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
5.2 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 +
| GE VERNOVA INC | 4.3 % |
| AMAZON.COM INC | 3.7 % |
| CISCO SYSTEMS INC | 3.5 % |
| T-MOBILE US, INC. | 3.3 % |
| ABBOTT LABORATORIES | 3.1 % |
| AON PLC CLASS A | 3.0 % |
| APPLE INC | 3.0 % |
| QUALCOMM INC | 2.9 % |
| BERKSHIRE HATHAWAY INC-CL B | 2.9 % |
| NVIDIA CORP | 2.9 % |
Constituent Breakdown
| Number of holdings | 74 |
| Herfindahl-Hirschman Index | 221 |
| Wgt avg mkt cap (mns) | $547,289 |
| 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 | 89.6 % |
 |
IRELAND | 3.4 % |
 |
SWITZERLAND | 2.4 % |
Historical Performance
Standardized Performance (as of 01/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 2.7% | 17.0% | 14.1% | 8.0% | 9.9% | -- | 11.3% | Volatility | 11.2% | 10.2% | 10.3% | 14.0% | 18.4% | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.77 | 89% |
| MSCI EAFE | 0.68 | 70% |
| MSCI Emg Mkts | 0.46 | 32% |
Liquidity Measures
| Avg. volume (000) | 0 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.22% |
| ADV of underlying (mns) | $95,469 |
Technical Indicators
| Recent close | $47.14 |
| 30d moving avg. | $46.44 |
| Annualized volatility | 14.1% |
| Relative strength (RSI) | 53 |
| Short interest (ETF) | 0.6% |
| Short interest (underlying) | 1.5% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial
Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. SPMV |
Expenses vs. SPMV |
ALTAR Score™ vs. SPMV |
|---|---|---|---|---|
| BBLU | EA Bridgeway Blue Chip ETF EA Bridgeway Blue Chip ETF | 37.2% | +5 bp | +0.1% |
| USMV | iShares MSCI USA Min Vol Factor ETF | 34.8% | +5 bp | 0.0% |
| OALC | OneAscent Large Cap Core ETF | 34.6% | +76 bp | -1.2% |
| IWL | iShares Russell Top 200 ETF | 34.4% | +5 bp | -0.8% |
| MGC | Vanguard Mega Cap ETF | 34.3% | -3 bp | -0.7% |
| OEF | iShares S&P 100 ETF | 34.2% | +10 bp | -0.8% |
| DYNF | BlackRock U.S. Equity Factor Rotation ETF | 34.2% | +20 bp | -1.0% |
| ESG | FlexShares Trust FlexShares STOXX US ESG Select Index Fund | 34.1% | +22 bp | -0.9% |
| FDLO | Fidelity Low Volatility Factor ETF | 33.8% | +5 bp | -0.3% |
| QUS | SPDR MSCI USA StrategicFactors ETF | 33.6% | +5 bp | +0.2% |
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
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| 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
| 2023 | 2024E | Fwd Est | 2025E | |
| 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 2/4/2025
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
5.5%
Cat. Avg
5.5%
ALTAR Score™ Calculation
Category Overview
There are 968 funds in the US Equity category, with an average ALTAR Score™
of 5.5% and a standard deviation of
2.5%. SPMV's ALTAR Score™ is approximately
0.0 standard deviations
above
the category average. This places SPMV in the 50th 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. | 25.0 | 9.9 | 34.9 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .