QNXT vs QQQM: Grades, Fees and Holdings Compared

iShares Nasdaq-100 ex Top 30 ETF

QNXTBNasdaq

Invesco NASDAQ 100 ETF

QQQMANasdaq

Overlap

23.1%by weight

Expense ratio

QQQM −0.05pt a year

QNXT0.20%QQQM0.15%

Avg volume · 30D

QQQM 473.0×the volume

QNXT6.41KQQQM3.03M

QNXT vs QQQM Performance

Oct 31, 2025 – Oct 30, 2026

+9.7%QNXT+10.3%QQQM

Expense ratio: QNXT 0.20%; QQQM 0.15%, better
Fund size: QNXT $28M; QQQM $106B
1Y total return: QNXT +9.7%; QQQM +10.3%, better
Yield (12M): QNXT 0.71%, better; QQQM 0.46%
Holdings: QNXT 72; QQQM 105
Avg volume (30D): QNXT 6.41K sh; QQQM 3.03M sh, better
NAV per share: QNXT $30.66; QQQM $284.31
52W range

ETF.net Grade

Pillar letters and Scores for QNXT, QQQM, with each pillar’s weight
Pillar	QNXT	QQQM
Cost30% weight	C46	A74Higher
Mission25% weight	A72	A100Higher
Risk15% weight	A72Higher	C51
Tradability15% weight	D33	A86Higher
Holdings10% weight	A77Higher	B61
Durability5% weight	D36	A76Higher

Rank among Nasdaq-100 funds

How we build Categories ›

Same Category. QNXT and QQQM are both graded against the same 10 Nasdaq-100 funds, so their Grades compare head to head.

Nasdaq-100⁠

Category · 10 funds

See all 10 ›

QQQM ranks 1st and QNXT 6th of 10 funds in the Nasdaq-100 Category.

Rank 1AQQQMInvesco NASDAQ 100 ETFScore 77
Rank 2AQQQInvesco QQQ Trust, Series 1Score 76
Rank 5BQQMGInvesco ESG NASDAQ 100 ETFScore 59
Rank 6BQNXTiShares Nasdaq-100 ex Top 30 ETFScore 56
Rank 7CQTOPiShares Nasdaq Top 30 Stocks ETFScore 52

Our read on each fund

ETF.net Research

QNXTBiShares Nasdaq-100 ex Top 30 ETF

QQQMAInvesco NASDAQ 100 ETF

In short

QNXT The Nasdaq-100 with its 30 giants cut out. QNXT holds the roughly 70 names that normally sit in the shadow of the index's mega-caps, wrapped at 0.20% a year.

QQQM The Nasdaq-100 in a thriftier wrapper. Launched in 2020, QQQM holds the same index as Invesco's famous original and charges 0.15% a year instead of 0.18%, built for people who buy and sit rather than trade.

Stated mandate

QNXT The fund seeks to track an index of the 30 largest companies by market capitalization within the Nasdaq-100, providing focused exposure to U.S. mega-cap growth leaders.

QQQM The Fund seeks to track the performance of the NASDAQ-100 Index before fees and expenses by generally investing at least 90% of its assets in index securities.

Why people hold it

QNXT Built to exclude the Nasdaq-100's 30 largest members, so roughly 70 second-tier names set the outcome instead of riding behind the giants.
0.20% a year, less than half the typical fee among index trackers in its peer group.
Rules-based iShares wrapper on a published Nasdaq-100 subset index: no manager stock-picking, and it distributes quarterly.

QQQM Same NASDAQ-100 index as Invesco's original fund, for 0.15% instead of 0.18%. Identical mandate, smaller toll.invesco.com
Undercuts the typical Nasdaq-100 wrapper (cohort median 0.20%) and costs well under half the equal-weight version, QQQE, at 0.35%.
The mandate is literal: at least 90% of assets in index securities, tracking about 100 of the largest Nasdaq-listed non-financial companies.nasdaq.com
A multi-billion-dollar, actively traded fund and one of the stronger implementations in its Nasdaq-100 peer group.

Worth knowing

QNXT Light trading and a small asset base, so bid-ask spreads can run wider than on the flagship Nasdaq funds.
Short history: it began trading in October 2024, well short of a full market cycle to judge it by.
Still narrow. About 70 stocks from one large-cap index means cutting the top 30 shifts the concentration rather than removing it.

QQQM The index excludes financial companies and requires a Nasdaq listing, so whole slices of the US market never show up here.nasdaq.com
Modified market-cap weighting means the biggest names carry the biggest weights, so a short list of mega-caps drives most of the ride.nasdaq.com
Distributions land quarterly, and the index selects on size, not dividends.nasdaq.com

Full QNXT profile⁠

Full QQQM profile⁠

QNXT vs QQQM Holdings

How QNXT and QQQM differ

Overlap by weight

23.1%

Shared holdings make up 99.9% of QNXT and 23.1% of QQQM.

Level by level

Holdings69 in both23.1%
Countryby domicile90.9%
Asset classEquity100%

Sector

No Sector split for QNXT.

Country, concentration and asset class

Country by domicile

Country weights in QNXT and QQQM, widest gap first
Country	More in QNXTMore in QQQM	QNXT	QQQM
United States	QQQM +9.1 points	88.2%	97.3%
Canada	QNXT +3.5 points	4.6%	1.1%
Netherlands	QNXT +2.8 points	3.7%	0.9%
Brazil	QNXT +1.2 points	1.6%	0.4%
China	QNXT +0.8 points	1.0%	0.2%
United Kingdom	QNXT +0.7 points	0.9%	0.2%

Concentration

Weight in the 10 largest Holdings

QNXT30.3%
QQQM46.5%

Securities held

QNXT69
QQQM102

Asset class

QNXT: Equity
QQQM: Equity

Holdings

Only in QNXT0
In both69
Only in QQQM33

Only in QNXT

0 securities, 0.0% of QNXT by weight

Only in QQQM

33 securities, 76.9% of QQQM by weight

NVIDIA Corp8.08%
Apple Inc7.99%
Microsoft Corp6.17%
Micron Technology Inc4.57%
Amazon.com Inc4.12%
Advanced Micro Devices Inc4.00%
Tesla Inc3.32%
Meta Platforms Inc2.91%
Space Exploration Technologies Corp2.67%
Alphabet Inc2.61%
Broadcom Inc2.57%
Walmart Inc2.55%
Alphabet Inc2.45%
Intel Corp2.09%
Palantir Technologies Inc1.96%
Costco Wholesale Corp1.91%
Cisco Systems Inc1.85%
Applied Materials Inc1.45%
Lam Research Corp1.38%
Palo Alto Networks Inc1.34%
Texas Instruments Inc1.24%
Crowdstrike Holdings Inc1.16%
Netflix Inc1.12%
Amgen Inc1.08%
Linde PLC1.00%
KLA Corp0.95%
Sandisk Corp0.84%
Marvell Technology Inc0.83%
PepsiCo Inc0.79%
Seagate Technology Holdings PLC0.69%
T-Mobile US Inc0.68%
Moderna Inc0.39%
Invesco Government & Agency Portfolio0.13%

Weight gaps

All 69 Holdings in both funds, largest gap first.

Holding weights in QNXT and QQQM, widest gap first
Holding	More in QNXTMore in QQQM	QNXT	QQQM
Gilead SciencesGILD	QNXT +3.16 points	4.05%	0.89%
Analog DevicesADI	QNXT +2.95 points	3.86%	0.91%
Shopify Subordinate Voting Class ASHOP	QNXT +2.77 points	3.64%	0.87%
QualcommQCOM	QNXT +2.47 points	3.31%	0.84%
Intuitive SurgicalISRG	QNXT +2.23 points	2.92%	0.69%
Asml Holding Adr RepresentingASML	QNXT +2.13 points	2.81%	0.68%
Vertex PharmaceuticalsVRTX	QNXT +2.12 points	2.71%	0.59%
Western Digital CorpWDC	QNXT +1.90 points	2.52%	0.62%
Automatic Data Processing IncADP	QNXT +1.74 points	2.23%	0.49%
Starbucks CorpSBUX	QNXT +1.74 points	2.26%	0.52%
Booking HoldingsBKNG	QNXT +1.64 points	2.13%	0.49%
Marriott International Class AMAR	QNXT +1.54 points	1.99%	0.45%
Adobe IncADBE	QNXT +1.47 points	1.90%	0.43%
FortinetFTNT	QNXT +1.47 points	1.91%	0.44%
Regeneron PharmaceuticalsREGN	QNXT +1.44 points	1.80%	0.36%
CsxCSX	QNXT +1.42 points	1.84%	0.42%
IntuitINTU	QNXT +1.39 points	1.78%	0.39%
Monster BeverageMNST	QNXT +1.38 points	1.77%	0.39%
Constellation Energy CorpCEG	QNXT +1.37 points	1.78%	0.41%
Cadence Design SystemsCDNS	QNXT +1.32 points	1.73%	0.41%
SynopsysSNPS	QNXT +1.30 points	1.71%	0.41%
CintasCTAS	QNXT +1.30 points	1.68%	0.38%
Arm Holdings American Depositary’sARM	QNXT +1.29 points	1.72%	0.43%
Mondelez International Class AMDLZ	QNXT +1.24 points	1.59%	0.35%
Comcast Class ACMCSA	QNXT +1.23 points	1.57%	0.34%
MercadolibreMELI	QNXT +1.22 points	1.58%	0.36%
Datadog Inc Class ADDOG	QNXT +1.12 points	1.51%	0.39%
Lumentum HoldingsLITE	QNXT +1.08 points	1.44%	0.36%
Doordash Class ADASH	QNXT +1.08 points	1.40%	0.32%
Ross Stores IncROST	QNXT +1.08 points	1.40%	0.32%
Oreilly Automotive IncORLY	QNXT +1.05 points	1.36%	0.31%
American Electric Power IncAEP	QNXT +1.06 points	1.36%	0.30%
Honeywell International IncHON	QNXT +1.02 points	1.32%	0.30%
Airbnb Class AABNB	QNXT +1.02 points	1.32%	0.30%
Applovin Class AAPP	QNXT +0.99 points	1.33%	0.34%
Nxp Semiconductors NVNXPI	QNXT +0.96 points	1.25%	0.29%
Diamondback EnergyFANG	QNXT +0.89 points	1.14%	0.25%
Monolithic Power Systems IncMPWR	QNXT +0.89 points	1.14%	0.25%
FastenalFAST	QNXT +0.88 points	1.14%	0.26%
Baker Hughes Class ABKR	QNXT +0.82 points	1.05%	0.23%
Paccar IncPCAR	QNXT +0.80 points	1.03%	0.23%
AutodeskADSK	QNXT +0.78 points	1.00%	0.22%
Pdd Holdings AdsPDD	QNXT +0.77 points	1.00%	0.23%
Xcel Energy IncXEL	QNXT +0.74 points	0.95%	0.21%
Coca Cola Europacific Partners PLCCCEP	QNXT +0.73 points	0.94%	0.21%
Keurig Dr Pepper IncKDP	QNXT +0.72 points	0.93%	0.21%
PayPal HoldingsPYPL	QNXT +0.72 points	0.93%	0.21%
Honeywell Aerospace IncHONA	QNXT +0.71 points	0.93%	0.22%
Exelon CorpEXC	QNXT +0.70 points	0.91%	0.21%
Roper TechnologiesROP	QNXT +0.69 points	0.88%	0.19%
Strategy Inc Class AMSTR	QNXT +0.69 points	0.91%	0.22%
Thomson Reuters CorpTRI	QNXT +0.66 points	0.85%	0.19%
Astera LabsALAB	QNXT +0.64 points	0.86%	0.22%
Idexx LaboratoriesIDXX	QNXT +0.63 points	0.83%	0.20%
TeradyneTER	QNXT +0.62 points	0.82%	0.20%
Microchip Technology IncMCHP	QNXT +0.61 points	0.80%	0.19%
PaychexPAYX	QNXT +0.59 points	0.76%	0.17%
Ferrovial NVFER	QNXT +0.59 points	0.77%	0.18%
Workday Class AWDAY	QNXT +0.57 points	0.74%	0.17%
Old Dominion Freight LineODFL	QNXT +0.53 points	0.68%	0.15%
Nebius NV Class ANBIS	QNXT +0.52 points	0.70%	0.18%
Take Two Interactive SoftwareTTWO	QNXT +0.52 points	0.68%	0.16%
Ge Healthcare TechnologiesGEHC	QNXT +0.51 points	0.66%	0.15%
Axon EnterpriseAXON	QNXT +0.52 points	0.67%	0.15%
Rocket Lab CorpRKLB	QNXT +0.48 points	0.63%	0.15%
Dexcom IncDXCM	QNXT +0.46 points	0.59%	0.13%
Copart IncCPRT	QNXT +0.41 points	0.53%	0.12%
Coreweave Class ACRWV	QNXT +0.36 points	0.48%	0.12%
Alnylam PharmaceuticalsALNY	QNXT +0.32 points	0.42%	0.10%

