QQQM vs QTOP: Grades, Fees and Holdings Compared

Invesco NASDAQ 100 ETF

QQQMANasdaq

iShares Nasdaq Top 30 Stocks ETF

QTOPCNasdaq

Overlap

76.4%by weight

Expense ratio

QQQM −0.05pt a year

QQQM0.15%QTOP0.20%

Avg volume · 30D

QQQM 20.0×the volume

QQQM3.03MQTOP152K

QQQM vs QTOP Performance

Oct 31, 2025 – Oct 30, 2026

+10.3%QQQM+9.7%QTOP

Expense ratio: QQQM 0.15%, better; QTOP 0.20%
Fund size: QQQM $106B; QTOP $333M
1Y total return: QQQM +10.3%, better; QTOP +9.7%
Yield (12M): QQQM 0.46%, better; QTOP 0.34%
Holdings: QQQM 105; QTOP 33
Avg volume (30D): QQQM 3.03M sh, better; QTOP 152K sh
NAV per share: QQQM $284.31; QTOP $35.84
52W range

ETF.net Grade

Pillar letters and Scores for QQQM, QTOP, with each pillar’s weight
Pillar	QQQM	QTOP
Cost30% weight	A74Higher	C46
Mission25% weight	A100	A100
Risk15% weight	C51Higher	D33
Tradability15% weight	A86Higher	D35
Holdings10% weight	B61Higher	F16
Durability5% weight	A76Higher	C52

Rank among Nasdaq-100 funds

How we build Categories ›

Same Category. QQQM and QTOP 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 QTOP 7th of 10 funds in the Nasdaq-100 Category.

Rank 1AQQQMInvesco NASDAQ 100 ETFScore 77
Rank 2AQQQInvesco QQQ Trust, Series 1Score 76
Rank 6BQNXTiShares Nasdaq-100 ex Top 30 ETFScore 56
Rank 7CQTOPiShares Nasdaq Top 30 Stocks ETFScore 52
Rank 8CQQQEDirexion NASDAQ-100 Equal Weighted Index ETFScore 51

Our read on each fund

ETF.net Research

QQQMAInvesco NASDAQ 100 ETF

QTOPCiShares Nasdaq Top 30 Stocks ETF

In short

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.

QTOP QTOP is the Nasdaq-100 with the tail cut off: just the 30 biggest names, at 0.20% a year. A concentrated take on US mega-cap growth leadership, built on the iShares shelf.

Stated mandate

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.

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

Why people hold it

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.

QTOP Holds about 30 stocks, the largest Nasdaq-100 members by market cap, so the mega-cap leaders drive the portfolio instead of being diluted by the index's smaller names.ishares.com
0.20% a year, in line with the typical Nasdaq-100 tracker, for a portfolio that adds a screening and rebalancing step on top of the parent index.
What you buy is what the documents describe: the 30 largest Nasdaq-100 companies, US equity, no side bets. Distributions come quarterly.ishares.com

Worth knowing

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

QTOP Concentration cuts both ways. With roughly 30 names weighted by size, one mega-cap stumble moves this fund more than it would move a 100-stock version.
The full Nasdaq-100 costs less elsewhere: QQQM charges 0.15% and QQQ 0.18% for the whole 100-stock index.
Launched in October 2024, so the record is short, and it changes hands less often than the category's household-name giants.

Full QQQM profile⁠

Full QTOP profile⁠

QQQM vs QTOP Holdings

How QQQM and QTOP differ

Overlap by weight

76.4%

Shared holdings make up 99.9% of QTOP and 76.4% of QQQM.

Level by level

Sector19 Sectors5.3%
Holdings31 in both76.4%
Countryby domicile97.3%
Asset classEquity100%

