At a glance
QVMM charges 0.15% a year, above the 0.13% average of the 8 funds most like it (the 5th cheapest of 9). It has $426.1M in assets, the 7th largest of that group; it paid 1.29% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +12.5% with distributions reinvested (S&P 500: +11.5%), 6th of those 9 funds; over three years it returned +18.3% a year. At its worst it fell 22.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 18 months after the low. Its ten largest positions make up 9.0% of the fund, out of 354 in all.
The short version
Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM) held 354 mid-size US companies as of August 31, 2026. It owns the S&P MidCap 400 minus roughly the tenth of stocks that score worst on a blend of quality, value and momentum. Because it keeps 90% of the parent index and weights stocks by size, it behaves much like a plain mid-cap fund. It charges 0.15% a year. Broad S&P 400 trackers such as SPMD charge 0.03% and IJH charges 0.05%.
Price history
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QVMM +12.5% 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 | |
|---|---|---|---|---|---|---|
| QVMM official prospectus, to Dec 31, 2024 | — | +13.46% | — | — | — | +5.55% |
| QVMM price data to Oct 27, 2026 | +12.0% | +12.5% | +18.3% | +7.6% | — | +7.4% |
- Over the year to Oct 27, 2026, QVMM returned +12.5%, 6th of 9 among similar funds.
- Its 5-year annualized return was +7.6%.
- Its worst full calendar year was 2022 (-13.1%); its best was 2023 (+15.4%).
- The deepest fall in its price history was 24% (Nov 25, 2024 to Apr 8, 2025), recovered by Dec 10, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.1% | — |
| 2025 | +8.8% | — |
| 2024 | +13.4% | +13.46% |
| 2023 | +15.4% | +15.43% |
| 2022 | -13.1% | -13.02% |
| 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 19.6% over that stretch · deepest drop along the way 22.5%, back to its old high 18.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3300 | |
| 2025 | $0.4100 | +10.8% |
| 2024 | $0.3700 | +2.8% |
| 2023 | $0.3600 | +5.9% |
| 2022 | $0.3400 |
What's inside
As of Aug 31, 2026, the fund held 354 securities; the ten largest made up 8.99% of assets. It also reported 11.12% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Everpure Inc. | 1.09% | |
| Twilio Inc. | 1.03% | |
| Illumina, Inc. | 1.03% | |
| Okta, Inc. | 0.99% | |
| TechnipFMC PLC | 0.97% | |
| ATI Inc. | 0.83% | |
| nVent Electric PLC | 0.81% | |
| Tenet Healthcare Corp. | 0.78% | |
| Royal Gold, Inc. | 0.76% | |
| XPO, Inc. | 0.71% | |
| United Therapeutics Corp. | 0.71% | |
| Curtiss-Wright Corp. | 0.70% | |
| Entegris, Inc. | 0.69% | |
| Carpenter Technology Corp. | 0.67% | |
| US Foods Holding Corp. | 0.66% |
By country
United States 94.11%Ireland 1.54%United Kingdom 1.29%Bermuda 1.23%Cayman Islands 0.93%By asset type
Stocks 99.93%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $318K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.74%, -2.08%, -0.45%.
How it works
QVMM tracks the S&P MidCap 400 Quality, Value & Momentum Top 90% Multi-Factor Index, built by S&P Dow Jones Indices. It starts with the S&P MidCap 400, a list of mid-size US companies, and gives each stock three scores. Quality looks at return on equity (profit compared with shareholders' money), the accruals ratio (how much of earnings rests on accounting entries rather than cash) and financial leverage (reliance on debt). For financial and real estate companies, the accruals measure is left out. Value compares book value, earnings and sales with the share price. Momentum looks at risk-adjusted price gains over a set past period.
The three scores are averaged. The 360 stocks with the highest combined scores, the top 90%, generally make the index. They are then weighted by float-adjusted market value, meaning the value of shares available to trade, so larger companies count for more. The result is a light screen, not a concentrated factor bet. As of October 31, 2025, the index had 359 stocks worth $870.5 million to $34.1 billion each.
The fund uses full replication: it owns essentially every index stock in index proportions, with at least 90% of assets in index securities. It does not try to beat the index and trades mainly when the index changes. Portfolio turnover was 34% in its latest reported year. It held no derivatives as of August 31, 2026.
What it really costs
- QVMM charges 0.15% a year, versus an average of 0.13% for the similar funds below (5th 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 |
|---|---|---|---|---|
| QVMM | $15 | $48 | $85 | $192 |
In a retirement portfolio
It adds a broad basket of mid-size US companies to portfolios that lean on large-cap stocks, but it is still an all-stock fund that falls with the market.
