On July 11, Marshall Financial Group disclosed an approximately $7.56 million reduction of its position in Invesco QQQ Trust, Series 1.
What happened
Marshall Financial Group reduced its position in Invesco QQQ Trust, Series 1 by selling 15,220 shares, a transaction valued at $7.56 million. The sale was detailed in a U.S. Securities and Exchange Commission filing available here. After the trade, the fund held 13,058 QQQ shares, valued at $7.21 million based on the July 10 closing price.
What else to know
The sale reduced QQQ’s share of Marshall's 13F AUM to 1.4% as of July 10.
Top fund holdings after the filing:
QLD: $60.49 million (11.9% of AUM) as of June 30, 2025
OBND: $52.59 million (10.3% of AUM) as of June 30, 2025
SSO: $49.84 million (9.8% of AUM) as of June 30, 2025
JBBB: $40.69 million (8.0% of AUM) as of June 30, 2025
MFSB: $36.49 million (7.2% of AUM) as of June 30, 2025
QQQ closed July 10, 2025, at $555.45, up 11.6% over the past year, trailing the S&P 500 by 1.0 percentage point.
Dividend yield: 0.5%; forward price/earnings ratio: 32.53; QQQ is 0.4% below its 52-week high as of July 10, 2025.
ETF overview
| Metric | Value |
|---|---|
| Assets Under Management (AUM) | $358 billion |
| Current price | $555.45 |
| Dividend yield | 0.5% |
ETF snapshot
QQQ is an exchange-traded fund (ETF) tracking the NASDAQ-100 Index. It operates as a passively managed fund designed to replicate the index’s composition and performance. QQQ serves institutional investors, financial advisors, and individuals seeking exposure to large-cap growth equities.
The fund’s strategy is to closely replicate the composition and performance of the NASDAQ-100 Index, adjusting holdings as the index changes to maintain alignment. Its scale and liquidity provide investors with efficient access to a broad set of innovative, growth-oriented companies.
Foolish take
Mirroring the contents of the tech-heavy NASDAQ-100 index, the QQQ fund is a popular way to invest in the volatile side of Wall Street. QQQ has gained 402% over the past decade, more than doubling the returns of the broader S&P 500 index, which gained 196% over the same period. The performance gap narrows a bit if you look at total returns instead, which also reflect the lower average dividend yields in the growth-oriented NASDAQ index.
As such, Marshall Financial's decision to sell more than half of its QQQ shares looks like a de-risking move at first glance. As exciting as the QQQ may be when it's rising, market corrections also bring an amplified helping of pain to the ETF's owners. Nobody knows for sure where the market will go next, and Marshall may lose out on some big gains if the QQQ keeps on soaring. But the sales may also turn out to be a brilliant move in case the economy goes sour in the second half of 2025.
However, there's a quirk in this trade. QQQ didn't represent a major portion of Marshall Financial's total holdings before this sale. The largest position in the same portfolio is a leveraged version of the same index ETF. QLD, or ProShares Ultra QQQ 2x Shares, uses stock options and ETF-specific accounting tricks to double the daily returns of the QQQ, whether the underlying security is moving up or down. QLD is an all-new position for Marshall Financial.
So Marshall is actually increasing its exposure to the QQQ and amplifying the market performance risks. In other words, Marshall appears to expect big gains in the tech sector for the rest of the year.
Again, nobody knows exactly what's coming up next but this move from QQQ to QLD is a very bullish move. Whether it turns out to be wrong or right in the end, Marshall Financial is taking a positive market stance right now.
Glossary
Exchange-traded fund (ETF): An investment fund traded on stock exchanges, holding assets like stocks to track an index.
NASDAQ-100 Index: A stock market index comprising 100 of the largest non-financial companies listed on the NASDAQ exchange.
Assets under management (AUM): The total market value of investments managed by a fund or financial institution.
13F: A quarterly report filed by institutional investment managers to disclose their equity holdings to the SEC.
Dividend yield: Annual dividends paid by a fund or company divided by its share price, expressed as a percentage.
Forward price/earnings ratio: A valuation metric using forecasted earnings to assess how much investors are paying per dollar of expected profit.
Trailing: Refers to performance or data measured over a previous period, such as the past year.
Stake: The amount or percentage of ownership an investor or fund holds in a particular asset.
Replicate: To closely match the composition and performance of a specific index or benchmark.
Transaction value: The total dollar amount generated from buying or selling securities in a single trade.
Filing: An official document submitted to regulators, often disclosing financial or investment information.
52-week high: The highest price at which a security has traded during the past year.
