At a glance
XMMO charges 0.34% a year, above the 0.18% average of the 8 funds most like it (the 7th cheapest of 9). It has $7.18B in assets, the 3rd largest of that group; it paid 0.71% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +0.7% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned +23.5% a year. At its worst it fell 24.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months after the low. Its ten largest positions make up 28.9% of the fund, out of 75 in all.
The short version
Invesco S&P MidCap Momentum ETF (XMMO) is an index fund that holds about 75 to 80 mid-sized companies from the S&P MidCap 400 whose share prices have gained the most over the past year. It leans harder into recent winners than plain mid-cap growth funds. It also costs more: 0.34% a year, against an average of 0.18% for similar funds.
Price history
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XMMO +0.7% 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 | |
|---|---|---|---|---|---|---|
| XMMO official prospectus, to Dec 31, 2025 | — | +12.97% | — | +12.98% | +17.29% | — |
| XMMO price data to Oct 27, 2026 | +0.4% | +0.7% | +23.5% | +10.2% | — | +14.7% |
- Over the year to Oct 27, 2026, XMMO returned +0.7%, 9th of 9 among similar funds.
- Its 5-year annualized return was +10.2%.
- Its worst full calendar year was 2022 (-16.0%); its best was 2024 (+38.0%).
- The deepest fall in its price history was 27.9% (Nov 8, 2021 to Sep 26, 2022), recovered by Jan 30, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +0.4% | — |
| 2025 | +13.0% | +12.97% |
| 2024 | +38.0% | +38.58% |
| 2023 | +20.4% | +19.91% |
| 2022 | -16.0% | -16.03% |
| 2021 | +16.7% | +16.77% |
| 2020 | — | +29.01% |
| 2019 | — | +36.28% |
| 2018 | — | +6.82% |
| 2017 | — | +36.52% |
| 2016 | — | +4.43% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Not in the price data, which starts Jun 2, 2020 |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 19.4% over that stretch · deepest drop along the way 24.5%, back to its old high 14.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7500 | |
| 2025 | $1.0700 | +161.0% |
| 2024 | $0.4100 | -43.1% |
| 2023 | $0.7200 | -33.3% |
| 2022 | $1.0800 | +191.9% |
| 2021 | $0.3700 |
What's inside
As of Jul 31, 2026, the fund held 75 securities; the ten largest made up 28.94% of assets. It also reported 7.41% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Curtiss-Wright Corp. | 4.25% | |
| TechnipFMC PLC | 3.69% | |
| ATI Inc. | 3.43% | |
| Woodward, Inc. | 2.78% | |
| nVent Electric PLC | 2.70% | |
| Sterling Infrastructure, Inc. | 2.70% | |
| Roivant Sciences Ltd. | 2.47% | |
| Royal Gold, Inc. | 2.39% | |
| Carpenter Technology Corp. | 2.28% | |
| Mueller Industries, Inc. | 2.25% | |
| MKS Inc. | 2.17% | |
| TTM Technologies, Inc. | 2.06% | |
| Arrowhead Pharmaceuticals, Inc. | 2.05% | |
| Fabrinet | 1.97% | |
| APi Group Corp. | 1.90% |
By country
United States 86.94%United Kingdom 3.69%Ireland 3.16%Bermuda 2.47%Cayman Islands 1.97%By asset type
Stocks 99.93%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $664.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.52%, +0.97%, -9.34%.
How it works
XMMO tracks the S&P MidCap 400 Momentum Index, which S&P Dow Jones Indices builds and maintains. The starting pool is the S&P MidCap 400, a benchmark of mid-sized US companies. Momentum is the tendency of stocks that have beaten others to keep doing so for a while. S&P scores each stock on its price change over the last 12 months, leaving out the most recent month. It then adjusts that score for how volatile the stock was. About 80 stocks with the highest scores make the index. As of June 30, 2026, it had 75 members worth between $3.9 billion and $32.9 billion.
Each stock's weight comes from its market value (market capitalization) multiplied by its momentum score, with limits on single stocks and sectors. As of July 31, 2026, the largest holdings were Curtiss-Wright (4.3%), TechnipFMC (3.7%), ATI (3.4%) and Woodward (2.8%). The top 10 made up 28.9% of assets. The fund had significant exposure to industrials as of April 30, 2026.
Invesco uses full replication, which means it buys every stock in the index in the index's proportions. The stock list changes as momentum shifts, so turnover is high: 129% in its latest reported year, the same as replacing the whole portfolio more than once. That trading adds costs that the expense ratio doesn't include. The fund is diversified. It could become non-diversified if a few stocks grow large in the index.
What it really costs
- XMMO charges 0.34% a year, versus an average of 0.18% for the similar funds below (7th of 9, cheapest first).
