Invesco S&P 500 Quality ETF

SPHQ

時価総額 $187億

Invesco S&P 500 Quality ETF maintains a 'buy' rating, despite recent underperformance versus the JPMorgan U.S. Quality Factor ETF, iShares MSCI USA Quality Factor ETF, and the SPDR S&P 500 ETF Trust. SPHQ heavily favors tech stocks, now at its 40% sector cap, driven by high ROE and market cap weighting. This article explains why this may not change much moving forward. SPHQ's 41.57% ROE is the highest among all the U.S. Large-Cap ETFs I track, proving that it comes as advertised. However, unusually high profitability may not be sustainable.

Making its debut on 12/06/2005, smart beta exchange traded fund Invesco S&P 500 Quality ETF (SPHQ) provides investors broad exposure to the Style Box - Large Cap Blend category of the market.

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Among the various investment factors, quality rarely gets the same attention as growth, size, or value. However, focusing on quality over long-term holding periods quietly delivers outsized benefits.

Launched on 12/06/2005, the Invesco S&P 500 Quality ETF (SPHQ) is a smart beta exchange traded fund offering broad exposure to the Style Box - Large Cap Blend category of the market.

SPHQ invests in 100 S&P 500 Index stocks with high return on equity, low financial leverage, and accruals ratios, which is a really elegant way of measuring quality. ROE has some drawbacks and may not be the most ideal capital efficiency ratio, but I verified that SPHQ is also strong on ROCE and several margin metrics. SPHQ's Index reconstituted last month, pushing tech sector exposure near 40% and more in line with peers like QUAL and JQUA as well as the S&P 500 Index, its benchmark.