Category Review
US multifactor funds ran 30 points apart
State Street SPDR MSCI USA StrategicFactors ETF
$195.35−0.24 (−0.12%)
- 0.15%
- $1.6B
- +17.8%
- 1.24%
- 0M sh
- $195.07
- low $167.84high $196.45
The ETF.net QUS Grade
A
Score 79 out of 100
- 6 of 99
Score 79 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.A84 out of 100Rank 12 of 99Mission
Whether the fund did what it promised, tested against its stated mandate.A88 out of 100Rank 32 of 86Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.A84 out of 100Rank 6 of 97Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B66 out of 100Rank 22 of 99Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B60 out of 100Rank 41 of 98Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A81 out of 100Rank 13 of 99
Our read on QUS
AMost factor ETFs pick one lane. QUS runs three at once: quality, value and low volatility blended into a single broad US portfolio, at 0.15% a year, well under what the typical multifactor fund charges.
The fund seeks to track the MSCI USA Factor Mix A-Series Capped Index before fees and expenses. Its strategy combines low-volatility, quality, and value exposures in one smart-beta portfolio.
Why people hold it
- Three factors, one ticket. The index combines quality, value and low-volatility exposure, so a diversified tilt does not mean stacking three separate funds.ssga.com
- At 0.15%, the fee is less than half the median in its multifactor cohort and undercuts Schwab's FNDX at 0.25%.
- Roughly 500 US names keeps this broad rather than a narrow bet, and the fund has tracked its MSCI index closely since launching in 2015.
- A multi-billion-dollar State Street fund, and one of the stronger multifactor implementations in its peer group.
Worth knowing
- It is thinly traded next to the category's giants, so bid-ask spreads can run wider than on plain index heavyweights.
- Blending three factors mutes each one. By design this tracks neither a pure value fund like VONV nor a pure low-volatility sleeve.
- Distributions land once or twice a year, not quarterly, so this is not shaped like an income fund such as VYM.
QUS Holdings
- Stocks
- 516
- 23%
- MSFT
Sectors
- Technology30.3%
- Financials15.1%
- Health Care14.8%
- Communication9.0%
- Consumer Staples8.1%
- Industrials7.3%
- Consumer Discretionary5.5%
- Energy3.7%
- Utilities3.2%
- Materials1.7%
- Real Estate1.4%
Geography
- United States95.77%
- Ireland1.84%
- United Kingdom0.84%
- Switzerland0.77%
- Canada0.40%
- Uruguay0.15%
- Bermuda0.11%
- Cayman Islands0.09%
- 0.03%
QUS Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
QUS$11,781
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | QUS |
|---|---|
| Year to date | +13.0% |
| 1 month | +1.7% |
| 3 months | +3.5% |
| 1 year | +17.8% |
| 3 years | +18.8% |
| 5 years | +12.0% |
| 10 years | +14.0% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | QUS |
|---|---|---|
| 2026 YTD | +13.0% | |
| 2025 | +14.1% | |
| 2024 | +19.2% | |
| 2023 | +21.8% | |
| 2022 | −14.1% | |
| 2021 | +26.7% | |
| 2020 | +12.4% |
QUS in the news
QUS Dividends
- 1.24%
- $2.43
- $1.01 per share
- Twice a year
Distribution history
QUS Risk
- 10.2%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 1.26
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −22.3%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.73
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
QUS Cost
0.15%
QUS0.15%
- The middle half of US Multifactor funds
- Median 0.30%
11 of the 99 US Multifactor funds charge less.
Other funds in US Multifactor
- AFNDXSchwab Fundamental U.S. Large Company ETFExpense ratio 0.25%1 year return +27.8%
- AGVUSGoldman Sachs MarketBeta Russell 1000 Value Equity ETFExpense ratio 0.12%1 year return +29.6%
- AGSLCGoldman Sachs ActiveBeta U.S. Large Cap Equity ETFExpense ratio 0.09%1 year return +17.9%
- AIMCViShares Morningstar Mid-Cap Value ETFExpense ratio 0.06%1 year return +24.2%
- AAVUSAvantis U.S. Equity ETFExpense ratio 0.15%1 year return +24.4%