At a glance
IGPT charges 0.57% a year, above the 0.42% average of the 8 funds most like it (the 7th cheapest of 9). It has $1.11B in assets, the 6th largest of that group. Over the past year it returned +49.3% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds; over three years it returned +43.8% a year. Its ten largest positions make up 60.1% of the fund, out of 100 in all.
The short version
Invesco AI and Next Gen Software ETF (IGPT) is an index fund that tracks the STOXX World AC NexGen Software Development Index, a set of 100 global companies tied to AI, robotics and future software development. Despite the software name, chipmakers such as NVIDIA, AMD and Micron sit beside Alphabet and Meta at the top. It charges 0.57% a year, above the 0.42% average for similar funds, and it made no distributions in the year to October 27, 2026.
Price history
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IGPT +49.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| IGPT official prospectus, to Dec 31, 2025 | — | +31.87% | — | +4.67% | +16.42% | — |
| IGPT price data to Oct 27, 2026 | +53.6% | +49.3% | +43.8% | — | — | +38.2% |
- Over the year to Oct 27, 2026, IGPT returned +49.3%, 1st of 9 among similar funds.
- Its worst full calendar year was 2024 (+17.1%); its best was 2025 (+31.6%).
- The deepest fall in its price history was 29.3% (Jul 10, 2024 to Apr 8, 2025), recovered by Jul 16, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +53.6% | — |
| 2025 | +31.6% | +31.87% |
| 2024 | +17.1% | +16.72% |
| 2023 | — | +27.76% |
| 2022 | — | -27.71% |
| 2021 | — | -11.63% |
| 2020 | — | +54.07% |
| 2019 | — | +35.00% |
| 2018 | — | +16.63% |
| 2017 | — | +34.47% |
| 2016 | — | +11.62% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Not in the price data, which starts Aug 28, 2023 |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Aug 28, 2023 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Not in the price data, which starts Aug 28, 2023 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.0300 |
What's inside
As of Jul 31, 2026, the fund held 100 securities; the ten largest made up 60.14% of assets, and 2.07% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Alphabet Inc. | 8.90% | |
| NVIDIA Corp. | 8.76% | |
| Meta Platforms, Inc. | 8.76% | |
| Advanced Micro Devices, Inc. | 8.72% | |
| Micron Technology, Inc. | 7.39% | |
| SK hynix Inc. | 4.16% | |
| Intel Corp. | 3.88% | |
| Seagate Technology Holdings PLC | 3.28% | |
| Western Digital Corp. | 3.21% | |
| Sandisk Corp. | 3.07% | |
| MediaTek Inc. | 2.92% | |
| Marvell Technology, Inc. | 2.80% | |
| Intuitive Surgical, Inc. | 2.14% | |
| QUALCOMM Inc. | 2.08% | |
| Keyence Corp. | 1.77% |
By country
United States 80.14%Taiwan 4.37%Japan 4.23%South Korea 4.21%Ireland 3.28%By asset type
Stocks 100.9%By sector
Sectors of the companies held, for the 69.3% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $148.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +28.28%, +4.46%, -16.53%.
How it works
STOXX Ltd. builds the index. It starts with the STOXX World AC Universal All Cap Index, which covers large, mid-size and small companies in developed and emerging markets. A stock qualifies only if its free-float market value (the value of shares available to the public) is at least €500 million, its median daily trading over three months is at least €1 million, and at least 50% of its revenue comes from FactSet business categories that STOXX links to future software development. The 100 largest qualifiers by free-float value make the cut.
Each stock's weight is its free-float value multiplied by the share of its revenue from those categories. No stock may top 8%, and stocks above 4.5% may not add up to more than 45% combined. That cap explains why, as of July 31, 2026, Alphabet (8.9%), NVIDIA (8.8%), Meta (8.8%) and AMD (8.7%) all sat just under the limit. The fund uses full replication, which means it buys every stock in the index in the same proportions.
The fund is non-diversified, so it can put more money into a few companies than a diversified fund can. As of April 30, 2026, it had significant exposure to the semiconductor and software industries. It does not sell a lagging stock unless the index drops it. It used no leverage, options or derivatives as of July 31, 2026, and portfolio turnover was 26%.
What it really costs
- IGPT charges 0.57% a year, versus an average of 0.42% for the similar funds below (7th of 9, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $58 in the first year and $713 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IGPT | $58 | $183 | $318 | $713 |
In a retirement portfolio
It is a concentrated, non-diversified bet on AI chips and internet platforms that swings far more than the broad market and pays no income.
