The Invesco S&P 500 GARP ETF (SPGP) is an exchange-traded fund designed to track the performance of U.S. companies that combine growth characteristics with relatively moderate valuation metrics within the S&P 500 universe. The ETF is managed by Invesco and trades under the ticker SPGP on the NYSE Arca.

Classified as a factor-based equity ETF focused on the GARP (“Growth at a Reasonable Price”) strategy, the fund seeks to reflect, before fees and expenses, the performance of the S&P 500 Growth at a Reasonable Price Index.

The ETF follows a passive management strategy, maintaining a portfolio structured to replicate the composition and weighting of its benchmark index. 

The benchmark selects S&P 500 companies using metrics associated with both corporate growth and valuation efficiency, seeking to balance characteristics traditionally linked to growth and value investing styles.

Diversification and sector exposure

SPGP provides exposure primarily associated with:

• Information technology.
• Industrials.
• Healthcare.
• Consumer discretionary.
• U.S. large-cap equities.
• GARP factor strategies.
• Corporate growth.
• Growth-oriented equities with moderate valuation profiles.

The ETF’s performance is particularly sensitive to U.S. macroeconomic conditions, expectations surrounding corporate earnings growth, and changes in Federal Reserve monetary policy.

Interest-rate fluctuations, shifts in the relative attractiveness of growth versus value equities, and changes in the American economic environment may directly affect the fund’s behavior. The ETF may also reflect developments associated with technological expansion, corporate productivity, and investment in innovation.

Structure and costs

SPGP shares trade on the secondary market on the NYSE Arca during regular trading hours. Share creation and redemption occur through authorized participants, a mechanism intended to help align the ETF’s market price with its net asset value (NAV).

The fund charges a management fee as outlined in its prospectus and does not apply a performance fee. SPGP may distribute income derived from dividends paid by companies held within the portfolio.

Because the ETF uses a quantitative factor-based methodology, portfolio composition may change periodically according to shifts in the fundamental indicators used by the benchmark index.

History and evolution of the ETF

The Invesco S&P 500 GARP ETF was launched in 2011 during a period marked by the expansion of factor-based ETFs and growing demand for quantitative strategies within the U.S. equity market.

Since inception, the fund has reflected movements associated with U.S. companies combining corporate growth with moderate valuation characteristics, including changes in economic cycles, interest-rate fluctuations, and sector transformations within the American market.

In recent years, SPGP has reflected periods of strong technological expansion, changes in Federal Reserve monetary policy, and shifts in the dynamics between growth and value equities amid the expansion of artificial intelligence and the digitalization of the U.S. economy.

Additional Information

Invesco S&P 500 GARP ETF (United States) is an exchange-traded fund (ETF), with assets under management totaling $2.11 billion.

Over the past 12 months, Invesco S&P 500 GARP ETF recorded a return of 13.94%, with its price trading between $104.24 and $129.02 during the same period.

The ETF is traded under the ticker SPGP.