At a glance
QQQS charges 0.2% a year. It has $22.5M in assets; it paid 1.84% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +14.8% with distributions reinvested (S&P 500: +11.5%); over three years it returned +28.3% a year. Its ten largest positions make up 10.4% of the fund, out of 203 in all.
The short version
Invesco NASDAQ Future Gen 200 ETF (QQQS) tracks the Nasdaq Innovators Completion Cap Index: about 200 non-financial Nasdaq companies outside the Nasdaq-100 and Nasdaq Next Generation 100 whose patents are worth the most relative to their market value. Holdings are equally weighted and lean toward health care and technology. It charges 0.20% a year but is small ($22.5 million as of August 31, 2026) and fell 38% from February to October 2023.
Price history
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QQQS +14.8% 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 | |
|---|---|---|---|---|---|---|
| QQQS official prospectus, to Dec 31, 2024 | — | +10.53% | — | — | — | +6.68% |
| QQQS price data to Oct 27, 2026 | +18.1% | +14.8% | +28.3% | — | — | +14.3% |
- Over the year to Oct 27, 2026, QQQS returned +14.8%.
- Its worst full calendar year was 2023 (-1.9%); its best was 2025 (+22.9%).
- The deepest fall in its price history was 38% (Feb 2, 2023 to Oct 27, 2023), recovered by Sep 11, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +18.1% | — |
| 2025 | +22.9% | — |
| 2024 | +10.2% | +10.53% |
| 2023 | -1.9% | -2.12% |
| 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) | $0.1100 | |
| 2025 | $1.1800 | +413.0% |
| 2024 | $0.2300 | +21.1% |
| 2023 | $0.1900 |
What's inside
As of Aug 31, 2026, the fund held 203 securities; the ten largest made up 10.41% of assets. It also reported 33.26% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Cybin Inc. | 1.28% | |
| Quantum Corp. | 1.24% | |
| Xencor, Inc. | 1.14% | |
| 10x Genomics, Inc. | 1.09% | |
| Agenus Inc. | 1.08% | |
| Iovance Biotherapeutics, Inc. | 0.99% | |
| Neuronetics, Inc. | 0.91% | |
| Newell Brands Inc. | 0.91% | |
| Varex Imaging Corp. | 0.90% | |
| AtriCure, Inc. | 0.87% | |
| Omeros Corp. | 0.84% | |
| Rapid7, Inc. | 0.80% | |
| Precigen, Inc. | 0.79% | |
| Rigel Pharmaceuticals, Inc. | 0.75% | |
| Exagen Inc. | 0.73% |
By country
United States 83.49%Canada 3.88%Cayman Islands 3.85%Israel 2.4%United Kingdom 1.6%By asset type
Stocks 99.75%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $3.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.23%, -6.32%, +5.95%.
How it works
QQQS seeks to track the Nasdaq Innovators Completion Cap Index, built by Nasdaq. The starting pool is the Nasdaq Composite, an index of all Nasdaq-listed stocks. Members need a market value of at least $100 million, three months of trading history and at least $1 million in average daily trading. Financial companies are excluded, as is every member of the Nasdaq-100 and Nasdaq Next Generation 100, the indexes covering Nasdaq's largest companies.
An independent firm, IPR Strategies, estimates the dollar value of each company's patents using patent office records, corporate filings and past patent sale prices. The index ranks companies by that estimate divided by their market value and keeps the 200 with the highest ratios. Because a smaller market value raises the ratio, the list tilts toward smaller firms: as of October 31, 2025, its 198 stocks ranged from $100.1 million to $18.5 billion. Each gets an equal weight.
The fund uses full replication, holding every index stock at its index weight, with no leverage, options or swaps. It changes holdings only when the index does, even if a stock is slumping. Equal weights drift as prices move, so rebalancing trims winners and adds to laggards. The prospectus reports 73% portfolio turnover, meaning heavy trading, and those costs come on top of the 0.20% expense ratio.
