At a glance
QTOP charges 0.2% a year, below the 0.24% average of the 7 funds most like it (the 4th cheapest of 8). It has $300.0M in assets, the 5th largest of that group; it paid 0.32% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +16.1% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds. Its ten largest positions make up 58.8% of the fund, out of 31 in all.
The short version
iShares Nasdaq Top 30 Stocks ETF (QTOP), launched by BlackRock in October 2024, holds the 30 largest non-financial companies in the Nasdaq-100 Index, weighted by size with caps. It is a more concentrated version of the Nasdaq-100: as of June 30, 2026, its top 10 holdings made up about 59% of assets and technology about 65%. Its 0.20% expense ratio matches QQQ but is higher than QQQM's 0.15%.
Price history
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QTOP +16.1% 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 | |
|---|---|---|---|---|---|---|
| QTOP official prospectus, to Dec 31, 2025 | — | +22.36% | — | — | — | +25.14% |
| QTOP price data to Oct 27, 2026 | +18.4% | +16.1% | — | — | — | +23.6% |
- Over the year to Oct 27, 2026, QTOP returned +16.1%, 3rd of 8 among similar funds.
- Its worst full calendar year was 2025 (+22.2%); its best was 2025 (+22.2%).
- The deepest fall in its price history was 23.3% (Dec 16, 2024 to Apr 8, 2025), recovered by Jun 24, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +18.4% | — |
| 2025 | +22.2% | +22.36% |
| 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) | $0.0900 | |
| 2025 | $0.1200 |
What's inside
As of Jun 30, 2026, the fund held 31 securities; the ten largest made up 58.75% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp. | 9.96% | |
| Apple, Inc. | 8.74% | |
| Micron Technology, Inc. | 7.39% | |
| Microsoft Corp. | 5.70% | |
| Amazon.com, Inc. | 5.27% | |
| Advanced Micro Devices, Inc. | 5.09% | |
| Tesla, Inc. | 4.35% | |
| Alphabet, Inc. Class A | 4.28% | |
| Intel Corp. | 4.01% | |
| Alphabet, Inc. Class C | 3.97% | |
| Broadcom, Inc. | 3.70% | |
| Meta Platforms, Inc. | 3.45% | |
| Applied Materials, Inc. | 3.28% | |
| Walmart, Inc. | 3.15% | |
| Lam Research Corp. | 3.09% |
By country
United States 97.31%Ireland 2.6%By asset type
Stocks 99.92%By sector
Sectors of the companies held, for the 95.4% 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 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 added a net $17.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +17.53%, +11.01%, -0.92%.
How it works
QTOP tracks the Nasdaq-100 Top 30 Index, built by Nasdaq, Inc. The index starts with the Nasdaq-100, which leaves out financial companies. It keeps only the 30 largest by market capitalization, meaning share price times shares outstanding. Bigger companies get bigger weights, but there are caps. At each quarterly rebalance in March, June, September and December, no single company can exceed 22.5%. Companies weighing more than 4.5% each can't add up to more than 48% combined. Between rebalances, price moves can push weights past those limits.
BlackRock uses representative sampling. That means it can hold a selection of the index's stocks chosen to match the index's overall profile, rather than every stock. The fund must keep at least 80% of net assets in index stocks. It may use derivatives and lend out up to one-third of its assets. The June 30, 2026 report showed 31 issuers, nearly all of them stocks, with 0.09% in cash and a tiny Nasdaq-100 futures position.
The fund is non-diversified, so a handful of stocks drive its results. As of June 30, 2026, NVIDIA (10.0%), Apple (8.7%), Micron Technology (7.4%), Microsoft (5.7%) and Amazon (5.3%) led the portfolio. Alphabet, held through two share classes, totaled about 8%. Portfolio turnover, the share of holdings replaced in a year, was 30%.
What it really costs
- QTOP charges 0.2% a year, versus an average of 0.24% for the similar funds below (4th of 8, 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 |
|---|---|---|---|---|
| QTOP | $20 | $64 | $113 | $255 |
In a retirement portfolio
QTOP is a concentrated, tech-heavy bet on 30 large Nasdaq companies, so it fits better as a small addition to a broad core fund than as the core itself.
