# Quantum Computing ETF Guide: The Funds, the Holdings and the Risk

> Quantum computing ETF guide comparing QTUM, WQTM and QNTM, their holdings overlap, pure-play vs. diversified exposure, and the key risks to know.

**Published:** 2026-09-23  
**Category:** News  
**Author:** XBTFX Research  
**Canonical:** https://xbtfx.com/blog/quantum-computing-etf-guide/

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[A quantum computing](https://www.ibm.com/think/topics/quantum-computing) ETF gives diversified exposure to companies building quantum hardware, software, semiconductors and the infrastructure around them, so a single trade covers dozens of names instead of betting on one unprofitable startup.

But "diversified" doesn't mean "the same." Some funds hold concentrated positions in pure-play companies like [IonQ, D-Wave, Rigetti and Quantum Computing Inc.](https://finance.yahoo.com/markets/stocks/articles/ionq-rigetti-computing-d-wave-092601051.html) Others are dominated by large, profitable tech names, Samsung, Intel, Alphabet, whose quantum work is a rounding error on total revenue.

One quick clarification before anything else: QTUM the ETF has nothing to do with Qtum, the blockchain cryptocurrency project. Same four letters, unrelated assets.

### **Key Takeaways**

- A quantum computing ETF spreads exposure across hardware, software and semiconductor companies, but the mix varies enormously between funds.
- QTUM is the largest and most diversified of the three (~$6.3B AUM, ~85 holdings), while WQTM concentrates over a fifth of its fund in just two pure plays, Rigetti and D-Wave.
- IonQ is the one holding that shows up across QTUM, WQTM and QNTM, making it the closest thing to a consensus pure-play pick.
- QNTM's methodology pulls in large diversified names like Samsung, Honeywell and Boeing based on patent ownership, not pure quantum focus.
- All four widely tracked pure-play stocks, IonQ, Rigetti, D-Wave and Quantum Computing Inc., remain unprofitable, and commercialization timelines are still genuinely uncertain.
- QTUM the ETF has no connection to Qtum the cryptocurrency, despite the identical name.

## **The Three Main Funds, Side by Side**

Before comparing holdings, it helps to see how differently these funds are actually built.

### **Structure and Cost**

[QTUM (Defiance Quantum ETF)](https://www.tradingview.com/symbols/NASDAQ-QTUM/) is US-domiciled, tracks the BlueStar Quantum Computing and Machine Learning Index, and deliberately includes machine learning names alongside quantum ones.

![](https://ghost.xbtfx.com/content/images/2026/09/data-src-image-a09153fd-5ae9-40d6-986e-96fe053b7477.png)

[WQTM (WisdomTree Quantum Computing Fund)](https://www.tradingview.com/symbols/CBOE-WQTM/) tracks the WisdomTree Classiq Quantum Computing Index and weights by relevancy and "purity" scores, meaning it leans harder into pure-play quantum names.

![](https://ghost.xbtfx.com/content/images/2026/09/data-src-image-be87d16e-bc8e-46ea-8b84-d6e7bd5ad764.png)

[QNTM (VanEck Quantum Computing UCITS ETF)](https://de.tradingview.com/symbols/LSE-QNTM/) is Ireland-domiciled for European investors and tracks the MarketVector Global Quantum Leaders Index, which screens for both quantum activity and quantum-related patent ownership, pulling in industrial names like Honeywell and Boeing that most people wouldn't associate with quantum computing at all.

![](https://ghost.xbtfx.com/content/images/2026/09/data-src-image-ad9c6a6b-9c54-4844-a4ec-ad9aef450868.png)

|  | QTUM | WQTM | QNTM |
| --- | --- | --- | --- |
| Domicile | US | US | Ireland (UCITS) |
| Index | BlueStar Quantum Computing & ML | WisdomTree Classiq Quantum Computing | MarketVector Global Quantum Leaders |
| Holdings | ~85 | ~48 | ~30 |
| Expense ratio | 0.40% | 0.45% | 0.55% |
| AUM | ~$6.3B | ~$337M | ~$884M |
| Top 10 weight | ~15-20% | ~48% | ~46% |
| Pure-play tilt | Moderate | High | Low-moderate |

The expense ratio spread from 0.40% to 0.55% isn't huge in isolation, but on a volatile thematic fund held for years, it compounds against returns that are already uncertain.

