Invesco S&P 500 Quality ETF (SPHQ) | Trefis

Invesco S&P 500 Quality ETF (SPHQ)

Market Price (7/17/2026): $84.8

Invesco S&P 500 Quality ETF (SPHQ)

Market Price (7/17/2026): $84.8

Key Takeaways

SPHQ has returned +14.5% YTD vs +10.4% for SPY; +21.7% over the past 12 months (SPY +21.3%). details →
Priced in gold, SPHQ has returned -16.4% over the past 3 years, vs +73.0% in dollars — its dollar gains have lagged gold. details →
Over the past month, SPHQ has seen net inflows of +$663M (+3.3% of assets). details →
Analysts expect +8% revenue growth across SPHQ's holdings (next fiscal year) vs +8% for SPY; expected earnings growth: +8% vs +17%. details →
Risk-adjusted returns beat SPY: 3-year Sharpe ratio of 1.2 vs 1.0. details →

Last updated: 7/16/2026.

Price Chart

ETF Price
Price/Gold

Asset Allocation with SPHQ

Risk Tolerance:

ConservativeModerateAggressive

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

10Y Return (ann.)

+11.7%

Volatility

10.5%

Sharpe

0.84

YTD

+8.8%

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%	-2.5%	-3.5%	14.5%
Bond	BND	50.0%	-0.0%	-0.0%	-0.3%	0.3%
Gold	GLD	10.0%	-2.0%	-3.5%	-8.0%	-7.9%
Commodity	DBC	2.5%	-1.1%	3.2%	0.9%	27.3%
Real Estate	VNQ	5.0%	2.3%	3.1%	3.2%	15.3%
Bitcoin	BTCUSD	0.0%	-0.3%	2.1%	-2.6%	-26.2%
Cash	GOVT	7.5%	-0.0%	0.0%	-0.6%	-0.4%
Conservative Portfolio		100.0%	-0.3%	-0.8%	-1.7%	4.4%

	ETF	%	1D	1W	1M	YTD
Equity	SPHQ	55.0%	-0.6%	-2.5%	-3.5%	14.5%
Bond	BND	25.0%	-0.0%	-0.0%	-0.3%	0.3%
Gold	GLD	7.0%	-2.0%	-3.5%	-8.0%	-7.9%
Commodity	DBC	4.0%	-1.1%	3.2%	0.9%	27.3%
Real Estate	VNQ	5.0%	2.3%	3.1%	3.2%	15.3%
Bitcoin	BTCUSD	2.0%	-0.3%	2.1%	-2.6%	-26.2%
Cash	GOVT	2.0%	-0.0%	0.0%	-0.6%	-0.4%
Moderate Portfolio		100.0%	-0.4%	-1.3%	-2.4%	8.8%

	ETF	%	1D	1W	1M	YTD
Equity	SPHQ	80.0%	-0.6%	-2.5%	-3.5%	14.5%
Bond	BND	5.0%	-0.0%	-0.0%	-0.3%	0.3%
Gold	GLD	3.0%	-2.0%	-3.5%	-8.0%	-7.9%
Commodity	DBC	2.2%	-1.1%	3.2%	0.9%	27.3%
Real Estate	VNQ	4.5%	2.3%	3.1%	3.2%	15.3%
Bitcoin	BTCUSD	5.2%	-0.3%	2.1%	-2.6%	-26.2%
Cash	GOVT	0.0%	-0.0%	0.0%	-0.6%	-0.4%
Aggressive Portfolio		100.0%	-0.5%	-1.8%	-3.0%	11.3%

	ETF	%	Return	Volatility	Sharpe
Equity	SPHQ	25.0%	14.9%	14.8%	0.84
Bond	BND	50.0%	1.4%	5.1%	-0.25
Gold	GLD	10.0%	10.9%	15.1%	0.57
Commodity	DBC	2.5%	6.5%	17.4%	0.25
Real Estate	VNQ	5.0%	5.2%	17.7%	0.24
Bitcoin	BTCUSD	0.0%	57.7%	76.4%	0.91
Cash	GOVT	7.5%	0.3%	4.9%	-0.48
Conservative Portfolio		100.0%	6.2%	7.0%	0.50

	ETF	%	Return	Volatility	Sharpe
Equity	SPHQ	55.0%	14.9%	14.8%	0.84
Bond	BND	25.0%	1.4%	5.1%	-0.25
Gold	GLD	7.0%	10.9%	15.1%	0.57
Commodity	DBC	4.0%	6.5%	17.4%	0.25
Real Estate	VNQ	5.0%	5.2%	17.7%	0.24
Bitcoin	BTCUSD	2.0%	57.7%	76.4%	0.91
Cash	GOVT	2.0%	0.3%	4.9%	-0.48
Moderate Portfolio		100.0%	11.7%	10.5%	0.84

	ETF	%	Return	Volatility	Sharpe
Equity	SPHQ	80.0%	14.9%	14.8%	0.84
Bond	BND	5.0%	1.4%	5.1%	-0.25
Gold	GLD	3.0%	10.9%	15.1%	0.57
Commodity	DBC	2.2%	6.5%	17.4%	0.25
Real Estate	VNQ	4.5%	5.2%	17.7%	0.24
Bitcoin	BTCUSD	5.2%	57.7%	76.4%	0.91
Cash	GOVT	0.0%	0.3%	4.9%	-0.48
Aggressive Portfolio		100.0%	17.1%	14.3%	0.98

