Invesco S&P 500 High Beta ETF (4IUG)
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SPHB: An ETF For Investors With A Higher Risk Appetite
The Invesco S&P 500 High Beta ETF (SPHB) targets high-volatility stocks, offering outsized gains in bull markets but significant downside risk in downturns. SPHB is heavily weighted in technology and semiconductors, trades at a discount to the S&P 500, but lags in growth and profitability metrics due to limited mega-cap exposure. While SPHB outperformed over five years, its high volatility and weak risk-adjusted returns make it less attractive for broad market exposure compared to peers.
SPHB: High Beta Exposure Without High Conviction Fundamentals
SPHB is comprised of 100 of the most volatile S&P 500 Index stocks over the last year. Its expense ratio is 0.25%, and the ETF has $507 million in AUM. SPHB solves some of SPY's company-level diversification risks by weighting its holdings by volatility. However, that strategy creates additional problems, particularly with quality. Besides a high beta, SPHB's most prominent factor is momentum, but unfortunately, everything else is average at best. Although subject to change, its fundamentals are not compelling right now.
High Beta ETF (SPHB) Hits New 52-Week High
SPHB hits a 52-week high, gaining 61% off its low as bullish market momentum fuels high-beta strength.
Invesco S&P 500 High Beta ETF (4IUG) FAQ
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Invesco S&P 500 High Beta ETF Profile
| XBER Exchange | US Country |
Overview
The company primarily focuses on investing in securities that are part of the underlying index, which is specifically tailored to track the performance of the top 100 constituents within the S&P 500® Index that exhibit the highest market sensitivity, or “beta.” This investment approach aims to leverage the potential high returns from these high-beta stocks, which are expected to outperform in bullish market conditions due to their sensitivity to market movements. The company pledges to invest at least 90% of its total assets in the securities making up the index, showcasing a strong commitment to their investment strategy. S&P Dow Jones Indices LLC, a well-regarded entity in the financial sector, is responsible for the compilation, maintenance, and calculation of the underlying index, ensuring the methodology is strictly adhered to according to predefined guidelines and procedures.
Products and Services
- Investment in High-Beta Stocks
This service involves the strategic investment in the securities of the S&P 500® Index constituents that are identified to have the highest sensitivity to market returns over the past 12 months. The fund's investment strategy is designed to capitalize on the potential high performance of these stocks, aiming to provide investors with significant returns in favorable market conditions. By focusing on high-beta stocks, the company targets those seeking an investment solution that is aligned with bullish market trends.
- Index-Based Investment Approach
The company utilizes a passive investment strategy that closely follows the composition and performance of the designated underlying index, which is meticulously compiled, maintained, and calculated by S&P Dow Jones Indices LLC. This approach ensures that the investment portfolio mirrors the index's performance as closely as possible, offering investors a transparent and disciplined investment method. It appeals to investors who prefer an investment strategy that minimizes management intervention in favor of following market-wide trends.
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