Should I switch from QQQ to QQQM?

If you're a long-term holder in a taxable account, switching incurs capital gains tax. If you're in a tax-advantaged account or starting fresh, QQQM is the obvious cheaper choice.

Why do two Invesco ETFs track the same index?

QQQ's UIT structure prevents Invesco from lowering its fee easily. They created QQQM as an open-end fund to capture cost-conscious buy-and-hold investors without disrupting QQQ's institutional liquidity.

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ETF Comparison

QQQ vs QQQM: Same Index, Different Fees

Both Invesco ETFs track the Nasdaq-100. QQQ charges 0.18%; QQQM charges 0.15%. Compare structure, liquidity, and when each makes sense.

Data as of April 27, 2026

QQQ

Invesco QQQ Trust

Invesco

Broad Market

Price

$663.88

Yield (TTM)

0.58%

QQQM

Invesco NASDAQ 100 ETF

Invesco

Broad Market

Price

$273.38

Yield (TTM)

0.46%

Quick Comparison Summary

QQQ vs QQQM: compare dividend yield (0.58% vs 0.46%), expense ratio (0.18% vs 0.15%), holdings, returns, and our verdict for dividend investors.

Side-by-Side Metrics

Metric	QQQ	QQQM
Issuer	Invesco	Invesco
Inception	1999-03-10	2020-10-13
Category	Broad Market	Broad Market
Price	$663.88	$273.38
NAV	$663.88	$273.44
Dividend Yield (TTM)	0.58%	0.46%
Expense Ratio	0.18%	0.15%
Distribution Frequency	Quarterly	Quarterly
AUM	$427.0B	$82.0B

Total Returns

3Y and 5Y figures are annualized. A 0% value indicates the fund had not been listed for the full period.

Holdings & Sector Exposure

QQQ

Top 5 / 5 shown

MSFT
Microsoft
8.95%
AAPL
Apple
8.42%
NVDA
NVIDIA
7.84%
AMZN
Amazon
5.18%
META
Meta Platforms
4.62%

Sector Weights

Information Tech51.2%
Communication16.1%
Consumer Disc.13.4%
Health Care6.8%
Consumer Staples4.2%
Industrials4.1%

QQQM

Top 5 / 5 shown

MSFT
Microsoft
8.96%
AAPL
Apple
8.43%
NVDA
NVIDIA
7.85%
AMZN
Amazon
5.19%
META
Meta Platforms
4.63%

Sector Weights

Information Tech51.2%
Communication16.1%
Consumer Disc.13.4%
Health Care6.8%
Consumer Staples4.2%
Industrials4.1%

Pros & Cons

QQQPros

Highest liquidity of any tech-focused ETF
Deepest options market for Nasdaq exposure
Long track record (since 1999)

QQQMPros

Lower 0.15% expense ratio
Open-end ETF — internally reinvests dividends
Same exposure, same returns as QQQ

QQQCons

Higher 0.18% expense ratio
UIT structure can't internally reinvest dividends

QQQMCons

Smaller AUM, wider spreads than QQQ
Less developed options market

The Verdict

QQQM is cheaper for long-term holders; QQQ has deeper liquidity for traders. The funds provide the same Nasdaq-100 exposure and very similar performance before fees. QQQM was launched specifically as a buy-and-hold-friendly version of QQQ at a 0.03% lower fee. QQQ's massive AUM and options market remain unmatched.

Best for

QQQ

Active traders, options users, and institutions needing liquidity

Best for

QQQM

Long-term, buy-and-hold investors prioritizing low cost

Strategy Summary

QQQ

Tracks the Nasdaq-100 Index — 100 largest non-financial companies on Nasdaq. Tech-heavy benchmark widely used for growth-oriented exposure.

QQQM

Tracks the same Nasdaq-100 Index as QQQ but as an open-end fund (not a UIT), enabling a lower 0.15% expense ratio. Designed for buy-and-hold investors prioritizing cost over intraday liquidity.

Frequently Asked Questions

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Disclaimer: This page is for educational purposes only and is not financial, investment, or tax advice. ETF data is sourced from issuer fact sheets and may be slightly out of date. Past performance is not indicative of future results. Always consult a qualified advisor before making investment decisions.