At a glance
CSMD charges 0.68% a year, above the 0.36% average of the 6 funds most like it (the 5th cheapest of 7). It has $454.1M in assets, the 7th largest of that group. Over the past year it returned +0.5% with distributions reinvested (S&P 500: +11.5%), the weakest of those 7 funds; over three years it returned +15.6% a year. Its ten largest positions make up 32.1% of the fund, out of 46 in all.
The short version
Congress SMid Growth ETF (CSMD) is an actively managed fund. A manager picks small and mid-sized U.S. growth stocks instead of tracking an index, and it held 46 of them as of July 31, 2026. Its 0.68% expense ratio is well above the 0.36% average of similar funds. Its holdings overlap little with them, and it leans toward industrial companies, which made up 27.8% of assets as of October 31, 2025.
Price history
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CSMD +0.5% 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 | |
|---|---|---|---|---|---|---|
| CSMD official prospectus, to Dec 31, 2025 | — | +5.71% | — | — | — | +10.42% |
| CSMD price data to Oct 27, 2026 | +9.2% | +0.5% | +15.6% | — | — | +10.8% |
- Over the year to Oct 27, 2026, CSMD returned +0.5%, 7th of 7 among similar funds.
- Its worst full calendar year was 2025 (+5.7%); its best was 2024 (+12.7%).
- The deepest fall in its price history was 22.5% (Jan 22, 2025 to Apr 8, 2025), recovered by Jul 25, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.2% | — |
| 2025 | +5.7% | +5.71% |
| 2024 | +12.7% | +12.14% |
| 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 |
|---|---|---|
| 2024 | $0.1200 |
What's inside
As of Jul 31, 2026, the fund held 46 securities; the ten largest made up 32.11% of assets.
| Holding | Weight | |
|---|---|---|
| Curtiss-Wright Corp | 4.23% | |
| nVent Electric PLC | 3.62% | |
| Carpenter Technology Corp | 3.49% | |
| Valmont Industries Inc | 3.47% | |
| Rubrik Inc | 3.35% | |
| Halozyme Therapeutics Inc | 2.87% | |
| BJ's Wholesale Club Holdings I | 2.80% | |
| Repligen Corp | 2.78% | |
| Medpace Holdings Inc | 2.78% | |
| Rambus Inc | 2.72% | |
| Sterling Infrastructure Inc | 2.71% | |
| Ligand Pharmaceuticals Inc | 2.64% | |
| UFP Technologies Inc | 2.63% | |
| Samsara Inc | 2.56% | |
| Novanta Inc | 2.52% |
By country
United States 95.52%United Kingdom 3.62%By asset type
Stocks 99.14%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $4.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.89%, +6.21%, -7.64%.
How it works
CSMD does not follow an index. Its manager, called "the Advisor" in the prospectus, must keep at least 80% of net assets in small and mid-sized companies, known as "SMid caps." These are firms whose stock market value, when bought, fits within the Russell 2500 Growth Index. That index measures smaller U.S. growth stocks. As of June 30, 2025, its companies ranged from $60.55 million to $23.94 billion in value. The other 20% can go into companies of any size. Up to 20% of total assets can go into foreign companies through American Depositary Receipts (ADRs), which are U.S.-traded certificates for foreign shares.
The manager researches one company at a time, a "bottom-up" approach, and looks for high-quality firms with growing earnings and strong free cash flow. Free cash flow is the cash left after a company pays for its operations and investments. There is no fixed rebalancing schedule. A stock is sold when it no longer meets the criteria or a better idea comes along. Portfolio turnover was 23%. As of July 31, 2026, the 10 largest positions made up 32.1% of assets, led by Curtiss-Wright at 4.2% and nVent Electric at 3.6%.
The fund held no derivatives and 0.9% cash as of July 31, 2026, and it does not use leverage. Shares trade on NYSE Arca, so their price can drift slightly above or below the value of the holdings.
What it really costs
- CSMD charges 0.68% a year, versus an average of 0.36% for the similar funds below (5th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $69 in the first year and $847 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CSMD | $69 | $218 | $379 | $847 |
In a retirement portfolio
It is a concentrated, actively managed bet on smaller growth stocks with above-average volatility, no income and a short track record.
