LRND vs PNQI: Grades, Fees and Holdings Compared

NYLI U.S. Large Cap R&D Leaders ETF

LRNDANasdaq

Invesco NASDAQ Internet ETF

PNQICNasdaq

Overlap

27.4%by weight

Expense ratio

LRND −0.46pt a year

LRND0.14%PNQI0.60%

Avg volume · 30D

LRND 1.1×the volume

LRND42.7KPNQI40K

3Y return · a year

LRND +5.2pt

LRND+23.3%PNQI+18.1%

LRND vs PNQI Performance

Oct 31, 2025 – Oct 30, 2026

+9.0%LRND−12.1%PNQI

Expense ratio: LRND 0.14%, better; PNQI 0.60%
Fund size: LRND $456M; PNQI $512M
1Y total return: LRND +9.0%, better; PNQI −12.1%
Yield (12M): LRND 0.34%, better; PNQI 0.00%
Holdings: LRND 110; PNQI 79
Avg volume (30D): LRND 42.7K sh, better; PNQI 40K sh
NAV per share: LRND $44.74; PNQI $49.31
52W range

ETF.net Grade

Pillar letters and Scores for LRND, PNQI, with each pillar’s weight
Pillar	LRND	PNQI
Cost30% weight	A100Higher	F21
Mission25% weight	B55Higher	C49
Risk15% weight	B62Higher	D29
Tradability15% weight	A80	A82Higher
Holdings10% weight	F22	D31Higher
Durability5% weight	A74	A94Higher

Rank among US Thematic funds

How we build Categories ›

Same Category. LRND and PNQI are both graded against the same 22 US Thematic funds, so their Grades compare head to head.

US Thematic⁠

Category · 22 funds

See all 22 ›

LRND ranks 1st and PNQI 10th of 22 funds in the US Thematic Category.

Rank 1ALRNDNYLI U.S. Large Cap R&D Leaders ETFScore 76
Rank 2ATECBiShares U.S. Tech Breakthrough Multisector ETFScore 71
Rank 9CFTIFFirst Trust Bloomberg Inflation Sensitive Equity ETFScore 43
Rank 10CPNQIInvesco NASDAQ Internet ETFScore 41
Rank 11CAKAFThe Frontier Economic FundScore 40

Our read on each fund

ETF.net Research

LRNDANYLI U.S. Large Cap R&D Leaders ETF

PNQICInvesco NASDAQ Internet ETF

In short

LRND No data

PNQI One of the original internet ETFs, running since 2008. It tracks a Nasdaq CTA index of US-listed internet businesses, ADRs included, with weight caps that trim the giants at each rebalance.

Stated mandate

LRND No data

PNQI The fund seeks to track an index of companies involved in internet-related businesses.

Why people hold it

LRND No data

PNQI Live since 2008, so this is a long-tenured take on the internet theme rather than a fund built for the latest headline.
The index caps its five biggest names at 8% and everything else at 4%, rebalancing quarterly. Megacaps get trimmed instead of quietly becoming the whole fund.nasdaq.com
ADRs are eligible, so the basket reaches internet companies based outside the US as long as they trade on a US exchange.nasdaq.com nasdaqomx.com
Moderately traded with a tight, rules-based mandate: at least 90% of assets sit in index constituents, so what you see in the methodology is what you own.invesco.com

Worth knowing

LRND No data

PNQI At 0.60%, it runs above the thematic-peer median of 0.57%, and cheaper tech-theme options exist (LRND at 0.14%, TECB at 0.30%).
Non-diversified by design: roughly 80 stocks in one theme. Swings in internet sentiment land harder here than in a broad market fund.usnews.com
The holdings skew toward growth-stage internet businesses, and cash payouts have not been a regular feature of the fund.

Full LRND profile⁠

Full PNQI profile⁠

LRND vs PNQI Holdings

How LRND and PNQI differ

Overlap by weight

27.4%

Shared holdings make up 43.1% of PNQI and 28.5% of LRND.

