Invesco's QQQM drew $27 billion as 0.10% Nasdaq-100 rivals launched

Invesco's QQQM gathered $27 billion of net inflows in 2026, more than four times the $6 billion that went to the older, pricier Invesco QQQ, even as two 0.10% Nasdaq-100 ETFs launched in June.

State Street's Nasdaq-100 ETF (QNDX) has drawn more than $600 million in net inflows since its late-June launch, ETF Trends reported on Nov. 2. The iShares Nasdaq 100 ETF (IQQ) began trading days later at the same 0.10% fee and has built a $765 million asset base. The four Nasdaq-100 ETFs in that comparison have collectively attracted more than $38 billion in 2026 net inflows.

For an advisor's buy-and-hold Nasdaq-100 sleeve, the cheapest of the four index funds in ETF Trends' comparison became 0.10% in June, down from 0.15%. That 5 bps gap is $500 a year on a $1 million position, before trading costs, and QQQ's 0.18% fee sits 8 bps above the two entrants. The case for the flagship rests on execution: ETF Trends says institutional investors rely on its secondary-market liquidity, deep options contracts and tight bid/ask spreads.

The template is the S&P 500, where four market-cap-weighted ETFs gathered $224 billion in the year to Oct. 28. Vanguard's VOO took $117 billion at 0.03%, State Street's SPYM $71 billion at 0.02%, the iShares Core S&P 500 ETF (IVV) $26 billion, and State Street's SPY $10 billion at 0.09%, the highest fee in the group. SPY is the oldest of the four and still draws strong institutional demand, according to the report. State Street added a mutual fund share class to SPYM on Oct. 30, as Private Wealth Daily previously reported.

Nasdaq-100 covered-call ETFs from Goldman Sachs, JPMorgan, NEOS and others carry higher expense ratios, a separate shelf from the four index funds, according to ETF Trends.

If Invesco moved QQQM to 0.10%, its gap to QQQ would widen from 3 bps to 8 bps.