Invesco S&P 500 Quality ETF (SPHQ)

Market Price (9/21/2026): $84.7

Invesco S&P 500 Quality ETF (SPHQ)

Market Price (9/21/2026): $84.7

Key Takeaways

SPHQ has returned +12.3% YTD vs +12.3% for SPY; +15.5% over the past 12 months (SPY +15.7%). details →
Priced in gold, SPHQ has returned -25.1% over the past 3 years, vs +72.6% in dollars — its dollar gains have lagged gold. details →
Over the past month, SPHQ has seen net outflows of −$31M (−0.2% of assets). details →
SPHQ's portfolio trades at 19.8x forward earnings — a 168% premium to SPY (7.4x). details →
Analysts expect +7% revenue growth across SPHQ's holdings (next fiscal year) vs +13% for SPY; expected earnings growth: +10% vs +18%. details →

Last updated: 9/20/2026.

Price Chart

ETF Price
Price/Gold

Asset Allocation with SPHQ

Risk Tolerance:

ConservativeModerateAggressive

Moderate — 55% equity / 25% bonds / 20% alternatives

10Y Return (ann.)

+11.3%

Volatility

10.5%

Sharpe

0.81

YTD

+8.6%

Modeled with monthly rebalancing to target weights; 10-year figures are annualized from monthly returns. Illustrative only — past performance is not indicative of future results.

	ETF	%	1D	1W	1M	YTD
Equity	SPHQ	25.0%	0.6%	-0.8%	-2.5%	12.3%
Bond	BND	50.0%	-0.4%	-0.0%	-1.5%	-1.3%
Gold	GLD	10.0%	0.7%	0.6%	-3.1%	1.2%
Commodity	DBC	2.5%	-0.4%	-0.7%	7.1%	47.3%
Real Estate	VNQ	5.0%	-1.0%	-2.0%	-5.8%	7.1%
Bitcoin	BTCUSD	0.0%	5.9%	4.8%	16.8%	-7.6%
Cash	GOVT	7.5%	-0.4%	-0.1%	-1.8%	-1.9%
Conservative Portfolio		100.0%	-0.1%	-0.3%	-1.9%	3.9%

	ETF	%	1D	1W	1M	YTD
Equity	SPHQ	55.0%	0.6%	-0.8%	-2.5%	12.3%
Bond	BND	25.0%	-0.4%	-0.0%	-1.5%	-1.3%
Gold	GLD	7.0%	0.7%	0.6%	-3.1%	1.2%
Commodity	DBC	4.0%	-0.4%	-0.7%	7.1%	47.3%
Real Estate	VNQ	5.0%	-1.0%	-2.0%	-5.8%	7.1%
Bitcoin	BTCUSD	2.0%	5.9%	4.8%	16.8%	-7.6%
Cash	GOVT	2.0%	-0.4%	-0.1%	-1.8%	-1.9%
Moderate Portfolio		100.0%	0.3%	-0.4%	-1.7%	8.6%

	ETF	%	1D	1W	1M	YTD
Equity	SPHQ	80.0%	0.6%	-0.8%	-2.5%	12.3%
Bond	BND	5.0%	-0.4%	-0.0%	-1.5%	-1.3%
Gold	GLD	3.0%	0.7%	0.6%	-3.1%	1.2%
Commodity	DBC	2.2%	-0.4%	-0.7%	7.1%	47.3%
Real Estate	VNQ	4.5%	-1.0%	-2.0%	-5.8%	7.1%
Bitcoin	BTCUSD	5.2%	5.9%	4.8%	16.8%	-7.6%
Cash	GOVT	0.0%	-0.4%	-0.1%	-1.8%	-1.9%
Aggressive Portfolio		100.0%	0.7%	-0.4%	-1.4%	10.8%

	ETF	%	Return	Volatility	Sharpe
Equity	SPHQ	25.0%	14.4%	14.9%	0.78
Bond	BND	50.0%	1.3%	5.2%	-0.27
Gold	GLD	10.0%	12.1%	15.3%	0.63
Commodity	DBC	2.5%	8.3%	17.3%	0.39
Real Estate	VNQ	5.0%	4.4%	17.6%	0.16
Bitcoin	BTCUSD	0.0%	62.6%	76.3%	0.95
Cash	GOVT	7.5%	0.3%	4.9%	-0.48
Conservative Portfolio		100.0%	6.0%	7.0%	0.47

	ETF	%	Return	Volatility	Sharpe
Equity	SPHQ	55.0%	14.4%	14.9%	0.78
Bond	BND	25.0%	1.3%	5.2%	-0.27
Gold	GLD	7.0%	12.1%	15.3%	0.63
Commodity	DBC	4.0%	8.3%	17.3%	0.39
Real Estate	VNQ	5.0%	4.4%	17.6%	0.16
Bitcoin	BTCUSD	2.0%	62.6%	76.3%	0.95
Cash	GOVT	2.0%	0.3%	4.9%	-0.48
Moderate Portfolio		100.0%	11.3%	10.5%	0.81

	ETF	%	Return	Volatility	Sharpe
Equity	SPHQ	80.0%	14.4%	14.9%	0.78
Bond	BND	5.0%	1.3%	5.2%	-0.27
Gold	GLD	3.0%	12.1%	15.3%	0.63
Commodity	DBC	2.2%	8.3%	17.3%	0.39
Real Estate	VNQ	4.5%	4.4%	17.6%	0.16
Bitcoin	BTCUSD	5.2%	62.6%	76.3%	0.95
Cash	GOVT	0.0%	0.3%	4.9%	-0.48
Aggressive Portfolio		100.0%	16.5%	14.4%	0.94

Figures are on an annualized basis, based on monthly return data for the last 10 years

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	SPHQ	25.0%	-23.3%	-28.3%	-20.0%
Bond	BND	50.0%	-14.2%	-2.2%	1.3%
Gold	GLD	10.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	2.5%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	5.0%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	0.0%	-56.0%	-33.5%	-37.4%
Cash	GOVT	7.5%	-12.4%	4.4%	1.6%
Conservative Portfolio		100.0%	-15.6%	-11.2%	-4.7%

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	SPHQ	55.0%	-23.3%	-28.3%	-20.0%
Bond	BND	25.0%	-14.2%	-2.2%	1.3%
Gold	GLD	7.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	4.0%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	5.0%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	2.0%	-56.0%	-33.5%	-37.4%
Cash	GOVT	2.0%	-12.4%	4.4%	1.6%
Moderate Portfolio		100.0%	-18.9%	-20.2%	-12.3%

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	SPHQ	80.0%	-23.3%	-28.3%	-20.0%
Bond	BND	5.0%	-14.2%	-2.2%	1.3%
Gold	GLD	3.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	2.2%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	4.5%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	5.2%	-56.0%	-33.5%	-37.4%
Cash	GOVT	0.0%	-12.4%	4.4%	1.6%
Aggressive Portfolio		100.0%	-23.4%	-27.1%	-18.7%

The table shows the return of different asset classes during market crises - specifically during the period where the S&P fell and bottomed

Learn More →

Tailored Asset Allocation
[1] Personalized 5 Level Risk Tolerance Assessment
[2] Asset Allocation for My Risk Tolerance

