Analysis of ETF Holdings Shows Limited Overlap Among Quality Funds
What happened
SEC N-PORT filings from July 31, 2026, showed that three popular ETFs—the Pacer US Cash Cows 100 ETF, the iShares MSCI USA Quality Factor ETF, and the Invesco S&P 500 Quality ETF—agree on only 12 companies. These funds include Accenture, Adobe, Autodesk, Automatic Data Processing, Dexcom, Expand Energy, Expeditors International of Washington, F5, NVR, NetApp, ResMed, and Zoetis. The filings also noted that the Invesco S&P 500 Quality ETF had net assets of $19.45 billion.
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Why it matters
The low overlap among these quality-focused funds suggests that treating them as interchangeable upgrades over a plain index fund may result in less diversification than expected. The filings also detailed the performance of the funds, noting the Invesco S&P 500 Quality ETF achieved a 70% five-year gain.
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Who's involved
- InvescoManages the Invesco S&P 500 Quality ETF, one of the funds analyzed.
- MastercardListed as a major holding within the Invesco S&P 500 Quality ETF.
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The entities involved
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Microsoft
American multinational technology corporation
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Mastercard
American multinational financial services corporation
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Invesco
US investment management company
Related events
- Microsoft and NetApp, among other companies, were reported as holdings in QUAL, COWZ, and SPHQ ETFs.
- Microsoft and Meta are identified as top holdings in the SCHG ETF.
- Microsoft and Qualcomm are identified as key holdings within dividend ETFs.
- Microsoft and Apple are confirmed as top holdings in the VGT ETF.
- Nvidia and Microsoft are identified as top holdings within the Vanguard Morningstar Growth ETF.