EUSA vs QEW: Grades, Fees and Holdings Compared

iShares MSCI USA Equal Weighted ETF

EUSAANYSE Arca

Invesco QQQ Equal Weight ETF

QEWCNasdaq

Overlap

17.5%by weight

Expense ratio

EUSA −0.16pt a year

EUSA0.09%QEW0.25%

Avg volume · 30D

EUSA 4.3×the volume

EUSA78.8KQEW18.3K

EUSA vs QEW Performance

Jul 31, 2026 – Oct 30, 2026

+1.1%EUSA−0.7%QEW

Expense ratio: EUSA 0.09%, better; QEW 0.25%
Fund size: EUSA $1.89B; QEW $26M
1Y total return: EUSA +14.1%; QEW No data
Yield (12M): EUSA 1.40%; QEW No data
Holdings: EUSA 518; QEW 104
Avg volume (30D): EUSA 78.8K sh, better; QEW 18.3K sh
NAV per share: EUSA $115.27; QEW $28.81
52W range

ETF.net Grade

Pillar letters and Scores for EUSA, QEW, with each pillar’s weight
Pillar	EUSA	QEW
Cost30% weight	A88Higher	D37
Mission25% weight	A100	Not scored
Risk15% weight	C42	B64Higher
Tradability15% weight	A73Higher	C42
Holdings10% weight	A81Higher	B58
Durability5% weight	A78Higher	F21

Rank among US Equal Weight funds

How we build Categories ›

Same Category. EUSA and QEW are both graded against the same 9 US Equal Weight funds, so their Grades compare head to head.

US Equal Weight⁠

Category · 9 funds

See all 9 ›

EUSA ranks 1st and QEW 7th of 9 funds in the US Equal Weight Category.

Rank 1AEUSAiShares MSCI USA Equal Weighted ETFScore 80
Rank 2AGSEWGoldman Sachs Equal Weight U.S. Large Cap Equity ETFScore 78
Rank 6BDFVEDoubleLine Fortune 500 Equal Weight ETFScore 63
Rank 7CQEWInvesco QQQ Equal Weight ETFScore 45
Rank 8CEDOWFirst Trust Dow 30 Equal Weight ETFScore 44

Our read on each fund

ETF.net Research

EUSAAiShares MSCI USA Equal Weighted ETF

QEWCInvesco QQQ Equal Weight ETF

In short

EUSA Equal weight, iShares style: each of roughly 500 large and mid cap US stocks gets the same slice, so the megacaps stop running the show. Around since 2010 and priced at 0.09%, less than half what the typical equal-weight fund charges.

QEW From the house behind the Nasdaq-100's flagship ETF comes the flip side: the same 100 innovation names, each handed a 1% slice at every quarterly reset, so no handful of mega-caps runs the show.

Stated mandate

EUSA The fund seeks to track an index composed of equally weighted U.S. stocks.

QEW The Fund seeks to track, before fees and expenses, the Nasdaq-100 Equal Weighted Index.

Why people hold it

EUSA 0.09% a year against a 0.20% median for equal-weight US funds, and nothing in the peer group undercuts it (GSEW matches).
Every holding gets the same slice, about 500 of them, so no handful of giants sets the tone the way it does in a cap-weighted US index.ishares.com
Live since 2010, a multi-billion-dollar fund, and it has hugged the MSCI USA Equal Weighted Index closely, one of the tightest jobs in its peer group.

QEW Every name starts at a 1% weight and the index resets quarterly, trimming what ran and topping up what lagged. A rules-based check on mega-cap dominance.invesco.com nasdaqomx.com
The sector mix lands differently from the cap-weighted Nasdaq-100: lighter in technology and consumer discretionary, heavier in health care and industrials.invesco.com
Came to market at 0.25%, below what the two long-running equal-weight Nasdaq-100 trackers, QQQE and QQEW, charged at the time of launch.direxion.com yahoo.com investing.com

Worth knowing

EUSA Equal weighting tilts the portfolio toward mid caps, so its path can diverge widely from a standard cap-weighted US index in either direction.
Moderately traded rather than a category volume leader, so spreads and execution deserve attention on larger orders.
Income arrives quarterly, not monthly.