Learn More →

Protect Wealth
[1] Defensive Portfolios
[2] Tax-Efficient Strategies

Valuation & Yield

	Forward [4,5]	Now	Historical (CYE & TTM)
	9/30/27	9/21/26	2025	2024	2023	2022	2021
Share Price CYE		$83.93	$74.77	$66.02	$52.63	$42.16	$50.05
Dividend/Share TTM		$0.73	$0.81	$0.77	$0.77	$0.81	$0.63
Valuation [1]
P/S	4.15	4.74	4.48	4.14	3.86	3.04	4.27
P/E		26.27	28.47	30.05	26.73	23.26	30.09
P/E (Non-GAAP) [2]	21.85	24.27	26.44	27.73	26.34	24.30	33.79
P/FCF		26.09	27.62	29.02	25.48	24.53	30.78
Yields TTM
Earnings Yield	4.58%	3.81%	3.51%	3.33%	3.74%	4.30%	3.32%
Dividend Yield	0.87%	0.87%	1.09%	1.17%	1.46%	1.93%	1.26%
Total Yield (TY)	5.44%	4.68%	4.60%	4.49%	5.21%	6.23%	4.58%
Risk Premium [3]
Risk Free Rate (Rf)	4.94%	4.94%	4.18%	4.58%	3.88%	3.88%	1.52%
Risk Prem. (TY - Rf)	0.50%	-0.26%	0.42%	-0.09%	1.33%	2.35%	3.06%
Growth Rates [6]
Sales Growth	7.2%	6.2%	7.5%	5.7%	0.0%	6.6%
Earnings Growth [7]	9.6%	25.8%	18.1%	19.7%	-0.7%	-4.5%

[1] P/E uses the aggregate method over profitable constituents; P/FCF aggregates net free cash flow across all constituents (negative-FCF names reduce it); P/S uses all constituents. Ratios reflect current ETF holdings at current weights. P/FCF has no Forward column (no analyst FCF estimate).
[2] P/E (Non-GAAP) uses analyst consensus net income (adjusted basis) for all periods. The standard P/E row above uses GAAP net income.
[3] The premium above the risk free rate (US 10Y) offered by the investment. Negative premiums can indicate stretched valuations.
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Highlights

YIELD

SPHQ's earnings yield is 3.81%, based on its 26.3x trailing P/E. With a 0.87% dividend yield, SPHQ is yielding 4.68% in total.

RISK

Compared to US Treasuries at 4.94%, SPHQ's total yield implies a -0.26% risk premium. A negative risk premium means investors earn less than risk-free Treasuries — valuations are historically stretched, though expectations of falling interest rates or fast earnings growth can justify such levels.

FORWARD EXPECTATIONS

Based on analyst estimates, SPHQ's forward total yield is 5.44%, implying a 0.50% risk premium assuming stable Treasury rates.

Top 20 Holdings for SPHQ

Total Weights
Top 5: 25.1% | Top 10: 43.3% | Top 20: 64.7%

Ticker	Holding	ETF Weight	Sales Weight	Earnings Weight	Fwd P/S	Fwd P/E	Fwd Sales Growth	Fwd Earnings Growth
Total		99.89%	100.00%	100.00%	3.9	19.8	+7.2%	+9.6%
Top 20		64.73%	41.56%	54.40%	5.5	21.9	+11.8%	+13.6%
MA	Mastercard	5.76%	1.74%	4.66%	12.2	24.9	+12.6%	+15.7%
AAPL	Apple	5.75%	2.33%	3.73%	9.4	35.8	+9.7%	+3.8%
V	Visa	5.68%	1.56%	4.60%	13.6	23.6	+10.8%	+16.7%
GEV	GE Vernova	3.98%	2.79%	3.73%	4.9	35.2	+14.5%	-18.1%
LRCX	Lam Research	3.96%	1.09%	1.98%	9.9	28.8	+19.8%	+23.3%
COST	Costco Wholesale	3.81%	12.04%	2.10%	1.2	39.2	+7.3%	+9.8%
NFLX	Netflix	3.77%	2.59%	4.24%	5.4	19.0	+11.3%	+1.5%
CSCO	Cisco Systems	3.57%	2.24%	2.72%	5.8	21.0	+7.2%	+8.0%
SNDK	SanDisk	3.55%	1.17%	3.82%	5.2	7.7	+18.7%	+15.8%
GE	GE Aerospace	3.50%	2.32%	2.38%	6.0	34.8	+10.9%	+14.7%
PG	Procter & Gamble	2.92%	3.19%	3.41%	3.8	19.9	+2.9%	+4.4%
WDC	Western Digital	2.53%	0.90%	3.77%	7.6	18.0	+38.4%	+53.4%
QCOM	Qualcomm	2.50%	2.51%	3.06%	4.2	17.5	+4.7%	-8.8%
AMAT	Applied Materials	2.33%	0.87%	1.52%	7.7	24.9	+36.1%	+39.6%
KLAC	KLA	2.32%	0.58%	1.20%	12.2	30.8	+19.8%	+21.1%
TXN	Texas Instruments	2.17%	0.74%	1.34%	10.0	27.3	+13.8%	+17.0%
NEM	Newmont	1.93%	1.62%	3.13%	4.6	12.0	+8.5%	+13.6%
APP	AppLovin	1.63%	0.46%	1.72%	10.6	16.1	+26.6%	+24.9%
FTNT	Fortinet	1.54%	0.40%	0.65%	14.1	45.1	+11.3%	+10.3%
STX	Seagate Technology	1.53%	0.41%	0.63%	9.7	21.6	+35.4%	+47.4%

[1] Total and Top 20 rows are weighted aggregates across constituents.
[2] Forward P/S and P/E ratios use consensus sales and earnings for the 12 months ending 9/30/27. Individual constituent FY1 and FY2 consensus figures adjusted to align with 9/30/27.
[3] Forward Sales and Non-GAAP Earnings Growth are calculated as next fiscal year (FY2) consensus growth over current fiscal year (FY1) consensus. They are not derived from the forward P/S and P/E multiples shown.

Performance for SPHQ Top Holdings

Ticker	Holding	Weight	Mkt Price 9/20	1D Rtn	1M Rtn	YTD Rtn	1Y Rtn	3Y Rtn	5Y Rtn	10Y Rtn
SPHQ	Invesco S&P 500 Quality ETF	100.00%	83.93	0.0%	-2.4%	12.3%	15.5%	72.6%	83.3%	286.9%
MA	Mastercard	5.76%	565.24	0.0%	-2.7%	-0.5%	-2.6%	42.7%	72.6%	487.0%
AAPL	Apple	5.75%	336.13	0.0%	8.7%	24.0%	37.4%	95.9%	140.3%	1,182.4%
V	Visa	5.68%	368.29	0.0%	-0.7%	5.6%	8.7%	59.2%	73.7%	374.1%
GEV	GE Vernova	3.98%	940.33	0.0%	-1.7%	44.1%	51.0%
LRCX	Lam Research	3.96%	288.11	0.0%	-8.2%	68.6%	128.3%	383.4%	417.7%	3,447.4%
COST	Costco Wholesale	3.81%	895.31	0.0%	-5.5%	4.3%	-5.3%	67.8%	109.0%	592.0%
NFLX	Netflix	3.77%	71.79	0.0%	-9.8%	-23.4%	-41.5%	86.9%	25.3%	649.1%
CSCO	Cisco Systems	3.57%	109.51	0.0%	-1.4%	44.2%	63.9%	122.2%	127.9%	365.5%
SNDK	SanDisk	3.55%	1,791.82	0.0%	12.3%	654.8%	1,653.1%
GE	GE Aerospace	3.50%	314.27	0.0%	-9.8%	2.3%	4.9%	254.2%	428.8%	139.7%
PG	Procter & Gamble	2.92%	146.39	0.0%	1.2%	4.4%	-3.4%	4.1%	16.3%	116.0%
WDC	Western Digital	2.53%	441.36	0.0%	-3.9%	156.5%	314.7%	1,234.8%	969.4%	1,099.4%
QCOM	Qualcomm	2.50%	177.72	0.0%	11.2%	5.5%	8.7%	75.4%	50.4%	266.6%
AMAT	Applied Materials	2.33%	444.57	0.0%	-9.7%	73.6%	135.2%	236.6%	242.8%	1,532.9%
KLAC	KLA	2.32%	176.99	0.0%	-3.8%	46.2%	70.3%	305.6%	421.1%	2,882.6%
TXN	Texas Instruments	2.17%	266.64	0.0%	0.9%	56.3%	52.5%	81.1%	59.2%	402.4%
NEM	Newmont	1.93%	123.41	0.0%	-6.0%	24.4%	52.4%	222.7%	159.8%	287.3%
APP	AppLovin	1.63%	308.06	0.0%	0.7%	-54.3%	-52.6%	701.4%	315.8%
FTNT	Fortinet	1.54%	169.84	0.0%	10.6%	113.9%	101.7%	188.9%	183.4%	2,233.6%
STX	Seagate Technology	1.53%	858.79	0.0%	1.0%	212.6%	291.4%	1,306.7%	1,112.3%	3,412.3%

