At a glance
PNQI charges 0.6% a year, above the 0.5% average of the 8 funds most like it (the 6th cheapest of 9). It has $512.2M in assets, the 6th largest of that group. Over the past year it returned −10.9% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned +20.2% a year. At its worst it fell 28.9% in the 2020 crash (S&P 500: 33.7%) and 48.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 24 months after the lows. Its ten largest positions make up 59.0% of the fund, out of 77 in all.
The short version
Invesco NASDAQ Internet ETF (PNQI) holds the 77 internet companies in the Nasdaq CTA Internet Index, from search and social media to online retail and software. It is a non-diversified fund. Its five largest holdings were Microsoft, Amazon, Apple, Alphabet and Meta, and together they made up about 39% of assets as of July 31, 2026. Its 0.60% expense ratio is higher than the 0.51% charged by its closest rival, First Trust's FDN.
Price history
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PNQI -10.9% 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 | |
|---|---|---|---|---|---|---|
| PNQI official prospectus, to Dec 31, 2025 | — | +15.65% | — | +3.40% | +12.91% | — |
| PNQI price data to Oct 27, 2026 | -6.0% | -10.9% | +20.2% | +0.8% | +11.3% | +13.6% |
- Over the year to Oct 27, 2026, PNQI returned -10.9%, 9th of 9 among similar funds.
- Its 5-year annualized return was +0.8% and its 10-year +11.3%.
- In the 2020 COVID crash it fell 28.9% and regained its old high 2.1 months after the low.
- Its worst full calendar year was 2022 (-47.9%); its best was 2009 (+88.0%).
- The deepest fall in its price history was 59.7% (Feb 16, 2021 to Nov 9, 2022), recovered by Jul 18, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -6.0% | — |
| 2025 | +15.6% | +15.66% |
| 2024 | +29.4% | +29.41% |
| 2023 | +60.7% | +60.58% |
| 2022 | -47.9% | -47.87% |
| 2021 | -5.6% | -5.67% |
| 2020 | +61.4% | +61.25% |
| 2019 | +28.8% | +28.88% |
| 2018 | -5.1% | -5.02% |
| 2017 | +40.0% | +39.95% |
| 2016 | +3.0% | +3.17% |
| 2015 | +19.6% | — |
| 2014 | -2.0% | — |
| 2013 | +65.2% | — |
| 2012 | +20.1% | — |
| 2011 | -0.5% | — |
| 2010 | +34.2% | — |
| 2009 | +88.0% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 26.7% over that stretch · deepest drop along the way 28.9%, back to its old high 2.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 48.2% over that stretch · deepest drop along the way 48.6%, back to its old high 23.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.0100 | +66.7% |
| 2017 | $0.0060 | +50.0% |
| 2012 | $0.0040 |
What's inside
As of Jul 31, 2026, the fund held 77 securities; the ten largest made up 59.03% of assets. It also reported 5.28% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Microsoft Corp. | 8.30% | |
| Amazon.com, Inc. | 8.07% | |
| Apple Inc. | 7.96% | |
| Alphabet Inc. | 7.62% | |
| Meta Platforms, Inc. | 7.08% | |
| Booking Holdings Inc. | 4.36% | |
| Uber Technologies, Inc. | 4.02% | |
| Shopify Inc. | 3.97% | |
| Salesforce, Inc. | 3.87% | |
| Walt Disney Co. (The) | 3.80% | |
| Netflix, Inc. | 3.35% | |
| Spotify Technology S.A. | 3.01% | |
| Adobe Inc. | 2.95% | |
| MercadoLibre, Inc. | 2.79% | |
| Intuit Inc. | 2.52% |
By country
United States 86.79%Cayman Islands 5.43%Canada 4.15%Luxembourg 3.04%Israel 0.26%By asset type
Stocks 100.01%By sector
Sectors of the companies held, for the 75.4% 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 withdrew a net $52.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.96%, -7.54%, +7.60%.
How it works
PNQI is an index fund. It doesn't pick stocks. It tries to match the Nasdaq CTA Internet Index, before fees. Nasdaq, Inc. builds the index from companies listed on the NYSE, NYSE American, Cboe BZX or Nasdaq. Each company's main business must be internet-related, such as software, search engines, web hosting, website design or online retail. The Consumer Technology Association (CTA) decides which companies qualify. The index can include common stocks and American depositary receipts (ADRs), which are US-traded certificates for shares of foreign companies. As of June 30, 2026, it had 77 companies, worth between $173 million and $4.3 trillion each.
The fund uses "full replication." That means it generally owns every stock in the index, in the same proportions as the index. It must keep at least 80% of net assets in index stocks or investments that behave like them. It trades mainly when the index changes. So it keeps a lagging stock until the index drops it. Portfolio turnover, the share of holdings replaced in a year, was a modest 17%.
PNQI is "non-diversified." That means it can put more money into a few companies than a diversified fund can. As of July 31, 2026, its top 10 holdings made up 59% of assets. It held no derivatives, and it uses no leverage or options.
