Invesco Momentum Index Reconstitution: Apple Added, Nvidia Removed in 54-Stock Swap

Key Facts

1The Invesco S&P 500 Momentum Index underwent a semi-annual reconstitution resulting in 54 substitutions and roughly 40% of the portfolio.

2Apple and Merck were the top additions to the index, while Nvidia was deleted despite a 30.24% one-year gain.

3Micron Technology remains in the #2 spot within the index with an 8.99% weighting.

In a move reflecting shifting relative strength trends in the U.S. equity market, the Invesco S&P 500 Momentum Index completed its semi-annual reconstitution. According to reports, the rebalancing resulted in 54 substitutions, representing approximately 40% of the portfolio. The most notable changes included the addition of Apple and Merck to the index, while Nvidia was removed despite recording a 30.24% gain over the past year.

These adjustments occur as Micron Technology maintains its significant influence within the index, holding the #2 spot with an 8.99% weighting. Per market data, MU closed at $1,038.69, while IVZ stood at $30.53 (close Sept 18, 2026). Within the broader tech sector, peer performance showed MSFT closing at $496.26 and META at $733.63 (close Sept 21, 2026), highlighting the diverse momentum profiles the index evaluates for its rule-based strategy.

Investors are now monitoring price levels following the rebalance, with AAPL at $338.98 and NVDA at $227.08 (close Sept 21, 2026). While the economic calendar shows no major upcoming catalysts directly tied to this reconstitution, market participants will watch for capital flow impacts on the newly added and deleted constituents in the immediate term.