At a glance
XMVM charges 0.37% a year, above the 0.34% average of the 8 funds most like it (the 6th cheapest of 9). It has $505.0M in assets, the 6th largest of that group; it paid 1.85% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +24.3% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds; over three years it returned +22.2% a year. At its worst it fell 22.7% 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 21.8% of the fund, out of 79 in all.
The short version
Invesco S&P MidCap Value with Momentum ETF (XMVM) is an index fund that holds about 80 mid-sized US companies from the S&P MidCap 400. It picks stocks that look cheap on book value, earnings and sales and whose share prices have been rising. Its two-step screen, value first and then momentum, makes it more concentrated than broad mid-cap value funds. At 0.37% a year, it costs more than Vanguard's IVOV (0.10%) or iShares' IJJ (0.18%).
Price history
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XMVM +24.3% 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 | |
|---|---|---|---|---|---|---|
| XMVM official prospectus, to Dec 31, 2025 | — | +18.59% | — | +13.83% | +12.15% | — |
| XMVM price data to Oct 27, 2026 | +16.5% | +24.3% | +22.2% | +11.8% | — | +18.8% |
- Over the year to Oct 27, 2026, XMVM returned +24.3%, 1st of 9 among similar funds.
- Its 5-year annualized return was +11.8%.
- Its worst full calendar year was 2022 (-8.2%); its best was 2021 (+35.1%).
- The deepest fall in its price history was 24.1% (Nov 25, 2024 to Apr 8, 2025), recovered by Aug 27, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +16.5% | — |
| 2025 | +18.4% | +18.59% |
| 2024 | +11.7% | +11.62% |
| 2023 | +16.3% | +16.33% |
| 2022 | -8.2% | -8.16% |
| 2021 | +35.1% | +35.14% |
| 2020 | — | +5.61% |
| 2019 | — | +30.35% |
| 2018 | — | -9.67% |
| 2017 | — | +3.05% |
| 2016 | — | +28.49% |
| 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 17.2% over that stretch · deepest drop along the way 22.7%, back to its old high 14.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0800 | |
| 2025 | $1.3300 | +68.4% |
| 2024 | $0.7900 | +1.3% |
| 2023 | $0.7800 | +1.3% |
| 2022 | $0.7700 | +45.3% |
| 2021 | $0.5300 |
What's inside
As of Jul 31, 2026, the fund held 79 securities; the ten largest made up 21.78% of assets. It also reported 8.58% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| PBF Energy Inc. | 4.08% | |
| Macy's, Inc. | 2.43% | |
| HF Sinclair Corp. | 2.23% | |
| Penske Automotive Group, Inc. | 2.06% | |
| AutoNation, Inc. | 2.01% | |
| Tenet Healthcare Corp. | 1.91% | |
| Greif, Inc. | 1.81% | |
| Avnet, Inc. | 1.77% | |
| RenaissanceRe Holdings Ltd. | 1.76% | |
| Arrow Electronics, Inc. | 1.72% | |
| Lear Corp. | 1.71% | |
| CNX Resources Corp. | 1.67% | |
| First American Financial Corp. | 1.67% | |
| Jones Lang LaSalle Inc. | 1.62% | |
| Bank OZK | 1.60% |
By country
United States 98.14%Bermuda 1.76%By asset type
Stocks 99.9%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $16.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.32%, +3.71%, +5.22%.
How it works
The fund tracks the S&P MidCap 400 High Momentum Value Index, which S&P Dow Jones Indices builds and maintains. The index starts with the S&P MidCap 400, a list of mid-sized US companies. Each stock gets a value score based on three ratios: book value to price, trailing 12-month earnings to price, and trailing 12-month sales to price. A high score means the stock is cheap compared with what the company owns, earns and sells.
The 160 stocks with the highest value scores are then ranked by momentum. Momentum here means the share price change over the past 12 months, leaving out the latest month, adjusted for how volatile the stock was. The top 80 generally make it into the index. Holdings are weighted by value score, not company size, so the cheapest stocks get the largest weights. As of June 30, 2026, the index had 79 stocks, with company values ranging from $1.85 billion to $22.5 billion.
Invesco uses full replication, which means the fund holds every stock in the index at its index weight. Rankings shift, so the lineup changes often: the prospectus reports portfolio turnover of 55%. The fund can also lean heavily toward one sector. As of April 30, 2026, it had significant exposure to financials. As of July 31, 2026, its largest holdings were PBF Energy (4.1%), Macy's (2.4%) and HF Sinclair (2.2%).
What it really costs
- XMVM charges 0.37% a year, versus an average of 0.34% for the similar funds below (6th 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 $38 in the first year and $468 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| XMVM | $38 | $119 | $208 | $468 |
In a retirement portfolio
It is a concentrated 80-stock mix of value and momentum in mid-sized companies, so it fits better as a tilt beside a broad fund than as the foundation of a portfolio.
