In this update, we’ll be looking at how the portfolio performed between 10 October and 17 October, what performed well, what didn’t perform well, what caused one of the biggest drops I’ve experienced so far, and where my head is at after a pretty brutal week in the market.

Portfolio Snapshot

Well, we already…

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Welcome back to another weekly portfolio update.

In this update, we’ll be looking at how the portfolio performed between 3 October and 10 October, what drove the gains and losses this week, what I’ve learnt, and the ETF I’ll be researching next.

Hopefully you’ve had a chance to read my last post looking at QQIA. If you haven’t already, do check it out. It’s another income-generating ETF that I’ve been researching recently.

But for now, let’s get into this week’s update.

Portfolio Snapshot

This week was actually a slight step backwards for the portfolio.

The opening balance last week was £56,687.91, while the closing balance on 10 October was £56,575.90.

That means the portfolio fell by £112.01, which works out at around 0.2%.

No dividends were received this week, and there were no contributions or withdrawals.

That said, I did have some cash sitting in the account which I used to top up a few ETF positions.

Portfolio Performance

• Portfolio Value: £56,575.90

• Weekly Change: -£112.01

• Weekly Return: -0.2%

• Dividends Received: £0

What Caused The Drop?

Looking across the portfolio, there was really one clear culprit this week.

My semiconductor ETF, SMGB, fell by 4.94%, which represented a loss of £172.48.

If you’ve been following the market recently, you’ll probably be able to guess what sector was behind that.

AI.

That weakness also filtered through to my Invesco Technology ETF (XLKQ), which fell 0.52%, representing a decline of £79.20.

To be honest, that wasn’t actually too bad.

I think the ETF was probably cushioned by the fact it isn’t purely reliant on AI stocks. You’ve got plenty of other technology companies in there helping balance things out.

Other fallers included:

• Meta: -£33.63 (-1.22%)

• First Trust Smart Grid Infrastructure ETF (GRID): -£23.84 (-1.45%)

What Helped Offset The Losses?

While semiconductors had a tough week, there were still some strong performers elsewhere in the portfolio.

Amazon was the standout, rising by £167.56.

My Vanguard S&P 500 ETF (VUSA) also had a really good week, increasing by £149.26.

This is one of the reasons I like broad market ETFs.

Even when one area of the market is struggling, you’ve got hundreds of other companies helping to soften the blow.

Other positive performers included:

• Alphabet: +£126.97

• Microsoft: +£40.59

• Netflix: +£24.84

When you look at those gains, it probably explains why VUSA held up so well despite some of the weakness elsewhere.

What Happened In The News?

As mentioned above, the main weakness came from AI and semiconductor stocks.

Part of this appears to have been linked to reports around OpenAI’s revenue figures.

There were reports suggesting OpenAI’s annualised revenue was lower than some previous estimates, which caused concerns across parts of the AI sector.

Naturally, when something like that happens, investor confidence takes a hit and markets don’t always wait around for all the facts before reacting.

However, after reading more into the story, there seems to be a lot more nuance than the headlines initially suggested.

A number of reports indicated that part of the discrepancy was due to differences in how revenue was being calculated, particularly when sales through cloud providers were taken into account.

There are also reports suggesting revenue growth remains strong and could continue to increase significantly over the next year.

For me, that changes the way I look at the situation.

I’m not seeing this as a reason to panic.

I’m certainly not rushing out to sell my semiconductor ETF.

At the moment, it feels more like short-term market noise than a genuine threat to the long-term AI story.

So my plan remains exactly the same.

Keep investing.

Keep holding.

Keep focusing on the long term.

What I Learnt This Week

If you’ve read my last couple of posts, you’ll probably notice I keep coming back to income-generating ETFs.

The more I research them, the more interested I’m becoming.

As I mentioned in my QQIA post, I really like the idea of receiving income even during periods where the market isn’t doing much.

There’s something quite reassuring about that.

If the market slows down, you’re still receiving cash through distributions.

I’ve already got JEQP, which has been doing pretty well from a dividend perspective, and I’m starting to think about increasing my exposure to these types of ETFs over time.

What’s interesting is that writing these articles is actually helping shape my own investing decisions.

Every week I’m reading more.

Every week I’m researching more.

And every week I’m discovering investment approaches I previously hadn’t considered.

I’ve always been very focused on growth.

Now I’m starting to think more about balancing growth with income.

That’s why QQIA caught my attention.

I like the fact that you still have the opportunity to participate in market growth, while also generating regular income through the covered call strategy.