Level by level

Holdings11 in both27.4%
Sector9 Sectors63.8%
Countryby domicile88.8%
Asset classEquity100%

Sector

Sector weights in LRND and PNQI, widest gap first
Sector	More in LRNDMore in PNQI	LRND	PNQI
Technology	LRND +21.9 points	62.3%	40.4%
Consumer Discretionary	PNQI +18.9 points	5.7%	24.6%
Communication	PNQI +14.9 points	17.3%	32.2%
Health Care	LRND +9.8 points	9.8%	0.0%
Industrials	LRND +2.4 points	2.4%	0.0%
Financials	PNQI +2.1 points	0.3%	2.4%
Consumer Staples	LRND +1.6 points	1.6%	0.0%
Materials	LRND +0.6 points	0.6%	0.0%
Real Estate	PNQI +0.3 points	0.0%	0.3%

Country, concentration and asset class

Country by domicile

Country weights in LRND and PNQI, widest gap first
Country	More in LRNDMore in PNQI	LRND	PNQI
United States	LRND +10.7 points	99.5%	88.8%
Canada	PNQI +4.9 points	0.0%	4.9%
China	PNQI +2.7 points	0.0%	2.7%
Brazil	PNQI +2.4 points	0.0%	2.4%
Singapore	PNQI +0.9 points	0.0%	0.9%
Other countries (8)	LRND +0.1 points	0.5%	0.4%

Concentration

Weight in the 10 largest Holdings

LRND69.4%
PNQI61.5%

Securities held

LRND110
PNQI78

Asset class

LRND: Equity
PNQI: Equity

Holdings

Only in LRND99
In both11
Only in PNQI67

Only in LRND

99 securities, 71.5% of LRND by weight

NVIDIA Corporation16.36%
Alphabet Inc. Class A10.92%
Eli Lilly and Company4.93%
Broadcom Inc.4.38%
Advanced Micro Devices, Inc.3.81%
Palantir Technologies Inc. Class A1.96%
Cisco Systems, Inc.1.91%
Applied Materials, Inc.1.43%
Amgen Inc.1.41%
Lam Research Corporation1.38%
PepsiCo, Inc.1.05%
Arista Networks Inc0.98%
QUALCOMM Incorporated0.80%
Marvell Technology, Inc.0.80%
Vertex Pharmaceuticals Incorporated0.79%
Vanguard Information Technology ETF0.75%
State Street Technology Select Sector SPDR ETF0.75%
Fidelity MSCI Information Technology Index ETF0.74%
State Street Communication Services Select Sector SPDR ETF0.72%
Automatic Data Processing, Inc.0.65%
Dell Technologies, Inc. Class C0.62%
VanEck Pharmaceutical ETF0.58%
Vanguard Communication Services ETF0.57%
State Street Consumer Discretionary Select Sector SPDR ETF0.56%
Regeneron Pharmaceuticals, Inc.0.53%
Trane Technologies plc0.51%
ServiceNow, Inc.0.50%
Vertiv Holdings Co. Class A0.50%
Snowflake, Inc.0.50%
Fortinet, Inc.0.46%
Sherwin-Williams Company0.45%
Illinois Tool Works Inc.0.44%
Colgate-Palmolive Company0.43%
Cadence Design Systems, Inc.0.42%
Synopsys, Inc.0.41%
Datadog, Inc. Class A0.36%
Garmin Ltd.0.29%
Veeva Systems Inc. Class A0.28%
Monolithic Power Systems, Inc.0.28%
Vylor Inc0.27%
Cash0.27%
Keysight Technologies Inc0.24%
Autodesk, Inc.0.24%
Everpure, Inc. Class A0.20%
Axon Enterprise Inc0.19%
Mettler-Toledo International Inc.0.19%
ResMed Inc.0.19%
Zoetis, Inc. Class A0.18%
Rocket Lab Corporation0.18%
Workday, Inc. Class A0.18%

