At a glance
QVML charges 0.11% a year, below the 0.13% average of the 8 funds most like it (the 7th cheapest of 9). It has $1.64B in assets, the 9th largest of that group; it paid 0.96% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +14.6% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds; over three years it returned +25.2% a year. At its worst it fell 23.5% 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 43.5% of the fund, out of 435 in all.
The short version
Invesco S&P 500 QVM Multi-factor ETF (QVML) tracks the S&P 500 Quality, Value & Momentum Top 90% Multi-Factor Index, which drops S&P 500 stocks with the weakest combined quality, value and momentum scores. Because it keeps most stocks, weighted by company size, it closely resembles the S&P 500, led by NVIDIA, Apple and Microsoft as of August 31, 2026. Its 0.11% annual fee is below the 0.13% similar-fund average but above VOO's 0.03%.
Price history
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QVML +14.6% 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 | |
|---|---|---|---|---|---|---|
| QVML official prospectus, to Dec 31, 2024 | — | +25.53% | — | — | — | +11.22% |
| QVML price data to Oct 27, 2026 | +14.7% | +14.6% | +25.2% | +12.9% | — | +13.3% |
- Over the year to Oct 27, 2026, QVML returned +14.6%, 1st of 9 among similar funds.
- Its 5-year annualized return was +12.9%.
- Its worst full calendar year was 2022 (-16.3%); its best was 2024 (+25.9%).
- The deepest fall in its price history was 23.5% (Jan 4, 2022 to Oct 12, 2022), recovered by Dec 13, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.7% | — |
| 2025 | +17.7% | — |
| 2024 | +25.9% | +25.53% |
| 2023 | +22.1% | +22.40% |
| 2022 | -16.3% | -16.16% |
| 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 23.4% over that stretch · deepest drop along the way 23.5%, back to its old high 14 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3300 | |
| 2025 | $0.4300 | +7.5% |
| 2024 | $0.4000 | +2.6% |
| 2023 | $0.3900 | 0.0% |
| 2022 | $0.3900 |
What's inside
As of Aug 31, 2026, the fund held 435 securities; the ten largest made up 43.47% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp. | 8.94% | |
| Apple Inc. | 7.86% | |
| Microsoft Corp. | 6.77% | |
| Alphabet Inc. | 4.74% | |
| Amazon.com, Inc. | 4.64% | |
| Broadcom Inc. | 3.33% | |
| Meta Platforms, Inc. | 2.38% | |
| Micron Technology, Inc. | 1.86% | |
| JPMorgan Chase & Co. | 1.47% | |
| Berkshire Hathaway Inc. | 1.47% | |
| Eli Lilly and Co. | 1.42% | |
| Advanced Micro Devices, Inc. | 1.39% | |
| Visa Inc. | 1.06% | |
| ExxonMobil Holdings Corp. | 1.03% | |
| Johnson & Johnson | 0.97% |
By country
United States 96.83%Ireland 2.03%Switzerland 0.3%Bermuda 0.18%Curaçao 0.14%By asset type
Stocks 99.77%By sector
Sectors of the companies held, for the 90.1% 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 Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $30.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.83%, +0.61%, +2.23%.
How it works
The fund tracks the S&P 500 Quality, Value & Momentum Top 90% Multi-Factor Index. The index starts with every stock in the S&P 500 and gives each one three scores. Quality looks at return on equity (profit compared with shareholders' money), the accruals ratio (how much of reported earnings is backed by cash) and financial leverage (reliance on debt). Value compares book value, earnings and sales with the share price. Momentum measures risk-adjusted price gains over a set past period.
The three scores are averaged. The 450 stocks with the highest combined scores stay in, and the rest are left out. The stocks that remain are weighted by float-adjusted market capitalization, meaning company size counting only shares available to the public. So the largest companies dominate. As of May 31, 2026, NVIDIA was 8.0% of the fund, Apple 7.6%, Alphabet 6.5%, Microsoft 5.1% and Amazon 4.2%. The top ten made up 41.6%, and technology was about 36%.
Invesco uses full replication, which means it buys every stock in the index in the same proportions. It invests at least 90% of its assets in index securities. It trades only when the index changes, and portfolio turnover was 17%. The fund held no derivatives as of May 31, 2026, and it uses no leverage or options.
What it really costs
- QVML charges 0.11% a year, versus an average of 0.13% for the similar funds below (7th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $11 in the first year and $141 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| QVML | $11 | $35 | $62 | $141 |
In a retirement portfolio
It holds about 450 large US companies weighted much like the S&P 500, so it can work as a broad stock foundation rather than a niche bet.
