At a glance
RFG charges 0.35% a year, above the 0.14% average of the 8 funds most like it (the most expensive of 9). It has $338.5M in assets, the 9th largest of that group; it paid 0.12% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +8.9% with distributions reinvested (S&P 500: +11.5%), 8th of those 9 funds; over three years it returned +16.2% a year. At its worst it fell 40.3% in the 2020 crash (S&P 500: 33.7%) and 30.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 20 months after the lows. Its ten largest positions make up 20.4% of the fund, out of 100 in all.
The short version
Invesco S&P MidCap 400® Pure Growth ETF (RFG) is an index fund holding about 100 mid-sized companies from the S&P MidCap 400 with the strongest growth traits, weighted by how strong those traits are. Unlike broader mid-cap growth funds, it leaves out stocks that also look like value stocks. That narrower approach costs 0.35% a year, compared with 0.10% to 0.17% for the closest S&P mid-cap growth funds.
Price history
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RFG +8.9% 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 | |
|---|---|---|---|---|---|---|
| RFG official prospectus, to Dec 31, 2025 | — | +8.74% | — | +5.87% | +8.36% | — |
| RFG price data to Oct 27, 2026 | +9.2% | +8.9% | +16.2% | +4.8% | +9.8% | +9.2% |
- Over the year to Oct 27, 2026, RFG returned +8.9%, 8th of 9 among similar funds.
- Its 5-year annualized return was +4.8% and its 10-year +9.8%.
- In the 2020 COVID crash it fell 40.3% and regained its old high 4.3 months after the low.
- Its worst full calendar year was 2008 (-36.3%); its best was 2009 (+60.9%).
- The deepest fall in its price history was 51.9% (Oct 31, 2007 to Nov 20, 2008), recovered by Jan 5, 2010.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.2% | — |
| 2025 | +8.8% | +8.74% |
| 2024 | +17.8% | +17.83% |
| 2023 | +16.4% | +16.30% |
| 2022 | -21.7% | -21.60% |
| 2021 | +13.8% | +13.79% |
| 2020 | +32.9% | +32.70% |
| 2019 | +17.1% | +17.00% |
| 2018 | -14.0% | -13.77% |
| 2017 | +20.5% | +20.34% |
| 2016 | +3.7% | +4.19% |
| 2015 | +3.0% | — |
| 2014 | -0.5% | — |
| 2013 | +35.9% | — |
| 2012 | +17.0% | — |
| 2011 | +0.3% | — |
| 2010 | +34.9% | — |
| 2009 | +60.9% | — |
| 2008 | -36.3% | — |
| 2007 | +10.6% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 50.6% over that stretch · deepest drop along the way 51.9%, back to its old high 13.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 40.2% over that stretch · deepest drop along the way 40.3%, back to its old high 4.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.9% over that stretch · deepest drop along the way 30.7%, back to its old high 20 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.0400 | |
| 2025 | $0.2200 | +15.8% |
| 2024 | $0.1900 | -53.2% |
| 2023 | $0.4060 | +46.0% |
| 2022 | $0.2780 | +1058.3% |
| 2021 | $0.0240 | -78.2% |
| 2020 | $0.1100 | -43.9% |
| 2019 | $0.1960 | -3.0% |
| 2018 | $0.2020 | -1.0% |
| 2017 | $0.2040 | +126.7% |
| 2016 | $0.0900 | -40.8% |
| 2015 | $0.1520 | +5.6% |
| 2014 | $0.1440 | -10.0% |
| 2013 | $0.1600 | +37.9% |
| 2012 | $0.1160 | +544.4% |
| 2011 | $0.0180 | 0.0% |
| 2010 | $0.0180 | -10.0% |
| 2009 | $0.0200 | +233.3% |
| 2008 | $0.0060 | -89.7% |
| 2007 | $0.0582 |
What's inside
As of Jul 31, 2026, the fund held 100 securities; the ten largest made up 20.38% of assets. It also reported 11.45% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Arrowhead Pharmaceuticals, Inc. | 2.52% | |
| Sterling Infrastructure, Inc. | 2.32% | |
| Carpenter Technology Corp. | 2.25% | |
| TechnipFMC PLC | 2.18% | |
| Halozyme Therapeutics, Inc. | 2.09% | |
| DigitalOcean Holdings, Inc. | 1.90% | |
| Woodward, Inc. | 1.84% | |
| Medpace Holdings, Inc. | 1.80% | |
| InterDigital, Inc. | 1.74% | |
| ATI Inc. | 1.72% | |
| Valaris Ltd. | 1.70% | |
| IES Holdings, Inc. | 1.65% | |
| Five Below, Inc. | 1.64% | |
| Twilio Inc. | 1.58% | |
| Dycom Industries, Inc. | 1.52% |
By country
United States 91.16%United Kingdom 2.84%Ireland 2.2%Bermuda 1.7%Cayman Islands 1.25%By asset type
Stocks 99.91%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $3.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.96%, +2.28%, -7.62%.
How it works
RFG tracks the S&P MidCap 400 Pure Growth Index, which S&P Dow Jones Indices builds from the S&P MidCap 400. Each company in that parent index gets two scores. The growth score uses three-year sales-per-share growth, the three-year change in earnings per share relative to the share price, and momentum (the stock's price change over 12 months). The value score uses book value, earnings and sales, each measured against the share price.