Guidance Updates for SPHQ Top Holdings

	Ticker	Company	Earnings Date	Guidance Metric	Midpoint Value	% Change	Guidance Change
AMAT_8132026	AMAT	Applied Materials	8/13/2026	Q4 2026 Revenue	10.25 Bil	14.5%	Higher NewNew Guidance Higher than Prior Actual of 8.95 Bil for Q3 2026
APP_8052026	APP	AppLovin	8/5/2026	Q3 2026 Revenue	2.07 Bil	7.3%	Higher NewNew Guidance Higher than Prior Actual of 1.93 Bil for Q2 2026
KLAC_7282026	KLAC	KLA	7/28/2026	Q1 2027 Revenue	4.00 Bil	11.9%	Higher NewNew Guidance Higher than Prior Actual of 3.58 Bil for Q4 2026
LRCX_7292026	LRCX	Lam Research	7/29/2026	Q3 2026 Revenue	8.10 Bil	22.7%	Higher NewNew Guidance Higher than Prior Actual of 6.60 Bil for Q2 2026
QCOM_7292026	QCOM	Qualcomm	7/29/2026	Q4 2026 Revenue	10.10 Bil	5.2%	RaisedRaised Prior Guidance of 9.60 Bil for Q3 2026
SNDK_8052026	SNDK	SanDisk	8/5/2026	Q1 2027 Revenue	10.55 Bil	31.9%	Higher NewNew Guidance Higher than Prior Actual of 8.00 Bil for Q4 2026
STX_7282026	STX	Seagate Technology	7/28/2026	Q1 2027 Revenue	4.10 Bil	18.8%	Higher NewNew Guidance Higher than Prior Actual of 3.45 Bil for Q4 2026
TXN_7222026	TXN	Texas Instruments	7/22/2026	Q3 2026 Revenue	5.90 Bil	13.5%	Higher NewNew Guidance Higher than Prior Actual of 5.20 Bil for Q2 2026
WDC_8052026	WDC	Western Digital	8/5/2026	Q1 2027 Revenue	4.10 Bil	12.3%	Higher NewNew Guidance Higher than Prior Actual of 3.65 Bil for Q4 2026

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
SPHQ Return	28%	-16%	25%	25%	13%	12%	113%
Peers Return	22%	-15%	23%	20%	13%	11%	93%
S&P 500 Return	27%	-19%	24%	23%	16%	12%	103%
Monthly Win Rates [3]
SPHQ Win Rate	75%	42%	67%	75%	83%	67%
Peers Win Rate	73%	40%	60%	73%	68%	71%
S&P 500 Win Rate	75%	42%	67%	75%	67%	44%
Max Drawdowns [4]
SPHQ Max Drawdown	-6%	-25%	-8%	-6%	-17%	-9%
Peers Max Drawdown	-6%	-23%	-10%	-8%	-16%	-8%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: RSP, QUAL, DFAC, DYNF, USMV.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)

Sharpe Ratios Compared

One measure of reward vs. risk is a Sharpe ratio. A higher ratio indicates better risk-adjusted returns. Most funds have Sharpe ratios < 1.0.

Ticker	1Y	3Y	5Y
SPHQ	0.98	0.97	0.56
Equity Top Results (3Y)
IALT	2.08	2.08	2.08
VLUE	2.53	1.42	0.74
SPMO	0.94	1.37	0.79
CORO	1.35	1.33	1.33
CGDV	1.28	1.31	0.94

Results as of 8312026.

Event	SPHQ	S&P 500
2025 US Tariff Shock
% Loss	-16.6%	-18.8%
% Gain to Breakeven	19.9%	23.1%
Time to Breakeven	57 days	79 days
2022 Inflation Shock & Fed Tightening
% Loss	-24.6%	-24.5%
% Gain to Breakeven	32.6%	32.4%
Time to Breakeven	298 days	427 days
2020 COVID-19 Crash
% Loss	-31.5%	-33.7%
% Gain to Breakeven	45.9%	50.9%
Time to Breakeven	134 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-20.6%	-19.2%
% Gain to Breakeven	25.9%	23.8%
Time to Breakeven	100 days	105 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-15.3%	-17.9%
% Gain to Breakeven	18.1%	21.8%
Time to Breakeven	101 days	123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
% Loss	-14.0%	-15.4%
% Gain to Breakeven	16.2%	18.2%
Time to Breakeven	99 days	125 days

Compare to RSP, QUAL, DFAC, DYNF, USMV

In The Past

Invesco S&P 500 Quality ETF's stock fell -16.6% during the 2025 US Tariff Shock. Such a loss loss requires a 19.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	SPHQ	S&P 500
2022 Inflation Shock & Fed Tightening
% Loss	-24.6%	-24.5%
% Gain to Breakeven	32.6%	32.4%
Time to Breakeven	298 days	427 days
2020 COVID-19 Crash
% Loss	-31.5%	-33.7%
% Gain to Breakeven	45.9%	50.9%
Time to Breakeven	134 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-20.6%	-19.2%
% Gain to Breakeven	25.9%	23.8%
Time to Breakeven	100 days	105 days
2008-2009 Global Financial Crisis
% Loss	-57.1%	-53.4%
% Gain to Breakeven	133.3%	114.4%
Time to Breakeven	1629 days	1085 days

Compare to RSP, QUAL, DFAC, DYNF, USMV

In The Past

Invesco S&P 500 Quality ETF's stock fell -16.6% during the 2025 US Tariff Shock. Such a loss loss requires a 19.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

SPHQ Dip Buy History

SPHQ had 16 events since 12/6/2005 where the dip threshold of -5.0% within 60 days was triggered

20% median peak return within 1 year of dip event
327 days is the median time to peak return after a dip event
-8.5% median max drawdown within 1 year of dip event

60 Day Dip			SPHQ Subsequent Performance
Date	SPHQ	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			20%	20%	-9%	327
9102026	-6%	1%			-1%	1
4042025	-10%	-14%	32%	35%	-2%	329
10252023	-6%	-8%	37%	40%	-2%	355
2222022	-6%	-8%	-6%	5%	-18%	35
2272020	-5%	-5%	30%	35%	-23%	351
11192018	-7%	-6%	20%	20%	-12%	365
4022018	-5%	-4%	13%	14%	-10%	182
1202016	-7%	-9%	24%	24%	0%	350
8242015	-7%	-10%	20%	20%	-0%	331
6282012	-5%	-6%	26%	30%	0%	327
8022011	-7%	-6%	15%	17%	-9%	244
6292010	-7%	-12%	29%	32%	-2%	317
7232008	-5%	-8%	-36%	3%	-49%	7
1042008	-6%	-9%	-43%	0%	-54%	0
7312007	-6%	-3%	-1%	14%	-12%	90
6082006	-7%	-3%	17%	21%	-7%	335

[1] Dip event defined as first instance dip threshold is triggered within a 60-day time period.
[2] Analysis for period from 1/1/2005 to 9/20/2026

