QVMM Fees and Costs — Invesco S&P MidCap 400 QVM Multi-factor ETF
Data updated: 2026-07-28
The net expense ratio is 0.15%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $32K in broker commissions, 0.0095% of average net assets, and portfolio turnover was 34%.
QVMM Fees and Expenses
Annual operating expenses and sales charges of QVMM. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.15% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.15% |
| Fee waiver | — |
| Net expense ratio | 0.15% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
QVMM Costs Over Time
On $10,000 invested in QVMM, assuming 5% a year before costs, total costs come to $101 over 5 years, cutting the return by 0.17% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.15%) | $16 | $50 | $87 |
| Trading costs (broker commissions) | $1 | $3 | $5 |
| Lost growth on money paid in costs | $0 | $3 | $9 |
| Total costs | $17 | $55 | $101 |
| Value after costs | $10,483 | $11,521 | $12,661 |
| Impact on return, per year | 0.17% | 0.17% | 0.17% |
QVMM Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0095%
- Total broker commissions: $32K
- Bought from dealers (principal trades, not a cost): $47.1M
- Portfolio turnover (prospectus): 34%
- Securities on loan, average value: $44.6M
- Net income from securities lending: $58K (0.017% of average net assets)
QVMM Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INVESCO CAPITAL MARKETS, INC. | $23K | 71.88% |
| COWEN AND COMPANY | $3K | 8.48% |
| MORGAN STANLEY & CO. LLC | $2K | 7.67% |
| JEFFERIES LLC | $2K | 5.09% |
| CITIGROUP GLOBAL MARKETS INC. | $1K | 3.22% |
| RBC CAPITAL MARKETS, LLC | $453 | 1.40% |
| BARCLAYS CAPITAL INC. | $337 | 1.04% |
| MACQUARIE CAPITAL (USA) INC. | $290 | 0.90% |
| UBS SECURITIES LLC | $59 | 0.18% |
| LOOP CAPITAL MARKETS LLC | $47 | 0.15% |
QVMM Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JANE STREET CAPITAL, LLC | $32.9M | 69.90% |
| BNY MELLON CAPITAL MARKETS, LLC | $14.2M | 30.10% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.