XMVM could add a tilt toward cheap, rising mid-sized US companies alongside a broad core fund. The price data here starts in June 2020, so it misses the 2008 crisis and the 2020 crash. However, the prospectus shows a 35.3% loss in the first quarter of 2020. In the 2022 bear market, the fund fell 22.7% and took about 14.6 months to recover from its low. Its deepest drop since mid-2020 was 24.1%, from November 2024 to April 2025, and it took 4.6 months to recover. Its worst calendar year from 2016 to 2025 was 2018, at -9.67%. Anyone forced to sell during drops like these would lock in losses. The trailing yield was 1.85% as of October 27, 2026, paid quarterly. In the SEC's standard example, costs come to about $38 in the first year on $10,000. 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 mid-cap value stocks filtered for rising prices, and who accept a concentrated list of about 80 holdings.
- Holders of a broad US index fund who want a tilt toward cheaper companies such as refiners, auto dealers and insurers.
- Patient investors comfortable with drops like the 22.7% fall in 2022, which took about 14.6 months to recover from.
Look elsewhere if
- Cost-focused investors: Vanguard's IVOV charges 0.10% and SPDR's MDYV 0.15% for broader mid-cap value exposure, compared with 0.37% here.
- Income seekers: the trailing yield was a modest 1.85% as of October 27, 2026, paid quarterly.
- Anyone wanting steady sector balance. The index can lean heavily on one area, as it did on financials as of April 30, 2026, and momentum can reverse fast.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| XMVM this fund | — | 0.37% | $505.0M | +24.3% | +22.2% |
| RFV Invesco S&P MidCap 400® Pure Value ETF | 43% | 0.35% | $335.8M | +15.2% | +19.1% |
| PAMC Pacer Lunt MidCap Multi-Factor Alternator E… | 35% | 0.6% | $53.7M | +5.6% | +16.2% |
| IVOV Vanguard S&P Mid-Cap 400 Value ETF | 32% | 0.1% | $1.49B | +12.2% | +17.9% |
| IJJ iShares S&P Mid-Cap 400 Value ETF | 31% | 0.18% | $8.73B | +12.0% | +17.8% |
| MDYV SPDR S&P 400 Mid Cap Value ETF | 31% | 0.15% | $2.68B | +12.1% | +17.8% |
| RWK Invesco S&P MidCap 400 Revenue ETF | 31% | 0.39% | $1.33B | +15.0% | +19.6% |
| XMLV Invesco S&P MidCap Low Volatility ETF | 29% | 0.25% | $739.9M | +7.1% | +14.4% |
Questions investors ask
What stocks does XMVM hold?
XMVM holds about 80 mid-sized US companies from the S&P MidCap 400 that score well on both value and price momentum. As of July 31, 2026, it held 79 stocks, and the 10 largest made up 21.78% of assets. The top positions were PBF Energy (4.1%), Macy's (2.4%), HF Sinclair (2.2%), Penske Automotive Group (2.1%) and AutoNation (2.0%). Because rankings change, the lineup turns over often.
How has XMVM performed over 10 years?
According to its prospectus, XMVM returned an average of 12.15% a year over the 10 years to December 31, 2025. It returned 13.83% a year over five years and 18.59% in 2025. The ride was bumpy: it lost 9.67% in 2018 and 8.16% in 2022, and it dropped 35.3% in the first quarter of 2020. As of October 27, 2026, its one-year price return was 24.3%, ahead of eight similar mid-cap funds.
XMVM vs RFV: what's the difference?
Both are Invesco mid-cap value funds drawn from the S&P MidCap 400, and their latest reports show 43% of holdings in common. XMVM's index adds a momentum ranking after its value screen. RFV is the Invesco S&P MidCap 400 Pure Value ETF. RFV charges 0.35%, compared with 0.37% for XMVM. As of October 27, 2026, XMVM's one-year return was 24.3%, compared with 15.2% for RFV. Over three years, XMVM returned 22.2% a year, compared with 19.1% for RFV.
Does XMVM pay a dividend?
Yes. XMVM pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $1.36 per share, a yield of 1.85%. The payout comes from dividends paid by the companies it holds. It can rise or fall with their profits and with changes to the index lineup. The yield is modest, and most of the fund's recent return has come from price gains rather than income.
What is XMVM's expense ratio?
XMVM's expense ratio is 0.37% a year, according to its prospectus filed August 27, 2026. That includes a 0.29% management fee. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $38 after one year, $208 after five years and $468 after 10. That is above the 0.34% average for similar funds, and well above Vanguard's IVOV at 0.10% and SPDR's MDYV at 0.15%.