At a glance
CGMM charges 0.51% a year, above the 0.26% average of the 6 funds most like it (the 6th cheapest of 7). It has $3.70B in assets, the 2nd largest of that group; it paid 0.38% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +10.1% with distributions reinvested (S&P 500: +11.5%), the weakest of those 7 funds. Its ten largest positions make up 17.6% of the fund, out of 123 in all.
The short version
Capital Group U.S. Small and Mid Cap ETF (CGMM) is an actively managed fund. Its managers pick U.S. small and mid-sized company stocks instead of tracking an index, and it held 123 stocks as of August 31, 2026. Several Capital Group managers each run a slice of the portfolio. It costs 0.51% a year, about twice the 0.26% average of similar funds, and none of those funds shares even 20% of its holdings.
Price history
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CGMM +10.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CGMM price data to Oct 27, 2026 | +9.2% | +10.1% | — | — | — | +11.7% |
- Over the year to Oct 27, 2026, CGMM returned +10.1%, 7th of 7 among similar funds.
- The deepest fall in its price history was 21% (Jan 21, 2025 to Apr 8, 2025), recovered by Jun 26, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +9.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.0400 |
What's inside
As of Aug 31, 2026, the fund held 123 securities; the ten largest made up 17.64% of assets.
| Holding | Weight | |
|---|---|---|
| DoorDash Inc | 2.18% | |
| RenaissanceRe Holdings Ltd | 2.01% | |
| US Foods Holding Corp | 1.95% | |
| Exelon Corp | 1.87% | |
| Block Inc | 1.78% | |
| WEX Inc | 1.78% | |
| Bloom Energy Corp | 1.58% | |
| Tradeweb Markets Inc | 1.51% | |
| Corteva Inc | 1.49% | |
| Citizens Financial Group Inc | 1.49% | |
| Copart Inc | 1.43% | |
| Cerebras Systems Inc | 1.43% | |
| elf Beauty Inc | 1.36% | |
| Align Technology Inc | 1.34% | |
| Victory Capital Holdings Inc | 1.28% |
By country
United States 88.19%Bermuda 3.07%Cayman Islands 1.94%Curaçao 1.13%Canada 0.92%By asset type
Stocks 96.56%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $842.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.74%, -3.13%, +2.16%.
How it works
CGMM is actively managed, so it does not track an index. Under normal conditions it puts at least 80% of net assets in stocks and other equity-type securities, such as preferred stock and convertible securities, of U.S. small and mid-sized companies. Capital Group defines these as companies whose market value typically falls within the range of the Russell 2500 Index or the Russell Midcap Index. As of June 30, 2026, the largest companies in those two indexes were worth about $30.6 billion and $92.7 billion.
Capital Group divides the portfolio into segments, and an individual manager runs each one. The managers look for attractively valued companies they see as good long-term opportunities. They sell a stock when it no longer looks attractive. No index formula sets the weights, and there is no fixed rebalancing date. The prospectus lists portfolio turnover of 42%, which means the fund traded about 42% of the portfolio's value over a year.
The fund is nondiversified, which means it may hold larger stakes in fewer companies. In practice it was spread widely as of August 31, 2026: it held 123 stocks, the top 10 made up 17.6% of assets, and it held no derivatives and almost no cash. Shares trade on an exchange at market prices, which can differ from the value of the fund's holdings.
What it really costs
- CGMM charges 0.51% a year, versus an average of 0.26% for the similar funds below (6th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $52 in the first year and $640 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CGMM | $52 | $164 | $285 | $640 |
In a retirement portfolio
It is an actively managed, nondiversified fund of small and mid-sized company stocks with a short track record, so it may fit better as a smaller add-on than as the base of a portfolio.
