QQQ vs QQQM vs CNDX: Understanding NASDAQ-100 ETF Options

The NASDAQ-100 index tracks 100 of the largest non-financial companies listed on the Nasdaq exchange. That includes giants like Apple, Microsoft, Nvidia, Amazon, and Meta—businesses that shape how we live and work today.

Here’s why more investors are jumping in:

• High-growth potential: Over the past decade, the NASDAQ-100 has consistently outperformed broader market indices like the S&P 500.
• Tech-driven exposure: It offers a concentrated bet on innovation-led companies, without needing to pick individual stocks.
• Simple access: With modern brokers and ETF platforms, anyone can invest globally with just a few clicks.

But not all NASDAQ-100 ETFs are the same

While there’s only one NASDAQ-100 index, there are multiple ETFs that track it—each with different fees, tax treatments, and structures. The three most popular ones are:

• QQQ – the original, most traded NASDAQ-100 ETF
• QQQM – a lower-cost version built for long-term investors
• CNDX – a UCITS (Ireland-domiciled) ETF that’s popular with international investors due to better tax efficiency

At first glance, they may look similar. But choosing the wrong one can quietly eat into your returns—especially if you're investing from outside the U.S.

This guide breaks down the key differences between QQQ, QQQM, and CNDX, and helps you decide which one fits your investment style, tax situation, and long-term goals in 2025.

What is the NASDAQ-100?

Launched in 1985, the NASDAQ-100 represents the 100 largest non-financial companies listed on the Nasdaq Stock Exchange, ranked by market capitalization. It excludes banks and traditional financial firms, making it more heavily focused on technology, consumer innovation, and healthcare—the building blocks of the modern digital economy.

What sets it apart is its modified market cap weighting. While larger companies get more weight, the index uses special rules to prevent any one stock—or group of stocks—from dominating. For example:

• If a single company exceeds 24% weight, it’s trimmed.
• If the top five exceed 48% combined, their weights are scaled down.

This helps create a more balanced exposure to the top 100 innovators, while still capturing their growth potential.

What’s inside: industry breakdown (2025 snapshot)

As of September 2025, the NASDAQ-100 is heavily tech-focused, but still includes a diverse mix of sectors shaping the future:

Source: NASDAQ

So when you invest in a NASDAQ-100 ETF, you’re essentially buying into the world’s most influential tech and growth companies, all in one go.

Top holdings: Meet the giants driving the index

Here’s a closer look at some of the largest companies in the NASDAQ-100, by weightage:

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How has the NASDAQ-100 performed?

Even with its higher volatility, the NASDAQ-100 has rewarded long-term investors with superior returns compared to broader indices like the S&P 500.

• Year-to-date (YTD) return: +13.42% (as of 8th Sep 2025)
• NASDAQ 10-year CAGR: 17.9%
• S&P 500 10-year CAGR: 13.2%

The gap is clear: the NASDAQ-100’s focus on high-growth, innovative companies has consistently translated into higher returns—if you're comfortable with the ride.

Riding the highs and lows: a history of resilience

The NASDAQ-100 has been through major market cycles, and each one has shaped its character:

• Dot-Com Crash (2000–2002): After soaring in the late 1990s, the index crashed nearly 80%. But survivors like Amazon and the future additions of Apple and Microsoft proved the long-term strength of innovation.
• Global Financial Crisis (2008): Fell over 40% in 2008 but bounced back faster than the broader market, driven by non-financial companies with strong fundamentals.
• COVID-19 Pandemic (2020–2021): The index dropped sharply in March 2020 but rebounded quickly. Tech became essential during lockdowns, accelerating trends in cloud, e-commerce, and digital communication.

Each cycle revealed a common theme: innovation-led companies tend to lead recoveries—and the NASDAQ-100 has become a bellwether for that trend.

A growing menu of NASDAQ-100 ETFs: How do they compare?

With the growing popularity of NASDAQ-100 investing, investors now have more ETF choices than ever. While QQQ and QQQM remain the go-to options in the U.S., globally there’s a wide selection of UCITS-compliant ETFs, many of which offer lower taxes and better access for non-U.S. investors.