Sector

Sector weights in QQQM and QTOP, widest gap first
Sector	More in QQQMMore in QTOP	QQQM	QTOP
Technology	QQQM +59.2 points	59.2%	0.0%
Semiconductors & Semiconductor Equipment	QTOP +36.1 points	0.0%	36.1%
Tech Hardware & Equip	QTOP +14.7 points	0.0%	14.7%
Software & Services	QTOP +13.9 points	0.0%	13.9%
Media & Entertainment	QTOP +12.7 points	0.0%	12.7%
Communication	QQQM +10.9 points	10.9%	0.0%
Consumer Staples	QQQM +6.3 points	6.3%	0.0%
Consumer Discretionary	QQQM +6.2 points	10.5%	4.3%
Consumer Staples Distribution & Retail	QTOP +5.8 points	0.0%	5.8%
Industrials	QQQM +5.6 points	5.6%	0.0%
Telecommunications	QTOP +4.5 points	0.0%	4.5%
Health Care	QQQM +4.4 points	4.4%	0.0%
Autos & Components	QTOP +4.4 points	0.0%	4.4%
Pharma, Biotech & Life Sciences	QTOP +1.4 points	0.0%	1.4%
Utilities	QQQM +1.1 points	1.1%	0.0%
Food Bevg Tobacco	QTOP +1.0 points	0.0%	1.0%
Energy	QQQM +0.5 points	0.5%	0.0%
Financials	QQQM +0.3 points	0.3%	0.0%
Materials	QTOP +0.3 points	1.0%	1.3%

Country, concentration and asset class

Country by domicile

Country weights in QQQM and QTOP, widest gap first
Country	More in QQQMMore in QTOP	QQQM	QTOP
United States	QTOP +2.7 points	97.3%	100.0%
Canada	QQQM +1.1 points	1.1%	0.0%
Netherlands	QQQM +0.9 points	0.9%	0.0%
Other countries (3)	QQQM +0.8 points	0.8%	0.0%

Concentration

Weight in the 10 largest Holdings

QQQM46.5%
QTOP60.4%

Securities held

QQQM102
QTOP31

Asset class

QQQM: Equity
QTOP: Equity

Holdings

Only in QQQM71
In both31
Only in QTOP0

Only in QQQM

71 securities, 23.6% of QQQM by weight

Analog Devices Inc0.91%
Gilead Sciences Inc0.89%
Shopify Inc0.87%
QUALCOMM Inc0.84%
Intuitive Surgical Inc0.69%
ASML Holding NV0.68%
Western Digital Corp0.62%
Vertex Pharmaceuticals Inc0.59%
Starbucks Corp0.52%
Automatic Data Processing Inc0.49%
Booking Holdings Inc0.49%
Marriott International Inc/MD0.45%
Fortinet Inc0.44%
ARM Holdings PLC0.43%
Adobe Inc0.43%
CSX Corp0.42%
Cadence Design Systems Inc0.41%
Synopsys Inc0.41%
Constellation Energy Corp0.41%
Monster Beverage Corp0.39%
Intuit Inc0.39%
Datadog Inc0.39%
Moderna Inc0.39%
Cintas Corp0.38%
MercadoLibre Inc0.36%
Regeneron Pharmaceuticals Inc0.36%
Lumentum Holdings Inc0.36%
Mondelez International Inc0.35%
Comcast Corp0.34%
AppLovin Corp0.34%
Ross Stores Inc0.32%
DoorDash Inc0.32%
O'Reilly Automotive Inc0.31%
American Electric Power Co Inc0.30%
Honeywell International Inc0.30%
Airbnb Inc0.30%
NXP Semiconductors NV0.29%
Fastenal Co0.26%
Monolithic Power Systems Inc0.25%
Diamondback Energy Inc0.25%
Baker Hughes Co0.23%
PACCAR Inc0.23%
PDD Holdings Inc0.23%
Strategy Inc0.22%
Honeywell Aerospace Inc0.22%
Autodesk Inc0.22%
Astera Labs Inc0.22%
Xcel Energy Inc0.21%
PayPal Holdings Inc0.21%
Coca-Cola Europacific Partners PLC0.21%

Only in QTOP

0 securities, 0.0% of QTOP by weight

Weight gaps

All 31 Holdings in both funds, largest gap first.

