Chart of the Week
When we compare 2 tech-based ETFs which track the NASDAQ it uncovers a major worry percolating beneath the surface of the current advance by tech stocks:
Invesco QQQ ETF (QQQ US)
QQQ US$688.18
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Performance
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Share price activity
Displays share price activity. Volume = number of shares traded, Turnover = value of shares traded, VWAP = volume-weighted average price for the day, sourced from Morningstar.
- Last (Price)
- 688.18
- Change
- ▼ -2.20 (-0.32)
- Bid / Ask
- 689.04 - 689.11
- Volume
- 7,104,077
- Turnover
- 3,312,229,525
- Open
- 680.30
- Day Range
- 679.87 - 694.53
- VWAP
- 687.99
- Prev Close
- 690.38
- Last Trade
- 13/11 4:00pm
Fund profile
Displays who issues the fund, how it is structured and invests, its Morningstar category and benchmark, size, headline costs and dates, sourced from Morningstar. Fund size counts every class of the fund; ETF net assets is this listing alone.
Fund size
$475.32B
NOV 2026
Distributions
Quarterly
Since inception
27.7 yrs
MAR 1999
- Legal name
- Invesco QQQ Trust
- Issuer
- Invesco
- Type
- Exchange-Traded Fund
- Structure
- Open Ended Investment Company
- Management style
- Index fund
- Morningstar category
- Large Growth
- Category index
- Morningstar US Large Grt TR USD
- Benchmark
- NASDAQ 100 TR USD
- ETF net assets
- $475.32B
- Units on issue
- 699.2M
- Management fee
- 0.18% p.a.
- Domicile
- United States
- Base currency
- USD
- Inception
- 10 MAR 1999
- Listed
- 10 MAR 1999
- Index provider
- NASDAQ Index
Objective and strategy
The investment seeks investment results that generally correspond to the price and yield performance of the NASDAQ-100 Index®. To maintain the correspondence between the composition and weights of the securities in the trust (the "securities") and the stocks in the NASDAQ-100 Index®, the adviser adjusts the securities from time to time to conform to periodic changes in the identity and/or relative weights of index securities. The composition and weighting of the securities portion of a portfolio deposit are also adjusted to conform to changes in the index.
Asset allocation
Displays how the fund is split between shares, bonds, cash and other assets, sourced from Morningstar.
US equity 97.18%Non-US equity 2.66%
| Asset class | Net % | Long % | Short % |
|---|---|---|---|
| Equity | 99.84 | 99.84 | — |
| Bond | 0.00 | 0.00 | — |
| Cash | 0.16 | 0.16 | — |
| Other | 0.00 | 0.00 | — |
Sector exposure
Displays the share of the fund held in each sector, sourced from Morningstar.
Cyclical 13.05%Sensitive 73.49%Defensive 13.46%
- Technology
- 55.54%
- Communication Services
- 12.02%
- Consumer Cyclical
- 11.71%
- Consumer Defensive
- 7.27%
- Industrials
- 5.46%
- Healthcare
- 4.96%
- Utilities
- 1.23%
- Basic Materials
- 1.11%
- Energy
- 0.46%
- Financial Services
- 0.23%
- Real Estate
- 0.00%
Region exposure
Displays the share of the fund held in each region, sourced from Morningstar.
Developed markets 99.41%Emerging markets 0.59%
- North America
- 98.33%
- Europe Developed
- 0.85%
- Latin America
- 0.35%
- Asia Emerging
- 0.24%
- United Kingdom
- 0.24%
- Europe Emerging
- 0.00%
- Africa / Middle East
- 0.00%
- Japan
- 0.00%
- Australasia
- 0.00%
- Asia Developed
- 0.00%
Country exposure
Displays the twelve countries the fund holds most of, sourced from Morningstar.
- United States
- 97.33%
- Canada
- 1.00%
- Netherlands
- 0.85%
- Brazil
- 0.35%
- China
- 0.24%
- United Kingdom
- 0.24%
Style box
Displays where the fund's shareholdings sit on Morningstar's style box: size (large, mid, small) down and investment style (value, blend, growth) across, sourced from Morningstar.
