Bottom line: QQQ, QQQM, IQQ, and QNDX are the four principal US-listed, unlevered, market-cap-weighted ETFs that directly track the Nasdaq-100. Their portfolios should be very similar; fees, liquidity, options, fund size, and operating history are the meaningful differences.
Data date: prices are near the July 10, 2026 US close. Assets are issuer snapshots from roughly July 8–10, 2026 and can change quickly. A lower share price does not mean a cheaper valuation.
The Four Standard Nasdaq-100 ETFs
| Ticker | Price | Issuer | Annual Fee | Inception / Listing | Assets | Role | Official Site |
|---|---|---|---|---|---|---|---|
| QQQ | $725.51 | Invesco | 0.18% | 1999-03-10 | ~$476.7B | Best liquidity and options ecosystem | Invesco |
| QQQM | $298.72 | Invesco | 0.15% | 2020-10-13 | ~$98.5B | Mature lower-fee long-term choice | Invesco |
| IQQ | $24.55 | BlackRock / iShares | 0.10% net; 0.12% gross | 2026-07-08 / 07-09 | ~$25M | New low-cost iShares entry | iShares |
| QNDX | $24.58 | State Street / SPDR | 0.10% | 2026-06-23 / 06-24 | ~$48M | Straightforward lowest-fee tracker | State Street |
Strengths and Best Use
QQQ
- Deepest liquidity and options market.
- Highest fee of the four.
- Best for active trading and options.
QQQM
- Lower fee with proven scale.
- Less trading depth than QQQ.
- Best for ordinary long-term investing.
IQQ
- 0.10% net fee and major issuer.
- Very limited history; fee includes a waiver.
- For investors who prefer iShares.
QNDX
- Clean 0.10% gross expense ratio.
- Very new, small, and no options yet.
- For low-turnover, fee-focused investors.
Common Nasdaq ETF Variants
| Ticker | Price | Issuer | Fee | Inception | Assets | Exposure | Strength / Drawback | Official Site |
|---|---|---|---|---|---|---|---|---|
| ONEQ | $103.53 | Fidelity | 0.21% | 2003-09-25 | ~$10.9B | Full Nasdaq Composite | Broader, but not a QQQ substitute | Fidelity |
| QQEW | $159.09 | First Trust | 0.55% | 2006-04-19 | ~$1.80B | Equal-weight Nasdaq-100 | Less concentration, higher fee and turnover | First Trust |
| QQQJ | $45.05 | Invesco | 0.15% | 2020-10-13 | ~$1.16B | Next Generation 100 | Future candidates, higher mid-cap risk | Invesco |
| QLD | $93.58 | ProShares | 0.95% net | 2006-06-19 | ~$14.1B | Daily 2x Nasdaq-100 | Efficient leverage; daily reset and decay | ProShares |
| TQQQ | $77.10 | ProShares | 0.82% net; 0.97% gross | 2010-02-09 | ~$37.0B | Daily 3x Nasdaq-100 | Liquid but extreme path and drawdown risk | ProShares |
| SQQQ | $37.78 | ProShares | 0.95% net; 0.99% gross | 2010-02-09 | ~$2.09B | Daily -3x Nasdaq-100 | Short-term hedge; severe long-term decay | ProShares |
| QYLD | $18.46 | Global X | 0.60% | 2013-12-11 | ~$8.34B | Covered-call Nasdaq-100 | Monthly distributions but capped upside | Global X |
Leveraged and inverse funds are not simply more aggressive QQQs. TQQQ and QLD target +3x and +2x daily returns; SQQQ and QID target -3x and -2x daily returns. Daily resets create path dependence and volatility decay.
Educational Selection Guide
| Need | Better Match | Why |
|---|---|---|
| Ordinary long-term investing | QQQM | Best balance of cost, scale, liquidity, and history. |
| Lowest annual fee | QNDX; then IQQ | Both are 0.10% currently, but require monitoring as new funds. |
| Active trading or options | QQQ | Trading depth can outweigh a few fee basis points. |
| Whole Nasdaq market | ONEQ | Broader coverage including smaller companies. |
| Long-term core for most investors | Avoid TQQQ / QLD / SQQQ | Daily leverage materially changes long-term risk. |
General conclusion: without active trading or options needs, QQQM is the easiest long-term Nasdaq-100 choice to justify. QNDX may appeal to fee-focused investors who accept limited fund history. This is educational information, not individualized investment advice.
Use the QQQ return calculator · View QQQM holdings and sector allocation · Download TQQQ historical prices CSV