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)
	7/31/27	7/17/26	2025	2024	2023	2022	2021
Share Price CYE		$85.58	$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	4.14	4.63	4.01	3.82	3.41	2.76	3.81
P/E		27.78	27.37	28.35	26.08	22.29	28.69
P/E (Non-GAAP) [2]	21.28	25.72	25.38	26.00	17.58	22.12	31.38
P/FCF		26.05	23.89	25.27	23.72	21.42	27.78
Yields TTM
Earnings Yield	4.70%	3.60%	3.65%	3.53%	3.83%	4.49%	3.49%
Dividend Yield	0.85%	0.85%	1.09%	1.17%	1.46%	1.93%	1.26%
Total Yield (TY)	5.55%	4.45%	4.74%	4.69%	5.30%	6.42%	4.75%
Risk Premium [3]
Risk Free Rate (Rf)	4.55%	4.55%	4.18%	4.58%	3.88%	3.88%	1.52%
Risk Prem. (TY - Rf)	1.00%	-0.10%	0.56%	0.11%	1.42%	2.54%	3.23%
Growth Rates [6]
Sales Growth	7.5%	2.9%	8.0%	5.9%	0.1%	5.8%
Earnings Growth [7]	8.5%	17.0%	18.2%	21.9%	0.7%	-5.8%

[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 3.60%, based on its 27.8x trailing P/E. With a 0.85% dividend yield, SPHQ is yielding 4.45% in total.

RISK

Compared to US Treasuries at 4.55%, SPHQ's total yield implies a -0.10% 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 5.55%, implying a 1.00% risk premium assuming stable Treasury rates.

Top 20 Holdings for SPHQ

Total Weights
Top 5: 24.2% | Top 10: 42.7% | Top 20: 66.3%

Ticker	Holding	ETF Weight	Sales Weight	Earnings Weight	Fwd P/S	Fwd P/E	Fwd Sales Growth	Fwd Earnings Growth
Total		98.79%	100.00%	100.00%	4.1	21.3	+7.5%	+8.5%
Top 20		66.34%	44.78%	56.31%	5.7	23.5	+11.4%	+11.0%
AAPL	Apple	5.10%	2.21%	3.60%	9.5	35.3	+8.8%	+6.1%
V	Visa	5.10%	1.56%	4.83%	13.3	23.1	+10.6%	+13.7%
MA	Mastercard	5.08%	1.65%	4.53%	12.3	25.5	+12.6%	+16.2%
LRCX	Lam Research	4.55%	1.15%	2.14%	12.9	40.0	+16.6%	+10.1%
GEV	GE Vernova	4.37%	2.90%	4.13%	5.7	37.7	+14.3%	-22.0%
GE	GE Aerospace	3.79%	2.50%	2.66%	7.0	39.8	+9.9%	+19.9%
CSCO	Cisco Systems	3.75%	2.46%	2.91%	6.3	22.5	+9.3%	+12.3%
COST	Costco Wholesale	3.69%	12.10%	2.18%	1.3	42.0	+8.2%	+10.2%
NFLX	Netflix	3.64%	2.55%	4.36%	5.7	19.9	+11.6%	+5.1%
SNDK	SanDisk	3.59%	1.06%	2.18%	4.2	7.8	+15.7%	+4.5%
WDC	Western Digital	3.16%	1.10%	3.61%	8.5	24.9	+32.6%	+35.6%
AMAT	Applied Materials	3.00%	0.92%	1.61%	11.0	36.6	+28.7%	+32.4%
KLAC	KLA	2.88%	0.62%	1.32%	16.3	41.0	+18.1%	+8.2%
PG	Procter & Gamble	2.78%	3.21%	3.68%	3.9	20.7	+3.4%	+5.3%
APP	AppLovin	2.53%	0.50%	1.93%	15.1	23.0	+30.7%	+30.1%
QCOM	Qualcomm	2.52%	2.89%	3.86%	4.1	14.4	+3.7%	+5.6%
TXN	Texas Instruments	2.40%	0.78%	1.37%	11.8	34.5	+11.4%	+15.5%
STX	Seagate Technology	1.54%	0.48%	0.62%	9.5	26.9	+31.2%	+49.1%
TJX	TJX Companies	1.46%	2.47%	1.39%	2.6	27.8	+5.8%	+9.5%
NEM	Newmont	1.41%	1.68%	3.40%	3.5	8.8	+7.0%	+12.8%

[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 7/31/27. Individual constituent FY1 and FY2 consensus figures adjusted to align with 7/31/27.
[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 7/16	1D Rtn	1M Rtn	YTD Rtn	1Y Rtn	3Y Rtn	5Y Rtn	10Y Rtn
SPHQ	Invesco S&P 500 Quality ETF	100.00%	85.58	-0.6%	-3.5%	14.5%	21.7%	73.0%	86.4%	288.4%
AAPL	Apple	5.10%	333.26	1.8%	11.4%	22.8%	59.2%	74.2%	133.6%	1,366.4%
V	Visa	5.10%	365.14	2.8%	9.6%	4.5%	5.2%	53.1%	52.8%	400.3%
MA	Mastercard	5.08%	551.54	3.1%	10.2%	-2.9%	-0.1%	39.6%	46.7%	538.6%
LRCX	Lam Research	4.55%	320.96	-4.3%	-13.0%	87.9%	221.5%	399.5%	474.5%	4,014.0%
GEV	GE Vernova	4.37%	1,036.22	-1.8%	5.5%	58.8%	85.2%
GE	GE Aerospace	3.79%	345.73	-4.1%	-1.6%	12.5%	30.5%	296.2%	461.0%	142.6%
CSCO	Cisco Systems	3.75%	109.66	-1.9%	-7.9%	44.4%	66.1%	133.6%	134.8%	393.4%
COST	Costco Wholesale	3.69%	945.57	3.2%	-4.2%	10.0%	-0.1%	78.0%	143.2%	568.9%
NFLX	Netflix	3.64%	74.35	0.9%	-5.6%	-20.7%	-40.5%	65.2%	40.2%	652.5%
SNDK	SanDisk	3.59%	1,411.08	-12.6%	-29.1%	494.4%	3,311.7%
WDC	Western Digital	3.16%	466.81	-9.2%	-31.5%	171.2%	603.6%	1,502.4%	876.9%	1,264.3%
AMAT	Applied Materials	3.00%	560.93	-3.2%	-1.3%	118.8%	190.0%	295.1%	356.4%	2,251.7%
KLAC	KLA	2.88%	219.37	-2.3%	-7.6%	81.0%	136.5%	358.9%	687.0%	3,305.9%
PG	Procter & Gamble	2.78%	151.50	2.3%	-0.6%	7.3%	1.4%	9.9%	22.5%	131.6%
APP	AppLovin	2.53%	434.48	-4.0%	-15.7%	-35.5%	22.2%	1,426.6%	615.2%
QCOM	Qualcomm	2.52%	170.61	-4.1%	-20.3%	0.8%	13.1%	47.6%	36.0%	305.1%
TXN	Texas Instruments	2.40%	291.22	-3.3%	-4.7%	69.8%	38.2%	73.4%	80.4%	487.3%
STX	Seagate Technology	1.54%	745.49	-10.0%	-27.7%	171.4%	410.9%	1,211.3%	924.6%	3,645.5%
TJX	TJX Companies	1.46%	154.79	2.5%	-6.9%	1.4%	29.1%	89.3%	147.0%	349.2%
NEM	Newmont	1.41%	90.83	-4.6%	-16.2%	-8.6%	57.0%	117.5%	70.1%	178.8%

