At a glance
QBIG charges 0.29% a year, below the 0.41% average of the 3 funds most like it (the 3rd cheapest of 4). It has $34.1M in assets, the 4th largest of that group. Over the past year it returned +6.5% with distributions reinvested (S&P 500: +11.5%), 3rd of those 4 funds.
The short version
Invesco Top QQQ ETF (QBIG) is an actively managed fund that aims to track the Nasdaq-100 Mega Index. That index holds the few giants, such as NVIDIA, Apple and Microsoft, that together make up as much as 47% of the Nasdaq-100. The fund is a concentrated bet on those very large companies, held mostly through total return swaps (derivative contracts) rather than shares. Its 0.29% expense ratio is above QQQM's 0.15% and QQQ's 0.20%.
Price history
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QBIG +6.5% 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 | |
|---|---|---|---|---|---|---|
| QBIG official prospectus, to Dec 31, 2025 | — | +23.25% | — | — | — | — |
| QBIG price data to Oct 27, 2026 | +9.3% | +6.5% | — | — | — | +18.0% |
- Over the year to Oct 27, 2026, QBIG returned +6.5%, 3rd of 4 among similar funds.
- Its worst full calendar year was 2025 (+21.5%); its best was 2025 (+21.5%).
- The deepest fall in its price history was 30.3% (Dec 17, 2024 to Apr 8, 2025), recovered by Jul 16, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.3% | — |
| 2025 | +21.5% | +21.53% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jul 31, 2026, the fund held 8 securities; the ten largest made up 36.98% of assets, and 53.85% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp. | 7.75% | |
| Apple Inc. | 7.24% | |
| Microsoft Corp. | 5.51% | |
| Amazon.com, Inc. | 4.66% | |
| Alphabet Inc. Class A | 3.31% | |
| Alphabet Inc. Class C | 3.10% | |
| Broadcom Inc. | 2.94% | |
| Tesla, Inc. | 2.48% |
By country
United States 36.98%By asset type
Stocks 36.98%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $2.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.97%, -8.74%, +3.13%.
How it works
QBIG follows the Nasdaq-100 Mega Index. Nasdaq builds it from the Nasdaq-100, which holds the 100 largest non-financial companies listed on the Nasdaq exchange and gives bigger companies more weight. Nasdaq ranks those companies by weight and keeps the top ones that together make up as much as 47% of the Nasdaq-100. No company may be more than 35% of the index. As of December 31, 2025, the index had 9 companies, each worth $1.5 trillion to $4.5 trillion. The index is rebalanced every quarter and reweighted once a year.
The fund is actively managed and splits its money into two parts. Up to 50% can buy the index stocks directly in proportion to their index weights, but the fund won't put more than 20% of its assets in any one stock. At least 50% goes to total return swaps. These are contracts in which a bank pays the fund the index's return in exchange for payments from the fund. With so few stocks, the fund uses the swaps to meet tax diversification rules. Cash, Treasury bills and money market funds back the swaps as collateral.
As of July 31, 2026, stocks the fund owned directly were about 37% of assets and cash was about 54%. It had swaps with four banks, including Bank of America/Merrill Lynch and Morgan Stanley. Holders depend on those banks to pay what they owe. The prospectus also warns that derivatives can magnify gains and losses, much like borrowing to invest.
What it really costs
- QBIG charges 0.29% a year, versus an average of 0.41% for the similar funds below (3rd of 4, cheapest first).
- The fee includes a 0.09% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $30 in the first year and $471 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| QBIG | $30 | $113 | $204 | $471 |
In a retirement portfolio
It concentrates in a handful of the largest Nasdaq-100 companies, much of it through swaps with banks, so it is narrower and more volatile than a broad core fund.
QBIG could add more exposure to the largest Nasdaq-100 companies alongside a broad core fund. It launched on December 4, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 21.53%. Its deepest drop was 30.3%, from December 17, 2024 to April 8, 2025. It recovered by July 16, 2025, about 3.3 months after the low. Anyone forced to sell during a drop like that would lock in losses.
QBIG has paid no distributions, so any spending money would have to come from selling shares. The expense ratio is 0.29%. In the SEC's standard $10,000 example, costs come to $30 after one year and $471 over 10 years. Past results don't predict the future, 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 a concentrated bet on the Nasdaq-100's largest companies, such as NVIDIA, Apple, Microsoft and Amazon, on top of their broader holdings.
- Those comfortable with a fund that normally gets at least half its exposure through total return swaps with banks, despite the risk that a bank fails to pay.
- Growth-focused investors who don't need income from the fund and can sit through drops like its 30.3% fall from December 2024 to April 2025.
Look elsewhere if
- Cost-conscious investors: QQQM charges 0.15% and QQQ 0.20% for the full Nasdaq-100, compared with QBIG's 0.29%.
- Retirees who need regular cash from their holdings, since QBIG has paid no distributions since it launched in December 2024.
- Those who want a long track record or a large fund. QBIG launched in December 2024 and had $34.1 million in net assets as of July 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
What stocks does QBIG hold?
QBIG invests in the biggest Nasdaq-100 companies, partly by owning their shares and partly through swaps. As of July 31, 2026, it owned NVIDIA (7.7% of assets), Apple (7.2%), Microsoft (5.5%), Amazon (4.7%), Alphabet's two share classes (6.4% combined), Broadcom (2.9%) and Tesla (2.5%). Those stocks made up about 37% of assets. Most of the rest was cash backing total return swaps that track the Nasdaq-100 Mega Index.
What's the difference between QBIG and QQQM?
QQQM, also from Invesco, holds all 100 Nasdaq-100 stocks. QBIG targets only the largest companies, which together make up as much as 47% of the index, and gets most of its exposure through swaps. QQQM costs 0.15% a year, compared with 0.29% for QBIG. QQQM returned 10.9% over the year to October 30, 2026. QBIG returned 6.5% over the year to October 27, 2026. QQQM is also far larger, with about $104.4 billion in net assets as of August 31, 2026.
Does QBIG pay dividends?
No. QBIG has paid no distributions since it launched on December 4, 2024. Its stated goal is total return through long-term growth, not income. Much of its exposure comes through total return swaps rather than owned shares, and the rest sits in cash and collateral. Investors who want cash from a QBIG position would have to sell shares, which can mean selling at a loss after a drop.
Is QBIG a leveraged ETF?
No. QBIG isn't built as a leveraged fund, but it does use derivatives. At least half its assets normally go to total return swaps with banks. The prospectus warns that these can magnify gains and losses, and that this effect varies over time. As of October 27, 2026, its one-year beta was 1.5, a sign that it has swung more than the broader market. Swaps also carry counterparty risk, meaning a bank could fail to pay what it owes.
How did QBIG perform in 2025?
QBIG returned 21.53% in 2025, its first full calendar year, according to its prospectus. The ride was bumpy. It lost 16.5% in the quarter ended March 31, 2025, then gained 23.66% in the quarter ended June 30, 2025. Its deepest decline was 30.3%, from December 17, 2024 to April 8, 2025, and it recovered by July 16, 2025. In 2026, it was up 9.3% through October 27.