QVML gives broad exposure to large US companies at a low cost. On a $10,000 investment, the SEC's standard example puts costs at $11 for one year and $141 over ten years. The fund launched on June 30, 2021, so it has no record from the 2008 or 2020 crashes. In the 2022 bear market it fell 23.5% between January 4 and October 12, 2022. It took 14 months to get back to its old high, on December 13, 2023. Its worst calendar year was 2022, when it lost 16.16%. Anyone who had to sell shares during that stretch would have sold at a loss. Income is modest: the trailing yield was 0.96% as of October 27, 2026, paid quarterly. So most spending money would have to come from selling shares. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting S&P 500-style exposure, minus the lowest combined quality, value and momentum scorers, across 435 holdings as of August 31, 2026.
- Cost-aware investors comfortable paying 0.11% a year, or $141 over ten years on $10,000 in the SEC's standard example, for a factor screen.
- Growth-focused, long-term investors who can sit through drops like the 23.5% slide in 2022, which took 14 months to recover from.
Look elsewhere if
- Retirees who need income: the yield over the past year was 0.96% as of October 27, 2026, about $0.44 a share, paid quarterly.
- Investors focused purely on cost: VOO and IVV charge 0.03% a year for the whole S&P 500, versus QVML's 0.11%.
- Those wanting a clear break from the S&P 500: NVIDIA, Apple and Microsoft led, and tech was 38.1% of the fund as of August 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| QVML this fund | — | 0.11% | $1.64B | +14.6% | +25.2% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 85% | 0% | $5.47B | +13.4% | +25.4% |
| SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF | 84% | 0.2% | $2.74B | +12.6% | +24.8% |
| SPY SPDR S&P 500 ETF Trust | 83% | 0.0945% | $781.19B | +11.5% | +21.9% |
| IVV iShares Core S&P 500 ETF | 83% | 0.03% | $888.13B | +11.5% | +22.0% |
| VOO Vanguard S&P 500 ETF | 83% | 0.03% | $1.67T | +12.4% | +23.6% |
| USPX Franklin U.S. Equity Index ETF | 82% | 0.03% | $1.98B | +12.9% | +24.9% |
| MGC Vanguard Mega Cap ETF | 81% | 0.07% | $10.90B | +13.5% | +26.0% |
Questions investors ask
What does the QVML ETF invest in?
QVML holds most of the S&P 500, minus the stocks with the weakest combined scores on three investing traits, known as factors. Invesco's fund tracks the S&P 500 Quality, Value & Momentum Top 90% Multi-Factor Index. Each company is scored on quality (profitability, earnings quality and debt), value (price compared with book value, earnings and sales) and momentum (risk-adjusted price gains). The top 90% by average score stay in, weighted so bigger companies count more. The index had 450 stocks as of October 31, 2025.
QVML vs VOO: what's the difference?
The main differences are the stock screen and the cost. Vanguard S&P 500 ETF (VOO) owns the whole S&P 500 for 0.03% a year. QVML first drops the stocks with the weakest combined quality, value and momentum scores, and charges 0.11%. Their holdings overlap by 83%, based on the latest SEC portfolio reports. QVML returned 25.2% a year over the three years to October 27, 2026; VOO returned 23.6% a year over the three years to October 30, 2026. That edge may not last.
Is QVML good for retirement income?
Not as a main income source. QVML paid about $0.44 a share over the year to October 27, 2026, a yield of 0.96%, with dividends paid quarterly. The fund aims to track a stock index, not to generate cash. It may suit retirees as a growth holding alongside bonds or income funds. The trade-off is stock-market swings: its deepest fall since its June 2021 launch was 23.5%, from January 4 to October 12, 2022, and it took 14 months to recover.
What is the expense ratio of QVML?
QVML's expense ratio, the yearly fee taken from fund assets, is 0.11%, per the prospectus filed December 18, 2025. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $11 after one year, $35 after three, $62 after five and $141 after ten. The fee is below the 0.13% average for similar funds, but VOO and IVV charge 0.03%. QVML ranks 7th cheapest of 9 in that group.
How has QVML performed since it launched?
QVML has gained in three of its four full calendar years, with one sharp loss. Its prospectus shows a 25.53% return in 2024, a 16.16% loss in 2022 and an 11.22% average annual return since launch through December 31, 2024. Based on market prices, it rose 17.69% in 2025 and 14.7% in 2026 through October 27, and averaged 12.9% a year over the five years to that date. Its 14.6% one-year return ranked 1st of 9 similar funds.