These ETFs differ not just in cost and size—but also in structure (full replication vs swap), distribution policy (accumulating vs distributing), and domicile (Ireland, Luxembourg, Germany, etc.):

ETF types to note:

• Core exposure: QQQ, QQQM, CNDX, EQQQ – ideal for long-term investors tracking the NASDAQ-100 directly.
• Leveraged/inverse: TQQQ, QLD, SQQQ – suited for short-term tactical trades, not long-term holdings.
• UCITS ETFs (CNDX, ANXQ, XDND): Designed for non-U.S. investors with potential tax advantages (e.g., 15% dividend withholding vs 30% for U.S.-domiciled).
• Income strategies: QYLD offers a high-yield, covered call approach for income-seeking investors.
• Equal-weighted: QQQE and QQEW provide balanced exposure across all 100 stocks, reducing megacap concentration risk.

QQQ vs QQQM vs CNDX: Which NASDAQ-100 ETF Should You Choose?

When it comes to tracking the NASDAQ-100, three ETFs dominate investor attention: QQQ, QQQM, and CNDX. While they all offer exposure to the same index, they differ significantly in terms of cost, tax treatment, and suitability depending on your investment strategy and geography.

QQQ: The original ETF with unmatched liquidity

The Invesco QQQ Trust (QQQ) is the oldest and most actively traded NASDAQ-100 ETF. Launched in 1999, it has grown into a staple for institutional and retail investors alike. Its biggest draw is liquidity—QQQ trades with extremely tight bid-ask spreads and supports a robust options market, making it ideal for fast, large trades with minimal slippage.

• Issuer: Invesco
• Domicile: United States
• AUM (2025): $364 billion
• Expense Ratio: 0.20%
• Liquidity: Extremely high
• Tax treatment for Singapore investors: 30% U.S. dividend withholding

Best for:

• Active traders executing frequent or large trades
• Institutional funds with large allocations
• Investors who use options or require high-volume execution

QQQM: A lower-cost version for long-term investors

The Invesco NASDAQ 100 ETF (QQQM) was launched in 2020 to serve long-term investors who want exposure to the same index at a lower fee. 

While it doesn't offer the same trading volume as QQQ, its lower expense ratio makes it better suited for buy-and-hold strategies, especially for retail investors.

• Issuer: Invesco
• Domicile: United States
• AUM (2025): $59 billion
• Expense Ratio: 0.15%
• Liquidity: Moderate, but sufficient for most retail investors
• Tax treatment for Singapore investors: 30% U.S. dividend withholding

Best for:

• Long-term investors looking to lower ongoing fees
• Cost-conscious retail investors
• Anyone who doesn’t need intraday liquidity or options exposure

CNDX: A tax-efficient ETF for international investors

The iShares NASDAQ 100 UCITS ETF (CNDX) is structured under Ireland’s UCITS framework, specifically designed for non-U.S. investors. It tracks the same NASDAQ-100 index but offers tax benefits under the U.S.–Ireland tax treaty. 

For Singapore-based investors, this means a 15% dividend withholding rate instead of 30%, and full exemption from U.S. estate taxes.

• Issuer: iShares (BlackRock)
• Domicile: Ireland
• AUM (2025): $21.7 billion
• Expense Ratio: 0.30%
• Liquidity: Moderate, listed on LSE and Euronext
• Tax treatment for Singapore investors: 15% U.S. dividend withholding, no U.S. estate tax

Best for:

• International investors outside the U.S.
• Singapore-based investors seeking tax efficiency
• Long-term holders using brokers with access to European exchanges

Comparison Table: QQQ vs QQQM vs CNDX

Invest in the NASDAQ-100 with StashAway Flexible Portfolios

Get exposure to the world's top tech companies with StashAway Flexible Portfolios and invest directly in NASDAQ-100 ETFs and other asset classes and themes. Build a portfolio that reflects your goals and risk appetite, without the complexity of doing it yourself.

Browse StashAway's ETF Fund Investment Selection and create your own StashAway Flexible Portfolio with just a few clicks. 

