Guardfolio Research · ETF Concentration
QQQ ETF Concentration: Top 10 Holds 46.0%
QQQ (Invesco QQQ Trust) has an HHI of 305.21 and about 32.76 effective positions as of 2026-08-22. The largest holding is about 8.4%; the Top 10 sum to 46.0%, led by NVDA, AAPL, MSFT, MU, AMZN. Invesco QQQ is the most searched Nasdaq-100 wrapper; concentration is the hidden twin of its overlap profile.
Concentration Snapshot
Band
High concentration versus the Guardfolio 22-fund ETF set. Peer context: VGT HHI 750.94; XLK HHI 590.81; VUG HHI 565.32.
The Data
QQQ top holdings and concentration math
Weights are normalized from licensed full holdings. HHI is the sum of squared percentage weights. Effective positions = 10,000 / HHI. This page is part of Guardfolio's concentration cluster, separate from ETF overlap pair pages.
| Provider | Financial Modeling Prep |
|---|---|
| Fund date | 2026-08-22 |
| Holdings counted | 104 |
| Top 3 / Top 5 | 21.5% / 30.9% |
| Holding | Weight |
|---|---|
| NVIDIA Corp (NVDA) | 8.4% |
| Apple Inc (AAPL) | 7.3% |
| Microsoft Corp (MSFT) | 5.7% |
| Micron Technology Inc (MU) | 4.9% |
| Amazon.com Inc (AMZN) | 4.5% |
| Advanced Micro Devices Inc (AMD) | 3.4% |
| Alphabet Inc (GOOGL) | 3.2% |
| Alphabet Inc (GOOG) | 3.0% |
| Broadcom Inc (AVGO) | 2.8% |
| Tesla Inc (TSLA) | 2.8% |
Educational snapshot only. Holdings and weights change. HHI does not measure return correlation or future risk.
Why it matters
Concentration vs overlap for QQQ holders
Invesco QQQ is the most searched Nasdaq-100 wrapper; concentration is the hidden twin of its overlap profile. If you also hold QQQ, VUG, IWF or a megacap stock, look-through exposure can stack even when fund labels look different. After this page, check pairwise overlap and the portfolio concentration calculator.
ETF overlap checker · Concentration risk hub · Portfolio X-Ray
FAQ
QQQ concentration: common questions
How concentrated is QQQ?
QQQ has an HHI of 305.21 and about 32.76 effective positions based on licensed full holdings dated 2026-08-22. The largest holding is about 8.4% and the Top 10 holdings sum to about 46.0%.
What are the largest holdings in QQQ?
The largest contributors include NVIDIA Corp (NVDA) 8.4%; Apple Inc (AAPL) 7.3%; Microsoft Corp (MSFT) 5.7%; Micron Technology Inc (MU) 4.9%; Amazon (AMZN) 4.5%; Advanced Micro Devices Inc (AMD) 3.4%; Alphabet Inc (GOOGL) 3.2%; Alphabet Inc (GOOG) 3.0%.
Is QQQ more concentrated than the S&P 500?
Yes on this snapshot. QQQ's HHI of 305.21 sits above broad S&P 500 wrappers in the Guardfolio 22-fund set. Compare Top 10 weight (46.0%) with SPY/VOO on the concentration benchmarks page.
Does concentration mean QQQ overlaps with other ETFs?
Concentration measures how much weight sits in a few names inside one fund. Overlap measures shared holdings across two funds. A concentrated ETF can still pair badly with another fund that owns the same megacaps. Check the ETF overlap checker after you review concentration.
Related concentration pages