At a glance
QDPL charges 0.6% a year, above the 0.06% average of the 8 funds most like it (the most expensive of 9). It has $1.71B in assets, the 9th largest of that group; it paid 4.51% of its price in distributions over the past 12 months, monthly. Over the past year it returned +12.6% with distributions reinvested (S&P 500: +11.5%), 3rd of those 9 funds; over three years it returned +22.7% a year. At its worst it fell 22.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months after the low. Its ten largest positions make up 34.2% of the fund, out of 514 in all.
The short version
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF (QDPL) holds S&P 500 stocks and adds exchange-traded dividend futures. Together they aim to give exposure to about four times the dividends the stocks alone would provide. It paid monthly, with a trailing 12-month yield of 4.51% as of October 27, 2026. The trade-off is cost: its 0.60% expense ratio is ten times the 0.06% average of similar S&P 500 funds.
Price history
The interactive chart needs JavaScript.
QDPL +12.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| QDPL official prospectus, to Dec 31, 2025 | — | +16.43% | — | — | — | +11.09% |
| QDPL price data to Oct 27, 2026 | +12.6% | +12.6% | +22.7% | +11.7% | — | +11.8% |
- Over the year to Oct 27, 2026, QDPL returned +12.6%, 3rd of 9 among similar funds.
- Its 5-year annualized return was +11.7%.
- Its worst full calendar year was 2022 (-16.2%); its best was 2023 (+23.7%).
- The deepest fall in its price history was 22.5% (Jan 4, 2022 to Oct 14, 2022), recovered by Dec 11, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.6% | — |
| 2025 | +16.5% | +16.43% |
| 2024 | +22.8% | +22.68% |
| 2023 | +23.7% | +24.00% |
| 2022 | -16.2% | -16.39% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22.2% over that stretch · deepest drop along the way 22.4%, back to its old high 14 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.5600 | |
| 2025 | $2.0600 | -1.4% |
| 2024 | $2.0900 | 0.0% |
| 2023 | $2.0900 | +0.5% |
| 2022 | $2.0800 |
What's inside
As of Jul 31, 2026, the fund held 514 securities; the ten largest made up 34.22% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp | 6.87% | |
| Apple Inc | 6.41% | |
| Microsoft Corp | 4.88% | |
| Amazon.com Inc | 3.75% | |
| Alphabet Inc | 2.95% | |
| Broadcom Inc | 2.60% | |
| Alphabet Inc | 2.38% | |
| Meta Platforms Inc | 1.73% | |
| JPMorgan Chase & Co | 1.33% | |
| Berkshire Hathaway Inc | 1.32% | |
| Micron Technology Inc | 1.31% | |
| Eli Lilly & Co | 1.28% | |
| Tesla Inc | 1.24% | |
| Advanced Micro Devices Inc | 1.10% | |
| ExxonMobil Holdings Corp | 0.91% |
By country
United States 97.56%Ireland 0.91%Switzerland 0.28%United Kingdom 0.17%Netherlands 0.08%By asset type
Stocks 90.83%Bonds and notes 8.26%By sector
Sectors of the companies held, for the 82.1% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $98.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.17%, -0.86%, -0.06%.
How it works
QDPL tracks the Metaurus US Large Cap Dividend Multiplier Index – Series 400. Metaurus Advisors, the fund's sub-adviser, built the index using a patented method. The index has two parts. The first is the S&P 500, which made up about 91% of the index as of December 31, 2025. The second is a set of S&P Dividend Futures. These are exchange-traded contracts whose value reflects how much the market expects S&P 500 companies to pay in ordinary dividends over a year. Their value rises or falls as those expectations change.
The fund owns the S&P 500 stocks directly, or through S&P 500 futures or ETFs. It also holds the three nearest annual dividend contracts. As of July 31, 2026, those were the December 2026, 2027 and 2028 contracts. Each December, when the current year's contract expires, the index rebalances and replaces it with the contract three years out. Portfolio turnover was 6%.
Futures have built-in leverage. To offset it, the fund holds US Treasuries, cash or cash equivalents roughly equal to the futures' notional value, meaning the full value of the dividends the contracts cover. As of July 31, 2026, about 90.8% of assets were in stocks and 8.3% in Treasuries. So QDPL won't track a plain S&P 500 fund exactly, especially when dividend expectations shift sharply.
What it really costs
- QDPL charges 0.6% a year, versus an average of 0.06% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $750 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| QDPL | $61 | $192 | $335 | $750 |
In a retirement portfolio
It pairs S&P 500 stock exposure with extra dividend exposure through futures and pays out monthly.
