At a glance
EQL charges 0.19% a year, below the 0.55% average of the 8 funds most like it (the 4th cheapest of 9). It has $1.38B in assets, the 4th largest of that group; it paid 1.29% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +12.6% with distributions reinvested (S&P 500: +11.5%), 5th of those 8 funds; over three years it returned +19.5% a year. At its worst it fell 35.6% in the 2020 crash (S&P 500: 33.7%) and 19.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 9 months after the lows. Its ten largest positions make up 44.6% of the fund, out of 508 in all.
The short version
Alps Equal Sector Weight ETF (EQL) tracks the VettaFi Modelist Equal Weight Sector 500 Index. The index sorts the 500 largest US stocks into 11 sectors and gives each sector an equal share. That stops technology from dominating the way it does in a standard S&P 500 fund. The trade-offs are a 0.19% annual fee, which is higher than plain S&P 500 funds charge, and returns that trailed the S&P 500 over the 10 years to December 31, 2025.
Price history
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EQL +12.6% 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 | |
|---|---|---|---|---|---|---|
| EQL official prospectus, to Dec 31, 2025 | — | +13.14% | — | +12.20% | +12.20% | — |
| Vetta Fi Modelist Equal Weight Sector 500 Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +13.33% | — | +12.36% | +12.37% | — |
| S&P 500® Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +17.88% | — | +14.42% | +14.82% | — |
| EQL price data to Oct 27, 2026 | +12.8% | +12.6% | +19.5% | +10.1% | +12.7% | +13.5% |
- Over the year to Oct 27, 2026, EQL returned +12.6%, 5th of 8 among similar funds.
- Its 5-year annualized return was +10.1% and its 10-year +12.7%.
- In the 2020 COVID crash it fell 35.6% and regained its old high 5.4 months after the low.
- Its worst full calendar year was 2022 (-10.7%); its best was 2013 (+30.1%).
- The deepest fall in its price history was 35.6% (Feb 19, 2020 to Mar 23, 2020), recovered by Sep 2, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.8% | — |
| 2025 | +13.1% | +13.14% |
| 2024 | +16.4% | +16.32% |
| 2023 | +16.9% | +16.86% |
| 2022 | -10.7% | -10.58% |
| 2021 | +29.3% | +29.27% |
| 2020 | +10.9% | +10.64% |
| 2019 | +27.9% | +27.86% |
| 2018 | -6.1% | -6.01% |
| 2017 | +18.4% | +18.13% |
| 2016 | +11.7% | +13.22% |
| 2015 | -1.5% | — |
| 2014 | +13.1% | — |
| 2013 | +30.1% | — |
| 2012 | +14.4% | — |
| 2011 | +2.6% | — |
| 2010 | +14.8% | — |
| 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 35.6% over that stretch · deepest drop along the way 35.6%, back to its old high 5.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18.5% over that stretch · deepest drop along the way 19.2%, back to its old high 9.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4300 | |
| 2025 | $0.8000 | +7.6% |
| 2024 | $0.7433 | +3.7% |
| 2023 | $0.7167 | +4.9% |
| 2022 | $0.6833 | +10.2% |
| 2021 | $0.6200 | -6.1% |
| 2020 | $0.6600 | +26.9% |
| 2019 | $0.5200 | +2.0% |
| 2018 | $0.5100 | +11.7% |
| 2017 | $0.4567 | +20.9% |
| 2016 | $0.3778 | +0.3% |
| 2015 | $0.3767 | +17.7% |
| 2014 | $0.3200 | +21.5% |
| 2013 | $0.2633 | -4.8% |
| 2012 | $0.2767 | +23.9% |
| 2011 | $0.2233 | +9.8% |
| 2010 | $0.2033 |
What's inside
As of May 31, 2026, the fund held 508 securities; the ten largest made up 44.56% of assets.
| Holding | Weight | |
|---|---|---|
| Technology Select Sector SPDR Fund | 6.11% | |
| Industrial Select Sector SPDR Fund | 4.64% | |
| Real Estate Select Sector SPDR Fund | 4.63% | |
| Materials Select Sector SPDR Fund | 4.59% | |
| Consumer Discretionary Select Sector SPDR Fund | 4.55% | |
| Consumer Staples Select Sector SPDR Fund | 4.19% | |
| Communication Services Select Sector SPDR Fund | 4.04% | |
| Energy Select Sector SPDR Fund | 3.99% | |
| Utilities Select Sector SPDR Fund | 3.93% | |
| Health Care Select Sector SPDR Fund | 3.88% | |
| Financial Select Sector SPDR Fund | 3.63% | |
| Alphabet Inc | 2.91% | |
| Amazon.com Inc | 2.03% | |
| Exxon Mobil Corp | 1.27% | |
| Nvidia Corp | 1.16% |
By country
United States 97.5%Ireland 1.75%Curaçao 0.17%Switzerland 0.14%Jersey 0.08%By asset type
Stocks 99.91%By sector
Sectors of the companies held, for the 45.2% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of May 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to May 31, 2026, investors added a net $710.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -4.50%, +5.45%, +0.90%.
How it works
EQL follows the VettaFi Modelist Equal Weight Sector 500 Index. The index starts with the 500 largest US stocks. It sorts them into the 11 sectors of the Global Industry Classification Standard (GICS), a common system for grouping companies by business, from technology and health care to utilities and real estate. Each sector gets the same weight. Inside each sector, stocks are weighted by float-adjusted market value, meaning the value of shares available to trade. So Exxon Mobil carries a large part of the energy slice, but energy as a whole counts as much as technology.
