At a glance
QVOY charges 1.32% a year, above the 0.86% average of the 7 funds most like it (the most expensive of 8). It has $65.8M in assets, the 8th largest of that group; it paid 8.82% of its price in distributions over the past 12 months, annual. Over the past year it returned +6.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +12.1% a year. Its ten largest positions make up 97.5% of the fund, out of 12 in all.
The short version
Q3 All-Season Active Rotation ETF (QVOY), from Q3 Asset Management Corp., is an actively managed fund of funds. It rotates among other ETFs that cover stocks, bonds and alternatives, and it buys the ones with the strongest recent price gains. Two things set it apart. It trades very heavily, with 674% portfolio turnover in its latest reported year. It is also expensive, with a 1.32% expense ratio per its prospectus filed March 27, 2026.
Price history
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QVOY +6.2% 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 | |
|---|---|---|---|---|---|---|
| QVOY official prospectus, to Dec 31, 2025 | — | +16.30% | — | — | — | +11.17% |
| MSCI World Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +21.09% | — | — | — | +19.79% |
| Dow Jones Moderately Aggressive Portfolio Index* (reflects no deduction for fees, expenses or taxes) index, same period | — | +16.73% | — | — | — | +13.51% |
| QVOY price data to Oct 27, 2026 | +5.4% | +6.2% | +12.1% | — | — | +10.1% |
- Over the year to Oct 27, 2026, QVOY returned +6.2%, 8th of 8 among similar funds.
- Its worst full calendar year was 2024 (+1.7%); its best was 2023 (+17.2%).
- The deepest fall in its price history was 16.9% (Mar 28, 2024 to Apr 8, 2025), recovered by Jul 17, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.4% | — |
| 2025 | +16.4% | +16.30% |
| 2024 | +1.7% | +1.69% |
| 2023 | +17.2% | +17.33% |
| 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 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $2.5000 | -9.1% |
| 2024 | $2.7500 | +65.7% |
| 2023 | $1.6600 |
What's inside
As of Aug 31, 2026, the fund held 12 securities; the ten largest made up 97.47% of assets.
| Fund held | Weight | |
|---|---|---|
| Vanguard Morningstar Small-Cap Value ETF | 14.29% | |
| SPDR S&P Biotech ETF USD Class | 14.06% | |
| Vanguard Morningstar Mid-Cap Value ETF | 13.80% | |
| VanEck Gold Miners ETFA | 13.47% | |
| iShares Transportation Average ETF | 13.05% | |
| SPDR S&P Retail ETF USD Class | 13.04% | |
| Invesco S&P 500 BuyWrite ETF USD Class | 5.05% | |
| iMGP DBi Managed Futures Strategy ETF | 4.84% | |
| WisdomTree Bloomberg U.S. Dollar Bullish Fund | 4.65% | |
| iShares Broad USD High Yield Corporate Bond ETF USD Class | 1.22% | |
| VanEck IG Floating Rate ETF | 1.21% | |
| Vanguard Emerging Markets Government Bond ETF | 1.20% |
By country
United States 99.88%By asset type
Stocks 99.88%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $9.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.87%, -5.70%, +0.86%.
How it works
QVOY is actively managed by Q3 Asset Management Corp. and follows no index. It is a "fund of funds" that buys other funds, such as ETFs. The portfolio has four "sleeves": core equity (index funds by company size and growth or value style), active equity (sector and international funds), bonds, and alternatives (such as commodities, precious metals, currencies and real estate). Each sleeve gets a fixed target weight based on risk measures such as standard deviation, a gauge of how widely returns swing, and maximum loss.
Within each sleeve, a rules-based model ranks funds by momentum: how strongly their prices have performed over periods of one to nine months. Top-ranked funds get equal weights. Rankings are checked weekly, but positions are generally held at least 30 days. The adviser can shift some or all of the active equity, bond or alternatives sleeves into cash and money market funds.
As of August 31, 2026, the fund held 12 funds, led by Vanguard Morningstar Small-Cap Value ETF (14.3%), SPDR S&P Biotech ETF (14.1%), Vanguard Morningstar Mid-Cap Value ETF (13.8%) and VanEck Gold Miners ETF (13.5%); three bond funds held about 1.2% each. The prospectus anticipates annual turnover (the share of the portfolio replaced in a year) of 1,000% to 1,500%, and reported 674%. Holders also bear the underlying funds' fees.
