Stephens Consulting Fully Exits 18K QQQM Shares Worth $4.2 Million
Key Points
Sold 18,572 shares of QQQM, estimated at around $4.22 million based on the quarterly average price for Q3 2025
Previously, this position accounted for 1.0% of the fund's AUM
Post-trade stake: 0 shares, $0 value
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On October 15, 2025, Stephens Consulting, LLC disclosed in a U.S. Securities and Exchange Commission filing that it had sold its entire QQQM position in a $4,217,627 trade.
What happened
In its October 15, 2025, SEC filing, Stephens Consulting, LLC reported liquidating its entire stake in Invesco Exchange-Traded Fund Trust II - Invesco NASDAQ 100 ETF(NASDAQ:QQQM), selling 18,572 shares for an estimated $4.22 million based on the quarterly average price for Q3 2025. The fund reported no QQQM shares among its holdings as of September 30, 2025.
What else to know
The QQQM position was fully exited and now represents 0% of reportable 13F AUM as of Q3 2025.
Top holdings after the filing :
- VOO: $64.2 million (22% of AUM)
- BND: $29.8 million (10.2% of AUM)
- FENI: $26.1 million (8.9% of AUM)
- VO: $25.8 million (8.9% of AUM)
- VTV: $21.54 million (7.4% of AUM)
As of October 16, 2025, shares of were priced at $246.21, up 16% YTD, overperforming the S&P 500 by about 3.4 percentage points.
ETF overview
| Metric | Value |
|---|---|
| Price (as of October 16, 2025) | $246.21 |
| Dividend yield | 0.50% |
| 1-year total return | 16% |
ETF snapshot
- Seeks to track the performance of the Nasdaq-100 Index by investing at least 90% of assets in index constituents, aiming for exposure to 100 of the largest nonfinancial companies listed on Nasdaq.
- The portfolio is non-diversified and invests in 100 of the largest nonfinancial companies listed on Nasdaq, with holdings selected according to index methodology.
- Structured as a passively managed ETF, it is designed for investors seeking access to the Nasdaq-100 through a rules-based vehicle.
- The Invesco NASDAQ 100 ETF (QQQM) seeks to track the Nasdaq-100 Index by investing in 100 of the largest domestic and international nonfinancial companies listed on Nasdaq. The fund's strategy uses a rules-based approach to replicate the index. It is non-diversified.
Foolish take
Stephens Consulting has fully exited its position in the Invesco NASDAQ 100 ETF (QQQM), selling off $4.2 million worth. This looks like a strategic move away from being too heavily invested in tech after a really good year for the index. QQQM, which tracks 100 of the biggest nonfinancial companies listed on Nasdaq, is up about 16% in 2025, beating the broader S&P 500 by more than three percentage points. This strong performance probably gave them a good chance to take some profits after a solid run in huge tech names like Apple, Microsoft, and NVIDIA.
The firm's remaining top holdings are now leaning towards broad-market and value-oriented ETFs like VOO and VTV. This suggests they're aiming for more diversification and balance after seeing big gains in the growth sector. Still, QQQM remains a popular and low-cost option for investors who want long-term exposure to Nasdaq's innovative giants—it's a rules-based fund that continues to be an efficient way to get into U.S. tech-driven growth.
Glossary
ETF (Exchange-Traded Fund): An investment fund traded on stock exchanges, holding a basket of assets like stocks or bonds.
Liquidating: Selling all holdings in a particular investment or asset.
13F AUM: Assets under management reported by institutional investment managers on SEC Form 13F, covering certain U.S. securities.
Quarterly average price: The average price of a security over a specific quarter, used for performance or transaction estimates.
Non-diversified: A fund that invests a large portion of assets in a limited number of securities, increasing concentration risk.
Rules-based: An investment strategy that follows predetermined, systematic criteria rather than active management decisions.
Index constituents: The individual securities that make up a particular index.
Passively managed: A fund designed to replicate the performance of a specific index, with minimal active trading or selection.
Dividend yield: A financial ratio showing how much a company pays out in dividends each year relative to its share price.
Total return: The investment's price change plus all dividends and distributions, assuming those payouts are reinvested.
Outperforming: Achieving a higher return than a specified benchmark or index over a given period.
Stake: The ownership interest or investment held in a particular asset or company.
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Adam Palasciano has no positions in any of the stocks mentioned. The Motley Fool has positions in and recommends Vanguard Index Funds - Vanguard Mid-Cap ETF, Vanguard Index Funds - Vanguard Value ETF, Vanguard S&P 500 ETF, and Vanguard Total Bond Market ETF. The Motley Fool has a disclosure policy.
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