Guidance Updates for SPHQ Top Holdings

	Ticker	Company	Earnings Date	Guidance Metric	Midpoint Value	% Change	Guidance Change
AMAT_5142026	AMAT	Applied Materials	5/14/2026	Q3 2026 Total Revenue	8.95 Bil	17.0%	Higher NewNew Guidance Higher than Prior Actual of 7.65 Bil for Q2 2026
APP_5062026	APP	AppLovin	5/6/2026	Q2 2026 Revenue	1.93 Bil	9.7%	Higher NewNew Guidance Higher than Prior Actual of 1.76 Bil for Q1 2026
KLAC_4292026	KLAC	KLA	4/29/2026	Q4 2026 Revenue	3.58 Bil	6.7%	Higher NewNew Guidance Higher than Prior Actual of 3.35 Bil for Q3 2026
SNDK_4302026	SNDK	SanDisk	4/30/2026	Q4 2026 Revenue	8.00 Bil	73.9%	Higher NewNew Guidance Higher than Prior Actual of 4.60 Bil for Q3 2026
STX_4282026	STX	Seagate Technology	4/28/2026	Q4 2026 Revenue	3.45 Bil	19.0%	Higher NewNew Guidance Higher than Prior Actual of 2.90 Bil for Q3 2026
TXN_4222026	TXN	Texas Instruments	4/22/2026	Q2 2026 Revenue	5.20 Bil	15.6%	Higher NewNew Guidance Higher than Prior Actual of 4.50 Bil for Q1 2026
WDC_4302026	WDC	Western Digital	4/30/2026	Q4 2026 Revenue	3.65 Bil	14.1%	Higher NewNew Guidance Higher than Prior Actual of 3.20 Bil for Q3 2026

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
SPHQ Return	28%	-16%	25%	25%	13%	15%	120%
Peers Return	22%	-15%	23%	20%	13%	10%	90%
S&P 500 Return	27%	-19%	24%	23%	16%	11%	102%
Monthly Win Rates [3]
SPHQ Win Rate	75%	42%	67%	75%	83%	71%
Peers Win Rate	73%	40%	60%	73%	68%	77%
S&P 500 Win Rate	75%	42%	67%	75%	67%	57%
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 7/16/2026 (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	1.58	1.20	0.69
Equity Top Results (3Y)
NUSC	2.47	2.47	2.47
IALT	2.09	2.09	2.09
SPMO	1.67	1.65	0.98
VLUE	2.90	1.45	0.74
SMH	2.40	1.41	0.98

Results as of 6302026.

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 15 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
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 7/16/2026

