Invesco S&P SmallCap 600 GARP ETF

Invesco S&P SmallCap 600 GARP ETF (GRPZ) tracks the S&P SmallCap 600 GARP Index: about 90 small US companies that rank high for sales and earnings growth, then pass quality and value screens (“growth at a reasonable price”). That may suit investors wanting small-cap growth with a check on debt, profitability and price. Trade-offs: a 0.35% expense ratio, versus 0.10% for Vanguard's VIOG, and just $3.3 million in assets as of August 31, 2026.

• Over the year to Oct 27, 2026, GRPZ returned +17.6%, 2nd of 7 among similar funds.
• Its worst full calendar year was 2025 (+3.0%); its best was 2025 (+3.0%).
• The deepest fall in its price history was 27.9% (Nov 25, 2024 to Apr 8, 2025), recovered by Jan 15, 2026.

As of Aug 31, 2026, the fund held 88 securities; the ten largest made up 18.65% of assets. It also reported 33.27% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Aug 31, 2026, investors added a net $645K (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +8.96%, +1.28%, +1.08%.

GRPZ tracks the S&P SmallCap 600 GARP Index. S&P Dow Jones Indices builds it from the S&P SmallCap 600, a group of about 600 small US companies. As of October 31, 2025, companies entering that parent index had stock market values of $1.2 billion to $8.0 billion. The first step is growth. Each stock gets a score that averages its three-year growth in earnings per share and in sales per share. The 180 highest scorers move on.

Next come quality and value. Those 180 stocks are ranked on the average of three measures. The first is financial leverage: total debt divided by book value, which is the accounting value of the shareholders' stake. The second is return on equity, or profit relative to book value. The third is earnings-to-price, a year's profit per dollar of share price. The top 90 make the index. Weights follow growth scores, not company size, so faster growers get larger slices. Each stock is held at 0.05% to 5%, and no sector may exceed 40%.

Invesco uses full replication, which means the fund holds every index stock at its index weight. The fund is non-diversified, so it can hold larger stakes in fewer companies than a diversified fund. Even so, its 10 largest holdings were 18.65% of assets as of August 31, 2026. The prospectus reports 81% portfolio turnover, so the lineup changes a lot. The fund generally keeps a lagging stock until the index drops it.

• GRPZ charges 0.35% a year, versus an average of 0.28% for the similar funds below (5th of 7, 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).

It holds a concentrated mix of about 90 small growth stocks, has a short history and a tiny asset base, so it suits a small add-on role better than anchoring a portfolio.

GRPZ could add small US growth stocks screened for quality and value. It launched on March 27, 2024, so it has no record in the 2008, 2020 or 2022 downturns. Its deepest drop was 27.9%, from November 25, 2024, to April 8, 2025. It recovered on January 15, 2026, about nine months later. Withdrawals during that slide would have meant cashing out at low prices. Its only full calendar year, 2025, returned about 3%.

Income is small. Dividends, paid quarterly, came to 0.83% of the share price over the 12 months to October 27, 2026. The 0.35% expense ratio compares with 0.10% to 0.18% for the Vanguard, SPDR and iShares S&P 600 growth funds. In the SEC's standard example, it costs $36 on $10,000 in year one and $444 over 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.