QTOP launched in October 2024, so it has no record in the 2008 crisis, the 2020 COVID crash or the 2022 bear market. Its only full calendar year, 2025, returned 22.36%. Even so, it fell 23.3% from December 16, 2024 to April 8, 2025. It got back to its old peak on June 24, 2025, about 2.5 months after the low. Its one-year beta was 1.55 as of October 27, 2026. Beta measures how much a fund swings compared with the broad market, so QTOP has moved about one and a half times as much. A retiree who had to sell during a slide like that one would lock in losses.
It pays little income: the trailing yield was 0.32% as of October 27, 2026, paid quarterly. The 0.20% expense ratio is modest. 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 Nasdaq-100 exposure narrowed to its 30 largest non-financial companies, led by NVIDIA, Apple and Micron as of June 30, 2026.
- Holders of a broad core fund looking to add a small, higher-risk growth position at a 0.20% expense ratio.
- Long-horizon investors who can sit through drops like its 23.3% fall from December 2024 to April 2025 without selling.
Look elsewhere if
- Investors seeking dividend income, since the trailing yield was just 0.32% as of October 27, 2026.
- Cost-focused investors who want the full Nasdaq-100, since QQQM tracks that index for 0.15% a year.
- Anyone wanting a long track record or sector balance: the fund dates only to October 2024, and technology was 64.7% as of June 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| QTOP this fund | — | 0.2% | $300.0M | +16.1% | — |
| TUG STF Tactical Growth ETF | 76% | 0.65% | $34.3M | +16.4% | +25.0% |
| QQMG Invesco ESG NASDAQ 100 ETF | 76% | 0.2% | $200.0M | +16.4% | +29.5% |
| QQQ Invesco QQQ Trust Series I | 76% | 0.2% | $490.10B | +8.8% | +24.0% |
| QQQM Invesco NASDAQ 100 ETF | 74% | 0.15% | $104.38B | +8.8% | +24.1% |
| ONEQ Fidelity Nasdaq Composite Index ETF | 65% | 0.21% | $10.75B | +13.3% | +28.9% |
| MGK Vanguard Mega Cap Growth ETF | 63% | 0.07% | $33.30B | +2.5% | +23.2% |
| EGUS iShares ESG Aware MSCI USA Growth ETF | 49% | 0.18% | $30.4M | +8.8% | +27.5% |
Questions investors ask
What's the difference between QTOP and QQQ?
Both charge 0.20%, but QTOP holds only the 30 largest non-financial companies in the Nasdaq-100, while QQQ follows the full Nasdaq-100. That makes QTOP more concentrated: its top 10 holdings were about 59% of assets as of June 30, 2026. Over one year, QTOP returned 16.1% as of October 27, 2026, versus 10.8% for QQQ as of October 30, 2026. QQQ is far larger, with about $490 billion in net assets as of June 30, 2026, compared with about $300 million for QTOP.
Does QTOP pay dividends?
Yes, but very little. QTOP pays dividends quarterly. Over the trailing 12 months it paid $0.12 per share, a yield of 0.32% as of October 27, 2026. Its biggest holdings, such as NVIDIA, Apple and Micron Technology, are growth companies that pay small dividends or none, so the fund is built for price growth rather than income. People who need steady cash from their investments would get little from it.
What are QTOP's top holdings?
As of June 30, 2026, QTOP's largest positions were NVIDIA (10.0%), Apple (8.7%), Micron Technology (7.4%), Microsoft (5.7%), Amazon (5.3%) and Advanced Micro Devices (5.1%). Tesla, Alphabet (two share classes), Intel and Broadcom came next. The top 10 positions made up about 59% of the fund, and technology companies about 65%. At each quarterly rebalance, the index caps any single company at 22.5%.
Is QTOP good for retirement?
It depends on the role it plays. QTOP is a concentrated, higher-risk growth fund. It may fit a small slice of a retirement portfolio rather than the core. Its one-year beta was 1.55 as of October 27, 2026, so it has swung more than the broad market. It fell 23.3% between December 2024 and April 2025 and recovered by June 2025. It launched in October 2024, so it has never been through a long bear market, and its 0.32% yield provides little income.
How much does QTOP cost to own?
QTOP's expense ratio is 0.20% a year, according to its prospectus filed July 27, 2026. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, costs would be about $20 after one year, $113 after five years and $255 after ten. That matches QQQ and is below the 0.24% average of similar funds. It is higher than QQQM at 0.15% and Vanguard Mega Cap Growth ETF at 0.07%.