QQQ vs QQQM (2026): Which Nasdaq-100 ETF Should You Hold?

Fund data from Invesco's official QQQ and QQQM pages, fetched October 4, 2026. Performance figures are NAV returns as of August 31, 2026. For education only, not investment advice.

Sources: Invesco QQQ; Invesco QQQM. Annual cost is our arithmetic from the expense ratios.

What is the difference between QQQ and QQQM?

QQQ and QQQM hold the same Nasdaq-100 stocks, so the difference is cost and trading activity, not exposure. QQQM charges 0.15% a year and QQQ charges 0.18%, per Invesco. QQQ is about 4.5 times larger by assets and trades about 12.7 times as many shares a day, which is why traders favor it.

Invesco launched QQQM on October 13, 2020. QQQ dates to March 1999 and held $505.19 billion in assets as of October 3, 2026, against $111.67 billion for QQQM. Invesco describes the index as 100 of the largest domestic and international nonfinancial companies listed on Nasdaq, rebalanced quarterly.

The structural gap that once separated them is gone. QQQ shareholders approved converting the fund from a unit investment trust into an open-end ETF at a vote that concluded on December 19, 2025, according to Invesco's proxy information page. Invesco says the change cut QQQ's fee from 0.20% to 0.18% and created no tax consequences for shareholders.

Which costs less to own, QQQ or QQQM?

QQQM costs less. Its 0.15% expense ratio means $15 a year on a $10,000 holding, versus $18 for QQQ at 0.18%, our arithmetic from Invesco's stated fees. On $100,000 the gap is $30 a year. For a long-term holder, the expense ratio is the cost that repeats every single year.

The saving is small but permanent. Because fees come out of fund assets every year, the gap grows as the balance grows. Trading cost is the other half of the picture: Invesco reports QQQM's median bid-ask spread at 0.01%. We could not confirm a current spread figure for QQQ on Invesco's page, so it is not shown.

How have QQQ and QQQM performed?

Almost identically. QQQM's NAV returned 26.39% over the year to August 31, 2026, versus 26.31% for QQQ, per Invesco. Over five years QQQM returned 14.30% a year against 14.21%. The small, steady edge for QQQM matches its lower fee. Both trailed the Nasdaq-100 Index itself by a fraction of a point.

Sources: Invesco QQQ performance page and Invesco QQQM product page, fetched October 4, 2026. Past performance does not guarantee future results.

Since-inception figures are not comparable, because QQQ's history starts in March 1999, before the dot-com crash, and QQQM's starts in October 2020. Compare the 1, 3 and 5 year rows instead.

Our QQQ fund page shows a different 1-year figure, +24.7%, because it measures the share-price change without distributions from Sep 30, 2025 to Oct 2, 2026, while Invesco's figures above are NAV total returns to August 31, 2026.

What do QQQ and QQQM hold?

Both funds hold the Nasdaq-100, 100 of the largest nonfinancial companies listed on Nasdaq, per Invesco. Invesco listed 102 holdings for QQQ and 103 for QQQM in early October 2026. QQQ's top 10 positions made up 46.77% of the fund, led by NVIDIA at 8.43%, Apple at 7.28% and Microsoft at 5.75%.

QQQ's 10 largest holdings as of October 3, 2026, per Invesco:

1. NVIDIA, 8.43%
2. Apple, 7.28%
3. Microsoft, 5.75%
4. Micron Technology, 5.01%
5. Advanced Micro Devices, 4.27%
6. Amazon, 4.06%
7. Meta Platforms, 3.24%
8. Alphabet Class A, 3.01%
9. Tesla, 2.91%
10. SpaceX, 2.81%

By sector, Invesco's QQQM page put technology at 68.01% of the fund on September 30, 2026, followed by consumer discretionary at 15.14%, telecommunications at 5.91% and health care at 3.78%. US companies made up 97.12%. That concentration is the main risk in both funds; if you want broader exposure, compare VOO, which tracks the S&P 500. For a sector view, see our technology ETF statistics.

Which should you buy, QQQ or QQQM?

Buy QQQM if you plan to hold for years and add money regularly, because its 0.15% fee beats QQQ's 0.18%. Choose QQQ if you trade actively and want the deepest daily volume, about 33.6 million shares. If you already own QQQ in a taxable account, selling to switch can trigger capital gains tax that outweighs the fee saving.

QQQM fits you if:

• You buy and hold for the long term, including in an IRA or 401(k).
• You invest small, regular amounts; QQQM's closing price was $308.69 on October 2, 2026.
• You want the lowest-cost way to own the Nasdaq-100 through Invesco.

QQQ fits you if:

• You trade in and out within days or hours and value maximum share volume.
• You move large orders and want the deepest trading market.
• You already hold it with large unrealized gains in a taxable account.

Consider neither if you want diversification beyond about 100 growth-heavy companies. Our growth vs value ETF statistics show how that tilt has played out. You can also see current data on the QQQ fund page.

Frequently asked questions

Key takeaways

• QQQ and QQQM track the same Nasdaq-100 Index; QQQM is the cheaper share of the same exposure.
• QQQM costs 0.15% a year, QQQ 0.18%: $15 versus $18 on $10,000.
• QQQM's NAV beat QQQ's by 0.08 to 0.12 points a year over 1, 3 and 5 years to August 31, 2026.
• QQQ is larger ($505.19 billion versus $111.67 billion) and trades about 12.7 times the daily share volume.
• QQQ became an open-end ETF after a December 2025 shareholder vote, which cut its fee from 0.20%.
• Selling QQQ in a taxable account to switch can cost more in tax than the fee saving.