Invesco S&P 500 Quality ETF (SPHQ)

Market Price (10/17/2026): $83.99

Invesco S&P 500 Quality ETF (SPHQ)

Market Price (10/17/2026): $83.99

Key Takeaways

SPHQ has returned +12.6% YTD vs +12.5% for SPY; +16.0% over the past 12 months (SPY +16.5%). details →
Priced in gold, SPHQ has returned -21.8% over the past 3 years, vs +70.0% in dollars — its dollar gains have lagged gold. details →
Over the past month, SPHQ has seen net inflows of +$126M (+0.7% of assets). details →
SPHQ's portfolio trades at 19.3x forward earnings — a 149% premium to SPY (7.7x). details →
Analysts expect +8% revenue growth across SPHQ's holdings (next fiscal year) vs +13% for SPY; expected earnings growth: +12% vs +19%. details →

Last updated: 10/16/2026.

Price Chart

ETF Price
Price/Gold

Asset Allocation with SPHQ

Risk Tolerance:

ConservativeModerateAggressive

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

10Y Return (ann.)

+11.5%

Volatility

10.5%

Sharpe

0.82

YTD

+8.4%

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%	-1.1%	-2.2%	0.6%	12.6%
Bond	BND	50.0%	0.0%	0.9%	-0.6%	-1.4%
Gold	GLD	10.0%	-0.2%	-0.7%	-4.1%	-3.6%
Commodity	DBC	2.5%	0.0%	1.0%	0.8%	48.9%
Real Estate	VNQ	5.0%	0.3%	1.2%	-1.3%	6.6%
Bitcoin	BTCUSD	0.0%	0.0%	-0.5%	7.5%	-6.1%
Cash	GOVT	7.5%	0.1%	0.9%	-0.6%	-1.7%
Conservative Portfolio		100.0%	-0.3%	-0.0%	-0.6%	3.5%

	ETF	%	1D	1W	1M	YTD
Equity	SPHQ	55.0%	-1.1%	-2.2%	0.6%	12.6%
Bond	BND	25.0%	0.0%	0.9%	-0.6%	-1.4%
Gold	GLD	7.0%	-0.2%	-0.7%	-4.1%	-3.6%
Commodity	DBC	4.0%	0.0%	1.0%	0.8%	48.9%
Real Estate	VNQ	5.0%	0.3%	1.2%	-1.3%	6.6%
Bitcoin	BTCUSD	2.0%	0.0%	-0.5%	7.5%	-6.1%
Cash	GOVT	2.0%	0.1%	0.9%	-0.6%	-1.7%
Moderate Portfolio		100.0%	-0.6%	-0.9%	0.0%	8.4%

	ETF	%	1D	1W	1M	YTD
Equity	SPHQ	80.0%	-1.1%	-2.2%	0.6%	12.6%
Bond	BND	5.0%	0.0%	0.9%	-0.6%	-1.4%
Gold	GLD	3.0%	-0.2%	-0.7%	-4.1%	-3.6%
Commodity	DBC	2.2%	0.0%	1.0%	0.8%	48.9%
Real Estate	VNQ	4.5%	0.3%	1.2%	-1.3%	6.6%
Bitcoin	BTCUSD	5.2%	0.0%	-0.5%	7.5%	-6.1%
Cash	GOVT	0.0%	0.1%	0.9%	-0.6%	-1.7%
Aggressive Portfolio		100.0%	-0.9%	-1.7%	0.7%	10.9%

	ETF	%	Return	Volatility	Sharpe
Equity	SPHQ	25.0%	14.6%	14.8%	0.79
Bond	BND	50.0%	1.3%	5.2%	-0.27
Gold	GLD	10.0%	12.3%	15.4%	0.65
Commodity	DBC	2.5%	8.1%	17.3%	0.36
Real Estate	VNQ	5.0%	5.2%	17.5%	0.21
Bitcoin	BTCUSD	0.0%	63.2%	76.6%	0.97
Cash	GOVT	7.5%	0.4%	4.9%	-0.48
Conservative Portfolio		100.0%	6.1%	7.0%	0.48

	ETF	%	Return	Volatility	Sharpe
Equity	SPHQ	55.0%	14.6%	14.8%	0.79
Bond	BND	25.0%	1.3%	5.2%	-0.27
Gold	GLD	7.0%	12.3%	15.4%	0.65
Commodity	DBC	4.0%	8.1%	17.3%	0.36
Real Estate	VNQ	5.0%	5.2%	17.5%	0.21
Bitcoin	BTCUSD	2.0%	63.2%	76.6%	0.97
Cash	GOVT	2.0%	0.4%	4.9%	-0.48
Moderate Portfolio		100.0%	11.5%	10.5%	0.82

	ETF	%	Return	Volatility	Sharpe
Equity	SPHQ	80.0%	14.6%	14.8%	0.79
Bond	BND	5.0%	1.3%	5.2%	-0.27
Gold	GLD	3.0%	12.3%	15.4%	0.65
Commodity	DBC	2.2%	8.1%	17.3%	0.36
Real Estate	VNQ	4.5%	5.2%	17.5%	0.21
Bitcoin	BTCUSD	5.2%	63.2%	76.6%	0.97
Cash	GOVT	0.0%	0.4%	4.9%	-0.48
Aggressive Portfolio		100.0%	16.8%	14.3%	0.96

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)
	10/31/27	10/17/26	2025	2024	2023	2022	2021
Share Price CYE		$83.96	$74.60	$65.87	$52.51	$42.06	$49.94
Dividend/Share TTM		$0.71	$0.81	$0.77	$0.77	$0.81	$0.63
Valuation [1]
P/S	4.21	4.91	4.39	4.23	3.92	3.05	4.28
P/E		26.29	29.49	29.34	25.99	23.57	30.15
P/E (Non-GAAP) [2]	21.59	24.19	26.54	27.99	26.47	25.19	33.15
P/FCF		26.18	27.87	30.31	25.26	24.37	32.00
Yields TTM
Earnings Yield	4.63%	3.80%	3.39%	3.41%	3.85%	4.24%	3.32%
Dividend Yield	0.85%	0.85%	1.09%	1.17%	1.47%	1.94%	1.26%
Total Yield (TY)	5.48%	4.65%	4.48%	4.58%	5.32%	6.18%	4.58%
Risk Premium [3]
Risk Free Rate (Rf)	5.10%	5.10%	4.18%	4.58%	3.88%	3.88%	1.52%
Risk Prem. (TY - Rf)	0.38%	-0.45%	0.30%	-0.00%	1.44%	2.30%	3.06%
Growth Rates [6]
Sales Growth	7.9%	7.7%	8.4%	5.0%	-2.2%	8.0%
Earnings Growth [7]	11.7%	34.9%	11.2%	17.8%	3.7%	-7.8%

[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 3.80%, based on its 26.3x trailing P/E. With a 0.85% dividend yield, SPHQ is yielding 4.65% in total.

