December 26, 2025 — A fresh wave of institutional disclosures published Friday shows investment advisers and money managers continuing to fine-tune exposure to the Invesco QQQ ETF (NASDAQ: QQQ), one of the market’s most closely watched proxies for the Nasdaq-100 and U.S. mega-cap growth stocks. The latest updates, drawn from SEC Form 13F filings covering the third quarter (Q3), show a mix of additions and trims—an outcome that underscores how QQQ remains a core portfolio building block even as investors debate the durability of the tech-led rally heading into 2026. [1]
Friday’s filings arrive in a market environment defined by holiday-thinned volumes and renewed “Santa Claus rally” chatter. Reuters reported U.S. stock index futures were subdued in post-Christmas trading, with investors still leaning on expectations for further rate cuts and resilient corporate earnings to extend gains into next year. [2]
The Dec. 26 filings: who added QQQ, who reduced exposure
The disclosures published on December 26 highlight several noteworthy position changes in QQQ (all reflecting Q3 activity reported to the SEC):
Park Capital Management LLC WI boosts its QQQ stake by nearly 40%
Park Capital Management LLC WI reported it increased its QQQ position by 38.4% during Q3, purchasing 2,468 shares and ending the quarter with 8,903 shares. The stake was valued at about $5.345 million and represented roughly 4.3% of the firm’s reported holdings, making QQQ its sixth-largest position. [3]
Cwm LLC adds shares to a large QQQ position
Cwm LLC reported a 1.4% increase in its QQQ holdings, buying 7,156 shares to reach 532,105 shares. The position was valued at about $319.46 million, with QQQ representing roughly 1.0% of Cwm’s reported portfolio. [4]
Capital Advisors Wealth Management LLC increases QQQ to a top-10 holding
Capital Advisors Wealth Management LLC disclosed an 8.9% increase in QQQ, adding 3,740 shares and ending Q3 with 45,909 shares valued at about $27.56 million. The filing described QQQ as the firm’s seventh-largest holding, at approximately 3.9% of its reported portfolio. [5]
TrueWealth Advisors LLC trims exposure by nearly a quarter
Not all firms were buying. TrueWealth Advisors LLC reported it reduced its QQQ position by 24.8%, selling 5,130 shares and finishing Q3 with 15,522 shares valued at about $9.32 million. The filing indicated QQQ accounted for around 2.5% of its reported portfolio, making it the firm’s eighth-largest holding. [6]
Earlier filings this week show continued accumulation by other firms
While Friday’s Dec. 26 updates drew attention, disclosures published earlier in the week also showed meaningful increases:
- Founders Financial Securities LLC reported it boosted its QQQ position by 12.7% in Q3 to 33,802 shares, valued at about $20.29 million (roughly 1.4% of its reported holdings). [7]
- HWG Holdings LP reported it raised its QQQ stake by 11.2% to 64,704 shares, valued at about $38.85 million, with QQQ representing roughly 9.8% of HWG’s reported portfolio—its second-largest holding. [8]
Taken together, the filings paint a familiar picture: QQQ remains a high-conviction allocation for many managers, but some are also rebalancing risk after a strong run in growth-oriented equities.
Why these filings matter — and what they don’t tell you
These headlines are drawn from Form 13F, a quarterly report large institutional investment managers must file. Importantly, 13F reports are backward-looking: they list certain holdings as of the quarter’s end, and they’re filed within 45 days after the end of a calendar quarter. [9]
That timing matters in late December. While the disclosures are being published now, they largely reflect portfolio positioning as of September 30, 2025, not real-time buying or selling during the final week of the year.
QQQ price and income updates investors are watching into year-end
MarketBeat’s Dec. 26 coverage also highlighted QQQ’s trading levels and its latest distribution update:
- QQQ opened at about $623.20 on Friday and was described as trading near its 12-month high, with a reported 1-year range of $402.39 to $637.01. [10]
- The ETF’s most recent quarterly cash payment was reported as $0.7941 per share, payable December 31, with an ex-dividend date of December 22—an increase from the prior $0.69 payment (annualized to about $3.18 and roughly a 0.5% yield, as described in the report). [11]
The bigger story behind QQQ in late 2025: a “modernized” structure and lower fees
Institutional attention on QQQ has also been shaped by a significant operational change that became effective just before Christmas.
