This Fund Dumped $15.7 Million in QQQ Shares — But Here's Why It's Likely Still Bullish on Tech

Amplius Wealth Advisors disclosed in a Securities and Exchange Commission filing that it sold 27,345 shares of the Invesco QQQ Trust for the period ended September 30 in an estimated $15.7 million trade based on the average price for the third quarter.

What Happened

According to a Securities and Exchange Commission filing released on Tuesday, Pennsylvania-based Amplius Wealth Advisors reduced its holding in Invesco QQQ Trust (NASDAQ:QQQ) by 27,345 shares in the third quarter. The estimated transaction value was $15.7 million based on the average closing price for the period. The fund held 44,215 shares at quarter-end.

What Else to Know

This was a reduction in the QQQ stake; the position now represents 2.3% of Amplius Wealth Advisors' 13F AUM at the end of the third quarter.

Top holdings after the filing:

• CBOE:AAAA: $234.5 million (20.3% of AUM)
• NYSEMKT:PVAL: $85.7 million (7.4% of AUM)
• NYSEMKT:RECS: $64.6 million (5.6% of AUM)
• NYSEMKT:TMFC: $63.6 million (5.5% of AUM)
• NYSEMKT:STIP: $48.5 million (4.2% of AUM)

As of Friday, shares of the Invesco QQQ Trust were priced at $617.10, up 25% over the year and outperforming the S&P 500's nearly 17% gain over the same period.

ETF Overview

ETF Snapshot

• QQQ seeks to track the performance of the NASDAQ-100 Index, providing exposure to non-financial companies listed on the NASDAQ.
• The portfolio is heavily weighted toward large-cap growth stocks, with significant concentration in the technology sector and a rules-based rebalancing and reconstitution process.
• It's structured as a unit investment trust, and is designed for investors seeking liquid access to growth-oriented equities.

Invesco QQQ Trust is one of the most established and actively traded ETFs globally, offering investors targeted access to the NASDAQ-100 Index. The fund's unique structure and concentrated portfolio provide differentiated exposure compared to broad-based large-cap ETFs.

Foolish Take

As with other moves last quarter, Amplius Wealth Advisors’ sale of Invesco QQQ Trust (QQQ) shares this quarter appears to be part of a tactical rebalancing effort rather than a decisive pivot away from growth. The Pennsylvania-based wealth firm sold 27,345 shares, an estimated $15.7 million reduction, but retains meaningful exposure through its flagship Amplius Aggressive Asset Allocation ETF (AAAA)—which holds 12.7% of assets in QQQ and represents Amplius’ top holding.

Amplius also pared back stakes in other growth-heavy funds, including IUSG and ACWI, while adding to USTB, a short-term bond ETF. That pattern suggests an effort to temper volatility after a strong run-up in growth equities. Yet because AAAA remains so heavily weighted toward QQQ and similar ETFs, the firm’s long-term bullishness on large-cap tech appears intact.

For investors, QQQ continues to serve as a barometer for market leadership in innovation-driven sectors like cloud computing, AI, and semiconductors. Amplius’ moves signal the discipline of managing risk without stepping off the growth train—a reminder that trimming exposure doesn’t necessarily mean losing conviction when other factors are also at play.

Glossary

13F reportable assets: Assets that institutional investment managers must disclose quarterly to the SEC, showing their holdings.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Unit investment trust: An investment fund structure with a fixed portfolio of securities and a set lifespan, not actively managed.
ETF (Exchange-Traded Fund): A fund traded on stock exchanges, holding a basket of assets like stocks or bonds.
NASDAQ-100 Index: A stock market index of 100 large non-financial companies listed on the NASDAQ exchange.
Large-cap growth stocks: Shares of large companies expected to grow earnings faster than the market average.
Rebalancing: Adjusting a portfolio's holdings to maintain target allocations or risk levels.
Reconstitution: The process of updating an index or fund's components based on set rules, usually periodically.
Dividend yield: Annual dividends per share divided by the share price, expressed as a percentage.
Total return: The investment's price change plus all dividends and distributions, assuming those payouts are reinvested.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.