ETF Evaluator:
Invesco S&P Spin-Off ETF (CSD)
Follow This ETF
(as of Jul 31)
Best Performing in Mid-Cap Blend Over the Last Year
| 80.2% | Castellan Targeted Equity ETF (CTEF) |
| 78.7% | Invesco S&P Spin-Off ETF (CSD) |
| 65.3% | Tema Electrification ETF (VOLT) |
| 61.9% | Optimize Strategy Index ETF (OPTZ) |
| 60.7% | Invesco S&P 500® High Beta ETF (SPHB) |
Risk
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Risk
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ETF Details
Invesco S&P Spin-Off ETF Overview
Invesco S&P Spin-Off ETF (CSD) is a passively managed U.S. Equity Mid-Cap Blend exchange-traded fund (ETF). Invesco launched the ETF in 2006.
The investment seeks to track the investment results (before fees and expenses) of the S&P U.S. Spin-Off Index (the "underlying index").
The fund generally will invest at least 90% of its total assets in securities that comprise the underlying index. The underlying index is designed to measure the performance of U.S. companies that have been spun off from a parent company within the past four years. The fund is non-diversified.
About Invesco S&P Spin-Off ETF (CSD)
There are 3 members of the management team with an average tenure of 7.43 years: Peter Hubbard (2018), Michael Jeanette (2018) and Pratik Doshi (2020). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and S&P US Spin-Off TR USD index with a weighting of 100%. Invesco S&P Spin-Off ETF has 26 securities in its portfolio. The top 10 holdings constitute 65.2% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Invesco S&P Spin-Off ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Invesco S&P Spin-Off ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.9% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Invesco S&P Spin-Off ETF has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $223 million in total assets, which is below the $4 billion average for the Mid-Cap Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CSD Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Invesco S&P Spin-Off ETF expense ratio is above average compared to funds in the Mid-Cap Blend category. Invesco S&P Spin-Off ETF has an expense ratio of 0.65%, which is 43% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Invesco S&P Spin-Off ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 77% for the Mid-Cap Blend category.
Recently, in the month of June 2026, Invesco S&P Spin-Off ETF returned 8.5%, which earned it a grade of A, as the Mid-Cap Blend category had an average return of 3.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Invesco S&P Spin-Off ETF has a trailing yield of 0.11%, which is below the 0.85% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Invesco S&P Spin-Off ETF Grades
Year to date, the ETF has returned 50.1%, 33.9 percentage points better than the category, which translates into a grade of A. The fund has returned 78.7% over the past year (grade of A), 38.5% over the past three years (grade of A) and 18.9% per year over the past five years (grade of A) and 15.2% per year over the past 10 years (grade of A).
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CSD Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CSD Return (NAV) | 8.5% | 32.7% | 78.7% | 38.5% | 18.9% | 15.2% |
| CSD Return (Price) | 8.6% | 32.9% | 78.8% | 38.5% | 18.9% | 15.2% |
| NAV +/- Price Return | -0.116% | -0.204% | -0.070% | 0.003% | -0.003% | -0.016% |
| Mid-Cap Blend Avg | 3.4% | 15.0% | 25.1% | 16.8% | 9.3% | 12.3% |
| CSD Grade (NAV) | A | A | A | A | A | A |
| +/- Category (NAV) | 5.1% | 17.7% | 53.6% | 21.7% | 9.6% | 2.8% |
| CSD Tax-Cost Ratio | na | na | 0.1% | 0.1% | 0.2% | 0.3% |
CSD Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CSD Return (NAV) | 50.1% | 21.4% | 27.7% | 23.8% | -15.2% | 13.1% | 10.6% | 20.9% | -17.8% | 20.8% | 14.7% |
| CSD Return (Price) | 50.2% | 21.6% | 27.6% | 23.8% | -15.0% | 13.0% | 10.8% | 20.6% | -17.8% | 20.6% | 14.8% |
| NAV +/- Price Ret | 0.001% | 0.007% | -0.005% | -0.000% | -0.012% | -0.009% | 0.022% | -1.6% | -0.2% | -0.7% | 1.0% |
| Mid-Cap Blend Avg | 16.2% | 10.5% | 16.1% | 17.0% | -14.5% | 23.3% | 15.6% | 27.4% | -9.1% | 19.1% | 14.8% |
| CSD Grade (NAV) | A | A | A | A | C | F | D | F | F | A | C |
| +/- Category | 33.9% | 10.9% | 11.6% | 6.8% | -0.7% | -10.2% | -5.0% | -6.5% | -8.7% | 1.7% | -0.1% |
| Risk Measures | |
| Beta: | 1.22 |
| R-Squared: | 59% |
| Standard Deviation: | 20.7% |
| Category Risk Index: | 1.32 |
| Category Risk Rating: | High |
| Total Risk Index: | 1.70 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.1% |
| Total Assets: | $ 223 Mil |
| Share Class Assets: | $ 223 Mil |
| Turnover: | na |
| Expense Ratio: | 0.65% |
| Index Fund: | Yes |
| Index Tracked: | Russell 3000 TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 8.2 years | |||
| Average Tenure: 7.4 years | |||
| Managers (Year): Hubbard Peter (2018), Jeanette Michael (2018), Doshi Pratik (2020) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 26 |
| % in Top 10 Holdings: | 65.2% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 99.9% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Invesco |
| Phone Number: | 800-983-0903 |
| Website: | www.invescopowershares.com |
| Inception Date: | December 15, 2006 |
Expenses and Fees
| Expense Ratio (%): | 0.65% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.46% |
