Is Invesco S&P 100 Equal Weight ETF (EQWL) a Strong ETF Right Now?

Designed to provide broad exposure to the Style Box - Large Cap Blend category of the market, the Invesco S&P 100 Equal Weight ETF (EQWL) is a smart beta exchange traded fund launched on 12/01/2006.

What Are Smart Beta ETFs?

Products that are based on market cap weighted indexes, which are strategies designed to reflect a specific market segment or the market as a whole, have traditionally dominated the ETF industry.

Investors who believe in market efficiency should consider market cap indexes, as they replicate market returns in a low-cost, convenient, and transparent way.

However, some investors believe in the possibility of beating the market through exceptional stock selection, and choose a different type of fund that tracks non-cap weighted strategies: smart beta.

By attempting to pick stocks that have a better chance of risk-return performance, non-cap weighted indexes are based on certain fundamental characteristics, or a combination of such.

Methodologies like equal-weighting, one of the simplest options out there, fundamental weighting, and volatility/momentum based weighting are all choices offered to investors in this space, but not all of them can deliver superior returns.

Fund Sponsor & Index

The fund is managed by Invesco. EQWL has been able to amass assets over $2.69 billion, making it one of the larger ETFs in the Style Box - Large Cap Blend. This particular fund seeks to match the performance of the Russell Top 200 Equal Weight Index before fees and expenses.

The S&P 100 Equal Weight Index is designed to provide equal-weighted exposure to the securities of the largest 200 companies in the US equity market.

Cost & Other Expenses

Investors should also pay attention to an ETF's expense ratio. Lower cost products will produce better results than those with a higher cost, assuming all other metrics remain the same.

With on par with most peer products in the space, this ETF has annual operating expenses of 0.25%.

It's 12-month trailing dividend yield comes in at 1.57%.

Sector Exposure and Top Holdings

While ETFs offer diversified exposure, which minimizes single stock risk, a deep look into a fund's holdings is a valuable exercise. And, most ETFs are very transparent products that disclose their holdings on a daily basis.

For EQWL, it has heaviest allocation in the Information Technology sector --about 21.7% of the portfolio --while Financials and Healthcare round out the top three.

Taking into account individual holdings, Ge Vernova Inc (GEV) accounts for about 1.22% of the fund's total assets, followed by Advanced Micro Devices Inc (AMD) and Applied Materials Inc (AMAT).

The top 10 holdings account for about 10.19% of total assets under management.

Performance and Risk

So far this year, EQWL return is roughly 10.97%, and it's up approximately 19.07% in the last one year (as of 07/31/2026). During this past 52-week period, the fund has traded between $108.47 and $131.35.

EQWL has a beta of 0.89 and standard deviation of 12.85% for the trailing three-year period, which makes the fund a medium risk choice in the space. With about 105 holdings, it effectively diversifies company-specific risk .

Alternatives

Invesco S&P 100 Equal Weight ETF is an excellent option for investors seeking to outperform the Style Box - Large Cap Blend segment of the market. There are other ETFs in the space which investors could consider as well.

iShares Core S&P 500 ETF (IVV) tracks S&P 500 Index and the Vanguard 500 Index Fund ETF Shares (VOO) tracks S&P 500 Index. iShares Core S&P 500 ETF has $869.37 billion in assets, Vanguard 500 Index Fund ETF Shares has $971.9 billion. IVV has an expense ratio of 0.03% and VOO changes 0.03%.

Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Style Box - Large Cap Blend

Bottom Line

To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit

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This article originally published on Zacks Investment Research (zacks.com).

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