The fund's prospectus shows how wide the swings can be: up 54.07% in 2020, then down 11.63% in 2021 and 27.71% in 2022. Its worst quarter was a 18.44% drop in the three months to June 30, 2022. The price history available here starts in August 2023. Over that period the deepest fall was 29.3%, from July 10, 2024 to April 8, 2025. It got back to its old high by July 16, 2025, about 3.3 months after the low. Its one-year beta was 2.31 as of October 27, 2026. Beta compares a fund's moves with the market's, and 2.31 means it has moved more than twice as much. Anyone who had to sell during a fall like that would have locked in the loss.
The fund paid nothing out in the year to October 27, 2026, so any cash would have to come from selling shares. On the SEC's standard $10,000 example, costs come to $58 after one year and $713 over ten years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want one fund holding AI chipmakers, memory makers and internet platforms across the US, Taiwan, Japan and South Korea.
- Those keeping a small growth slice who can stomach losses like the fund's 27.71% drop in 2022 and 38% one-year volatility.
- Investors who like rules-based indexing that weights companies by revenue from AI and software themes, not by size alone.
Look elsewhere if
- Cost-focused investors: XLK charges 0.08% and SOXX 0.35%, compared with IGPT's 0.57% expense ratio.
- Anyone who needs income, since the fund made no distributions in the year to October 27, 2026.
- Those after pure software exposure: as of July 31, 2026, chip and storage makers such as NVIDIA, Micron and Seagate dominated the top holdings.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| IGPT this fund | — | 0.57% | $1.11B | +49.3% | +43.8% |
| IGM iShares Expanded Tech Sector ETF | 39% | 0.41% | $10.71B | +21.3% | +38.6% |
| IYW iShares U.S. Technology ETF | 35% | 0.39% | $23.58B | +13.9% | +30.4% |
| WTAI WisdomTree Artificial Intelligence and Inno… | 35% | 0.45% | $669.5M | +24.9% | +35.1% |
| GGME Invesco Next Gen Media and Gaming ETF | 34% | 0.61% | $44.0M | -2.7% | +26.7% |
| SOXX iShares Semiconductor ETF | 34% | 0.35% | $47.82B | +48.5% | +44.1% |
| XLK Technology Select Sector SPDR Fund | 33% | 0.08% | $123.91B | +20.1% | +4.0% |
| SMH VanEck Semiconductor ETF | 33% | 0.35% | $77.20B | +40.5% | +52.2% |
Questions investors ask
Does IGPT pay a dividend?
No. IGPT made no distributions in the year to October 27, 2026, and its trailing yield was 0%. That means any return comes from changes in the share price. Many of its largest holdings, such as NVIDIA, AMD and Micron, put their profits back into the business, so the fund collects little to pass on. Someone who wants regular cash from this fund would have to sell shares to get it.
What's the difference between IGPT and IGM?
IGM, the iShares Expanded Tech Sector ETF, is the most similar fund by holdings, sharing about 39% with IGPT. IGM is cheaper at 0.41% a year, compared with 0.57%. It is also much larger, with $10.7 billion in net assets as of June 30, 2026, against IGPT's $1.11 billion as of July 31, 2026. As of October 27, 2026, IGPT returned 49.3% over one year and 43.8% a year over three years. IGM returned 21.3% and 38.6% over the same periods. About 20% of IGPT is in non-US companies.
Is IGPT a software ETF or a semiconductor ETF?
It is both, and the chip side is large. The index picks companies that earn at least half their revenue from areas STOXX ties to future software development. As of April 30, 2026, the prospectus listed significant exposure to both semiconductors and software. As of July 31, 2026, the top holdings were Alphabet, NVIDIA, Meta, AMD and Micron, followed by SK hynix, Intel, Seagate, Western Digital and Sandisk. The top 10 made up about 60% of the fund.
How risky is IGPT?
It is well above average in risk. The fund lost 27.71% in 2022, and its worst quarter was a drop of 18.44% in the three months to June 30, 2022. Its one-year beta was 2.31 as of October 27, 2026, so it moved more than twice as much as the market. It is non-diversified, and its top 10 holdings were about 60% of assets as of July 31, 2026. Through December 31, 2025, its average annual return was 4.67% over five years and 16.42% over ten.
What is IGPT's expense ratio?
IGPT's expense ratio is 0.57% a year, according to the prospectus filed August 27, 2026. That includes a 0.50% management fee. On the SEC's standard example of $10,000 earning 5% a year, costs come to about $58 after one year, $318 after five years and $713 after ten. Similar funds average 0.42%, and IGPT ranks 7th of 9 on cost. XLK charges 0.08%, and SOXX and SMH each charge 0.35%.