SPHQ had 11 events since 12/6/2005 where the dip threshold of -10% within 90 days was triggered

28% median peak return within 1 year of dip event
331 days is the median time to peak return after a dip event
-3.6% median max drawdown within 1 year of dip event

90 Day Dip			SPHQ Subsequent Performance
Date	SPHQ	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			26%	28%	-4%	331
4042025	-11%	-14%	32%	35%	-2%	329
9262022	-12%	-10%	26%	32%	-1%	340
4262022	-12%	-11%	4%	5%	-14%	352
3122020	-16%	-18%	55%	58%	-10%	337
12192018	-11%	-11%	33%	33%	-6%	365
8082011	-12%	-15%	27%	27%	-0%	238
8312010	-10%	-13%	20%	33%	0%	310
9042008	-11%	-11%	-33%	0%	-46%	15
1292008	-12%	-10%	-37%	10%	-49%	140
7202006	-10%	-2%	28%	28%	-3%	364
6122006	-13%	-3%	21%	25%	-4%	331

[1] Dip event defined as first instance dip threshold is triggered within a 90-day time period.
[2] Analysis for period from 1/1/2005 to 9/20/2026

SPHQ had 3 events since 12/6/2005 where the dip threshold of -20% within 180 days was triggered

28% median peak return within 1 year of dip event
326 days is the median time to peak return after a dip event
-4.9% median max drawdown within 1 year of dip event

180 Day Dip			SPHQ Subsequent Performance
Date	SPHQ	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			22%	28%	-5%	326
9212022	-21%	-20%	22%	28%	-5%	345
3232020	-22%	-24%	71%	74%	0%	326
9092008	-21%	-15%	-28%	4%	-44%	10

[1] Dip event defined as first instance dip threshold is triggered within a 180-day time period.
[2] Analysis for period from 1/1/2005 to 9/20/2026

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Current Dip Buy Opportunities Across ETFs

ETFs currently down 5% or more from trailing 6M peaks.

