What Is SPMO? Invesco S&P 500 Momentum ETF
Last updated September 2026
Short answer
SPMO is Invesco S&P 500 Momentum ETF, an ETF that tracks the S&P 500 Momentum Index at a 0.13% expense ratio. SPMO holds the S&P 500 companies with the strongest recent price performance, rebalancing periodically to chase whatever is currently working. It is the most explicitly behavioural strategy in mainstream indexing: the rule is essentially that things which have been rising tend to keep rising for a while. Micron at 11.9% and Nvidia at 7.5% show what that produces today, and the portfolio will look materially different after the next rebalance.
SPMO is issued by Invesco and tracks the S&P 500 Momentum Index. It charges a 0.13% expense ratio, holds approximately $22.2B in assets under management, yields about 0.65%, and launched in 2015.
Momentum as a rule, not a judgement
The index ranks S&P 500 companies on risk-adjusted price performance over the trailing period and holds the strongest, weighted by a combination of momentum score and market value. Nobody assesses whether Micron is a good business; it is there because its price rose.
Momentum has one of the more strong bodies of academic evidence behind it across markets and asset classes. It also has a well-documented failure mode: sharp reversals, where the strategy is maximally exposed to exactly the names about to fall hardest. Those reversals tend to arrive at turning points.
What it currently holds, and why that is temporary
Micron at 11.9%, Nvidia at 7.5%, Broadcom at 6.0%, Lam Research at 4.5% and AMD at 4.3%. Technology is 57% of the fund and industrials 13%.
That is a semiconductor-heavy portfolio, which reflects what has been rising rather than any view about semiconductors. Any holdings list on this page is a snapshot of a portfolio designed to change. If semiconductors stop leading, the fund will rotate out of them, though only after the reversal has begun.
At 0.13% the fee is reasonable for a rules-based strategy, sitting well below active management and above a plain index fund.
SPMO holdings: top 10
Approximate weights as of August 2026. Each ticker links to its individual stock guide in Walnut.
How do I invest in SPMO?
There are three common ways to get SPMO exposure. Buy shares (or fractional shares) of SPMO directly at any major broker that lists it. Hold it as a core position and layer more concentrated ideas on top. Or build it into a thematic portfolio in Walnut, so SPMO sits alongside other holdings that express the same thesis, with target weights you can rebalance toward. SPMO trades like a stock during market hours, so you buy it the same way you would any listed share.
New to buying funds? See how to buy an ETF, step by step.
Is SPMO a good buy?
Whether SPMO is a good buy depends less on any single call and more on your time horizon and what you already hold: it tracks the S&P 500 Momentum Index, so the real question is whether you want that exposure in your mix and at what weight. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is SPMO a buy?
The bottom line on SPMO
SPMO gives you the S&P 500 Momentum Index exposure in one ticker at a 0.13% expense ratio. Most investors use it as a core holding and layer more concentrated thematic portfolios on top.
More on SPMO
Whether SPMO is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is SPMO a buy?
SPMO yields 0.65% as of August 2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see SPMO dividend: yield and schedule.
New to funds like SPMO? Start with what an ETF is, then how to buy an ETF, or browse the full guide to ETF investing.
Wondering how SPMO fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in SPMO with AI
Connect the broker you already use and ask Walnut's AI how SPMO fits what you actually hold: what it overlaps with, what it leaves you exposed to, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is SPMO?
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SPMO is the Invesco S&P 500 Momentum ETF. It holds the S&P 500 companies with the strongest recent risk-adjusted price performance, rebalancing periodically. It charges 0.13%, holds about $22.2B, and launched in 2015.
How does momentum investing work?
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The rule is that securities which have risen recently tend to keep rising over the medium term. The index ranks companies on trailing risk-adjusted performance and holds the strongest. No judgement is made about business quality; price movement is the only input.
What does SPMO hold right now?
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Micron at 11.9%, Nvidia at 7.5%, Broadcom at 6.0%, Lam Research at 4.5% and AMD at 4.3%, with technology at 57%. Treat that as a snapshot: rotating into whatever is currently leading is the entire strategy, so the portfolio is designed to change.
What is the main risk in momentum?
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Sharp reversals. The strategy is by construction most exposed to whatever has risen most, which is exactly what falls hardest when a trend breaks. Momentum crashes are well documented and tend to arrive at turning points, when the fund has just concentrated into the previous winners.
Does momentum actually work?
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It has one of the more strong bodies of academic evidence across markets and asset classes, which is why it is a recognised factor rather than a gimmick. That evidence is about long-run averages and does not prevent extended periods of underperformance or sudden reversals.
Why is SPMO so concentrated in semiconductors?
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Because semiconductors have been rising. The fund does not hold a view on the industry; it holds what the momentum ranking selects. If leadership rotates, the fund will follow, though it rebalances periodically rather than instantly.
Is 0.13% reasonable?
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Yes, for a rules-based factor strategy. It is above a plain S&P 500 fund at 0.03% and well below active management. Momentum also involves more turnover than a static index, which can have tax consequences in a taxable account.
Should SPMO be a core holding?
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It is better suited as a satellite. A momentum fund's composition changes by design, which makes it hard to plan around, and its concentration risk is real. As a deliberate tilt alongside a stable core it has a clear role.
What is SPMO's expense ratio?
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SPMO has an expense ratio of 0.13% per year as of August 2026, charged by Invesco and deducted from the fund's value rather than billed to you separately. On a $10,000 position that is roughly $13 a year. Fees compound over time, so on a long-term holding the expense ratio is one of the few return drivers you control. It is worth comparing against other funds that track the S&P 500 Momentum Index before you choose.
How do I compare SPMO to similar ETFs?
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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. SPMO's figures are above; the full method is in Walnut's guide on how to compare ETFs.
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Walnut is informational, not investment advice. Holdings weights and fund statistics on this page are approximations stamped to August 2026; verify current figures against Invesco's fund page or your broker before investing.