All 69 QNXT holdings⁠All 103 QQQM 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.

QNXT vs QQQM Cost

Overpaying QNXT vs QQQM

$1,018

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

QNXT 0.20%
$4,155
QQQM 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

QNXT 0.20%
QQQM 0.15%
Overpaying

Year by year

Year	QNXT	QQQM	Overpaying
10	$365	$274	$91
20	$1,421	$1,071	$350
30	$4,155	$3,137	$1,018

Expense ratio

0.20%QNXT
0.15%QQQM, cheaper

QQQM0.15%QNXT0.20%

0.10%0.58%

Middle half of Nasdaq-100 funds
Median 0.20%

QQQM 3rd cheapest of 10 funds

QNXT 5th cheapest of 10 funds

QNXT vs QQQM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): QNXT 0.71%, better; QQQM 0.46%
Payout (12M): QNXT $0.22; QQQM $1.32
Last payment: QNXT $0.05; QQQM $0.31
Ex-dividend: QNXT Sep 15, 2026; QQQM Sep 21, 2026
Paid on: QNXT Sep 18, 2026; QQQM Sep 25, 2026
Frequency: QNXT Quarterly; QQQM Quarterly

Distribution history

Per share, 2020 to 2026, same scale for both

QNXTQuarterly · 8 paymentsAll QNXT payments⁠

QQQMQuarterly · 24 paymentsAll QQQM payments⁠

QNXT vs QQQM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: QNXT 15.6%since Nov 2024QQQM 17.8%
Return per unit of riskSharpe ratio, 3 years: QNXT 0.58since Nov 2024QQQM 1.15
Worst fallMax drawdown, 5 years: QNXT −22.3%since Oct 2024QQQM −35.0%
Market sensitivityBeta, 5 years: QNXT 1.12QQQM 1.23; Market = 1

QNXT and QQQM in the news

All news⁠

New ETFs
Franklin's new ETFs turn stock dividends into bitcoin, but still have to pay that income out
Oct 30, 2026QQQM
New ETFs
Liquid Strategies' new Nasdaq income ETF is selling S&P 500 puts
Oct 27, 2026QQQM
Deep Dive
SpaceX more than doubles its Nadaq-100 weighting as post-IPO lockups expire
Oct 23, 2026QQQM
Head-to-Head
New money goes to QQQM. A taxable QQQ holding can stay.
Oct 23, 2026QQQM
Head-to-Head
Own the Invesco NASDAQ 100 ETF rather than Invesco QQQ Trust, Series 1, unless you trade options
Oct 13, 2026QQQM
Head-to-Head
Invesco QQQ Trust, Series 1 vs Invesco NASDAQ 100 ETF: same stocks, cheaper unless you trade options
Oct 10, 2026QQQM

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