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 7/16/2026

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 7/16/2026

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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	-5.4%	705.94	7162026	746.16	6022026	44
QQQM	Invesco NASDAQ 100 ETF	-5.4%	290.68	7162026	307.23	6022026	44
SCHA	Schwab U.S. Small-Cap ETF	-5.2%	34.25	7162026	36.13	6302026	16
IWF	iShares Russell 1000 Growth ETF	-5.9%	121.20	7162026	128.77	6012026	45
VONG	Vanguard Russell 1000 Growth ETF	-5.8%	124.72	7162026	132.35	6012026	45
AKRE	Akre Focus ETF	-10.2%	56.89	7162026	63.37	1152026	182
IWP	iShares Russell Mid-Cap Growth ETF	-5.5%	138.37	7162026	146.41	6302026	16
VBK	Vanguard Small-Cap Growth ETF	-5.3%	346.16	7162026	365.70	6302026	16
VSS	Vanguard FTSE All-World EX-US Small-Cap Index Fund	-5.7%	152.50	7162026	161.79	5112026	66
SCHC	Schwab International Small-Cap Equity ETF	-6.4%	48.24	7162026	51.54	3012026	137
IEMG	iShares Core MSCI Emerging Markets ETF	-9.2%	78.11	7162026	86.00	6222026	24
EEM	iShares MSCI Emerging Markets ETF	-9.9%	64.19	7162026	71.21	6222026	24
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	-7.4%	34.55	7162026	37.30	6222026	24
EWY	iShares MSCI South Korea ETF	-25.5%	163.36	7162026	219.20	6212026	25
EWZ	iShares MSCI Brazil ETF	-15.3%	35.33	7162026	41.73	4142026	93
FXI	iShares China Large-Cap ETF	-15.3%	34.53	7162026	40.78	1292026	168
ILF	iShares Latin America 40 ETF	-10.5%	34.11	7162026	38.10	4142026	93
KWEB	KraneShares CSI China Internet ETF	-24.5%	27.48	7162026	36.38	1152026	182
MTUM	iShares MSCI USA Momentum Factor ETF	-12.1%	303.41	7162026	345.22	6222026	24
SPHQ	Invesco S&P 500 Quality ETF	-5.0%	85.58	7162026	90.10	6302026	16
SPMO	Invesco S&P 500 Momentum ETF	-10.1%	145.28	7162026	161.66	6222026	24
VLUE	iShares MSCI USA Value Factor ETF	-7.2%	189.91	7162026	204.59	6252026	21
ARKK	ARK Innovation ETF	-8.3%	76.67	7162026	83.61	7062026	10
URA	Global X Uranium ETF	-36.7%	39.11	7162026	61.81	1282026	169
BOTZ	Global X Funds Global X Robotics & Artificial Intelligence ETF	-14.7%	35.53	7162026	41.63	5132026	64
ROBO	ROBO Global Robotics & Automation Index ETF	-12.1%	79.39	7162026	90.34	6022026	44
LIT	Global X Lithium & Battery Tech ETF	-24.8%	68.86	7162026	91.62	5112026	66
ICLN	iShares Global Clean Energy ETF	-22.7%	18.35	7162026	23.75	6022026	44
ARKQ	ARK Autonomous Technology & Robotics ETF	-17.9%	118.14	7162026	143.82	5282026	49
ARKW	ARK Next Generation Internet ETF	-6.4%	144.29	7162026	154.18	6012026	45
ARKX	ARK Space & Defense Innovation ETF	-18.5%	30.77	7162026	37.74	5282026	49
NASA	Tema Space Innovators ETF	-44.6%	23.22	7162026	41.89	5272026	50
XOVR	EntrepreneurShares Series Trust ERShares Private-Public Crossover ETF	-7.4%	19.76	7162026	21.34	7062026	10
AGIX	KraneShares Artificial Intelligence ETF	-12.9%	43.02	7162026	49.40	6012026	45
GDE	WisdomTree Efficient Gold Plus Equity Strategy Fund	-13.7%	60.73	7162026	70.39	5112026	66
RAAX	VanEck Real Assets ETF	-8.1%	39.23	7162026	42.70	5112026	66
VGT	Vanguard Information Technology ETF	-9.1%	114.24	7162026	125.62	6022026	44
XLK	State Street Technology Select Sector SPDR ETF	-10.4%	177.52	7162026	198.21	6022026	44
XLE	State Street Energy Select Sector SPDR ETF	-8.9%	57.02	7162026	62.56	3292026	109
XLC	State Street Communication Services Select Sector SPDR ETF	-5.9%	112.65	7162026	119.70	2012026	165
IYM	iShares U.S. Basic Materials ETF	-7.4%	175.12	7162026	189.08	3022026	136
FXN	First Trust Energy AlphaDEX Fund	-9.0%	21.10	7162026	23.18	3292026	109
SMH	VanEck Semiconductor ETF	-14.9%	568.92	7162026	668.91	6222026	24
SOXX	iShares Semiconductor ETF	-19.0%	530.50	7162026	655.01	6222026	24
XBI	State Street SPDR S&P Biotech ETF	-7.5%	152.00	7162026	164.28	7092026	7
ITA	iShares U.S. Aerospace & Defense ETF	-7.9%	230.89	7162026	250.78	7062026	10
XOP	State Street SPDR S&P Oil & Gas Exploration & Production ETF	-11.6%	166.44	7162026	188.18	3292026	109
IGV	iShares Expanded Tech-Software Sector ETF	-13.0%	93.70	7162026	107.70	6012026	45
MISL	First Trust Indxx Aerospace & Defense ETF	-16.2%	42.72	7162026	50.98	1192026	178
RING	iShares MSCI Global Gold Miners ETF	-38.2%	61.41	7162026	99.42	3012026	137
SOXQ	Invesco PHLX Semiconductor ETF	-18.9%	93.40	7162026	115.11	6222026	24
BWX	State Street SPDR Bloomberg International Treasury Bond ETF	-5.7%	21.59	7162026	22.90	2162026	150
TLT	iShares 20+ Year Treasury Bond ETF	-5.9%	84.21	7162026	89.48	3012026	137
SPTL	State Street SPDR Portfolio Long Term Treasury ETF	-5.3%	25.65	7162026	27.09	3012026	137
EDV	Vanguard World Funds Extended Duration ETF	-8.3%	61.79	7162026	67.42	3012026	137
PDBC	Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	-10.3%	16.96	7162026	18.91	5122026	65
DBC	Invesco DB Commodity Index Tracking Fund	-10.2%	28.46	7162026	31.69	5122026	65
COMT	iShares GSCI Commodity Dynamic Roll Strategy ETF	-11.3%	32.41	7162026	36.53	5192026	58
GSG	iShares GSCI Commodity	-5.8%	30.01	7162026	31.85	3182026	120
BCI	abrdn Bloomberg All Commodity Strategy K-1 Free ETF	-9.2%	23.52	7162026	25.91	5122026	65
FTGC	First Trust Global Tactical Commodity Strategy Fund	-6.6%	28.50	7162026	30.53	5122026	65
HGER	Harbor Commodity All-Weather Strategy ETF	-6.1%	31.43	7162026	33.47	5122026	65
GLD	SPDR Gold Trust	-26.4%	364.96	7162026	495.90	1292026	168
IAU	iShares Gold Trust	-26.4%	74.80	7162026	101.57	1292026	168
GLDM	SPDR Gold MiniShares Trust	-26.3%	78.72	7162026	106.77	1292026	168
SGOL	ETFS Physical Swiss Gold Shares	-13.1%	44.66	7162026	51.41	1292026	168
BAR	Direxion Daily Gold Bull 3X Shares	-16.6%	44.34	7162026	53.16	1292026	168
SLV	iShares Silver Trust	-52.3%	50.39	7162026	105.60	1282026	169
SIVR	ETFS Physical Silver Shares Trust ETF	-24.8%	83.39	7162026	110.87	1282026	169
PPLT	ETFS Physical Platinum Shares	-41.8%	14.69	7162026	25.23	1252026	172
CPER	United States Copper Index Fund ETV	-13.9%	33.33	7162026	38.71	1292026	168
PALL	ETFS Physical Palladium Shares	-38.4%	22.89	7162026	37.18	1282026	169
USO	United States Oil Fund LP	-22.0%	119.30	7162026	152.96	5192026	58
UNG	United States Natural Gas Fund LP	-38.3%	10.42	7162026	16.90	2012026	165
BNO	United States Brent Oil Fund LP ETV	-7.1%	55.85	7162026	60.13	5042026	73
IBIT	iShares Bitcoin Trust ETF	-32.9%	36.39	7162026	54.24	1192026	178
FBTC	Fidelity Wise Origin Bitcoin Fund	-32.8%	55.93	7162026	83.23	1192026	178
GBTC	Grayscale Bitcoin Trust ETF	-17.1%	61.84	7162026	74.58	1192026	178
ETHA	iShares Ethereum Trust ETF	-43.2%	14.13	7162026	24.88	1192026	178