What it really costs
- QVOY charges 1.32% a year, versus an average of 0.86% for the similar funds below (8th of 8, cheapest first).
- Of that, 0.65% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.06% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $134 in the first year and $1,652 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| QVOY | $134 | $431 | $750 | $1,652 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
Its momentum-driven rotation into concentrated sector funds, its stock-like price swings and its 1.32% expense ratio point to a small slice of a portfolio rather than its core.
QVOY launched in December 2022, so it has no record through the 2008 crisis, the 2020 COVID crash or the 2022 bear market. Its worst calendar year was 2024, a gain of 1.7%. Its deepest drop was 16.9%, from March 28, 2024 to April 8, 2025. It regained its peak by July 17, 2025, about 3.3 months after the low. Anyone who sold during that stretch would have locked in a loss. Three-year volatility of 15.6% is close to a stock fund's, despite the bond and alternatives sleeves. Distributions totaled $2.50 a share over the 12 months to October 27, 2026, an 8.82% yield, paid once a year. With turnover this high, payouts may include taxable short-term gains. In the SEC's $10,000 example, costs come to $134 in the first year. Past results don't predict future ones, 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 a rules-based momentum strategy that shifts among stock, bond and alternative ETFs without trading those funds themselves.
- People comfortable with concentrated bets, such as the biotech, gold miner and retail ETFs that each held about 13% to 14% on August 31, 2026.
- Holders using tax-advantaged accounts, where frequent trading and possible short-term capital gain distributions matter less.
Look elsewhere if
- Cost-focused investors: the 1.32% expense ratio adds up to $1,652 over 10 years on $10,000 in the SEC's standard example.
- Those wanting steady bond ballast: bond funds made up only about 3.6% of assets on August 31, 2026.
- Investors who want a proven record: through December 31, 2025, it returned 11.17% a year since launch, against 19.79% for the MSCI World Index.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| QVOY this fund | 1.32% | $65.8M | +6.2% | +12.1% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
What does QVOY invest in?
QVOY holds other funds, not individual stocks or bonds. As of August 31, 2026, it owned 12 ETFs. The six largest, at about 13% to 14% each, were Vanguard Morningstar Small-Cap Value, SPDR S&P Biotech, Vanguard Morningstar Mid-Cap Value, VanEck Gold Miners, iShares Transportation Average and SPDR S&P Retail. Smaller positions included an S&P 500 buy-write fund (which sells call options on its stocks for income), a managed futures fund, a U.S. dollar fund and three bond funds of about 1.2% each.
Does QVOY pay dividends?
Yes, but only once a year. Distributions totaled $2.50 a share over the 12 months to October 27, 2026, a trailing yield of 8.82%. That is high for a fund that mostly holds stock ETFs. The prospectus warns that heavy trading can produce capital gains, including short-term gains, that must be paid out to shareholders. So annual payouts may vary a lot from year to year, and they can be taxable in a regular brokerage account.
What is QVOY's expense ratio?
QVOY's expense ratio is 1.32%, according to its prospectus filed March 27, 2026. Its management fee is 0.65%. In the SEC's standard example, $10,000 earning 5% a year would cost about $134 after one year, $431 after three, $750 after five and $1,652 after ten. Because it is a fund of funds, holders also bear the costs of the underlying ETFs. Its frequent trading adds transaction costs that the expense ratio does not include.
How has QVOY performed compared with its benchmark?
It has trailed both indexes named in its prospectus. Through December 31, 2025, QVOY returned 11.17% a year since its December 2022 launch. The Dow Jones Moderately Aggressive Portfolio Index returned 13.51% and the MSCI World Index 19.79%, and neither index deducts fees. In 2025, QVOY's 16.30% was close to the Dow Jones index's 16.73%. On a price basis, QVOY gained 6.2% over the year to October 27, 2026.
Is QVOY suitable for retirement?
QVOY may suit only a small part of a retirement portfolio. It aims for long-term growth, not income or stability, and on August 31, 2026 it was weighted heavily toward stock funds. Its deepest drop, 16.9%, ran from March 2024 to April 2025, and its three-year volatility was 15.6%. The 1.32% expense ratio and 674% turnover add to costs. It also has no record through a major bear market such as 2008 or 2022.