Ticker	Name	Dip %	Mkt Price	Price Date	Peak Price	Peak Date	# Days
QQEW	First Trust Nasdaq-100 Select Equal Weight ETF	-5.6%	157.72	9202026	167.03	8132026	38
IJH	iShares Core S&P Mid-Cap ETF	-7.2%	72.98	9202026	78.67	8162026	35
VO	Vanguard Mid-Cap ETF	-5.3%	80.00	9202026	84.46	8162026	35
IWR	iShares Russell Mid-Cap ETF	-5.8%	108.21	9202026	114.82	8162026	35
MDY	State Street SPDR S&P MIDCAP 400 ETF Trust	-7.0%	666.68	9202026	716.91	8162026	35
SCHM	Schwab U.S. Mid-Cap ETF	-5.5%	34.85	9202026	36.87	6302026	82
IVOO	Vanguard S&P Mid-Cap 400 ETF	-6.9%	123.96	9202026	133.08	8162026	35
IJR	iShares Core S&P Small-Cap ETF	-7.7%	138.90	9202026	150.44	8162026	35
VB	Vanguard Small-Cap ETF	-6.4%	289.61	9202026	309.29	8162026	35
IWM	iShares Russell 2000 ETF	-6.9%	284.10	9202026	305.09	8162026	35
SCHA	Schwab U.S. Small-Cap ETF	-7.4%	33.44	9202026	36.13	6302026	82
VTWO	Vanguard Russell 2000 ETF	-6.6%	115.16	9202026	123.31	8162026	35
DFAS	Dimensional U.S. Small Cap ETF	-6.4%	79.11	9202026	84.48	8162026	35
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	-6.5%	52.95	9202026	56.64	8162026	35
NUSC	Nuveen ESG Small-Cap ETF	-6.9%	49.57	9202026	53.27	8162026	35
AKRE	Akre Focus ETF	-10.0%	55.69	9202026	61.85	8302026	21
IWP	iShares Russell Mid-Cap Growth ETF	-7.2%	137.08	9202026	147.70	8172026	34
VOT	Vanguard Mid-Cap Growth ETF	-6.9%	292.25	9202026	314.02	8162026	35
IJK	iShares S&P Mid-Cap 400 Growth ETF	-7.8%	109.81	9202026	119.11	8172026	34
MDYG	State Street SPDR S&P 400 Mid Cap Growth ETF	-7.7%	104.94	9202026	113.69	8172026	34
IWO	iShares Russell 2000 Growth ETF	-8.5%	362.09	9202026	395.65	8162026	35
VBK	Vanguard Small-Cap Growth ETF	-7.6%	338.36	9202026	366.24	8172026	34
IJT	iShares S&P Small-Cap 600 Growth ETF	-9.0%	163.01	9202026	179.07	8042026	47
SLYG	State Street SPDR S&P 600 Small Cap Growth ETF	-8.7%	109.08	9202026	119.50	8042026	47
IWS	iShares Russell Mid-Cap Value ETF	-5.3%	164.18	9202026	173.44	8162026	35
IJJ	iShares S&P Mid-Cap 400 Value ETF	-6.7%	141.52	9202026	151.67	8162026	35
MDYV	State Street SPDR S&P 400 Mid Cap Value ETF	-6.2%	91.40	9202026	97.39	8162026	35
VBR	Vanguard Small-Cap Value ETF	-5.5%	237.74	9202026	251.66	8162026	35
AVUV	Avantis U.S. Small Cap Value ETF	-5.3%	121.96	9202026	128.74	8042026	47
IWN	iShares Russell 2000 Value ETF	-5.2%	215.58	9202026	227.43	8162026	35
IJS	iShares S&P Small-Cap 600 Value ETF	-6.6%	131.35	9202026	140.68	8162026	35
SLYV	State Street SPDR S&P 600 Small Cap Value ETF	-6.2%	105.24	9202026	112.22	8162026	35
VIOV	Vanguard S&P Small-Cap 600 Value ETF	-6.3%	113.13	9202026	120.76	8162026	35
VGK	Vanguard FTSE Europe ETF	-5.1%	88.21	9202026	92.96	8252026	26
IEMG	iShares Core MSCI Emerging Markets ETF	-5.0%	81.66	9202026	86.00	6222026	90
EEM	iShares MSCI Emerging Markets ETF	-5.9%	67.03	9202026	71.21	6222026	90
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	-9.5%	33.77	9202026	37.30	6222026	90
EWY	iShares MSCI South Korea ETF	-17.3%	181.31	9202026	219.20	6212026	91
EWZ	iShares MSCI Brazil ETF	-10.1%	37.52	9202026	41.73	4142026	159
FXI	iShares China Large-Cap ETF	-10.3%	34.32	9202026	38.26	5132026	130
ILF	iShares Latin America 40 ETF	-8.0%	35.04	9202026	38.10	4142026	159
KWEB	KraneShares CSI China Internet ETF	-18.8%	24.83	9202026	30.59	5132026	130
SDY	State Street SPDR S&P Dividend ETF	-5.3%	150.78	9202026	159.18	8242026	27
NOBL	ProShares S&P 500 Dividend Aristocrats ETF	-5.8%	55.66	9202026	59.07	8242026	27
MTUM	iShares MSCI USA Momentum Factor ETF	-10.3%	309.62	9202026	345.22	6222026	90
SPHQ	Invesco S&P 500 Quality ETF	-6.8%	83.93	9202026	90.10	6302026	82
FNDA	Schwab Fundamental U.S. Small Company ETF	-7.1%	35.79	9202026	38.52	8162026	35
SPMO	Invesco S&P 500 Momentum ETF	-7.7%	149.21	9202026	161.66	6222026	90
URA	Global X Uranium ETF	-28.5%	41.65	9202026	58.26	5062026	137
BOTZ	Global X Funds Global X Robotics & Artificial Intelligence ETF	-15.7%	35.11	9202026	41.63	5132026	130
ROBO	ROBO Global Robotics & Automation Index ETF	-13.1%	78.50	9202026	90.34	6022026	110
LIT	Global X Lithium & Battery Tech ETF	-23.1%	70.50	9202026	91.62	5112026	132
ICLN	iShares Global Clean Energy ETF	-26.1%	17.56	9202026	23.75	6022026	110
ARKQ	ARK Autonomous Technology & Robotics ETF	-15.0%	122.20	9202026	143.82	5282026	115
ARKX	ARK Space & Defense Innovation ETF	-14.9%	32.12	9202026	37.74	5282026	115
NASA	Tema Space Innovators ETF	-42.9%	23.94	9202026	41.89	5272026	116
AGIX	KraneShares Artificial Intelligence ETF	-5.8%	46.55	9202026	49.40	6012026	111
DRSK	Aptus Defined Risk ETF	-6.3%	27.81	9202026	29.67	6012026	111
YYY	Amplify CEF High Income ETF	-6.3%	10.83	9202026	11.56	7122026	70
GDE	WisdomTree Efficient Gold Plus Equity Strategy Fund	-6.3%	66.78	9202026	71.30	8252026	26
XLI	State Street Industrial Select Sector SPDR ETF	-9.0%	169.75	9202026	186.51	8162026	35
XLC	State Street Communication Services Select Sector SPDR ETF	-7.0%	110.81	9202026	119.10	4192026	154
XLY	State Street Consumer Discretionary Select Sector SPDR ETF	-9.0%	111.03	9202026	122.06	5282026	115
XLP	State Street Consumer Staples Select Sector SPDR ETF	-5.3%	82.80	9202026	87.45	8242026	27
XLU	State Street Utilities Select Sector SPDR ETF	-12.8%	41.10	9202026	47.15	4092026	164
XLB	State Street Materials Select Sector SPDR ETF	-6.9%	49.99	9202026	53.67	8262026	25
IYJ	iShares U.S. Industrials ETF	-8.3%	155.72	9202026	169.86	8042026	47
IYM	iShares U.S. Basic Materials ETF	-7.2%	182.37	9202026	196.45	8252026	26
SMH	VanEck Semiconductor ETF	-14.3%	573.00	9202026	668.91	6222026	90
SOXX	iShares Semiconductor ETF	-18.6%	533.07	9202026	655.01	6222026	90
IBB	iShares Biotechnology ETF	-5.7%	204.56	9202026	216.96	8192026	32
XBI	State Street SPDR S&P Biotech ETF	-7.6%	156.72	9202026	169.55	8192026	32
ITA	iShares U.S. Aerospace & Defense ETF	-15.6%	213.84	9202026	253.22	8162026	35
IGV	iShares Expanded Tech-Software Sector ETF	-5.4%	104.35	9202026	110.32	8272026	24
IYT	iShares U.S. Transportation ETF	-10.8%	80.27	9202026	90.01	7162026	66
IAI	iShares U.S. Broker-Dealers & Securities Exchanges ETF	-6.7%	184.80	9202026	198.06	9032026	17
KRE	State Street SPDR S&P Regional Banking ETF	-6.6%	72.75	9202026	77.93	8162026	35
MISL	First Trust Indxx Aerospace & Defense ETF	-13.8%	42.38	9202026	49.19	5282026	115
RING	iShares MSCI Global Gold Miners ETF	-9.7%	84.09	9202026	93.17	8252026	26
SOXQ	Invesco PHLX Semiconductor ETF	-18.5%	93.86	9202026	115.11	6222026	90
TLT	iShares 20+ Year Treasury Bond ETF	-6.4%	81.25	9202026	86.78	6292026	83
VGLT	Vanguard Long-Term Treasury ETF	-5.5%	52.07	9202026	55.12	6292026	83
SPTL	State Street SPDR Portfolio Long Term Treasury ETF	-5.9%	24.77	9202026	26.33	6292026	83
TLH	iShares 10-20 Year Treasury Bond ETF	-5.4%	95.16	9202026	100.56	6292026	83
EDV	Vanguard World Funds Extended Duration ETF	-8.9%	59.63	9202026	65.43	6242026	88
SPLB	State Street SPDR Portfolio Long Term Corporate Bond ETF	-5.4%	21.19	9202026	22.40	6292026	83
IGLB	iShares 10+ Year Investment Grade Corporate Bond ETF	-5.2%	47.44	9202026	50.05	6292026	83
LMUB	iShares Long-Term National Muni Bond ETF	-6.5%	47.67	9202026	51.00	7052026	77
GSG	iShares GSCI Commodity	-5.4%	30.01	9202026	31.72	3222026	182
GLD	SPDR Gold Trust	-10.0%	401.17	9202026	445.93	4192026	154
IAU	iShares Gold Trust	-10.0%	82.23	9202026	91.34	4192026	154
GLDM	SPDR Gold MiniShares Trust	-9.8%	86.59	9202026	96.04	4192026	154
SLV	iShares Silver Trust	-24.5%	59.93	9202026	79.35	5132026	130
PPLT	ETFS Physical Platinum Shares	-16.6%	16.31	9202026	19.55	5132026	130
PALL	ETFS Physical Palladium Shares	-18.0%	23.69	9202026	28.89	4142026	159
UNG	United States Natural Gas Fund LP	-16.0%	10.41	9202026	12.39	3222026	182
BNO	United States Brent Oil Fund LP ETV	-7.1%	55.85	9202026	60.13	5042026	139
VNQ	Vanguard Real Estate ETF	-8.0%	92.91	9202026	100.95	7282026	54
XLRE	State Street Real Estate Select Sector SPDR ETF	-7.6%	42.53	9202026	46.01	7282026	54
SCHH	Schwab U.S. REIT ETF	-8.5%	22.74	9202026	24.86	7262026	56
IYR	iShares U.S. Real Estate ETF	-8.6%	98.00	9202026	107.26	7282026	54
REET	iShares Global REIT ETF	-9.2%	26.22	9202026	28.89	7262026	56
USRT	iShares Core U.S. REIT ETF	-10.1%	62.80	9202026	69.82	7262026	56

ETF Fund Flows

Largest fund inflows and outflows across ETFs, with the asset-allocation rotation they imply.

Net fund flows · as of 2026-09-18

Asset allocation rotation · Past week

Equity ETFs drew the largest net inflows (+$37.1B), followed by Bond (+$4.7B), while Crypto (−$31M) saw the largest outflows.
Within the mix, money rotated into US Large Cap Core (+$14.4B) and out of Broad Sector (−$4.0B).
Relative to fund size, SPMO drew the largest inflow (+25.2% of AUM) and SCMB the largest outflow (−13.0%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	+$20.61B	+2.5%
2	SPMO	Invesco S&P 500 Momentum ETF	Equity Factor Smart Beta	+$6.36B	+25.2%
3	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$4.76B	+0.7%
4	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$4.65B	+2.7%
5	VUG	Vanguard Morningstar Growth ETF	Equity US Large Growth	+$4.09B	+1.8%
6	VO	Vanguard Morningstar Mid-Cap ETF	Equity US Mid Cap Core	+$3.89B	+3.6%
7	VFLO	VictoryShares Free Cash Flow ETF	Other	+$2.84B	+25.1%
8	VTV	Vanguard Morningstar Value ETF	Equity US Large Value	+$2.29B	+1.2%
9	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$2.11B	+0.2%
10	DIA	State Street SPDR Dow Jones Industrial Average ETF Trust	Equity US Large Concentrated	+$1.97B	+4.3%

