At a glance
GRPM charges 0.35% a year, above the 0.29% average of the 7 funds most like it (the 5th cheapest of 8). It has $481.1M in assets, the 5th largest of that group; it paid 0.54% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +19.5% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +21.7% a year. Its ten largest positions make up 23.7% of the fund, out of 60 in all.
The short version
Invesco S&P MidCap 400 GARP ETF (GRPM) tracks the S&P MidCap 400 GARP Index. The index holds about 60 US mid-size companies chosen for fast growth that also score well on quality and value. GARP stands for "growth at a reasonable price." Its 0.35% expense ratio is higher than plain mid-cap growth funds such as Vanguard's IVOG (0.10%). Its small, screened list of stocks can also behave quite differently from the broad mid-cap market.
Price history
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GRPM +19.5% 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 | |
|---|---|---|---|---|---|---|
| GRPM official prospectus, to Dec 31, 2025 | — | +7.61% | — | +10.53% | +11.05% | — |
| GRPM price data to Oct 27, 2026 | +20.3% | +19.5% | +21.7% | — | — | +16.7% |
- Over the year to Oct 27, 2026, GRPM returned +19.5%, 1st of 8 among similar funds.
- Its worst full calendar year was 2025 (+7.8%); its best was 2024 (+15.7%).
- The deepest fall in its price history was 28.1% (Nov 25, 2024 to Apr 8, 2025), recovered by Jan 22, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +20.3% | — |
| 2025 | +7.8% | +7.61% |
| 2024 | +15.7% | +15.44% |
| 2023 | — | +18.85% |
| 2022 | — | -11.77% |
| 2021 | — | +26.66% |
| 2020 | — | +15.39% |
| 2019 | — | +22.83% |
| 2018 | — | -12.26% |
| 2017 | — | +13.47% |
| 2016 | — | +22.46% |
| 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 | Not in the price data, which starts Aug 28, 2023 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Not in the price data, which starts Aug 28, 2023 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5600 | |
| 2025 | $1.4400 | +33.3% |
| 2024 | $1.0800 |
What's inside
As of Jul 31, 2026, the fund held 60 securities; the ten largest made up 23.73% of assets. It also reported 17.32% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Duolingo, Inc. | 2.72% | |
| InterDigital, Inc. | 2.63% | |
| Kinsale Capital Group, Inc. | 2.41% | |
| RenaissanceRe Holdings Ltd. | 2.40% | |
| Abercrombie & Fitch Co. | 2.38% | |
| Halozyme Therapeutics, Inc. | 2.28% | |
| Medpace Holdings, Inc. | 2.28% | |
| Paylocity Holding Corp. | 2.22% | |
| TechnipFMC PLC | 2.21% | |
| AppFolio, Inc. | 2.20% | |
| Tenet Healthcare Corp. | 2.16% | |
| SharkNinja, Inc. | 2.15% | |
| Hecla Mining Co. | 2.14% | |
| Lantheus Holdings, Inc. | 2.07% | |
| SLM Corp. | 1.97% |
By country
United States 89.18%Bermuda 4.03%Cayman Islands 3.18%United Kingdom 2.21%Ireland 1.39%By asset type
Stocks 99.99%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $39.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.20%, +2.57%, +4.13%.
How it works
GRPM is an index fund. It aims to match the S&P MidCap 400 GARP Index, which S&P Dow Jones Indices builds from the roughly 400 stocks in the S&P MidCap 400. First, each stock gets a growth score. The score is the average of the company's three-year growth in earnings per share and its three-year growth in sales per share. The 120 stocks with the highest scores stay in the running.
Next, each of those 120 stocks gets a quality/value score that blends three measures. The first is debt compared with book value, which is what the company's assets minus its debts are worth on paper. The second is return on equity, meaning profit compared with that book value. The third is earnings compared with the share price. The 60 stocks with the top scores make the index. As of June 30, 2026, their market values ranged from $2.7 billion to $30.7 billion.
Stocks are weighted by growth score, not company size, so faster growers get bigger slices. Each stock must make up between 0.05% and 5% of the index, and no sector can go above 40%. Invesco uses full replication, which means it owns every stock in the index in the same proportions. The prospectus reports portfolio turnover of 75%. That means the list changes a lot, which can add trading costs. As of April 30, 2026, the fund had significant exposure to the financials sector.
What it really costs
- GRPM charges 0.35% a year, versus an average of 0.29% for the similar funds below (5th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $444 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GRPM | $36 | $113 | $197 | $444 |
In a retirement portfolio
GRPM is a 60-stock, factor-screened mid-cap fund with sharp swings, so it fits better beside a broad core holding than as one.