RISK

Compared to US Treasuries at 5.10%, SPHQ's total yield implies a -0.45% 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 5.48%, implying a 0.38% risk premium assuming stable Treasury rates.

Top 20 Holdings for SPHQ

Total Weights
Top 5: 25.9% | Top 10: 43.7% | Top 20: 65.1%

Ticker	Holding	ETF Weight	Sales Weight	Earnings Weight	Fwd P/S	Fwd P/E	Fwd Sales Growth	Fwd Earnings Growth
Total		99.93%	100.00%	100.00%	3.9	19.3	+7.9%	+11.7%
Top 20		65.14%	43.16%	56.52%	5.5	21.0	+12.5%	+15.4%
MA	Mastercard	5.90%	1.67%	4.39%	13.2	26.8	+12.6%	+15.7%
V	Visa	5.84%	1.51%	4.35%	14.8	25.4	+10.4%	+14.7%
AAPL	Apple	5.65%	2.31%	3.61%	9.5	36.1	+7.5%	+11.0%
LRCX	Lam Research	4.30%	1.33%	2.36%	8.8	25.8	+20.1%	+23.8%
GEV	GE Vernova	4.17%	3.08%	4.02%	4.7	34.7	+14.6%	-16.0%
COST	Costco Wholesale	3.95%	12.04%	2.07%	1.3	42.6	+7.5%	+9.7%
CSCO	Cisco Systems	3.79%	2.50%	2.96%	5.7	20.4	+6.9%	+8.3%
NFLX	Netflix	3.62%	2.61%	4.17%	5.3	18.7	+11.2%	+1.0%
GE	GE Aerospace	3.37%	2.30%	2.31%	5.9	35.3	+11.0%	+11.2%
SNDK	SanDisk	3.08%	1.44%	4.59%	3.7	5.5	+19.0%	+16.1%
PG	Procter & Gamble	2.96%	3.07%	3.20%	4.1	21.8	+2.9%	+5.2%
AMAT	Applied Materials	2.61%	1.09%	1.86%	6.9	22.3	+36.3%	+40.1%
KLAC	KLA	2.52%	0.70%	1.40%	11.2	28.2	+20.2%	+21.9%
QCOM	Qualcomm	2.42%	2.59%	3.08%	4.0	16.7	+16.1%	+24.6%
TXN	Texas Instruments	2.27%	0.77%	1.36%	10.3	28.0	+14.1%	+17.0%
WDC	Western Digital	2.24%	1.09%	4.46%	5.5	12.6	+38.9%	+57.0%
NEM	Newmont	1.81%	1.63%	3.07%	4.5	11.6	+7.6%	+5.1%
FTNT	Fortinet	1.73%	0.46%	0.74%	14.0	44.5	+11.3%	+10.2%
ISRG	Intuitive Surgical	1.47%	0.47%	0.76%	11.6	35.7	+12.9%	+11.6%
APP	AppLovin	1.44%	0.48%	1.77%	9.0	13.6	+26.1%	+27.7%

[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 10/31/27. Individual constituent FY1 and FY2 consensus figures adjusted to align with 10/31/27.
[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 10/16	1D Rtn	1M Rtn	YTD Rtn	1Y Rtn	3Y Rtn	5Y Rtn	10Y Rtn
SPHQ	Invesco S&P 500 Quality ETF	100.00%	83.96	-1.1%	1.2%	12.6%	16.0%	70.0%	78.1%	296.7%
MA	Mastercard	5.90%	617.42	0.2%	8.9%	8.8%	13.0%	56.5%	78.7%	543.5%
V	Visa	5.84%	402.61	0.7%	8.5%	15.5%	21.0%	70.8%	81.0%	429.6%
AAPL	Apple	5.65%	343.46	0.4%	3.3%	26.7%	39.3%	96.5%	143.1%	1,178.5%
LRCX	Lam Research	4.30%	263.94	-4.9%	-1.9%	54.6%	86.2%	316.3%	391.9%	2,931.5%
GEV	GE Vernova	4.17%	921.20	-0.6%	-0.4%	41.2%	53.4%
COST	Costco Wholesale	3.95%	989.11	1.1%	10.7%	15.2%	7.5%	79.2%	130.7%	685.2%
CSCO	Cisco Systems	3.79%	107.39	-2.2%	0.1%	42.0%	58.3%	114.8%	122.9%	372.7%
NFLX	Netflix	3.62%	70.53	-2.9%	-7.7%	-24.8%	-40.4%	98.3%	12.3%	493.7%
GE	GE Aerospace	3.37%	313.83	0.6%	0.4%	2.3%	5.2%	263.6%	390.1%	148.5%
SNDK	SanDisk	3.08%	1,299.30	-6.8%	-14.5%	447.4%	800.6%
PG	Procter & Gamble	2.96%	159.35	1.4%	8.4%	13.7%	9.6%	17.9%	25.5%	139.3%
AMAT	Applied Materials	2.61%	409.29	-4.8%	-1.5%	59.8%	80.7%	193.6%	224.2%	1,525.2%
KLAC	KLA	2.52%	165.74	-5.0%	-1.0%	36.9%	51.7%	249.0%	428.7%	2,593.1%
QCOM	Qualcomm	2.42%	172.11	-3.5%	-6.9%	2.2%	7.1%	63.5%	47.4%	241.1%
TXN	Texas Instruments	2.27%	276.48	-0.9%	6.1%	62.0%	61.6%	95.3%	63.8%	424.7%
WDC	Western Digital	2.24%	332.00	-6.9%	-20.4%	92.9%	164.2%	910.9%	705.3%	829.0%
NEM	Newmont	1.81%	118.60	2.4%	-2.6%	19.5%	21.8%	210.5%	138.6%	319.6%
FTNT	Fortinet	1.73%	169.13	-7.0%	-1.5%	113.0%	103.4%	188.4%	168.2%	2,628.8%
ISRG	Intuitive Surgical	1.47%	426.70	-0.3%	11.6%	-24.7%	-1.8%	55.0%	28.7%	432.1%
APP	AppLovin	1.44%	266.13	-4.7%	-18.5%	-60.5%	-56.1%	571.4%	189.8%

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
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%	14%	118%
Peers Return	22%	-15%	23%	20%	13%	13%	96%
S&P 500 Return	27%	-19%	24%	23%	16%	14%	108%
Monthly Win Rates [3]
SPHQ Win Rate	75%	42%	67%	75%	83%	70%
Peers Win Rate	73%	40%	60%	73%	68%	74%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
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 10/16/2026 (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	0.81	1.04	0.60
Equity Top Results (3Y)
IALT	2.30	2.30	2.30
VLUE	2.18	1.44	0.76
SPMO	0.89	1.43	0.86
SMH	1.69	1.38	0.95
CGDV	1.03	1.35	0.89

Results as of 9302026.

