in the month to October 27, 2026. It is also small, with $24.1 million in net assets as of July 31, 2026, which can mean wider trading spreads, an extra cost each time shares change hands.