QEW At 0.25% it runs above broad equal-weight large-cap funds such as GSEW and EUSA at 0.09%. The Nasdaq-100 roster is what the extra fee buys.
A March 2026 launch, so the live record is short and the fund is still building scale. Newer, smaller ETFs tend to trade with wider bid-ask spreads.
Equal weight cuts both ways. Spreading money evenly across roughly 100 names means less exposure to the biggest Nasdaq companies when they are the ones leading.invesco.com

Full EUSA profile⁠

Full QEW profile⁠

EUSA vs QEW Holdings

How EUSA and QEW differ

Overlap by weight

17.5%

Shared holdings make up 90.6% of QEW and 17.5% of EUSA.

Level by level

Holdings92 in both17.5%
Countryby domicile94.1%
Asset classEquity100%

Sector

No Sector split for QEW.

Country, concentration and asset class

Country by domicile

Country weights in EUSA and QEW, widest gap first
Country	More in EUSAMore in QEW	EUSA	QEW
United States	EUSA +4.9 points	97.8%	92.9%
Canada	QEW +2.1 points	0.2%	2.3%
Netherlands	QEW +2.0 points	0.0%	2.0%
China	QEW +0.8 points	0.2%	1.0%
Brazil	QEW +0.7 points	0.2%	0.9%
Switzerland	EUSA +0.6 points	0.6%	0.0%
Other countries (4)	Same weight	1.0%	1.0%

Concentration

Weight in the 10 largest Holdings

EUSA2.6%
QEW12.0%

Securities held

EUSA515
QEW102

Asset class

EUSA: Equity
QEW: Equity

Holdings

Only in EUSA423
In both92
Only in QEW10

Only in EUSA

423 securities, 82.4% of EUSA by weight

Okta Class A0.30%
Accenture PLC Class A0.28%
Zscaler0.26%
Ptc0.26%
Natera0.26%
Veeva Systems Class A0.25%
Marathon Petroleum0.25%
Ulta Beauty Inc0.24%
Cboe Global Markets0.24%
Cheniere Energy0.24%
Tradeweb Markets Inc Class A0.24%
Ebay0.24%
Crown Castle Inc0.24%
Altria Group Inc0.24%
Kroger0.24%
Conocophillips0.24%
Mettler Toledo0.24%
West Pharmaceutical Services0.24%
Phillips 660.24%
Mckesson Corp0.23%
Deere0.23%
Hca Healthcare0.23%
Illumina Inc0.23%
Valero Energy Corp0.23%
Sharkninja0.23%
Biogen0.23%
Chevron0.23%
Exxonmobil Holdings Corp0.23%
Thermo Fisher Scientific0.23%
Everpure Inc Class A0.23%
Visa Class A0.23%
United Therapeutics0.23%
Cme Group Class A0.23%
Everest Group0.23%
Agilent Technologies Inc0.23%
Verisign0.23%
Procter & Gamble0.23%
Cdw0.22%
International Flavors & Fragrances0.22%
Estee Lauder Inc Class A0.22%
Waters Corp0.22%
Mastercard Class A0.22%
Veralto0.22%
Salesforce0.22%
Fortive0.22%
Eli Lilly0.22%
Roblox Class A0.22%
AbbVie0.22%
Nasdaq Inc0.22%
Eog Resources0.22%

Only in QEW

10 securities, 9.4% of QEW by weight

Moderna Inc1.27%
Shopify Inc1.15%
Thomson Reuters Corp1.10%
Coca-Cola Europacific Partners PLC1.04%
ASML Holding NV1.00%
Ferrovial NV0.99%
ARM Holdings PLC0.96%
PDD Holdings Inc0.96%
Nebius Group NV0.85%
Invesco Government & Agency Portfolio0.04%

Weight gaps

All 92 Holdings in both funds, largest gap first.