![](https://ghost.xbtfx.com/content/images/2026/09/data-src-image-83b0b067-882c-4a19-bec2-0923f47cc2ed.png)

![](https://ghost.xbtfx.com/content/images/2026/09/data-src-image-a60c9597-3cc5-4b45-a51c-92704bfcca17.png)

## **Pure-Play vs. Diversified: Where the Risk Actually Sits**

The split between speculative pure plays and profitable diversified holdings is the single biggest driver of how these funds will behave in a drawdown.

![](https://ghost.xbtfx.com/content/images/2026/09/data-src-image-682608c4-550a-49a8-9feb-b1348a9f12a4.png)

The pure-play names themselves carry real commercialization risk. Quantum Computing Inc. posted [$5.6 million in Q2 2026 revenue](https://www.tradingview.com/news/urn:summary_document_report:quartr.com:3688244:0-qubt-q2-2026-revenue-jumped-to-5-6m-net-loss-narrowed-and-integration-of-acquisitions-is-underway/) against an $11.8 million net loss. Rigetti and D-Wave remain unprofitable with revenue in the low tens of millions.

| Fund | Pure-play allocation (%) |
| --- | --- |
| QTUM | 18% |
| WQTM | 55% |
| QNTM | 15% |

IonQ has guided toward [$450-460 million in 2026 revenue](https://www.ionq.com/news/ionq-announces-increased-full-year-2026-financial-outlook-following-skywater-acquisition) and is the closest to scale, but all four still trade on future potential rather than current earnings, which is exactly what makes WQTM's concentration in two of them a meaningfully different bet than QTUM's broader basket.

| Company | QTUM | WQTM | QNTM |
| --- | --- | --- | --- |
| IonQ | Yes | Yes | Yes (top 2) |
| Rigetti | Yes | Yes (top holding) | No |
| D-Wave | No | Yes | No |
| Intel | Yes | No | Yes |
| Nvidia | Yes | No | No |
| Samsung | No | No | Yes (top holding) |

💡Two of these funds hold IonQ, Rigetti and D-Wave individually, not just inside a basket. [XBTFX's stock CFD trading](https://xbtfx.com/page/xbtfx-trade-stock-cfds-online/) page covers how to build that same exposure stock by stock.

## **The Risks Worth Naming Directly**

None of these funds are simple technology-sector bets, and treating them that way undersells the risk.

![](https://ghost.xbtfx.com/content/images/2026/09/data-src-image-c06f82de-8390-4ca1-860a-536a40a4badf.png)

### **Commercialization Is Still Unproven**

Useful quantum advantage for real-world problems is still mostly a research milestone, not a shipping product. Timelines for when that changes remain genuinely uncertain, and every fund on this list is priced with some assumption about how soon that gap closes.

| Holding | % of fund |
| --- | --- |
| Rigetti | 13.3% |
| D-Wave | 9.03% |
| Rest of fund (~46 holdings) | 77.67% |

### **The Pure Plays Are Unprofitable and Dilutive**

IonQ, Rigetti, D-Wave and Quantum Computing Inc. all remain unprofitable, and frequently issue new shares to fund operations. That dilution is a real, ongoing cost to shareholders, separate from anything the stock price does.

### **Valuations Leave Little Room for Error**

Sector valuations run high relative to actual revenue, which means there's little cushion if sentiment turns. A disappointing earnings report or a delayed commercialization timeline can move [these stocks](https://xbtfx.com/blog/what-are-equities-a-beginners-guide/), and the funds holding them, sharply.

