At a glance
QQQA charges 0.58% a year, above the 0.17% average of the 4 funds most like it (the most expensive of 5). It has $53.6M in assets, the 5th largest of that group; it paid 0.03% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +34.1% with distributions reinvested (S&P 500: +11.5%), the best of those 5 funds; over three years it returned +28.2% a year. Its ten largest positions make up 53.5% of the fund, out of 26 in all.
The short version
ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA) tracks an index of the 21 Nasdaq-100 stocks with the strongest recent price performance. Each stock gets the same weight, and the weights reset every quarter. The fund does not use leverage. It costs 0.58% a year, about three times the 0.17% average of similar funds such as Invesco QQQ. It has also swung sharply, including a 30.8% drop in early 2025.
Price history
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QQQA +34.1% 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 | |
|---|---|---|---|---|---|---|
| QQQA official prospectus, to Dec 31, 2025 | — | +9.86% | — | — | — | +5.11% |
| QQQA price data to Oct 27, 2026 | +35.1% | +34.1% | +28.2% | — | — | +22.5% |
- Over the year to Oct 27, 2026, QQQA returned +34.1%, 1st of 5 among similar funds.
- Its worst full calendar year was 2025 (+9.9%); its best was 2023 (+25.0%).
- The deepest fall in its price history was 30.8% (Feb 14, 2025 to Apr 4, 2025), recovered by Jan 13, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +35.1% | — |
| 2025 | +9.9% | — |
| 2024 | +16.2% | +9.86% |
| 2023 | +25.0% | +16.18% |
| 2022 | — | +24.61% |
| 2021 | — | -29.11% |
| 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 | Not in the price data, which starts Oct 18, 2022 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.0202 | |
| 2025 | $0.0530 | +29.3% |
| 2024 | $0.0410 | -68.5% |
| 2023 | $0.1300 |
What's inside
As of Aug 31, 2026, the fund held 26 securities; the ten largest made up 53.47% of assets.
| Holding | Weight | |
|---|---|---|
| Crowdstrike Holdings, Inc. | 6.23% | |
| DoorDash, Inc. | 6.11% | |
| Palo Alto Networks, Inc. | 5.92% | |
| Fortinet, Inc. | 5.48% | |
| Ross Stores, Inc. | 5.18% | |
| CSX Corp. | 5.16% | |
| Axon Enterprise, Inc. | 5.06% | |
| Alphabet, Inc. | 4.80% | |
| Monster Beverage Corp. | 4.76% | |
| ASML Holding NV | 4.76% | |
| Datadog, Inc. | 4.65% | |
| Seagate Technology Holdings plc | 4.61% | |
| Cisco Systems, Inc. | 4.60% | |
| Take-Two Interactive Software, Inc. | 4.56% | |
| Cadence Design Systems, Inc. | 4.45% |
By country
United States 90.67%Netherlands 4.76%Ireland 4.61%By asset type
Stocks 99.94%RA 0.09%By sector
Sectors of the companies held, for the 86.7% 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 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 added a net $15.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.60%, -16.35%, -0.89%.
How it works
QQQA tracks the Nasdaq-100 Dorsey Wright Momentum Index, which Dorsey, Wright & Associates builds and maintains. The starting list is the Nasdaq-100: 100 of the largest non-financial companies listed on Nasdaq-affiliated exchanges, both US and foreign. The index provider ranks each company with its own "Relative Strength" measure. This is a momentum score, meaning it rates how well a stock's price has done compared with the others. The 21 highest-ranked companies make the cut, and each gets an equal weight.
The index is reviewed four times a year, in January, April, July and October. At each review, stocks may be swapped and the weights go back to equal. Between reviews, rising stocks take up more of the fund. That is why CrowdStrike made up 6.2% of the fund as of August 31, 2026, ahead of DoorDash at 6.1% and Palo Alto Networks at 5.9%. Portfolio turnover was 114%, which means the fund replaced more than its full value in holdings over a year. That trading has costs that the expense ratio doesn't show.
ProShare Advisors usually buys every index stock in about the same proportions as the index, though it may hold a representative sample instead. It must keep at least 80% of assets in index stocks or similar instruments. Its August 31, 2026 report listed 26 positions and no derivatives. Foreign companies such as ASML (Netherlands) and Seagate (Ireland) were included. There is no leverage and no daily reset.
What it really costs
- QQQA charges 0.58% a year, versus an average of 0.17% for the similar funds below (5th of 5, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $59 in the first year and $726 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| QQQA | $59 | $186 | $324 | $726 |
In a retirement portfolio
It is a concentrated, tech-heavy momentum strategy that costs more than its peers, pays almost nothing and has a short, bumpy track record.
