Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap 400 Revenue ETF (RWK) tracks the S&P MidCap 400 Revenue-Weighted Index. It holds the same roughly 400 mid-sized US companies as the S&P MidCap 400, but weights each by its sales instead of its stock market value. That gives bigger stakes to high-sales businesses such as TD SYNNEX, Albertsons and American Airlines. Its 0.39% expense ratio compares with a 0.12% average for eight similar mid-cap funds.

• Over the year to Oct 27, 2026, RWK returned +15.0%, 3rd of 9 among similar funds.
• Its 5-year annualized return was +11.2% and its 10-year +12.8%.
• In the 2020 COVID crash it fell 45% and regained its old high 7.6 months after the low.
• Its worst full calendar year was 2018 (-14.7%); its best was 2009 (+51.9%).
• The deepest fall in its price history was 56.5% (Jun 5, 2008 to Mar 6, 2009), recovered by Mar 23, 2010.

As of Aug 31, 2026, the fund held 393 securities; the ten largest made up 20.33% of assets. It also reported 20.65% 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 $45.8M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +3.48%, +1.54%, -0.74%.

RWK aims to track the S&P MidCap 400 Revenue-Weighted Index, which S&P Dow Jones Indices builds and maintains. The index starts with the S&P MidCap 400, a group of about 400 mid-sized US companies, and keeps those with positive revenue. The parent index weights companies by float-adjusted market capitalization, meaning the market value of shares available to trade, so bigger companies get bigger slices. This index instead weights each company by its revenue over the last four quarters, divided by the total revenue of all index members. No single company can exceed 5%.

As of October 31, 2025, the index had 400 companies worth between $870.5 million and $34.1 billion. The fund uses "full replication": it buys every stock in the index in proportion to its index weight and keeps at least 90% of its assets in those stocks. As of May 31, 2026, the largest holdings were TD SYNNEX (3.9%), Performance Food Group (2.8%) and American Airlines (2.8%). The top 10 made up about 22% of the fund.

As an index fund, RWK does not sell a lagging stock unless the index drops it. Portfolio turnover was 32%. The fund held no derivatives. Its May 31, 2026 report showed cash of 17.5% of assets, which looks like collateral from lending out shares rather than money left uninvested. If the index becomes concentrated in one industry, the fund will be too.

• RWK charges 0.39% a year, versus an average of 0.12% 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).

It offers a sales-weighted tilt within mid-cap US stocks, with deep past drops and a fee above similar funds, so it fits better beside a core holding than as one.

RWK could add a tilt toward mid-sized US companies with large sales alongside a broad core fund. It has swung hard. The fund launched in February 2008 and fell 56.5% from June 2008 to March 2009, recovering by March 2010. In the 2020 COVID crash it dropped 45% and recovered in about 7.6 months. In 2022 it fell 21.8% and recovered in about four months. Its worst calendar year was 2018, at -14.49%. Anyone forced to sell during a slump like these would lock in losses. Income is modest: the trailing 12-month yield was 1.06% as of October 27, 2026, paid quarterly. In the SEC's standard $10,000 example, costs come to $40 after one year and $493 after 10 years. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.

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