Core Viewpoint - The Invesco S&P 500 Momentum ETF (SPMO) has consistently outperformed the S&P 500 over the past three years while maintaining similar or lower downside risk during market downturns [2][7]. Performance Analysis - SPMO has beaten the S&P 500 year after year, demonstrating its effectiveness as a momentum-based investment strategy [2]. - The ETF has shown resilience during market corrections, with a drawdown of 19.12% in April 2025 compared to 20.52% for the S&P 500, and a loss of 28% during the COVID crash versus nearly 32% for the S&P 500 [8]. Investment Strategy - SPMO focuses on the 100 highest-momentum stocks within the S&P 500, allowing investors to capitalize on market winners [4][5]. - The ETF reconstitutes and rebalances semi-annually, which helps capture shifting market leadership without excessive turnover [6]. Market Trends - The ETF has adapted to changing market dynamics, moving from the "Magnificent 7" stocks to software stocks, and now towards targeted data center hardware and defensive names [5].