What Is QQQM? Invesco Nasdaq 100 ETF

QQQM is the Invesco Nasdaq 100 ETF, a single ticker that tracks the Nasdaq-100, the 100 largest non-financial companies listed on Nasdaq, weighted by market capitalization. It holds exactly the same companies as the better-known QQQ and is heavily tilted toward technology and consumer growth names like Microsoft, Apple, NVIDIA, and Amazon. At a 0.15% expense ratio, it is a concentrated growth tilt rather than a broad-market core.

The defining feature of QQQM is that it is the cheaper, buy-and-hold version of QQQ. Invesco launched it in 2020 specifically for long-term investors: same Nasdaq-100 index, same holdings, but a lower 0.15% fee (versus QQQ's 0.20%) and a lower share price. The older QQQ keeps the deeper options market and tighter trading spreads that active traders value, so the two funds split the same exposure across two audiences.

Approximate weights as of early 2026; refresh quarterly from Invesco's fund page. Each ticker links to its individual stock guide in Walnut.

Because QQQM tracks the Nasdaq-100, its holdings are identical to QQQ's: Microsoft, Apple, NVIDIA, Amazon, Meta, Broadcom, both Alphabet share classes, Tesla, and Costco lead the fund, at the same roughly 2-9% weights they carry in the index. See the top-10 table above for current weights. The top 10 account for roughly 45 to 50% of the fund, so it is heavily concentrated in mega-cap technology and consumer growth.

The Nasdaq-100 excludes financial companies and is not the same as the S&P 500: it is narrower, more tech-heavy, and more concentrated. That concentration is the whole character of QQQM. It owns the biggest Nasdaq growth names and little else, which makes it a focused bet on big tech rather than a diversified core. The same exposure that drives strong returns in tech-led markets amplifies drawdowns when those names fall.

QQQM and QQQ are the same fund in all but cost and audience. Both track the Nasdaq-100 and hold identical stocks, so their returns are nearly identical before fees. QQQM (0.15%) is cheaper and built for buy-and-hold; QQQ (0.20%) is older, far larger, and has the deeper options market and tighter spreads that traders want. For a long-term holder, QQQM is simply the cheaper near-identical choice.

VOO is a different decision entirely. It tracks the S&P 500, roughly 500 large-caps across all sectors including financials, so it is broader and more diversified than the tech-heavy Nasdaq-100. QQQM is a concentrated growth tilt; VOO is a diversified core. Many investors hold VOO as the core and add QQQM as a satellite, though the two overlap heavily at the top because the same mega-caps lead both.

QQQM suits long-term investors who want concentrated big-tech and Nasdaq growth exposure at the lowest cost, and who would otherwise hold QQQ but do not need its trading depth. As a buy-and-hold vehicle it is the more efficient of the two, since the lower fee compounds over decades. It is commonly used as a growth satellite layered on a broad core rather than as the entire portfolio.

Where it falls short: QQQM is concentrated and tech-heavy, so it is more volatile than a broad-market fund and overlaps almost completely with VOO or VTI at the top, meaning it amplifies a tilt rather than adding diversification. It also excludes whole sectors of the market. Walnut isn't an investment adviser and this isn't a recommendation, but in conversation Walnut's AI can show you how much big-tech exposure you already carry and where a fund like QQQM fits as a growth tilt.

QQQM trades on Nasdaq during US market hours (9:30am to 4:00pm ET) and is available commission-free at every major broker, including Robinhood, Fidelity, Schwab, Vanguard, Public, M1, and Webull. Fractional shares are supported at most modern brokers, which suits QQQM well as a long-term position where the quarterly dividends can reinvest automatically as fractional shares (DRIP).

Walnut doesn't replace your broker, it sits on top of it. Connect any major broker and Walnut adds an AI layer that helps you build baskets around QQQM, track how your holdings are doing against your targets, and rebalance when your allocation drifts.

ETFs are passive bundles; thematic baskets in Walnut let you concentrate within them. If you hold QQQM as a core position, these are the themes you might layer on as satellites.

QQQM is the cheaper, near-identical sibling of QQQ: same Nasdaq-100 index, same holdings, a lower 0.15% fee and lower share price. It suits long-term buy-and-hold investors who want big-tech beta, while QQQ stays better for traders who need the deeper options market and tighter spreads. Like QQQ, it is more concentrated and volatile than a broad core like VOO.

Whether QQQM is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is QQQM a buy?

QQQM yields ~0.6% as of early 2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see QQQM dividend: yield and schedule.