ETF Evaluator: Invesco S&P MidCap 400 Revenue ETF (RWK) Follow This ETF

Invesco S&P MidCap 400 Revenue ETF Overview

Invesco S&P MidCap 400 Revenue ETF (RWK) is a passively managed U.S. Equity Mid-Cap Value exchange-traded fund (ETF). Invesco launched the ETF in 2008.

The investment seeks to track the investment results (before fees and expenses) of the S&P MidCap 400® Revenue-Weighted Index. The fund generally will invest at least 90% of its total assets in the securities that comprise the index. The index is designed to measure the performance of positive revenue-producing constituent securities of the S&P MidCap 400 ® Index (the “Parent index”). The Parent index is comprised of common stocks of approximately 400 mid-capitalization companies that generally represent the mid-cap universe of the U.S. equity market.

About Invesco S&P MidCap 400 Revenue ETF (RWK)

There are 3 members of the management team with an average tenure of 6.97 years: Peter Hubbard (2019), Michael Jeanette (2019) and Pratik Doshi (2019). 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 Revenue-Weighted TR USD index with a weighting of 100%. Invesco S&P MidCap 400 Revenue ETF has 402 securities in its portfolio. The top 10 holdings constitute 19.6% 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 Revenue ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Invesco S&P MidCap 400 Revenue ETF has 0.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.1% There is 0.9% 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 Revenue ETF has 0.0% of the portfolio in cash.

Assets Under Management

The fund has $1 billion in total assets, which is below the $2 billion average for the Mid-Cap Value 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.

RWK 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 Revenue ETF expense ratio is below average compared to funds in the Mid-Cap Value category. Invesco S&P MidCap 400 Revenue ETF has an expense ratio of 0.39%, which is 16% 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 Revenue ETF has a portfolio turnover rate of 32%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 73% for the Mid-Cap Value category.

Recently, in the month of June 2026, Invesco S&P MidCap 400 Revenue ETF returned 3.5%, which earned it a grade of B, as the Mid-Cap Value category had an average return of 1.7%. 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 Revenue ETF has a trailing yield of 1.02%, which is below the 2.13% 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 Revenue ETF Grades

Year to date, the ETF has returned 16.1%, 4.6 percentage points better than the category, which translates into a grade of A. The fund has returned 26.4% over the past year (grade of A), 16.5% over the past three years (grade of B) and 11.9% per year over the past five years (grade of A) and 13.2% per year over the past 10 years (grade of A).

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