#	Ticker	Name	Type	Net flow	% of AUM
1	SPMO	Invesco S&P 500 Momentum ETF	Equity Factor Smart Beta	+$6.36B	+25.2%
2	VFLO	VictoryShares Free Cash Flow ETF	Other	+$2.84B	+25.1%
3	XHB	State Street SPDR S&P Homebuilders ETF	Other	+$279M	+19.4%
4	SMTH	ALPS Funds Smith Core Plus Bond ETF	Other	+$616M	+17.4%
5	USVM	VictoryShares US Small Mid Cap Value Momentum ETF	Other	+$296M	+16.8%
6	ARKK	ARK Innovation ETF	Equity Thematic	+$1.14B	+15.6%
7	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$459M	+14.9%
8	ITB	iShares U.S. Home Construction ETF	Other	+$283M	+12.0%
9	RWJ	Invesco S&P SmallCap 600 Revenue ETF	Other	+$221M	+10.3%
10	QVML	Invesco S&P 500 QVM Multi-factor ETF	Other	+$171M	+9.9%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	-$12.82B	-1.6%
2	IWM	iShares Russell 2000 ETF	Equity US Small Cap Core	-$3.31B	-4.3%
3	XLF	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	-$2.31B	-4.3%
4	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	-$1.47B	-0.3%
5	TLT	iShares 20+ Year Treasury Bond ETF	Bond Long Treasury	-$1.27B	-2.7%
6	EWY	iShares MSCI South Korea ETF	Equity Emerging Markets	-$1.09B	-4.2%
7	XLV	State Street Health Care Select Sector SPDR ETF	Equity Broad Sector	-$1.09B	-2.5%
8	XLE	State Street Energy Select Sector SPDR ETF	Equity Broad Sector	-$896M	-2.2%
9	USHY	iShares Broad USD High Yield Corporate Bond ETF	Bond High Yield Corporate	-$738M	-2.7%
10	SCMB	Schwab Municipal Bond ETF	Other	-$463M	-13.0%

#	Ticker	Name	Type	Net flow	% of AUM
1	SCMB	Schwab Municipal Bond ETF	Other	-$463M	-13.0%
2	IGOV	iShares International Treasury Bond ETF	Bond International	-$194M	-12.8%
3	KRE	State Street SPDR S&P Regional Banking ETF	Equity Industry Subsector	-$368M	-9.5%
4	MTBA	Simplify MBS ETF	Other	-$105M	-8.1%
5	WTV	WisdomTree U.S. Value Fund	Other	-$234M	-7.1%
6	EWG	iShares MSCI Germany ETF	Other	-$103M	-6.5%
7	INDA	iShares MSCI India ETF	Other	-$387M	-6.1%
8	CQQQ	Invesco China Technology ETF	Other	-$162M	-5.9%
9	CTA	Simplify Managed Futures Strategy ETF	Other	-$92M	-5.9%
10	BOTZ	Global X - Robotics & Artificial Intelligence ETF	Equity Thematic	-$187M	-5.7%

Asset allocation rotation · Past month

Equity ETFs drew the largest net inflows (+$34.5B), followed by Bond (+$13.2B), while Real Estate (−$278M) saw the largest outflows.
Within the mix, money rotated into US Total Market (+$10.0B) and out of US Large Cap Core (−$11.7B).
Relative to fund size, CNEQ drew the largest inflow (+48.1% of AUM) and XOVR the largest outflow (−27.5%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$53.06B	+5.0%
2	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$9.94B	+1.4%
3	SPMO	Invesco S&P 500 Momentum ETF	Equity Factor Smart Beta	+$6.94B	+31.2%
4	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$6.43B	+6.0%
5	VUG	Vanguard Morningstar Growth ETF	Equity US Large Growth	+$4.56B	+2.0%
6	VGSH	Vanguard Short-Term Treasury ETF	Bond Short Treasury	+$4.38B	+12.6%
7	VO	Vanguard Morningstar Mid-Cap ETF	Equity US Mid Cap Core	+$4.22B	+3.9%
8	VFLO	VictoryShares Free Cash Flow ETF	Other	+$3.58B	+32.4%
9	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	+$3.18B	+7.5%
10	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$3.09B	+2.8%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$1.23B	+48.1%
2	ALAI	Alger AI Enablers & Adopters ETF	Other	+$445M	+36.3%
3	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$872M	+35.5%
4	VFLO	VictoryShares Free Cash Flow ETF	Other	+$3.58B	+32.4%
5	MGNR	American Beacon GLG Natural Resources ETF	Other	+$420M	+32.4%
6	SPMO	Invesco S&P 500 Momentum ETF	Equity Factor Smart Beta	+$6.94B	+31.2%
7	FINA	Fidelity MSCI North American Subset Index ETF	Other	+$461M	+27.3%
8	MOO	VanEck Agribusiness ETF	Other	+$252M	+21.4%
9	SMTH	ALPS Funds Smith Core Plus Bond ETF	Other	+$644M	+21.3%
10	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$393M	+21.2%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$43.24B	-5.0%
2	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	-$24.87B	-3.1%
3	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	-$6.68B	-1.4%
4	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$4.83B	-16.2%
5	XLF	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	-$2.99B	-5.5%
6	VGIT	Vanguard Intermediate-Term Treasury ETF	Bond Intermediate Treasury	-$2.75B	-6.9%
7	DRAM	Roundhill Memory ETF	Other	-$2.3B	-8.9%
8	GOVT	iShares U.S. Treasury Bond ETF	Bond Intermediate Treasury	-$2.22B	-5.3%
9	EWY	iShares MSCI South Korea ETF	Equity Emerging Markets	-$1.97B	-7.2%
10	IWM	iShares Russell 2000 ETF	Equity US Small Cap Core	-$1.73B	-2.2%

#	Ticker	Name	Type	Net flow	% of AUM
1	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	-$428M	-27.5%
2	TAN	Invesco Solar ETF	Other	-$264M	-25.8%
3	FSMD	Fidelity Small-Mid Multifactor ETF	Other	-$564M	-22.2%
4	SNXX	Tradr 2X Long SNDK Daily ETF	Other	-$373M	-20.7%
5	USO	United States Oil Fund, LP	Commodity Energy	-$336M	-17.6%
6	SCMB	Schwab Municipal Bond ETF	Other	-$699M	-16.8%
7	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$4.83B	-16.2%
8	CTA	Simplify Managed Futures Strategy ETF	Other	-$233M	-14.7%
9	FVAL	Fidelity Value Factor ETF	Other	-$189M	-13.8%
10	IGOV	iShares International Treasury Bond ETF	Bond International	-$190M	-12.3%