What it really costs
- QQQS charges 0.2% a year.
- 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 |
|---|---|---|---|---|
| QQQS | $20 | $64 | $113 | $255 |
In a retirement portfolio
Its equal-weighted mix of about 200 small, largely health care and technology stocks fell 38% within 2023 and has moved more sharply than the broad market, so it fits as a small add-on rather than a foundation.
QQQS could add exposure to smaller, patent-rich Nasdaq companies that the Nasdaq-100 leaves out. It launched October 13, 2022, the day after the 2022 bear market's low, so it has no record in the 2008, 2020 or 2022 downturns. From February 2 to October 27, 2023, it fell 38%, then needed about 22.5 months, until September 11, 2025, to recover. Yet its 2023 calendar-year loss was just 2.12%, so yearly figures can hide deep drops. Anyone forced to draw money near that low would have locked in steep losses.
It paid $0.74 a share over the 12 months to October 27, 2026, a 1.84% yield, in quarterly installments, so income is modest. It costs 0.20% a year, or $255 over 10 years on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who hold large-company funds and want an equal-weighted slice of about 200 smaller Nasdaq companies the Nasdaq-100 excludes.
- Those drawn to a patent-based screen that favors companies whose estimated patent value is high relative to market value, at 0.20% a year.
- Long-horizon investors who can ride out drops like its 38% fall in 2023 and the roughly 22.5 months it took to recover.
Look elsewhere if
- Retirees seeking steady income: it paid a 1.84% yield over the 12 months to October 27, 2026, and its index doesn't screen for dividends.
- Anyone wanting Nasdaq's biggest names: every Nasdaq-100 and Nasdaq Next Generation 100 member is excluded, as are all financial companies.
- Those wanting a long track record or a large fund: it launched in October 2022 and held $22.5 million as of August 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does QQQS invest in?
QQQS invests in about 200 Nasdaq-listed companies chosen for the estimated value of their patents relative to their market value. It tracks the Nasdaq Innovators Completion Cap Index and gives each stock an equal weight. As of August 31, 2026, it held 203 stocks, led by Cybin (1.28%), Quantum Corp. (1.24%), Xencor (1.14%), 10x Genomics (1.09%) and Agenus (1.08%). The top 10 made up just 10.41% of assets, and about 83% was in U.S. companies.
Does QQQS hold the same stocks as the Nasdaq-100?
No. QQQS excludes every Nasdaq-100 company and every member of the Nasdaq Next Generation 100, which tracks the next 100 largest Nasdaq companies. It also leaves out financial stocks. What remains are smaller firms: as of October 31, 2025, its index's 198 members ranged from $100.1 million to $18.5 billion in market value. That makes it a possible complement to a Nasdaq-100 fund rather than a substitute, with heavier weight in small health care and technology companies.
What is the QQQS expense ratio?
QQQS has a 0.20% expense ratio, all of it a management fee, according to its December 2025 prospectus. In the SEC's standard example, which assumes $10,000 invested, a 5% yearly return and shares cashed out at the end of each period, total costs come to $20 after one year, $64 after three, $113 after five and $255 after 10. Trading costs from its 73% portfolio turnover are not included in those figures.
Does QQQS pay dividends?
Yes. QQQS pays distributions quarterly. Over the 12 months to October 27, 2026, it paid $0.74 a share, a trailing yield (the past year's payouts divided by the share price) of 1.84%. Income is not the fund's aim, though: its index picks stocks by estimated patent value, not by dividends, so payments can vary from one quarter to the next.
How has QQQS performed since launch?
Unevenly. According to its prospectus, QQQS lost 2.12% in 2023 and gained 10.53% in 2024, averaging 6.68% a year from its October 2022 launch through December 31, 2024. Based on share prices, it gained 22.94% in 2025 and 18.13% from the start of 2026 through October 27. Its 28.3% average annual return over the three years to that date starts at its October 27, 2023 low, after a 38% drop that took until September 11, 2025 to recover.