ETF Evaluator:
Alger Russell Innovation ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Mid-Cap Blend Over the Last Year
| 58.8% | Castellan Targeted Equity ETF (CTEF) |
| 53.8% | Invesco S&P Spin-Off ETF (CSD) |
| 43.0% | Counterpoint Quantitative Equity ETF (CPAI) |
| 40.8% | Optimize Strategy Index ETF (OPTZ) |
| 37.3% | Tema U.S. Manufacturing & Reshoring ETF (WELD) |
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Risk
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ETF Details
Alger Russell Innovation ETF Overview
Alger Russell Innovation ETF (INVN) is a passively managed U.S. Equity Mid-Cap Blend exchange-traded fund (ETF). Alger launched the ETF in 2025.
The investment seeks investment results that, before fees and expenses, closely correspond to the performance of the Alger Russell Innovation Index.
Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in the securities of the underlying index. The underlying index is comprised of U.S. equity securities that the manager believes represent innovative companies that the market has not yet recognized which are developing or benefitting from new products, services, technologies, or advancements.
About Alger Russell Innovation ETF (INVN)
There are 3 members of the management team with an average tenure of 1.56 years: Brad Neuman (2025), Gregory Adams (2025) and Daniel Chung (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Alger Russell Innovation TR USD index with a weighting of 100%. Alger Russell Innovation ETF has 51 securities in its portfolio. The top 10 holdings constitute 23.3% 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.
Alger Russell Innovation ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Alger Russell Innovation ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.9% There is 0.0% 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). Alger Russell Innovation ETF has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $8 million in total assets, which is below the $4 billion average for the Mid-Cap 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.
INVN 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 Alger Russell Innovation ETF expense ratio is average compared to funds in the Mid-Cap Blend category. Alger Russell Innovation ETF has an expense ratio of 0.55%, which is 22% higher 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. Alger Russell Innovation ETF has a portfolio turnover rate of 67%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 84% for the Mid-Cap Blend category.
Recently, in the month of July 2026, Alger Russell Innovation ETF returned 10.9%, which earned it a grade of A, as the Mid-Cap Blend category had an average return of -1.6%. 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.
Alger Russell Innovation ETF has a trailing yield of 0.00%, which is below the 0.85% category average.
The fund normally distributes its income annually 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.
Alger Russell Innovation ETF Grades
Year to date, the ETF has returned 9.8%, 4.2 percentage points worse than the category, which translates into a grade of F. The fund has returned 22.6% over the past year (grade of B).
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INVN 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 |
|
| INVN Return (NAV) | 10.9% | 20.2% | 22.6% | na | na | na |
| INVN Return (Price) | 11.1% | 20.6% | 22.8% | na | na | na |
| NAV +/- Price Return | -0.158% | -0.398% | -0.240% | na | na | na |
| Mid-Cap Blend Avg | -1.6% | 4.4% | 20.8% | 14.8% | 8.8% | 11.6% |
| INVN Grade (NAV) | A | A | B | na | na | na |
| +/- Category (NAV) | 12.5% | 15.8% | 1.8% | na | na | na |
| INVN Tax-Cost Ratio | na | na | 0.0% | na | na | na |
INVN Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| INVN Return (NAV) | 9.8% | na | na | na | na | na | na | na | na | na | na |
| INVN Return (Price) | 10.0% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.019% | na | na | na | na | na | na | na | na | na | na |
| Mid-Cap Blend Avg | 14.0% | 10.6% | 16.1% | 16.9% | -14.4% | 23.3% | 15.6% | 27.4% | -9.1% | 19.1% | 14.8% |
| INVN Grade (NAV) | F | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -4.2% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 8 Mil |
| Share Class Assets: | $ 8 Mil |
| Turnover: | 67.5% |
| Expense Ratio: | 0.55% |
| Index Fund: | Yes |
| Index Tracked: | Alger Russell Innovation TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 1.6 years | |||
| Average Tenure: 1.6 years | |||
| Managers (Year): Neuman Brad (2025), Adams Gregory (2025), Chung Daniel (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 51 |
| % in Top 10 Holdings: | 23.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 99.9% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Alger |
| Phone Number: | 800-223-3810 |
| Website: | |
| Inception Date: | January 6, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.55% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.45% |
