At a glance
QQQM charges 0.15% a year, below the 0.19% average of the 8 funds most like it (the 5th cheapest of 9). It has $104.38B in assets, the 7th largest of that group; it paid 0.47% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +8.8% with distributions reinvested (S&P 500: +11.5%), 5th of those 9 funds; over three years it returned +24.1% a year. At its worst it fell 34.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months after the low. Its ten largest positions make up 46.3% of the fund, out of 102 in all.
The short version
Invesco NASDAQ 100 ETF (QQQM) tracks the Nasdaq-100 Index, which includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, led by NVIDIA, Apple and Microsoft as of May 31, 2026. Its main draw is cost: the yearly fee, or expense ratio, is 0.15%, below the 0.20% for Invesco's larger QQQ, which holds nearly the same stocks. The tradeoff is concentration, with technology making up more than half the fund.
Price history
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QQQM +8.8% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| QQQM official prospectus, to Dec 31, 2024 | — | +25.70% | — | — | — | +14.79% |
| QQQM price data to Nov 2, 2026 | +11.3% | +8.8% | +24.1% | +12.6% | — | +14.8% |
- Over the year to Nov 2, 2026, QQQM returned +8.8%, 5th of 9 among similar funds.
- Its 5-year annualized return was +12.6%.
- Its worst full calendar year was 2022 (-32.5%); its best was 2023 (+55.0%).
- The deepest fall in its price history was 35% (Nov 19, 2021 to Nov 3, 2022), recovered by Dec 12, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.3% | — |
| 2025 | +20.8% | — |
| 2024 | +25.7% | +25.70% |
| 2023 | +55.0% | +54.92% |
| 2022 | -32.5% | -32.45% |
| 2021 | — | +27.33% |
| 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 | Lost 34.2% over that stretch · deepest drop along the way 34.2%, back to its old high 14 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.9900 | |
| 2025 | $1.2600 | -1.6% |
| 2024 | $1.2800 | +17.4% |
| 2023 | $1.0900 | +18.5% |
| 2022 | $0.9200 |
What's inside
As of Aug 31, 2026, the fund held 102 securities; the ten largest made up 46.3% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp. | 8.51% | |
| Apple Inc. | 7.41% | |
| Microsoft Corp. | 6.00% | |
| Micron Technology, Inc. | 4.76% | |
| Amazon.com, Inc. | 4.45% | |
| Advanced Micro Devices, Inc. | 3.38% | |
| Alphabet Inc. Class A | 3.15% | |
| Tesla, Inc. | 2.93% | |
| Alphabet Inc. Class C | 2.92% | |
| Broadcom Inc. | 2.80% | |
| Meta Platforms, Inc. | 2.70% | |
| Walmart Inc. | 2.25% | |
| Intel Corp. | 1.98% | |
| Cisco Systems, Inc. | 1.92% | |
| Palantir Technologies Inc. | 1.88% |
By country
United States 94.83%Ireland 1.81%Netherlands 1.32%Canada 0.97%United Kingdom 0.66%By asset type
Stocks 99.84%By sector
Sectors of the companies held, for the 89.3% 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 $10.05B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.12%, -6.60%, +4.22%.
How it works
QQQM tracks the Nasdaq-100 Index, maintained by Nasdaq, Inc. The index includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, ranked by market capitalization (the total value of a company's shares). Foreign firms can qualify through American Depositary Receipts, which are US-traded certificates for foreign shares. Real estate investment trusts and blank-check companies (SPACs) cannot. As of October 31, 2025, the index had 102 members, ranging from $7.2 billion to $4.9 trillion in market value.
Bigger companies get bigger weights. But under a "modified" market-cap method, a hybrid of equal and size-based weighting, no stock may exceed 24%. The biggest names still dominate: as of May 31, 2026, the top 10 holdings were 47.31% of the fund, led by NVIDIA (8.1%), Apple (7.3%) and Microsoft (5.3%). As a "non-diversified" fund, it may hold more in a few companies than a diversified fund could.
The fund uses full replication, generally owning every index stock in the same proportions. Since it doesn't try to beat the index, it typically adds or drops a stock only when the index does, even if that stock is lagging. Trading is light: portfolio turnover was 6%. It uses no leverage or options. As of May 31, 2026, it held 0.43% in cash and a 0.03% stake in Nasdaq 100 futures.
What it really costs
- QQQM charges 0.15% a year, versus an average of 0.19% for the similar funds below (5th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $15 in the first year and $192 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| QQQM | $15 | $48 | $85 | $192 |
In a retirement portfolio
With more than half its assets in technology and a 35% peak-to-trough drop from November 2021 to November 2022, it is a concentrated, higher-risk complement to broader holdings.