Asset allocation rotation · Past 3 months

Equity ETFs drew the largest net inflows (+$154.0B), followed by Bond (+$57.9B), with every major asset class in net inflows.
Within the mix, money rotated into US Large Cap Core (+$36.5B) and out of US Small Cap Core (−$4.2B).
Relative to fund size, CNEQ drew the largest inflow (+233.5% of AUM) and FTXL the largest outflow (−80.5%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$33.41B	+3.2%
2	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$18.05B	+11.0%
3	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$17.5B	+2.6%
4	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$15.75B	+15.6%
5	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$9.78B	+9.3%
6	DRAM	Roundhill Memory ETF	Other	+$9.78B	+39.3%
7	VXUS	Vanguard Total International Stock ETF	Equity International Broad	+$8.94B	+5.5%
8	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	+$8.73B	+20.0%
9	SPMO	Invesco S&P 500 Momentum ETF	Equity Factor Smart Beta	+$8.66B	+39.4%
10	TLT	iShares 20+ Year Treasury Bond ETF	Bond Long Treasury	+$8.45B	+19.8%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$2.36B	+233.5%
2	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$1.25B	+88.1%
3	FINA	Fidelity MSCI North American Subset Index ETF	Other	+$1.25B	+85.9% ⚠
4	BFLX	iShares Flexible Equity Active ETF	Other	+$1.41B	+84.9%
5	FLKR	Franklin FTSE South Korea ETF	Other	+$703M	+49.9%
6	USMC	Principal U.S. Mega-Cap ETF	Other	+$1.79B	+48.8%
7	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$1.09B	+48.2%
8	AVLV	Avantis U.S. Large Cap Value ETF	Other	+$8.12B	+44.5%
9	CBOX	Calamos ETF Trust - Calamos Tax-Aware Collateral ETF	Other	+$571M	+44.1%
10	XAGG	Morgan Stanley ETF Trust - Eaton Vance Strategic Income Opportunities ETF	Other	+$567M	+42.1%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$14.64B	-1.7%
2	VLUE	iShares MSCI USA Value Factor ETF	Equity Factor Smart Beta	-$5.17B	-53.4%
3	IWM	iShares Russell 2000 ETF	Equity US Small Cap Core	-$3.91B	-4.8%
4	IEF	iShares 7-10 Year Treasury Bond ETF	Bond Intermediate Treasury	-$3.61B	-7.7%
5	COWZ	Pacer US Cash Cows 100 ETF	Equity Factor Smart Beta	-$3.15B	-16.6%
6	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$2.49B	-7.6%
7	IGV	iShares Expanded Tech-Software Sector ETF	Equity Industry Subsector	-$2.46B	-17.8%
8	VB	Vanguard Morningstar Small-Cap ETF	Equity US Small Cap Core	-$2.29B	-2.8%
9	SCZ	iShares MSCI EAFE Small-Cap ETF	Equity International Small Cap	-$1.93B	-14.5%
10	IWF	iShares Russell 1000 Growth ETF	Equity US Large Growth	-$1.89B	-1.5%

#	Ticker	Name	Type	Net flow	% of AUM
1	FTXL	First Trust Nasdaq Semiconductor ETF	Other	-$1.09B	-80.5%
2	NASA	Tema Space Innovators ETF	Equity Thematic	-$824M	-73.6%
3	VLUE	iShares MSCI USA Value Factor ETF	Equity Factor Smart Beta	-$5.17B	-53.4%
4	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	-$785M	-42.1%
5	IYM	iShares U.S. Basic Materials ETF	Equity Broad Sector	-$446M	-38.9%
6	TAN	Invesco Solar ETF	Other	-$472M	-34.7%
7	QLTA	iShares Aaa - A Rated Corporate Bond ETF	Other	-$370M	-30.4%
8	RSPN	Invesco S&P 500 Equal Weight Industrials ETF	Other	-$275M	-25.5%
9	COWG	Pacer US Large Cap Cash Cows Growth Leaders ETF	Other	-$555M	-24.3%
10	LCTU	iShares U.S. Carbon Transition Readiness Aware Active ETF	Other	-$272M	-21.8%

Largest ETF fund flows across ~2632 funds (min AUM $100M). Net creations/redemptions; leveraged & inverse ETFs excluded. A ⚠ marks a day excluded as a suspected data error.

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About SPHQ

Holdings Count: 100
Expense Ratio: 0.2%
Inception Date: 2005-12-06

Invesco S&P 500 Quality ETF
The Invesco S&P 500 Quality ETF (referred to as the Fund) is designed to replicate the investment performance of the S&P 500 Quality Index. The Fund typically allocates at least 90% of its total assets to the common stocks that constitute this Index. The underlying Index is composed of S&P 500 stocks identified by their top "quality score," which is systematically calculated based on three fundamental financial indicators: return on equity, accruals ratio, and financial leverage ratio. Both the Fund and its benchmark Index are rebalanced and reconstituted twice a year, specifically on the third Friday of June and December. As of August 31, 2025, the Fund has achieved strong Morningstar ratings. It received an impressive overall rating of 5 stars, placing it among 1,252 funds. For the 3-year period, it earned 4 stars out of 1,252 funds; for the 5-year period, 4 stars out of 1,149 funds; and for the 10-year period, a distinguished 5 stars out of 891 funds. Morningstar Inc. determines these ratings using a risk-adjusted return metric that evaluates fluctuations in a fund's monthly performance. This methodology places greater emphasis on mitigating downside variations while rewarding consistent performance. For comparative analysis, open-end mutual funds and exchange-traded funds are grouped within a single universe. Funds must possess a minimum of three years of performance history to be rated. The comprehensive overall rating is a weighted average of the 3-, 5-, and 10-year rating components, where applicable, and includes fees and expenses but excludes sales charges. ©2025 Morningstar Inc. All rights reserved. This information, being proprietary to Morningstar and/or its content providers, must not be copied or distributed. Its accuracy, completeness, or timeliness is not guaranteed. Neither Morningstar nor its content providers accept liability for any damages or losses stemming from its use. It is crucial to remember that past performance is not a predictor of future results. Star ratings are distributed as follows: the top 10% of funds in a category are awarded five stars, the subsequent 22.5% receive four stars, the middle 35% earn three stars, the next 22.5% get two stars, and the lowest 10% are assigned one star. Ratings are subject to monthly revision. Had fee waivers or expense reimbursements not been applied, the Morningstar rating would have been lower. Performance characteristics may vary across different share classes, potentially leading to different ratings.
Asset Class: Equity | ETF Website

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
GEMI	Gemini Space Station	0.7	31.2%	-41.4%
FWDI	Forward Industries	0.7	24.2%	16.5%
SECZ	Securitize	1.6	21.6%	-11.7%
MSTR	Strategy	54.3	16.4%	1.3%
ABTC	American Bitcoin	0.7	14.4%	-60.4%
MARA	MARA	5.1	13.7%	47.4%
PS	Pershing Square	19.9	13.7%	106.6%
SBET	Sharplink	2.0	13.2%	4.6%
SGML	Sigma Lithium	1.1	12.3%	-24.4%
BTGO	BitGo	0.9	11.8%	-59.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
XENE	Xenon Pharmaceuticals	4.0	-30.7%	-11.3%
KDK	Kodiak AI	0.6	-14.4%	-70.0%
ADBT	Advasa	0.1	-13.6%	-98.0%
HELP	Helus Pharma	0.6	-11.8%	60.0%
GTN-A	Gray Media	0.5	-11.4%	-56.2%
CRD-B	Crawford	0.6	-8.8%	13.8%
SMR	NuScale Power	3.0	-8.5%	-41.6%
RSI	Rush Street Interactive	2.6	-7.7%	19.9%
BTU	Peabody Energy	3.1	-7.4%	-14.4%
TNGX	Tango Therapeutics	3.3	-7.4%	145.5%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
SDGR	Schrodinger	2.2	52.6%	62.3%
PS	Pershing Square	19.9	32.3%	106.6%
BBNX	Beta Bionics	1.0	32.1%	-28.2%
TEM	Tempus AI	14.0	31.9%	31.8%
SECZ	Securitize	1.6	31.3%	-11.7%
TWST	Twist Bioscience	10.4	31.3%	426.5%
EMAT	Evolution Metals & Technologies	2.5	30.5%	-81.1%
GEMI	Gemini Space Station	0.7	30.3%	-41.4%
RUM	Rumble	2.6	26.8%	43.8%
ALMR	Alamar Biosciences	2.0	25.0%	58.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ADBT	Advasa	0.1	-47.1%	-98.0%
SWMR	Swarmer	0.4	-39.4%	-22.6%
ALHC	Alignment Healthcare	1.7	-33.8%	-57.7%
XENE	Xenon Pharmaceuticals	4.0	-32.2%	-11.3%
FLNC	Fluence Energy	1.0	-26.3%	-63.0%
ENVA	Enova International	4.3	-21.8%	11.1%
VYX	NCR Voyix	0.9	-21.2%	-33.9%
ARWR	Arrowhead Pharmaceuticals	9.5	-19.8%	0.1%
DMRA	Damora Therapeutics	1.4	-19.6%	-1.8%
IONS	Ionis Pharmaceuticals	7.4	-18.0%	-43.8%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
SECZ	Securitize	1.6	80.1%	-11.7%
FWDI	Forward Industries	0.7	55.9%	16.5%
PURR	Hyperliquid Strategies	1.7	50.1%	295.8%
GEMI	Gemini Space Station	0.7	47.8%	-41.4%
MSTR	Strategy	54.3	47.6%	1.3%
SMTC	Semtech	17.2	47.6%	151.1%
CVI	CVR Energy	5.4	46.3%	112.4%
SDGR	Schrodinger	2.2	46.2%	62.3%
EMAT	Evolution Metals & Technologies	2.5	41.1%	-81.1%
ACVA	ACV Auctions	1.8	40.3%	30.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
ALMS	Alumis	1.0	-67.6%	-20.4%
IESC	IES	12.8	-47.5%	-17.2%
SWMR	Swarmer	0.4	-46.9%	-22.6%
RARE	Ultragenyx Pharmaceutical	1.5	-44.7%	-36.9%
TTAN	ServiceTitan	5.2	-42.1%	-48.3%
FLNC	Fluence Energy	1.0	-39.4%	-63.0%
KRMN	Karman	4.7	-38.6%	-51.1%
XENE	Xenon Pharmaceuticals	4.0	-36.2%	-11.3%
DYN	Dyne Therapeutics	2.8	-36.1%	-12.5%
DKS	Dick's Sporting Goods	10.7	-36.1%	-37.5%