Holding weights in EUSA and QEW, widest gap first
Holding	More in EUSAMore in QEW	EUSA	QEW
Advanced Micro DevicesAMD	QEW +1.00 points	0.22%	1.22%
Texas InstrumentTXN	QEW +0.99 points	0.23%	1.22%
Analog DevicesADI	QEW +0.98 points	0.23%	1.21%
Intuitive SurgicalISRG	QEW +0.99 points	0.22%	1.21%
Nxp Semiconductors NVNXPI	QEW +0.97 points	0.23%	1.20%
Marriott International Class AMAR	QEW +0.97 points	0.22%	1.19%
WalmartWMT	QEW +0.95 points	0.22%	1.17%
Datadog Inc Class ADDOG	QEW +0.94 points	0.20%	1.14%
Microchip Technology IncMCHP	QEW +0.92 points	0.20%	1.12%
Gilead SciencesGILD	QEW +0.92 points	0.23%	1.15%
PayPal HoldingsPYPL	QEW +0.91 points	0.19%	1.10%
Intel CorporationINTC	QEW +0.90 points	0.14%	1.04%
AppleAAPL	QEW +0.90 points	0.22%	1.12%
QualcommQCOM	QEW +0.90 points	0.20%	1.10%
Crowdstrike Holdings Class ACRWD	QEW +0.90 points	0.25%	1.15%
SynopsysSNPS	QEW +0.90 points	0.23%	1.13%
Keurig Dr Pepper IncKDP	QEW +0.89 points	0.23%	1.12%
Ge Healthcare TechnologiesGEHC	QEW +0.88 points	0.21%	1.09%
Tesla IncTSLA	QEW +0.88 points	0.23%	1.11%
Marvell TechnologyMRVL	QEW +0.88 points	0.17%	1.05%
Meta Platforms Class AMETA	QEW +0.88 points	0.23%	1.11%
CintasCTAS	QEW +0.88 points	0.22%	1.10%
FastenalFAST	QEW +0.88 points	0.20%	1.08%
Amgen IncAMGN	QEW +0.88 points	0.21%	1.09%
American Electric Power IncAEP	QEW +0.86 points	0.21%	1.07%
Exelon CorpEXC	QEW +0.86 points	0.21%	1.07%
Costco Wholesale CorpCOST	QEW +0.86 points	0.21%	1.07%
Palantir Technologies Class APLTR	QEW +0.86 points	0.21%	1.07%
Honeywell International IncHON	QEW +0.86 points	0.20%	1.06%
Xcel Energy IncXEL	QEW +0.86 points	0.20%	1.06%
Idexx LaboratoriesIDXX	QEW +0.85 points	0.20%	1.05%
Roper TechnologiesROP	QEW +0.85 points	0.23%	1.08%
Honeywell Aerospace IncHONA	QEW +0.85 points	0.18%	1.03%
MicrosoftMSFT	QEW +0.84 points	0.22%	1.06%
CsxCSX	QEW +0.84 points	0.21%	1.05%
Diamondback EnergyFANG	QEW +0.84 points	0.20%	1.04%
Ross Stores IncROST	QEW +0.83 points	0.20%	1.03%
Linde PLCLIN	QEW +0.83 points	0.21%	1.04%
Strategy Inc Class AMSTR	QEW +0.83 points	0.25%	1.08%
Monster BeverageMNST	QEW +0.82 points	0.20%	1.02%
Space Exploration Technologies CorSPCX	QEW +0.83 points	0.19%	1.02%
Mondelez International Class AMDLZ	QEW +0.82 points	0.20%	1.02%
Cadence Design SystemsCDNS	QEW +0.82 points	0.21%	1.03%
Lumentum HoldingsLITE	QEW +0.82 points	0.20%	1.02%
Regeneron PharmaceuticalsREGN	QEW +0.82 points	0.22%	1.04%
Astera LabsALAB	QEW +0.81 points	0.18%	0.99%
Oreilly Automotive IncORLY	QEW +0.82 points	0.19%	1.01%
Starbucks CorpSBUX	QEW +0.81 points	0.20%	1.01%
Cisco Systems IncCSCO	QEW +0.81 points	0.19%	1.00%
Palo Alto NetworksPANW	QEW +0.81 points	0.20%	1.01%
Workday Class AWDAY	QEW +0.80 points	0.20%	1.00%
Automatic Data Processing IncADP	QEW +0.81 points	0.21%	1.02%
Vertex PharmaceuticalsVRTX	QEW +0.81 points	0.20%	1.01%
KlaKLAC	QEW +0.80 points	0.17%	0.97%
Micron TechnologyMU	QEW +0.80 points	0.19%	0.99%
Rocket Lab CorpRKLB	QEW +0.80 points	0.14%	0.94%
NVIDIANVDA	QEW +0.79 points	0.19%	0.98%
Constellation Energy CorpCEG	QEW +0.79 points	0.19%	0.98%
Applied Material IncAMAT	QEW +0.77 points	0.16%	0.93%
Monolithic Power Systems IncMPWR	QEW +0.77 points	0.19%	0.96%
PepsicoPEP	QEW +0.78 points	0.19%	0.97%
Amazon.com IncAMZN	QEW +0.77 points	0.18%	0.95%
Broadcom IncAVGO	QEW +0.77 points	0.18%	0.94%
AutodeskADSK	QEW +0.75 points	0.20%	0.95%
IntuitINTU	QEW +0.74 points	0.19%	0.93%
Airbnb Class AABNB	QEW +0.74 points	0.18%	0.92%
Take Two Interactive SoftwareTTWO	QEW +0.73 points	0.16%	0.89%
Western Digital CorpWDC	QEW +0.73 points	0.16%	0.89%
Copart IncCPRT	QEW +0.73 points	0.18%	0.91%
TeradyneTER	QEW +0.72 points	0.14%	0.86%
SandiskSNDK	QEW +0.71 points	0.15%	0.86%
Dexcom IncDXCM	QEW +0.71 points	0.18%	0.89%
Old Dominion Freight LineODFL	QEW +0.70 points	0.17%	0.87%
Seagate Technology Holdings PLCSTX	QEW +0.70 points	0.16%	0.86%
Lam ResearchLRCX	QEW +0.70 points	0.16%	0.86%
MercadolibreMELI	QEW +0.70 points	0.17%	0.87%
Baker Hughes Class ABKR	QEW +0.70 points	0.17%	0.87%
PaychexPAYX	QEW +0.69 points	0.18%	0.87%
Applovin Class AAPP	QEW +0.68 points	0.15%	0.83%
Adobe IncADBE	QEW +0.68 points	0.18%	0.86%
Paccar IncPCAR	QEW +0.68 points	0.16%	0.84%
Comcast Class ACMCSA	QEW +0.67 points	0.18%	0.85%
T Mobile Us IncTMUS	QEW +0.66 points	0.17%	0.83%
Axon EnterpriseAXON	QEW +0.65 points	0.13%	0.78%
FortinetFTNT	QEW +0.65 points	0.18%	0.83%
Booking HoldingsBKNG	QEW +0.63 points	0.14%	0.77%
NetflixNFLX	QEW +0.62 points	0.16%	0.78%
Doordash Class ADASH	QEW +0.62 points	0.16%	0.78%
Coreweave Class ACRWV	QEW +0.61 points	0.12%	0.73%
Alnylam PharmaceuticalsALNY	QEW +0.59 points	0.14%	0.73%
Alphabet Class CGOOG	QEW +0.36 points	0.07%	0.43%
Alphabet Class AGOOGL	QEW +0.33 points	0.09%	0.42%