CSMD launched on August 22, 2023, so it missed the 2008 financial crisis, the 2020 COVID crash and the 2022 bear market. Its deepest drop was 22.5%, from January 22 to April 8, 2025. It recovered by July 25, 2025, about 3.5 months later. It has not lost money in a calendar year yet. Its weakest was 2025, up 5.7%. Its beta of 1.32 over the year to October 27, 2026 means it tended to swing more than the overall market. Someone forced to sell during a slump could lock in losses. It paid no distributions in the year to October 27, 2026, so it provides no income. In the SEC's standard example, $10,000 invested would cost $847 over 10 years. 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 a stock picker's approach to smaller growth companies, through about 46 hand-chosen stocks rather than hundreds in an index.
- Those comfortable with a heavy industrials tilt (27.8% as of October 31, 2025) and top holdings like Curtiss-Wright and Carpenter Technology.
- Long-term holders who don't need income and can sit through swings like the 22.5% drop between January and April 2025.
Look elsewhere if
- Cost-focused investors: its 0.68% expense ratio compares with 0.10% for Vanguard's IVOG and 0.15% for SPDR's MDYG.
- Retirees who need income: the fund paid no distributions in the year to October 27, 2026.
- Investors who want a long record: it launched in August 2023 and trailed all listed similar funds over one and three years.
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 |
|---|---|---|---|---|---|
| CSMD this fund | — | 0.68% | $454.1M | +0.5% | +15.6% |
| MDYG SPDR S&P 400 Mid Cap Growth ETF | 13% | 0.15% | $2.92B | +11.7% | +17.9% |
| IJK iShares S&P Mid-Cap 400 Growth ETF | 13% | 0.17% | $11.30B | +11.6% | +17.9% |
| JSMD Janus Henderson Small/Mid Cap Growth Alpha … | 12% | 0.3% | $1.05B | +5.2% | +18.9% |
| RSMC Rockefeller U.S. Small-Mid Cap ETF | 12% | 0.75% | $762.7M | +2.4% | — |
| IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 11% | 0.1% | $1.80B | +11.7% | +18.0% |
| FNY First Trust Mid Cap Growth AlphaDEX Fund | 9% | 0.7% | $577.6M | +4.3% | +21.5% |
Questions investors ask
Does CSMD pay a dividend?
No. Congress SMid Growth ETF paid no distributions in the year to October 27, 2026, so its yield was 0%. That fits its approach. It owns smaller growth companies, which tend to reinvest profits instead of paying them out. The fund's stated goal is long-term capital appreciation, meaning growth in share price, not income. Retirees who need regular cash from their investments would have to sell shares to get it.
What is the CSMD expense ratio?
CSMD's expense ratio is 0.68% a year, according to its prospectus filed February 27, 2026. All of it is a management fee, with no fee waiver. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $69 in the first year and $847 over 10 years. Similar funds average 0.36%, and index-based mid-cap growth ETFs such as IVOG charge as little as 0.10%.
CSMD vs IJK: what's the difference?
IJK, the iShares S&P Mid-Cap 400 Growth ETF, is an index fund that charges 0.17%. CSMD is actively managed and charges 0.68%. Only about 13% of their holdings overlap, so they own quite different stocks. As of October 27, 2026, IJK returned 11.6% over one year and 17.9% a year over three years. CSMD returned 0.5% and 15.6%. IJK is also much larger, with about $11.3 billion in net assets as of June 30, 2026.
What stocks does CSMD hold?
As of July 31, 2026, CSMD held 46 stocks. The largest were Curtiss-Wright (4.2%), nVent Electric (3.6%), Carpenter Technology (3.5%), Valmont Industries (3.5%) and Rubrik (3.4%). The 10 largest made up about 32% of the fund. About 95.5% of assets were in U.S. companies and 3.6% in the U.K., through nVent. Industrials were the largest sector, at 27.8% of assets as of October 31, 2025.
How has CSMD performed since launch?
Results have been positive but behind similar funds. Its prospectus shows returns of 12.14% in 2024 and 5.71% in 2025. It averaged 10.42% a year from its August 2023 launch through December 31, 2025. As of October 27, 2026, it was up 9.2% for the year to date and 0.5% over one year. Over both one and three years it trailed all six similar funds compared. Its deepest drop was 22.5%, in early 2025.