ETF Fund Flows

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

Net fund flows · as of 2026-07-15

Asset allocation rotation · Past week

Equity ETFs drew the largest net inflows (+$21.2B), followed by Bond (+$2.9B), while Commodity (−$611M) and Real Estate (−$188M) saw the largest outflows.
Within the mix, money rotated into US Large Cap Core (+$8.7B) and out of US Small Cap Core (−$1.0B).
Relative to fund size, DFGP drew the largest inflow (+12.6% of AUM) and LCTU the largest outflow (−22.8%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$5.23B	+0.7%
2	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$3.48B	+0.7%
3	EWY	iShares MSCI South Korea ETF	Equity Emerging Markets	+$2.54B	+11.5%
4	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$1.82B	+1.1%
5	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$1.63B	+0.2%
6	DRAM	Roundhill Memory ETF	Other	+$1.59B	+6.5%
7	EFV	iShares MSCI EAFE Value ETF	Equity International Developed Broad	+$1.22B	+4.5%
8	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	+$1.16B	+2.5%
9	XLF	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	+$957M	+1.8%
10	VXUS	Vanguard Total International Stock ETF	Equity International Broad	+$908M	+0.6%

#	Ticker	Name	Type	Net flow	% of AUM
1	DFGP	Dimensional - Global Core Plus Fixed Income ETF	Other	+$413M	+12.6%
2	EWY	iShares MSCI South Korea ETF	Equity Emerging Markets	+$2.54B	+11.5%
3	PSC	Principal U.S. Small-Cap Multi-Factor ETF	Other	+$246M	+10.7%
4	LGDS	JPMorgan Fundamental Data Science Large Growth ETF	Other	+$116M	+8.7%
5	IXC	iShares Global Energy ETF	Other	+$191M	+7.5%
6	DFAL		Other	+$86M	+7.4%
7	IHE	iShares U.S. Pharmaceuticals ETF	Other	+$102M	+7.2%
8	DRAM	Roundhill Memory ETF	Other	+$1.59B	+6.5%
9	KBE	State Street SPDR S&P Bank ETF	Other	+$95M	+5.8%
10	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$63M	+5.6%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IQMM	ProShares - GENIUS Money Market ETF	Other	-$2.01B	-10.3%
2	IWM	iShares Russell 2000 ETF	Equity US Small Cap Core	-$1.13B	-1.4%
3	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$545M	-2.0%
4	VUG	Vanguard Growth ETF	Equity US Large Growth	-$459M	-0.2%
5	GLD	SPDR Gold Shares	Commodity Gold	-$456M	-0.3%
6	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$451M	-1.3%
7	VGT	Vanguard Information Technology ETF	Equity Broad Sector	-$439M	-0.3%
8	KLMN		Other	-$394M	-16.9%
9	MDY	State Street SPDR S&P MIDCAP 400 ETF Trust	Equity US Mid Cap Core	-$380M	-1.4%
10	SCHX	Schwab U.S. Large-Cap ETF	Equity US Large Cap Core	-$369M	-0.5%

#	Ticker	Name	Type	Net flow	% of AUM
1	LCTU	iShares U.S. Carbon Transition Readiness Aware Active ETF	Other	-$280M	-22.8%
2	KLMN		Other	-$394M	-16.9%
3	USO	United States Oil Fund LP	Commodity Energy	-$336M	-15.7%
4	XHB	State Street SPDR S&P Homebuilders ETF	Other	-$194M	-10.8%
5	IQMM	ProShares - GENIUS Money Market ETF	Other	-$2.01B	-10.3%
6	FXI	iShares China Large-Cap ETF	Equity Emerging Markets	-$228M	-5.2%
7	IYM	iShares U.S. Basic Materials ETF	Equity Broad Sector	-$53M	-4.6%
8	IYR	iShares U.S. Real Estate ETF	Real Estate	-$197M	-4.4%
9	VFMO	Vanguard U.S. Momentum Factor ETF	Other	-$78M	-4.1%
10	SEIV	SEI Enhanced U.S. Large Cap Value Factor ETF	Other	-$57M	-3.8%

Asset allocation rotation · Past month

Equity ETFs drew the largest net inflows (+$91.8B), followed by Bond (+$27.4B), while Crypto (−$2.8B) and Commodity (−$2.7B) saw the largest outflows.
Within the mix, money rotated into US Large Cap Core (+$43.2B) and out of Gold (−$2.8B).
Relative to fund size, ARKQ drew the largest inflow (+50.7% of AUM) and NASA the largest outflow (−102.5%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	+$79.83B	+9.0%
2	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$12.84B	+8.3%
3	DRAM	Roundhill Memory ETF	Other	+$9.75B	+41.1%
4	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	+$6.69B	+14.6%
5	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	+$4.62B	+13.4%
6	VXUS	Vanguard Total International Stock ETF	Equity International Broad	+$4.47B	+2.9%
7	VTI	Vanguard Total Stock Market ETF	Equity US Total Market	+$4.45B	+0.7%
8	AVLV	Avantis U.S. Large Cap Value ETF	Other	+$3.95B	+23.6%
9	BND	Vanguard Total Bond Market ETF	Bond US Aggregate Core	+$3.52B	+2.2%
10	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$3.45B	+3.6%