The index is reconstituted and rebalanced quarterly. It uses data from the last trading day of the month before each quarter ends. Rebalancing trims sectors that have risen and tops up those that have lagged. The fund is passively managed, so it won't sell a struggling company unless the index drops it. It normally keeps at least 80% of net assets in index securities. Portfolio turnover was 10%.
As of May 31, 2026, the fund had 508 holdings. About 48% of assets sat in the 11 Select Sector SPDR ETFs, each of which holds one sector. The largest was the Technology Select Sector SPDR Fund at 6.1%. The rest was in individual stocks such as Alphabet (2.9%) and Amazon (2.0%).
What it really costs
- EQL charges 0.19% a year, versus an average of 0.55% for the similar funds below (4th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $19 in the first year and $243 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EQL | $19 | $61 | $107 | $243 |
In a retirement portfolio
It offers broad, low-cost exposure to 500 large US companies, split evenly across all 11 sectors, which can serve as the main US stock position.
EQL could anchor the US stock part of a portfolio. It spreads money evenly across 11 sectors instead of leaning on a few technology giants. It is almost entirely stocks, though, and it fell hard in sell-offs. In the 2020 COVID crash it dropped 35.6% from February 19 to March 23, then recovered by September 2. In 2022 it fell 19.2% from its March peak to its October low and did not recover until July 25, 2023. Its worst calendar year was 2022, at −10.58%. It launched in July 2009, so its record does not include the 2008 crisis.
Selling shares to cover spending in years like these would have meant selling low. Income is modest: the trailing yield was 1.29% as of October 27, 2026, paid quarterly. The 0.19% fee comes to about $19 in the first year on $10,000. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want the 500 largest US companies but are wary of technology's heavy weight in cap-weighted S&P 500 funds.
- Long-term holders who like an automatic quarterly rebalance that trims leading sectors and adds to lagging ones.
- Cost-conscious buyers of sector-balanced funds: EQL charges 0.19%, versus 0.70% to 1.05% for sector-rotation ETFs such as XLSR, SSUS and PSTR.
Look elsewhere if
- Investors focused on the lowest cost: SPDR Portfolio S&P 500 ETF (SPYM) charges 0.02% a year, versus EQL's 0.19%.
- Those hoping to match the S&P 500: EQL returned 12.2% a year over 10 years to December 31, 2025, versus 14.82% for the index.
- Retirees who need meaningful income: the trailing yield was 1.29% as of October 27, 2026, paid quarterly.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| EQL this fund | — | 0.19% | $1.38B | +12.6% | +19.5% |
| SSUS Day Hagan/Ned Davis Research Smart Sector E… | 48% | 0.8% | $564.3M | +15.1% | +20.9% |
| PSTR Peakshares Sector Rotation ETF | 47% | 1.05% | $67.3M | +14.1% | — |
| SPYM SPDR Portfolio S&P 500 ETF | 41% | 0.02% | $153.92B | +11.5% | +22.0% |
| EDGU 3EDGE Dynamic US Equity ETF | 36% | 0.84% | $153.6M | +10.9% | — |
| TACK Fairlead Tactical Sector ETF | 36% | 0.73% | $297.7M | — | — |
| SPYV SPDR Portfolio S&P 500 Value ETF | 36% | 0.04% | $35.30B | +16.8% | +17.8% |
| IVE iShares S&P 500 Value ETF | 36% | 0.18% | $47.74B | +16.7% | +17.7% |
Questions investors ask
What does EQL invest in?
EQL holds large US stocks from the VettaFi Modelist Equal Weight Sector 500 Index, with each of 11 sectors given equal weight. As of May 31, 2026, it had 508 holdings. About 48% of assets were in the 11 Select Sector SPDR ETFs, led by the Technology Select Sector SPDR Fund at 6.1%. The rest was in individual stocks. The largest were Alphabet (2.9%), Amazon (2.0%), Exxon Mobil (1.3%) and Nvidia (1.2%).
What's the difference between EQL and SPYM?
The main difference is weighting. SPDR Portfolio S&P 500 ETF (SPYM) weights stocks by company size, so the biggest companies drive much of its return. EQL gives each of 11 sectors an equal share. SPYM is cheaper, at 0.02% a year versus EQL's 0.19%. It also did better over the three years to late October 2026, returning 24.9% a year against EQL's 19.5%. EQL's one-year beta of 0.56 means it moved about half as much as the market.
Does EQL pay dividends?
Yes, EQL pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $0.67 per share, a trailing yield of 1.29%. That is modest because the fund holds a broad mix of large US companies rather than choosing stocks for their dividends. Funds built around dividend-paying stocks may be worth comparing for anyone who needs more income. Keep in mind that companies can cut their dividends.
What is EQL's expense ratio?
EQL's expense ratio is 0.19% a year, all of it management fee, according to the prospectus filed May 29, 2026. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, costs come to about $19 after one year, $107 after five years and $243 after ten. That is below the 0.55% average for its group of similar funds, but well above plain S&P 500 funds such as SPYM at 0.02%.
How has EQL performed compared with the S&P 500?
EQL has lagged the S&P 500. According to its prospectus, it returned 13.14% in 2025 and 12.2% a year over both five and ten years through December 31, 2025. Over the same periods, the S&P 500 returned 17.88%, 14.42% and 14.82%. Giving every sector an equal weight means the fund holds less of whichever sector is leading. So when the largest companies drive the market, it tends to trail. Its worst calendar year was 2022, at −10.58%.