- Of that, 0.29% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $35 in the first year and $431 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| XMMO | $35 | $109 | $191 | $431 |
In a retirement portfolio
It is a concentrated, high-turnover momentum strategy that has swung more than the market, so it fits better as a smaller add-on than as a foundation.
XMMO could add exposure to mid-sized companies with strong price trends. It has also swung more than the market, with a beta of 1.3 as of October 27, 2026. In the 2022 bear market it fell 24.5% and took about 15 months to recover. Its deepest drop was 27.9%, from November 2021 to September 2022, and it took about 16 months to win that back. Its worst calendar year was 2022 (down 16.03%). Its worst quarter was early 2020 (down 19.37%). The figures here don't go back to 2008. Selling shares or drawing cash during a slump like that would lock in losses. Income is small: the yield was 0.71% as of October 27, 2026, paid quarterly. In the SEC's standard example, $10,000 invested costs $35 in the first year. 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 wanting a mid-cap add-on that leans into recent winners, led by Curtiss-Wright, TechnipFMC and ATI as of July 31, 2026.
- Those who can sit through sharp swings, like the 27.9% drop from November 2021 to September 2022 that took about 16 months to recover.
- Long-term holders who accept a 0.34% fee and 129% turnover in exchange for a rules-based momentum index that returned 17.29% a year over 10 years through 2025.
Look elsewhere if
- Cost-focused investors: iShares Core S&P Mid-Cap ETF (IJH) charges 0.05% and Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) 0.10%, versus XMMO's 0.34%.
- Retirees who rely on portfolio income, since the yield was just 0.71% as of October 27, 2026, paid quarterly.
- Anyone wanting steady sector balance; the fund leaned on industrials as of April 30, 2026, and its holdings can change quickly when momentum turns.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| XMMO this fund | — | 0.34% | $7.18B | +0.7% | +23.5% |
| RFG Invesco S&P MidCap 400® Pure Growth ETF | 45% | 0.35% | $338.5M | +8.9% | +16.2% |
| IJK iShares S&P Mid-Cap 400 Growth ETF | 42% | 0.17% | $11.30B | +11.6% | +17.9% |
| MDYG SPDR S&P 400 Mid Cap Growth ETF | 42% | 0.15% | $2.92B | +11.7% | +17.9% |
| IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 37% | 0.1% | $1.80B | +11.7% | +18.0% |
| IJH iShares Core S&P Mid-Cap ETF | 27% | 0.05% | $124.33B | +15.3% | +16.6% |
| QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF | 27% | 0.15% | $426.1M | +12.5% | +18.3% |
| MIDE Xtrackers S&P MidCap 400 Scored & Screened … | 22% | 0.15% | $3.4M | +14.7% | +18.8% |
Questions investors ask
Is XMMO good for retirement?
It may fit as a smaller, higher-risk part of a retirement portfolio rather than a core holding. XMMO holds about 75 mid-sized stocks with strong price momentum. Its beta was 1.3 as of October 27, 2026, meaning it has tended to move about 30% more than the market. It fell 27.9% between November 2021 and September 2022 and needed about 16 months to recover. Its 0.71% yield adds little income, so a retiree selling shares in a slump would bear those swings.
What's the difference between XMMO and RFG?
Both are Invesco mid-cap ETFs drawn from the S&P MidCap 400, and they shared about 45% of their holdings in the latest N-PORT reports. XMMO picks stocks by price momentum, while RFG tracks a pure growth version of the index. Costs are nearly identical: 0.34% versus 0.35%. XMMO is much larger, at about $7.2 billion against $339 million as of July 31, 2026. As of October 27, 2026, XMMO returned 0.7% over one year and 23.5% a year over three years, versus 8.9% and 16.2% for RFG.
Does XMMO pay dividends?
Yes, but not much. XMMO pays dividends quarterly. Its trailing 12-month yield was 0.71% as of October 27, 2026, or about $0.98 per share over that period. The fund chooses stocks by price momentum, not by dividends, so income isn't part of its design. Investors who need regular cash flow from their holdings would get little from this fund and may want to compare it with income-focused funds.
What is XMMO's expense ratio?
XMMO's expense ratio is 0.34% a year, according to the prospectus filed August 27, 2026. That includes a 0.29% management fee. It is above the 0.18% average for similar funds and ranks 7th of 9 on cost. In the SEC's standard example, $10,000 invested at a 5% annual return would cost about $35 in one year, $191 over five years and $431 over ten. Its 129% turnover adds trading costs that the expense ratio doesn't include.
How has XMMO performed over 10 years?
It did well through 2025, though momentum can reverse. According to the prospectus, XMMO returned 17.29% a year over the 10 years ended December 31, 2025, and 12.98% a year over five years. Calendar years ranged from a 38.58% gain in 2024 to a 16.03% loss in 2022. Results have cooled since then: as of October 27, 2026, the fund was down 13.1% over three months and up just 0.7% over one year.