Nasdaq-100 ETF flows and trading volumes Report Interpretation

Overview

This brief update tracks daily flows and trading volumes in Nasdaq-100 ETFs, with emphasis on the newly launched QNDX and IQQ products. It reports a modest IQQ inflow on July 31 and flat QNDX flows, against the prior day's net sales.

Core views

J.P. Morgan presents a daily comparison of flows and trading volumes across established Nasdaq-100 ETFs, Invesco's QQQ and QQQM, and the newer QNDX and IQQ products. On Friday, July 31, BlackRock's IQQ received $15 million of inflows, reversing $20 million of net sales on July 30. State Street's QNDX had flat flows on July 31 after $2 million of net sales the prior day. The report places these flow observations in the context of the products' very recent launches. QNDX began trading on June 23, 2026 with approximately $5 million, primarily seed capital, while IQQ launched on July 9 with approximately $25 million, also primarily seed capital. The table lists both as having $0 billion of AUM at the displayed rounding precision, versus $458 billion for QQQ and $97 billion for QQQM. It also shows that QNDX and IQQ each charge a 10-basis-point fee, below QQQ's 18 basis points and QQQM's 15 basis points; IQQ's 10-basis-point rate includes a fee waiver through July 31, 2027. The daily series shows that the new products' reported flows and trading volumes remain small relative to the incumbent funds. On July 31, the table records IQQ trading volume of $38 million and QNDX volume of $7 million, compared with $34.665 billion for QQQ and $995 million for QQQM. The update therefore documents early fund-flow and liquidity developments rather than providing a rating, valuation, or investment recommendation.

Analysis framework

The report compares daily net flows and trading volumes for four Nasdaq-100 ETFs, then interprets QNDX and IQQ activity in light of their launch dates, seed assets, fee schedules, and the much larger scale of QQQ and QQQM.

Methodology notes

• Other

  Daily ETF flow and trading-volume comparison

  The report tracks daily net subscriptions or redemptions and trading volumes across competing Nasdaq-100 ETFs to show early investor demand and liquidity for the newer funds relative to established products.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• BlackRock IQQ

  Newly launched Nasdaq-100 ETF tracked for daily flows and trading volume.

  Strengths

  Recorded a $15mn inflow on July 31; has a 10bps fee rate with a waiver through July 31, 2027.

  Weaknesses

  Reported $0bn AUM at table precision and $38mn July 31 trading volume, far below established competitors.

  Comparison

  QQQ and QQQM had $458bn and $97bn of AUM, respectively; QQQ's July 31 trading volume was $34.665bn.

  Risks

  The report provides no explicit asset-specific risk.

• State Street QNDX

  Newly launched Nasdaq-100 ETF tracked for daily flows and trading volume.

  Strengths

  Has a 10bps fee rate.

  Weaknesses

  Flows were flat on July 31; reported $0bn AUM at table precision and $7mn trading volume.

  Comparison

  QQQ and QQQM had substantially larger reported AUM and July 31 trading volumes.

  Risks

  The report provides no explicit asset-specific risk.

Key data

• IQQ net flow, July 31$15mn inflowFollowed $20mn of net sales on July 30.
• QNDX net flow, July 31FlatFollowed $2mn of net sales on July 30.
• QNDX launch assets~$5mnLaunched June 23, 2026; primarily seed capital.
• IQQ launch assets~$25mnLaunched July 9, 2026; primarily seed capital.
• IQQ and QNDX fee rate10bpsIQQ's rate includes a fee waiver through July 31, 2027.
• July 31 trading volumeQQQ $34.665bn; QQQM $995mn; QNDX $7mn; IQQ $38mnIllustrates the large liquidity gap between incumbent and newly launched ETFs.

Impact & implications

The reported data show that IQQ and QNDX were still in an early launch phase, with low reported assets and trading volumes relative to QQQ and QQQM. IQQ's July 31 inflow contrasts with the previous day's outflow, while QNDX showed no net flow that day.