---
title: "Own the Invesco NASDAQ 100 ETF rather than Invesco QQQ Trust, Series 1, unless you trade options"
url: "https://etf.net/news/own-the-invesco-nasdaq-100-etf-rather-than-invesco-qqq-trust-series-1-unless-you-trade-options-2026-10-13"
published_at: "2026-10-13T15:36:04.429Z"
updated_at: "2026-10-13T15:36:04.429Z"
byline: "ETF.net Research"
---

# Own the Invesco NASDAQ 100 ETF rather than Invesco QQQ Trust, Series 1, unless you trade options

Price returns from the October 13, 2020 close through October 12, 2026 left the Invesco NASDAQ 100 ETF and Invesco QQQ Trust half a percentage point apart, and the tax on a large gain from selling Invesco QQQ Trust shares just to save $3 a year on $10,000 can cost more than the fee savings.

By ETF.net Research. Published Oct 13, 2026.

The Invesco NASDAQ 100 ETF, QQQM, is the one to buy with new money, unless you trade options on the Invesco QQQ Trust, Series 1, QQQ. You get the same stocks for $3 a year less on every $10,000.

## The same stocks

Both track the Nasdaq-100, which Nasdaq compiles from 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market, based on market capitalization. QQQ has tracked that index since March 10, 1999.

As of October 12, the portfolios match by weight. NVIDIA is the largest holding in both, at 8.3%, and Technology is 60.3% of each.

## What you pay

The annual charge is 0.15% at QQQM and 0.18% at QQQ, a gap of 0.03 percentage points. On $10,000 that is **$3** a year, and on $100,000 it is $30.

On December 22, 2025, Invesco reclassified QQQ from a unit investment trust to an open-end fund. As part of that conversion, the fee fell from 0.20% to 0.18%.

Invesco's December 19 announcement said the conversion would have no tax implications for shareholders.

"The underlying Nasdaq-100 Index and the ETF's replication method did not change," Morningstar analyst Zachary Evens wrote on December 22, 2025.

## The price record

From QQQM's first close on October 13, 2020, through Monday, October 12, 2026, its price rose 153.8%, and QQQ's rose 153.3% over the same days. The gap is half a percentage point, on a gain of more than 150%.

Those are price returns, the change in the share price. They leave out the quarterly distributions both funds pay.

From the December 22, 2025 close, the day of the conversion, through Monday, both funds are up 20.5%.

## Shares and options

The average bid-ask spread was 0.01% for both funds, U.S. News & World Report wrote, citing Invesco, in an article updated on August 3, 2026.

For options, the two funds are not interchangeable. ETF.com reported on June 22, 2026 that QQQ options are deeply liquid, while QQQM options are a thin market, with wide spreads, limited open interest, and sparse strikes.

U.S. News reported that you can trade QQQ options expiring on any weekday the stock market is open, and that QQQM options are limited and not always available each month.

## Which fund to own

Put new money in QQQM, unless you trade options. It is the same portfolio for $3 a year less on every $10,000.

If you already hold QQQ at a gain, do not sell only to switch. ETF.com warned in June that the sale can trigger capital gains tax, and that the tax on a large gain can cost more than the fee savings.

If you trade options, own QQQ. That is where the contracts, the strikes and the depth are. A long-term holding in QQQM, with a smaller QQQ position for options, is the case for owning both.

Source: etf.net, https://etf.net/news/own-the-invesco-nasdaq-100-etf-rather-than-invesco-qqq-trust-series-1-unless-you-trade-options-2026-10-13. Please cite the page URL.