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Invesco S&P MidCap 400 GARP ETF

GRPM tracks an index of US mid-cap growth stocks with perceived quality and value characteristics.

The Invesco S&P MidCap 400 GARP ETF (GRPM) was launched on 12/03/2010, and is a smart beta exchange traded fund designed to offer broad exposure to the Style Box - Mid Cap Blend category of the market.

Is Invesco S&P MidCap 400 GARP ETF (GRPM) a Strong ETF Right Now?

Launched on 12/03/2010, the Invesco S&P MidCap 400 GARP ETF (GRPM) is a passively managed exchange traded fund designed to provide a broad exposure to the Mid Cap Blend segment of the US equity market.

Should Invesco S&P MidCap 400 GARP ETF (GRPM) Be on Your Investing Radar?

Mid-cap stocks deserve more attention for their balanced growth potential and lower concentration risk compared to large-caps and small-caps. The Invesco S&P MidCap 400 GARP ETF blends growth with value, tracking high-quality, reasonably priced mid-cap stocks. GRPM's sector allocation and low P/E ratio offer a unique mix, though its Consumer Discretionary tilt could be risky in economic downturns.

GRPM: GARP, Mid-Cap, And Discretionary Focused

GRPM tracks the S&P MidCap 400 GARP Index, selecting stocks with strong growth, value, and quality characteristics. Since its Index change, returns have been excellent. I recommended a cautious approach with GRPM three months ago, and returns since were underwhelming. However, its Index reconstituted in June and the impact was substantial. My analysis revealed nearly across-the-board improvements. Now a 60-stock fund, GRPM has stronger growth potential at a lower valuation, and comes with less risk without sacrificing quality.

GRPM: Why This Mid-Cap GARP ETF Deserves An Upgrade

Invesco S&P MidCap 400 GARP ETF blends growth and value, outperforming benchmarks and peers. The Fund's allocation strategy shows low valuation multiples, high growth rates, and overweight exposure to the energy sector. GRPM's performance in 2024 has been strong, surpassing the S&P MidCap 400 index and peer group ETFs, but risks remain with heavy energy sector allocation.

GRPM: A Mid-Cap ETF To Keep On The Watch List

Invesco S&P MidCap Quality ETF

If investors are wary of large cap valuations and don't want to assume the risk of small caps, then midcap equities can offer a “Goldilocks” solution. To that point, Invesco has a pair of exchange traded funds (ETFs) to consider for midcap exposure.

These Midcap ETFs Offer a ‘Goldilocks' Solution

GRPM has tracked the S&P MidCap 400 GARP Index effective August 28, 2023. Since that change, it's been one of the top-performing mid-cap funds on the market. Backtested data provided by S&P Dow Jones Indices indicates this substantial outperformance is an anomaly. The Index's ten-year monthly win rate is 54%, though its recent performance was excellent. My fundamental analysis reveals GRPM to be highly volatile (1.43 five-year beta), though its growth and value combination beats nearly every other fund in its category, as expected.

GRPM: Strategy Change Prompts Huge Returns For This S&P MidCap 400 GARP ETF

With companies such as Supermicro Computer recently graduating to the S&P 500, investors are renewing interest in midcap companies with strong growth potential. Invesco offers investing expertise in the midcap space, applying factor screening to seek out quality investments in midcap companies.

Invesco's Nick Kalivas on Midcap Investing and Factor Strategies

GRPM is pretty uncorrelated with the SPY and the QQQ, especially since the start of 2023. It has lower multiples than the IJH mid-cap ETF, and has had better performance. The GARP mandate implies a lean to quality. We think that this also enhances in the long term some of the structural advantages with mid-cap, namely price discovery.

GRPM: Mid-Cap And Uncorrelated

Invesco QQQ

Invesco S&P 500 GARP ETF

On Wednesday, Invesco rolled out a new addition to its exchange traded fund library with the launch of the Invesco S&P SmallCap 600 GARP ETF (NYSE Arca: GRPZ), a fund that implements a factor-based strategy. GRPZ has a net expense ratio of 0.35%.

Invesco Introduces Growth-Oriented Small-Cap ETF

Invesco S&P MidCap 400® GARP ETF follows a "Growth At a Reasonable Price" strategy in the S&P MidCap 400 Index. GRPM fund is well-diversified across sectors and holdings, with a focus on consumer discretionary and energy. While GRPM has superior valuation and quality metrics compared to the parent index, it has not provided significant excess return over the benchmark or competitors.

News for Invesco S&P MidCap 400 GARP ETF ETF (GRPM)