Invesco S&P 500® High Beta ETF

Invesco S&P 500® High Beta ETF (SPHB) holds the roughly 100 S&P 500 stocks whose prices have swung the most with the market over the past 12 months. The most volatile stocks get the largest weights. That makes it a deliberately amplified bet on US stocks: its beta was 1.89 as of October 27, 2026, so it moved almost twice as much as the market. It charges 0.25% a year.

• Over the year to Oct 27, 2026, SPHB returned +23.7%, 2nd of 9 among similar funds.
• Its 5-year annualized return was +13.8%.
• Its worst full calendar year was 2022 (-20.6%); its best was 2021 (+40.6%).
• The deepest fall in its price history was 31.5% (Nov 8, 2021 to Oct 14, 2022), recovered by Dec 14, 2023.

As of Aug 31, 2026, the fund held 100 securities; the ten largest made up 18.47% of assets. It also reported 5.35% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

By sector

• Over the three months to Aug 31, 2026, investors withdrew a net $87.7M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +3.85%, -10.17%, +4.61%.

SPHB tracks the S&P 500 High Beta Index, which S&P Dow Jones Indices builds and maintains. The index starts with the S&P 500 and picks the roughly 100 members with the highest "beta" over the past 12 months. Beta measures how strongly a stock's price has reacted to market moves. A beta above 1 means the stock has tended to rise and fall more than the market. The S&P 500 weights companies by size. This index weights each stock by its beta instead, so the most volatile stocks get the biggest weights.

Invesco uses "full replication." That means it holds every stock in the index in the index's proportions, and it keeps at least 90% of total assets in those stocks. Weighting by beta spreads money fairly evenly. As of August 31, 2026, the top 10 holdings made up 18.5% of the fund. The largest were Sandisk (2.6%), Coinbase (2.0%), Moderna (2.0%), Micron Technology (1.9%) and Super Micro Computer (1.9%). As of October 31, 2025, company sizes ranged from $8.1 billion to $4.9 trillion, so the fund includes mid-size companies too.

The stock list depends on recent price swings, so it changes as some stocks calm down and others become more volatile. Portfolio turnover was 85% in the latest prospectus. The fund uses no leverage or options. Its August 31, 2026 holdings report showed no derivatives. Sector weights follow the index, and the prospectus flagged significant exposure to information technology as of August 31, 2025.

• SPHB charges 0.25% a year, versus an average of 0.26% for the similar funds below (5th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $26 in the first year and $318 over 10 years (assuming a 5% annual return).

SPHB deliberately holds the most volatile S&P 500 stocks, so it adds extra stock-market swing rather than stability or income.

SPHB could add extra growth potential to a small slice of a portfolio, but its losses run deeper. The price history used here starts June 2, 2020, so it misses the 2008 crisis and the 2020 COVID crash. The prospectus does show a 36.1% loss in the first quarter of 2020. In the 2022 bear market, the fund fell 29.2% between January 4 and June 16, 2022, and took 13 months to recover. Its deepest drop was 31.5%, from November 2021 to October 2022, and it took 14 months to climb back. Its worst calendar year was 2022, at -20.5%. A retiree who has to cash out shares during a stretch like that locks in the losses. Income is small: the yield was 0.53% as of October 27, 2026, paid quarterly. The fund costs 0.25% a year. 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.