At a glance
RSPA charges 0.29% a year, below the 0.32% average of the 2 funds most like it (the cheapest of 3). It has $1.03B in assets, the 2nd largest of that group; it paid 9.21% of its price in distributions over the past 12 months, monthly. Over the past year it returned +13.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 3 funds. Its ten largest positions make up 3.5% of the fund, out of 524 in all.
The short version
Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA) holds the stocks of the S&P 500 Equal Weight Index. It also puts up to 10% of its assets in bank-issued notes built on options strategies, and it keeps a large cash cushion. As of October 27, 2026, its trailing 12-month yield was 9.21%, paid monthly. Its 0.29% expense ratio is below the 0.32% average of two similar option-income funds.
Price history
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RSPA +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 | |
|---|---|---|---|---|---|---|
| RSPA official prospectus, to Dec 31, 2025 | — | +11.09% | — | — | — | +10.10% |
| RSPA price data to Oct 27, 2026 | +12.4% | +13.3% | — | — | — | +12.0% |
- Over the year to Oct 27, 2026, RSPA returned +13.3%, 3rd of 3 among similar funds.
- Its worst full calendar year was 2025 (+11.0%); its best was 2025 (+11.0%).
- The deepest fall in its price history was 15.4% (Nov 29, 2024 to Apr 8, 2025), recovered by Jul 10, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.4% | — |
| 2025 | +11.0% | +11.09% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $4.0900 | |
| 2025 | $4.6600 |
What's inside
As of Jul 31, 2026, the fund held 524 securities; the ten largest made up 3.49% of assets, and 21.44% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Morgan Stanley Bonds and notes | 0.41% | |
| Societe Generale Bonds and notes | 0.38% | |
| Goldman Sachs Group, Inc. (The) Bonds and notes | 0.38% | |
| Societe Generale Bonds and notes | 0.37% | |
| Toronto-Dominion Bank (The) Bonds and notes | 0.35% | |
| Morgan Stanley Bonds and notes | 0.35% | |
| JPMorgan Chase & Co. Bonds and notes | 0.34% | |
| Barclays Bank PLC Bonds and notes | 0.31% | |
| Societe Generale Bonds and notes | 0.30% | |
| Morgan Stanley Bonds and notes | 0.30% | |
| Morgan Stanley Bonds and notes | 0.29% | |
| Canadian Imperial Bank of Commerce Bonds and notes | 0.28% | |
| Canadian Imperial Bank of Commerce Bonds and notes | 0.28% | |
| Goldman Sachs Group, Inc. (The) Bonds and notes | 0.26% | |
| Morgan Stanley Bonds and notes | 0.26% |
By country
United States 72.36%Ireland 2.25%France 1.3%Canada 0.91%Bermuda 0.76%By asset type
Stocks 73.43%Bonds and notes 6%By sector
Sectors of the companies held, for the 48% 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 Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $247.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.31%, +2.16%, +1.27%.
How it works
Most of the fund tracks the S&P 500 Equal Weight Index, which S&P Dow Jones Indices runs. This index holds every company in the S&P 500. The regular S&P 500 weights companies by market value, but this version gives each one the same weight at every quarterly rebalance. As of December 31, 2025, it held 503 stocks, with market values from $5.6 billion to $4.5 trillion. The fund buys all of them in index proportions, a method called full replication, and it may also hold ETFs that track the index. As of July 31, 2026, stocks made up about 73% of assets.
The income comes from equity-linked notes (ELNs), which can take up to 10% of net assets. These are short-term debts issued by banks that pay the fund premiums from options written on the index. A covered call pays a premium but caps gains above a set price. A cash-secured put pays a premium in exchange for agreeing to buy if prices fall. As of July 31, 2026, notes made up 6% of assets. The largest came from Morgan Stanley, Societe Generale, Goldman Sachs, Toronto-Dominion Bank and JPMorgan Chase, each about 0.3% to 0.4%.