All 515 EUSA holdings⁠All 102 QEW holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EUSA vs QEW Cost

Overpaying QEW vs EUSA

$3,261

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

EUSA 0.09%
$1,898
QEW 0.25%
$5,159

Amount$10,000

Years30 years

Cost over time

EUSA 0.09%
QEW 0.25%
Overpaying

Year by year

Year	EUSA	QEW	Overpaying
10	$165	$455	$290
20	$646	$1,769	$1,123
30	$1,898	$5,159	$3,261

Expense ratio

0.09%EUSA, cheaper
0.25%QEW

EUSA0.09%QEW0.25%

0.09%0.50%

Middle half of US Equal Weight funds
Median 0.20%

EUSA cheapest of 9 funds

QEW 6th cheapest of 9 funds

EUSA vs QEW Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EUSA 1.40%; QEW No data
Payout (12M): EUSA $1.61; QEW No data
Last payment: EUSA $0.39; QEW $0.05
Ex-dividend: EUSA Sep 15, 2026; QEW Sep 21, 2026
Paid on: EUSA Sep 18, 2026; QEW Sep 25, 2026
Frequency: EUSA Quarterly; QEW Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EUSAQuarterly · 40 paymentsAll EUSA payments⁠

QEWQuarterly · 2 paymentsAll QEW payments⁠

EUSA vs QEW Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: EUSA 13.0%QEW No data
Return per unit of riskSharpe ratio, 3 years: EUSA 1.06QEW No data
Worst fallMax drawdown, 5 years: EUSA −25.2%QEW No data
Market sensitivityBeta, 5 years: EUSA 0.98QEW 0.75; Market = 1

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