QQQM could add exposure to large Nasdaq-listed companies such as NVIDIA, Apple and Microsoft at low cost. In the SEC's standard example, fees on $10,000 total $15 after one year and $192 after ten. It launched on October 13, 2020, so it has no record of its own in the 2008 financial crisis or the early-2020 COVID crash. In the 2022 bear market it fell 34.2%, and 2022 was its worst calendar year, a 32.45% loss. Its deepest drop, 35% from November 2021 to November 2022, took until December 12, 2023, to recover. Anyone withdrawing money during that stretch would have been cashing out shares at depressed prices, locking in losses. Income offers little cushion: the yield was 0.44% as of October 27, 2026, paid quarterly.
Past results don't predict the future, and a sound plan looks at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Cost-conscious investors wanting the Nasdaq-100 Index at 0.15% a year, below the 0.20% for Invesco's QQQ, which holds nearly the same stocks.
- People comfortable with a heavy tilt to NVIDIA, Apple and Microsoft; the top 10 holdings were 47% of the fund as of May 31, 2026.
- Long-horizon investors pairing it with broader funds, who can sit through drops like the 35% fall from November 2021 to November 2022.
Look elsewhere if
- People who need income from their investments: the yield was 0.44% as of October 27, 2026, paid quarterly.
- Investors wanting broad diversification: the index excludes financial companies, and technology made up more than half the fund as of May 31, 2026.
- Those needing this money within a few years; it fell 34.2% in the 2022 bear market and recovered 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 |
|---|---|---|---|---|---|
| QQQM this fund | — | 0.15% | $104.38B | +8.8% | +24.1% |
| QTR Global X NASDAQ 100 Tail Risk ETF | 95% | 0.25% | $7.6M | +8.6% | +21.9% |
| QQQ Invesco QQQ Trust Series I | 91% | 0.2% | $490.10B | +8.8% | +24.0% |
| TUG STF Tactical Growth ETF | 87% | 0.65% | $34.3M | +16.4% | +25.0% |
| VUG Vanguard Growth ETF | 63% | 0.04% | $379.29B | +3.8% | +25.1% |
| IWF iShares Russell 1000 Growth ETF | 59% | 0.19% | $128.90B | -3.7% | +20.3% |
| XLK Technology Select Sector SPDR Fund | 56% | 0.08% | $123.91B | +20.1% | +4.0% |
| SPY SPDR S&P 500 ETF Trust | 54% | 0.0945% | $781.19B | +11.5% | +21.9% |
Compared head to head: QQQ vs QQQM · QQQI vs QQQM · all comparisons →
Questions investors ask
What's the difference between QQQM and QQQ?
The main difference is cost. QQQM's expense ratio is 0.15%, against 0.20% for Invesco QQQ Trust (QQQ), and the two hold nearly the same stocks, with a 92% holdings overlap. Their returns have been close. Through October 27, 2026, both returned 15.4% over one year, and over three years QQQM returned 28.6% a year against 28.5% for QQQ. QQQ is far larger, with $490.1 billion in net assets as of June 30, 2026, against $97.2 billion for QQQM as of May 31, 2026.
Is QQQM good for retirement?
It can be part of one, but as a higher-risk slice rather than a whole portfolio. More than half the fund was in technology as of May 31, 2026, and its index leaves out companies classified as financials. It fell 34.2% in the 2022 bear market and did not regain its peak until December 12, 2023. Income is modest, with a 0.44% yield as of October 27, 2026. Anyone who may need to withdraw money during a downturn would feel those swings directly.
Does QQQM pay dividends?
Yes, QQQM pays dividends quarterly, but they are small. In the year through October 27, 2026, it paid $1.31 per share, a yield of 0.44%. Its return over that same year was 15.4%, so nearly all of its gain came from rising share prices rather than income. Investors who rely on regular payouts for spending would likely need other sources of income alongside it.
What is QQQM's average annual return?
QQQM returned an average of 14.79% a year from its October 13, 2020, launch through December 31, 2024, according to its prospectus. Calendar years swung widely, from a 32.45% loss in 2022 to a 54.92% gain in 2023, with 25.7% in 2024. Based on share prices through October 27, 2026, it returned 14.4% a year over five years and 28.6% a year over three years. Past returns don't predict future ones.
What is QQQM's expense ratio?
QQQM's expense ratio is 0.15% a year, according to its prospectus filed December 18, 2025. The SEC's standard example assumes $10,000 invested, a 5% annual return and cashing out at the end of each period. On that basis, costs would total $15 after one year, $85 after five and $192 after ten. That is below the 0.19% average of similar funds. Vanguard S&P 500 ETF (0.03%) and Vanguard Growth ETF (0.04%) cost less, but they share only 54% and 63% of its holdings, respectively.