GRPM could add a tilt toward growing, reasonably priced mid-size US companies. Its history shows big swings. It fell 32.49% in the first quarter of 2020, rose 28.7% the next quarter, and ended 2020 up 15.39%. It lost 11.77% in 2022 and 12.26% in 2018. The available data does not cover 2008. Price data goes back to August 2023. In that period, its deepest drop was 28.1%, from November 25, 2024 to April 8, 2025. It took about 9.5 months to recover, by January 22, 2026. Someone drawing on savings during a drop like that might have to cash out shares at low prices.
Income is small: the trailing 12-month yield was 0.54% as of October 27, 2026, paid quarterly. The 0.35% fee is above the 0.29% average for 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 mid-cap growth stocks screened for low debt, strong return on equity and reasonable prices, rather than a whole mid-cap growth index.
- People who want a small satellite holding beside a broad core fund and can accept a 60-stock portfolio with 75% turnover.
- Long-term holders who can sit through drops like the 32.49% quarterly fall in early 2020 or the 28.1% decline into April 2025.
Look elsewhere if
- Cost-focused investors: Vanguard's IVOG (0.10%), SPDR's MDYG (0.15%) and iShares' IJK (0.17%) cover mid-cap growth for less than GRPM's 0.35%.
- Investors who need steady income, since the trailing 12-month yield was only 0.54% as of October 27, 2026.
- Investors who want broad diversification: GRPM holds about 60 stocks and had significant financials exposure as of April 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| GRPM this fund | — | 0.35% | $481.1M | +19.5% | +21.7% |
| XMHQ Invesco S&P MidCap Quality ETF | 42% | 0.25% | $5.44B | +11.2% | +18.2% |
| RFG Invesco S&P MidCap 400® Pure Growth ETF | 28% | 0.35% | $338.5M | +8.9% | +16.2% |
| FSGS First Trust SMID Growth Strength ETF | 23% | 0.6% | $28.5M | +4.5% | — |
| IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 22% | 0.1% | $1.80B | +11.7% | +18.0% |
| QMID WisdomTree U.S. MidCap Quality Growth Fund | 21% | 0.38% | $2.2M | +4.7% | — |
| MDYG SPDR S&P 400 Mid Cap Growth ETF | 21% | 0.15% | $2.92B | +11.7% | +17.9% |
| IJK iShares S&P Mid-Cap 400 Growth ETF | 21% | 0.17% | $11.30B | +11.6% | +17.9% |
Questions investors ask
What does GRPM invest in?
GRPM holds about 60 US mid-size companies from the S&P MidCap 400. They are picked for strong three-year earnings and sales growth, plus good quality and value scores. As of July 31, 2026, the largest holdings were Duolingo (2.7%), InterDigital (2.6%), Kinsale Capital Group (2.4%), RenaissanceRe Holdings (2.4%) and Abercrombie & Fitch (2.4%). The top 10 made up about 23.7% of the fund, so no single stock dominates.
What is GRPM's expense ratio?
GRPM's expense ratio is 0.35%, according to the prospectus filed August 27, 2026. That is above the 0.29% average for similar funds. In the SEC's standard example, someone invests $10,000, earns 5% a year and cashes out at the end of each period. Their total costs would be about $36 after one year, $113 after three years, $197 after five years and $444 after ten years.
GRPM vs XMHQ: what's the difference?
Both are Invesco ETFs built from mid-cap stocks, and in the latest N-PORT reports 42% of their holdings overlapped. GRPM screens for growth first, then for quality and value, and weights stocks by growth score. XMHQ, the Invesco S&P MidCap Quality ETF, costs less: 0.25% versus 0.35%. It is also much larger, with about $5.4 billion in net assets versus about $481 million as of July 31, 2026. Over the year to October 27, 2026, GRPM returned 19.5% and XMHQ returned 11.2%.
Does GRPM pay dividends?
Yes. GRPM pays dividends quarterly, but the amounts are small. Its trailing 12-month yield was 0.54% as of October 27, 2026, or about $0.78 per share. The fund owns growth-focused companies, and many of them reinvest profits instead of paying large dividends. So GRPM is built more for growth than for income. Investors looking for steady cash payouts may want to compare it with funds designed for dividends.
How has GRPM performed over 10 years?
GRPM returned an average of 11.05% a year over the 10 years to December 31, 2025, and 10.53% a year over five years, according to its prospectus. The path was bumpy. The fund lost 12.26% in 2018 and 11.77% in 2022, and gained 26.66% in 2021. In more recent price data, it returned 21.7% a year over the three years to October 27, 2026, the highest among the six similar funds with that history.