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 trading days was triggered

21% 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 Trading-Day Dip			SPHQ Subsequent Performance
Date	SPHQ	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			20%	21%	-9%	327
9/10/2026	-5%	1%			-1%	29
4/4/2025	-10%	-14%	32%	35%	-2%	329
10/25/2023	-6%	-8%	37%	40%	-2%	355
2/22/2022	-6%	-8%	-6%	5%	-18%	35
2/27/2020	-5%	-5%	30%	35%	-23%	351
11/19/2018	-7%	-6%	20%	20%	-12%	365
4/2/2018	-5%	-4%	13%	14%	-10%	182
1/20/2016	-7%	-9%	24%	24%	0%	350
8/24/2015	-7%	-10%	20%	21%	0%	331
6/28/2012	-5%	-6%	26%	30%	0%	327
8/2/2011	-7%	-6%	15%	17%	-9%	244
6/29/2010	-7%	-12%	29%	33%	-2%	317
7/23/2008	-5%	-8%	-36%	3%	-49%	7
1/4/2008	-6%	-9%	-43%	0%	-54%	0
7/31/2007	-6%	-3%	-1%	14%	-12%	90
6/8/2006	-7%	-3%	17%	21%	-7%	335

[1] Dip event: the stock fell more than 5.0% over 60 trading days. A new event is counted only when it comes more than 30 calendar days after the previous one.
[2] Analysis for period from 1/1/2005 to 10/16/2026

SPHQ had 11 events since 12/6/2005 where the dip threshold of -10% within 90 trading 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 Trading-Day Dip			SPHQ Subsequent Performance
Date	SPHQ	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			26%	28%	-4%	331
4/4/2025	-11%	-14%	32%	35%	-2%	329
9/26/2022	-12%	-10%	26%	32%	-1%	340
4/26/2022	-12%	-11%	4%	5%	-14%	352
3/12/2020	-16%	-18%	55%	58%	-10%	337
12/19/2018	-11%	-11%	33%	33%	-6%	365
8/8/2011	-12%	-15%	27%	27%	0%	238
8/31/2010	-10%	-13%	20%	33%	0%	310
9/4/2008	-11%	-11%	-33%	0%	-46%	15
1/29/2008	-12%	-10%	-37%	11%	-49%	140
7/20/2006	-10%	-2%	28%	28%	-3%	364
6/12/2006	-13%	-3%	21%	25%	-4%	331

[1] Dip event: the stock fell more than 10% over 90 trading days. A new event is counted only when it comes more than 30 calendar days after the previous one.
[2] Analysis for period from 1/1/2005 to 10/16/2026

SPHQ had 3 events since 12/6/2005 where the dip threshold of -20% within 180 trading 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 Trading-Day Dip			SPHQ Subsequent Performance
Date	SPHQ	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			22%	28%	-5%	326
9/21/2022	-21%	-20%	22%	28%	-5%	345
3/23/2020	-22%	-24%	71%	75%	0%	326
9/9/2008	-21%	-15%	-28%	4%	-44%	10

[1] Dip event: the stock fell more than 20% over 180 trading days. A new event is counted only when it comes more than 30 calendar days after the previous one.
[2] Analysis for period from 1/1/2005 to 10/16/2026

