QVMS Fees and Costs — Invesco S&P SmallCap 600 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 $39K in broker commissions, 0.0203% of average net assets, and portfolio turnover was 35%.
QVMS Fees and Expenses
Annual operating expenses and sales charges of QVMS. 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 |
QVMS Costs Over Time
On $10,000 invested in QVMS, assuming 5% a year before costs, total costs come to $108 over 5 years, cutting the return by 0.18% 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) | $2 | $7 | $12 |
| Lost growth on money paid in costs | $0 | $3 | $10 |
| Total costs | $18 | $59 | $108 |
| Value after costs | $10,482 | $11,517 | $12,655 |
| Impact on return, per year | 0.18% | 0.18% | 0.18% |
QVMS 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): 0.0203%
- Total broker commissions: $39K
- Bought from dealers (principal trades, not a cost): $55.4M
- Portfolio turnover (prospectus): 35%
- Securities on loan, average value: $31.5M
- Net income from securities lending: $60K (0.031% of average net assets)
QVMS Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INVESCO CAPITAL MARKETS, INC. | $34K | 86.69% |
| MORGAN STANLEY & CO. LLC | $2K | 4.00% |
| CITADEL SECURITIES LLC | $746 | 1.90% |
| RBC CAPITAL MARKETS, LLC | $719 | 1.83% |
| BARCLAYS CAPITAL INC. | $522 | 1.33% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $505 | 1.28% |
| UBS SECURITIES LLC | $429 | 1.09% |
| MACQUARIE CAPITAL (USA) INC. | $334 | 0.85% |
| MIZUHO SECURITIES USA LLC | $278 | 0.71% |
| JEFFERIES LLC | $131 | 0.33% |
QVMS Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $44.0M | 79.45% |
| BNY MELLON CAPITAL MARKETS, LLC | $9.8M | 17.72% |
| JANE STREET CAPITAL, LLC | $1.1M | 1.98% |
| CITADEL SECURITIES LLC | $472K | 0.85% |
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.