Invesco S&P 500 Equal Weight Financials ETF

Invesco S&P 500 Equal Weight Financials ETF (RSPF) tracks the S&P 500 Equal Weight Financials Index. At every quarterly rebalance, it gives each S&P 500 financial company the same weight, whether it is a bank, an insurer, a broker or a payment firm. So a smaller insurer counts as much as the largest bank. The trade-off is cost: its 0.40% expense ratio is well above the 0.08% to 0.09% that XLF, VFH and FNCL charge.

• Over the year to Oct 27, 2026, RSPF returned +7.7%, 6th of 9 among similar funds.
• Its worst full calendar year was 2025 (+10.2%); its best was 2024 (+25.8%).
• The deepest fall in its price history was 18.3% (Nov 29, 2024 to Apr 8, 2025), recovered by Jul 3, 2025.

As of Jul 31, 2026, the fund held 76 securities; the ten largest made up 14.94% of assets. It also reported 3.36% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

By sector

• Over the three months to Jul 31, 2026, investors added a net $1.3M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -0.68%, +3.19%, +7.24%.

RSPF is an index fund. It tracks the S&P 500 Equal Weight Financials Index, which S&P Dow Jones Indices builds and maintains. The index starts with the S&P 500 and keeps every company in the financials sector under the Global Industry Classification Standard (GICS), a common system for sorting companies into sectors. That covers banks, consumer lenders, capital markets firms, insurers, exchanges and data companies, and mortgage real estate investment trusts. As of June 30, 2026, the index had 77 companies, worth from $6.5 billion to $877 billion.

The S&P 500 weights companies by market value, so the biggest ones dominate. This index gives every company the same weight at each quarterly rebalance. Between rebalances, the weights drift as prices move. At each rebalance, the fund trims the stocks that have risen and adds to those that have lagged. As of July 31, 2026, the fund held 76 stocks, and its top 10 made up just 14.94%. The largest was PayPal at 1.69%, followed by Global Payments, Willis Towers Watson, Travelers and Block. Equal weighting puts more money into smaller companies than a market-value approach would, and the prospectus flags the extra risk of mid-sized companies.

The fund uses "full replication," which means it generally buys every stock in the index. It must keep at least 80% of its net assets in index stocks or similar investments. It doesn't use leverage or options, and it held no derivatives as of July 31, 2026. Portfolio turnover was 24%.

• RSPF charges 0.4% a year, versus an average of 0.3% for the similar funds below (7th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $41 in the first year and $505 over 10 years (assuming a 5% annual return).

It holds only financial stocks, so it can add a sector tilt around a broader core but carries concentrated risk.

RSPF adds an evenly spread slice of US financial companies, but as a single-sector stock fund it can swing sharply. It lost 32.33% in the first quarter of 2020, though it ended that year up 5.45%. It fell 10.59% in 2022 and 15.62% in 2018, its weakest year from 2016 to 2025. The prospectus record doesn't cover 2008. Price data starts in June 2023. In that period, its deepest drop was 18.3%, from November 29, 2024, to April 8, 2025, and it recovered by July 3, 2025, roughly three months later. Selling shares during a slump like that locks in losses. Income is modest: the trailing yield was 1.54% as of October 27, 2026, paid quarterly. The SEC's $10,000 example shows costs of $41 after one year and $505 after ten. 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.