At a glance
QNXT charges 0.2% a year, below the 0.42% average of the 6 funds most like it (the cheapest of 7). It has $18.9M in assets, the 7th largest of that group; it paid 0.67% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +10.0% with distributions reinvested (S&P 500: +11.5%), 4th of those 7 funds. Its ten largest positions make up 31.2% of the fund, out of 71 in all.
The short version
iShares Nasdaq-100 ex Top 30 ETF (QNXT) is a BlackRock index fund holding about 70 companies ranked 31st to 100th by market value in the Nasdaq-100, leaving out its 30 largest. It may appeal to investors seeking Nasdaq-100 exposure beyond the biggest names, at a 0.20% annual fee that ties for lowest among similar funds. The trade-offs: just $18.9 million in assets as of June 30, 2026, and about two years of history.
Price history
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QNXT +10.0% 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 | |
|---|---|---|---|---|---|---|
| QNXT official prospectus, to Dec 31, 2025 | — | +15.05% | — | — | — | +10.38% |
| Nasdaq US Benchmark Index index, same period | — | +17.56% | — | — | — | +16.70% |
| QNXT price data to Oct 27, 2026 | +14.0% | +10.0% | — | — | — | +13.0% |
- Over the year to Oct 27, 2026, QNXT returned +10.0%, 4th of 7 among similar funds.
- Its worst full calendar year was 2025 (+14.9%); its best was 2025 (+14.9%).
- The deepest fall in its price history was 22.2% (Feb 18, 2025 to Apr 8, 2025), recovered by Jul 3, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.0% | — |
| 2025 | +14.9% | +15.05% |
| 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 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1500 | |
| 2025 | $0.1700 |
What's inside
As of Jun 30, 2026, the fund held 71 securities; the ten largest made up 31.23% of assets. It also reported 4.93% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Marvell Technology, Inc. | 4.76% | |
| Western Digital Corp. | 4.02% | |
| Amgen, Inc. | 3.57% | |
| ASML Holding NV | 3.32% | |
| Gilead Sciences, Inc. | 2.87% | |
| ARM Holdings plc | 2.75% | |
| Intuitive Surgical, Inc. | 2.57% | |
| Shopify, Inc. | 2.54% | |
| Booking Holdings, Inc. | 2.52% | |
| Vertex Pharmaceuticals, Inc. | 2.30% | |
| Starbucks Corp. | 2.13% | |
| Fortinet, Inc. | 2.06% | |
| Cadence Design Systems, Inc. | 1.89% | |
| Marriott International, Inc. | 1.79% | |
| Monster Beverage Corp. | 1.72% |
By country
United States 85.68%Netherlands 6.63%United Kingdom 3.56%Canada 3.11%Cayman Islands 0.93%By asset type
Stocks 99.92%By sector
Sectors of the companies held, for the 69.7% 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 Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $2K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.69%, +7.97%, +1.54%.
How it works
QNXT tracks the Nasdaq-100 ex Top 30 Index, created by Nasdaq, Inc. Nasdaq ranks the non-financial US and foreign companies in its Nasdaq-100 Index by market capitalization (share price times shares outstanding). QNXT's index keeps those ranked 31st through 100th, about 70 stocks, and leaves out the 30 largest.
Bigger companies get bigger weights, within limits. At each quarterly rebalance (when the index resets weights and membership) in March, June, September and December, no company can exceed 22.5%, and companies above 4.5% each can't total more than 48%. Weights can drift between rebalances. A stock that rises into the Nasdaq-100's top 30 leaves, and one that falls out of it can join. The prospectus filed July 27, 2026 lists portfolio turnover, a gauge of how much trading the fund does, at 47%.
BlackRock uses representative sampling: rather than buying every index stock, it may hold a selection chosen to behave like the index, while normally keeping at least 80% of net assets in index stocks. It may also hold cash and derivatives (contracts tied to an asset's price) and lend out securities worth up to one-third of its assets. As of June 30, 2026, it held 71 companies, with about 86% of assets in US firms and most of the rest in the Netherlands, the UK and Canada.
What it really costs
- QNXT charges 0.2% a year, versus an average of 0.42% for the similar funds below (1st of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $20 in the first year and $255 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| QNXT | $20 | $64 | $113 | $255 |
In a retirement portfolio
It is an all-stock fund covering one slice of the Nasdaq-100, with a short record and little income, so it fits better as a small add-on than as a portfolio's foundation.
