Invesco S&P 500 GARP ETF

Invesco S&P 500 GARP ETF (SPGP) tracks the S&P 500 GARP Index. That index holds about 75 S&P 500 stocks picked for fast earnings and sales growth, then screened for quality and value. GARP stands for "growth at a reasonable price." The fund weights stocks by growth score, not company size. Its 0.34% expense ratio is far above the 0.03% charged by big S&P 500 funds, and it shares only about 18% of their holdings.

• Over the year to Oct 27, 2026, SPGP returned +7.4%, 6th of 7 among similar funds.
• Its 5-year annualized return was +7.4% and its 10-year +15.1%.
• In the 2020 COVID crash it fell 41.8% and regained its old high 7.5 months after the low.
• Its worst full calendar year was 2022 (-13.8%); its best was 2019 (+39.2%).
• The deepest fall in its price history was 42.1% (Feb 13, 2020 to Mar 23, 2020), recovered by Nov 5, 2020.

As of Jul 31, 2026, the fund held 75 securities; the ten largest made up 19.68% of assets.

By sector

• Over the three months to Jul 31, 2026, investors withdrew a net $80.4M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +2.69%, +2.06%, +2.40%.

S&P Dow Jones Indices builds the index from the S&P 500 in two steps. First, it gives each stock a growth score. That score averages two measures: three-year growth in earnings per share and three-year growth in sales per share. The 150 stocks with the highest scores stay in the running.

Next, those 150 stocks get a quality/value score. It averages three measures: debt compared with book value, return on equity (profit compared with shareholders' equity) and earnings compared with share price. The top 75 make the index. Stocks are weighted by growth score, not by company size. Each stock must make up at least 0.05% and at most 5%, and no sector can pass 40%. The result is close to equal weighting. As of July 31, 2026, NVIDIA was 2.1% of the fund, about the same as Cincinnati Financial at 2.1%. The 10 largest positions made up about 19.7%.

The fund uses full replication, which means it owns every stock in the index at its index weight. It held no derivatives as of July 31, 2026. Holdings change often: portfolio turnover was 90% in the latest year reported in the prospectus. As of April 30, 2026, the prospectus noted significant exposure to financials. The fund could also become "non-diversified" under federal fund rules if index weights shift. That would allow larger bets on a few companies.

• SPGP charges 0.34% a year, versus an average of 0.07% for the similar funds below (7th of 7, cheapest first).
• Of that, 0.29% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $35 in the first year and $431 over 10 years (assuming a 5% annual return).

It is a concentrated, high-turnover factor strategy of about 75 stocks that has fallen more than 40% in a crash, so it fits beside a broad core fund rather than replacing one.

SPGP could add a growth-plus-value tilt next to a broad stock fund, but it has dropped sharply in sell-offs. In the 2020 COVID crash it fell 41.8% between February 19 and March 23, 2020, and took about 7.5 months to recover. In the 2022 bear market it fell 21.9% and needed about 9.8 months to get back to its peak, which it reached on July 25, 2023. Its worst calendar year was 2022, at −13.8%. The fund launched in June 2011, so it has no 2008 record. Anyone drawing money in a year like 2020 might have had to cash out shares near the bottom. It is not an income fund: the trailing yield was 0.78% as of October 27, 2026, paid quarterly. In the SEC's standard $10,000 example, costs come to $431 over 10 years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).