At a glance
RWJ charges 0.39% a year, above the 0.11% average of the 8 funds most like it (the most expensive of 9). It has $2.06B in assets, the 6th largest of that group; it paid 1.11% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +20.3% with distributions reinvested (S&P 500: +11.5%), 3rd of those 9 funds; over three years it returned +21.7% a year. At its worst it fell 42.7% in the 2020 crash (S&P 500: 33.7%) and 23.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 6 months and 4 months after the lows. Its ten largest positions make up 15.6% of the fund, out of 590 in all.
The short version
Invesco S&P SmallCap 600 Revenue ETF (RWJ) holds the roughly 600 small US companies in the S&P SmallCap 600, but it sizes each one by its sales, not its stock market value. That gives more weight to companies with large revenue, such as Molina Healthcare and CarMax. Its 0.39% expense ratio is the highest in a group of nine similar small-cap funds, where the peer average is 0.11%.
Price history
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RWJ +20.3% 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 | |
|---|---|---|---|---|---|---|
| RWJ official prospectus, to Dec 31, 2024 | — | +11.55% | — | +16.31% | +10.33% | — |
| RWJ price data to Oct 27, 2026 | +20.8% | +20.3% | +21.7% | +9.5% | +13.3% | +12.1% |
- Over the year to Oct 27, 2026, RWJ returned +20.3%, 3rd of 9 among similar funds.
- Its 5-year annualized return was +9.5% and its 10-year +13.3%.
- In the 2020 COVID crash it fell 42.7% and regained its old high 5.5 months after the low.
- Its worst full calendar year was 2018 (-17.0%); its best was 2021 (+52.8%).
- The deepest fall in its price history was 56.1% (Jun 5, 2008 to Mar 9, 2009), recovered by Oct 14, 2009.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +20.8% | — |
| 2025 | +7.8% | — |
| 2024 | +11.8% | +11.56% |
| 2023 | +16.2% | +16.42% |
| 2022 | -11.0% | -11.03% |
| 2021 | +52.8% | +52.93% |
| 2020 | +20.8% | +20.49% |
| 2019 | +20.3% | +20.25% |
| 2018 | -17.0% | -16.87% |
| 2017 | +5.3% | +5.16% |
| 2016 | +30.7% | +30.51% |
| 2015 | -8.8% | -8.51% |
| 2014 | +6.5% | — |
| 2013 | +45.9% | — |
| 2012 | +18.4% | — |
| 2011 | -0.9% | — |
| 2010 | +26.0% | — |
| 2009 | +46.5% | — |
| 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 | Lost 39.9% over that stretch · deepest drop along the way 42.7%, back to its old high 5.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 19.3% over that stretch · deepest drop along the way 23.5%, back to its old high 4.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5000 | |
| 2025 | $0.5500 | +5.8% |
| 2024 | $0.5200 | -4.9% |
| 2023 | $0.5467 | +47.8% |
| 2022 | $0.3700 | +48.0% |
| 2021 | $0.2500 | +4.2% |
| 2020 | $0.2400 | -13.3% |
| 2019 | $0.2767 | +1.2% |
| 2018 | $0.2733 | +5.1% |
| 2017 | $0.2600 | +95.0% |
| 2016 | $0.1333 | +2.5% |
| 2015 | $0.1300 | +21.8% |
| 2014 | $0.1067 | -52.9% |
| 2013 | $0.2267 | +36.0% |
| 2012 | $0.1667 | +316.7% |
| 2011 | $0.0400 | -7.6% |
| 2010 | $0.0433 | +116.5% |
| 2009 | $0.0200 |
What's inside
As of Aug 31, 2026, the fund held 590 securities; the ten largest made up 15.64% of assets. It also reported 22.61% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| World Kinect Corp. | 2.66% | |
| CarMax, Inc. | 2.21% | |
| ManpowerGroup Inc. | 2.21% | |
| United Natural Foods, Inc. | 1.71% | |
| Lincoln National Corp. | 1.46% | |
| Asbury Automotive Group, Inc. | 1.21% | |
| Group 1 Automotive, Inc. | 1.17% | |
| Kohl's Corp. | 1.09% | |
| DXC Technology Co. | 1.02% | |
| Sonic Automotive, Inc. | 0.90% | |
| Mohawk Industries, Inc. | 0.87% | |
| LKQ Corp. | 0.87% | |
| Adient PLC | 0.82% | |
| Amentum Holdings, Inc. | 0.81% | |
| Insight Enterprises, Inc. | 0.75% |
By country
United States 95.69%Bermuda 1.61%Ireland 1.27%Jersey 0.41%Cayman Islands 0.34%By asset type
Stocks 99.92%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $49.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.10%, +2.23%, -0.40%.
How it works
RWJ tracks the S&P SmallCap 600 Revenue-Weighted Index, which S&P Dow Jones Indices builds and maintains. The index starts from the S&P SmallCap 600, a list of about 600 small US companies, and keeps only those with positive revenue. As of October 31, 2025, it had 597 members, with market values from $296 million to $29.2 billion.
What sets it apart is how it weights stocks. The standard index gives the most weight to the companies with the largest market capitalization (share price times shares outstanding). This index weights each company by its sales over the trailing four quarters, divided by the total sales of all members. No single stock can go above 5%. So companies with big sales but modest stock values move up the list. As of May 31, 2026, the largest holdings were Molina Healthcare (3.2%), World Kinect (2.7%), United Natural Foods (2.4%) and CarMax (1.7%). The top 10 made up 17.4% of the fund.