QNXT could add Nasdaq-100 companies beyond the 30 largest, such as Marvell Technology, Western Digital, Amgen and ASML, its biggest holdings as of June 30, 2026. It launched October 23, 2024, so it has no record through the 2008, 2020 or 2022 downturns. Its deepest drop was 22.2%, from February 18 to April 8, 2025, and it regained that peak by July 3, 2025, about 2.8 months after the low. Its only full calendar year, 2025, returned 15.05%, behind the Nasdaq US Benchmark Index's 17.56%.
Income is small: the trailing 12-month yield was 0.67% as of October 27, 2026, paid quarterly, so drawing cash would mostly mean selling shares, possibly after a fall. Costs are low: 0.20% a year, or $20 in year one on $10,000 under the SEC's standard example. Past results don't predict future ones, and a plan needs to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors with a Nasdaq-100 fund who want more exposure to its 31st-to-100th-ranked companies, such as Marvell Technology, Amgen and ASML.
- Cost-conscious investors: its 0.20% expense ratio ties for lowest among the similar funds compared, which averaged 0.42%.
- Long-term holders who can ride out stock swings like its 22.2% drop from February to April 2025 and don't need dividend income.
Look elsewhere if
- Retirees needing steady income: the yield was 0.67% as of October 27, 2026, paid in small quarterly dividends.
- Investors wanting a long record: launched October 23, 2024, the fund has no history through the 2008, 2020 or 2022 downturns.
- Those wary of very small funds: net assets were about $18.9 million as of June 30, 2026, the smallest of the seven funds compared.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| QNXT this fund | — | 0.2% | $18.9M | +10.0% | — |
| QQQE Direxion NASDAQ-100 Equal Weighted Index Sh… | 63% | 0.35% | $1.33B | +14.1% | +20.1% |
| QQXT First Trust Nasdaq-100 Ex-Technology Sector… | 54% | 0.6% | $165.9M | +0.6% | +10.8% |
| QQEW First Trust Nasdaq-100 Equal Weighted Index… | 45% | 0.57% | $1.81B | +8.1% | +17.8% |
| QTEC First Trust NASDAQ-100 Technology Sector In… | 36% | 0.57% | $4.99B | +27.5% | +30.9% |
| QQQ Invesco QQQ Trust Series I | 24% | 0.2% | $490.10B | +8.8% | +24.0% |
| QQMG Invesco ESG NASDAQ 100 ETF | 21% | 0.2% | $200.0M | +16.4% | +29.5% |
Questions investors ask
What stocks are in QNXT?
QNXT holds the Nasdaq-100 companies ranked 31st through 100th by market value, about 70 stocks. As of June 30, 2026, it held 71, led by Marvell Technology (4.8% of assets), Western Digital (4.0%), Amgen (3.6%), ASML (3.3%), Gilead Sciences (2.9%) and ARM Holdings (2.7%). Its 10 largest positions made up about 31% of the fund. Roughly 86% of assets were in US companies, with most of the rest in the Netherlands, the UK and Canada.
Does QNXT pay dividends?
Yes, QNXT pays dividends quarterly, but they are small. Over the 12 months to October 27, 2026, it paid about $0.21 per share, a yield of 0.67%. Its index picks companies by size, not dividends, and leans toward consumer and technology businesses, according to the prospectus. Anyone counting on this fund for retirement cash flow would likely need to sell shares rather than live on its payouts.
What is the QNXT expense ratio?
QNXT's expense ratio, the yearly fee taken from fund assets, is 0.20%, according to the prospectus filed July 27, 2026. In the SEC's standard example, $10,000 invested with a 5% annual return would incur about $20 in costs over one year, $64 over three, $113 over five and $255 over ten. That ties for the lowest among the similar funds compared, whose fees averaged 0.42%.
QNXT vs QQQE: what's the difference?
QNXT leaves out the Nasdaq-100's 30 largest companies and weights the rest by market value, while Direxion's QQQE, as its name says, gives Nasdaq-100 stocks equal weights. Their holdings overlap by 63%, the most of any similar fund. QNXT costs less, 0.20% a year versus 0.35%, but is far smaller: $18.9 million in net assets as of June 30, 2026, against about $1.33 billion for QQQE as of July 31, 2026. QQQE returned 14.1% over the year to October 27, 2026, versus 10% for QNXT.
How has QNXT performed since launch?
QNXT has gained since launch but trailed its prospectus benchmark. In 2025, its only full calendar year, it returned 15.05%, versus 17.56% for the Nasdaq US Benchmark Index. From its October 23, 2024 launch through December 31, 2025, it averaged 10.38% a year, against 16.7% for the index. For 2026 through October 27, it was up 14%. Its steepest decline, 22.2% from February to April 2025, was recovered by July 3, 2025.