RSP US

RSP ETF: How Invesco S&P 500® Equal Weight ETF Works

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Overview

The Invesco S&P 500® Equal Weight ETF (RSP) is a US-listed, US-dollar fund built around an equal-weight approach to US large-company shares. Its portfolio gives investors a different balance of company and sector exposures from a market-cap-weighted strategy. The fund reports a 0.19% expense ratio and a 1.54% dividend yield; both figures can change, and the yield is not a forecast of future income.

Category

RSP offers an equal-weight take on US large-company shares. Its portfolio spans several sectors, with technology the largest allocation, while the small reported weights of individual top holdings limit the dominance of any one listed name. This structure differs from market-cap-weighted funds, where the largest companies can have a much greater influence.

Equal-weight strategies offer a different way to access US large-company shares: rather than concentrating exposure in the market’s biggest names, they give smaller constituents within the universe a greater relative influence. This may be helpful when market leadership broadens, while potentially weighing on relative results when a narrow group of mega-cap companies drives the market.

 

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Key facts

Ticker
RSP
Exchange
US
ISIN
US46137V3574
Category / focus
US Equity
Provider
Invesco
Domicile
United States
Currency
USD
Inception date
2003-04-24
UCITS
No
Holdings count
503

Costs

TER
0.19%
Net expense ratio
0.19%
AUM
105.7B

The reported expense ratio is 0.19%. The fund’s reported dividend yield is 1.54%, but distributions may vary and are not guaranteed.

Performance

YTD
18.3%
1 year
19.1%
3 years
18.6%
5 years
8.3%
10 years
11.9%
Dividend yield
1.47%
Top 10 concentration
2.7%

Holdings

  1. Moderna Inc0.36%
    Ticker
    MRNA
    Sector
    Healthcare
    Country
    United States

  2. PTC Inc0.29%
    Ticker
    PTC
    Sector
    Technology
    Country
    United States

  3. Accenture plc0.27%
    Ticker
    ACN
    Sector
    Technology
    Country
    United States

  4. Hasbro Inc0.26%
    Ticker
    HAS
    Sector
    Consumer Cyclical
    Country
    United States

  5. Mettler-Toledo International Inc0.27%
    Ticker
    MTD
    Sector
    Healthcare
    Country
    United States

  6. Carnival Corporation0.27%
    Ticker
    CCL
    Sector
    Consumer Cyclical
    Country
    United States

  7. IDEXX Laboratories Inc0.27%
    Ticker
    IDXX
    Sector
    Healthcare
    Country
    United States

  8. Royal Caribbean Cruises Ltd0.25%
    Ticker
    RCL
    Sector
    Consumer Cyclical
    Country
    United States

  9. Fiserv, Inc.0.24%
    Ticker
    FI
    Sector
    Technology
    Country
    United States

  10. Applovin Corp0.26%
    Ticker
    APP
    Sector
    Communication Services
    Country
    United States

Weights are percentages of the fund; bars use a 0–100% scale. Displayed entries may not cover the whole portfolio.

The fund reports 50 holdings, with a relatively low 2.698% concentration across its top 10. Technology is the largest sector allocation at 17.919%, alongside notable exposure to healthcare, financial services and industrials. The listed leading holdings include PTC, Everpure, Moderna, CrowdStrike and Illumina, each with a reported weight below 0.4%.

Regions

  • North America101.2%
  • Europe Developed0.6%

  • Asia Emerging0.2%

  • United Kingdom0.2%

  • Latin America0.1%

  • Japan0.0%

  • Australasia0.0%

  • Asia Developed0.0%

  • Europe Emerging0.0%

  • Africa/Middle East0.0%

Weights are percentages of the fund; bars use a 0–100% scale. Displayed entries may not cover the whole portfolio.

Asset allocation

  • Stock US101.5%
  • Stock non-US1.2%

  • Cash0.1%

  • Bond0.0%

  • Other0.0%

  • NotClassified0.0%

Weights are percentages of the fund; bars use a 0–100% scale. Displayed entries may not cover the whole portfolio.

Sectors

  • Technology16.4%

  • Industrials15.8%

  • Financial Services13.9%

  • Healthcare13.3%

  • Consumer Cyclicals10.9%

  • Consumer Defensive6.4%

  • Utilities6.3%

  • Real Estate5.7%

  • Energy4.0%

  • Communication Services3.8%

Weights are percentages of the fund; bars use a 0–100% scale. Displayed entries may not cover the whole portfolio.

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Risks

Who it may suit

RSP may interest investors seeking exposure to a broad group of US large-company shares with less reliance on the biggest companies than a market-cap-weighted approach. It is US-listed and USD-denominated, so Australian investors should also consider currency movements and how the strategy fits alongside their other holdings.

Key risks

The equal-weight approach can underperform market-cap-weighted US share funds when the largest companies lead. The fund remains exposed to sharemarket declines and shifts in sector performance, and Australian investors also face US dollar currency risk. Historical returns are not a guarantee of future results.

FAQ

What is RSP’s equal-weight approach?

RSP is designed around an equal-weight approach to US large-company shares, rather than letting the largest companies dominate portfolio exposure. This can spread exposure more evenly, but it also means the fund may behave differently from a market-cap-weighted US share fund.

What does the fund hold?

The portfolio lists 50 holdings, with technology the largest sector allocation at 17.919%, followed by healthcare at 12.761% and financial services at 13.603%. Its largest listed individual holding weights are each around 0.3%.

What are the main risks for Australian investors?

RSP is a US-listed fund denominated in US dollars, so Australian investors are exposed to currency movements as well as sharemarket risk. Its equal-weight strategy can lag market-cap-weighted funds when the biggest companies lead the market, and its sector and company exposures can shift over time.

*This content is aimed to provide general information only, and does not take your personal objectives, financial situation or needs into account.

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