Invesco QQQ Trust, Series 1

Invesco QQQ Trust, Series 1 (QQQ) is one of the largest and most heavily traded exchange-traded funds in the US, giving investors single-ticket access to 100 of the largest non-financial companies listed on Nasdaq. Originally structured as a unit investment trust, QQQ converted to an open-end ETF structure following a shareholder vote in December 2025, a change that also reduced its expense ratio and allowed the fund to begin securities lending and reinvest dividend income.

What does Invesco QQQ Trust ETF track? 

Invesco QQQ Trust, Series 1 (QQQ) is one of the largest and most heavily traded exchange-traded funds in the US, giving investors single-ticket access to 100 of the largest non-financial companies listed on Nasdaq. Originally structured as a unit investment trust, QQQ converted to an open-end ETF structure following a shareholder vote in December 2025, a change that also reduced its expense ratio and allowed the fund to begin securities lending and reinvest dividend income.

What does Invesco QQQ Trust ETF hold?

Because the Nasdaq-100 excludes financial-sector companies, QQQ's holdings are concentrated in technology, communication services, and consumer discretionary businesses, with information technology typically representing the largest single sector weight. The fund also carries meaningful allocations to healthcare and industrials, reflecting companies that meet Nasdaq's size and liquidity requirements, although these allocations remain proportionally smaller than the technology-driven core of the index.

Invesco QQQ Trust ETF Investment strategy

QQQ is a passively managed, full-replication fund: it generally holds all the constituent stocks of the Nasdaq-100 Index in proportion to their index weighting rather than picking and choosing securities. The strategy is built to deliver the return of the broader Nasdaq-100 large-cap growth universe rather than to outperform it, with the fund's return profile driven by the same modified-cap-weighting rules and annual reconstitution process that govern the underlying index.