At a glance
QOWZ charges 0.39% a year, below the 0.41% average of the 5 funds most like it (the 3rd cheapest of 6). It has $10.7M in assets, the 6th largest of that group; it paid 0.24% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +2.4% with distributions reinvested (S&P 500: +11.5%), 4th of those 6 funds. Its ten largest positions make up 41.1% of the fund, out of 50 in all.
The short version
Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ) tracks a Nasdaq index of 50 U.S. companies with long records of growing free cash flow: the cash left after paying operating costs and capital spending. The screen tilts it heavily toward technology, led by NVIDIA and Broadcom. Its 0.39% annual fee is close to the 0.41% average of similar funds, but with $10.7 million in assets as of August 31, 2026, it is very small.
Price history
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QOWZ +2.4% 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 | |
|---|---|---|---|---|---|---|
| QOWZ official prospectus, to Dec 31, 2024 | — | +38.89% | — | — | — | — |
| QOWZ price data to Oct 27, 2026 | +6.2% | +2.4% | — | — | — | +18.0% |
- Over the year to Oct 27, 2026, QOWZ returned +2.4%, 4th of 6 among similar funds.
- Its worst full calendar year was 2025 (+7.3%); its best was 2024 (+33.1%).
- The deepest fall in its price history was 20.4% (Jan 23, 2025 to Apr 8, 2025), recovered by Jun 30, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.2% | — |
| 2025 | +7.3% | — |
| 2024 | +33.1% | +32.97% |
| 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) | $0.0700 | |
| 2025 | $0.1100 | -47.6% |
| 2024 | $0.2100 |
What's inside
As of Aug 31, 2026, the fund held 50 securities; the ten largest made up 41.06% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp. | 9.54% | |
| Broadcom Inc. | 5.61% | |
| Mastercard Inc. | 4.72% | |
| Salesforce, Inc. | 3.77% | |
| ServiceNow, Inc. | 3.12% | |
| KLA Corp. | 3.00% | |
| Fortinet, Inc. | 2.99% | |
| Automatic Data Processing, Inc. | 2.98% | |
| Adobe Inc. | 2.76% | |
| Veeva Systems Inc. | 2.57% | |
| Intuit Inc. | 2.52% | |
| Republic Services, Inc. | 2.25% | |
| Cadence Design Systems, Inc. | 2.20% | |
| Roper Technologies, Inc. | 2.15% | |
| Workday, Inc. | 2.15% |
By country
United States 98.45%Ireland 1.54%By asset type
Stocks 99.99%By sector
Sectors of the companies held, for the 67.4% 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 Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $2.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.26%, +3.86%, +8.08%.
How it works
QOWZ is an index fund, so a set of rules, not a stock picker, decides what it owns. It aims to match the Nasdaq US Free Cash Flow Achievers Index, before fees, and generally keeps at least 90% of its assets in the index's stocks. It uses “full replication,” meaning it owns every index stock in roughly the same proportions.
The starting pool is the Nasdaq US Benchmark Index, which covers the broad U.S. market. A company qualifies only if it had positive free cash flow in each of the past 11 years. The 50 with the most years of year-over-year growth in free cash flow get in; ties go to the fastest free cash flow growth over the past three years. Financial and real estate companies are excluded, but size is no barrier: as of October 31, 2025, members ranged from $274.4 million to $4.9 trillion in market value. Weights follow a modified version of company size, so larger firms generally get larger positions.
Because the fund is “non-diversified,” it may hold big stakes in a few companies. As of August 31, 2026, NVIDIA was 9.5% of assets and the top 10 holdings were 41%. The fund generally trades only when the index changes, even if a stock is lagging. It uses no leverage, options or other derivatives.
What it really costs
- QOWZ charges 0.39% a year, versus an average of 0.41% for the similar funds below (3rd of 6, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $40 in the first year and $493 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| QOWZ | $40 | $125 | $219 | $493 |
In a retirement portfolio
With 50 stocks, roughly half its assets in technology as of August 31, 2026, and under three years of history, it fits better as a small add-on than as a portfolio's foundation.
QOWZ could add a tilt toward companies with steady free cash flow growth, though roughly half its assets were in technology as of August 31, 2026. Launched December 6, 2023, it missed the 2008, 2020 and 2022 sell-offs. Of its two full calendar years, the weaker, 2025, still gained 7.3%. Its deepest drop, 20.4% from January 23 to April 8, 2025, was fully recovered by June 30, about 2.7 months later. It has not yet faced a long bear market, which matters for anyone who may need to sell shares in a bad year.