Cash, Treasury bills and money market funds, about 21% as of July 31, 2026, help cushion declines. The fund is actively managed. Its managers shift money among the three parts as markets change, and they can use futures and options to hedge. Portfolio turnover was 50%.
What it really costs
- RSPA charges 0.29% a year, versus an average of 0.32% for the similar funds below (1st of 3, cheapest first).
- The fee includes a 0.03% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $30 in the first year and $403 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| RSPA | $30 | $100 | $177 | $403 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
It pays monthly distributions, mostly from option premiums, with a 9.21% trailing yield as of October 27, 2026, while keeping partial stock exposure.
RSPA launched on July 17, 2024, so it has no record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop was 15.4%, from November 29, 2024, to April 8, 2025. It got back to its old high by July 10, 2025, about three months later. A retiree who had to raise cash near that low would have locked in losses. In 2025, its only full calendar year, the fund returned 11.09%. It pays monthly, with a 9.21% trailing yield as of October 27, 2026. Option income is usually taxed as ordinary income. In the SEC's standard example, $10,000 invested costs about $30 in the first year and $403 over ten years. 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 monthly income from large US stocks, with a 9.21% trailing yield as of October 27, 2026.
- People who want every S&P 500 company at equal weight. Its 10 largest positions were just 3.49% of assets as of July 31, 2026.
- Investors willing to give up some upside for smaller swings. One-year volatility was 9.1% and market sensitivity (beta) was 0.48.
Look elsewhere if
- Investors who want full stock-market gains. Options cap the upside, and about 21% of assets sat in cash as of July 31, 2026.
- Those who want a long track record. The fund launched in July 2024 and has no history from the 2008, 2020 or 2022 downturns.
- Taxable investors who want qualified dividends. Income from the fund's options is usually taxed as ordinary income, at higher rates.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Does RSPA pay monthly dividends?
Yes. RSPA pays distributions every month. Over the 12 months to October 27, 2026, it paid $4.88 per share, a trailing yield of 9.21%. Much of that comes from option premiums earned through equity-linked notes, with more from dividends on its stocks and interest on its cash. Option premiums move with the market, so monthly payments can change. Option income is usually taxed as ordinary income rather than as qualified dividends.
Is RSPA good for retirement income?
It may suit some retirees who want monthly income, but there are trade-offs. The trailing yield was 9.21% as of October 27, 2026. The fund's options cap some upside, and its cash holdings hold it back in rising markets. The fund launched in July 2024, so it has a short record. Its deepest drop was 15.4%, from November 2024 to April 2025, and it took about three months to recover.
What's the difference between RSPA and GPIX?
Both are S&P 500 option-income ETFs that charge a 0.29% expense ratio, and their holdings overlap by about 38%. RSPA gives every S&P 500 stock an equal weight. It earns its option income through bank-issued notes, and it keeps a large cash cushion. GPIX is bigger, with $4.72 billion in assets as of June 30, 2026, compared with RSPA's $1.03 billion as of July 31, 2026. In the year to October 27, 2026, GPIX returned 14.7% and RSPA returned 13.3%.
What are equity-linked notes in RSPA?
Equity-linked notes are short-term debts issued by banks. They pay RSPA premiums from options written on the S&P 500 Equal Weight Index or on ETFs that track it, usually covered calls or cash-secured puts. RSPA can put up to 10% of its assets in them. As of July 31, 2026, its largest holdings were notes from Morgan Stanley, Societe Generale and Goldman Sachs. Because the notes are unsecured bank debt, RSPA is exposed to the issuers' credit risk.
What is RSPA's expense ratio?
RSPA's expense ratio is 0.29%, according to the prospectus filed February 26, 2026. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $30 after one year, $100 after three, $177 after five and $403 after ten. That is below the 0.32% average of two similar funds. GPIX charges the same 0.29%, and XYLG charges 0.35%. Money market funds inside RSPA also carry their own small fees.