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QQQM is Invesco’s Nasdaq-100 ETF. In the latest QQQM-specific holdings snapshot available here, dated September 30, 2026, NVIDIA (NVDA) represented 8.36% of assets. Apple was next at 7.37%, followed by Microsoft at 5.78%, Micron Technology at 5.04%, and Advanced Micro Devices at 4.18%.
Those percentages are dated snapshots, not permanent targets. QQQM tracks the Nasdaq-100, and both the fund and index are rebalanced quarterly and reconstituted annually. Prices can also change portfolio weights between scheduled reviews.
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QQQM holdings at a glance
| Item | Latest documented figure | As-of date or qualification |
|---|---|---|
| Fund | Invesco NASDAQ 100 ETF (QQQM) | Invesco fund materials |
| Number of holdings | 102 | Official fund data dated March 31, 2026 |
| Largest listed holding | NVIDIA (NVDA), 8.36% | QQQM holdings snapshot dated September 30, 2026 |
| Second-largest listed holding | Apple (AAPL), 7.37% | September 30, 2026 snapshot |
| Total expense ratio | 0.15% | Invesco ETF table, October 2026 |
| Inception date | October 13, 2020 | Invesco ETF data |
| Index maintenance | Quarterly rebalances; annual reconstitution | Invesco fund documentation |
The holding count and the individual weights come from different dated documents. That is normal for an exchange-traded fund: a portfolio is continuously valued, while published factsheets and databases are point-in-time records.
What is QQQM?
QQQM is Invesco’s Nasdaq-100 ETF. Its objective is to provide exposure to the companies in the Nasdaq-100 Index rather than to select stocks one by one. Invesco’s fund document says the fund will invest at least 90% of its total assets in securities that comprise the index.
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The Nasdaq-100 is a rules-based index of large non-financial companies listed on the Nasdaq Stock Market. QQQM therefore gives an investor a single security that holds a broad basket of index constituents, while the actual portfolio weights vary as constituent prices move and as the index applies its scheduled rules.
Invesco reported 102 holdings in official fund data dated March 31, 2026. “Holdings” can include more than the number of operating companies because an issuer may have multiple share classes. Alphabet is the clearest example in the September snapshot: Class A and Class C appear as separate lines.
QQQM’s total expense ratio was 0.15% in Invesco’s October 2026 ETF table. The fund began operations on October 13, 2020. Neither figure changes the composition of the Nasdaq-100, but both matter when comparing the fund with another vehicle that follows a different index or charges a different fee.
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The following table reproduces the latest QQQM-specific top-ten snapshot available, dated September 30, 2026. The rank is the rank within that listed snapshot, and each percentage is the company’s share of QQQM assets at that date.
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| Rank | Company | Ticker | Weight |
|---|---|---|---|
| 1 | NVIDIA | NVDA | 8.36% |
| 2 | Apple | AAPL | 7.37% |
| 3 | Microsoft | MSFT | 5.78% |
| 4 | Micron Technology | MU | 5.04% |
| 5 | Advanced Micro Devices | AMD | 4.18% |
| 6 | Amazon | AMZN | 4.08% |
| 7 | Meta Platforms | META | 3.27% |
| 8 | Alphabet Class A | GOOGL | 3.06% |
| 9 | Alphabet Class C | GOOG | 2.86% |
| 10 | Tesla | TSLA | 2.83% |
Alphabet appears twice because its two publicly traded share classes are reported separately. Adding only one Alphabet line understates the fund’s exposure to the company. The two lines together represented 5.92% of assets in this snapshot.
The ten listed positions added up to 46.83% of QQQM assets at the September 30 date. That calculation treats the two Alphabet share classes as separate holdings, just as the source table does. It is a snapshot of concentration, not a promise that the same ten companies will remain in the same order.
How much NVIDIA exposure does QQQM have?
NVIDIA accounted for 8.36% of QQQM in the September 30, 2026 holdings snapshot. In practical terms, a hypothetical $10,000 invested in QQQM at exactly those weights would have had about $836 of exposure to NVDA before considering market movement, fees, cash effects, or trading differences. The dollar illustration is simply the percentage applied to a portfolio value; it is not a forecast or recommendation.
NVIDIA was the largest listed position in that snapshot. Its weight was still less than one-tenth of the fund, so QQQM was not a single-stock NVIDIA fund. However, an 8.36% position means NVIDIA’s price movements can have a noticeable effect on the ETF’s daily return, especially alongside other large technology and semiconductor holdings.
For a dated comparison, Invesco’s official Q4 2025 factsheet listed NVIDIA at 9.04% as of December 31, 2025. The September 30, 2026 figure of 8.36% was therefore 0.68 percentage points lower. This compares two points in time; it does not describe a continuous daily decline or identify a single cause for every movement between those dates.
Why does NVIDIA’s percentage change?
QQQM does not set NVIDIA’s weight as a permanent 8.36% target. Several mechanisms can move the number:
- Relative share-price changes: If NVIDIA rises faster than the rest of the portfolio, its market-value weight tends to increase. If it lags, its weight tends to fall, before any scheduled rebalancing.
- Quarterly rebalancing: Invesco says the fund and the Nasdaq-100 are rebalanced quarterly. The index methodology can reset weights, and the ETF adjusts its holdings to continue tracking the index.
- Annual reconstitution: The index is reconstituted annually. Companies can be added or removed under the index rules, changing the set of securities to which QQQM has exposure.
- Corporate actions and share-class changes: Splits, mergers, changes in shares outstanding, or other issuer events can affect index calculations and the fund’s position sizes.
