The short version
- QQQ's Form N-PORT for the period ending 2026-06-30 (filed 2026-08-28) lists 105 positions: 102 stocks, two Invesco money-market funds (0.35% together) and one Nasdaq-100 futures contract (0.002%). Net assets $492.5 billion.
- The ten largest are 45.0% of the fund; the fifty largest are 87.5%; the other 52 stocks share 12.5%. Weighted by size, QQQ behaves like 34.2 equally weighted holdings — the fact sheet's count overstates the diversification by about 3x.
- The top three are Nvidia (7.60%), Apple (6.67%) and Micron Technology (5.64%) — Micron ahead of Microsoft (4.35%) is the detail most lists from earlier years would not lead you to expect.
- Against the 651 equity funds measured on this site, 34.2 sits close to the median of 40; QQQ is not unusually concentrated for an equity ETF, only for one that markets a hundred names.
- The N-PORT history for QQQ itself begins in late 2025; its twin QQQM, 91.6% the same portfolio by weight, has filed since 2020 and has moved from behaving like 20.7 holdings then to 32.2 now — less concentrated over five years, not more.
All the weight is at the top
Source: Form N-PORT, period 2026-06-30, filed 2026-08-28. Percentages are of net assets as filed; the cumulative column is the running total.
| # | Holding | Weight | Cumulative |
|---|---|---|---|
| 1 | Nvidia | 7.60% | 7.6% |
| 2 | Apple | 6.67% | 14.3% |
| 3 | Micron Technology | 5.64% | 19.9% |
| 4 | Microsoft | 4.35% | 24.3% |
| 5 | Advanced Micro Devices | 4.10% | 28.4% |
| 6 | Amazon.com | 4.02% | 32.4% |
| 7 | Tesla | 3.30% | 35.7% |
| 8 | Alphabet Class A | 3.27% | 38.9% |
| 9 | Intel | 3.04% | 42.0% |
| 10 | Alphabet Class C | 3.02% | 45.0% |
| 11 | Broadcom | 2.81% | 47.8% |
| 12 | Meta Platforms | 2.62% | 50.4% |
| 13 | Applied Materials | 2.49% | 52.9% |
| 14 | Walmart | 2.39% | 55.3% |
| 15 | Lam Research | 2.35% | 57.7% |
| 16 | Cisco Systems | 2.01% | 59.7% |
| 17 | Costco Wholesale | 1.80% | 61.5% |
| 18 | KLA | 1.71% | 63.2% |
| 19 | Sandisk | 1.46% | 64.6% |
| 20 | Netflix | 1.30% | 65.9% |
| 21 | Palo Alto Networks | 1.21% | 67.1% |
| 22 | Texas Instruments | 1.17% | 68.3% |
| 23 | Palantir Technologies | 1.16% | 69.5% |
| 24 | Marvell Technology | 1.13% | 70.6% |
| 25 | Linde | 1.04% | 71.6% |
| 26 | Western Digital | 0.95% | 72.6% |
| 27 | Seagate Technology | 0.94% | 73.5% |
| 28 | Amgen | 0.85% | 74.4% |
| 29 | Qualcomm | 0.84% | 75.2% |
| 30 | CrowdStrike | 0.84% | 76.0% |
| 31 | Analog Devices | 0.84% | 76.9% |
| 32 | PepsiCo | 0.80% | 77.7% |
| 33 | ASML (NY shares) | 0.79% | 78.5% |
| 34 | T-Mobile US | 0.79% | 79.3% |
| 35 | AppLovin | 0.68% | 79.9% |
| 36 | Gilead Sciences | 0.68% | 80.6% |
| 37 | Arm Holdings (ADR) | 0.65% | 81.3% |
| 38 | Intuitive Surgical | 0.61% | 81.9% |
| 39 | Shopify | 0.60% | 82.5% |
| 40 | Booking Holdings | 0.60% | 83.1% |
| 41 | Vertex Pharmaceuticals | 0.55% | 83.6% |
| 42 | Starbucks | 0.50% | 84.1% |
| 43 | Fortinet | 0.49% | 84.6% |
| 44 | Cadence Design Systems | 0.45% | 85.1% |
| 45 | Marriott International | 0.42% | 85.5% |
| 46 | Monster Beverage | 0.41% | 85.9% |
| 47 | Constellation Energy | 0.39% | 86.3% |
| 48 | Automatic Data Processing | 0.39% | 86.7% |
| 49 | CSX | 0.38% | 87.1% |
| 50 | Comcast | 0.38% | 87.5% |
The remaining 52 stocks run from 0.37% down to Workday at 0.11%, and together are 12.5% of the fund. All 105 lines, with CUSIPs, are in the position file this page is built from.