LargeMidSmallValueBlendGrowth
- Style
- Large Growth
- Average moat
- Wide
Size score
298
Small
Mid
Large
Value-growth score
219
Value
Blend
Growth
Economic moat
Wide 67%Narrow 25%None 8%
Market capitalisation
Displays the share of the fund's shareholdings in giant, large, mid, small and micro cap companies, sourced from Morningstar.
- Giant
- 56.89%
- Large
- 30.58%
- Mid
- 12.53%
- Small
- 0.00%
- Micro
- 0.00%
Giant 57%Large 31%Mid 13%
- Average market cap
- $718.85B
- Number of holdings
- 104
- Shares held
- 101
Portfolio statistics · 13 NOV 2026
Displays the valuation, yield, size, concentration and quality of the fund's shareholdings taken together (trailing twelve months), sourced from Morningstar.
- Price / earnings
- 26.68
- Price / book
- 7.88
- Price / sales
- 5.79
- Price / cash flow
- 19.88
- Dividend yield
- 0.58%
- Assets in top 10
- 46.37%
- Return on equity
- 37.84%
- Net margin
- 26.74%
- Earnings growth (3 yr)
- 19.38%
Top holdings · top 10 = 46.54% of assets
Displays the fund's ten largest holdings and their weight in the portfolio, sourced from Morningstar.
| Holding | % Weight | First bought | Market value | Currency | Units held | Sector | Country | |
|---|---|---|---|---|---|---|---|---|
| Apple Inc AAPL | 8.16 | MAR 2002 | 37.90B | USD | 110.0M | Technology | United States | |
| NVIDIA Corp NVDA | 8.00 | JUN 2006 | 37.16B | USD | 181.6M | Technology | United States | |
| Microsoft Corp MSFT | 6.29 | MAR 2002 | 29.20B | USD | 56.0M | Technology | United States | |
| Micron Technology Inc MU | 4.47 | DEC 2010 | 20.79B | USD | 23.5M | Technology | United States | |
| Amazon.com Inc AMZN | 4.21 | MAR 2002 | 19.53B | USD | 81.3M | Consumer Cyclical | United States | |
| Advanced Micro Devices Inc AMD | 3.69 | DEC 2018 | 17.14B | USD | 34.0M | Technology | United States | |
| Tesla Inc TSLA | 3.41 | JUL 2013 | 15.83B | USD | 39.6M | Consumer Cyclical | United States | |
| Meta Platforms Inc Class A META | 2.97 | DEC 2012 | 13.78B | USD | 22.4M | Communication Services | United States | |
| Walmart Inc WMT | 2.69 | JAN 2026 | 12.49B | USD | 101.2M | Consumer Defensive | United States | |
| Alphabet Inc Class A GOOGL | 2.66 | JUN 2006 | 12.37B | USD | 44.2M | Communication Services | United States |
Trailing returns · 31 OCT 2026
Displays total returns after fees at net asset value, the return at the ASX market price, the return before fees, and where the fund ranks among funds in its Morningstar category, sourced from Morningstar.
Fund (NAV) Market price
1M
-6.6
3M
0.5
6M
3.6
YTD
12.8
1Y
10.3
3Y
26.0
5Y
13.0
10Y
20.3
| Period | Fund (NAV) % | Market price % | Before fees % | Rank in category |
|---|---|---|---|---|
| 1 month | -6.64 | -6.66 | -6.63 | 11 / 1,088 |
| 3 months | 0.49 | 0.47 | 0.54 | 64 / 1,075 |
| 6 months | 3.62 | 3.63 | 3.73 | 11 / 1,063 |
| Year to date | 12.80 | 12.78 | 12.99 | 8 / 1,058 |
| 1 year | 10.25 | 10.27 | 10.48 | 8 / 1,049 |
| 3 years p.a. | 26.01 | 26.02 | 26.26 | 16 / 965 |
| 5 years p.a. | 13.00 | 13.00 | 13.23 | 6 / 914 |
| 10 years p.a. | 20.26 | 20.26 | 20.50 | 4 / 744 |
Returns to 31 OCT 2026, periods of 3 years and longer annualised. Rank is the percentile in the Morningstar category at 30 SEP 2026 (1 = best) over the funds ranked.
Calendar year returns
Displays the total return after fees and the capital (price) return for each calendar year, with the fund's rank in its Morningstar category, sourced from Morningstar.
Total Capital
2016
7.0
2017
32.7
2018
-0.1
2019
39.1
2020
48.6
2021
27.2
2022
-32.5
2023
54.8
2024
25.6
2025
20.8
| Year | Total % | Capital % | Rank in category |
|---|---|---|---|
| 2025 | 20.77 | 20.22 | 16 / 1,080 |
| 2024 | 25.61 | 24.91 | 68 / 1,088 |
| 2023 | 54.76 | 53.81 | 4 / 1,200 |
| 2022 | -32.49 | -33.03 | 67 / 1,235 |
| 2021 | 27.24 | 26.70 | 20 / 1,237 |
| 2020 | 48.60 | 47.79 | 13 / 1,289 |
| 2019 | 39.12 | 38.09 | 5 / 1,360 |
| 2018 | -0.14 | -1.05 | 28 / 1,405 |
| 2017 | 32.70 | 31.59 | 19 / 1,363 |
| 2016 | 7.01 | 5.89 | 21 / 1,463 |
| 2015 | 9.54 | 8.47 | 8 / 1,681 |
Risk statistics · 31 OCT 2026
Displays how the fund has moved relative to its category index: alpha (return beyond the index), beta (sensitivity to it), R-squared (how much the index explains), volatility and risk-adjusted returns, sourced from Morningstar.
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Alpha | -4.84 | -1.16 | 1.25 | 4.03 |
| Beta | 1.57 | 1.25 | 1.20 | 1.09 |
| R-squared | 79.06 | 78.17 | 81.50 | 81.35 |
| Standard deviation | 23.19 | 17.82 | 20.90 | 19.16 |
| Sharpe ratio | 0.36 | 1.14 | 0.50 | 0.93 |
| Sortino ratio | 0.72 | 2.29 | 0.79 | 1.57 |
| Tracking error | 13.02 | 8.88 | 9.46 | 8.40 |
| Information ratio | -0.14 | 0.33 | 0.22 | 0.64 |
| Upside capture % | 147.56 | 117.11 | 121.38 | 120.70 |
| Downside capture % | 230.78 | 130.32 | 122.38 | 108.37 |
| Maximum drawdown % | -7.92 | -10.09 | -32.36 | -32.36 |
Measured against Morningstar US Total Market TR USD with USTREAS T-Bill Auction Ave 3 Mon as the risk-free rate, to 31 OCT 2026. Maximum drawdown is on gross returns at the latest quarter end.
Portfolio risk score
Displays Morningstar's Portfolio Risk Score for the fund's holdings, how closely the ETF tracks its index day to day, the estimated cost of holding it against the index, the cost of trading it at market size, and its best and worst quarters since inception, sourced from Morningstar.
Risk score
85.3
Cash 0
Global shares 100
Morningstar Portfolio Risk Score at 30 SEP 2026.
- Tracking volatility
- 0.008
- Est. holding cost %
- 0.198
- Market impact cost %
- 0.000
- Best quarter
- 30.28% · JUN 2020
- Worst quarter
- -22.29% · JUN 2022
Fees and costs
Displays the fund's ongoing costs as a percentage of assets per year: the PDS management fees and costs, performance fee and transaction costs that make up the total cost ratio (the RG 97 forward estimate, and what was charged last financial year), and the buy / sell spread, sourced from Morningstar.
- Management fees and costs
- 0.18% p.a.
- PDS dated
- 22 DEC 2025
Distributions
Displays the most recent distribution paid per unit and its key dates, sourced from Morningstar.
- Latest distribution
- 0.7514
- Ex Date
- 21 SEP 2026
- Record Date
- 21 SEP 2026
- Pay Date
- 8 OCT 2026
- NAV at ex date
- 741.39
- Paid this year
- 2.2977
Distributions by year
Displays the total distributions paid per unit in each calendar year, sourced from Morningstar.
