SPMO分析,Pros and Cons

本帖於 2025-07-02 05:04:29 時間, 由普通用戶 lionhill 編輯

SPMO ETF: A Closer Look at Performance and Holdings

The Invesco S&P 500 Momentum ETF (SPMO) has been a standout performer in the first half of the year, tracking the S&P 500 Momentum Index with a focus on around 100 high-momentum stocks from the S&P 500. Let's delve into the analysis of its strengths and weaknesses, along with a snapshot of its top 10 holdings based on the most recent data available.

**Pros of SPMO:**
1. **Impressive Historical Performance:** Since its inception in 2015, SPMO has delivered remarkable total returns of 338.1%, surpassing the broader S&P 500's performance of 231.2%. In 2024 alone, it boasted a return of 45.81%, compared to the S&P 500's 25.02%, making it an attractive option for growth-oriented investors.
2. **Momentum Strategy:** Capitalizing on high-momentum stocks, SPMO leverages persistent price trends, particularly beneficial during bullish market phases, especially in sectors like technology and financials.
3. **Cost-Effective:** With a modest expense ratio of 0.13%, SPMO stands out as a cost-efficient choice among its peers, appealing to investors interested in momentum strategies.
4. **Optimized Rebalancing:** SPMO undergoes semi-annual rebalancing in March and September, ensuring alignment with strong-performing stocks while shedding underperformers, thus enhancing potential returns.
5. **Strong Ratings:** Garnering a 5-star Morningstar rating for both 3- and 5-year periods, SPMO demonstrates robust risk-adjusted returns.

Cons of SPMO
1.  High Concentration Risk: The top 10 holdings account for nearly 60% of the portfolio, with significant weight in mega-cap stocks like NVIDIA (13.17%). This concentration increases vulnerability to corrections in a few key stocks.
2.  Higher Volatility: Momentum strategies are inherently volatile, as stocks with strong price trends can experience sharp corrections, especially during market downturns. SPMO’s max drawdown was -30.95% in a down year, only slightly better than broader market ETFs like VOO (-33.99%).
3.  Tax Inefficiency: Frequent rebalancing leads to higher turnover, potentially resulting in more taxable capital gains distributions compared to broader market ETFs like SPY, which has lower turnover. Holding SPMO in a tax-advantaged account like an IRA is recommended.
4.  Sector Bias: SPMO has heavy exposure to technology (e.g., NVIDIA, Amazon) and financials (23.15% vs. SPY’s 13.65%), which can underperform if these sectors face headwinds.
5.  Lower Dividend Yield: SPMO’s dividend yield is 0.46%, significantly lower than SPY’s 1.17%, making it less appealing for income-focused investors.
Top 10 Holdings as of April 2025

NVIDIA Corp 10.24% 

META Meta Platforms Inc 8.94% 

AMZN Amazon.com Inc. 8.36% 

AVGO Broadcom Inc 5.80% 

JPM JPMorgan Chase & Co 5.16% 

TSLA Tesla Inc 4.59% 

WMT Walmart Inc 4.45% 

NFLX Netflix Inc 3.77% 

PLTR Palantir Technologies Inc 2.83% 

COST Costco Wholesale Corp 2.59%

所有跟帖: 

覺得不錯,可以避免買個股啦 -名校FAN- 給 名校FAN 發送悄悄話 名校FAN 的博客首頁 (0 bytes) () 07/02/2025 postreply 04:00:15

比TQQQ好嗎? -6degrees- 給 6degrees 發送悄悄話 (0 bytes) () 07/02/2025 postreply 04:28:35

難說,但更能catch momentum stock -lionhill- 給 lionhill 發送悄悄話 lionhill 的博客首頁 (0 bytes) () 07/02/2025 postreply 04:35:56

不知道如何量化比較,所以上述問題問的有點唐突。 -6degrees- 給 6degrees 發送悄悄話 (0 bytes) () 07/02/2025 postreply 05:07:07

SPMO有沒有三倍? -6degrees- 給 6degrees 發送悄悄話 (0 bytes) () 07/02/2025 postreply 06:01:33

沒有 -lionhill- 給 lionhill 發送悄悄話 lionhill 的博客首頁 (0 bytes) () 07/02/2025 postreply 07:03:30

TQQQ不能長持危險大得多剛才以為你說QQQ -lionhill- 給 lionhill 發送悄悄話 lionhill 的博客首頁 (0 bytes) () 07/02/2025 postreply 05:12:23

TQQQ損耗很大,是個問題。 -6degrees- 給 6degrees 發送悄悄話 (0 bytes) () 07/02/2025 postreply 05:20:27

嗯,IRA裏換這個不錯,SPMO Top10最近應該是調倉位了,加了NFLX和COST,沒有MSFT和AAPL -Artspace87- 給 Artspace87 發送悄悄話 (81 bytes) () 07/02/2025 postreply 04:38:55

謝謝我update了 -lionhill- 給 lionhill 發送悄悄話 lionhill 的博客首頁 (0 bytes) () 07/02/2025 postreply 05:04:55

聽說盤子不大,如果有重倉風險會大吧?? -BBL123- 給 BBL123 發送悄悄話 (0 bytes) () 07/02/2025 postreply 04:43:10

不覺得 -lionhill- 給 lionhill 發送悄悄話 lionhill 的博客首頁 (0 bytes) () 07/02/2025 postreply 05:29:38

那我們照葫蘆畫瓢,就買這十隻股票,跟著半年調一次倉會如何? -Zaplet- 給 Zaplet 發送悄悄話 Zaplet 的博客首頁 (0 bytes) () 07/02/2025 postreply 04:45:00

為什麽要浪費這個時間買ETF就好 -lionhill- 給 lionhill 發送悄悄話 lionhill 的博客首頁 (0 bytes) () 07/02/2025 postreply 05:05:43

當然可以 -越王劍- 給 越王劍 發送悄悄話 越王劍 的博客首頁 (48 bytes) () 07/02/2025 postreply 05:18:34

Tax free account 還可以,otherwise, not worth the time. -marilyn- 給 marilyn 發送悄悄話 marilyn 的博客首頁 (0 bytes) () 07/02/2025 postreply 06:08:40

都有道理。我現在在退休帳號學習建倉個股,想找個偷懶的策略,但又要beat 大盤! -Zaplet- 給 Zaplet 發送悄悄話 Zaplet 的博客首頁 (0 bytes) () 07/02/2025 postreply 08:29:00

學習了,讚! -*江南雨*- 給 *江南雨* 發送悄悄話 (0 bytes) () 07/02/2025 postreply 06:07:20

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