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QQQ vs QQQM

Invesco QQQ Trust vs Invesco NASDAQ 100 ETF

The short answer: QQQ and QQQM track the same Nasdaq-100 index with the same holdings. QQQM costs less; QQQ is more liquid for trading.

Metric
QQQ
QQQM
Issuer
Invesco
Invesco
Benchmark
Nasdaq-100 Index
Nasdaq-100 Index
Inception
Mar 10, 1999
Oct 13, 2020
Expense Ratio(lower is better)
1800 bps
1500 bps
AUM(higher = more liquid)
$440.3B
$82.9B
Dividend Yield (TTM)
0.42%
0.46%
Dividend Frequency
Quarterly
Quarterly
Beta (vs S&P 500)(1 = market)
1.18
1.18
1-Year Return
37.67%
37.72%
3-Year Return (annualized)
27.65%
27.76%
5-Year Return (annualized)
17.02%
17.11%
10-Year Return (annualized)
21.34%
—
Data as of May 9, 2026. Returns annualized; past performance is not indicative of future results.

Total Return

YTDQQQ: 14.51% · QQQM: 14.52%
1YQQQ: 37.67% · QQQM: 37.72%
3Y ann.QQQ: 27.65% · QQQM: 27.76%
5Y ann.QQQ: 17.02% · QQQM: 17.11%
10Y ann.QQQ: 21.34% · QQQM: —

Which should you pick?

Choose QQQ

Pick QQQ if you trade frequently or use options. Its $300B+ AUM and razor-thin spreads make it cheaper to enter and exit despite the higher expense ratio.

Choose QQQM

Pick QQQM for buy-and-hold investing. Its 0.15% expense ratio (vs QQQ's 0.20%) saves about 5 basis points per year — meaningful when held for decades.

Either is fine if…

If your position size is under ~$50K and you don't trade options, the trading-cost advantage of QQQ is negligible. Default to QQQM.

Holdings & sectors

QQQ – Top Holdings

  • AAPLApple Inc8.9%
  • MSFTMicrosoft Corp8.2%
  • NVDANVIDIA Corp7.8%
  • AMZNAmazon.com Inc5.2%
  • AVGOBroadcom Inc4.6%

QQQM – Top Holdings

  • AAPLApple Inc8.9%
  • MSFTMicrosoft Corp8.2%
  • NVDANVIDIA Corp7.8%
  • AMZNAmazon.com Inc5.2%
  • AVGOBroadcom Inc4.6%

Sector Breakdown

Technology
QQQ
50.0%
QQQM
50.0%
Communication
QQQ
16.0%
QQQM
16.0%
Consumer Discretionary
QQQ
13.0%
QQQM
13.0%
Healthcare
QQQ
6.0%
QQQM
6.0%
Consumer Staples
QQQ
5.0%
QQQM
5.0%
Industrials
QQQ
5.0%
QQQM
5.0%
Utilities
QQQ
1.2%
QQQM
1.2%
Financials
QQQ
0.5%
QQQM
0.5%
Energy
QQQ
0.5%
QQQM
0.5%
Materials
QQQ
0.5%
QQQM
0.5%
Real Estate
QQQ
0.3%
QQQM
0.3%

At a glance

Expense ratio
QQQ1800 bps
QQQM1500 bps
AUM
QQQ$440.3B
QQQM$82.9B
Dividend yield
QQQ0.42%
QQQM0.46%
5Y return (ann.)
QQQ17.02%
QQQM17.11%

QQQ vs QQQM – FAQ

What's the actual difference between QQQ and QQQM?
Same exact holdings (both track Nasdaq-100). Differences: QQQ has 0.20% expense ratio and ~$340B AUM; QQQM has 0.15% expense ratio and ~$48B AUM. QQQ has a much deeper options market.
Why did Invesco launch QQQM?
QQQ's structure as a unit investment trust limits how Invesco can lower its fee. Launching QQQM as a regular open-end fund let them offer Nasdaq-100 exposure at a lower price point to compete with newer cheap ETFs.
Can I sell QQQ and buy QQQM in the same account?
Yes, but in a taxable account this could realize capital gains. In a Roth IRA or 401(k), there's no tax cost — switching is straightforward.
Will QQQ and QQQM ever return different amounts?
They will differ by roughly the expense ratio gap (~5 bps/year) plus tiny tracking differences. Over 30 years on a $100K position, that's around $5,000 — small but not zero.
Is QQQM as liquid as QQQ for buy-and-hold?
Yes. QQQM trades millions of shares per day with tight spreads. The liquidity gap only matters for very large block trades or fast intraday execution.

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