What Is the QVMM ETF? A Complete Guide to Returns, Expense Ratio, Holdings, and Alternative ETFs
The Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM) is a passive multi-factor product that combines quality, value, and momentum within mid-cap stocks. Its dual-screening structure and how its selection and construction differ from IJH, MDY, and IWS are the key factors in choosing it.
SubscribeWhat Is the Invesco S&P MidCap 400 QVM Multi-factor ETF?
This is a passive multi-factor ETF that is based on the S&P MidCap 400 Index and invests in stocks with high quality, value, and momentum factor scores. It places weight on mid-sized companies that exhibit all three factors together.
It suits investors who want to invest in mid-cap stocks by combining the three factors of quality, value, and momentum.
It is a passive (index-tracking) ETF managed by Invesco.
How Does the Invesco S&P MidCap 400 QVM Multi-factor ETF Invest?
| Item | Details |
|---|---|
| Tracking Index | S&P MidCap 400 Multi-factor |
| Management Style | Passive (multi-factor) |
| Selection Criteria | Quality, value, momentum |
| Dividend Frequency | Quarterly dividends |
| Expense Ratio | 0.15% |
From the S&P MidCap 400 Index, the fund selects stocks that score highly on all three of the quality, value, and momentum factors and assigns them weight. It evaluates financial strength, undervaluation, and price momentum together, and follows a rules-based strategy that seeks a risk-return profile combining the three factors rather than relying on any single one.
- A combination of quality, value, and momentum
- Multi-factor selection centered on mid-cap stocks
Invesco S&P MidCap 400 QVM Multi-factor ETF Size and Costs (AUM and Expense Ratio)
Assets under management (AUM) stand at $427.3M, and the expense ratio is 0.15% per year.
The main point of comparison is its selection method combining three factors, versus single-factor mid-cap ETFs or plain mid-cap indexes.
Invesco S&P MidCap 400 QVM Multi-factor ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeU.S. mid-cap stocks react sensitively to the economic cycle, interest rates, and market risk appetite, and multi-factor strategies seek to diversify across several factors to soften the impact of style rotation compared with a single factor. Because of its rules-based selection structure, performance may diverge from market-cap-weighted indexes.
Fund flows into multi-factor products vary with market risk appetite and style rotation, and when interest in factor diversification rises, capital sometimes moves into related products. It is also worth watching how performance changes with the economic cycle and style rotation.
Invesco S&P MidCap 400 QVM Multi-factor ETF Pros and Cons
The combination of three factors is its strength, while simultaneous factor underperformance, mid-cap volatility, and turnover are considerations.
💪 Key Strengths
⚠️ Points to Watch
Invesco S&P MidCap 400 QVM Multi-factor ETF Alternative ETFs and Related Products
For simpler mid-cap exposure, direct substitutes include IJH and MDY, and for those focusing on mid-cap value stocks, products such as IWS are also worth comparing. This ETF is differentiated by its multi-factor selection, which combines the three factors of quality, value, and momentum in mid-cap stocks.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 FNDX | Schwab Fundamental U.S. Large Company ETF | $32.24 | -2.9% | $28.9B | 0.25% | 1.46% | +21.6% |
 PRF | Invesco RAFI US 1000 ETF | $55.31 | -3.0% | $10.3B | 0.34% | 1.34% | +21.3% |
 FNDA | Schwab Fundamental U.S. Small Company ETF | $35.50 | -3.5% | $9.1B | 0.25% | 1.25% | +15.5% |
 RECS | Columbia Research Enhanced Core ETF | $43.75 | -3.8% | $6.2B | 0.15% | 0.74% | +8.1% |
 JHMM | John Hancock Multifactor Mid Cap ETF | $71.98 | -3.6% | $6.2B | 0.41% | 0.91% | +11.9% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
| FLEX | Flex Ltd | 0.02% | $66.73 | -13.6% | $24.7B | 24.1 | - |
| LITE | Lumentum Holdings Inc | 0.01% | $509.70 | -18.7% | $46.2B | - | - |
| COHR | Coherent Corp | 0.01% | $169.76 | -13.0% | $33.4B | 35.1 | 0.01% |
| P | Everpure Inc | 0.01% | $93.44 | -16.4% | $31.1B | 127.5 | - |
| ILMN | Illumina Inc | 0.01% | $208.00 | -8.2% | $31.4B | 35.7 | - |
| TWLO | Twilio Inc | 0.01% | $200.96 | -5.9% | $31.1B | 25.3 | - |
| OKTA | Okta Inc | 0.01% | $171.16 | -10.4% | $29.9B | 103.4 | - |
 FTI | TechnipFMC plc | 0.01% | $61.59 | -4.5% | $23.9B | 19.4 | 0.41% |
 CASY | Casey's General Stores Inc | 0.01% | $689.53 | +2.2% | $25.5B | 33.2 | 0.38% |
 CW | Curtiss-Wright Corp | 0.01% | $433.87 | -4.0% | $16.0B | 28.9 | 0.23% |
Invesco S&P MidCap 400 QVM Multi-factor ETF Investor Checkpoints
Here are the points to check before investing in QVMM. The combination of three factors is appealing, but simultaneous factor underperformance, mid-cap volatility, and turnover should be reviewed in advance. It is also worth comparing it against plain mid-cap and mid-cap value products.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 📊 Multi-factor | Review the quality, value, and momentum scoring criteria | Three factors combined |
| ⚡ Volatility | Review mid-cap volatility | Somewhat high |
| 🔄 Style Rotation | Review the factor regime | Needs checking |
| ♻️ Turnover | Review how often holdings are replaced | Can be high |
Relative underperformance when several factors lag together and mid-cap volatility are the main variables for long-term performance, and a rules-based strategy can diverge from the market average depending on the period. Given the nature of mid-cap stocks, declines can be steep during market crashes.
It is a suitable candidate for investors who want to invest in mid-cap stocks by combining the three factors of quality, value, and momentum. If plain mid-cap exposure is the priority, products like IJH and MDY are options; if you want multi-factor selection, it is advisable to compare this product alongside them before choosing.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 10, 2026.
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