Invesco S&P 500® Top 50 ETF

Invesco S&P 500 Top 50 ETF (XLG) holds the 50 largest companies in the S&P 500 and gives the biggest ones the largest weights, so a few tech giants dominate. As of July 31, 2026, NVIDIA, Apple and Microsoft made up about 32% of the fund, and the top 10 holdings about 60%. Its 0.20% annual fee matches the iShares S&P 100 ETF (OEF) but is well above the 0.04% charged by Vanguard Large Cap ETF (VV).

• Over the year to Oct 27, 2026, XLG returned +6.9%, 5th of 9 among similar funds.
• Its 5-year annualized return was +13.5%.
• Its worst full calendar year was 2022 (-24.3%); its best was 2023 (+38.2%).
• The deepest fall in its price history was 28% (Jan 3, 2022 to Oct 12, 2022), recovered by Nov 20, 2023.

As of Jul 31, 2026, the fund held 51 securities; the ten largest made up 60.12% of assets.

By sector

• Over the three months to Jul 31, 2026, investors withdrew a net $158.8M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +5.68%, -4.62%, -0.86%.

XLG tracks the S&P 500 Top 50 Index, which S&P Dow Jones Indices builds and maintains. The index takes the 50 largest companies in the S&P 500 by float-adjusted market capitalization. That is a company's stock market value counting only the shares the public can actually trade. The index weights its companies the same way, so the biggest companies get the biggest slices. As of June 30, 2026, the index had 51 constituents worth between $177 billion and $4.8 trillion each.

The fund uses "full replication": it generally buys every stock in the index in the same proportions. It must keep at least 80% of its net assets in the index's stocks or in investments that behave like them. It does not try to beat the index. It buys or sells a stock mainly when the index adds or removes it, even if that stock is lagging. Portfolio turnover, the share of holdings replaced in a year, was 6%, which is low.

The fund is "non-diversified." That means it may put more money into a single company than a diversified fund can. As of July 31, 2026, NVIDIA alone was 12.1% of assets, and technology stocks made up 48.2%. The fund held no derivatives, and cash was 0.03%. Shares trade on an exchange, so their price can drift a little above or below the value of the underlying holdings.

• XLG charges 0.2% a year, versus an average of 0.16% for the similar funds below (5th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $20 in the first year and $255 over 10 years (assuming a 5% annual return).

With only about 50 stocks, about 60% of assets in its top 10 holdings and nearly half in technology, XLG is a concentrated bet on mega-cap stocks rather than a broad core fund.

XLG could add extra weight in the largest US companies alongside a broader stock fund. In the 2022 bear market it fell 28% from January 3 to October 12, 2022. It took about 13 months, until November 20, 2023, to get back to its old high. Its worst calendar year in the prospectus record was 2022, at -24.25%. The price history behind these figures starts in June 2020, so it doesn't show how the fund did in the 2008 crisis or the 2020 crash. A retiree who had to sell shares in late 2022 would have locked in those losses. Income is small: the trailing yield was 0.63% as of October 27, 2026, paid quarterly. In the SEC's standard example, the 0.20% fee costs $255 over 10 years on $10,000. 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.