Invesco S&P 500 Revenue ETF

Invesco S&P 500 Revenue ETF (RWL) holds the companies in the S&P 500, but it sizes each one by its sales over the last four quarters rather than by its stock market value. That puts high-revenue businesses such as Amazon, Walmart, UnitedHealth and CVS Health at the top as of May 31, 2026, and gives less weight to companies whose share prices are high compared with their sales. The trade-off is cost: 0.39% a year, against 0.03% for iShares Core S&P 500 ETF (IVV).

• Over the year to Oct 27, 2026, RWL returned +20.2%, 4th of 9 among similar funds.
• Its 5-year annualized return was +13.7% and its 10-year +14.5%.
• In the 2020 COVID crash it fell 35.8% and regained its old high 7.6 months after the low.
• Its worst full calendar year was 2018 (-7.8%); its best was 2013 (+38.0%).
• The deepest fall in its price history was 54.9% (May 15, 2008 to Mar 9, 2009), recovered by Feb 11, 2011.

As of May 31, 2026, the fund held 502 securities; the ten largest made up 23.71% of assets.

By sector

• Over the three months to May 31, 2026, investors added a net $394.4M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -4.81%, +7.78%, +2.78%.

The fund tracks the S&P 500 Revenue-Weighted Index, which S&P Dow Jones Indices builds and maintains. It starts with the S&P 500, a list of about 500 large US companies, and keeps those that report positive revenue. As of October 31, 2025, the index had 504 constituents, with market values from $5.7 billion to $4.9 trillion.

The difference is in the weighting. A standard S&P 500 fund sizes each company by its market capitalization, meaning the total value of its shares available to trade. This index instead gives each company a weight equal to its revenue over the trailing four quarters divided by the combined revenue of all constituents, with no company allowed above 5%. As of May 31, 2026, the largest holdings were Amazon (4.5%), Walmart (3.3%), UnitedHealth (2.9%), Apple (2.6%) and CVS Health (2.4%). The top ten made up 23.7% of the fund. Health care was the largest sector at 17.8%, ahead of financials (13.7%) and technology (13.6%).

Invesco uses full replication: it holds all the index stocks in the same proportions, and puts at least 90% of its assets in them. It doesn't try to beat the index, so it keeps a lagging stock unless the index drops it. When the index reweights, the fund trades to match. Portfolio turnover was 20%. The fund holds no derivatives and uses no leverage or options.

• RWL charges 0.39% a year, versus an average of 0.12% for the similar funds below (9th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $40 in the first year and $493 over 10 years (assuming a 5% annual return).

It holds the full list of S&P 500 companies, sized by sales instead of market value, so it can serve as a broad US stock holding with a different tilt.

RWL gives broad exposure to US large companies, with more weight in retailers, health insurers and drug distributors than a standard S&P 500 fund has. It is still 100% stocks and has fallen hard. Its deepest drop was 54.9%, from May 2008 to March 2009. It took until February 2011, about 23 months, to recover. In the 2020 COVID crash it fell 35.8% and recovered in about 7.6 months. In 2022 it fell 17.5% and took about 9.3 months. Selling shares during such stretches would lock in losses.

Income is modest: a trailing yield of 1.2% as of October 27, 2026, paid quarterly. On $10,000, the SEC's standard example shows costs of $40 after one year and $493 after ten, well above the cheapest S&P 500 funds. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

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