At a glance
QUS charges 0.15% a year, above the 0.09% average of the 8 funds most like it (the 7th cheapest of 9). It has $1.53B in assets, the 7th largest of that group; it paid 1.24% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +14.4% with distributions reinvested (S&P 500: +11.5%), 3rd of those 9 funds; over three years it returned +20.9% a year. At its worst it fell 33.8% in the 2020 crash (S&P 500: 33.7%) and 22.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 14 months after the lows. Its ten largest positions make up 21.1% of the fund, out of 524 in all.
The short version
SPDR MSCI USA StrategicFactors ETF (QUS) holds about 524 large and mid-sized US companies and tracks an index that blends three investing styles in equal parts: value, quality and low volatility. It costs 0.15% a year. That is more than plain S&P 500 funds such as VOO or IVV (0.03%) and less than the multifactor John Hancock ETF JHML (0.29%).
Price history
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QUS +14.4% 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 | |
|---|---|---|---|---|---|---|
| QUS official prospectus, to Dec 31, 2025 | — | +14.03% | — | +12.45% | +13.36% | — |
| QUS price data to Oct 27, 2026 | +13.4% | +14.4% | +20.9% | +11.2% | +14.2% | +12.8% |
- Over the year to Oct 27, 2026, QUS returned +14.4%, 3rd of 9 among similar funds.
- Its 5-year annualized return was +11.2% and its 10-year +14.2%.
- In the 2020 COVID crash it fell 33.8% and regained its old high 5.4 months after the low.
- Its worst full calendar year was 2022 (-14.1%); its best was 2019 (+32.5%).
- The deepest fall in its price history was 33.8% (Feb 19, 2020 to Mar 23, 2020), recovered by Sep 2, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.4% | — |
| 2025 | +14.1% | +14.03% |
| 2024 | +19.2% | +18.96% |
| 2023 | +21.8% | +21.81% |
| 2022 | -14.1% | -14.09% |
| 2021 | +26.7% | +26.67% |
| 2020 | +12.4% | +12.33% |
| 2019 | +32.5% | +32.31% |
| 2018 | -3.6% | -3.22% |
| 2017 | +21.7% | +21.19% |
| 2016 | +9.7% | +11.80% |
| 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 | Lost 33.8% over that stretch · deepest drop along the way 33.8%, back to its old high 5.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22% over that stretch · deepest drop along the way 22.1%, back to its old high 13.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0100 | |
| 2025 | $2.4100 | -4.9% |
| 2024 | $2.5348 | +22.5% |
| 2023 | $2.0700 | +11.9% |
| 2022 | $1.8500 | +11.4% |
| 2021 | $1.6600 | -7.8% |
| 2020 | $1.8000 | +4.7% |
| 2019 | $1.7200 | +11.0% |
| 2018 | $1.5500 | +7.6% |
| 2017 | $1.4400 | +6.7% |
| 2016 | $1.3500 |
What's inside
As of Jun 30, 2026, the fund held 524 securities; the ten largest made up 21.09% of assets.
| Holding | Weight | |
|---|---|---|
| Apple Inc | 2.86% | |
| Microsoft Corp | 2.81% | |
| NVIDIA Corp | 2.54% | |
| Eli Lilly & Co | 2.34% | |
| Meta Platforms Inc | 2.12% | |
| Johnson & Johnson | 1.94% | |
| Visa Inc | 1.87% | |
| Applied Materials Inc | 1.68% | |
| Mastercard Inc | 1.46% | |
| Cisco Systems Inc | 1.46% | |
| Lam Research Corp | 1.44% | |
| Alphabet Inc | 1.41% | |
| Walmart Inc | 1.35% | |
| Merck & Co Inc | 1.32% | |
| Alphabet Inc | 1.25% |
By country
United States 95.01%Ireland 2.79%Switzerland 0.8%Canada 0.44%Bermuda 0.15%By asset type
Stocks 99.63%By sector
Sectors of the companies held, for the 86.6% 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 Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $56.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.89%, +2.57%, +0.64%.
How it works
QUS, run by State Street's SSGA Funds Management, tracks the MSCI USA Factor Mix A-Series Capped Index. A "factor" is a stock trait that researchers link to returns or risk. This index joins three MSCI indexes, each given one-third of the weight. The MSCI USA Value Weighted Index favors stocks that look cheap against sales, earnings, cash earnings and book value. The MSCI USA Quality Index favors firms with high return on equity, steady earnings growth and little debt. The MSCI USA Minimum Volatility Index aims for the lowest overall price swings. If the minimum-volatility index can't be used, MSCI swaps in its USA Risk Weighted Index.
A stock's weight depends on its weight in each of the three indexes. Caps then keep any single company at 25% or less, and companies above 5% can't add up to more than 50%. The index rebalances twice a year, usually at the end of May and November. Turnover was 17%.
