SPMV
Invesco S&P 500 Minimum Variance ETF
The Invesco S&P 500 Minimum Variance Portfolio tracks an index of stocks selected from the S&P 500. Holdings are selected and weighted to create a low-volatility portfolio, subject to constraints.
US
EQUITY
Passive
MANAGEMENT STYLE
5.4 M
ASSETS UNDER MGMT
10 bp
EXPENSES
Fund Basics
| Fund sponsor | Invesco |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Jul 13, 2017 |
| Assets (mns) | $5 |
| Expense ratio | 10 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Multi-Factor |
| Weighting | Multi-Factor |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| BERKSHIRE HATHAWAY INC-CL B | 3.3 % |
| MONDELEZ INTERNATIONAL INC-A | 3.2 % |
| T-MOBILE US, INC. | 3.2 % |
| PROCTER & GAMBLE CO/THE | 3.2 % |
| CHUBB LIMITED | 3.1 % |
| ABBOTT LABORATORIES | 3.1 % |
| MICROSOFT CORP | 3.0 % |
| MARSH & MCLENNAN COS | 3.0 % |
| PROGRESSIVE CORP | 3.0 % |
| VERTEX PHARMACEUTICALS INC | 2.8 % |
Constituent Breakdown
| Number of holdings | 74 |
| Herfindahl-Hirschman Index | 211 |
| Wgt avg mkt cap (mns) | $532,833 |
| Large cap (>$10bn) | 100.0% |
| Mid cap ($2-10bn) | 0.0% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 93.3 % |
 |
SWITZERLAND | 3.1 % |
 |
IRELAND | 2.4 % |
Historical Performance
Standardized Performance (as of 03/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 4.9% | 15.4% | 15.8% | 7.9% | 10.5% | -- | -- | 8.9% |
| Dividend Yield | -2.7% | -5.0% | -1.0% | -0.6% | 4.4% | -- | -- | 1.9% |
| Total Returns | 2.2% | 10.4% | 14.8% | 7.2% | 14.8% | -- | -- | 10.8% | Ann. Volatility | 10.6% | 10.3% | 10.3% | 13.9% | 18.2% | -- | -- | 16.5% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.74 | 87% |
| MSCI EAFE | 0.68 | 72% |
| MSCI Emg Mkts | 0.46 | 34% |
Liquidity Measures
| Avg. volume (000) | 2 |
| Turnover | 1.7% |
| Avg. Bid/Ask (% of price) | 0.22% |
| ADV of underlying (mns) | $95,469 |
Technical Indicators
| Recent close | $45.15 |
| 30d moving avg. | $45.95 |
| Annualized volatility | 13.8% |
| Relative strength (RSI) | 44 |
| Short interest (ETF) | 4.6% |
| Short interest (underlying) | 1.5% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. SPMV |
Expenses vs. SPMV |
ALTAR Score™ vs. SPMV |
|---|---|---|---|---|
| FDLO | Fidelity Low Volatility Factor ETF | 36.1% | +5 bp | +0.1% |
| USMV | iShares MSCI USA Min Vol Factor ETF | 35.7% | +5 bp | +0.2% |
| OEF | iShares S&P 100 ETF | 35.0% | +10 bp | -0.2% |
| QLV | FlexShares US Quality Low Volatility Index Fund | 34.8% | +12 bp | +0.3% |
| IWL | iShares Russell Top 200 ETF | 34.7% | +5 bp | -0.1% |
| MGC | Vanguard Mega Cap ETF | 34.6% | -3 bp | -0.1% |
| MODL | VictoryShares WestEnd U.S. Sector ETF | 34.6% | +32 bp | -0.3% |
| ADME | Aptus Drawdown Managed Equity ETF | 34.6% | +69 bp | -0.8% |
| BBLU | EA Bridgeway Blue Chip ETF EA Bridgeway Blue Chip ETF | 34.5% | +5 bp | +1.2% |
| QUS | SPDR MSCI USA StrategicFactors ETF | 34.3% | +5 bp | +0.6% |
Risk and Returns: SPMV vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025E | 2026E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2024 | 2025E | Fwd Est | 2026E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 4/23/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
SPMV
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.
ALTAR Score™
SPMV
5.7%
Cat. Avg
6.1%
ALTAR Score™ Calculation
Category Overview
There are 960 funds in the US Equity category, with an average ALTAR Score™
of 6.1% and a standard deviation of
3.0%. SPMV's ALTAR Score™ is approximately
0.2 standard deviations
below
the category average. This places SPMV in the 44th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
SPMVSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Passive US Equity ETFs |
| # of ETFs | 192 |
| Avg. Expense Ratio | 31.0 bp |
| Std. Deviation | 25.7 bp |
| SPMV (10 bp) Percentile rank | 20 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| SPMV | 10.0 | 21.7 | 31.7 |
| Peer Avg. | 25.5 | 9.7 | 35.1 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .