PNQI vs TECB: Grades, Fees and Holdings Compared

Invesco NASDAQ Internet ETF

PNQICNasdaq

iShares U.S. Tech Breakthrough Multisector ETF

TECBANYSE Arca

Overlap

25.5%by weight

Expense ratio

TECB −0.30pt a year

PNQI0.60%TECB0.30%

Avg volume · 30D

PNQI 4.3×the volume

PNQI40KTECB9.36K

5Y return · a year

TECB +12.2pt

PNQI+0.1%TECB+12.3%

PNQI vs TECB Performance

Oct 29, 2021 – Oct 30, 2026

+0.5%PNQI+78.4%TECB

Expense ratio: PNQI 0.60%; TECB 0.30%, better
Fund size: PNQI $512M; TECB $493M
1Y total return: PNQI −12.1%; TECB +18.8%, better
Yield (12M): PNQI 0.00%; TECB 0.29%, better
Holdings: PNQI 79; TECB 173
Avg volume (30D): PNQI 40K sh, better; TECB 9.36K sh
NAV per share: PNQI $49.31; TECB $75.32
52W range

ETF.net Grade

Pillar letters and Scores for PNQI, TECB, with each pillar’s weight
Pillar	PNQI	TECB
Cost30% weight	F21	A79Higher
Mission25% weight	C49	A92Higher
Risk15% weight	D29	B55Higher
Tradability15% weight	A82Higher	A72
Holdings10% weight	D31	B61Higher
Durability5% weight	A94Higher	A91

Rank among US Thematic funds

How we build Categories ›

Same Category. PNQI and TECB 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 ›

TECB ranks 2nd 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 3BLOHARoundhill HALO ETFScore 66
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

PNQICInvesco NASDAQ Internet ETF

TECBAiShares U.S. Tech Breakthrough Multisector ETF

In short

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.

TECB Five breakthroughs (AI and robotics, cloud and data, cybersecurity, genomics, fintech) in one iShares index fund, priced well under the typical US thematic ETF. Multisector by design, so healthcare and finance names sit beside the chip and software crowd.

Stated mandate

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

TECB TECB seeks to track an index of U.S. companies that may benefit from robotics and artificial intelligence, cloud and data technology, cybersecurity, genomics and immunology, and financial technology.

Why people hold it

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

TECB 0.30% a year, roughly half the median expense ratio in its US thematic peer group. With themes, cost is the one edge you keep no matter which breakthrough actually breaks through.
Roughly 170 stocks spread across five themes rather than a concentrated bet on one idea, so no single storyline carries the fund by itself.ishares.com
Rules pick the stocks, not a manager's mood: it follows the NYSE FactSet U.S. Tech Breakthrough Index and has tracked it tightly since the 2020 launch, among the cleaner builds in its thematic group.ishares.com

Worth knowing

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.

TECB This is a growth-theme basket with no ballast. Five fast-moving innovation sleeves can swing harder than the broad market in both directions.
Volume is light next to the megacap tech giants. For quick in-and-out trades, the bid-ask spread can cost more than the fee does.
Cheap, but not the cheapest on the block: LRND charges 0.14% for a broad US R&D-leaders screen that overlaps some of the same territory.

Full PNQI profile⁠

Full TECB profile⁠

PNQI vs TECB Holdings

How PNQI and TECB differ

Overlap by weight

25.5%

Shared holdings make up 58.5% of PNQI and 25.5% of TECB.

Level by level

Holdings26 in both25.5%
Sector8 Sectors57.9%
Countryby domicile89.3%
Asset classEquity100%

Sector

Sector weights in PNQI and TECB, widest gap first
Sector	More in PNQIMore in TECB	PNQI	TECB
Communication	PNQI +22.3 points	32.2%	9.9%
Consumer Discretionary	PNQI +19.7 points	24.6%	4.9%
Technology	TECB +18.7 points	40.4%	59.1%
Health Care	TECB +13.5 points	0.0%	13.5%
Financials	TECB +7.1 points	2.4%	9.5%
Industrials	TECB +1.3 points	0.0%	1.3%
Real Estate	TECB +1.1 points	0.3%	1.4%
Energy	TECB +0.5 points	0.0%	0.5%

Country, concentration and asset class

Country by domicile

Country weights in PNQI and TECB, widest gap first
Country	More in PNQIMore in TECB	PNQI	TECB
United States	TECB +10.6 points	88.8%	99.4%
Canada	PNQI +4.9 points	4.9%	0.0%
China	PNQI +2.7 points	2.7%	0.0%
Brazil	PNQI +1.8 points	2.4%	0.6%
Singapore	PNQI +0.9 points	0.9%	0.0%
Other countries (2)	PNQI +0.4 points	0.4%	0.0%

Concentration

Weight in the 10 largest Holdings

PNQI61.5%
TECB42.3%

Securities held

PNQI78
TECB171

Asset class

PNQI: Equity
TECB: Equity

Holdings

Only in PNQI52
In both26
Only in TECB145

Only in PNQI

52 securities, 41.5% of PNQI by weight

Alphabet Inc7.03%
Shopify Inc4.72%
Walt Disney Co/The4.30%
Uber Technologies Inc3.62%
Spotify Technology SA3.11%
Booking Holdings Inc3.06%
DoorDash Inc1.99%
Airbnb Inc1.89%
Alibaba Group Holding Ltd1.40%
ROBLOX Corp0.95%
Sea Ltd0.91%
Expedia Group Inc0.88%
VeriSign Inc0.75%
Zoom Communications Inc0.70%
Roku Inc0.56%
Unity Software Inc0.47%
Docusign Inc0.42%
Wayfair Inc0.38%
JD.com Inc0.33%
CoStar Group Inc0.31%
Elastic NV0.29%
Grab Holdings Ltd0.29%
Trip.com Group Ltd0.29%
DraftKings Inc0.28%
Paylocity Holding Corp0.24%
NetEase Inc0.24%
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%
Chewy Inc0.13%
MakeMyTrip Ltd0.10%
Lemonade Inc0.10%
Wix.com Ltd0.09%
SPS Commerce Inc0.08%
Dlocal Ltd/Uruguay0.06%
Teladoc Health Inc0.04%
Bilibili Inc0.04%
Autohome Inc0.04%
TripAdvisor Inc0.03%
Yelp Inc0.03%
Criteo SA0.02%
Bumble Inc0.02%
Consensus Cloud Solutions Inc0.02%
Cars.com Inc0.02%
Stitch Fix Inc<0.01%
Lands' End Inc<0.01%

Only in TECB

145 securities, 74.4% of TECB by weight

Palo Alto Networks4.71%
Merck & Co Inc4.60%
Visa Class A4.51%
Palantir Technologies Class A4.14%
Advanced Micro Devices4.02%
Crowdstrike Holdings Class A3.92%
NVIDIA3.71%
Mastercard Class A3.40%
Alphabet Class A2.82%
Vertex Pharmaceuticals2.81%
Texas Instrument2.80%
Intel Corporation2.47%
Analog Devices2.08%
International Business Machines Co1.87%
Regeneron Pharmaceuticals1.86%
Qualcomm1.78%
Oracle1.72%
Moderna1.60%
Intuitive Surgical1.56%
Fortinet1.32%
Sandisk1.30%
Western Digital Corp0.96%
Servicenow0.83%
Snowflake0.79%
Equinix Reit0.77%
Revolution Medicines0.72%
Ametek Inc0.56%
Baker Hughes Class A0.56%
Autodesk0.54%
Digital Realty Trust Reit0.49%
Incyte Corp0.47%
Microchip Technology Inc0.42%
Zscaler0.40%
Exelixis Inc0.34%
Strategy Inc Class A0.33%
Everpure Inc Class A0.31%
Netapp Inc0.30%
Iron Mountain Inc0.26%
Block Class A0.26%
Caci International Inc Class A0.24%
Atlassian Corp Class A0.23%
Mongodb Class A0.21%
Hp Inc0.20%
Twist Bioscience0.18%
Fiserv Inc0.18%
Booz Allen Hamilton Holding Class0.17%
Corpay0.17%
Global Payments Inc0.15%
Rubrik Class A0.14%
Coreweave Class A0.14%

Weight gaps

All 26 Holdings in both funds, largest gap first.

Holding weights in PNQI and TECB, widest gap first
Holding	More in PNQIMore in TECB	PNQI	TECB
Meta Platforms IncMETA	PNQI +5.25 points	9.11%	3.86%
Apple IncAAPL	PNQI +5.02 points	9.19%	4.17%
Amazon.com IncAMZN	PNQI +4.20 points	7.83%	3.63%
Microsoft CorpMSFT	PNQI +4.06 points	8.72%	4.66%
Salesforce IncCRM	PNQI +2.34 points	3.74%	1.40%
Intuit IncINTU	PNQI +1.86 points	2.46%	0.60%
MercadoLibre IncMELI	PNQI +1.69 points	2.28%	0.59%
Adobe IncADBE	PNQI +1.63 points	2.67%	1.04%
eBay IncEBAY	PNQI +1.05 points	1.46%	0.41%
PayPal Holdings IncPYPL	PNQI +0.99 points	1.32%	0.33%
Twilio IncTWLO	PNQI +0.77 points	1.01%	0.24%
Coinbase Global IncCOIN	PNQI +0.77 points	0.97%	0.20%
Netflix IncNFLX	PNQI +0.52 points	3.19%	2.67%
Coupang IncCPNG	PNQI +0.50 points	0.64%	0.14%
Okta IncOKTA	PNQI +0.46 points	1.01%	0.55%
Reddit IncRDDT	PNQI +0.38 points	0.51%	0.13%
HubSpot IncHUBS	PNQI +0.23 points	0.32%	0.09%
GoDaddy IncGDDY	PNQI +0.20 points	0.36%	0.16%
Gitlab IncGTLB	PNQI +0.20 points	0.26%	0.06%
Akamai Technologies IncAKAM	PNQI +0.18 points	0.39%	0.21%
Pinterest IncPINS	PNQI +0.18 points	0.27%	0.09%
Etsy IncETSY	PNQI +0.17 points	0.23%	0.06%
Snap IncSNAP	PNQI +0.16 points	0.22%	0.06%
Dropbox IncDBX	PNQI +0.10 points	0.14%	0.04%
Fastly IncFSLY	PNQI +0.08 points	0.11%	0.03%
Alarm.com Holdings IncALRM	PNQI +0.04 points	0.09%	0.05%

All 78 PNQI holdings⁠All 173 TECB 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.

PNQI vs TECB Cost

Overpaying PNQI vs TECB

$5,668

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

PNQI 0.60%
$11,817
TECB 0.30%
$6,149

Amount$10,000

Years30 years

Cost over time

PNQI 0.60%
TECB 0.30%
Overpaying

Year by year

Year	PNQI	TECB	Overpaying
10	$1,076	$545	$531
20	$4,116	$2,113	$2,003
30	$11,817	$6,149	$5,668

Expense ratio

0.60%PNQI
0.30%TECB, cheaper

TECB0.30%PNQI0.60%

0.14%0.87%

Middle half of US Thematic funds
Median 0.35%

TECB 5th cheapest of 22 funds

PNQI 17th cheapest of 22 funds

PNQI vs TECB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PNQI 0.00%; TECB 0.29%, better
Payout (12M): PNQI None; TECB $0.22
Last payment: PNQI No data; TECB $0.05
Ex-dividend: PNQI No data; TECB Sep 15, 2026
Paid on: PNQI No data; TECB Sep 18, 2026
Frequency: PNQI No data; TECB Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PNQI2 paymentsAll PNQI payments⁠

TECBQuarterly · 27 paymentsAll TECB payments⁠

PNQI vs TECB Risk

Fall from peak · 5 years

PNQI
TECB

Risk facts

VolatilityStd dev, 3 years: PNQI 18.8%, betterTECB 19.7%
Return per unit of riskSharpe ratio, 3 years: PNQI 0.75TECB 1.17, better
Worst fallMax drawdown, 5 years: PNQI −57.6%TECB −41.6%, better
Market sensitivityBeta, 5 years: PNQI 1.25TECB 1.25; Market = 1

Popular comparisons

PNQICvsLRNDA
Invesco NASDAQ Internet ETF · NYLI U.S. Large Cap R&D Leaders ETF
Expense ratio
0.60% · 0.14%
Category
TECBAvsLRNDA
iShares U.S. Tech Breakthrough Multisector ETF · NYLI U.S. Large Cap R&D Leaders ETF
Expense ratio
0.30% · 0.14%
Category
PNQICvsLOHAB
Invesco NASDAQ Internet ETF · Roundhill HALO ETF
Expense ratio
0.60% · 0.35%
Category
TECBAvsLOHAB
iShares U.S. Tech Breakthrough Multisector ETF · Roundhill HALO ETF
Expense ratio
0.30% · 0.35%
Category
PNQICvsHOMZB
Invesco NASDAQ Internet ETF · Hoya Capital Housing ETF
Expense ratio
0.60% · 0.30%
Category
TECBAvsHOMZB
iShares U.S. Tech Breakthrough Multisector ETF · Hoya Capital Housing ETF
Expense ratio
0.30% · 0.30%
Category