A Daily Network publication
Explore the network
ETF Daily
The Definitive Daily Read on Exchange-Traded Funds
Sunday, August 23, 2026The Morning Brief →Sign in

Invesco S&P SmallCap 600 QVM Multi-factor ETF

$34.58+0.73% today
263552-WK

The fund will invest at least 90% of its total assets in the securities that comprise the index. S&P Dow Jones Indices LLC compiles, maintains and calculates the index, designed to measure the performance of 90% of the stocks within the S&P SmallCap 600® Index, after excluding those with the lowest quality, value and momentum multi-factor score. The index is composed of securities with multi-factor scores representing the top 90% of the parent index, as determined by the index provider. It is non-diversified.

Price & daily flows
33.530.928.434.58DAILY NET FLOWAug 22Dec 19Apr 21Aug 21

SOURCE: MARKET TAPE & DAILY CREATION/REDEMPTION RECORDS · 1Y SHOWN · NET −$910K OVER THIS RANGE

The desk’s read

Flows are quiet — the past month netted out near zero, while the price has returned +21.4% so far this year. At 0.15% a year it is not the cheapest way in — ITDG runs the same ground at 0.11%.

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

$252Massets under management
0.15%expense ratio · $15 per $10,000 a year
net flow, trailing month
678avg daily volume, 30 days
532holdings
2021listed June 29, 2021 · beta 1.00
The book at a glance
VSAT+0.9%PAYC+1.0%EAT+5.6%CORT+1.0%FORM-1.3%EMN+0.4%GKOS+0.0%JXN+0.6%QRVO-0.8%ESI-0.6%PTGX+2.4%KMX+1.8%AWI+0.2%AGX-2.9%SM-1.2%RHP-0.1%ALKS+0.6%MHK+2.1%ACA-0.3%LYFT+0.4%LW+0.4%ZWS+0.4%FSS+0.4%ESE+0.9%RAL-0.5%TRNO-0.3%LKQ-0.8%MXL+2.0%ECG+0.5%LNC+0.4%JBTM+0.6%ENPH+0.7%LTH+0.9%MKTX+0.1%GTES+0.0%VSEC+1.4%SNEX+3.4%MATX+2.8%EPRT-1.1%NPO-0.1%

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

HoldingsDownload CSV
#HoldingWeightPriceDay52-wk
1VSATVIASAT0.84%$74.72+0.9%
2PAYCPAYCOM SOFTWARE0.72%$229.07+1.0%
3EATBRINKER INTERNATIONAL0.62%$246.06+5.6%
4CORTCORCEPT THERAPEUTICS0.64%$122.25+1.0%
5FORMFORMFACTOR0.61%$114.16-1.3%
6EMNEASTMAN CHEMICAL0.57%$74.09+0.4%
7GKOSGLAUKOS0.57%$184.89+0.0%
8JXNJACKSON FINANCIAL0.56%$129.88+0.6%
9QRVOQORVO0.56%$95.56-0.8%
10ESIELEMENT SOLUTIONS0.55%$35.31-0.6%
11PTGXPROTAGONIST THERAPEUTICS0.53%$154.32+2.4%
12KMXCARMAX0.51%$62.13+1.8%
13AWIARMSTRONG WORLD INDUSTRIES0.51%$178.54+0.2%
14AGXARGAN0.52%$501.63-2.9%
15SMSM ENERGY0.51%$37.20-1.2%

The full book, free with one sign-in.

Top 15 positions are open to everyone. Sign in once and every fund’s complete holdings — plus CSV export, watchlists, and flow alerts — unlock across the network.

Sign in to see all 532
Performance
1 week-2.4%
1 month+1.4%
3 months+7.0%
6 months+12.2%
YTD+21.4%
1 year+23.4%
3 years

PRICE RETURN, DISTRIBUTIONS NOT REINVESTED

Net flows
1 week
1 month
3 months+$60K
YTD−$1M
1 year−$910K

CREATION/REDEMPTION DOLLARS, DAILY RECORDS

Monthly net flows
JunJulAugSepOctFebMarAprMayJunJulAug
DAILY CREATION/REDEMPTION RECORDS, TRAILING TWELVE MONTHS
The risk read
14%realized volatility, 30 days (annualized)
17%realized volatility, 1 year
-8.8%deepest fall from a peak, 1 year
-2.4%where it sits vs. that peak today

The top holding is 0.8% of the book; the top ten carry 6%. Spread across 250+ names, it behaves like roughly 217 equally-weighted positions.

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

The case against QVMS

Due diligence cuts both ways. These funds sit on the same shelf and beat QVMS 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 · 510× the assets · +$547M in over the monthHead-to-head
IMCB iShares Morningstar Mid-Cap ETF0.04%$1.7B+$15M-11bp on fee · 7× the assets · +$15M in over the monthHead-to-head
VO Vanguard Mid Cap Index Fund0.04%$68.1B-11bp on fee · 271× the assetsHead-to-head
IMCG iShares Morningstar Mid-Cap Growth ETF0.06%$4.2B+$69M-9bp on fee · 17× the assets · +$69M in over the monthHead-to-head
IMCV iShares Morningstar Mid-Cap Value ETF0.06%$1.2B+$20M-9bp on fee · 5× the assets · +$20M in over the monthHead-to-head
Sign in to save this to The RecordA timestamped copy for the file — documentation, not advice.
InstrumentsHarvest substitutesTrade cost at $1MClient tearsheetStress this fund
Every weekday · 6:30 a.m. ET

The Morning Brief

The private wealth industry in four minutes, every weekday at 6:30 a.m. ET. Free.