Two of the three non-stock lines are Invesco money-market funds (0.26% and 0.09%) — cash the fund holds for operations — and one is a Nasdaq-100 E-mini futures contract carried at 0.002%; of the 0.35% in money funds, all of it is flagged in the filing as securities-lending collateral, a small enough sleeve that it barely moves the figure (0.35% of net assets).
Why 105 behaves like 34
Effective holdings is one divided by the sum of squared weights: the number of equal-sized positions that would give the same concentration. It rewards flat portfolios and punishes tall ones. QQQ's weights are tall — 7.6% at the top, 0.11% at the bottom, a 70:1 ratio — so the squared weights of the first fifteen names do most of the work, and the answer is 34.2 (the methodology page shows the arithmetic; the QQQ page recomputes it every deploy).
For scale, on the same measure and from their own filings:
| Fund | Reported holdings | Behaves like | Top ten |
|---|---|---|---|
| QQQ | 105 | 34.2 | 45.0% |
| QQQM (same index) | 105 | 32.2 | 47.3% |
| VOO (S&P 500) | 513 | 51.5 | 36.4% |
| VTI (total US market) | 3,540 | 66.9 | 32.0% |
| VUG (large growth) | 152 | 19.8 | 60.4% |
| VGT (tech sector) | 322 | 15.1 | 59.4% |
| XLK (tech sector) | 78 | 16.3 | 64.5% |
| SMH (semiconductors) | 26 | 13.9 | 70.2% |
QQQ is more concentrated than the broad-market funds and clearly less concentrated than a sector fund. The equity-fund median on this site is 40, so QQQ is a little below median — ordinary for an equity ETF, extraordinary only against the marketing number.
What QQQ shares with what you probably also own
Overlap is the share of a dollar that sits in the same companies either way, from both funds' filings matched on CUSIP:
| Pair | Overlap | Shared positions | Held together, behaves like |
|---|---|---|---|
| QQQ + QQQM | 91.6% | 97 | 33.5 |
| QQQ + VUG | 59.0% | 57 | 27.8 |
| QQQ + XLK | 56.6% | 34 | 24.9 |
| QQQ + VOO | 54.4% | 88 | 44.3 |
| QQQ + VGT | 50.4% | 39 | 24.4 |
| QQQ + VTI | 47.9% | 92 | 49.8 |
Holding QQQ next to VOO puts 54 cents of every dollar in the same companies, and the pair behaves like 44 holdings — fewer than VOO's 51.5 alone. Nvidia, Apple and Microsoft are each held by more than 150 of the funds measured on this site (Nvidia by 169), which is why adding a "different" large-cap fund so rarely adds diversification. Every pair is at /compare/, and the calculator runs the same arithmetic on any mix.
Has QQQ become more concentrated?
QQQ is organised as a unit investment trust and its N-PORT record on EDGAR begins with the period ending 2025-12-31, so the fund's own history is three filings long. QQQM, Invesco's 2020 ETF on the same index, shares 91.6% of QQQ's portfolio by weight and has filed since 2020:
| QQQM as of | Behaves like | Top ten |
|---|---|---|
| 2020-11-30 | 20.7 | 55.4% |
| 2022-05-31 | 23.7 | 51.4% |
| 2023-11-30 | 26.1 | 49.2% |
| 2025-05-31 | 29.0 | 50.1% |
| 2026-05-31 | 32.2 | 47.3% |
The direction is the opposite of the usual assumption: the Nasdaq-100 portfolio has become less top-heavy over five years, from behaving like 21 holdings to 32, as the largest weights came down from a 55% top ten to 47%. That is a statement about QQQM's filings, offered as the nearest measurable proxy; QQQ's own three filings (29.5 at 2025-12-31 to 34.2 at 2026-06-30) point the same way over their shorter span.
What this can and cannot tell you
- Weights are as of 2026-06-30. The Nasdaq-100 rebalances quarterly and reconstitutes annually in December; the order at the top changes with prices every day.
- "Behaves like 34" is a statement about how position weights are distributed, not about risk, sector exposure or correlation. Thirty-four equal positions in unrelated businesses and thirty-four equal positions in semiconductor companies would score the same.
- The overlap figures depend on both funds' filing dates; QQQM's is 2026-05-31 against QQQ's 2026-06-30, and the pair pages state this.
- Nothing here is a view on whether to hold QQQ.
Data: QQQ on this site · concentration.json (CC BY 4.0) · the filing linked above.