2024
2.8
2023
2.8
2022
2.5
2021
2.1
2020
1.7
2019
1.7
2018
1.6
2017
1.4
2016
1.3
2015
1.3
| Year | Per unit ($) |
|---|---|
| 2024 | 2.7949 |
| 2023 | 2.8465 |
| 2022 | 2.5358 |
| 2021 | 2.1351 |
| 2020 | 1.6968 |
| 2019 | 1.7365 |
| 2018 | 1.5816 |
| 2017 | 1.4053 |
| 2016 | 1.3014 |
| 2015 | 1.2533 |
Distribution history
Displays the most recent distributions by ex date, sourced from Morningstar.
| Ex Date | Per unit ($) |
|---|---|
| 21 SEP 2026 | 0.7514 |
| 22 JUN 2026 | 0.8135 |
| 23 MAR 2026 | 0.7328 |
| 22 DEC 2025 | 0.7941 |
| 22 SEP 2025 | 0.6940 |
| 23 JUN 2025 | 0.5911 |
| 24 MAR 2025 | 0.7157 |
| 23 DEC 2024 | 0.8347 |
| 23 SEP 2024 | 0.6769 |
| 24 JUN 2024 | 0.7615 |
| 18 MAR 2024 | 0.5735 |
| 27 DEC 2023 | 0.2158 |
Sustainability rating · 31 AUG 2026
Displays the Morningstar Sustainability Rating (1 to 5 globes, more is better) and the portfolio ESG risk score behind it (lower is less risk), against the average of the fund's global category, sourced from Morningstar and Sustainalytics.
Above Average
ESG risk score
17.24
Negligible
Low
Medium
High
Severe
- Rank in category
- 22nd percentile
- Environmental risk
- 4.98
- Social risk
- 7.79
- Governance risk
- 4.31
- Portfolio covered
- 99.4%
ESG risk of holdings
Displays the share of the covered portfolio held in companies with negligible, low, medium, high and severe ESG risk, sourced from Morningstar and Sustainalytics.
- Negligible
- 0.87%
- Low
- 79.19%
- Medium
- 18.02%
- High
- 0.54%
- Severe
- 1.38%
8.83% of assets are in companies with high or severe controversies.
Carbon · 30 SEP 2026
Displays the portfolio carbon risk score (lower is less exposure to the transition to a low-carbon economy), the share of the portfolio in companies with fossil fuel revenue, and whether the fund earns Morningstar's Low Carbon Designation, sourced from Morningstar and Sustainalytics.
Carbon risk score
3.76
Low
Medium
High
Severe
- Carbon risk
- Low Risk
- Rank in category
- 37th percentile
- Fossil fuel involvement
- 1.82%
- Category average
- 3.10%
- Low Carbon Designation
- Yes
- Portfolio covered
- 96.5%
Fund managers
Displays the people Morningstar lists as managers of the fund, sourced from Morningstar.
- Peter Hubbard
- Michael Jeanette
- Pratik Doshi
Tenure
Displays how long the managers have run the fund: the average and longest tenure, who has served longest, the latest appointment and how many other funds the team manages, sourced from Morningstar.
- Number of managers
- 3
- Average tenure
- 0.9 years
- Longest tenure
- 0.9 years
- Longest serving
- Peter Hubbard, Michael Jeanette, Pratik Doshi · since 22 DEC 2025
- Most recent appointment
- Peter Hubbard, Michael Jeanette, Pratik Doshi · since 22 DEC 2025
- Managed since
- 22 DEC 2025
- Other funds managed
- 292
Displays all company announcements released by the company to the exchange, sourced from Morningstar.
Announcements
Announcements are available for ASX-listed companies only.
Opinion
First Up
The ASX200 enjoyed a solid 60-point rally on Wednesday as investors weighed up what the Fed would both do & say this morning. Hopes have been rising that the Fed’s interest rate decision and accompanying minutes will address investors’ concerns of a potential meltdown across the global Banking Sector. The rescue of Credit Suisse by UBS had returned some order to financial markets but the interpretation of Jerome Powell’s statement over the next 24-48 hours is likely to dictate risk appetite over the coming weeks.
