What Is SPHD? Invesco S&P 500 High Dividend Low Volatility ETF

SPHD is the Invesco S&P 500 High Dividend Low Volatility ETF, launched in October 2012. It holds 50 stocks from the S&P 500 chosen for a combination of high dividend yield and low historical volatility. It is designed to deliver above-average income with less price fluctuation than the broad market, and it pays dividends monthly.

SPHD, listed on the NYSE Arca. The full name is Invesco S&P 500 High Dividend Low Volatility ETF, issued by Invesco. It is part of Invesco's suite of factor-based, income-focused ETFs.

The underlying index first identifies the 75 highest-yielding stocks in the S&P 500, then keeps the 50 of those with the lowest realized volatility over the trailing year. Holdings are weighted by dividend yield and rebalanced semiannually. This two-step screen is meant to capture income while avoiding the most volatile high-yield names, which are often riskier businesses.

SPHD holds 50 defensive, income-oriented S&P 500 stocks. Recent top positions included Healthpeak Properties, Altria, Verizon, Franklin Resources, Kraft Heinz, ONEOK, and Pfizer. The portfolio is heavily tilted toward utilities, consumer staples, real estate, energy infrastructure, and telecom, sectors known for steady dividends and lower volatility.

0.30% per year (30 basis points), or $30 annually on a $10,000 investment. That is higher than a plain S&P 500 index fund because SPHD applies a rules-based screen and rebalances a smaller, specialized portfolio, but it is still modest for a factor-based income fund.

Approximately 4.58% as of July 2026, paid monthly. The high yield reflects the fund's deliberate focus on the highest-yielding S&P 500 stocks. The yield fluctuates with the underlying holdings and their dividend policies, and a high yield can sometimes signal elevated risk in individual names.

SPHD trades like any stock during US market hours and is available at major brokers including Robinhood, Fidelity, Schwab, and Public, many of which support fractional shares. Connecting your broker to Walnut lets the AI show how a monthly-income fund like SPHD fits alongside your other holdings.

Approximately $3.31 billion as of July 2026. It is one of the more popular high-dividend, low-volatility ETFs, favored by income-focused investors who want monthly distributions and reduced volatility.

SPHD suits investors who prioritize current income and lower volatility over maximum growth. Its defensive, value-heavy tilt means it can significantly lag the broad market when growth and technology stocks lead, but it may hold up better in downturns. Walnut is not an investment adviser; whether SPHD fits depends on your income needs, risk tolerance, and how much growth you are willing to give up.

October 18, 2012. Invesco launched it to combine two popular factors, high dividends and low volatility, into a single income-focused fund, and it has become one of the better-known products in that niche.

Yes. SPHD distributes income monthly, which is a key attraction for investors who want a regular income stream rather than quarterly payouts. The monthly distribution is drawn from the dividends of its 50 underlying high-yield holdings.

The main downside is opportunity cost. Because SPHD tilts heavily toward defensive, value, and income sectors, it tends to underperform badly during growth-led bull markets dominated by technology stocks. Its high yield can also reflect stocks facing challenges, so the low-volatility screen is meant to mitigate, but does not eliminate, that risk.

SPHD targets high current yield, selecting the highest-yielding S&P 500 stocks. A dividend-growth ETF instead targets companies that consistently raise their dividends over time, which usually means lower current yield but potentially rising income and often higher-quality businesses. SPHD delivers more income now; dividend-growth funds aim for growing income later.

A high yield is not automatically safe. SPHD's low-volatility screen helps reduce exposure to the riskiest high-yield names, and diversifying across 50 holdings limits the impact of any single dividend cut. Still, high-yield strategies can concentrate in sectors that face pressure, so the income can vary and is not guaranteed. Walnut does not provide investment advice on income reliability.

Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. SPHD's figures are above; the full method is in Walnut's guide on how to compare ETFs.