Summary

• Invesco S&P 500 Equal Weight ETF (RSP) is downgraded to Hold after a strong rally and diminished risk/reward profile.
• RSP's AUM has grown to $92.2 billion, driven by increased demand for equal-weight exposure and share creation.
• Scenario analysis suggests a weighted expected return of -5.2% for RSP over the next six months, making it unattractive at current levels.
• I exited RSP in May, favoring alternative equity ETFs and hedging strategies for better risk management.

I initiated coverage of Invesco S&P 500 Equal Weight ETF (RSP) in late November when it was near $190, and I upgraded it in late April at a higher price near $202. Since then, it has

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