#	Ticker	Name	Type	Net flow	% of AUM
1	ARKQ	ARK Autonomous Technology & Robotics ETF	Equity Thematic	+$1.08B	+50.7% ⚠
2	SNXX	Tradr 2X Long SNDK Daily ETF	Other	+$2.02B	+48.8%
3	DRAM	Roundhill Memory ETF	Other	+$9.75B	+41.1%
4	FXL	First Trust Technology AlphaDEX Fund	Other	+$940M	+36.8%
5	IHE	iShares U.S. Pharmaceuticals ETF	Other	+$398M	+34.7%
6	DFGP	Dimensional - Global Core Plus Fixed Income ETF	Other	+$756M	+28.6%
7	FLKR	Franklin FTSE South Korea ETF	Other	+$355M	+27.9%
8	USO	United States Oil Fund LP	Commodity Energy	+$535M	+26.8%
9	AVLV	Avantis U.S. Large Cap Value ETF	Other	+$3.95B	+23.6%
10	CGSM	Capital Group Short Duration Municipal Income ETF	Other	+$329M	+21.5%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	-$51.59B	-5.2%
2	VLUE	iShares MSCI USA Value Factor ETF	Equity Factor Smart Beta	-$5.02B	-48.4%
3	IQMM	ProShares - GENIUS Money Market ETF	Other	-$2.96B	-14.4%
4	IBIT	iShares Bitcoin Trust ETF	Crypto	-$1.89B	-4.1%
5	NASA	Tema Space Innovators ETF	Equity Thematic	-$1.54B	-102.5%
6	IAU	iShares Gold Trust	Commodity Gold	-$1.38B	-2.3%
7	GLD	SPDR Gold Shares	Commodity Gold	-$1.25B	-0.9%
8	EFA	iShares MSCI EAFE ETF	Equity International Developed Broad	-$995M	-1.3%
9	VO	Vanguard Mid-Cap ETF	Equity US Mid Cap Core	-$972M	-0.9%
10	SCZ	iShares MSCI EAFE Small-Cap ETF	Equity International Small Cap	-$914M	-6.4%

#	Ticker	Name	Type	Net flow	% of AUM
1	NASA	Tema Space Innovators ETF	Equity Thematic	-$1.54B	-102.5%
2	VLUE	iShares MSCI USA Value Factor ETF	Equity Factor Smart Beta	-$5.02B	-48.4%
3	IYM	iShares U.S. Basic Materials ETF	Equity Broad Sector	-$360M	-27.0%
4	QLTA	iShares Aaa - A Rated Corporate Bond ETF	Other	-$279M	-19.3%
5	RPV	Invesco S&P 500 Pure Value ETF	Other	-$306M	-19.2%
6	LCTU	iShares U.S. Carbon Transition Readiness Aware Active ETF	Other	-$280M	-19.0%
7	FXI	iShares China Large-Cap ETF	Equity Emerging Markets	-$765M	-16.9%
8	ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	Equity Emerging Markets	-$240M	-14.8%
9	IQMM	ProShares - GENIUS Money Market ETF	Other	-$2.96B	-14.4%
10	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	-$254M	-12.0%

Asset allocation rotation · Past 3 months

Equity ETFs drew the largest net inflows (+$226.5B), followed by Bond (+$70.9B), while Commodity (−$9.3B) and Crypto (−$6.5B) saw the largest outflows.
Within the mix, money rotated into US Large Cap Core (+$96.4B) and out of Gold (−$8.7B).
Relative to fund size, DRAM drew the largest inflow (+165.4% of AUM) and FXN the largest outflow (−61.2%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	+$61.55B	+7.4%
2	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$29.15B	+3.8%
3	DRAM	Roundhill Memory ETF	Other	+$22.95B	+165.4%
4	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$17.18B	+11.9%
5	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$14.27B	+15.5%
6	VTI	Vanguard Total Stock Market ETF	Equity US Total Market	+$13.69B	+2.1%
7	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$13.16B	+2.8%
8	QQQM	Invesco NASDAQ 100 ETF	Equity US Nasdaq Growth	+$12.5B	+13.1%
9	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	+$10.24B	+26.8%
10	BND	Vanguard Total Bond Market ETF	Bond US Aggregate Core	+$9.78B	+6.3%

#	Ticker	Name	Type	Net flow	% of AUM
1	DRAM	Roundhill Memory ETF	Other	+$22.95B	+165.4%
2	NASA	Tema Space Innovators ETF	Equity Thematic	+$1.94B	+146.2%
3	ARKQ	ARK Autonomous Technology & Robotics ETF	Equity Thematic	+$2.35B	+107.3% ⚠
4	IALT	iShares Systematic Alternatives Active ETF	Equity Asset Allocation	+$2.26B	+70.7% ⚠
5	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	+$1.26B	+63.1%
6	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$4.19B	+58.9%
7	FXL	First Trust Technology AlphaDEX Fund	Other	+$930M	+56.1%
8	SNXX	Tradr 2X Long SNDK Daily ETF	Other	+$1.42B	+54.9% ⚠
9	CHPY	YieldMax Semiconductor Portfolio Option Income ETF	Other	+$530M	+51.8%
10	TSPA	T. Rowe Price U.S. Equity Research ETF	Other	+$1.57B	+45.8%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	-$12.05B	-1.2%
2	GLD	SPDR Gold Shares	Commodity Gold	-$6.51B	-4.4%
3	QUAL	iShares MSCI USA Quality Factor ETF	Equity Factor Smart Beta	-$6.45B	-13.9%
4	VLUE	iShares MSCI USA Value Factor ETF	Equity Factor Smart Beta	-$4.63B	-36.9%
5	IQMM	ProShares - GENIUS Money Market ETF	Other	-$4.29B	-19.5%
6	IBIT	iShares Bitcoin Trust ETF	Crypto	-$3.81B	-6.6%
7	EFV	iShares MSCI EAFE Value ETF	Equity International Developed Broad	-$2.92B	-10.2%
8	IAU	iShares Gold Trust	Commodity Gold	-$2.67B	-3.9%
9	IAGG	iShares Core International Aggregate Bond ETF	Bond International	-$2.42B	-18.6%
10	THRO	iShares U.S. Thematic Rotation Active ETF	Equity Thematic	-$2.15B	-31.5%

