What Is the SPMO ETF? A Complete Guide to Returns, Expense Ratio, Holdings, and Alternative ETFs
The Invesco S&P 500 Momentum ETF (SPMO) is a momentum factor strategy that selects large-cap stocks with strong recent price trends and concentrates exposure in them. Differences in fees, dividends, and strategy versus other ETFs such as MTUM are the key selection criteria.
SubscribeWhat Is the Invesco S&P 500 Momentum ETF?
This is a factor ETF that tracks the S&P 500 Momentum Index. It calculates momentum scores for S&P 500 stocks with relatively strong recent price trends, selects the top momentum names, and holds them at weights that combine momentum and size.
It suits investors who want trend-following factor exposure within US large caps and are willing to tolerate volatility.
It is a passive (index-tracking) ETF managed by Invesco.
How Does the Invesco S&P 500 Momentum ETF Invest?
| Item | Details |
|---|---|
| Tracked Index | S&P 500 Momentum Index |
| Management Style | Passive (index-tracking) |
| Rebalancing Frequency | Semiannual |
| Dividend Frequency | Quarterly |
| Issuer | Invesco |
| Total Expense Ratio | 0.13% |
The fund scores the recent price momentum of S&P 500 stocks, selects the top-ranked names, and assigns weights by combining each stock's momentum score with its size. Because the holdings are reconstituted semiannually to reflect trends, constituents rotate in and out as market trends shift.
- Stock selection based on the momentum factor
- Large-cap concentration within the S&P 500 universe
Invesco S&P 500 Momentum ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $21.6B, and the total expense ratio is 0.13% per year.
The fee level may be somewhat higher than that of core ETFs, but it is competitive within the single-factor ETF category.
Invesco S&P 500 Momentum ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeBy the nature of the momentum strategy, the fund tends to show relatively strong performance in bull markets, while volatility can increase during trend reversals. Returns vary with market conditions and the timing of rebalancing.
Fund flows follow demand for factor investing, and interest in momentum strategies tends to grow when risk appetite rises. During volatile markets, turnover can occur as trending stocks are replaced.
Invesco S&P 500 Momentum ETF Pros and Cons
Its strength is a factor strategy with concentrated exposure to stocks with strong trends, while its weaknesses are volatility during trend reversals and stock concentration.
💪 Key Strengths
⚠️ Points to Watch
Invesco S&P 500 Momentum ETF Alternative ETFs and Related Products
MTUM, shown in the table, tracks the momentum factor across the broader US market and is a direct comparison. XMMO and XSMO offer mid-cap and small-cap momentum respectively, differing in market capitalization range. JMOM and USVM also belong to a similar group of factor strategies. Among alternatives outside the table, reviewing other factor ETFs alongside it can help with strategy comparison, such as the equal-weighted core fund RSP, the low-volatility factor fund SPLV, and the high-beta factor fund SPHB.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 MTUM | iShares MSCI USA Momentum Factor ETF | $294.56 | +1.8% | $18.1B | 0.15% | 0.63% | +15.3% |
 XMMO | Invesco S&P MidCap Momentum ETF | $137.03 | +1.6% | $6.5B | 0.34% | 0.72% | -0.3% |
 XSMO | Invesco S&P SmallCap Momentum ETF | $79.86 | +1.6% | $2.7B | 0.35% | 0.64% | +7.9% |
 JMOM | JPMorgan U.S. Momentum Factor ETF | $80.64 | +1.6% | $2.7B | 0.12% | 0.77% | +17.3% |
 VFMO | Vanguard U.S. Momentum Factor ETF | $219.20 | +1.3% | $1.9B | 0.13% | 0.62% | +11.1% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
| MU | Micron Technology Inc | 0.11% | $903.70 | +3.0% | $1.02T | 12.2 | 0.08% |
| AVGO | Broadcom Inc | 0.17% | $329.17 | +2.3% | $1.57T | 42.0 | 0.79% |
| NVDA | NVIDIA Corp | 0.17% | $216.00 | +2.4% | $5.21T | 27.3 | 0.36% |
| META | Meta Platforms Inc | 0.08% | $630.56 | -1.9% | $1.61T | 21.5 | 0.3% |
| JPM | JPMorgan Chase & Co | 0.05% | $334.04 | +0.7% | $887.9B | 14.0 | 1.91% |
| GOOG | Alphabet Inc | 0.05% | $314.19 | -1.0% | $3.84T | 15.8 | 0.26% |
| AMD | Advanced Micro Devices Inc | 0.04% | $531.28 | +2.8% | $867.3B | 136.3 | - |
| WMT | Walmart Inc | 0.04% | $120.29 | +0.3% | $954.4B | 43.6 | 0.83% |
Invesco S&P 500 Momentum ETF Investor Checkpoints
Here are the points to review before investing in SPMO. Because it is a momentum factor ETF, it is wise to thoroughly check in advance the characteristics of a trend-following strategy, volatility during trend reversals, the cost structure, and stock concentration.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense Ratio | Check the impact of cumulative costs over a long holding period | Annual fee applies |
| 📈 Strategy Understanding | Check the trend-following nature of the momentum factor | Trend-dependent |
| 📊 Concentration | Check the trend in top-holding and sector skew | Relatively high concentration |
| 💱 Exchange Rate | Check the impact on returns converted to won | No currency hedge |
Momentum strategies work well when market trends are strong, but volatility and losses can grow during trend reversals. Volatility from concentration in a small number of stocks should also be considered.
It is a suitable choice for investors who want trend-following factor exposure within US large caps. If broad core exposure is the priority, consider alternatives such as RSP, and if you want factor diversification, consider combining it with other factor ETFs.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 21, 2026.
Today's 5 AI picks, all free