Critical tax considerations for Singaporean investors

Choosing the right NASDAQ-100 ETF isn’t just about expense ratios. For Singaporean investors, tax treatment—particularly around dividends and estate planning—can have a much bigger impact on your actual returns.

Singapore’s tax advantage (and its limits)

Singapore does not tax capital gains. It also doesn’t tax foreign-sourced dividend income, unless remitted through a corporate entity. But that doesn’t mean you avoid tax completely.

The tax you pay depends on where the ETF is domiciled, not where you live. And this makes a major difference.

1. Dividend withholding tax: 30% vs 15%

US-domiciled ETFs (QQQ, QQQM):

The U.S. imposes a 30% withholding tax on dividends paid to Singapore investors, because there is no U.S.–Singapore tax treaty.

• If a NASDAQ-100 stock pays a $100 dividend
• You receive only $70
• The remaining $30 is lost to U.S. tax

Ireland-domiciled ETFs (CNDX):

Thanks to the U.S.–Ireland tax treaty, UCITS ETFs like CNDX are only subject to 15% withholding tax.

• That same $100 dividend
• The fund receives $85
• A 15% tax saving that compounds over time

2. Real-world cost comparison: QQQM vs CNDX

Assuming the NASDAQ-100 has a 0.8% dividend yield, here’s the impact:

QQQM

• 0.8% × 30% = 0.24% tax drag
• Expense ratio = 0.15%
• Total cost = ~0.39%

CNDX

• 0.8% × 15% = 0.12% tax drag
• Expense ratio = 0.30%
• Total cost = ~0.42%

At 0.8% yield, QQQM looks slightly cheaper. But if yield rises to 1.5%, that changes:

• QQQM total cost = 0.60%
• CNDX total cost = 0.525%

As dividend yields rise, CNDX becomes more tax-efficient, despite the higher management fee.

3. The hidden risk: U.S. estate tax

This is the part many investors overlook.

If you pass away while holding the U.S.-domiciled ETFs (like QQQ or QQQM), your heirs may face a U.S. estate tax.

• Exemption threshold: only USD $60,000
• Tax rate: up to 40% on any value above that
• Assets affected: all U.S.-situs ETFs and stocks

For example, if you hold $500,000 in QQQM and pass away, your estate could face a six-figure U.S. tax bill. Your family would need to file Form 706-NA with the IRS and may be forced to sell part of the portfolio to pay the tax.

Bottom line

• Dividend withholding tax: CNDX is 15%, QQQ/QQQM is 30%
• Estate tax risk: CNDX avoids it completely, QQQ/QQQM do not
• Total return impact: Small fee differences are often outweighed by tax savings
• Investor takeaway: For most Singapore-based, long-term investors, CNDX is the more tax-efficient and estate-safe choice.

How to buy NASDAQ-100 ETFs from Singapore

Buying a NASDAQ-100 ETF has never been easier. Thanks to digital brokers and global access platforms, Singapore-based investors can now trade U.S. or European-listed ETFs at low cost, with quick onboarding and multi-currency support.

Platform comparison: Fees for buying overseas-listed ETFs

Here's a comparison of the most popular brokers and platforms used by Singapore investors in 2025 for buying NASDAQ ETFs like QQQ, QQQM, or CNDX.

Step-by-step guide to buying your first NASDAQ ETF

Whether you're buying QQQ on Moomoo, CNDX on IBKR, or a portfolio via StashAway, the process is simple. Here's a clear guide to help you go from cash to ETF ownership.

Step 1: Open a trading account

Choose a broker or robo advisor aligned with your needs. 

Robo advisors uses a series of questions to gauge your risk tolerance and financial objectives. This initial assessment helps the algorithm understand your unique situation and preferences and curate a portfolio specifically for you.

One such robo advisor, StashAway, allows you to use SingPass to automatically enter your information, making signups seamless and easy.

Step 2: Fund your account and convert currency

Broker:

1. Transfer SGD via FAST.
2. If buying overseas-listed ETFs (e.g., QQQ or CNDX), convert your SGD to USD or GBP within the app.
3. Check the FX spread—some brokers charge less than others. A tight spread helps improve your net return.