QVMM could add mid-size US companies to a portfolio built mainly on large-cap stocks. It launched June 30, 2021, so it has no record for the 2008 or 2020 crashes. In the 2022 bear market it fell 22.5% from January 4 to June 16, 2022. It did not regain its peak until December 26, 2023, about 18 months later. Its deepest drop, 24%, ran from November 25, 2024, to April 8, 2025, and took about eight months to recover. Its worst calendar year was 2022, down 13.02%. Selling shares or drawing income during stretches like these would mean selling after a fall. The yield was a modest 1.29% over the 12 months to October 27, 2026, paid quarterly. It costs 0.15% a year. 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 wanting broad US mid-cap exposure across 354 stocks, with a light filter that drops the lowest-scoring tenth of the S&P MidCap 400.
- People who like rules-based quality, value and momentum screens but prefer size-based weighting over concentrated factor bets; no stock topped 1.1% as of August 31, 2026.
- Long-term holders who can sit through swings like the 24% drop from November 2024 to April 2025 and need only modest quarterly income.
Look elsewhere if
- Cost-focused investors: SPMD charges 0.03%, IJH 0.05% and IVOO 0.07% for S&P MidCap 400 exposure, versus QVMM's 0.15%.
- Anyone seeking meaningful income; the trailing 12-month yield was 1.29% as of October 27, 2026.
- Those wanting a distinct factor tilt or long record: it overlaps 88% with IVOO, has tracked it closely, and only launched in 2021.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| QVMM this fund | — | 0.15% | $426.1M | +12.5% | +18.3% |
| IVOO Vanguard S&P Mid-Cap 400 ETF | 88% | 0.07% | $5.87B | +12.0% | +18.0% |
| SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 86% | 0.03% | $18.39B | +15.3% | +16.6% |
| IJH iShares Core S&P Mid-Cap ETF | 86% | 0.05% | $124.33B | +15.3% | +16.6% |
| MDY SPDR S&P Midcap 400 ETF Trust | 85% | 0.24% | $28.05B | +14.9% | +16.3% |
| XJH iShares ESG Select Screened S&P Mid-Cap ETF | 84% | 0.12% | $419.5M | +12.0% | +17.8% |
| MIDE Xtrackers S&P MidCap 400 Scored & Screened … | 70% | 0.15% | $3.4M | +14.7% | +18.8% |
| MDYV SPDR S&P 400 Mid Cap Value ETF | 62% | 0.15% | $2.68B | +12.1% | +17.8% |
Questions investors ask
What's the difference between QVMM and IVOO?
The main differences are the screen and the cost. Vanguard's IVOO follows the full S&P MidCap 400, while QVMM drops about the 10% of stocks with the weakest quality, value and momentum scores. Their holdings overlapped 88% in the latest reports. IVOO charges 0.07% against QVMM's 0.15%. As of October 27, 2026, QVMM returned 12.5% over one year and 18.3% a year over three years. IVOO returned 12% and 18%.
Does QVMM pay dividends?
Yes, QVMM pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $0.44 per share, a yield of 1.29%. The payouts come from dividends paid by the mid-size companies it holds, so they can change from quarter to quarter. The fund is built around quality, value and momentum scores, not dividend yield, so investors focused mainly on income may find the payout small.
What is QVMM's expense ratio?
QVMM's expense ratio is 0.15% a year, according to its prospectus filed December 18, 2025, all of it a management fee. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $15 after one year, $85 after five years and $192 after ten. That is slightly above the 0.13% average for similar funds. Plain S&P 400 trackers like SPMD charge 0.03%.
What stocks are in QVMM?
As of August 31, 2026, QVMM held 354 stocks, mostly mid-size US companies. The largest were Everpure at 1.09%, Twilio at 1.03%, Illumina at 1.03%, Okta at 0.99% and TechnipFMC at 0.97%. The top 10 made up just 8.99% of the fund, so no single company dominates. About 94% was in US companies, with small slices in firms based in Ireland, the United Kingdom and Bermuda.
How did QVMM do in 2022?
QVMM lost 13.02% in 2022, its worst calendar year so far, according to its prospectus. At its low point, it was down 22.5% from January 4 to June 16, 2022, and it took until December 26, 2023, to recover. Its worst quarter was a 14.91% drop in the three months ending June 30, 2022. It rebounded 15.43% in 2023 and 13.46% in 2024.