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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
QQQ	Invesco QQQ Trust, Series 1	-6.6%	709.80	10162026	759.66	10062026	10
QQQM	Invesco NASDAQ 100 ETF	-6.6%	292.26	10162026	312.76	10062026	10
ONEQ	Fidelity Nasdaq Composite Index ETF	-5.3%	103.01	10162026	108.77	10062026	10
QQEW	First Trust Nasdaq-100 Select Equal Weight ETF	-7.4%	154.66	10162026	167.03	8132026	64
IJH	iShares Core S&P Mid-Cap ETF	-8.0%	72.35	10162026	78.67	8162026	61
IWR	iShares Russell Mid-Cap ETF	-5.5%	108.50	10162026	114.82	8162026	61
MDY	State Street SPDR S&P MIDCAP 400 ETF Trust	-8.0%	659.87	10162026	716.91	8162026	61
SCHM	Schwab U.S. Mid-Cap ETF	-7.4%	34.16	10162026	36.87	6302026	108
IVOO	Vanguard S&P Mid-Cap 400 ETF	-7.7%	122.43	10162026	132.68	8162026	61
IJR	iShares Core S&P Small-Cap ETF	-9.7%	135.91	10162026	150.44	8162026	61
VB	Vanguard Small-Cap ETF	-7.8%	284.32	10162026	308.38	8162026	61
IWM	iShares Russell 2000 ETF	-11.4%	270.44	10162026	305.09	8162026	61
SCHA	Schwab U.S. Small-Cap ETF	-11.5%	31.99	10162026	36.13	6302026	108
VTWO	Vanguard Russell 2000 ETF	-11.1%	109.25	10162026	122.90	8162026	61
DFAS	Dimensional U.S. Small Cap ETF	-8.2%	77.58	10162026	84.48	8162026	61
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	-8.4%	51.90	10162026	56.64	8162026	61
NUSC	Nuveen ESG Small-Cap ETF	-8.6%	48.70	10162026	53.27	8162026	61
VUG	Vanguard Growth ETF	-5.1%	87.93	10162026	92.64	10062026	10
IWF	iShares Russell 1000 Growth ETF	-6.0%	121.48	10162026	129.19	10062026	10
VONG	Vanguard Russell 1000 Growth ETF	-6.0%	125.04	10162026	133.00	10062026	10
MGK	Vanguard Mega Cap Growth ETF	-5.4%	90.00	10162026	95.11	10062026	10
AKRE	Akre Focus ETF	-7.4%	57.26	10162026	61.85	8302026	47
IWP	iShares Russell Mid-Cap Growth ETF	-9.3%	133.99	10162026	147.70	8172026	60
VOT	Vanguard Mid-Cap Growth ETF	-7.9%	288.72	10162026	313.61	8162026	61
IJK	iShares S&P Mid-Cap 400 Growth ETF	-9.2%	108.13	10162026	119.11	8172026	60
MDYG	State Street SPDR S&P 400 Mid Cap Growth ETF	-9.3%	103.09	10162026	113.69	8172026	60
IWO	iShares Russell 2000 Growth ETF	-14.4%	338.83	10162026	395.65	8162026	61
VBK	Vanguard Small-Cap Growth ETF	-10.7%	326.71	10162026	365.91	8172026	60
IJT	iShares S&P Small-Cap 600 Growth ETF	-11.2%	158.97	10162026	179.07	8042026	73
SLYG	State Street SPDR S&P 600 Small Cap Growth ETF	-11.2%	106.15	10162026	119.50	8042026	73
IJJ	iShares S&P Mid-Cap 400 Value ETF	-6.8%	141.41	10162026	151.67	8162026	61
MDYV	State Street SPDR S&P 400 Mid Cap Value ETF	-6.7%	90.83	10162026	97.39	8162026	61
VBR	Vanguard Small-Cap Value ETF	-5.6%	236.48	10162026	250.56	8162026	61
AVUV	Avantis U.S. Small Cap Value ETF	-6.7%	120.08	10162026	128.74	8042026	73
IWN	iShares Russell 2000 Value ETF	-8.2%	208.75	10162026	227.43	8162026	61
IJS	iShares S&P Small-Cap 600 Value ETF	-8.4%	128.88	10162026	140.68	8162026	61
SLYV	State Street SPDR S&P 600 Small Cap Value ETF	-8.4%	102.78	10162026	112.22	8162026	61
VIOV	Vanguard S&P Small-Cap 600 Value ETF	-7.9%	110.78	10162026	120.28	8162026	61
VXUS	Vanguard Total International Stock ETF	-5.6%	83.43	10162026	88.41	9072026	39
VEU	Vanguard FTSE All-World Ex-US ETF	-5.4%	81.54	10162026	86.21	9072026	39
IXUS	iShares Core MSCI Total International Stock ETF	-5.4%	93.41	10162026	98.71	9072026	39
CWI	State Street SPDR MSCI ACWI ex-US ETF	-5.4%	39.64	10162026	41.90	9072026	39
CORO	iShares International Country Rotation Active ETF	-5.4%	35.52	10162026	37.54	9072026	39
VEA	Vanguard FTSE Developed Markets ETF	-5.6%	69.49	10162026	73.61	8252026	52
SCHF	Schwab International Equity ETF	-5.8%	26.93	10162026	28.59	8252026	52
VGK	Vanguard FTSE Europe ETF	-6.1%	87.29	10162026	92.96	8252026	52
VSS	Vanguard FTSE All-World EX-US Small-Cap Index Fund	-5.8%	152.11	10162026	161.49	5112026	158
SCHC	Schwab International Small-Cap Equity ETF	-5.8%	48.86	10162026	51.86	8272026	50
IEMG	iShares Core MSCI Emerging Markets ETF	-10.7%	76.79	10162026	86.00	6222026	116
VWO	Vanguard FTSE Emerging Markets ETF	-5.4%	58.03	10162026	61.32	9072026	39
EEM	iShares MSCI Emerging Markets ETF	-11.7%	62.85	10162026	71.21	6222026	116
SPEM	State Street SPDR Portfolio Emerging Markets ETF	-5.1%	50.69	10162026	53.41	9072026	39
SCHE	Schwab Emerging Markets Equity ETF	-5.0%	35.70	10162026	37.58	9072026	39
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	-16.6%	31.12	10162026	37.30	6222026	116
EWY	iShares MSCI South Korea ETF	-31.4%	150.44	10162026	219.20	6212026	117
FXI	iShares China Large-Cap ETF	-11.6%	33.84	10162026	38.26	5132026	156
KWEB	KraneShares CSI China Internet ETF	-20.2%	24.41	10162026	30.59	5132026	156
QQQI	NEOS Nasdaq 100 High Income ETF	-5.4%	53.62	10162026	56.66	10062026	10
RYLD	Global X Russell 2000 Covered Call ETF	-6.9%	15.19	10162026	16.31	8272026	50
MTUM	iShares MSCI USA Momentum Factor ETF	-15.1%	293.17	10162026	345.22	6222026	116
SPHQ	Invesco S&P 500 Quality ETF	-6.8%	83.96	10162026	90.10	6302026	108
FNDA	Schwab Fundamental U.S. Small Company ETF	-8.4%	35.28	10162026	38.52	8162026	61
SPMO	Invesco S&P 500 Momentum ETF	-12.8%	140.89	10162026	161.66	6222026	116
VLUE	iShares MSCI USA Value Factor ETF	-6.5%	192.25	10162026	205.51	9072026	39
ARKK	ARK Innovation ETF	-12.0%	81.65	10162026	92.78	10052026	11