- Trading and valuation timing: A published percentage is calculated at a particular valuation time. Prices and assets move after that timestamp, so a later live estimate can differ even without an index event.
Because of these effects, the September 30, 2026 number should be labeled with its as-of date whenever it is quoted. Invesco also cautions that holdings are subject to change and are not buy or sell recommendations.
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“Heavily exposed” depends on the comparison. NVIDIA was QQQM’s largest listed position at 8.36%, which is a meaningful single-company allocation for a diversified ETF. At the same time, more than 91% of the fund was outside NVIDIA in that snapshot. The fund’s exposure was distributed across the other Nasdaq-100 constituents, although the largest companies made up a substantial share.
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The top five listed positions—NVIDIA, Apple, Microsoft, Micron Technology, and AMD—totaled 30.73% by adding their September 30 weights. The top ten totaled 46.83%. Those figures show why looking only at the number of holdings can be misleading: a fund can hold about one hundred securities while still having nearly half its assets in its ten largest lines.
There is also overlapping business exposure among several of the largest positions. NVIDIA, Micron, and AMD are semiconductor companies, while other leading holdings are major hardware, software, internet, advertising, cloud, or electric-vehicle businesses. The index is not designed to equalize economic themes or ensure that each industry receives the same weight. Investors assessing concentration should therefore consider both the individual NVIDIA percentage and the combined exposure to related companies.
How often does QQQM rebalance?
QQQM follows the Nasdaq-100’s maintenance schedule: the fund and index are rebalanced quarterly and the index is reconstituted annually. Rebalancing changes the weights of existing constituents. Reconstitution reviews the membership of the index and can add or remove companies under its rules.
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When comparing two QQQM holdings lists, first check their as-of dates. A difference in NVIDIA’s weight may reflect ordinary market movement, a quarterly reset, or a change in index membership rather than a change in the fund’s stated objective.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to verify QQQM’s current holdings
For a decision that depends on today’s allocation, use the newest holdings file or fact sheet available from the fund sponsor rather than relying on an undated list. Use this checklist:
- Confirm the ticker and fund name. Make sure the document is for QQQM, the Invesco NASDAQ 100 ETF, not another fund that also references Nasdaq-listed companies.
- Read the “as of” date. Record the date next to every percentage you quote. A table without a date cannot establish the current NVIDIA weight.
- Check the number of holdings. Compare the reported count with the date of the document. The official March 31, 2026 data reported 102 holdings, but the count can change.
- Look for multiple share classes. Add Alphabet Class A and Class C when estimating total Alphabet exposure; do not treat either line as the company’s entire position by itself.
- Review the methodology and expense ratio. Confirm that the document describes Nasdaq-100 exposure and note the stated total expense ratio, which was 0.15% in Invesco’s October 2026 table.
- Compare like with like. If you compare QQQM with another ETF, use the same date and identify whether both funds track the same index. Do not compare a QQQ percentage with a QQQM percentage without labeling the ticker and date.
What the 102-holding count does—and does not—tell you
The 102 figure from official fund data dated March 31, 2026 indicates the approximate breadth of the portfolio at that reporting date. It does not mean every later holdings table must contain exactly 102 lines, nor does it imply that each company has an equal allocation. The top-ten table demonstrates the difference: NVIDIA alone was 8.36%, while many smaller constituents made up the remainder.
The fund’s requirement to invest at least 90% of total assets in securities that comprise the Nasdaq-100 leaves a limited portion for other holdings or operational needs under the fund’s governing documents. It also means QQQM’s core risk and return are tied to the index rather than to an active manager’s decision to favor or avoid NVIDIA.
Costs, launch date, and what they mean for a comparison
QQQM’s total expense ratio was 0.15% in Invesco’s October 2026 ETF table. The ratio is an annual fund expense expressed as a percentage of assets; it is reflected in the fund’s returns rather than normally billed as a separate invoice to an investor. The stated figure should be checked against the latest prospectus or fee table because fund expenses can change.
QQQM’s inception date was October 13, 2020. A longer or shorter operating history does not by itself predict future performance, but the date helps distinguish the fund from older products that may track the same index under a different ticker or fee structure.
Common mistakes when reading QQQM holdings
- Quoting 8.36% as a live, permanent allocation. It applies to September 30, 2026 and can change with prices and index maintenance.
- Calling the 0.68-point difference a trend. The move from 9.04% on December 31, 2025 to 8.36% on September 30, 2026 is a two-date comparison, not a continuous path.
- Counting Alphabet once. Class A and Class C are separate lines; together they represented 5.92% in the September snapshot.
- Assuming 102 holdings means equal diversification. The ten listed positions represented 46.83% at the snapshot date.
- Confusing an index rule with a buy or sell signal. QQQM follows the Nasdaq-100; its published holdings are descriptive, and Invesco states that holdings are not recommendations.
- Mixing dates or tickers in a comparison. A QQQM percentage and a QQQ percentage are not interchangeable unless both ticker symbols and as-of dates are clearly shown.
Bottom line
QQQM is a Nasdaq-100 index ETF with 102 holdings in official March 31, 2026 fund data and a 0.15% total expense ratio in Invesco’s October 2026 table. In the latest QQQM-specific snapshot available, dated September 30, 2026, NVIDIA was the largest listed holding at 8.36%, followed by Apple at 7.37% and Microsoft at 5.78%. NVIDIA’s earlier 9.04% weight on December 31, 2025 shows why every holdings figure needs an as-of date. The fund and index are rebalanced quarterly and reconstituted annually, so the portfolio should be treated as a changing Nasdaq-100 allocation rather than a fixed list of stocks.
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