Only in PNQI

67 securities, 56.9% of PNQI by weight

Alphabet Inc7.03%
Shopify Inc4.72%
Walt Disney Co/The4.30%
Salesforce Inc3.74%
Uber Technologies Inc3.62%
Netflix Inc3.19%
Spotify Technology SA3.11%
Booking Holdings Inc3.06%
MercadoLibre Inc2.28%
DoorDash Inc1.99%
eBay Inc1.46%
Alibaba Group Holding Ltd1.40%
PayPal Holdings Inc1.32%
Twilio Inc1.01%
Okta Inc1.01%
Coinbase Global Inc0.97%
ROBLOX Corp0.95%
Sea Ltd0.91%
Expedia Group Inc0.88%
VeriSign Inc0.75%
Zoom Communications Inc0.70%
Coupang Inc0.64%
Roku Inc0.56%
Reddit Inc0.51%
Unity Software Inc0.47%
Akamai Technologies Inc0.39%
Wayfair Inc0.38%
GoDaddy Inc0.36%
JD.com Inc0.33%
CoStar Group Inc0.31%
Elastic NV0.29%
Grab Holdings Ltd0.29%
Trip.com Group Ltd0.29%
DraftKings Inc0.28%
Gitlab Inc0.26%
NetEase Inc0.24%
Etsy Inc0.23%
Snap Inc0.22%
Baidu Inc0.21%
Global-e Online Ltd0.20%
Open Text Corp0.18%
Lyft Inc0.17%
Box Inc0.16%
Zillow Group Inc0.15%
Vipshop Holdings Ltd0.14%
Dropbox Inc0.14%
Chewy Inc0.13%
Fastly Inc0.11%
MakeMyTrip Ltd0.10%
Lemonade Inc0.10%

Weight gaps

All 11 Holdings in both funds, largest gap first.

Holding weights in LRND and PNQI, widest gap first
Holding	More in LRNDMore in PNQI	LRND	PNQI
Meta Platforms Inc Class AMETA	PNQI +5.02 points	4.09%	9.11%
Amazon.com, Inc.AMZN	PNQI +3.27 points	4.56%	7.83%
Adobe Inc.ADBE	PNQI +2.21 points	0.46%	2.67%
Intuit Inc.INTU	PNQI +2.04 points	0.42%	2.46%
Airbnb, Inc. Class AABNB	PNQI +1.50 points	0.39%	1.89%
Apple Inc.AAPL	LRND +1.12 points	10.31%	9.19%
Microsoft CorporationMSFT	PNQI +0.64 points	8.08%	8.72%
DocuSign, Inc.DOCU	PNQI +0.35 points	0.07%	0.42%
HubSpot, Inc.HUBS	PNQI +0.27 points	0.05%	0.32%
Pinterest, Inc. Class APINS	PNQI +0.22 points	0.05%	0.27%
Paylocity Holding Corp.PCTY	PNQI +0.19 points	0.05%	0.24%

All 107 LRND holdings⁠All 78 PNQI 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.

LRND vs PNQI Cost

Overpaying PNQI vs LRND

$8,885

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

LRND 0.14%
$2,932
PNQI 0.60%
$11,817

Amount$10,000

Years30 years

Cost over time

LRND 0.14%
PNQI 0.60%
Overpaying

Year by year

Year	LRND	PNQI	Overpaying
10	$256	$1,076	$820
20	$1,000	$4,116	$3,116
30	$2,932	$11,817	$8,885

Expense ratio

0.14%LRND, cheaper
0.60%PNQI

LRND0.14%PNQI0.60%

0.14%0.87%

Middle half of US Thematic funds
Median 0.35%

LRND cheapest of 22 funds

PNQI 17th cheapest of 22 funds

LRND vs PNQI Dividends

Last 12 months to Oct 30, 2026

Yield (12M): LRND 0.34%, better; PNQI 0.00%
Payout (12M): LRND $0.15; PNQI None
Last payment: LRND $0.04; PNQI No data
Ex-dividend: LRND Sep 30, 2026; PNQI No data
Paid on: LRND Oct 2, 2026; PNQI No data
Frequency: LRND Quarterly; PNQI No data

Distribution history

Per share, 2017 to 2026, same scale for both

LRNDQuarterly · 19 paymentsAll LRND payments⁠

PNQI2 paymentsAll PNQI payments⁠

LRND vs PNQI Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: LRND 15.9%, betterPNQI 18.8%
Return per unit of riskSharpe ratio, 3 years: LRND 1.13, betterPNQI 0.75
Worst fallMax drawdown, 5 years: LRND −25.4%since Feb 2022PNQI −57.6%
Market sensitivityBeta, 5 years: LRND 1.06PNQI 1.25; Market = 1

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