#	Ticker	Name	Type	Net flow	% of AUM
1	FXN	First Trust Energy AlphaDEX Fund	Equity Broad Sector	-$721M	-61.2%
2	EEMA	iShares MSCI Emerging Markets Asia ETF	Other	-$509M	-39.3%
3	VLUE	iShares MSCI USA Value Factor ETF	Equity Factor Smart Beta	-$4.63B	-36.9%
4	THRO	iShares U.S. Thematic Rotation Active ETF	Equity Thematic	-$2.15B	-31.5%
5	SH	ProShares - Short S&P500	Other	-$297M	-29.2%
6	FXI	iShares China Large-Cap ETF	Equity Emerging Markets	-$1.41B	-25.3%
7	QLTA	iShares Aaa - A Rated Corporate Bond ETF	Other	-$373M	-25.0%
8	AKRE	Akre Focus ETF	Equity US Large Growth	-$1.45B	-24.2%
9	LCTU	iShares U.S. Carbon Transition Readiness Aware Active ETF	Other	-$302M	-20.5%
10	IQMM	ProShares - GENIUS Money Market ETF	Other	-$4.29B	-19.5%

Largest ETF fund flows across ~2564 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: 101
Expense Ratio: 0.21%
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	Category	1D Rtn	YTD Rtn
KRE	State Street SPDR S&P Regional Bankin...	Equity	2.8%	20.9%
IYT	iShares U.S. Transportation ETF	Equity	2.8%	21.2%
XLP	State Street Consumer Staples Select ...	Equity	2.8%	11.1%
AKRE	Akre Focus ETF	Equity	2.8%	-13.2%
USRT	iShares Core U.S. REIT ETF	Real Estate	2.6%	21.2%
SCHH	Schwab U.S. REIT ETF	Real Estate	2.5%	18.4%
NOBL	ProShares S&P 500 Dividend Aristocrat...	Equity	2.4%	10.7%
IYR	iShares U.S. Real Estate ETF	Real Estate	2.3%	13.5%
VNQ	Vanguard Real Estate ETF	Real Estate	2.3%	15.3%
XLV	State Street Health Care Select Secto...	Equity	2.2%	5.0%

Top Losers

Ticker	Company	Category	1D Rtn	YTD Rtn
NASA	Tema Space Innovators ETF	Equity	-6.1%	-7.8%
EWY	iShares MSCI South Korea ETF	Equity	-4.8%	68.0%
SOXX	iShares Semiconductor ETF	Equity	-4.5%	76.3%
URA	Global X Uranium ETF	Equity	-4.4%	-8.5%
SOXQ	Invesco PHLX Semiconductor ETF	Equity	-4.3%	67.7%
PALL	ETFS Physical Palladium Shares	Commodity	-4.1%	-21.3%
ICLN	iShares Global Clean Energy ETF	Equity	-3.8%	11.7%
RING	iShares MSCI Global Gold Miners ETF	Equity	-3.8%	-16.6%
SMH	VanEck Semiconductor ETF	Equity	-3.7%	58.0%
ARKK	ARK Innovation ETF	Equity	-3.7%	-0.3%

Top Gainers

Ticker	Company	Category	1W Rtn	YTD Rtn
USO	United States Oil Fund LP	Commodity	9.4%	72.5%
ETHA	iShares Ethereum Trust ETF	Cryptocurrency	7.1%	-37.0%
KRE	State Street SPDR S&P Regional Bankin...	Equity	4.4%	20.9%
XOP	State Street SPDR S&P Oil & Gas Explo...	Equity	4.4%	32.4%
XLE	State Street Energy Select Sector SPD...	Equity	4.0%	28.4%
AKRE	Akre Focus ETF	Equity	3.9%	-13.2%
KWEB	KraneShares CSI China Internet ETF	Equity	3.8%	-19.3%
SCHH	Schwab U.S. REIT ETF	Real Estate	3.4%	18.4%
FXI	iShares China Large-Cap ETF	Equity	3.4%	-9.8%
PDBC	Invesco Optimum Yield Diversified Com...	Commodity	3.3%	28.0%

Top Losers

Ticker	Company	Category	1W Rtn	YTD Rtn
NASA	Tema Space Innovators ETF	Equity	-13.0%	-7.8%
EWY	iShares MSCI South Korea ETF	Equity	-11.6%	68.0%
SOXX	iShares Semiconductor ETF	Equity	-8.8%	76.3%
SOXQ	Invesco PHLX Semiconductor ETF	Equity	-8.4%	67.7%
URA	Global X Uranium ETF	Equity	-7.7%	-8.5%
XBI	State Street SPDR S&P Biotech ETF	Equity	-7.5%	24.7%
SLV	iShares Silver Trust	Commodity	-6.9%	-21.8%
SMH	VanEck Semiconductor ETF	Equity	-6.4%	58.0%
XOVR	EntrepreneurShares Series Trust ERSha...	Equity	-6.2%	-1.9%
ARKK	ARK Innovation ETF	Equity	-6.0%	-0.3%

