XMMO ETF Explained: Returns, Expense Ratio, Holdings, and Alternative ETFs
The Invesco S&P MidCap Momentum ETF (XMMO), which focuses on the U.S. mid-cap momentum factor, tracks the S&P MidCap 400 Momentum Index. Key selection criteria include its expense ratio, dividends, and its market-cap range compared with large-cap momentum ETFs such as MTUM and SPMO.
SubscribeWhat Is the Invesco S&P MidCap Momentum ETF?
This is a U.S. mid-cap momentum ETF that tracks the S&P MidCap 400 Momentum Index. It selects mid-sized stocks with strong recent price trends and holds them at weights that combine momentum scores and market capitalization.
It suits investors who want trend-following growth exposure in U.S. mid-caps and believe they can tolerate factor volatility.
It is a passive (index-tracking) ETF managed by Invesco.
How Does the Invesco S&P MidCap Momentum ETF Invest?
| Item | Details |
|---|---|
| Tracking Index | S&P MidCap 400 Momentum |
| Management Style | Passive (index-tracking) |
| Rebalancing Frequency | Semiannual |
| Dividend Frequency | Quarterly |
| Expense Ratio | 0.34% |
| Issuer | Invesco |
From the S&P MidCap 400 constituents, the index calculates a momentum score by taking the price change over the past 12 months, excluding the most recent month, and adjusting it for volatility. It then selects the stocks with the highest scores. Holding weights reflect both momentum score and market capitalization, and the portfolio is reconstituted regularly under the index rules.
- Momentum factor selection specialized in mid-cap stocks
- Regular reconstitution based on price trends
Invesco S&P MidCap Momentum ETF Size and Costs (AUM and Expense Ratio)
Assets under management (AUM) stand at $6.7B, and the expense ratio is 0.34% per year.
What sets it apart from MTUM and SPMO, which belong to the same momentum factor category, is its focus on the mid-cap segment.
Invesco S&P MidCap Momentum ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeGiven the nature of the momentum factor, the ETF tends to perform relatively well when market trends are clear, while volatility can increase around trend reversals. The economic sensitivity of mid-cap stocks themselves is also reflected in performance.
Fund flows follow demand for factor ETFs, and when risk appetite rises, money tends to move into growth and momentum products. Conversely, in defensive phases, money can flow out.
Invesco S&P MidCap Momentum ETF Pros and Cons
Its strength lies in selection focused on mid-cap momentum, while volatility around trend reversals and factor concentration can work against it.
💪 Key Strengths
⚠️ Risks to Watch
Invesco S&P MidCap Momentum ETF Alternative ETFs and Related Products
MTUM, SPMO, and JMOM shown in the table are large-cap-focused momentum factor ETFs, and they differ from this ETF in market-cap range, since it concentrates on mid-caps. XSMO, also managed by Invesco, offers exposure to small-cap momentum, and if you want large-cap momentum, SPMO is also a direct comparison. For those who want broad mid-cap diversification, products such as IJH, which holds stocks by market-cap weighting without a momentum factor, are also worth considering.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 SPMO | Invesco S&P 500 Momentum ETF | $136.27 | -4.3% | $22.3B | 0.13% | 0.81% | +11.9% |
 MTUM | iShares MSCI USA Momentum Factor ETF | $284.10 | -4.8% | $18.6B | 0.15% | 0.65% | +12.0% |
 XSMO | Invesco S&P SmallCap Momentum ETF | $80.98 | -1.9% | $2.9B | 0.35% | 0.63% | +13.4% |
 JMOM | JPMorgan U.S. Momentum Factor ETF | $79.52 | -3.2% | $2.8B | 0.12% | 0.78% | +16.1% |
 VFMO | Vanguard U.S. Momentum Factor ETF | $217.38 | -3.0% | $2.1B | 0.13% | 0.62% | +11.5% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 CW | Curtiss-Wright Corp | 0.08% | $476.01 | -4.2% | $17.6B | 32.8 | 0.21% |
| FTI | TechnipFMC plc | 0.07% | $68.77 | +2.7% | $27.0B | 21.7 | 0.37% |
 ATI | ATI Inc | 0.06% | $165.59 | -5.4% | $22.5B | 41.3 | - |
 FN | Fabrinet | 0.03% | $327.29 | -6.1% | $11.7B | 25.1 | - |
 WWD | Woodward Inc | 0.03% | $304.65 | -3.3% | $18.0B | 33.9 | 0.41% |
 NVT | nVent Electric plc | 0.03% | $125.98 | -8.8% | $20.4B | 34.8 | 0.62% |
 STRL | Sterling Infrastructure Inc | 0.03% | $345.91 | -7.4% | $10.6B | 19.4 | - |
Invesco S&P MidCap Momentum ETF Investor Checkpoints
Here are the points to review before investing in XMMO. It is important to understand how the momentum factor works alongside the characteristics of mid-cap stocks, and to confirm in advance that volatility around trend reversals and costs fit your risk tolerance.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense Ratio | Check the cumulative cost impact over a long holding period | Annual fee applies |
| 📈 Tracking Index | Whether it still tracks the S&P MidCap 400 Momentum Index | Maintained |
| 📊 Factor Volatility | Potential performance swings around trend reversals | Needs review |
| 💱 Exchange Rate | Impact on returns converted to Korean won | Not currency-hedged |
The momentum factor is favorable when market trends are strong, but relative weakness and higher volatility can appear when trends change abruptly. The economic sensitivity of mid-cap stocks should also be taken into account.
It is a highly useful ETF for investors seeking trend-following growth in U.S. mid-caps. If you need large-cap momentum, it is advisable to compare SPMO, and if you need small-cap momentum, XSMO, before making your choice.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 21, 2026.
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