ETF Evaluator:
Invesco S&P 500 Revenue ETF (RWL)
Follow This ETF
(as of Jul 31)
Best Performing in Large Value Over the Last Year
| 80.0% | iShares MSCI USA Value Factor ETF (VLUE) |
| 37.2% | Invesco S&P S&P 500 Concentrated QVM ETF (QVMT) |
| 36.6% | SEI QiM U.S. Lrg Cap Value Actv ETF (SEIV) |
| 35.3% | Avantis US Large Cap Value ETF (AVLV) |
| 35.1% | LSV Disciplined Value ETF (LSVD) |
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ETF Details
Invesco S&P 500 Revenue ETF Overview
Invesco S&P 500 Revenue ETF (RWL) is a passively managed U.S. Equity Large Value exchange-traded fund (ETF). Invesco launched the ETF in 2008.
The investment seeks to track the investment results (before fees and expenses) of the S&P 500® Revenue-Weighted Index (the "underlying index").
The fund generally will invest at least 90% of its total assets in the securities that comprise the underlying index. The underlying index includes positive revenue-producing constituent securities of the S&P 500® Index.
About Invesco S&P 500 Revenue ETF (RWL)
There are 3 members of the management team with an average tenure of 6.97 years: Peter Hubbard (2019), Michael Jeanette (2019) and Pratik Doshi (2019). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and S&P 500 Revenue-Weighted TR USD index with a weighting of 100%. Invesco S&P 500 Revenue ETF has 505 securities in its portfolio. The top 10 holdings constitute 22.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Invesco S&P 500 Revenue ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Invesco S&P 500 Revenue ETF has 0.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.1% There is 0.9% 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 500 Revenue ETF has -0.0% of the portfolio in cash.
Assets Under Management
The fund has $9 billion in total assets, which is above the $5 billion average for the Large Value 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.
RWL 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 500 Revenue ETF expense ratio is below average compared to funds in the Large Value category. Invesco S&P 500 Revenue ETF has an expense ratio of 0.39%, which is 6% higher than its category average, making the fund expense ratio grade a C. 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 500 Revenue ETF has a portfolio turnover rate of 20%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 41% for the Large Value category.
Recently, in the month of June 2026, Invesco S&P 500 Revenue ETF returned 0.7%, which earned it a grade of D, as the Large Value category had an average return of 1.1%. 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 500 Revenue ETF has a trailing yield of 1.26%, which is below the 1.74% category average.
The fund normally distributes its income quarterly 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 500 Revenue ETF Grades
Year to date, the ETF has returned 12.3%, 0.5 percentage points better than the category, which translates into a grade of C. The fund has returned 24.1% over the past year (grade of B), 18.7% over the past three years (grade of B) and 13.4% per year over the past five years (grade of A) and 14.1% per year over the past 10 years (grade of A).
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RWL 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 |
|
| RWL Return (NAV) | 0.7% | 11.5% | 24.1% | 18.7% | 13.4% | 14.1% |
| RWL Return (Price) | 0.7% | 11.5% | 24.2% | 18.6% | 13.4% | 14.1% |
| NAV +/- Price Return | -0.024% | 0.021% | -0.117% | 0.052% | 0.002% | 0.006% |
| Large Value Avg | 1.1% | 9.8% | 22.0% | 16.7% | 11.0% | 12.2% |
| RWL Grade (NAV) | D | B | B | B | A | A |
| +/- Category (NAV) | -0.4% | 1.7% | 2.1% | 2.0% | 2.4% | 1.9% |
| RWL Tax-Cost Ratio | na | na | 0.6% | 0.5% | 0.5% | 0.7% |
RWL Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RWL Return (NAV) | 12.3% | 18.5% | 16.7% | 17.2% | -5.9% | 30.2% | 9.1% | 28.0% | -7.6% | 19.9% | 12.2% |
| RWL Return (Price) | 12.3% | 18.6% | 16.4% | 17.4% | -6.0% | 30.3% | 9.2% | 27.8% | -7.8% | 20.3% | 12.1% |
| NAV +/- Price Ret | 0.001% | 0.005% | -0.014% | 0.013% | 0.021% | 0.003% | 0.009% | -0.7% | 2.6% | 2.3% | -0.7% |
| Large Value Avg | 11.9% | 14.8% | 15.5% | 13.1% | -6.5% | 26.7% | 5.4% | 27.4% | -6.6% | 17.7% | 15.7% |
| RWL Grade (NAV) | C | A | B | B | C | B | B | B | C | B | F |
| +/- Category | 0.5% | 3.7% | 1.2% | 4.1% | 0.6% | 3.5% | 3.7% | 0.7% | -1.0% | 2.2% | -3.5% |
| Risk Measures | |
| Beta: | 0.78 |
| R-Squared: | 75% |
| Standard Deviation: | 11.7% |
| Category Risk Index: | 0.96 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 0.97 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 1.3% |
| Total Assets: | $ 9,220 Mil |
| Share Class Assets: | $ 9,220 Mil |
| Turnover: | 20.0% |
| Expense Ratio: | 0.39% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 7.1 years | |||
| Average Tenure: 7.0 years | |||
| Managers (Year): Hubbard Peter (2019), Jeanette Michael (2019), Doshi Pratik (2019) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 505 |
| % in Top 10 Holdings: | 22.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.9% |
Portfolio Allocation |
|
| Domestic Stock: | 99.1% |
| Foreign Stock: | 0.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -0.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Invesco |
| Phone Number: | 800-983-0903 |
| Website: | www.invescopowershares.com |
| Inception Date: | February 19, 2008 |
Expenses and Fees
| Expense Ratio (%): | 0.39% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.37% |
