ETF comparison · Nasdaq-100
QQQ vs QQQM: overlap by weight, TER & holdings
Invesco QQQ Trust vs Invesco NASDAQ 100 ETF
The same index from the same issuer. QQQM exists because QQQ’s unit-trust structure and fee are 1999 legacies; buy-and-hold investors get identical exposure cheaper, traders keep QQQ’s liquidity.
QQQ vs QQQM at a glance
| QQQ | QQQM | |
|---|---|---|
| Fund | Invesco QQQ Trust | Invesco NASDAQ 100 ETF |
| ISIN | US46090E1038 | US46138G6492 |
| Index | Nasdaq-100 | Nasdaq-100 |
| Market exposure | US tech-heavy | US tech-heavy |
| TER | 0.18% | 0.15% |
| Holdings in fund | 103 | 103 |
| Fund size | ≈ 453 bn USD | ≈ 97.1 bn USD |
| Domicile | the United States | the United States |
| Replication | Physical (full, unit trust) | Physical (full) |
| Use of income | Distributing | Distributing |
| Launched | Mar 10, 1999 | Oct 13, 2020 |
Top shared holdings
| QQQ | QQQM | |
|---|---|---|
| NVDANVIDIA Corp | 8.52% | 8.52% |
| AAPLApple Inc | 7.81% | 7.81% |
| MSFTMicrosoft Corp | 5.81% | 5.81% |
| MUMicron Technology Inc | 5.01% | 5.01% |
| AMZNAmazon.com Inc | 4.32% | 4.32% |
| AMDAdvanced Micro Devices Inc | 3.99% | 3.99% |
| GOOGLAlphabet Inc | 3.22% | 3.22% |
| METAMeta Platforms Inc | 3.12% | 3.12% |
| GOOGAlphabet Inc | 2.97% | 2.97% |
| TSLATesla Inc | 2.88% | 2.88% |
| AVGOBroadcom Inc | 2.68% | 2.68% |
| INTCIntel Corp | 2.38% | 2.39% |
| WMTWalmart Inc | 2.27% | 2.28% |
| CSCOCisco Systems Inc | 1.89% | 1.89% |
| PLTRPalantir Technologies Inc | 1.78% | 1.78% |
Weights per fund, normalized. 102 companies appear in both funds.
What the fee gap costs
Growth of 10,000 invested at 7% annual return, after each fund’s TER: 0.18% for QQQ, 0.15% for QQQM.
| QQQ | QQQM | Difference | |
|---|---|---|---|
| After 10 years | 19,343 | 19,397 | 54 |
| After 20 years | 37,415 | 37,626 | 211 |
| After 30 years | 72,373 | 72,985 | 612 |
QQQM comes out ahead by about 612 per 10,000 invested over 30 years. TER only. Trading spreads, taxes and broker fees are not included.
Domicile and withholding tax
Both funds are domiciled in the United States, so fund-level dividend withholding works the same way for both. Domicile does not separate this pair.
Frequently asked questions
Do QQQ and QQQM overlap?+
Yes: 99.86% by weight, with 102 holdings appearing in both funds. 99.87% of QQQ’s weight is also inside QQQM.
Do QQQ and QQQM track the same index?+
Yes. Both funds track the same index: Nasdaq-100. Return differences come from fees, replication and trading costs, not from index choice.
Which is cheaper, QQQ or QQQM?+
QQQM: 0.15% per year against 0.18% for QQQ. At 7% growth that gap is worth about 612 per 10,000 invested over 30 years.
Is it worth holding both QQQ and QQQM?+
Holding both mostly duplicates exposure: 99.86% of the pair overlaps by weight. Most investors pick one, or combine one of them with a fund covering different markets.
More comparisons
Methodology
Overlap is the sum of min(weight A, weight B) across holdings that appear in both funds, with each fund’s stored weights normalized to 100%. Holdings come from issuer feeds and regulatory filings in our ETF holdings database; TER and fund size come from fund profile data and are refreshed regularly. Figures update when the underlying holdings data updates.
Holdings data as of Sep 21, 2026, from our ETF holdings database.