QQQI vs QQQM: Fees, Returns & Holdings Compared

	Expense ratio	Net assets	Yield (TTM)	Overlap	1 yr	5 yr*
QQQI	0.68%	$13.11B	14.93%	91%	+5.8%	—
QQQM	0.15%	$104.38B	0.47%		+8.8%	+12.6%

At a glance

QQQI and QQQM hold almost the same stocks in almost the same amounts: 91% of their holdings overlap by weight. QQQI sells options on its holdings to raise income; QQQM does not. QQQM costs less: 0.15% a year against 0.68% for QQQI, or $150 against $680 on every $100,000. QQQI has $13.11B in assets and QQQM $104.38B; over the past 12 months QQQI paid out 14.93% of its price and QQQM 0.47%. Over the past year QQQI returned +5.8% and QQQM +8.8% with distributions reinvested.

Key differences

	QQQI	QQQM
Fund	NEOS Nasdaq 100 High Income ETF	Invesco NASDAQ 100 ETF
Issuer	NEOS	Invesco
Structure	Open-end ETF	Open-end ETF
Type	Option income	Nasdaq-100
Launched	Jan 30, 2024	Oct 13, 2020
Expense ratio	0.68%	0.15%
Cost a year on $100,000	$680	$150
Net assets	$13.11B	$104.38B
Holdings	102	102
Ten largest positions	45.1%	46.3%
Yield (12 months)	14.93%	0.47%
Pays	monthly	quarterly
Portfolio turnover	8% a year	6% a year
Price data from	Jan 30, 2024	Feb 22, 2021

Structure and tax notes

QQQI: Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.

Holdings and overlap

Overlap by weight91%the share of each fund in holdings both own

Securities in common101QQQI 102 · QQQM 102 in all

Ten largest positions45.1% / 46.3%of assets, QQQI / QQQM

Overlap adds up, for every security both funds own, the smaller of its two weights: 100% would mean identical portfolios.

Largest holdings

Holding	QQQI	QQQM
NVIDIA Corp	7.65%	8.51%
Apple Inc	6.63%	7.41%
Microsoft Corp	4.38%	6.00%
Micron Technology Inc	5.61%	4.76%
Amazon.com Inc	4.05%	4.45%
Advanced Micro Devices Inc	4.12%	3.38%
Tesla Inc	3.35%	2.93%
Alphabet Inc	3.32%	3.15%
Alphabet Inc	3.06%	2.92%
Intel Corp	2.99%	1.98%
Broadcom Inc.	2.81%	2.80%

The biggest differences in weight: Microsoft Corp (4.4% in QQQI, 6.0% in QQQM); Intel Corp (3.0% in QQQI, 2.0% in QQQM); Applied Materials Inc (2.5% in QQQI, 1.6% in QQQM).

By sector

Sector	QQQI	QQQM	Difference
Technology	54.0%	52.8%	QQQI +1.2
Communication services	12.2%	12.0%	QQQI +0.2
Consumer discretionary	11.1%	11.4%	QQQM +0.3
Consumer staples	6.0%	6.0%	—
Health care	2.0%	2.3%	QQQM +0.3
Industrials	1.9%	2.1%	QQQM +0.2
Utilities	1.2%	1.1%	QQQI +0.1
Financials	0.3%	0.4%	QQQM +0.1
Energy	0.2%	0.2%	—

Sectors of the companies each fund holds that have a stock page here (89.8% of QQQI, 89.3% of QQQM). Source: N-PORT holdings reports as of Jun 30, 2026 (QQQI) and Aug 31, 2026 (QQQM).

Returns

QQQI QQQM · $10,000 in each on Jan 31, 2024, distributions reinvested.

$10,000 put into QQQI on Jan 31, 2024 was worth $15,360 on Nov 2, 2026, and in QQQM $16,601 (+16.9% and +20.2% a year). That is as far back as the price data for both goes.

	1 yr	3 yr	5 yr	10 yr
QQQI price data to Nov 2, 2026	+5.8%	—	—	—
QQQI official prospectus, to Dec 31, 2025	+18.62%	—	—	—
QQQM price data to Nov 2, 2026	+8.8%	+24.1%	+12.6%	—
QQQM official prospectus, to Dec 31, 2024	+25.70%	—	—	—

Multi-year figures are annualized total returns with distributions reinvested. "Official" rows are the SEC-standard returns from each fund's prospectus, to the end of the last calendar year; they reach back further where the price data starts late. QQQM: Price data starts 2021-02-22, after the fund's launch on 2020-10-13; figures "since start" cover the available history only.

Calendar years

Year	QQQI	QQQM	Difference
2026	+6.6% *	+11.3% *	QQQM +4.7
2025	+18.6%	+20.8%	QQQM +2.2
2024	—	+25.7%
2023	—	+55.0%
2022	—	-32.5%
2021	—	+27.33% †

Total returns from price data; † from the fund’s prospectus where the price data starts later; * year to Nov 2, 2026.

Downturns and recovery

	QQQI	QQQM
2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009	Before it launched	Before it launched
2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020	Before it launched	Before it launched
2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022	Before it launched	−34.2% at the worst; back at its high 14 months after the low
Worst fall in the price data	−20% (Feb 19, 2025 – Apr 8, 2025)	−35% (Nov 19, 2021 – Nov 3, 2022)

The deepest drop from a high to a low during each stretch when stocks fell, and how long the fund took to get back to its earlier high, with distributions reinvested. The price data starts Jan 30, 2024 for QQQI and Feb 22, 2021 for QQQM.

Income

QQQI yield (12 months)14.93%paid monthly

QQQM yield (12 months)0.47%paid quarterly

Year	QQQI	QQQM
2025	$1,421	$60

Distributions paid during each calendar year on $10,000 of shares bought at the previous year-end close, adjusted for share splits. Before taxes.

Costs

QQQM charges 0.15% a year and QQQI 0.68%: on $100,000 that is $530 a year less with QQQM ($2,650 on $500,000). The fee comes out of each fund's assets, so it is already in the returns above.

Cost of $10,000 (SEC example)	1 yr	3 yrs	5 yrs	10 yrs
QQQI	$69	$218	$379	$847
QQQM	$15	$48	$85	$192

From each fund's prospectus: the total costs on $10,000 invested, at a 5% yearly return, with the shares sold at the end of each period.

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