![](https://ghost.xbtfx.com/content/images/2026/09/data-src-image-63edd801-c260-495c-9410-bf44e9606ad5.png)

### **Concentration Risk Is Real in WQTM**

Two holdings, Rigetti and D-Wave, account for over a fifth of WQTM's total weight. A single bad quarter from either name moves the whole fund in a way that wouldn't happen in a more broadly diversified basket like QTUM.

### **Volatility, Currency and Liquidity**

This is a thematic, sentiment-driven corner of the market, so volatility runs elevated across all three funds. QNTM's UCITS structure adds currency exposure for non-USD investors.

Every fund here also carries some tracking error against its underlying index, and the smaller funds, WQTM and QNTM, trade far less volume than QTUM, which matters for anyone [trading in size](https://xbtfx.com/blog/lot-size-calculator-how-to-calculate-position-size/).

### **Leverage Is a Separate, Sharper Risk**

None of the three funds discussed here use daily leverage, but leveraged single-stock or thematic products do exist in this space. Their daily-reset mechanics mean returns compound in ways that diverge sharply from the underlying index over anything longer than a few days, a distinct risk worth understanding before touching one.

💡Thematic ETFs like these carry real drawdown risk when sentiment turns. [XBTFX's guide](https://xbtfx.com/blog/how-to-choose-the-best-free-demo-account/) covers how to test a position sizing strategy before committing capital.

## **A Short Selection Checklist**

Before choosing a fund, it helps to answer four questions plainly.

### **How Much Pure-Play Exposure Do You Actually Want?**

Decide whether you're looking for concentrated, pre-revenue quantum exposure or a diversified tech allocation with a quantum tilt. That single choice separates WQTM from QTUM and QNTM more than any other factor.

### **Does the Domicile Fit Your Situation?**

US-listed funds and UCITS funds carry different tax treatment and currency exposure. Which one suits you depends on where you're based and how you're taxed, not on which fund has performed better recently.

### **Is the Expense Ratio Justified?**

Compare what you're paying against what the fund actually holds. A higher fee only makes sense if it buys you something the cheaper alternative doesn't, better methodology, better liquidity, or exposure you can't get elsewhere.

### **Does the Time Horizon Match Yours?**

Commercialization for most of this technology still sits years out. Make sure your own holding period is long enough to ride out that timeline, rather than chasing a fund based on the last few months of returns.

## **Researching Before You Trade**

💡Whichever way the exposure breaks down, the underlying stocks, IonQ, Rigetti, D-Wave, Nvidia, Intel, all trade individually and can be researched and monitored through [XBTFX's stock CFD offering](https://xbtfx.com/page/xbtfx-trade-stock-cfds-online/), and tested first with no capital at risk via the demo trading account.[Try Free Demo](https://portal.xbtfx.com/signup)

That's often the more practical starting point anyway: rather than buying a fund and taking on whatever mix of pure-play and diversified exposure it happens to hold, you can build your own view stock by stock and size each position to your own risk tolerance.

A stock CFD gives exposure to a company's price movement without ownership of the underlying shares, and none of this is a recommendation to buy any specific fund or stock, just a starting point for your own research.

## **FAQ**

**What is a quantum computing ETF?**

A fund holding companies involved in quantum hardware, software or enabling infrastructure, giving diversified exposure instead of single-stock risk.

**Is QTUM the ETF related to Qtum the cryptocurrency?**

No. They share a name by coincidence. QTUM holds quantum and machine learning equities; Qtum is an unrelated blockchain project.

**Which quantum computing ETF has the most pure-play exposure?**

WQTM, with Rigetti and D-Wave together making up over a fifth of the fund.

**Are quantum computing stocks like IonQ and Rigetti profitable?**

No. IonQ, Rigetti, D-Wave and Quantum Computing Inc. all remain unprofitable as of their latest quarterly reports.

**Should I pick a fund based on recent performance?**

No. Returns here have been driven mostly by sentiment and small-cap volatility, not revenue, so past performance says little about fit for your risk tolerance.

*Disclaimer: This content is for informational purposes only and should not be considered investment advice. Trading financial markets involves significant risk. Always conduct your own research before making any trading decisions.*