Its quarterly dividends totaled just 0.24% of its price over the 12 months to October 27, 2026. In the SEC's standard example, $10,000 earning 5% a year would pay about $493 in costs 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 rules-based screen for U.S. companies with 11 straight years of positive free cash flow and long records of growing it.
- Those comfortable with a tech-heavy, non-diversified 50-stock portfolio led by NVIDIA (9.5%) and Broadcom (5.6%) as of August 31, 2026.
- Investors seeking a small add-on beside a broad core fund, at a 0.39% annual fee near the 0.41% average of similar funds.
Look elsewhere if
- Investors who need income: quarterly dividends equaled just 0.24% of the share price over the 12 months to October 27, 2026.
- Cost-focused investors: Schwab U.S. Large-Cap Growth ETF (SCHG) charges 0.04% and iShares MSCI USA Quality GARP ETF (GARP) 0.15%, versus QOWZ's 0.39%.
- Anyone wary of small funds or short records: QOWZ held $10.7 million as of August 31, 2026, and launched only in December 2023.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| QOWZ this fund | — | 0.39% | $10.7M | +2.4% | — |
| PJFG PGIM Jennison Focused Growth ETF | 21% | 0.75% | $140.3M | +3.6% | +25.2% |
| FFOG Franklin Focused Growth ETF FOCUSED GROWTH … | 21% | 0.55% | $311.7M | -0.4% | — |
| GARP iShares MSCI USA Quality GARP ETF | 21% | 0.15% | $2.52B | +16.9% | — |
| PGRO Putnam Focused Large Cap Growth ETF | 21% | 0.56% | $212.1M | +3.1% | +24.6% |
| SCHG Schwab U.S. Large-Cap Growth ETF | 21% | 0.04% | $63.03B | +2.2% | +23.0% |
Questions investors ask
What does QOWZ invest in?
QOWZ invests in the 50 U.S.-listed companies in the Nasdaq US Free Cash Flow Achievers Index. Each must have had positive free cash flow, the cash left after operating costs and capital spending, in each of the past 11 years. The index then picks those with the most years of rising free cash flow. Companies in the financials and real estate sectors are excluded. As of August 31, 2026, the largest holdings were NVIDIA (9.5%), Broadcom (5.6%), Mastercard (4.7%), Salesforce (3.8%) and ServiceNow (3.1%).
What is QOWZ's expense ratio?
QOWZ's expense ratio is 0.39%, according to its prospectus filed December 18, 2025. That is the yearly fee taken from fund assets. It compares with a 0.41% average for similar funds and ranks third-lowest of six. The cheapest of those, Schwab U.S. Large-Cap Growth ETF (SCHG), charges 0.04%. In the SEC's standard example, a $10,000 investment earning 5% a year would incur about $40 in costs after one year, $219 after five years and $493 after 10 years.
Does QOWZ pay dividends?
Yes, QOWZ pays dividends quarterly, but they are small. Over the 12 months to October 27, 2026, it paid about $0.09 per share, a yield of 0.24%. The fund's goal is to track an index built on free cash flow growth, not to produce income, so its payouts are unlikely to cover much spending on their own.
What's the difference between QOWZ and GARP?
The biggest differences are cost, size and recent returns. iShares MSCI USA Quality GARP ETF charges 0.15% a year, versus 0.39% for QOWZ. GARP held about $2.5 billion as of June 30, 2026, while QOWZ held $10.7 million as of August 31, 2026. Over the year to October 27, 2026, GARP returned 16.9% and QOWZ 2.4%. Their holdings overlap by about 21%, based on their latest SEC holdings reports, and QOWZ picks stocks by their free cash flow track records.
How has QOWZ performed since it launched?
QOWZ gained in both of its full calendar years, though gains slowed after 2024. Its prospectus reports a 32.97% return for 2024. Price-based returns show 7.3% for 2025 and 6.2% for 2026 through October 27. Over the year to October 27, 2026, it gained 2.4%, fifth of six among similar funds. Its deepest drop, 20.4% between January 23 and April 8, 2025, was recovered by June 30, 2025.