At a glance
INVN charges 0.55% a year, below the 0.6% average of the 2 funds most like it (the 2nd cheapest of 3). It has $9.6M in assets, the 3rd largest of that group; it paid 0.22% of its price in distributions over the past 12 months, annual. Over the past year it returned +29.0% with distributions reinvested (S&P 500: +11.5%), the best of those 3 funds. Its ten largest positions make up 22.6% of the fund, out of 50 in all.
The short version
Alger Russell Innovation ETF (INVN) tracks the Alger Russell Innovation Index, 50 equally weighted large and midsize US stocks chosen by an Alger-designed formula. It skips the third of Russell 1000 companies that turn the least of their sales into free cash flow, then picks the heaviest research spenders relative to company value. Its 0.55% annual fee is below similar funds' 0.6% average, but assets were just $9.6 million as of June 30, 2026.
Price history
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INVN +29.0% 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 | |
|---|---|---|---|---|---|---|
| INVN price data to Oct 27, 2026 | +26.6% | +29.0% | — | — | — | +19.1% |
- Over the year to Oct 27, 2026, INVN returned +29.0%, 1st of 3 among similar funds.
- The deepest fall in its price history was 26% (Feb 5, 2025 to Apr 8, 2025), recovered by Sep 8, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +26.6% |
| 2025 | +8.2% |
| 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 |
|---|---|---|
| 2025 | $0.0600 |
What's inside
As of Jun 30, 2026, the fund held 50 securities; the ten largest made up 22.64% of assets.
| Holding | Weight | |
|---|---|---|
| ROBLOX CORP | 2.57% | |
| ZEBRA TECHNOLOGIES CORP | 2.38% | |
| EXPEDIA GROUP INC | 2.29% | |
| MAPLEBEAR INC | 2.25% | |
| BLOCK INC | 2.24% | |
| ZSCALER INC | 2.22% | |
| BILL HOLDINGS INC | 2.19% | |
| BIOGEN INC | 2.18% | |
| CCC INTELLIGENT SOLUTIONS HOLDINGS INC | 2.15% | |
| ETSY INC | 2.15% | |
| LYFT INC | 2.14% | |
| DYNATRACE INC | 2.12% | |
| MERCK & COMPANY INC | 2.12% | |
| INCYTE CORP | 2.11% | |
| UNITY SOFTWARE INC | 2.10% |
By country
United States 94.69%Ireland 2.06%Netherlands 1.84%Guernsey 1.74%By asset type
Stocks 100.33%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $2.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.67%, +10.98%, -2.37%.
How it works
INVN is a passive index fund that aims to match the Alger Russell Innovation Index before fees, keeping at least 80% of net assets in index stocks. Alger, the fund's manager, also designed the index; FTSE Russell calculates and runs it. In running the fund, Alger doesn't research individual stocks or try to beat the index, and the fund stays invested when markets fall.
The index starts with the Russell 1000, which covers large and midsize US companies, and drops the third with the lowest free cash flow margin over the last four quarters. Free cash flow is cash from operations minus capital spending; the margin is that figure divided by sales. It then ranks the rest by research and development (R&D) spending as a share of enterprise value, roughly stock market value plus debt, minus cash. The top 50 each get a 2% weight. It excludes companies that don't report R&D and sets no limits on company size or sector.
Every quarter the index re-ranks companies and resets each to 2%, and the fund follows. Turnover, the share of holdings replaced in a year, was 67.54% per its April 2026 prospectus. The fund may also pay cash, not stocks, to large traders redeeming shares, which can create taxable gains that ETFs paying in stocks often avoid.
What it really costs
- INVN charges 0.55% a year, versus an average of 0.6% for the similar funds below (2nd of 3, cheapest first).
- Of that, 0.45% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.79% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $56 in the first year and $1,495 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| INVN | $56 | $291 | $605 | $1,495 |
In a retirement portfolio
It is a 50-stock innovation index fund with under two years of history, a 26% drop soon after launch and almost no income.
INVN could add a rules-based tilt toward research-heavy US companies alongside a broad core fund. It launched in January 2025, so it went through none of the 2008, 2020 or 2022 downturns. Its deepest drop was 26%, from February 5 to April 8, 2025, and it recovered by September 8, five months later. Drawing on it during a slump like that would lock in losses. Assets were just $9.6 million as of June 30, 2026, and small funds sometimes close.
The yield was a negligible 0.22% for the 12 months to October 27, 2026, paid once a year. The 0.55% yearly expense ratio is after a 0.79% fee waiver; the SEC's standard example puts costs on $10,000 at $56 after one year and $1,495 after ten. Past results don't predict future ones, and any plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking 50 research-heavy US stocks held near 2% each; Roblox, Zebra Technologies and Expedia led as of June 30, 2026.
- Those wanting an innovation fund that screens out weak cash generators and costs 0.55% a year, below the 0.6% average of similar funds.
- Long-term investors wanting a small side holding who can sit through swings like its 26% drop in early 2025.
Look elsewhere if
- Income seekers: its yield over the prior 12 months was just 0.22% as of October 27, 2026, paid once a year.
- Those wanting an established fund: it launched in January 2025 and held about $9.6 million in assets as of June 30, 2026.
- Tax-sensitive investors in taxable accounts: 67.54% turnover and possible cash redemptions could lead to capital gains distributions.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
What stocks does INVN hold?
INVN holds 50 large and midsize US stocks, and the index resets each to 2% every quarter. As of June 30, 2026, the largest positions were Roblox (2.6%), Zebra Technologies (2.4%), Expedia (2.3%), Maplebear (2.3%) and Block (2.2%), and the top 10 made up 22.6% of assets. Other holdings included Zscaler, Biogen, Merck and Etsy. Because weights are equal, no single company dominates, unlike funds weighted by company size.
What is INVN's expense ratio?
INVN's expense ratio, its yearly fee, is 0.55% per its prospectus filed April 28, 2026, after a 0.79% fee waiver. That is below the 0.6% average of its two most similar funds. In the SEC's standard example, $10,000 earning 5% a year would incur about $56 in costs after one year, $291 after three, $605 after five and $1,495 after ten. Those later figures exceed what a steady 0.55% would produce, which suggests the waiver isn't assumed to last.
INVN vs XITK: what's the difference?
They hold quite different stocks. SPDR FactSet Innovative Technology ETF (XITK) is INVN's closest match by holdings, yet the two share only about 7% of their portfolios, based on SEC holdings reports. INVN picks 50 Russell 1000 stocks using cash flow and R&D screens. XITK costs 0.45% a year versus INVN's 0.55% and had about $68.5 million in assets as of June 30, 2026, against INVN's $9.6 million. Over the year to October 27, 2026, INVN returned 29% and XITK 2.4%.
Is INVN good for retirement?
INVN may fit a retirement portfolio only as a small, higher-risk side holding, not a core one. It holds just 50 stocks, launched in January 2025 and fell 26% between February 5 and April 8, 2025, before recovering by September 8. Its yield was only 0.22% over the 12 months to October 27, 2026, paid once a year, so it offers little income. Past results don't predict future returns, and the whole portfolio matters more than any one fund.
How has INVN performed since launch?
INVN returned 29% over the year to October 27, 2026, and 26.6% in 2026 through that date. In 2025, from its January 7 launch to year-end, it gained 8.19%. Since launch it has returned about 19.1% a year. The ride was bumpy: it fell 26% in early 2025, and its one-year volatility, a measure of how widely returns swing, was 24.3%. Less than two years of history says little about long-term results.