Invesco S&P 100 Equal Weight ETF

Invesco S&P 100 Equal Weight ETF (EQWL) tracks the S&P 100 Equal Weight Index. It holds the same roughly 100 blue-chip US companies as the S&P 100, but gives each about the same weight instead of weighting them by size. As of July 31, 2026, no stock was much above 1% of assets, so Microsoft counted about as much as RTX or Abbott. The trade-off is cost: 0.25% a year, against a 0.10% average for similar funds.

• Over the year to Oct 27, 2026, EQWL returned +14.3%, 5th of 9 among similar funds.
• Its 5-year annualized return was +11.9% and its 10-year +14.7%.
• In the 2020 COVID crash it fell 34.2% and regained its old high 5.4 months after the low.
• Its worst full calendar year was 2008 (-33.3%); its best was 2013 (+37.3%).
• The deepest fall in its price history was 49.3% (Oct 12, 2007 to Mar 9, 2009), recovered by Mar 15, 2012.

As of Jul 31, 2026, the fund held 101 securities; the ten largest made up 11.45% of assets.

By sector

• Over the three months to Jul 31, 2026, investors added a net $68.6M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +4.53%, +0.78%, +0.89%.

EQWL tracks the S&P 100 Equal Weight Index, which S&P Dow Jones Indices compiles. That index holds every company in the S&P 100, a list of large US blue-chip companies across many industries. The S&P 100 itself is weighted by market capitalization, the total value of a company's shares, so the biggest companies get the biggest share. The equal-weight version instead gives every company the same weight at each quarterly rebalance. As of June 30, 2026, it had 101 members, ranging from $49.2 billion to $4.8 trillion in market value.

The fund uses "full replication," which means it generally buys every stock in the index in the index's proportions. It must keep at least 80% of net assets in index stocks or similar investments. Between rebalances, weights drift as prices move. Each quarter the fund trims stocks that have risen and adds to those that have lagged. Its portfolio turnover was 23%. As of July 31, 2026, the fund was 99.84% stocks with 0.07% in cash and no derivatives. The 10 largest positions made up 11.45% of the fund, led by RTX at 1.18%.

The fund owns shares directly. It uses no leverage or options. It concentrates in an industry only if the index does. As of July 31, 2026, technology was the largest sector at 17.9%, followed by financials at 16%, health care at 13.7% and industrials at 13.5%.

• EQWL charges 0.25% a year, versus an average of 0.1% for the similar funds below (9th of 9, cheapest first).
• The fee includes a 0.05% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $26 in the first year and $370 over 10 years (assuming a 5% annual return).

It spreads money evenly across about 100 of the largest US companies, so it could serve as a broad large-cap stock position rather than a niche bet.

EQWL could give a retirement portfolio broad exposure to US blue chips without leaning heavily on a few giant companies. It is still a stock fund, though, and it has fallen hard. It dropped about 49% from October 2007 to March 2009 and took about three years from that low to get back to its old peak. It fell 34% in early 2020 and recovered in about five and a half months. In 2022 it fell 23% and needed about 14 months. Its worst calendar year was 2008, down 33%. Selling shares to cover spending in years like those would lock in losses.

Its trailing 12-month yield was 1.56% as of October 27, 2026, paid quarterly. That makes it a modest source of income. In the SEC's standard example, the fund costs $370 over 10 years on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.