QQQA could add a focused tilt toward Nasdaq-100 stocks with strong recent price trends, but its record is short and uneven. It launched on May 18, 2021, so it missed the 2008 and 2020 crashes. Its prospectus shows a 29.11% calendar-year loss early in its life, and its worst quarter was a 22.81% drop in the quarter ending June 30, 2022. Its price history here starts in October 2022. Since then, its deepest drop was 30.8%, from February 14 to April 4, 2025, and it took about 9 months to recover, on January 13, 2026. Anyone who had to draw money from it during a slump like that would have locked in losses.
It pays almost no income: the yield over the prior 12 months was 0.03% as of October 27, 2026, paid twice a year. Its 0.58% fee works out to $726 over 10 years on $10,000 in the SEC's standard example. 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 wanting a small, higher-risk slice of Nasdaq-100 momentum stocks such as CrowdStrike, DoorDash and Palo Alto Networks, as of August 31, 2026.
- People comfortable with big price swings: one-year volatility (a measure of how much prices bounce around) was 35% as of October 27, 2026.
- Those who prefer equal weighting, so no single giant company dominates. The 21 index stocks are reset to equal weights every quarter.
Look elsewhere if
- Cost-conscious investors: its 0.58% expense ratio is the highest of the five funds compared here. The other four charge 0.13% to 0.20%.
- Retirees seeking income: the yield over the prior 12 months was just 0.03% as of October 27, 2026, paid twice a year.
- Investors wanting broad diversification or a long record: technology was about 51% of holdings as of August 31, 2026, and price history starts in October 2022.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| QQQA this fund | — | 0.58% | $53.6M | +34.1% | +28.2% |
| QTOP iShares Nasdaq Top 30 Stocks ETF | 26% | 0.2% | $300.0M | +16.1% | — |
| QQQ Invesco QQQ Trust Series I | 26% | 0.2% | $490.10B | +8.8% | +24.0% |
| MTUM iShares MSCI USA Momentum Factor ETF | 25% | 0.15% | $25.32B | +9.0% | +25.6% |
| SPMO Invesco S&P 500® Momentum ETF | 22% | 0.13% | $22.19B | +9.7% | +32.6% |
Questions investors ask
Is QQQA a leveraged ETF?
No. QQQA does not use leverage or bet against the market, and its August 31, 2026 holdings report showed no derivatives. It aims to match the Nasdaq-100 Dorsey Wright Momentum Index before fees, mainly by owning the stocks directly. It has still been volatile. Its one-year volatility was 35% as of October 27, 2026, because it follows only 21 tech-heavy stocks picked for momentum.
What's the difference between QQQA and QQQ?
QQQA is far more concentrated, much smaller and costlier. It follows the 21 Nasdaq-100 stocks with the strongest momentum, weights them equally and charges 0.58%. Invesco QQQ Trust Series I charges 0.20%. QQQ had about $490 billion in net assets as of June 30, 2026, against QQQA's $53.6 million as of August 31, 2026, and their holdings overlap by about 26%. QQQA returned 34.1% over one year through October 27, 2026. QQQ returned 10.8% through October 30, 2026.
Does QQQA pay dividends?
Barely. QQQA pays distributions twice a year, but its yield over the prior 12 months was 0.03% as of October 27, 2026, about $0.02 per share. Its largest holdings as of August 31, 2026 were CrowdStrike, DoorDash and Palo Alto Networks. These are growth companies that pay little or nothing to shareholders. Retirement income would have to come from other parts of a portfolio.
What is QQQA's expense ratio?
QQQA's expense ratio is 0.58% a year, according to its prospectus filed September 25, 2026. Similar funds average 0.17%, including Invesco S&P 500 Momentum ETF (SPMO) at 0.13% and QQQ at 0.20%. In the SEC's standard example, $10,000 earning 5% a year costs about $59 in the first year and $726 over 10 years. Its 114% portfolio turnover also adds trading costs that the expense ratio doesn't show.
How has QQQA performed since launch?
Unevenly. According to its prospectus, QQQA returned 9.86% for the year ended December 31, 2025, and averaged 5.11% a year from its May 2021 launch through that date. Its worst quarter was a 22.81% drop ending June 30, 2022. Price returns have been stronger since: 28.2% a year over three years and 35.1% for 2026 through October 27, a partial year. It also fell 30.8% between February and April 2025 and did not recover until January 2026.