On the appointed date of October 20, 2025, McElhenny Sheffield Capital Management, LLC submitted a document to the U.S. Securities and Exchange Commission detailing their acquisition of 7,685 shares in the Invesco QQQ Trust, Series 1 (QQQ +1.83%), a transaction valued at approximately $4.40 million.
The Mechanism of Accumulation
The filing reveals a measured escalation in holdings, with the firm’s position expanding by precisely 7,685 shares during the reporting quarter. This act of financial arithmetic, totaling $4.40 million, culminated in a total holding of 96,167 shares worth $57.74 million at the quarter’s terminus.
The Architecture of Exposure
The firm’s exposure to the QQQ now constitutes 13.68% of its reportable assets, a proportion that whispers of quiet conviction amidst the cacophony of market noise.
Post-filing composition of principal holdings:
- MSMR: $101.54 million (24.1% of AUM) as of September 30, 2025
- TQQQ: $70.60 million (16.7% of AUM) as of September 30, 2025
- QQQ: $57.74 million (13.7% of AUM) as of September 30, 2025
- SPY: $38.84 million (9.2% of AUM) as of September 30, 2025
- ITA: $22.81 million (5.4% of AUM) as of September 30, 2025
On the valuation date of October 20, 2025, the QQQ traded at $611.54 per share, having ascended 23.4% over the preceding 365 days through October 21, 2025. This ascent exceeded the S&P 500‘s trajectory by 9.86 percentage points, a margin that invites both admiration and scrutiny.
The Index’s Shadow
| Metric | Value |
|---|---|
| AUM | N/A |
| Dividend yield | 0.46% |
| Price (as of market close 10/20/25) | $611.54 |
| 1-year total return | 23.44% |
Constitution of the Fund
This instrument, styled as an ETF, mimics the NASDAQ-100 Index®, its composition a mirror to the hundred largest non-financial entities domiciled upon the NASDAQ exchange. It rebalances with mechanical regularity, striving to replicate the index’s mathematical essence.
Structured as a passively managed entity, it offers investors a transparent mechanism to participate in the index’s performance, bound by rules that preclude discretionary intervention.
Invesco QQQ Trust, in its institutional and retail manifestations, grants access to the NASDAQ-100’s performance through a vehicle that prides itself on precision. Its methodology, rigid and unyielding, seeks to bind the fund’s trajectory to the index’s predetermined path.
The Weight of Numbers
McElhenny Sheffield, an investment firm rooted in Texas soil, recently recorded their acquisition of approximately $4.4 million in QQQ shares during the third quarter of 2025 (April to September).
This act of accumulation serves as evidence in the ongoing inquiry into institutional sentiment toward the QQQ. The ETF’s year-to-date ascent of 23% stands in stark contrast to the S&P 500’s 18% total return, a divergence that compels contemplation.
Yet deeper still lies the decade-long trajectory: a 499% appreciation translating to a compound annual growth rate of 19.6%. The S&P 500, by comparison, achieved 297% growth at a 14.8% CAGR. These numbers, while impressive, bear the weight of systemic questions.
The QQQ’s ascent owes much to its concentration in technology titans: Nvidia, Microsoft, Apple, and Broadcom. Their gravitational pull distorts the fund’s composition, creating a paradox where diversification becomes illusion.
Institutions, with their vast resources, continue to gravitate toward this constellation. Retail investors, observing from the periphery, must weigh the wisdom of such alignment against the fragility inherent in concentration.
Glossary of Captivity
Assets Under Management (AUM): The aggregate value of capital entrusted to institutional custodians.
13F Reportable Assets: Securities requiring disclosure to the SEC, revealing the anatomy of investment discretion.
ETF (Exchange-Traded Fund): A financial instrument traded publicly, bundling assets into tradable units.
Dividend Yield: The annual distribution relative to price, a measure of income generation.
Index Replication: The mechanical mimicry of an index’s composition and weightings.
NASDAQ-100 Index: A curated selection of NASDAQ-listed entities, excluding financials.
Passively Managed Fund: A fund constrained to mirror an index, forsaking active intervention.
Rebalancing: The recalibration of holdings to maintain alignment with target allocations.
Total Return: The comprehensive measure of performance including price changes and distributions.
Quarter-End: The temporal boundary marking the conclusion of a fiscal period.
Outperformed: The achievement of superior returns against a benchmark.
Holding: A discrete position within a portfolio’s composition.
Let the numbers speak their truth, yet remain wary of their seductive arithmetic. 📈
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2025-10-28 15:23