URA	Global X Uranium ETF	-39.2%	35.43	10162026	58.26	5062026	163
BOTZ	Global X Funds Global X Robotics & Artificial Intelligence ETF	-20.7%	33.02	10162026	41.63	5132026	156
ROBO	ROBO Global Robotics & Automation Index ETF	-16.6%	75.30	10162026	90.34	6022026	136
LIT	Global X Lithium & Battery Tech ETF	-30.1%	64.05	10162026	91.62	5112026	158
ICLN	iShares Global Clean Energy ETF	-31.2%	16.33	10162026	23.75	6022026	136
ARKQ	ARK Autonomous Technology & Robotics ETF	-22.0%	112.24	10162026	143.82	5282026	141
ARKW	ARK Next Generation Internet ETF	-7.5%	154.85	10162026	167.33	10062026	10
ARKX	ARK Space & Defense Innovation ETF	-20.8%	29.88	10162026	37.74	5282026	141
NASA	Tema Space Innovators ETF	-50.5%	20.72	10162026	41.89	5272026	142
XOVR	EntrepreneurShares Series Trust ERShares Private-Public Crossover ETF	-7.1%	20.83	10162026	22.43	10052026	11
AGIX	KraneShares Artificial Intelligence ETF	-12.2%	43.51	10162026	49.56	10062026	10
DRSK	Aptus Defined Risk ETF	-7.3%	27.25	10162026	29.39	6012026	137
PCEF	Invesco CEF Income Composite ETF	-6.3%	19.18	10162026	20.47	8132026	64
YYY	Amplify CEF High Income ETF	-9.5%	10.29	10162026	11.37	8162026	61
GDE	WisdomTree Efficient Gold Plus Equity Strategy Fund	-10.6%	63.75	10162026	71.30	8252026	52
VGT	Vanguard Information Technology ETF	-8.5%	118.83	10162026	129.80	10062026	10
XLK	State Street Technology Select Sector SPDR ETF	-9.2%	183.47	10162026	202.00	10062026	10
XLF	State Street Financial Select Sector SPDR ETF	-5.2%	55.52	10162026	58.56	9032026	43
XLI	State Street Industrial Select Sector SPDR ETF	-10.1%	167.76	10162026	186.51	8162026	61
XLC	State Street Communication Services Select Sector SPDR ETF	-7.1%	110.32	10162026	118.79	4192026	180
XLY	State Street Consumer Discretionary Select Sector SPDR ETF	-7.7%	112.46	10162026	121.82	5282026	141
XLU	State Street Utilities Select Sector SPDR ETF	-9.3%	42.21	10162026	46.55	4302026	169
XLB	State Street Materials Select Sector SPDR ETF	-5.1%	50.92	10162026	53.67	8262026	51
IYJ	iShares U.S. Industrials ETF	-7.6%	156.92	10162026	169.86	8042026	73
IYM	iShares U.S. Basic Materials ETF	-6.9%	182.91	10162026	196.45	8252026	52
SMH	VanEck Semiconductor ETF	-19.3%	539.79	10162026	668.91	6222026	116
SOXX	iShares Semiconductor ETF	-24.7%	493.39	10162026	655.01	6222026	116
IBB	iShares Biotechnology ETF	-6.9%	201.99	10162026	216.96	8192026	58
XBI	State Street SPDR S&P Biotech ETF	-14.9%	144.32	10162026	169.55	8192026	58
ITA	iShares U.S. Aerospace & Defense ETF	-17.4%	209.07	10162026	253.22	8162026	61
IGV	iShares Expanded Tech-Software Sector ETF	-7.4%	104.34	10162026	112.67	10112026	5
IYT	iShares U.S. Transportation ETF	-11.1%	80.03	10162026	90.01	7162026	92
IAI	iShares U.S. Broker-Dealers & Securities Exchanges ETF	-11.2%	175.86	10162026	198.06	9032026	43
KRE	State Street SPDR S&P Regional Banking ETF	-10.4%	69.81	10162026	77.93	8162026	61
MISL	First Trust Indxx Aerospace & Defense ETF	-16.4%	41.13	10162026	49.19	5282026	141
RING	iShares MSCI Global Gold Miners ETF	-17.6%	76.78	10162026	93.17	8252026	52
SOXQ	Invesco PHLX Semiconductor ETF	-23.9%	87.64	10162026	115.11	6222026	116
IGOV	iShares International Treasury Bond ETF	-5.3%	40.05	10162026	42.27	5102026	159
TLT	iShares 20+ Year Treasury Bond ETF	-7.0%	80.05	10162026	86.10	6292026	109
VGLT	Vanguard Long-Term Treasury ETF	-6.4%	51.39	10162026	54.89	6292026	109
SPTL	State Street SPDR Portfolio Long Term Treasury ETF	-6.4%	24.45	10162026	26.13	6292026	109
TLH	iShares 10-20 Year Treasury Bond ETF	-5.7%	94.09	10162026	99.78	6292026	109
EDV	Vanguard World Funds Extended Duration ETF	-10.8%	57.60	10162026	64.54	6242026	114
VCLT	Vanguard Long-Term Corporate Bond ETF	-6.3%	69.80	10162026	74.47	6292026	109
SPLB	State Street SPDR Portfolio Long Term Corporate Bond ETF	-6.5%	20.75	10162026	22.18	6292026	109
IGLB	iShares 10+ Year Investment Grade Corporate Bond ETF	-6.2%	46.48	10162026	49.56	6292026	109
LMUB	iShares Long-Term National Muni Bond ETF	-6.5%	47.31	10162026	50.63	7052026	103
GLD	SPDR Gold Trust	-14.3%	382.01	10162026	445.93	4192026	180
IAU	iShares Gold Trust	-14.1%	78.47	10162026	91.34	4192026	180
GLDM	SPDR Gold MiniShares Trust	-14.1%	82.46	10162026	96.04	4192026	180
SLV	iShares Silver Trust	-34.6%	51.92	10162026	79.35	5132026	156
PPLT	ETFS Physical Platinum Shares	-24.5%	14.75	10162026	19.55	5132026	156
PALL	ETFS Physical Palladium Shares	-29.3%	20.17	10162026	28.51	4192026	180
UNG	United States Natural Gas Fund LP	-12.0%	10.66	10162026	12.12	6042026	134
BNO	United States Brent Oil Fund LP ETV	-7.1%	55.85	10162026	60.13	5042026	165
VNQ	Vanguard Real Estate ETF	-8.3%	91.76	10162026	100.08	7282026	80
XLRE	State Street Real Estate Select Sector SPDR ETF	-8.4%	42.16	10162026	46.01	7282026	80
SCHH	Schwab U.S. REIT ETF	-9.5%	22.50	10162026	24.86	7262026	82
IYR	iShares U.S. Real Estate ETF	-9.2%	97.39	10162026	107.26	7282026	80
REET	iShares Global REIT ETF	-10.4%	25.88	10162026	28.89	7262026	82
USRT	iShares Core U.S. REIT ETF	-10.9%	62.24	10162026	69.82	7262026	82
IBIT	iShares Bitcoin Trust ETF	-5.8%	46.15	10162026	49.01	9212026	25
FBTC	Fidelity Wise Origin Bitcoin Fund	-5.9%	70.85	10162026	75.31	9212026	25
ETHA	iShares Ethereum Trust ETF	-9.8%	54.51	10162026	60.45	9282026	18

