Invesco S&P 500 Momentum ETF (GEQ2)
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Momentum ETFs: SPMO Is The Superior Fund Over MTUM
The Invesco S&P 500 Momentum ETF is rated a buy, while the iShares MSCI USA Momentum Factor ETF receives a hold rating. SPMO offers stronger upside potential, superior risk-adjusted returns, and lower costs due to its high-conviction, semi-annual rebalancing strategy. MTUM's higher turnover and quarterly rebalancing provide flexibility but result in lower performance and similar or higher volatility compared to SPMO.
SPMO: Some Small But Important Changes With Recent Rebalancing
The Invesco S&P 500 Momentum ETF is reiterated as a strong buy for its proven momentum-based strategy and consistent outperformance. SPMO's recent rebalancing increased technology exposure and reduced underperforming consumer defensive holdings, enhancing its sector allocation for current market conditions. SPMO delivered a 35.57% return over the past year, nearly doubling the S&P 500's 18.21%, showcasing its effectiveness in volatile markets.
SPMO: September Reconstitution Brings A Fresh But Familiar Momentum Mix
Invesco S&P 500® Momentum ETF's Index reconstituted on Friday, substituting 40 securities and 34% of the portfolio by weight. Key changes involved Oracle, Visa, Amazon, Tesla, and Costco Wholesale. Tech sector exposure increased to 34%, while Consumer Discretionary exposure fell by 11%. Overall, SPMO is now less diversified than before at the sector level. However, overlap with this benchmark remains low at 32%, and SPMO still has many other great things going for it, including robust quality and surprisingly excellent GARP statistics.
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Invesco S&P 500 Momentum ETF Profile
| XBER Exchange | US Country |
Overview
The company described appears to be focused on investment management, specifically through a fund that aims to mirror the performance of a momentum-based index. This investment strategy hinges on the momentum factor, which is predicated on the belief that stocks that have shown better performance in the recent past are likely to continue performing well in the near future. The fund commits to investing at least 90% of its total assets in the securities included in the underlying index, which consists of approximately 100 stocks from the S&P 500® Index selected for their high momentum scores. However, it is noted that the fund is non-diversified, implying that it concentrates its investments in a relatively small number of securities, which can lead to greater volatility in its performance.
Products and Services
- Momentum-based Investment Fund
This product is an investment fund that strategically allocates its assets to stocks selected for their high momentum scores, as defined by their recent performance history. The fund targets stocks within the S&P 500® Index, aiming to replicate the performance of an underlying momentum index. This investment approach leans on the theory that stocks which have performed well recently are likelier to continue their outperformance in the short to medium term. The fund's strategy involves a high degree of focus on a subset of around 100 stocks, reflecting its commitment to momentum investing. It is noteworthy that this product is non-diversified, indicating a concentration in these momentum-picked securities which might result in higher volatility compared to more diversified investments.
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