CGMM could add a stake in smaller and mid-sized U.S. companies chosen by Capital Group's managers. Its record is short. It launched January 14, 2025, so it has no history in the 2008, 2020 or 2022 downturns and no full calendar year of returns. Its deepest drop was 21%, from January 21 to April 8, 2025. It regained its peak by June 26, 2025, about 2.6 months later. Anyone forced to sell near that low would have locked in the loss. Income is minimal: the yield was 0.38% as of October 27, 2026, paid twice a year. The fund costs 0.51% a year, or $52 on $10,000 in the first year in the SEC's standard example. Its one-year return also trailed all six similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want managers, not an index, choosing U.S. small and mid-sized stocks, with several Capital Group managers each running a slice.
- Holders seeking a stake that overlaps little with similar funds; the closest, Vanguard Mid-Cap Value ETF (VOE), shares only 16% of holdings.
- Long-term investors focused on growth rather than income who can sit through drops like the 21% fall between January and April 2025.
Look elsewhere if
- Cost-conscious investors: the 0.51% expense ratio ranks 6th of 7 among similar funds, against 0.07% for VOE and a 0.26% average.
- Anyone needing regular income: the trailing yield was 0.38% as of October 27, 2026, and the fund pays only twice a year.
- Those wanting a long track record: CGMM launched in January 2025, has no full calendar year and ranked last of 7 on one-year return.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| CGMM this fund | — | 0.51% | $3.70B | +10.1% | — |
| VOE Vanguard Mid-Cap Value ETF | 16% | 0.07% | $37.23B | +25.1% | +21.7% |
| AVMC Avantis U.S. Mid Cap Equity ETF | 15% | 0.18% | $495.9M | +13.5% | — |
| CVMC Calvert US Mid-Cap Core Responsible Index E… | 15% | 0.15% | $102.8M | +18.6% | +21.1% |
| FFSM Fidelity Fundamental Small-Mid Cap ETF | 12% | 0.43% | $1.50B | +13.7% | — |
| TMSL T. Rowe Price Small-Mid Cap ETF | 11% | 0.55% | $2.70B | +16.5% | +22.2% |
| FSMD Fidelity Small-Mid Multifactor ETF | 10% | 0.16% | $2.50B | +15.5% | +20.0% |
Questions investors ask
Is CGMM an index fund?
No. Capital Group actively manages CGMM, so its managers choose the stocks instead of copying an index. The Russell 2500 and Russell Midcap indexes only set the size range of companies it can buy. As of August 31, 2026, it held 123 stocks. The largest were DoorDash (2.2%), RenaissanceRe (2.0%), US Foods (1.9%) and Exelon (1.9%), and the top 10 made up 17.6% of assets.
What is CGMM's expense ratio?
CGMM's expense ratio is 0.51% a year, according to its prospectus filed July 31, 2026. That is about twice the 0.26% average of six similar funds, and it ranks 6th of 7 on cost. In the SEC's standard example, which assumes $10,000 invested and a 5% annual return, costs would total about $52 after one year, $285 after five years and $640 after ten.
What's the difference between CGMM and VOE?
CGMM is actively managed and buys both small and mid-sized U.S. companies. Vanguard Mid-Cap Value ETF (VOE) focuses on mid-sized value stocks. VOE was the closest match by holdings, yet the two share only 16% of their holdings. VOE costs 0.07% a year, against 0.51% for CGMM. VOE returned 24.9% over one year as of October 29, 2026. CGMM returned 10.1% over one year as of October 27, 2026.
Does CGMM pay dividends?
Yes, but not much. CGMM pays distributions twice a year. Over the 12 months to October 27, 2026, it paid $0.12 per share, a yield of 0.38%. The fund's stated objective is capital appreciation, not income, so payouts are a side effect rather than a goal. Investors who need regular cash flow would get little of it from this fund.
How has CGMM performed since launch?
As of October 27, 2026, CGMM returned 10.1% over one year and 9.2% year to date. That trailed all six similar funds, whose one-year returns ranged from 13.5% to 24.9%. Its deepest drop was 21%, from January 21 to April 8, 2025, and it recovered by June 26, 2025. The fund launched in January 2025, so it has no full calendar year or long-term official performance record.