Holding weights in QQQM and QTOP, widest gap first
Holding	More in QQQMMore in QTOP	QQQM	QTOP
Apple IncAAPL	QTOP +2.73 points	7.99%	10.72%
NVIDIA CorpNVDA	QTOP +2.44 points	8.08%	10.52%
Microsoft CorpMSFT	QTOP +2.09 points	6.17%	8.26%
Micron Technology IncMU	QTOP +1.31 points	4.57%	5.88%
Tesla IncTSLA	QTOP +1.27 points	3.32%	4.59%
Meta Platforms IncMETA	QTOP +1.08 points	2.91%	3.99%
Walmart IncWMT	QTOP +1.07 points	2.55%	3.62%
Advanced Micro Devices IncAMD	QTOP +0.97 points	4.00%	4.97%
Alphabet IncGOOGL	QTOP +0.89 points	2.61%	3.50%
Alphabet IncGOOG	QTOP +0.83 points	2.45%	3.28%
Broadcom IncAVGO	QTOP +0.82 points	2.57%	3.39%
Space Exploration Technologies CorpSPCX	QTOP +0.82 points	2.67%	3.49%
Costco Wholesale CorpCOST	QTOP +0.79 points	1.91%	2.70%
Cisco Systems IncCSCO	QTOP +0.63 points	1.85%	2.48%
Palantir Technologies IncPLTR	QTOP +0.59 points	1.96%	2.55%
Palo Alto Networks IncPANW	QTOP +0.46 points	1.34%	1.80%
Amgen IncAMGN	QTOP +0.44 points	1.08%	1.52%
Netflix IncNFLX	QTOP +0.44 points	1.12%	1.56%
Linde PLCLIN	QTOP +0.43 points	1.00%	1.43%
Lam Research CorpLRCX	QTOP +0.42 points	1.38%	1.80%
Applied Materials IncAMAT	QTOP +0.42 points	1.45%	1.87%
Texas Instruments IncTXN	QTOP +0.42 points	1.24%	1.66%
Crowdstrike Holdings IncCRWD	QTOP +0.39 points	1.16%	1.55%
PepsiCo IncPEP	QTOP +0.34 points	0.79%	1.13%
T-Mobile US IncTMUS	QTOP +0.33 points	0.68%	1.01%
KLA CorpKLAC	QTOP +0.29 points	0.95%	1.24%
Marvell Technology IncMRVL	QTOP +0.21 points	0.83%	1.04%
Seagate Technology Holdings PLCSTX	QTOP +0.19 points	0.69%	0.88%
Amazon.com IncAMZN	QTOP +0.19 points	4.12%	4.31%
Sandisk CorpSNDK	QTOP +0.18 points	0.84%	1.02%
Intel CorpINTC	QQQM +0.01 points	2.09%	2.08%

All 103 QQQM holdings⁠All 31 QTOP 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.

QQQM vs QTOP Cost

Overpaying QTOP vs QQQM

$1,018

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

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

Amount$10,000

Years30 years

Cost over time

QQQM 0.15%
QTOP 0.20%
Overpaying

Year by year

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

Expense ratio

0.15%QQQM, cheaper
0.20%QTOP

QQQM0.15%QTOP0.20%

0.10%0.58%

Middle half of Nasdaq-100 funds
Median 0.20%

QQQM 3rd cheapest of 10 funds

QTOP 5th cheapest of 10 funds

QQQM vs QTOP Dividends

Last 12 months to Oct 30, 2026

Yield (12M): QQQM 0.46%, better; QTOP 0.34%
Payout (12M): QQQM $1.32; QTOP $0.12
Last payment: QQQM $0.31; QTOP $0.03
Ex-dividend: QQQM Sep 21, 2026; QTOP Sep 15, 2026
Paid on: QQQM Sep 25, 2026; QTOP Sep 18, 2026
Frequency: QQQM Quarterly; QTOP Quarterly

Distribution history

Per share, 2020 to 2026, same scale for both

QQQMQuarterly · 24 paymentsAll QQQM payments⁠

QTOPQuarterly · 8 paymentsAll QTOP payments⁠

QQQM vs QTOP Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: QQQM 17.8%QTOP 21.4%since Nov 2024
Return per unit of riskSharpe ratio, 3 years: QQQM 1.15QTOP 0.84since Nov 2024
Worst fallMax drawdown, 5 years: QQQM −35.0%QTOP −23.3%since Oct 2024
Market sensitivityBeta, 5 years: QQQM 1.23QTOP 1.39; Market = 1

QQQM and QTOP 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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QQQM vs QTOP

In short

Stated mandate

Why people hold it