ETF Fund Flows

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

Net fund flows · as of 2026-10-15

Asset allocation rotation · Past week

Equity ETFs drew the largest net inflows (+$18.8B), followed by Bond (+$1.1B), while Crypto (−$381M) and Real Estate (−$139M) saw the largest outflows.
Within the mix, money rotated into US Large Cap Core (+$9.7B) and out of Long Treasury (−$2.7B).
Relative to fund size, CNEQ drew the largest inflow (+30.5% of AUM) and EWP the largest outflow (−13.9%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$4.25B	+0.5%
2	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$3.1B	+0.3%
3	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$2.23B	+1.2%
4	CNEQ	Alger Concentrated Equity ETF	Other	+$1.69B	+30.5%
5	ARKK	ARK Innovation ETF	Equity Thematic	+$1.34B	+20.5%
6	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	+$1.15B	+8.5%
7	SPYV	State Street SPDR Portfolio S&P 500 Value ETF	Equity US Large Value	+$1.15B	+3.1%
8	DXJ	WisdomTree Japan Hedged Equity Fund	Other	+$939M	+12.5%
9	MUB	iShares National Muni Bond ETF	Bond Municipal	+$861M	+1.7%
10	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$837M	+0.1%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$1.69B	+30.5%
2	ALAI	Alger AI Enablers & Adopters ETF	Other	+$423M	+23.9%
3	ARKK	ARK Innovation ETF	Equity Thematic	+$1.34B	+20.5%
4	IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	Other	+$412M	+18.0%
5	QTEC	First Trust NASDAQ-100-Technology Sector Index Fund	Other	+$756M	+16.5%
6	SCMB	Schwab Municipal Bond ETF	Other	+$483M	+13.9%
7	DXJ	WisdomTree Japan Hedged Equity Fund	Other	+$939M	+12.5%
8	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	+$1.15B	+8.5%
9	KRE	State Street SPDR S&P Regional Banking ETF	Equity Industry Subsector	+$303M	+8.4%
10	ITB	iShares U.S. Home Construction ETF	Other	+$201M	+8.1%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	TLT	iShares 20+ Year Treasury Bond ETF	Bond Long Treasury	-$2.82B	-5.9%
2	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	-$1.01B	-2.3%
3	DRAM	Roundhill Memory ETF	Other	-$849M	-4.1%
4	MBB	iShares MBS ETF	Bond Mortgage Backed	-$658M	-1.9%
5	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$564M	-2.0%
6	IWM	iShares Russell 2000 ETF	Equity US Small Cap Core	-$541M	-0.7%
7	XLF	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	-$524M	-1.0%
8	HYG	iShares iBoxx $ High Yield Corporate Bond ETF	Bond High Yield Corporate	-$425M	-2.4%
9	EUFN	iShares MSCI Europe Financials ETF	Other	-$403M	-12.5%
10	EMB	iShares J.P. Morgan USD Emerging Markets Bond ETF	Other	-$291M	-2.3%

#	Ticker	Name	Type	Net flow	% of AUM
1	EWP	iShares MSCI Spain ETF	Other	-$283M	-13.9%
2	EUFN	iShares MSCI Europe Financials ETF	Other	-$403M	-12.5%
3	EWS	iShares MSCI Singapore ETF	Other	-$88M	-7.5%
4	TLTW	iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	Other	-$107M	-6.6%
5	IBDR	iShares iBonds Dec 2026 Term Corporate ETF	Other	-$175M	-6.0%
6	TLT	iShares 20+ Year Treasury Bond ETF	Bond Long Treasury	-$2.82B	-5.9%
7	USO	United States Oil Fund, LP	Commodity Energy	-$92M	-5.0%
8	CQQQ	Invesco China Technology ETF	Other	-$116M	-5.0%
9	DRAM	Roundhill Memory ETF	Other	-$849M	-4.1%
10	XME	State Street SPDR S&P Metals & Mining ETF	Other	-$156M	-3.9%

Asset allocation rotation · Past month

Equity ETFs drew the largest net inflows (+$68.8B), followed by Bond (+$34.7B), with every major asset class in net inflows.
Within the mix, money rotated into US Large Cap Core (+$35.1B) and out of Factor Smart Beta (−$4.1B).
Relative to fund size, CNEQ drew the largest inflow (+93.3% of AUM) and MTBA the largest outflow (−34.8%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	+$49.8B	+5.6%
2	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$17.44B	+2.1%
3	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$10.0B	+5.7%
4	MUB	iShares National Muni Bond ETF	Bond Municipal	+$6.46B	+13.6%
5	IUSB	iShares Core Universal USD Bond ETF	Bond Core Plus Multisector	+$5.84B	+12.1%
6	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$5.79B	+33.2%
7	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$5.67B	+5.0%
8	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$5.16B	+40.0%
9	VTEB	Vanguard Tax-Exempt Bond ETF	Bond Municipal	+$4.98B	+10.2%
10	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$4.69B	+0.7%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$2.97B	+93.3%
2	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	+$4.12B	+46.9%
3	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$5.16B	+40.0%
4	ALAI	Alger AI Enablers & Adopters ETF	Other	+$520M	+38.8%
5	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$5.79B	+33.2%
6	BLCR	iShares Large Cap Core Active ETF	Other	+$2.91B	+31.1%
7	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$1.05B	+29.3%
8	VCRM	Vanguard Core Tax-Exempt Bond E	Other	+$618M	+28.0%
9	VSDM	Vanguard Municipal Bond Funds - Vanguard Short Duration Tax-Exempt Bond ETF	Other	+$319M	+27.7%
10	GGOV	iShares Global Government Bond USD Hedged Active ETF	Bond International	+$1.08B	+26.8%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	-$41.83B	-4.0%
2	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$5.32B	-26.0%
3	MBB	iShares MBS ETF	Bond Mortgage Backed	-$3.33B	-9.3%
4	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	-$2.56B	-5.4%
5	DRAM	Roundhill Memory ETF	Other	-$2.3B	-8.9%
6	XLF	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	-$1.76B	-3.4%
7	IQMM	ProShares - GENIUS Money Market ETF	Other	-$1.68B	-8.3%
8	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	-$1.58B	-0.3%
9	EFG	iShares MSCI EAFE Growth ETF	Other	-$1.36B	-9.0%
10	USHY	iShares Broad USD High Yield Corporate Bond ETF	Bond High Yield Corporate	-$1.32B	-5.1%

