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
3.5 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) | $3 |
| 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 +
| APPLE INC | 2.2 % |
| MICROSOFT CORP | 2.0 % |
| GE AEROSPACE | 2.0 % |
| VISA INC. CLASS A | 2.0 % |
| JPMORGAN CHASE & CO | 2.0 % |
| ALPHABET INC. CLASS C | 2.0 % |
| ABBOTT LABORATORIES | 2.0 % |
| INTUIT INC | 2.0 % |
| BERKSHIRE HATHAWAY INC-CL B | 2.0 % |
| BANK OF AMERICA CORP | 2.0 % |
Constituent Breakdown
| Number of holdings | 123 |
| Herfindahl-Hirschman Index | 138 |
| Wgt avg mkt cap (mns) | $652,715 |
| Large cap (>$10bn) | 99.7% |
| Mid cap ($2-10bn) | 0.2% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 99.9% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 94.6 % |
 |
IRELAND | 2.2 % |
 |
SWITZERLAND | 1.5 % |
 |
BERMUDA | 1.1 % |
Historical Performance
Standardized Performance (as of 10/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 8.4% | 7.8% | 17.9% | 11.1% | 10.1% | -- | -- | 8.6% |
| Dividend Yield | 0.4% | 0.4% | 1.4% | 1.6% | 1.7% | -- | -- | 2.4% |
| Total Returns | 8.8% | 8.2% | 19.3% | 12.7% | 11.8% | -- | -- | 11.0% | Ann. Volatility | 14.6% | 14.1% | 12.2% | 12.2% | 13.5% | -- | -- | 16.4% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.71 | 77% |
| MSCI EAFE | 0.48 | 46% |
| MSCI Emg Mkts | 0.33 | 26% |
Liquidity Measures
| Avg. volume (000) | 0 |
| ADV traded (mns) | $0 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.20% |
Technical Indicators
| Recent close | $49.74 |
| 30d moving avg. | $49.69 |
| Annualized volatility | 10.5% |
| Relative strength (RSI) | 54 |
| Short interest | 1.1% |
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. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| QUS | SPDR MSCI USA StrategicFactors ETF | 49.5% | +5 bp | +5.6% |
| MODL | VictoryShares WestEnd U.S. Sector ETF | 48.9% | +32 bp | +4.5% |
| OALC | OneAscent Large Cap Core ETF | 48.1% | +76 bp | +4.0% |
| DSPY | Tema S&P 500 Historical Weight ETF | 47.5% | +8 bp | +5.1% |
| TOPC | iShares S&P 500 3% Capped ETF | 47.4% | +5 bp | +5.0% |
| USMV | iShares MSCI USA Min Vol Factor ETF | 46.7% | +5 bp | +5.8% |
| BBLU | EA Bridgeway Blue Chip ETF EA Bridgeway Blue Chip ETF | 46.1% | +5 bp | +4.8% |
| GSUS | Goldman Sachs MarketBeta U.S. Equity ETF | 46.0% | -3 bp | +4.7% |
| VOTE | TCW Transform 500 ETF | 45.9% | -5 bp | +4.8% |
| USCA | Xtrackers MSCI USA Climate Action Equity ETF | 45.8% | -3 bp | +5.0% |
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 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| 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 11/3/2025
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
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
5.6%
Cat. Avg
5.6%
ALTAR Score™ Calculation
Category Overview
There are 997 funds in the US Equity category, with an average ALTAR Score™
of 5.6% and a standard deviation of
2.4%. SPMV's ALTAR Score™ is approximately
0.0 standard deviations
below
the category average. This places SPMV in the 49th 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 | 217 |
| Avg. Expense Ratio | 31.1 bp |
| Std. Deviation | 25.2 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 | 19.6 | 29.6 |
| Peer Avg. | 31.1 | 10.5 | 41.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .