ETF Evaluator:
Invesco S&P MidCap 400® GARP ETF (GRPM)
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(as of Aug 07)
Best Performing in Small Blend Over the Last Year
| 55.4% | Invesco NASDAQ Future Gen 200 ETF (QQQS) |
| 45.8% | iShares Micro-Cap ETF (IWC) |
| 45.6% | First Trust Small Cap Core AlphaDEX® ETF (FYX) |
| 43.8% | Fidelity Enhanced Small Cap Core ETF (FESM) |
| 38.9% | Inspire Small/Mid Cap ETF (ISMD) |
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ETF Details
Invesco S&P MidCap 400® GARP ETF Overview
Invesco S&P MidCap 400® GARP ETF (GRPM) is a passively managed U.S. Equity Small Blend exchange-traded fund (ETF). Invesco launched the ETF in 2010.
The investment seeks to track the investment results (before fees and expenses) of the S&P MidCap 400® GARP Index.
The fund generally will invest at least 90% of its total assets in the securities that comprise the underlying index. The underlying index is designed to track the performance of the top 60 growth stocks in the S&P MidCap 400® Index with relatively high quality and value composite scores, which are computed pursuant to the index methodology.
About Invesco S&P MidCap 400® GARP ETF (GRPM)
There are 3 members of the management team with an average tenure of 7.52 years: Peter Hubbard (2018), Michael Jeanette (2018) and Pratik Doshi (2020). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P Composite 1500 TR USD index with a weighting of 100% and S&P MidCap 400 GARP TR USD index with a weighting of 100%. Invesco S&P MidCap 400® GARP ETF has 62 securities in its portfolio. The top 10 holdings constitute 23.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Invesco S&P MidCap 400® GARP ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Invesco S&P MidCap 400® GARP ETF has 2.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.1% There is 2.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Invesco S&P MidCap 400® GARP ETF has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $482 million in total assets, which is below the $4 billion average for the Small Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
GRPM Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Invesco S&P MidCap 400® GARP ETF expense ratio is below average compared to funds in the Small Blend category. Invesco S&P MidCap 400® GARP ETF has an expense ratio of 0.35%, which is 17% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Invesco S&P MidCap 400® GARP ETF has a portfolio turnover rate of 75%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 50% for the Small Blend category.
Recently, in the month of July 2026, Invesco S&P MidCap 400® GARP ETF returned 4.1%, which earned it a grade of A, as the Small Blend category had an average return of -2.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Invesco S&P MidCap 400® GARP ETF has a trailing yield of 0.70%, which is below the 1.17% category average.
The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Invesco S&P MidCap 400® GARP ETF Grades
Year to date, the ETF has returned 13.7%, 4.2 percentage points worse than the category, which translates into a grade of F. The fund has returned 19.5% over the past year (grade of F), 13.6% over the past three years (grade of C) and 9.3% per year over the past five years (grade of B) and 11.2% per year over the past 10 years (grade of B).
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GRPM Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| GRPM Return (NAV) | 4.1% | 8.1% | 19.5% | 13.6% | 9.3% | 11.2% |
| GRPM Return (Price) | 4.0% | 8.0% | 19.6% | 13.6% | 9.3% | 11.2% |
| NAV +/- Price Return | 0.152% | 0.074% | -0.035% | 0.039% | 0.019% | 0.006% |
| Small Blend Avg | -2.1% | 5.7% | 28.5% | 14.0% | 8.0% | 10.8% |
| GRPM Grade (NAV) | A | A | F | C | B | B |
| +/- Category (NAV) | 6.2% | 2.4% | -9.0% | -0.3% | 1.3% | 0.3% |
| GRPM Tax-Cost Ratio | na | na | 0.3% | 0.3% | 0.4% | 0.4% |
GRPM Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GRPM Return (NAV) | 13.7% | 7.6% | 15.4% | 18.9% | -11.8% | 26.7% | 15.4% | 22.8% | -12.3% | 13.5% | 22.5% |
| GRPM Return (Price) | 13.2% | 7.8% | 15.7% | 18.8% | -11.6% | 26.4% | 15.6% | 23.0% | -12.4% | 13.0% | 22.5% |
| NAV +/- Price Ret | -0.040% | 0.025% | 0.015% | -0.004% | -0.012% | -0.011% | 0.016% | 1.0% | 1.5% | -3.1% | 0.2% |
| Small Blend Avg | 18.0% | 8.7% | 11.7% | 16.3% | -15.9% | 24.0% | 12.7% | 24.8% | -9.2% | 14.4% | 19.6% |
| GRPM Grade (NAV) | F | C | A | B | A | C | B | D | F | C | C |
| +/- Category | -4.2% | -1.1% | 3.7% | 2.6% | 4.1% | 2.7% | 2.7% | -2.0% | -3.0% | -0.9% | 2.8% |
| Risk Measures | |
| Beta: | 0.97 |
| R-Squared: | 52% |
| Standard Deviation: | 17.7% |
| Category Risk Index: | 0.97 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 1.44 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 0.7% |
| Total Assets: | $ 482 Mil |
| Share Class Assets: | $ 482 Mil |
| Turnover: | 75.0% |
| Expense Ratio: | 0.35% |
| Index Fund: | Yes |
| Index Tracked: | S&P Composite 1500 TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 8.3 years | |||
| Average Tenure: 7.5 years | |||
| Managers (Year): Hubbard Peter (2018), Jeanette Michael (2018), Doshi Pratik (2020) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 62 |
| % in Top 10 Holdings: | 23.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.9% |
Portfolio Allocation |
|
| Domestic Stock: | 97.1% |
| Foreign Stock: | 2.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Invesco |
| Phone Number: | 800-983-0903 |
| Website: | www.invescopowershares.com |
| Inception Date: | December 3, 2010 |
Expenses and Fees
| Expense Ratio (%): | 0.35% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.42% |
