QQQ vs QQQM on holdings, fees, and trading costs
QQQ and QQQM both track the Nasdaq-100. In Invesco’s November 9, 2026 holdings, their equity issuer weights overlapped by about 99.8%. The funds’ expenses and the quotes you can trade at are separate things to compare.
By BeliefState · Reviewed
Compare the funds on one date
Invesco lists expense ratios of 0.18% for QQQ and 0.15% for QQQM. In the November 9, 2026 holdings files, both funds held the same 100 equity issuers after combining Alphabet’s share classes.
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| Measure | Invesco QQQ | Invesco QQQM |
|---|---|---|
| Benchmark | Nasdaq-100 Index | Nasdaq-100 Index |
| Published expense ratio | 0.18% | 0.15% |
| Annual expenses on $10,000 | About $18 | About $15 |
| Apple on November 9, 2026 | 8.45% | 8.46% |
| NVIDIA on November 9, 2026 | 7.11% | 7.11% |
| Microsoft on November 9, 2026 | 6.69% | 6.69% |
Read the overlap and expenses separately
To get about 99.8% weighted overlap, we added the smaller of the two weights for each shared issuer. We used the reported portfolio weights and excluded cash and futures without rescaling the remaining holdings. This tells you how much issuer exposure the two funds had in common on that date.
Invesco moved QQQ to an open-end ETF structure in December 2025 and reduced the expense ratio from 0.20% to 0.18%. If you are comparing older articles or fund sheets, check the date of the fee before using it.
Check the quote and your company exposure
Look up each fund’s bid and ask at the same time for your order size. Then check current holdings to see how much of your portfolio depends on the largest names. The ticker lookup lets you check for published research on the companies you own through the fund.