Many style indexes include every stock in the parent index, and some stocks land in both the growth and value versions. This one keeps only "pure growth" stocks and drops any that also show value traits. Holdings are weighted by growth score rather than company size, so the strongest growth scores get the biggest weights. As of June 30, 2026, the index had 99 stocks with market values from $2.7 billion to $32.9 billion. The fund uses full replication, meaning it buys every stock in the index at its index weight.
The fund trades only when the index changes. It keeps a lagging stock until the index drops it. Portfolio turnover was 77%, which is high for an index fund. As of April 30, 2026, it had heavy exposure to industrials. It can become "non-diversified" under US fund rules if a few stocks grow large in the index, which would let a small group of companies drive returns.
What it really costs
- RFG charges 0.35% a year, versus an average of 0.14% for the similar funds below (9th of 9, 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 |
|---|---|---|---|---|
| RFG | $36 | $113 | $197 | $444 |
In a retirement portfolio
It is a narrow, high-turnover bet on fast-growing mid-sized companies that has fallen further than the broad market in past downturns, so it fits better as a small slice than as a foundation.
RFG could add a tilt toward fast-growing mid-sized companies, but its price has swung hard. It fell 51.9% from October 2007 to November 2008 and lost 36.3% in calendar 2008, its worst year. It did not recover until January 2010. It dropped 40.3% in early 2020 and was back by July 2020. In 2022 it fell 30.7% and took until February 2024 to recover. Anyone forced to sell shares during slumps like these would lock in losses. Income is minimal: the trailing 12-month yield was 0.12% as of October 27, 2026, paid quarterly. The 0.35% expense ratio works out to $444 over 10 years on $10,000 in the SEC's standard example.
Past results don't predict future returns. A retirement 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 targeted tilt toward mid-sized companies with the strongest sales, earnings and price momentum, rather than a broad growth index.
- Long-term holders who can sit through steep drops like its 51.9% fall in 2008 and 30.7% slide in 2022.
- Those who don't need income from this holding, since its trailing yield was only 0.12% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: IVOG charges 0.10% and IJK 0.17% for S&P mid-cap growth exposure, compared with RFG's 0.35%.
- Retirees who want steadier prices: RFG's one-year beta was 1.26, so it has swung more than the overall market.
- Anyone wanting broad mid-cap exposure: RFG holds about 100 stocks, while broader mid-cap funds such as IJH charge 0.05%.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| RFG this fund | — | 0.35% | $338.5M | +8.9% | +16.2% |
| IJK iShares S&P Mid-Cap 400 Growth ETF | 59% | 0.17% | $11.30B | +11.6% | +17.9% |
| MDYG SPDR S&P 400 Mid Cap Growth ETF | 59% | 0.15% | $2.92B | +11.7% | +17.9% |
| IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 59% | 0.1% | $1.80B | +11.7% | +18.0% |
| XMMO Invesco S&P MidCap Momentum ETF | 45% | 0.34% | $7.18B | +0.7% | +23.5% |
| IVOO Vanguard S&P Mid-Cap 400 ETF | 33% | 0.07% | $5.87B | +12.0% | +18.0% |
| SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 33% | 0.03% | $18.39B | +15.3% | +16.6% |
| IJH iShares Core S&P Mid-Cap ETF | 33% | 0.05% | $124.33B | +15.3% | +16.6% |
Questions investors ask
What's the difference between RFG and IJK?
Both own growth stocks from the S&P MidCap 400, and about 59% of their holdings overlap. RFG is narrower: it drops stocks that also show value traits and weights holdings by growth score. IJK charges 0.17% against RFG's 0.35%, and it is far larger, at $11.3 billion versus $338.5 million. As of October 27, 2026, IJK returned 11.6% over one year and 17.9% a year over three years. RFG returned 8.9% and 16.2%.
Does RFG pay dividends?
Yes, RFG pays dividends every quarter, but they are small. Over the 12 months to October 27, 2026, it paid about $0.07 per share, a yield of 0.12%. That low payout is typical of growth companies, which often reinvest their profits instead of paying them out. Investors who need regular income from a portfolio would get very little from this fund.
What is RFG's expense ratio?
RFG's expense ratio is 0.35% a year, per its prospectus filed August 27, 2026. That made it the most expensive of nine similar funds compared. The group averaged 0.14%, and Vanguard's IVOG charges 0.10%. In the SEC's standard example, $10,000 invested at a 5% yearly return would cost $36 in the first year and $444 over 10 years.
What are RFG's top holdings?
As of July 31, 2026, RFG's largest holdings were Arrowhead Pharmaceuticals (about 2.5%), Sterling Infrastructure (2.3%), Carpenter Technology (2.3%), TechnipFMC (2.2%) and Halozyme Therapeutics (2.1%). The 10 largest positions made up about 20% of the fund, which is spread across roughly 100 stocks. Holdings change often because the index re-scores growth traits, and turnover was 77%.
How has RFG performed over the last 10 years?
RFG returned an average of 8.36% a year over the 10 years ending December 31, 2025, and 5.87% a year over five years, according to its prospectus. Results have been uneven. It gained 32.7% in 2020 but lost 21.6% in 2022 and 13.77% in 2018. Its strongest quarter was a 34.41% gain in mid-2020. Its weakest was a 26.82% loss in the first quarter of 2020.