Nasdaq-100 ETFs Account for 42% of $1.41 T Notional Value; QQQM Holds 70% of ETF Cap
In 2025 the Nasdaq-100 ecosystem held $1.41 trillion in notional value, with 46% in derivatives and 42% in ETFs, and saw an addition of over $350 billion year-over-year. QQQM and QQQ together comprise nearly 70% of total ETF market capitalization tracking the index.
1. Ecosystem Notional Value Breakdown
The Nasdaq-100 ecosystem reached $1.41 trillion in total notional value during 2025, with 46% represented by average open interest in derivatives and 42% by assets under management in ETFs. Between 2024 and 2025, investors added over $350 billion in notional exposure through these six major product types.
2. QQQ and QQQM ETF Dominance
Passive ETFs tracking the Nasdaq-100 remain concentrated in two funds: QQQ and QQQM, which together account for nearly 70% of the index’s ETF market capitalization. This high concentration underscores the reliance on these vehicles for broad Nasdaq-100 exposure.
3. Investor Implications
Heavy ETF concentration in QQQM and QQQ highlights both liquidity benefits and potential index-tracking risks, as large flows into a small number of funds could amplify market moves. Investors seeking differentiated exposure may need to consider derivatives or structured products to manage beta and tailor risk profiles.