#	Ticker	Name	Type	Net flow	% of AUM
1	MTBA	Simplify MBS ETF	Other	-$351M	-34.8%
2	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$5.32B	-26.0%
3	EUFN	iShares MSCI Europe Financials ETF	Other	-$699M	-18.0%
4	IWX	iShares Russell Top 200 Value ETF	Other	-$535M	-14.6%
5	EWW	iShares MSCI Mexico ETF	Other	-$205M	-13.9%
6	IGOV	iShares International Treasury Bond ETF	Bond International	-$178M	-13.6%
7	JNK	State Street SPDR Bloomberg High Yield Bond ETF	Bond High Yield Corporate	-$833M	-13.4%
8	CQQQ	Invesco China Technology ETF	Other	-$320M	-12.7%
9	IVES	Dan Ives Wedbush AI Revolution ETF	Other	-$128M	-12.7%
10	IDEF	iShares Defense Industrials Act	Other	-$476M	-12.6%

Asset allocation rotation · Past 3 months

Equity ETFs drew the largest net inflows (+$142.6B), followed by Bond (+$65.6B), with every major asset class in net inflows.
Within the mix, money rotated into US Large Cap Core (+$30.7B) and out of Intermediate Treasury (−$4.5B).
Relative to fund size, CNEQ drew the largest inflow (+206.5% of AUM) and FTXL the largest outflow (−70.6%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$28.9B	+2.8%
2	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$19.09B	+11.2%
3	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$17.49B	+16.5%
4	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$16.58B	+2.4%
5	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$9.91B	+9.0%
6	QQQM	Invesco NASDAQ 100 ETF	Equity US Nasdaq Growth	+$8.18B	+7.8%
7	BND	Vanguard Total Bond Market ETF	Bond US Aggregate Core	+$7.75B	+4.8%
8	IUSB	iShares Core Universal USD Bond ETF	Bond Core Plus Multisector	+$7.63B	+17.5%
9	VTEB	Vanguard Tax-Exempt Bond ETF	Bond Municipal	+$7.52B	+16.2%
10	GLD	SPDR Gold Shares	Commodity Gold	+$7.36B	+5.1%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$5.06B	+206.5%
2	ALAI	Alger AI Enablers & Adopters ETF	Other	+$1.34B	+122.6%
3	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$1.94B	+80.1%
4	ARKK	ARK Innovation ETF	Equity Thematic	+$4.93B	+76.9% ⚠
5	FINA	Fidelity MSCI North American Subset Index ETF	Other	+$1.25B	+74.5%
6	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$1.32B	+73.7%
7	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$5.62B	+67.1%
8	BFLX	iShares Flexible Equity Active ETF	Other	+$1.36B	+65.0%
9	XAGG	Morgan Stanley ETF Trust - Eaton Vance Strategic Income Opportunities ETF	Other	+$812M	+55.6%
10	BKGI	BNY Mellon Global Infrastructure Income ETF	Other	+$864M	+54.8%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$24.74B	-2.8%
2	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$6.33B	-25.8%
3	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$5.12B	-15.9%
4	IEF	iShares 7-10 Year Treasury Bond ETF	Bond Intermediate Treasury	-$4.38B	-10.4%
5	XLF	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	-$2.78B	-5.0%
6	MBB	iShares MBS ETF	Bond Mortgage Backed	-$2.67B	-6.8%
7	USHY	iShares Broad USD High Yield Corporate Bond ETF	Bond High Yield Corporate	-$2.6B	-9.1%
8	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	-$2.33B	-5.3%
9	EMB	iShares J.P. Morgan USD Emerging Markets Bond ETF	Other	-$1.74B	-11.9%
10	EFG	iShares MSCI EAFE Growth ETF	Other	-$1.36B	-8.2%

#	Ticker	Name	Type	Net flow	% of AUM
1	FTXL	First Trust Nasdaq Semiconductor ETF	Other	-$939M	-70.6%
2	USO	United States Oil Fund, LP	Commodity Energy	-$838M	-42.8%
3	MTBA	Simplify MBS ETF	Other	-$552M	-38.2%
4	TAN	Invesco Solar ETF	Other	-$383M	-36.6%
5	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	-$600M	-34.1%
6	SNXX	Tradr 2X Long SNDK Daily ETF	Other	-$595M	-32.4%
7	RSPN	Invesco S&P 500 Equal Weight Industrials ETF	Other	-$325M	-31.3%
8	BKAG	BNY Mellon Core Bond ETF	Other	-$583M	-26.1%
9	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$6.33B	-25.8%
10	EWW	iShares MSCI Mexico ETF	Other	-$387M	-21.9%

