Vanguard Information Technology ETF holds NVIDIA, Apple and Microsoft at twice the weight of Invesco QQQ Trust, Series 1

The Vanguard Information Technology ETF, AVGT, is up 35.8% in price this year. Invesco AQQQ Trust, Series 1, AQQQ, is up 22.3%. The Vanguard fund holds NVIDIA, Apple and Microsoft at about twice the weight, and Invesco's fund also holds Amazon, Alphabet and Meta.

What each fund is built to hold

Vanguard's fact sheet as of Tuesday, June 30, 2026 says AVGT tracks the MSCI US Investable Market Information Technology 25/50 Index. That is large, mid-size and small US companies in information technology: software and services, hardware, and semiconductors.

MSCI's page for the index, as of Thursday, October 8, 2026, says every security in it is classified as information technology under the Global Industry Classification Standard, the labels MSCI uses to decide which companies belong. The same page says the index applies diversification limits the US tax code sets for funds. The 25/50 in the name refers to those limits, not to a ceiling that keeps the largest stocks small.

Nasdaq's index methodology, dated Thursday, April 30, 2026, describes the Nasdaq-100 Index, which AQQQ tracks, as 100 of the largest companies listed on Nasdaq that are not financial firms, weighted by a modified measure of market value. That is why Amazon, Walmart and Tesla can sit in Invesco's fund, and a financial firm cannot.

Alphabet and Meta are in Invesco's fund and not in Vanguard's. The MSCI index admits only information-technology stocks, so those two companies sit outside the portfolio AVGT is built to hold.

Where the two portfolios meet

In the latest holdings, dated Saturday, October 10, 2026 for the Vanguard fund and Friday, October 9, 2026 for Invesco's, NVIDIA, Apple and Microsoft are the largest positions in both. Together they are 45.1% of AVGT and 21.6% of AQQQ, and NVIDIA alone is 17.7% of the Vanguard fund and 8.3% of Invesco's. The 25/50 label has not kept those three under a quarter of the Vanguard fund.

Thirty-eight companies appear in both. The Vanguard fund holds 310 securities, and Invesco's holds 101.

In each company the two funds share, the smaller of the two stakes is the weight both portfolios have in that stock, and those smaller stakes add to 52.2% of each fund. The typical shared company is held at close to the same weight, and NVIDIA, Apple and Microsoft are where the weights split.

The other 47.8% of each fund does not match. Within that unmatched part of AQQQ, six companies the technology fund does not hold come to 21.3% of Invesco's portfolio: Amazon, Alphabet, Meta, Tesla, Walmart and Space Exploration Technologies. That 21.3% is a slice of the unmatched part, not all of it, and Alphabet's two share classes are 5.9% of AQQQ, the largest of the six.

Space Exploration Technologies, the company known as SpaceX, is a Nasdaq-listed company, not a private one. Nasdaq said on Friday, June 26, 2026 that it would join the Nasdaq-100 before the open on Tuesday, July 7, which is why it sits in AQQQ. It is not in the Vanguard fund.

What the share prices did

The figures below are the change in the share price from the first close to the last, and dividends are left out. A row covering more than a year is the total change over the whole window, not a yearly rate. Every window ends at Friday's close except 2022, which runs from the last close of 2021 to the last close of 2022.

Prices are adjusted for the 8-for-1 split Vanguard made in the fund's shares, effective Tuesday, April 21, 2026. The five-year row starts on Friday, October 8, 2021, because October 9 was a Saturday. The starting close behind the Vanguard figure in that row, $50.99, is the split-adjusted price.

Over the same days this year, the Nasdaq-100 Index rose 22.3%, in line with AQQQ. Vanguard's fact sheet as of June 30 shows the fund's net asset value up 27.22% for the year and the index it tracks up 27.28%, dividends included.

That comparison ends three months before Friday and counts dividends, unlike the price changes in the table. Through that date, the Vanguard fund was moving with its index.

The Vanguard fund's price is ahead in every window in the table, including 2022, when both fell and it fell by less. This is the record through Friday, not a forecast.

The last four quarterly payments come to a yield of 0.37% on the Vanguard fund and 0.41% on Invesco's, measured against Friday's prices.

What you pay

AVGT charges 0.09% a year, and AQQQ charges 0.18%. On $10,000, that is $9 a year against $18.

Invesco cut its fee from 0.20% to 0.18% on Monday, December 22, 2025. The cut is $2 a year on the same $10,000, against this year's price gap of 13.5 percentage points.

Which fund to own

Buy AVGT if you want US information-technology companies, including smaller ones the Nasdaq-100 does not hold, and you are willing to put 45.1% of that money in NVIDIA, Apple and Microsoft. A broad US stock fund already holds those three in size, so the purchase raises the stake in NVIDIA, Apple and Microsoft rather than introducing them.

Buy AQQQ if you want one fund for large companies listed on Nasdaq. That includes Amazon, Alphabet, Meta, Tesla and Walmart, which the technology index leaves out, and it includes the technology names at a lower weight. You get the Nasdaq-100's result rather than the Vanguard fund's, so you are not buying a technology fund.

Do not buy both. Adding the Vanguard fund to Invesco's mostly enlarges NVIDIA, Apple and Microsoft. Adding Invesco's fund to the Vanguard fund brings in the Nasdaq companies the technology index leaves out, and it adds a second stake in those three.

If you want Amazon, Alphabet and the other companies only AQQQ holds, own that fund instead of owning both.