Invesco has expanded its range with the launch of Europe’s second S&P 500 equal weight ETF, ETF Stream can reveal.

The Invesco S&P 500 Equal Weight UCITS ETF (SPED) is listed on the London Stock Exchange and Deutsche Boerse with a total expense ratio (TER) of 0.20%, the cheapest ETF in Europe with this exposure.

SPED tracks the S&P 500 Equal Weight index which offers exposure to companies in the S&P 500 with each constituent allocated a fixed weight – or 0.2% of the index. The index is rebalanced four times a year.

The ETF may be attractive to investors that are concerned about potential concentration risks of the FAAMGs in the S&P 500 but still want exposure to the US flagship benchmark.

This approach has been extremely popular with European investors recently. According to data from ETFLogic, the $5.6bn Xtrackers S&P 500 Equal Weight UCITS ETF (XDEW) has seen $4.6bn inflows over the past 12 months, as at 8 April.

SPED will be a mirror strategy of the US-listed $25.4bn Invesco S&P 500 Equal Weight ETF (RSP) which has gathered $7.7bn inflows over the last year.

Invesco has been busy in the market this year. Most recently, the US giant launched Europe's first ETF that tracks the Nasdaq Next Generation 100 index, the Invesco NASDAQ Next Generation 100 UCIS ETF (EQJS), ETF Stream revealed last month.

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