Largest ETF fund flows across ~2639 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
CRGY	Crescent Energy	4.5	10.1%	69.0%
ALOY	REalloys	0.4	8.2%	-23.4%
GRNT	Granite Ridge Resources	0.7	7.1%	23.9%
MTDR	Matador Resources	7.1	7.0%	38.6%
AR	Antero Resources	12.0	6.1%	12.2%
HPK	HighPeak Energy	1.3	6.0%	122.6%
NOG	Northern Oil & Gas	2.9	5.5%	34.1%
SM	SM Energy	9.4	5.3%	115.8%
NEWP	New Pacific Metals	1.2	5.1%	86.9%
BRBR	BellRing Brands	1.1	4.9%	-64.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
RXRX	Recursion Pharmaceuticals	1.8	-16.7%	-15.3%
EOSE	Eos Energy Enterprises	0.6	-15.7%	-84.1%
CYPH	Cypherpunk Technologies	0.5	-14.9%	121.6%
QMCO	Quantum	0.4	-14.5%	186.5%
SHAZ	SharonAI	0.5	-14.3%	-71.3%
GLAS	Glass House Brands	0.3	-14.0%	-64.0%
OMER	Omeros	1.2	-13.8%	-5.7%
KOPN	Kopin	0.6	-13.5%	40.6%
FOXF	Fox Factory	0.7	-13.3%	-6.3%
BLZE	Backblaze	0.5	-13.2%	84.5%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LQDA	Liquidia	3.1	25.5%	-0.4%
FIGS	FIGS	3.2	21.2%	68.3%
CBRL	Cracker Barrel Old Country Store	1.5	20.5%	178.1%
BH	Biglari	1.4	19.3%	30.6%
BH-A	Biglari	1.3	17.0%	21.0%
BBWI	Bath & Body Works	4.0	16.1%	3.3%
BLMN	Bloomin Brands	0.9	15.7%	61.3%
FICO	Fair Isaac	17.5	15.5%	-54.4%
FIZZ	National Beverage	3.3	14.5%	21.3%
GRNT	Granite Ridge Resources	0.7	14.3%	23.9%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
CTNM	Contineum Therapeutics	0.3	-47.1%	-38.1%
QMCO	Quantum	0.4	-39.3%	186.5%
NUAI	New Era Energy & Digital	0.3	-33.8%	6.1%
CIFR	Cipher Digital	3.7	-33.6%	-39.2%
BRUN	Boost Run	0.5	-32.5%	-57.6%
BLZE	Backblaze	0.5	-32.2%	84.5%
FMC	FMC	0.7	-32.2%	-58.3%
AAOI	Applied Optoelectronics	6.2	-31.1%	116.8%
INDI	Indie Semiconductor	0.4	-30.0%	-48.4%
SHAZ	SharonAI	0.5	-29.9%	-71.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
MYPS	PLAYSTUDIOS	0.5	716.5%	507.4%
KOD	Kodiak Sciences	5.4	161.0%	206.7%
CBRL	Cracker Barrel Old Country Store	1.5	58.2%	178.1%
PCRX	Pacira BioSciences	1.4	48.4%	40.4%
GRAL	GRAIL	5.1	47.4%	37.6%
SG	Sweetgreen	1.2	46.8%	48.5%
FIGS	FIGS	3.2	46.4%	68.3%
PTC	PTC	22.1	43.5%	10.8%
RXO	RXO	4.9	41.9%	126.3%
TTAN	ServiceTitan	7.2	38.2%	-29.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CTVA	Corteva	8.6	-84.2%	-80.7%
EMAT	Evolution Metals & Technologies	1.0	-61.7%	-92.8%
XNDU	Xanadu Quantum Technologies	0.9	-60.3%	-73.6%
GLAS	Glass House Brands	0.3	-60.1%	-64.0%
EOSE	Eos Energy Enterprises	0.6	-54.3%	-84.1%
SHAZ	SharonAI	0.5	-53.1%	-71.3%
QURE	uniQure	1.4	-50.6%	-9.0%
LQDA	Liquidia	3.1	-49.8%	-0.4%
BLSM	BlossomHill Therapeutics	0.4	-48.0%	-12.9%
NKTR	Nektar Therapeutics	1.2	-47.7%	-15.4%

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)	19.1	97.8	49.0	88.6	42.9	23.8	46.0
Expense Ratio	0.20%	0.20%	0.15%	0.21%	0.26%	0.15%	0.20%
10-D Avg Volume (Mil)	1.50	8.10	1.11	2.05	2.44	1.97	2.01
Latest Day Volume (Mil)	0.70	6.53	-	1.84	1.82	-	1.83
Holdings Count	100	505	118	2,598	261	174	218
Inception Date	12/6/2005	4/24/2003	7/16/2013	9/15/2005	3/19/2019	10/18/2011	-

Fundamentals

	SPHQ	RSP	QUAL	DFAC	DYNF	USMV	Median
Name	Invesco S&.	Invesco S&.	iShares MS.	Dimensiona.	iShares U..	iShares MS.
Net Asset Value	85.84	213.04	227.09	45.31	70.41	100.50	-
Premium/Discount	-2.2%	0.5%	-1.0%	-1.2%	-2.4%	0.8%	-1.1%
Distribution Yield	1.1%	1.5%	0.0%	0.9%	0.8%	0.0%	0.8%
Sales Yield	22.7%	73.3%	19.8%	45.7%	70.5%	148.7%	58.1%
Earnings Yield	4.0%	7.0%	3.6%	4.7%	9.4%	16.0%	5.9%

Valuation

	SPHQ	RSP	QUAL	DFAC	DYNF	USMV	Median
Name	Invesco S&.	Invesco S&.	iShares MS.	Dimensiona.	iShares U..	iShares MS.
P/S (TTM)	4.4x	1.4x	5.0x	2.2x	1.4x	0.7x	1.8x
P/E (TTM)	24.9x	14.2x	27.5x	21.2x	10.6x	6.2x	17.7x
P/FCF (TTM)	23.4x	8.8x	33.3x	23.1x	6.0x	2.7x	16.0x
Forward P/E	19.3x	7.2x	21.7x	14.6x	4.7x	2.4x	10.9x
Forward P/S	3.9x	1.2x	4.4x	2.0x	1.1x	0.5x	1.6x

Risk

	SPHQ	RSP	QUAL	DFAC	DYNF	USMV	Median
Name	Invesco S&.	Invesco S&.	iShares MS.	Dimensiona.	iShares U..	iShares MS.
Volatility (1Y)	14.7%	11.5%	12.0%	12.3%	13.7%	8.7%	12.1%
Volatility (3Y)	14.7%	13.9%	14.4%	15.1%	15.8%	10.3%	14.6%
Volatility (5Y)	16.7%	16.1%	17.3%	17.0%	17.5%	12.3%	16.9%
Beta (1Y)	0.93	0.69	0.89	0.93	1.04	0.36	0.91
Beta (3Y)	0.89	0.79	0.93	0.97	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)	1.04	1.25	1.36	1.36	1.23	0.99	1.24
Sharpe Ratio (3Y)	1.28	1.15	1.30	1.30	1.51	1.24	1.29
Sharpe Ratio (5Y)	0.79	0.59	0.75	0.74	0.91	0.68	0.74
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	0.6%	0.4%	2.7%	-0.2%	-0.8%	2.4%	0.5%
3M Return	-0.7%	0.8%	3.7%	1.6%	2.7%	4.9%	2.2%
6M Return	4.5%	5.8%	8.9%	6.7%	8.0%	7.1%	6.9%
YTD Return	12.6%	12.7%	13.7%	13.7%	13.5%	8.3%	13.1%
1Y Return	15.3%	14.7%	16.9%	17.3%	17.2%	8.7%	16.1%
2Y Return	26.9%	22.5%	26.1%	31.5%	38.8%	13.0%	26.5%
3Y Return	70.6%	57.3%	70.2%	74.0%	97.3%	44.5%	70.4%

Short Interest

Short Interest: As Of Date	9302026
Short Interest: Shares Quantity	0.7 Mil
Short Interest: % Change Since 9152026	36.0%
Average Daily Volume	1.1 Mil
Days-to-Cover Short Interest	1

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Invesco S&P 500 Quality ETF (SPHQ)

Market Price (10/17/2026): $83.99

Invesco S&P 500 Quality ETF (SPHQ)

Market Price (10/17/2026): $83.99

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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Inform Me Once

About SPHQ

Latest Trefis Analyses

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

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