QDPL could add monthly income to the stock side of a retirement portfolio. It paid $2.08 per share in the 12 months to October 27, 2026, a trailing yield of 4.51%. The fund launched in July 2021, so it has no record from the 2008 or 2020 crashes. In the 2022 bear market it fell 22.4% between January 4 and October 12, 2022. It took about 14 months to recover, getting back to its peak on December 11, 2023. Its worst calendar year was 2022, when it lost 16.39%. Anyone who had to sell shares in late 2022 would have locked in losses. Dividend futures can also lose value if a recession leads companies to cut their payouts.
Costs add up. In the SEC's standard example, $10,000 invested would cost $61 in the first year and $750 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 stocks plus monthly payouts; the trailing yield was 4.51% as of October 27, 2026.
- Income seekers who are comfortable with exchange-traded dividend futures, backed by Treasuries, making up part of the fund's exposure.
- Holders who can sit through stock-market drops like 2022's 22.4% decline, which took about 14 months to recover.
Look elsewhere if
- Cost-focused investors: QDPL charges 0.60% a year, versus 0.03% for VOO or IVV, which hold the same kinds of stocks.
- Investors focused on total return: QDPL's 3-year price return was 22.7% a year, versus 24.9% for VOO, as of late October 2026.
- Anyone wanting less big-tech exposure: NVIDIA, Apple and Microsoft led the holdings, and the top 10 made up 34% of assets.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| QDPL this fund | — | 0.6% | $1.71B | +12.6% | +22.7% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 89% | 0% | $5.47B | +13.4% | +25.4% |
| SPY SPDR S&P 500 ETF Trust | 89% | 0.0945% | $781.19B | +11.5% | +21.9% |
| SPYM SPDR Portfolio S&P 500 ETF | 89% | 0.02% | $153.92B | +11.5% | +22.0% |
| IVV iShares Core S&P 500 ETF | 89% | 0.03% | $888.13B | +11.5% | +22.0% |
| VOO Vanguard S&P 500 ETF | 89% | 0.03% | $1.67T | +12.4% | +23.6% |
| DFUS Dimensional U.S. Equity Market ETF | 88% | 0.09% | $20.88B | +11.7% | +22.0% |
| USPX Franklin U.S. Equity Index ETF | 87% | 0.03% | $1.98B | +12.9% | +24.9% |
Questions investors ask
Does QDPL pay monthly dividends?
Yes. QDPL paid distributions every month, totaling $2.08 per share in the 12 months to October 27, 2026. That works out to a trailing yield of 4.51%. Payouts are not fixed and can change from month to month. The prospectus warns that companies can reduce or suspend dividends, and much of this fund's design depends on S&P 500 dividends and what the market expects them to be.
How does QDPL get a higher yield than an S&P 500 fund?
It uses dividend futures. Besides owning S&P 500 stocks, QDPL holds exchange-traded contracts whose value follows the dividends S&P 500 companies are expected to pay. Together they aim to give exposure to about 400% of the dividends the stocks alone would provide. The extra income comes with costs and risks. The fund charges 0.60% a year, and the futures can lose value if dividend expectations fall, as they may in a recession.
What's the difference between QDPL and VOO?
Both own S&P 500 stocks, and their holdings overlap by about 89%. VOO is a plain S&P 500 index fund that charges 0.03% a year. QDPL charges 0.60% and puts roughly a tenth of its assets into dividend futures and Treasury collateral. Based on prices, QDPL returned 22.7% a year over the three years to late October 2026, versus 24.9% for VOO. QDPL offers more monthly income. VOO costs less and had the higher total return over that period.
Is QDPL a leveraged ETF?
No. Futures contracts have leverage built in, but QDPL offsets it. It holds US Treasuries, cash or cash equivalents roughly equal to the full value its dividend futures cover. As of July 31, 2026, about 90.8% of assets were in stocks and 8.3% in Treasuries. Its one-year beta was 0.91 as of October 27, 2026. Beta measures how much a fund moves with the market. The fund still carries full stock-market risk.
How much did QDPL lose in 2022?
QDPL fell 16.39% in calendar 2022, according to its prospectus. That was its only losing calendar year from 2022 through 2025. From its peak on January 4, 2022, to its low on October 12, 2022, it dropped 22.4%. It took about 14 months to get back to its peak, which it did on December 11, 2023. Its worst quarter was the one ending June 30, 2022, when it fell 14.51%.