StashAway:

1. Transfer in SGD or in USD (minimum USD10k) via FAST.
2. To invest in overseas-listed ETFs (e.g., QQQ or CNDX), convert your SGD to USD or GBP directly within the app at our rock-bottom FX rates.

Step 3: Search and place a limit order

Broker: 

1. Use the ticker symbol (e.g., QQQ, QQQM, CNDX) to find the ETF. 
2. Change the order type to “Limit Order” so you can control the maximum price you’re willing to pay. 
3. Enter the price and quantity, and submit.

StashAway:

1. Use the portfolio prepared by our robo advisor or create your own from StashAway's ETF Fund Investment Selection.
2. We will invest your funds in your portfolio for you with no minimum deposit.

Step 4: Review, monitor, and automate if needed

Broker:

1. Once your order is filled, the ETF will appear in your portfolio.
2. Track your holdings regularly. You can also set up recurring investments or alerts for price changes.

StashAway:

1. StashAway will automatically manage your funds for you.

Invest in NASDAQ ETFs with StashAway Flexible Portfolios

Access the world's top tech companies through NASDAQ-100 ETFs and other asset classes and themes all within StashAway Flexible Portfolios. Build a portfolio that reflects your goals and risk appetite, minus the complexity.

With StashAway's ETF Fund Investment Selection, create your own StashAway Flexible Portfolios with just a few clicks. Whether you're after growth, diversification or stability, you are in control of how you invest with no minimum deposits and withdraw anytime.

Alternative and related ETFs: understanding the broader US equity landscape

While QQQ, QQQM, and CNDX are among the most direct ways to gain exposure to the NASDAQ-100, they represent just one corner of the broader ETF universe. 

To construct a resilient and well-balanced portfolio, it’s critical for investors to also understand related instruments such as leveraged ETFs and broader-market alternatives like the S&P 500. 

Each plays a distinct role in portfolio construction and carries varying degrees of risk, diversification, and tax implications—especially for Singapore-based investors.

Leveraged and inverse ETFs

One ETF that frequently captures attention is TQQQ (ProShares UltraPro QQQ), a leveraged product that seeks to deliver three times the daily return of the NASDAQ-100 index. On paper, the idea of magnifying gains is appealing: a 1% rise in the index would translate to a 3% gain in TQQQ. However, the inverse is also true—losses are equally magnified.

More importantly, TQQQ is not designed for long-term investing. It is structurally engineered for short-term tactical trading, and its performance suffers in volatile or sideways markets due to a compounding phenomenon known as volatility decay. Even if the NASDAQ-100 ends up flat over a period, TQQQ can still incur losses.

For example, a +10% move followed by a –9.1% move brings the index roughly back to break-even. But for TQQQ, the +30% and subsequent –27.3% swings result in a net loss.

Bottom line: TQQQ and other leveraged or inverse ETFs may offer speculative potential, but they are highly unsuitable for passive or long-term investors. Misuse can result in rapid and substantial capital erosion.

S&P 500 ETFs

The S&P 500 is often regarded as the cornerstone of U.S. equity exposure. Unlike the NASDAQ-100, which is dominated by technology and growth companies, the S&P 500 includes a wider range of sectors such as financials, energy, industrials, and consumer staples. As such, it offers a more balanced and representative picture of the overall U.S. economy.

From a portfolio perspective, the S&P 500 provides greater diversification and lower volatility, making it an attractive complement to NASDAQ-100 holdings.

Here are two of the most commonly used S&P 500 ETFs among global investors:

VOO – Vanguard S&P 500 ETF

• Domicile: United States
• Expense Ratio: 0.03%
• Tax Considerations: Subject to 30% dividend withholding tax and U.S. estate tax
• Highlights: Extremely low-cost, highly liquid, ideal for U.S.-based investors
• Caveat: Less tax-efficient for non-U.S. investors like those in Singapore

CSPX – iShares Core S&P 500 UCITS ETF

• Domicile: Ireland
• Expense Ratio: 0.07%
• Tax Considerations: 15% dividend withholding tax (via U.S.–Ireland treaty); exempt from U.S. estate tax
• Highlights: Tax-optimised for Singapore-based investors, commonly used as a long-term core holding
• Caveat: Slightly higher TER, but often outweighed by tax efficiency

For Singapore-based investors, CSPX is generally preferred over VOO for its estate tax exemption and reduced dividend tax withholding—benefits that become more meaningful over a longer investment horizon.