The fund uses sampling. That means it may hold only some of the index's stocks to match its risk and return. It puts at least 80% of its assets in index stocks. It may also use futures contracts (agreements to buy or sell at a set price later) to manage cash.
What it really costs
- QUS charges 0.15% a year, versus an average of 0.09% for the similar funds below (7th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $15 in the first year and $192 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| QUS | $15 | $48 | $85 | $192 |
In a retirement portfolio
It owns about 524 US large and mid-sized companies across every major sector, with a tilt toward cheaper, higher-quality and steadier stocks.
QUS spreads money widely across US stocks while leaning toward calmer ones. Its beta was 0.6 over the year to October 27, 2026. Beta compares a fund's moves with the market's, so 0.6 means it moved about 60% as much. It still fell hard in crashes. In 2020 it dropped 33.8%, then recovered by September 2, 2020, about 5.4 months later. In 2022 it fell 22.1% and took 13.6 months to recover. Its worst calendar year was 2022, at -14.09%. Anyone selling shares in a year like that would lock in losses. The fund started in 2015, so it has no 2008 record. The yield was 1.24% as of October 27, 2026, paid twice a year, so income is modest. On a $10,000 investment, costs come to about $192 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 broad US stock exposure with a value, quality and low-volatility tilt, across about 524 large and mid-sized companies.
- People who like a single fund that blends three factor styles, rebalanced twice a year, for 0.15% a year.
- Long-term holders who can accept a 1.24% yield paid twice a year in exchange for possibly smaller swings than the market.
Look elsewhere if
- Cost-focused investors: S&P 500 funds such as VOO and IVV charge 0.03%, compared with QUS's 0.15%.
- Those wanting full market returns: QUS's 3-year return of 20.9% a year trailed SPY's 24.8% as of late October 2026.
- Income seekers who need regular cash: the yield was 1.24% as of October 27, 2026, paid only twice a year.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| QUS this fund | — | 0.15% | $1.53B | +14.4% | +20.9% |
| DSPY Tema S&P 500 Historical Weight ETF Strategy | 67% | 0.18% | $997.2M | +15.3% | — |
| USPX Franklin U.S. Equity Index ETF | 62% | 0.03% | $1.98B | +12.9% | +24.9% |
| SPY SPDR S&P 500 ETF Trust | 62% | 0.0945% | $781.19B | +11.5% | +21.9% |
| IVV iShares Core S&P 500 ETF | 62% | 0.03% | $888.13B | +11.5% | +22.0% |
| VOO Vanguard S&P 500 ETF | 62% | 0.03% | $1.67T | +12.4% | +23.6% |
| JHML John Hancock Multifactor Large Cap ETF | 62% | 0.29% | $1.17B | +14.6% | +22.9% |
| VV Vanguard Large Cap ETF | 62% | 0.04% | $73.83B | +12.0% | +23.8% |
Questions investors ask
What does the QUS ETF invest in?
QUS invests in large and mid-sized US companies, about 524 of them as of June 30, 2026. It tracks the MSCI USA Factor Mix A-Series Capped Index. That index gives equal weight to three styles: value, quality and minimum volatility. The largest holdings were Apple (2.9%), Microsoft (2.8%), NVIDIA (2.5%), Eli Lilly (2.3%) and Meta Platforms (2.1%). Technology made up 25.5% of the fund, financials 12.9% and health care 11.6%.
QUS vs SPY: what's the difference?
SPY follows the S&P 500, which weights companies by market value. QUS reweights US stocks toward cheaper, higher-quality and less volatile companies. About 62% of their holdings overlap. Both come from State Street. SPY costs 0.0945% a year and QUS costs 0.15%. Over the year to late October 2026, QUS returned 14.4% and SPY 13.1%. Over three years, QUS returned 20.9% a year and SPY 24.8%, so QUS lagged in the stronger market.
How often does QUS pay dividends?
QUS pays dividends twice a year. Over the 12 months to October 27, 2026, it paid $2.43 per share, a yield of 1.24%. That is a small income stream. The fund holds growth-heavy names like Apple, Microsoft and NVIDIA alongside steadier dividend payers like Johnson & Johnson and Merck. So it is built more for total return than for regular cash payouts.
What is the QUS expense ratio?
QUS's expense ratio is 0.15% a year, according to the prospectus filed October 26, 2026. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $15 in fees after one year, $85 after five and $192 after ten. Among nine similar funds it ranks 7th of 9 on cost. Their average is 0.09%, and VOO, IVV and USPX each charge 0.03%.
How did QUS do in 2022 and the 2020 crash?
QUS lost 14.09% in calendar 2022, its worst full year. From peak to bottom in 2022 it fell 22.1%, and it took 13.6 months to fully recover, by November 30, 2023. In the 2020 COVID crash it fell 33.8% in about a month. It recovered by September 2, 2020, roughly 5.4 months later. Its low-volatility tilt didn't protect it from a sharp drop in a fast crash.