Top Gainers

Ticker	Company	Category	1M Rtn	YTD Rtn
XBI	State Street SPDR S&P Biotech ETF	Equity	11.4%	24.7%
IBB	iShares Biotechnology ETF	Equity	10.1%	12.4%
KRE	State Street SPDR S&P Regional Bankin...	Equity	7.9%	20.9%
VHT	Vanguard Health Care ETF	Equity	6.9%	6.4%
XLF	State Street Financial Select Sector ...	Equity	6.0%	4.1%
XLV	State Street Health Care Select Secto...	Equity	5.8%	5.0%
IHF	iShares U.S. Healthcare Providers ETF	Equity	5.4%	18.0%
XOP	State Street SPDR S&P Oil & Gas Explo...	Equity	5.1%	32.4%
USRT	iShares Core U.S. REIT ETF	Real Estate	4.2%	21.2%
HGER	Harbor Commodity All-Weather Strategy...	Commodity	4.2%	26.6%

Top Losers

Ticker	Company	Category	1M Rtn	YTD Rtn
NASA	Tema Space Innovators ETF	Equity	-28.5%	-7.8%
EWY	iShares MSCI South Korea ETF	Equity	-22.7%	68.0%
SLV	iShares Silver Trust	Commodity	-20.6%	-21.8%
URA	Global X Uranium ETF	Equity	-18.6%	-8.5%
LIT	Global X Lithium & Battery Tech ETF	Equity	-18.1%	6.2%
RING	iShares MSCI Global Gold Miners ETF	Equity	-16.3%	-16.6%
SOXQ	Invesco PHLX Semiconductor ETF	Equity	-15.8%	67.7%
SOXX	iShares Semiconductor ETF	Equity	-15.6%	76.3%
ICLN	iShares Global Clean Energy ETF	Equity	-12.7%	11.7%
ARKX	ARK Space & Defense Innovation ETF	Equity	-12.5%	-11.8%

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)	20.1	96.2	46.5	47.9	38.5	23.4	42.5
Expense Ratio	0.21%	0.20%	0.15%	0.17%	0.26%	0.15%	0.18%
10-D Avg Volume (Mil)	1.55	9.87	1.73	2.18	2.66	2.20	2.19
Latest Day Volume (Mil)	1.47	6.64	-	1.95	1.67	-	1.81
Holdings Count	101	505	125	2,598	227	165	196
Inception Date	12/6/2005	4/24/2003	7/16/2013	10/4/2007	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	88.12	214.29	219.68	44.62	68.12	97.69	-
Premium/Discount	-2.9%	0.4%	0.4%	-0.1%	-1.0%	-0.6%	-0.3%
Distribution Yield	1.1%	1.5%	0.0%	0.9%	0.8%	0.0%	0.9%
Sales Yield	21.6%	49.7%	19.6%	44.1%	25.6%	40.7%	33.2%
Earnings Yield	3.6%	4.2%	3.5%	4.0%	3.9%	4.0%	4.0%

Valuation

	SPHQ	RSP	QUAL	DFAC	DYNF	USMV	Median
Name	Invesco S&.	Invesco S&.	iShares MS.	Dimensiona.	iShares U..	iShares MS.
P/S (TTM)	4.6x	2.0x	5.1x	2.3x	3.9x	2.5x	3.2x
P/E (TTM)	27.8x	23.5x	28.7x	24.9x	25.5x	25.0x	25.3x
P/FCF (TTM)	26.0x	23.3x	34.7x	29.0x	41.5x	26.8x	27.9x
Forward P/E	21.3x	16.9x	23.0x	17.3x	18.7x	19.3x	19.0x
Forward P/S	4.1x	1.8x	4.5x	2.1x	3.4x	2.3x	2.8x

Risk

	SPHQ	RSP	QUAL	DFAC	DYNF	USMV	Median
Name	Invesco S&.	Invesco S&.	iShares MS.	Dimensiona.	iShares U..	iShares MS.
Volatility (1Y)	14.2%	11.8%	12.1%	12.5%	13.4%	8.5%	12.3%
Volatility (3Y)	14.6%	13.9%	14.5%	15.1%	15.8%	10.3%	14.6%
Volatility (5Y)	16.7%	16.2%	17.4%	17.1%	17.5%	12.4%	16.9%
Beta (1Y)	0.92	0.73	0.91	0.96	1.04	0.34	0.92
Beta (3Y)	0.89	0.80	0.94	0.98	1.03	0.49	0.92
Beta (5Y)	0.93	0.87	1.00	0.98	1.02	0.60	0.96
Sharpe Ratio (1Y)	1.47	1.58	1.68	1.80	1.67	0.79	1.62
Sharpe Ratio (3Y)	1.36	1.01	1.27	1.22	1.46	1.07	1.25
Sharpe Ratio (5Y)	0.84	0.62	0.72	0.76	0.91	0.62	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	-3.5%	1.0%	0.7%	0.1%	-0.7%	0.8%	0.4%
3M Return	7.8%	7.7%	8.0%	7.6%	7.2%	3.4%	7.6%
6M Return	11.1%	9.2%	8.6%	9.9%	10.2%	3.4%	9.6%
YTD Return	14.5%	12.7%	11.3%	12.9%	11.2%	3.6%	12.0%
1Y Return	22.1%	19.6%	21.8%	24.4%	23.9%	6.7%	21.9%
2Y Return	36.0%	32.5%	29.8%	37.8%	43.3%	17.5%	34.3%
3Y Return	76.0%	48.5%	68.9%	68.6%	92.9%	37.3%	68.7%

Short Interest

Short Interest: As Of Date	6302026
Short Interest: Shares Quantity	0.5 Mil
Short Interest: % Change Since 6152026	-16.9%
Average Daily Volume	2.1 Mil
Days-to-Cover Short Interest	1

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5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Invesco S&P 500 Quality ETF (SPHQ)

Market Price (7/17/2026): $84.8

Invesco S&P 500 Quality ETF (SPHQ)

Market Price (7/17/2026): $84.8

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

Set Alerts and Notifications

Stay Informed

Trade & Investment Ideas

Wealth

Alert Me Periodically

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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Profile

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