Building a balanced US equity allocation

Rather than choosing between the NASDAQ-100 and S&P 500, many investors use a core–satellite strategy that blends both:

• The NASDAQ-100 (e.g., CNDX) provides a high-growth, innovation-focused tilt through exposure to the biggest names in tech and digital disruption.
• The S&P 500 (e.g., CSPX) anchors the portfolio with more stable, sector-diverse exposure across the broader U.S. economy.

This combination allows investors to capture upside potential from fast-growing sectors while tempering volatility with broader economic representation. It is also flexible enough to adapt to different market cycles—tilting growth-heavy during bull markets and leaning defensive when conditions change.

Frequently asked questions (FAQs)

Is QQQ or QQQM better for long-term investors?

For U.S.-based long-term investors, QQQM is generally the better choice. It offers identical exposure to the NASDAQ-100 index at a lower annual expense ratio—0.15% compared to QQQ’s 0.20%. 

Over the years, this cost difference can compound meaningfully. However, for Singaporean or international investors, the decision should weigh more heavily on tax implications. 

Both QQQ and QQQM are U.S.-domiciled, meaning they are subject to 30% dividend withholding tax and U.S. estate tax risk—potentially eroding long-term returns and complicating inheritance planning.

What are the tax differences between US-domiciled and Ireland-domiciled ETFs?

• Dividend withholding tax is 30% for U.S.-domiciled ETFs (e.g., QQQ, QQQM, VOO), and only 15% for Ireland-domiciled UCITS ETFs (e.g., CNDX, CSPX).
• U.S.-domiciled ETFs are subject to U.S. estate tax above a $60,000 threshold. Ireland-domiciled ETFs are not. This difference can meaningfully affect both annual returns and estate planning outcomes.

Which NASDAQ-100 ETF is the most cost-effective for Singaporean investors in 2025?

On headline fees alone, QQQM has the lowest expense ratio at 0.15%. But when you factor in the 30% U.S. dividend withholding tax, the Ireland-domiciled CNDX often becomes the more cost-efficient option—despite its higher 0.30% fee. If dividend yields on the NASDAQ-100 increase, CNDX’s tax advantages become even more valuable.

What is the minimum investment required for QQQ, QQQM, or CNDX?

There is no formal minimum, but practically, the investment amount is determined by the share price of the ETF and the platform used.

Are there any currency risks when investing in QQQ or CNDX?

Yes. All three ETFs (QQQ, QQQM, and CNDX) are denominated in foreign currencies—usually USD or GBP. 

As a Singapore-based investor, you'll be exposed to currency fluctuations. A rising Singapore Dollar may reduce the SGD-equivalent value of your dividends and capital gains. Conversely, if the USD or GBP strengthens, it could amplify your returns.

Is it better to invest monthly or lump sum into NASDAQ ETFs?

This depends on your cash flow and risk appetite.

• Lump-sum investing typically outperforms over the long run because markets tend to trend upward.
• Dollar-cost averaging (monthly investment) helps smooth out volatility and reduces the risk of poor market timing—ideal for more risk-averse investors or those with regular income.

Can I hold NASDAQ ETFs in CPF or SRS?

Currently, CPF Investment Scheme (CPFIS) does not support U.S.-listed ETFs like QQQ or Ireland-domiciled ETFs like CNDX. 

Do I need to report or declare foreign ETFs to IRAS?

Singapore does not impose capital gains tax, and dividends from overseas-listed ETFs are not taxable unless they are remitted into Singapore through a corporate entity. As such, there is typically no need to declare these investments in your personal income tax filing. 

Is there a way to hedge the currency risk of foreign ETFs?

Some ETFs offer currency-hedged share classes, but most NASDAQ-100 ETFs—including QQQ, QQQM, and CNDX—are unhedged. You can manage currency exposure manually by using multi-currency accounts or FX tools on platforms like IBKR or Saxo.