Invesco S&P 500® Momentum ETF

Invesco S&P 500® Momentum ETF (SPMO) tracks the S&P 500 Momentum Index. That gives investors a way to own the roughly 100 S&P 500 stocks with the strongest volatility-adjusted price gains over about the past year. It costs 0.13% a year, slightly below the 0.15% charged by iShares' MTUM. The catch is concentration: as of May 31, 2026, its 10 largest positions, led by Micron, NVIDIA and Broadcom, made up about 53% of assets.

• Over the year to Nov 2, 2026, SPMO returned +9.7%, 2nd of 9 among similar funds.
• Its 5-year annualized return was +16.6%.
• Its worst full calendar year was 2022 (-10.5%); its best was 2024 (+45.8%).
• The deepest fall in its price history was 22.7% (Jan 4, 2022 to Sep 26, 2022), recovered by Dec 13, 2023.

As of Aug 31, 2026, the fund held 99 securities; the ten largest made up 51.67% of assets.

By sector

• Over the three months to Aug 31, 2026, investors added a net $2.90B (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +7.50%, -11.04%, +2.27%.

SPMO tracks the S&P 500 Momentum Index, which S&P Dow Jones Indices maintains. Momentum is the tendency of recent winners to keep outperforming for a while. The index scores each S&P 500 stock on its price change over the past 12 months, leaving out the latest month. It then adjusts that score for volatility, meaning how sharply the price swings. Roughly 100 top scorers make the cut. As of October 31, 2025, the index had 99 stocks, ranging from $10.7 billion to $4.9 trillion in market value.

Each stock's weight comes from multiplying its market capitalization (the total value of its shares) by its momentum score. There are limits on single stocks and sectors. Large companies with high scores end up with the biggest weights. As of May 31, 2026, Micron was 10.7% of the fund, NVIDIA 8.5% and Broadcom 7.6%. Invesco uses full replication, which means it holds essentially every stock in the index, each at its index weight.

The fund is “non-diversified,” so it can put more money into a few companies than a typical fund can. It does not use leverage, and its May 31, 2026 holdings report showed no derivatives. It changes holdings only when the index does, so a stock that has lost momentum stays in the fund until the index drops it. Portfolio turnover, the share of holdings replaced over a year, was 44%, according to the December 2025 prospectus.

• SPMO charges 0.13% a year, versus an average of 0.14% for the similar funds below (4th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $13 in the first year and $166 over 10 years (assuming a 5% annual return).

With about 100 stocks, a heavy tilt toward technology and a 1-year beta of 1.53 as of October 29, 2026 (it tended to move about 1.5 times as much as the market), it fits better as a smaller holding beside a core fund than as the core itself.

SPMO could add a low-cost tilt toward the S&P 500's strongest recent performers. In the SEC's standard example ($10,000 invested, 5% yearly return), costs would total $13 after one year and $166 after 10 years. Income is minor: the trailing 12-month yield was 0.77% as of October 29, 2026, paid quarterly.

The fund launched in 2015, so it has no 2008 record. It returned 28.17% in calendar 2020, the year of the COVID crash. In the 2022 downturn it fell 22.7% from its January peak to its September low, its deepest drop in price history going back to June 2020. It recovered about 15 months after that low, in December 2023. Its worst calendar year was 2022, a 10.63% loss. Withdrawals during a slump like that mean cashing out at low prices. 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.