Global Markets
US stocks rallied overnight with the S&P500 finishing up +0.8%, even as bond yields nudged ever higher i.e. the market is gaining strength in our opinion when the S&P500 can make reasonable gains even when the US 2-year yields test 4.95%. Equities appeared to gain in confidence following comments from Atlanta Fed member Raphael Bostic that the central bank could be in a position to pause rate hikes sometime this summer.
Global Markets
US stocks drifted lower overnight following strength in bond yields i.e. the same playbook as the last 12 months. The catalyst last night was a gauge for manufacturing improving for the 1st time in 6-months plus we saw measurements of prices paid also rising i.e. not indicators the Fed are hoping for.
Global Markets
It would appear US stocks are becoming adjusted to higher bond yields, at least in the short term, with the NASDAQ outperforming overnight even as the interest rate sensitive 2-year bonds nudged up towards 4.8% - as we often say markets that can dismiss bad news are strong.
Global Markets
US stocks experienced another choppy session overnight recovering from their session lows as investors appeared to accept rates would be higher for longer i.e. nothing new at this stage although gains were dented by one Fed governor reiterating the central bank’s 2% inflation goal. US 2-year yield slipped back under 4.8% which saw the $US trade back below 105.
Equity Indices
The tech-based NASDAQ has led the decline through February but considering that short-dated 2-year bond yields are trading at 16-year highs we believe the sector is gaining relative strength following its aggressive revaluation last year although of course, it regions vulnerable if yields surprise further on the upside.
Global Markets
US stocks experienced another choppy session overnight as traders weighed up the prospects for an economic soft-landing as the Fed becomes increasingly hawkish. Retail investors are one group who have taken a bearish view with the bull-bear spread at its most pessimistic stance since the start of 2023.
Global Markets
US tech stocks continue to rally even in the face of rising short-term bond yields which suggests an eventual Fed Cash Rate of ~5% is fully baked into today’s prices. MM is still overweight the sector although we are looking to take some profits into further strength.
US Markets
We still think the Fed will hike rates above 5% and then refrain from cutting them until the picture is crystal clear hence investors may become disappointed further over the coming months, but in the short term, we still think most of the FANG stocks will enjoy some buying into dips.
Action
Updated
22/07/2024
09:20
QQQ US
Updated 22/07/2024 09:20
MM is bullish on the QQQ Trust into weakness
Updated
08/05/2023
11:31
QQQ US
Updated 08/05/2023 11:31
MM is very cautious towards the current strength of the NASDAQ
Updated
01/05/2023
16:51
QQQ US
Updated 01/05/2023 16:51
MM is very cautious towards the current strength of the NASDAQ
Updated
23/03/2023
10:48
QQQ US
Updated 23/03/2023 10:48
MM is bullish tech over the short term as central banks approach their pivots
Updated
03/03/2023
09:00
QQQ US
Updated 03/03/2023 09:00
MM remains cautiously bullish on US equities through March
Updated
02/03/2023
10:23
QQQ US
Updated 02/03/2023 10:23
MM remains cautiously bullish on US equities through March
Updated
01/03/2023
10:42
QQQ US
Updated 01/03/2023 10:42
MM remains cautiously optimistic about US tech stocks through March
Updated
28/02/2023
09:39
QQQ US
Updated 28/02/2023 09:39
MM remains cautiously bullish on US equities through March
Updated
27/02/2023
10:15
QQQ US
Updated 27/02/2023 10:15
MM remains mildly bullish on the Tech Sector over the coming months
Updated
24/02/2023
11:13
QQQ US
Updated 24/02/2023 11:13
MM remains cautiously bullish on US equities through February/March
Business Summary
Invesco QQQ ETF (QQQ US) includes 100 of the largest US and international non financial companies listed on the Nasdaq Stock Market based on market capitalization. The Fund and the Index are re-balanced quarterly and reconstituted annually.
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