Fidelity’s Broader Nasdaq ETF Has a Surprise for QQQ Investors: Even More Apple Jake FitzGerald Mon, November 2, 2026 at 4:12 AM EST 5 min read AAPL QQQ AAON ADMA ONEQ Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
ONEQ holds Apple at ~10% of assets, which is nearly 50% more than QQQ's 6.67%, despite tracking a much broader 1,030-stock index.
QQQ crushed ONEQ over 10 years, returning 503% versus ONEQ's 453%, and trades roughly 129 times more shares daily.
ONEQ includes financial sector stocks and smaller names like AAON and ADMA that the Nasdaq-100 excludes by rule.
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Most investors who want Nasdaq exposure reach for Invesco QQQ Trust (NASDAQ:QQQ), which had $490.1 billion in net assets as of June 30, 2026 and tracks the Nasdaq-100. Far fewer have heard of Fidelity Nasdaq Composite Index ETF (NASDAQ:ONEQ), which follows the entire Nasdaq Composite. Owning the whole exchange still leaves ONEQ more concentrated in one name: ONEQ leans harder on Apple (NASDAQ:AAPL) than QQQ does, and that matters if a single stock could swing your retirement savings.
Apple made up 10.08% of ONEQ's net assets as of August 31, 2026. In QQQ's most recent filing, dated June 30, 2026, Apple was 6.67%. Because those dates don't match, we also checked ONEQ's filing from May 31, 2026, one month before QQQ's. Apple was 9.98% of ONEQ then. So ONEQ held a lot more Apple than QQQ in the filings on either side of QQQ's reporting date.
The Nasdaq Composite weights companies purely by market value. The Nasdaq-100 uses a modified market-cap method that reduces its biggest members when they get too large and transfers that weight to the rest of the top 100. Holding more companies doesn't guarantee your money is spread more equally. As of August 31, ONEQ's five largest companies (with Alphabet's two share classes counted as one) made up 44.1% of the fund.
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ONEQ owns far more companies. Its August filing listed 1,030 positions. QQQ holds only the 100 largest non-financial companies on the Nasdaq. ONEQ also owns smaller names QQQ leaves out, such as AAON (NASDAQ:AAON) and ADMA Biologics (NASDAQ:ADMA), each at a tiny fraction of 1% of assets. It holds banks, brokerages and exchange operators too, which the Nasdaq-100 excludes by rule.
QQQ has done somewhat better. As of October 29, ONEQ was up 12.76% year to date and 9.66% over one year. QQQ was up 14.75% and 10.87%. Over ten years, ONEQ gained 453.13% and QQQ gained 502.53%. QQQ's figures use unadjusted prices and ONEQ's use adjusted prices, so the gap may actually be a bit wider than these numbers show.
Size feeds on itself. Because QQQ is so big, it trades heavily, has a deep options market and gets mentioned constantly in financial news. On October 29, QQQ traded 37,532,845 shares. ONEQ traded 291,503, so QQQ's volume was roughly 129 times larger. ONEQ reported net assets of about $10.75 billion as of August 31. QQQ's June 30 total was more than 45 times that. ONEQ mostly sits in buy-and-hold brokerage accounts and gets little attention from traders.
Concentration. With 44.1% of assets in five companies and Apple alone around a tenth of the fund, a bad stretch for Apple would hurt ONEQ more than QQQ. Retirees who already own Apple directly or through an S&P 500 fund may have more exposure than they realize.
Trading. Lightly traded ETFs can have wider spreads between the bid and ask prices, especially at the open and close. Invesco's prospectus notes that when authorized participants step back, ETF shares can be "more likely to trade at a premium or discount to the Fund's NAV". That risk applies to every ETF, but it's greater for a fund with ONEQ's lower volume. Limit orders can help.
Closure. A sponsor can close any ETF it decides is no longer worth running. At roughly $10.75 billion, ONEQ is far from thin, but it's still a small fraction of QQQ's size. If it did close, holders would be cashed out, and that could trigger a capital gains bill in a taxable account.
ONEQ suits retirees who want one buy-and-hold Nasdaq fund that also includes smaller companies and financials, and who are comfortable with Apple at about a tenth of the portfolio. QQQ is the better fit for investors who trade often, use options or want the tightest spreads. Check ONEQ's next holdings filing to see whether Apple stays near 10.08% and whether QQQ's newer filings change the comparison.
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