Invesco uses full replication. That means it buys every stock in the index in proportion to its index weight, and it keeps at least 90% of assets in index stocks. It used no derivatives as of May 31, 2026. Weights shift as company revenues change. Portfolio turnover was 42% in the latest prospectus, and that trading adds costs that the expense ratio doesn't show.
What it really costs
- RWJ charges 0.39% a year, versus an average of 0.11% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $40 in the first year and $493 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| RWJ | $40 | $125 | $219 | $493 |
In a retirement portfolio
It is a focused bet on small, revenue-heavy US companies with a history of deep drops, so it is better seen as an add-on than a foundation.
RWJ could add small-company stocks with a value lean, which large-cap index funds lack. The trade-off is sharp swings. Its deepest drop was 56.1%, from June 5, 2008 to March 9, 2009, and it recovered by October 14, 2009. In the 2020 COVID crash it fell 42.7% and took 5.5 months to recover. In 2022 it fell 23.5% and took 4.2 months. Its worst calendar year was 2018, at -16.9%. Anyone who had to sell near one of those lows would lock in the loss. The yield was 1.11% as of October 27, 2026, paid quarterly, so it is a small source of income. In the SEC's standard example, costs on $10,000 come to $40 for one year and $493 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 small US stocks weighted by sales, which tilts toward high-revenue firms like Molina Healthcare, World Kinect and CarMax.
- Those adding a small-cap piece next to a large-cap core who can hold through drops like its 42.7% fall in early 2020.
- Investors drawn to its record: 21.7% a year over three years as of October 27, 2026, the top result among nine similar funds.
Look elsewhere if
- Cost-focused investors: IJR (0.06%) and SPSM (0.03%) start from the same S&P SmallCap 600 for far less than RWJ's 0.39%.
- Anyone seeking meaningful income: the yield was 1.11% as of October 27, 2026, paid quarterly.
- People who may need to sell in downturns, given its 56.1% drop in 2008–09 and 21.9% three-year volatility (the size of its typical yearly price swings).
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| RWJ this fund | — | 0.39% | $2.06B | +20.3% | +21.7% |
| VIOO Vanguard S&P Small-Cap 600 ETF | 59% | 0.07% | $6.45B | +16.7% | +18.6% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 58% | 0.1% | $1.98B | +19.0% | +19.4% |
| QVMS Invesco S&P SmallCap 600 QVM Multi-factor E… | 57% | 0.15% | $248.2M | +17.1% | +18.9% |
| SPSM SPDR Portfolio S&P 600 Small Cap ETF | 57% | 0.03% | $16.92B | +21.7% | +17.4% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 56% | 0.15% | $4.83B | +18.9% | +19.2% |
| IJS iShares S&P Small-Cap 600 Value ETF | 56% | 0.18% | $8.02B | +18.8% | +19.1% |
| IJR iShares Core S&P Small-Cap ETF | 56% | 0.06% | $111.32B | +21.7% | +17.4% |
Questions investors ask
What does RWJ invest in?
RWJ holds about 590 small US company stocks from the S&P SmallCap 600 and weights them by trailing revenue instead of market value. As of May 31, 2026, its largest positions were Molina Healthcare (3.2%), World Kinect (2.7%), United Natural Foods (2.4%), CarMax (1.7%) and Group 1 Automotive (1.4%). About 96% of the fund was in US companies. The prospectus noted significant exposure to the consumer discretionary sector as of August 31, 2025.
What's the difference between RWJ and IJR?
Both start from the S&P SmallCap 600. IJR weights stocks by market value, while RWJ weights them by revenue. Their holdings overlapped about 55% in the latest N-PORT reports. IJR charges 0.06% a year, compared with 0.39% for RWJ. IJR held $111.3 billion as of June 30, 2026, and RWJ held $1.9 billion as of May 31, 2026. Over three years, RWJ returned 21.7% a year as of October 27, 2026. IJR returned 19.3% a year as of October 29, 2026.
Does RWJ pay dividends?
Yes. RWJ pays dividends every quarter. Over the 12 months to October 27, 2026, it paid about $0.65 per share, a yield of 1.11%. That is modest income, partly because small companies often keep their earnings to grow instead of paying them out. The dividends come from the stocks the fund holds. They are not fixed and can rise or fall as company profits change.
What is RWJ's expense ratio?
RWJ's expense ratio is 0.39%, according to its prospectus filed December 18, 2025. That is the highest in a group of nine similar small-cap funds, where the peer average is 0.11%. In the SEC's standard example, $10,000 earning 5% a year would cost about $40 after one year, $219 after five years and $493 after 10 years. Portfolio turnover of 42% adds trading costs on top of that.
Is RWJ a good long-term investment?
It has a strong long-term record, but it is volatile and costs more than similar funds. According to its prospectus, RWJ returned 10.33% a year over the 10 years to December 31, 2024. Based on price data as of October 27, 2026, it returned 13.3% a year over 10 years. It also fell 56.1% in 2008–09, dropped 42.7% in early 2020 and lost 16.9% in 2018. Past returns don't guarantee future results.