3 Quantum Computing ETFs to Know—And Why 2 Don't Hold D-Wave

Key Points

• Uncertainty about which quantum computing stocks may best capitalize on the industry's rapid growth might lead investors to consider ETFs with a broad reach.
• A number of leading quantum computing ETFs do not hold D-Wave Quantum, a major player in the space, for reasons potentially including its niche focus or share price history in recent months.
• Still, QTUM provides an opportunity for D-Wave fans to diversify their quantum exposure while investing in a fund that includes QBTS in its basket.

The quantum computing industry is among the fastest growing corners of the tech space—analysts at McKinsey predict it could skyrocket from $4 billion in revenue in 2024 to up to $72 billion in 2035. With a growing field of competitors specializing in developing quantum tech that are becoming increasingly competitive with legacy tech firms expanding into the space, investors have the difficult job of assessing which quantum stocks may be most likely to thrive in the coming years.

D-Wave Quantum Inc. NYSE: QBTS falls into the first category among other new companies aiming to achieve marketability and consistent profits. Though the company has most seen its share price plateau in recent months, it rallied by a surprising 52% in a five-day span late in September 2025.

For investors seeking to capitalize on the quantum race but unsure of whether to pick individual stocks like QBTS, a number of quantum computing exchange-traded funds (ETFs) are available to provide ready-made diversification. Interestingly, out of the three ETFs we explore below, two do not hold any shares of D-Wave.

This may be due to the company's volatility, concerns about overvaluation, its lack of profitability in recent quarters, or even to more technical limiting factors like fund mandates or index rules.

A Multi-Cap Tech Fund Focused on Momentum

The Invesco Dorsey Wright Technology Momentum ETF NASDAQ: PTF is focused primarily on companies in the information technology sector—more than 88% of fund assets are invested in tech names, with communication services and financials making up the bulk of the remainder. However, as of mid-September 2025, its 40 holdings do not include D-Wave.

One likely reason for this is that, as the name of the fund suggests, PTF focuses on momentum stocks (those with relative strength compared to peers in the same market universe). Given the plateau for QBTS shares in recent months, this would likely disqualify it from inclusion.

Indeed, some other major names in the quantum computing space that have also lacked momentum in recent periods are also missing from the list.

PTF has seen mixed results with its approach, which includes mega-cap tech names alongside much smaller firms from the U.S. market. Though it has only returned about 4% year-to-date (YTD), substantially trailing the S&P over the same period, its 25% return in the last 12 months comes out ahead of the broader market.

Narrow Portfolio For an Actively Managed Fund Heavy on Other Quantum Names

The Spear Alpha ETF NASDAQ: SPRX is somewhat more expensive than the PTF above, with an expense ratio of 0.75% compared to PTF's 0.60%. Still, SPRX does offer active management, which allows fund managers to better adapt to changes in the industrial technology space. 

SPRX is not specifically focused on quantum computing, but some of the industries within its portfolio—such as AI and enterprise digitalization—stand to benefit from quantum tech developments.

SPRX has a limited portfolio of fewer than 25 names, but it does include D-Wave rivals like IonQ NYSE: IONQ and Rigetti Computing NASDAQ: RGTI.

 Without an underlying index, investors are left to speculate as to why these firms have made the list but D-Wave has not. It could be related to concerns surrounding D-Wave's annealing technology, which some analysts have speculated could be less marketable than the approaches rivals are using.

Because of its narrow portfolio, SPRX is somewhat riskier than other funds offering access to the quantum space. Still, this ETF has performed exceptionally well, with YTD returns topping 45% and a 12-month return of about 82%.

A Quantum-Focused Fund With Low Fees and a Global Reach

One fund in the quantum universe that does include D-Wave is the Defiance Quantum ETF NASDAQ: QTUM. With an annual fee of 0.40%, it is among the cheapest funds in this space, and at 78 holdings, it has broader diversification than either fund above.

Despite the name, QTUM is not solely focused on quantum computing names—it also includes firms from the machine learning space and other tech niches. With a mandate to include companies from developed markets, QTUM is free to hold global quantum names like the U.K.'s Arqit Quantum NASDAQ: ARQQ.

The wider reach may be worthwhile for investors seeking to expand their exposure. QTUM has returned more than 29% YTD and almost 76% in the last year.