Invesco announced on December 19, 2025 that shareholders approved a modernization that restructures QQQ from a unit investment trust (UIT) format to an open-end fund ETF, with QQQ expected to begin trading in the new format on Monday, December 22. As part of the conversion, Invesco said QQQ’s total expense ratio would drop from 0.20% to 0.18%, and the new structure would allow the fund to reinvest income and participate in securities lending, with no tax implications expected for investors from the conversion. [12]
Invesco’s own explainer also emphasized that the modernization was designed to change how QQQ operates—not what it owns—keeping the same Nasdaq-100 exposure while lowering costs and enabling additional ETF mechanics (including, in the “post proxy” structure, the ability to reinvest income and use securities lending). [13]
QQQ’s concentration remains the central debate: growth engine vs. valuation risk
For many investors, QQQ’s appeal is straightforward: it provides consolidated access to the Nasdaq-100’s largest non-financial companies—often the same firms driving major AI and cloud themes. [14]
But the ETF’s sector mix also explains why it can be volatile. Invesco’s holdings/allocations page shows QQQ had a Technology sector allocation of 64.03% (as of September 30, 2025), with Consumer Discretionary at 18.29% and smaller allocations across other sectors. [15]
That concentration is especially relevant in today’s market narrative. Reuters noted that stocks have climbed after a period when AI-related companies faced pressure on valuation and spending concerns, before recovering amid renewed optimism. [16]
Market backdrop on Dec. 26: thin trading, rate-cut bets, and the “Santa Claus rally” watch
The timing of these filings—landing in the final trading stretch of the year—intersects with an important seasonal and macro setup.
Reuters reported on December 26 that futures trading was muted in a light post-Christmas session, and it referenced market expectations for more interest rate cuts alongside strong corporate earnings as investors look to extend gains into next year. Reuters also noted the S&P 500 and the Dow had closed at record highs on Wednesday in a holiday-shortened session and that traders were watching whether the “Santa Claus rally” pattern plays out into early January. [17]
For QQQ specifically, that environment matters because the ETF tends to be highly sensitive to:
- changes in rate expectations (growth-stock duration risk),
- earnings outlooks among mega-cap constituents, and
- shifts in sentiment around AI-led capital spending and valuations.
What readers should take away from the Dec. 26 QQQ filings
- Institutional interest remains active—but it’s not one-directional. Friday’s reports show both additions (Park Capital, Capital Advisors, Cwm) and reductions (TrueWealth). [18]
- The filings are a snapshot of Q3 positioning, not necessarily today’s trades. Form 13F reflects quarter-end holdings and comes with a reporting lag. [19]
- QQQ’s modernization is a major structural tailwind for cost-conscious investors. The shift to an open-end ETF structure reduced fees and expanded operational flexibility, while maintaining Nasdaq-100 exposure. [20]
- Concentration is still the main risk factor. With technology representing a majority of allocations (per Invesco’s sector breakdown), QQQ can benefit disproportionately from tech rallies—but may also feel outsized pressure when valuations or growth expectations wobble. [21]
References
1. www.marketbeat.com, 2. www.reuters.com, 3. www.marketbeat.com, 4. www.marketbeat.com, 5. www.marketbeat.com, 6. www.marketbeat.com, 7. www.marketbeat.com, 8. www.marketbeat.com, 9. www.investor.gov, 10. www.marketbeat.com, 11. www.marketbeat.com, 12. www.prnewswire.com, 13. www.invesco.com, 14. www.invesco.com, 15. www.invesco.com, 16. www.reuters.com, 17. www.reuters.com, 18. www.marketbeat.com, 19. www.investor.gov, 20. www.prnewswire.com, 21. www.invesco.com