Peer Comparisons

Peers to compare with:

Profile

	SPHQ	RSP	QUAL	DFAC	DYNF	USMV	Median
Name	Invesco S&.	Invesco S&.	iShares MS.	Dimensiona.	iShares U..	iShares MS.
Asset Class	Equity	Equity	Equity	Equity	Equity	Equity	-
AUM ($ Bil)	18.8	98.6	47.0	49.2	41.9	23.9	44.4
Expense Ratio	0.20%	0.20%	0.15%	0.17%	0.26%	0.15%	0.18%
10-D Avg Volume (Mil)	1.57	8.63	1.48	2.01	2.39	2.09	2.05
Latest Day Volume (Mil)	0.49	3.30	-	0.68	1.05	-	0.87
Holdings Count	100	505	118	2,598	261	173	217
Inception Date	12/6/2005	4/24/2003	7/15/2013	10/4/2007	3/18/2019	10/17/2011	-

Fundamentals

	SPHQ	RSP	QUAL	DFAC	DYNF	USMV	Median
Name	Invesco S&.	Invesco S&.	iShares MS.	Dimensiona.	iShares U..	iShares MS.
Net Asset Value	84.56	214.90	220.27	45.18	69.76	99.57	-
Premium/Discount	-0.7%	-1.2%	-0.5%	-0.7%	-0.7%	-1.2%	-0.7%
Distribution Yield	1.1%	1.5%	0.0%	0.9%	0.8%	0.0%	0.9%
Sales Yield	23.4%	79.0%	20.5%	46.0%	71.5%	156.1%	58.8%
Earnings Yield	4.0%	7.5%	3.7%	4.6%	9.4%	16.6%	6.1%

Valuation

	SPHQ	RSP	QUAL	DFAC	DYNF	USMV	Median
Name	Invesco S&.	Invesco S&.	iShares MS.	Dimensiona.	iShares U..	iShares MS.
P/S (TTM)	4.3x	1.3x	4.9x	2.2x	1.4x	0.6x	1.8x
P/E (TTM)	24.7x	13.3x	26.9x	21.7x	10.6x	6.0x	17.5x
P/FCF (TTM)	23.2x	7.9x	33.3x	24.1x	6.0x	2.6x	15.5x
Forward P/E	19.8x	6.6x	21.5x	15.3x	4.7x	2.3x	10.9x
Forward P/S	3.9x	1.1x	4.3x	2.0x	1.1x	0.5x	1.5x

Risk

	SPHQ	RSP	QUAL	DFAC	DYNF	USMV	Median
Name	Invesco S&.	Invesco S&.	iShares MS.	Dimensiona.	iShares U..	iShares MS.
Volatility (1Y)	14.7%	11.7%	12.2%	12.5%	13.8%	8.7%	12.4%
Volatility (3Y)	14.8%	14.0%	14.5%	15.1%	15.8%	10.4%	14.6%
Volatility (5Y)	16.8%	16.2%	17.4%	17.1%	17.6%	12.4%	16.9%
Beta (1Y)	0.92	0.70	0.89	0.94	1.04	0.35	0.91
Beta (3Y)	0.89	0.80	0.94	0.98	1.03	0.49	0.91
Beta (5Y)	0.93	0.87	1.00	0.98	1.01	0.60	0.95
Sharpe Ratio (1Y)	1.10	1.19	1.23	1.38	1.35	0.75	1.21
Sharpe Ratio (3Y)	1.23	1.05	1.22	1.25	1.48	1.09	1.23
Sharpe Ratio (5Y)	0.78	0.57	0.68	0.73	0.89	0.59	0.71
Max Drawdown (1Y)	-8.9%	-7.9%	-9.0%	-8.5%	-8.7%	-6.5%	-8.6%
Max Drawdown (3Y)	-16.6%	-17.8%	-18.0%	-20.0%	-18.7%	-9.4%	-17.9%
Max Drawdown (5Y)	-25.0%	-21.4%	-28.2%	-23.1%	-27.0%	-17.9%	-24.1%

Returns

	SPHQ	RSP	QUAL	DFAC	DYNF	USMV	Median
Name	Invesco S&.	Invesco S&.	iShares MS.	Dimensiona.	iShares U..	iShares MS.
1M Return	-2.5%	-4.4%	-2.3%	-2.0%	-0.2%	-2.9%	-2.4%
3M Return	-6.1%	1.1%	1.5%	1.5%	2.3%	4.4%	1.5%
6M Return	10.9%	10.3%	13.1%	15.1%	17.7%	5.8%	12.0%
YTD Return	12.3%	11.3%	10.8%	13.6%	14.4%	5.3%	11.8%
1Y Return	16.3%	14.2%	15.4%	18.0%	19.3%	6.4%	15.9%
2Y Return	28.4%	24.9%	26.4%	36.6%	45.7%	11.1%	27.4%
3Y Return	67.5%	51.0%	64.8%	70.4%	94.7%	38.2%	66.1%

Short Interest

Short Interest: As Of Date	8312026
Short Interest: Shares Quantity	0.2 Mil
Short Interest: % Change Since 8152026	-23.5%
Average Daily Volume	1.7 Mil
Days-to-Cover Short Interest	1

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Invesco S&P 500 Quality ETF (SPHQ)

Market Price (9/21/2026): $84.7

Invesco S&P 500 Quality ETF (SPHQ)

Market Price (9/21/2026): $84.7

Key Takeaways

Price Chart

Asset Allocation with SPHQ

Valuation & Yield

Top 20 Holdings for SPHQ

Performance for SPHQ Top Holdings

Guidance Updates for SPHQ Top Holdings

Return vs. Risk

Price Returns Compared

Sharpe Ratios Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

SPHQ Dip Buy History

Current Dip Buy Opportunities Across ETFs

ETF Fund Flows

Asset allocation rotation · Past week

Asset allocation rotation · Past month

Asset allocation rotation · Past 3 months

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Trade & Investment Ideas

Wealth

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About SPHQ

Latest Trefis Analyses

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

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