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Sunday, August 23, 2026The Morning Brief →Sign in

Invesco S&P MidCap 400 QVM Multi-factor ETF

$35.80+0.43% today
293752-WK

The fund generally will invest at least 90% of its total assets in the securities that comprise the underlying index. Strictly in accordance with its guidelines and mandated procedures, the index provider compiles, maintains and calculates the underlying index, which is designed to measure the performance of 90% of the stocks within the S&P MidCap 400® Index, after excluding those with the lowest quality, value and momentum multi-factor score. It is non-diversified.

Price & daily flows
35.132.930.735.80DAILY NET FLOWAug 22Dec 19Apr 21Aug 21

SOURCE: MARKET TAPE & DAILY CREATION/REDEMPTION RECORDS · 1Y SHOWN · NET −$2M OVER THIS RANGE

The desk’s read

Money is leaving — −$360K walked out over the past month, while the price has returned +14.9% so far this year. At 0.15% a year it is not the cheapest way in — IEFA runs the same ground at 0.07%.

COMPOSED FROM THE FUND’S OWN DAILY RECORDS · UPDATED WITH EACH REFRESH

$432Massets under management
0.15%expense ratio · $15 per $10,000 a year
−$360Knet flow, trailing month
790avg daily volume, 30 days
356holdings
2021listed June 29, 2021 · beta 0.95
The book at a glance
P-1.3%ILMN+2.9%TWLO+2.5%FTI-0.2%ATI-1.1%THC+3.0%NVT-1.5%OKTA+0.7%CW-2.1%RGLD+2.6%ENTG-0.7%XPO+0.5%UTHR-1.5%CRS+0.7%USFD+1.1%BURL-2.0%RS+2.0%WWD+0.3%MKSI-1.0%ITT-0.0%MTZ-2.1%WCC+3.3%SNX-0.3%OVV+0.2%LSCC+0.1%NXT-1.9%STRL-0.7%MTSI+0.2%FN-1.8%HL-0.5%JLL+0.8%TRU-0.6%PR-0.5%EWBC+0.1%NLY-0.6%RBA-0.4%PNFP+0.3%PFGC+1.0%FIVE+5.9%JAZZ+2.2%

CELL SIZE IS PORTFOLIO WEIGHT · COLOR IS TODAY’S MOVE · TOP 40 POSITIONS

HoldingsDownload CSV
#HoldingWeightPriceDay52-wk
1PEverpure1.27%$108.55-1.3%
2ILMNILLUMINA1.01%$219.40+2.9%
3TWLOTWILIO0.95%$225.30+2.5%
4FTITECHNIPFMC0.95%$77.45-0.2%
5ATIATI0.84%$207.01-1.1%
6THCTENET HEALTHCARE0.79%$280.77+3.0%
7NVTNVENT ELECTRIC0.82%$151.98-1.5%
8OKTAOKTA0.75%$135.14+0.7%
9CWCURTISS WRIGHT0.77%$634.99-2.1%
10RGLDROYAL GOLD0.72%$259.01+2.6%
11ENTGENTEGRIS0.73%$143.66-0.7%
12XPOXPO0.71%$197.74+0.5%
13UTHRUNITED THERAPEUTICS0.71%$513.12-1.5%
14CRSCARPENTER TECHNOLOGY0.67%$492.38+0.7%
15USFDUS FOODS HOLDING0.67%$109.62+1.1%

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Sector weights
Finance22.62%
Industrials22.44%
Consumer Discretionary18.71%
Financial Services17.84%
Financials17.48%
Consumer Cyclical13.68%
Producer Manufacturing11.62%
Technology11.4%
Information Technology11.26%
Real Estate8.02%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Country weights
United States98.88%
Bermuda1.16%
Other1%
Ireland0.8%
United Kingdom0.58%
Sweden0.32%
India0.22%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Performance
1 week-2.5%
1 month+1.5%
3 months+4.2%
6 months+6.8%
YTD+14.9%
1 year+18.4%
3 years

PRICE RETURN, DISTRIBUTIONS NOT REINVESTED

Net flows
1 week
1 month−$360K
3 months−$360K
YTD−$1M
1 year−$2M

CREATION/REDEMPTION DOLLARS, DAILY RECORDS

Monthly net flows
JunJulAugSepOctFebMarAprMayJunJulAug
DAILY CREATION/REDEMPTION RECORDS, TRAILING TWELVE MONTHS
The risk read
13%realized volatility, 30 days (annualized)
15%realized volatility, 1 year
-8.6%deepest fall from a peak, 1 year
-2.5%where it sits vs. that peak today

The top holding is 1.3% of the book; the top ten carry 9%. Spread across 250+ names, it behaves like roughly 202 equally-weighted positions.

VOLATILITY & DRAWDOWN FROM THE DAILY TAPE · CONCENTRATION FROM THE LATEST DISCLOSED BOOK

The case against QVMM

Due diligence cuts both ways. These funds sit on the same shelf and beat QVMM on at least one dimension that matters — the fee, the asset base, or where the money is going.

FundFeeAssetsFlow, 1MThe case
IJH iShares Core S&P Mid-Cap ETF0.05%$128.4B+$547M-10bp on fee · 297× the assets · +$547M in over the monthHead-to-head
IMCB iShares Morningstar Mid-Cap ETF0.04%$1.7B+$15M-11bp on fee · 4× the assets · +$15M in over the monthHead-to-head
VO Vanguard Mid Cap Index Fund0.04%$68.1B-11bp on fee · 158× the assetsHead-to-head
IMCG iShares Morningstar Mid-Cap Growth ETF0.06%$4.2B+$69M-9bp on fee · 10× the assets · +$69M in over the monthHead-to-head
IMCV iShares Morningstar Mid-Cap Value ETF0.06%$1.2B+$20M-9bp on fee · 3× the assets · +$20M in over the monthHead-to-head
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InstrumentsHarvest substitutesTrade cost at $1MClient tearsheetStress this fund
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