EQWL vs EUSA

EQWLBInvesco S&P 100 Equal Weight ETF

EUSAAiShares MSCI USA Equal Weighted ETF

In short

EQWL Equal weight, but blue chips only. EQWL spreads money evenly across the roughly 100 mega caps of the S&P 100, so the largest name counts about as much as the hundredth. Running since 2006, before equal weight was fashionable.

EUSA Equal weight, iShares style: each of roughly 500 large and mid cap US stocks gets the same slice, so the megacaps stop running the show. Around since 2010 and priced at 0.09%, less than half what the typical equal-weight fund charges.

Stated mandate

EQWL The fund seeks to provide exposure to the S&P 100 through an index that gives its constituent securities equal weight, investing at least 90% of assets in index components.

EUSA The fund seeks to track an index composed of equally weighted U.S. stocks.

Why people hold it

• EQWL Concentration control by design: the index weights its constituents equally, so about 100 household names each carry roughly 1% instead of a few giants steering the whole thing.invesco.com
• Launched in 2006, it predates most equal-weight rivals and has grown past a billion in assets, making it one of the easier funds to trade in a small category.
• Fee is 0.25% net of a waiver through August 31, 2028 (0.30% gross), sitting near the median of the nine funds in its equal-weight category.
• Has tracked its index closely, and distributions arrive quarterly.

• EUSA 0.09% a year against a 0.20% median for equal-weight US funds, and nothing in the peer group undercuts it (GSEW matches).
• Every holding gets the same slice, about 500 of them, so no handful of giants sets the tone the way it does in a cap-weighted US index.ishares.com
• Live since 2010, a multi-billion-dollar fund, and it has hugged the MSCI USA Equal Weighted Index closely, one of the tightest jobs in its peer group.

Worth knowing

• EQWL Cheaper equal-weight wrappers exist: EUSA and GSEW each charge 0.09%, and Invesco's own EQAL charges 0.20% for a Russell 1000 version.
• Equal weight here still means mega caps only, about 100 of them. You are rebalancing among the giants, not reaching down into mid or small caps.
• Resetting to equal weight trims whatever has run hottest, so results diverge from the cap-weighted S&P 100 in both directions.

• EUSA Equal weighting tilts the portfolio toward mid caps, so its path can diverge widely from a standard cap-weighted US index in either direction.
• Moderately traded rather than a category volume leader, so spreads and execution deserve attention on larger orders.
• Income arrives quarterly, not monthly.

Full EQWL profile⁠

Full EUSA profile⁠