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Alternatives

Best SPMO Alternatives in 2026

U.S. momentum factor ETFs to consider alongside Invesco SPMO.

Data updated September 2026 · 9 ETFs

ETFs listed9
Avg yield0.66%
Avg expense ratio0.28%

Who this page is for

Best for

  • SPMO holders comparing similar funds, fees, payouts, and strategy design
  • Factor investors comparing momentum definitions, rebalance rules, and concentration
  • Investors who will compare total return and NAV trend alongside distribution rate

Not a fit for

  • Investors seeking a stable sector mix or broad market-cap-weighted exposure
  • Anyone treating a current distribution rate as guaranteed future income
  • Investors choosing from headline yield alone without reviewing the underlying exposure

Analysis

This category of momentum-factor ETFs offers alternatives to SPMO by tracking similar high-momentum equity strategies through different index methodologies and issuer approaches. iShares' MTUM dominates by size at $24.0B in AUM, dwarfing the next-largest fund, JPMorgan's JMOM at $2.7B, suggesting the category's assets are heavily concentrated in one established, long-running product. The remaining seven funds span a wide range of scale, from VFMO at $1.9B down to AMOM at just $22M, with issuers including Vanguard, Invesco, Fidelity, Alpha Architect, State Street, and Exchange Traded Concepts each offering a distinct take on momentum investing. Distribution frequency is split between quarterly (most funds) and annual (QMOM only), and yields are generally modest, consistent with a factor-based equity strategy rather than an income-focused one.

  • ONEO and MMTM, both State Street funds, post the highest yields in the group at 1.22% and 1.14% respectively, despite being among the smallest funds shown by AUM.
  • JMOM combines a low 0.12% expense ratio with a 0.74% yield, illustrating a relatively favorable cost-to-yield profile among the larger funds in this set.
  • AMOM and PDP show the lowest yields in the category at 0.03% and 0.08%, paired with the two highest expense ratios at 0.75% and 0.62%.
  • Among quarterly-pay funds, JMOM, VFMO, and MMTM tie for the lowest expense ratio at 0.12%, while AMOM carries the highest at 0.75%.
  • Average category yield of 0.66% sits well below what income-focused investors typically seek, reflecting this category's growth/factor orientation rather than a dividend-income mandate.

Momentum strategies inherently involve higher turnover and can underperform sharply during market rotations away from trending stocks, a risk not captured by yield or expense ratio alone. Expense ratios vary meaningfully across the group, from 0.12% to 0.75%, which may affect long-term net returns independent of yield differences.

AI-generated analysis — AI can make mistakes. Verify important information independently. Not investment advice. AI risk disclosure

Risks specific to this category

  • Strategy mismatch: several funds on this list track a different index or use a different income mechanism than SPMO, so swapping into one changes the exposure — upside participation, payout cadence, and tax character can all shift, not just the ticker.
  • Liquidity and closure risk: 2 of the 9 funds listed hold under $100M in assets, and small funds tend to trade with wider bid-ask spreads and face a higher risk of liquidation.
  • Distributions are not contractual: each payout is declared period by period, so the yields on this page can fall without notice when portfolio income, option premium, or fund policy changes.
  • Methodology divergence: every fund here follows its own index rules or mandate, so two funds with similar headline yields can hold very different portfolios and diverge sharply in a drawdown — category membership is not interchangeability.
  • Screens react after the fact: a fund's place in this list is re-rated only once a dividend cut, strategy change, or asset decline has already shown up in the reported data.

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How these alternatives are selected

  • Universe: a hand-curated peer set, split into close peers (9 here — same core exposure and same income mechanism, so a like-for-like swap) and broader substitutes (a different index, underlying asset, or income mechanism). Every fund is labelled in the Strategy fit column; SPMO itself is excluded.
  • Eligibility: active ETFs only — liquidated, delisted, and renamed funds drop out automatically. Leveraged and inverse products are never listed: a daily-reset 2x or -1x fund is not an alternative to a long income position.
  • Ranking: assets under management, used only as a fund-size ranking. Never ranked by yield — yields are shown as data, not used to order the list.
  • Fit: how each fund's strategy differs from SPMO — and who each one suits — is covered in the strategy notes and FAQ below.

Top picks

Top 3 SPMO alternatives by assets under management.

Yield distribution

Forward distribution rates · 9 funds · as of 2026-09-180-2%9

Expense ratio distribution

0-0.20%50.20-0.50%20.50-0.75%10.75-1.00%1

Income projection

Estimated income if the current average distribution rate of 0.66% held for a full year with share prices unchanged. Distribution rate is not total return—a fund can pay a large distribution while its share price falls—so treat these as an upper-bound illustration, not a forecast.

Hypothetical — the list's average forward distribution rate of 0.66% held for one year with share prices unchanged, before tax, rates as of 2026-09-18. Not a forecast.
InvestmentAnnual incomeMonthly incomeWeekly income
$10,000$66$6$1
$25,000$165$14$3
$50,000$331$28$6
$100,000$661$55$13

Issuer breakdown

Distribution of ETFs by fund issuer, showing how concentrated or varied the sponsor lineup is.

State Street2
iShares1
JPMorgan1
Vanguard1
Invesco1
Fidelity Investments1
Alpha Architect1
Exchange Traded Concepts1

All 9 ETFs

Ticker Name Strategy fit Issuer Yield Expense ratio AUM Frequency
MTUMiShares MSCI USA Momentum Factor ETFClose peeriShares0.78%0.15%$24.0BQuarterly
JMOMJPMorgan U.S. Momentum Factor ETFClose peerJPMorgan0.74%0.12%$2.7BQuarterly
VFMOVanguard U.S. Momentum Factor ETF ETF SharesClose peerVanguard0.83%0.13%$1.9BQuarterly
PDPInvesco DWA Momentum ETFClose peerInvesco0.08%0.62%$1.4BQuarterly
FDMOFidelity® Momentum Factor ETFClose peerFidelity Investments0.64%0.15%$883MQuarterly
QMOMAlpha Architect U.S. Quantitative Momentum ETFClose peerAlpha Architect0.49%0.28%$421MAnnual
MMTMSPDR® S&P 1500 Momentum Tilt ETFClose peerState Street1.14%0.12%$159MQuarterly
ONEOSPDR® Russell 1000 Momentum Focus ETFClose peerState Street1.22%0.20%$30MQuarterly
AMOMQRAFT AI-Enhanced U.S. Large Cap Momentum ETFClose peerExchange Traded Concepts0.03%0.75%$22MQuarterly

Frequently asked questions

What are the best spmo alternatives?

This page lists the top 9 ETFs in this category ranked by key metrics. The list includes funds from issuers like iShares, JPMorgan, Vanguard, Invesco, Fidelity Investments and more.

How often is this list updated?

The data on this page is refreshed regularly using the latest available distribution rates, expense ratios, and AUM figures. Last updated September 2026.

What is the average yield of these ETFs?

The average distribution yield across the 9 ETFs on this list is 0.66%. Individual yields range from 0.03% to 1.22%.

What are SPMO alternatives?

MTUM is the largest U.S. momentum-factor comparison people search as an SPMO alternative. VFMO, FDMO, PDP, and JMOM use different universes and rebalance rules.

What are the best SPMO alternatives?

MTUM is the largest direct U.S. momentum-factor comparison. VFMO, FDMO, and JMOM offer other diversified U.S. implementations with different selection and rebalance methods.

What should I compare when choosing a SPMO alternative?

Compare the eligible universe, momentum lookback, rebalance frequency, sector caps, number of holdings, turnover, expense ratio, valuation, and drawdowns after trend reversals.

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