SPHQ vs TPFG

SPHQAInvesco S&P 500 Quality ETF

TPFGFTimothy Plan Free Cash Flow Growth ETF

In short

SPHQ Live since 2005, SPHQ is an elder statesman of quality investing: rank the S&P 500 on profitability, earnings quality and balance-sheet strength, hold the top 100, charge 0.15% net of a waiver through August 31, 2028.

TPFG Timothy Plan's take on the free-cash-flow factor: a rules-based US large-cap fund tracking an index that leans toward companies growing their cash generation, in a corner of the market dominated by plain-vanilla trackers.

Stated mandate

SPHQ The fund seeks exposure to the S&P 500 Quality Index and normally invests at least 90% of assets in common stocks included in that index.

TPFG The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Victory Free Cash Flow Growth BRI Index.

Why people hold it

• SPHQ 0.15% net of a waiver through August 31, 2028 (0.20% gross), below the median for quality factor funds and level with QUAL and FQAL at 0.15%.
• The rules are published and mechanical: score the S&P 500 on return on equity, accruals ratio and financial leverage ratio, take the top 100, weight by quality score times market cap.spglobal.com
• Universe discipline: candidates come only from the S&P 500, so every holding is an established large cap rather than a smaller name screened in from a broader pool.spglobal.com
• A multi-billion-dollar fund that trades actively, pays quarterly, and has run since 2005. It sits in the stronger tier of quality factor ETFs.

• TPFG One named benchmark, the Victory Free Cash Flow Growth BRI Index, does the picking. The holdings follow published rules, not a manager's discretion.
• The tilt is stated up front: free cash flow growth, with growth and momentum factors advertised in the fund's own documents. No guessing what you own.
• Straight US equity mandate, so no foreign currency exposure or overseas market hours layered on top of the strategy.

Worth knowing

• SPHQ About 100 stocks, weighted by quality score times market cap, so the biggest high-scorers carry real weight. Narrower than owning the full S&P 500.spglobal.com
• The index rebalances semiannually, so a company whose fundamentals slip mid-period stays in the portfolio until the next reshuffle.spglobal.com
• Two peers undercut it on fee: JQUA at 0.12% and VFQY at 0.13%.

• TPFG It charges 0.59% a year. The large-cap index heavyweights it sits beside are far cheaper: SCHX and VV run 0.03%, VONE 0.06%.
• A May 2026 launch, so there is little live history behind it, and trading has been thin since it opened, which can mean wider bid-ask spreads.
• Cash-flow growth is the point, not payouts. The fund has not made a distribution since launch.

Full SPHQ profile⁠

Full TPFG profile⁠