What it really costs
- PNQI charges 0.6% a year, versus an average of 0.5% for the similar funds below (6th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $750 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PNQI | $61 | $192 | $335 | $750 |
In a retirement portfolio
PNQI is a concentrated, non-diversified bet on one industry that has lost more than half its value at times and pays no income.
PNQI could add focused exposure to large internet businesses, but its losses have been deep. It fell 28.9% in the 2020 COVID crash and was back at its peak by May 18, 2020. In the 2022 bear market it dropped 48.6% and did not recover until September 24, 2024. Its deepest fall was 59.7%, from February 2021 to November 2022, and it took about 32 months to recover, on July 18, 2025. Comparable figures for the 2008 crisis aren't available. Its worst calendar year was 2022, when it lost 47.9%. Anyone who had to sell shares in a year like that would have locked in large losses. PNQI paid no distributions in the 12 months to October 27, 2026. In the SEC's standard example, its 0.60% expense ratio costs about $61 in the first year on $10,000. Past results don't predict the future. 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 a small, targeted stake in internet giants like Microsoft, Amazon and Meta, plus names like Uber, Shopify and Spotify.
- Long-term holders who could sit through a 59.7% drop like the one in 2021–2022, which took about 32 months to recover.
- People who prefer a fully replicated index fund with 17% turnover and no leverage, options or derivatives.
Look elsewhere if
- Retirees who need income: PNQI made no distributions in the 12 months to October 27, 2026.
- Cost-focused investors: its 0.60% expense ratio is above FDN's 0.51%, the 0.50% peer average, and VUG's 0.04%.
- Anyone already heavy in big tech: Microsoft, Amazon, Apple, Alphabet and Meta made up about 39% of the fund as of July 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PNQI this fund | — | 0.6% | $512.2M | -10.9% | +20.2% |
| FDN First Trust Dow Jones Internet Index Fund | 43% | 0.51% | $4.98B | -1.2% | +23.7% |
| TMFC Motley Fool 100 Index ETF | 36% | 0.5% | $2.09B | +9.6% | +28.1% |
| VUG Vanguard Growth ETF | 31% | 0.04% | $379.29B | +3.8% | +25.1% |
| RND First Trust Bloomberg R&D Leaders ETF | 30% | 0.6% | $4.8M | +7.8% | — |
| IWFG NYLI Winslow Focused Large Cap Growth ETF | 29% | 0.65% | $60.5M | -2.6% | +23.6% |
| PJFG PGIM Jennison Focused Growth ETF | 28% | 0.75% | $140.3M | +3.6% | +25.2% |
| IGM iShares Expanded Tech Sector ETF | 27% | 0.41% | $10.71B | +21.3% | +38.6% |
Questions investors ask
Does PNQI pay a dividend?
No. PNQI made no distributions in the 12 months to October 27, 2026, so its trailing yield was 0%. The fund's aim is to track an index of internet companies, not to produce income. Retirees who need regular cash from their investments would have to get it from other holdings or by selling shares. Selling can be painful in a year like 2022, when the fund lost about 48%.
What's the difference between PNQI and FDN?
Both are internet-stock index funds, but they track different indexes. PNQI follows the Nasdaq CTA Internet Index. FDN follows the Dow Jones Internet Index. Their holdings overlap by about 43%. FDN costs 0.51% a year versus PNQI's 0.60%, and it is much larger, at about $5.0 billion against PNQI's $512 million. As of October 27, 2026, FDN returned -1.2% over one year versus PNQI's -10.9%. Over three years, FDN averaged 23.7% a year and PNQI 20.2%.
What are PNQI's top holdings?
As of July 31, 2026, PNQI's largest holdings were Microsoft (8.3%), Amazon (8.1%), Apple (8.0%), Alphabet (7.6%) and Meta Platforms (7.1%). Next came Booking Holdings (4.4%), Uber (4.0%), Shopify (4.0%), Salesforce (3.9%) and Walt Disney (3.8%). The fund held 77 companies, and its top 10 made up about 59% of assets. About 87% of assets were in US companies, with smaller stakes in companies based in Canada, Luxembourg and elsewhere.
How has PNQI performed over the long term?
PNQI's long-term returns have been strong but uneven. As of December 31, 2025, it returned 15.65% over one year and averaged 3.4% a year over five years and 12.91% a year over ten. Individual years swung widely: up 61.25% in 2020, down 47.87% in 2022, and up 60.58% in 2023. Based on price, the fund was down 6.0% year to date through October 27, 2026, and down 10.9% over the prior 12 months.
Is PNQI a risky ETF?
Yes, PNQI is riskier than a broad stock fund. It holds just one industry and is non-diversified, so a few large stocks drive results. Its worst quarter was a 29.13% loss in the three months to June 30, 2022. Its deepest fall was 59.7%, and recovering from it took about 32 months. Over the year to October 27, 2026, its volatility was 20.5%. Volatility measures how widely returns swing; a higher number means a bumpier ride.