So I think you’ll probably see me continue exploring this area over the next few months.

ETF Spotlight: GPIQ

The ETF I’ll be researching this week is GPIQ, the Goldman Sachs Nasdaq 100 Premium Income ETF.

Yes, another income ETF!

Looking at the top holdings, you’ve got many of the companies you’d expect:

• Nvidia

• Apple

• Microsoft

• MicroStrategy

• AMD

• Amazon

• Alphabet

• Meta

• Tesla

The top ten holdings account for around 57.91% of total assets.

The portfolio remains heavily focused on technology, with communication services being the next largest sector allocation.

What really caught my attention wasn’t the standard yield.

It was the monthly distributions.

Recent payouts have been running at around 9.95% to 10%, which immediately puts it on my radar.

That’s exactly what attracted me to ETFs like JEQP and QQIA as well.

The idea of receiving meaningful monthly income while maintaining exposure to large technology companies is definitely appealing.

Now, I haven’t done enough research yet to form a final opinion.

This is very much a first look.

But Goldman Sachs is obviously a huge name in the investment world, which naturally gives me some confidence in taking a closer look.

So over the next week I’ll be digging deeper into GPIQ and sharing my findings in a dedicated post.

Keep an eye out for that.

Final Thoughts

Overall, this wasn’t the strongest week for the portfolio, but equally it wasn’t a bad week either.

A decline of 0.2% isn’t something I’m particularly worried about.

If anything, it was another reminder that markets don’t move in straight lines.

Some weeks you’ll be up.

Some weeks you’ll be down.

The important thing is staying focused on the bigger picture.

For now, my plan remains exactly the same.

Keep investing.

Keep learning.

And keep building wealth over time.

Thanks for reading, and I’ll see you in next week’s update.

Jason
Building Wealth Over Time

P.S I track everything using Snowball, which enables me to monitor my portfolio performance and stay accountable to my goals.

👉 Track your own investing journey: [Snowball Analytics Link]

Affiliate disclosure: I may earn a commission if you sign up using the link above.

This week, I’m analysing QQIA (Invesco NASDAQ-100 Income Advantage ETF), a hybrid investment fund designed to turn the growth-heavy technology sector into a source of monthly income.

How Does QQIA Work?

Unlike a traditional index tracker that simply buys and holds stocks, QQIA uses a dual-component options strategy designed to provide investors with both growth exposure and income generation.

According to Invesco, the strategy works through two key components.

1. The Core Equity Portfolio

Around 70% to 85% of the fund’s assets are invested directly into companies within the NASDAQ-100 Index.

This gives investors exposure to some of the world’s largest technology and growth companies, including:

• Nvidia

• Apple

• Microsoft

• Amazon

This portion of the portfolio allows investors to participate in market gains when technology stocks perform well.

2. The Options Strategy

The remaining 15% to 30% of assets are held in cash or cash equivalents, such as short-term government bonds.

The fund managers then use this cash position to implement an options overlay strategy designed to generate additional income through two mechanisms:

Covered Calls

QQIA sells call options on the NASDAQ-100 Index. Other investors pay the fund an upfront premium for the right to purchase the index at a predetermined price.

Cash-Secured Puts

The managers also sell put options backed by the cash reserve, collecting additional premiums from investors seeking downside protection.

Every month, the fund bundles together the option premiums it has collected and distributes them to investors as cash dividends. Structurally, the fund targets a high distribution yield, often in the 8% to 10% annual range.
Source: Invesco and justETF.

Background Information

QQIA invests primarily in US companies within the NASDAQ-100 Index.

For investors seeking regular income, one attractive feature is the monthly distribution schedule. The most recent distribution was paid on 17 September 2026, with a distribution amount of just over $0.18 per share.

Top Five Holdings

At the time of writing, the fund’s largest holdings were:

Nvidia - 6.49%

Apple - 5.63%

Microsoft - 4.45%

Micron Technology - 4.00%

AMD - 3.24%

One thing that really stands out to me is that three of the top five holdings are directly linked to AI chips.

Nvidia, AMD and Micron all play major roles in the AI ecosystem, meaning investors aren’t just getting income generation. They’re also getting exposure to one of the biggest investment themes in the market right now.

With AI spending continuing to accelerate, that creates an interesting opportunity for long-term investors.

The forward dividend yield currently sits between approximately 8.8% and 10.5%.

The Benefits of QQIA

High Income From Growth Stocks

One of the biggest attractions of QQIA is its ability to generate significant income from companies that are primarily known for growth rather than dividends.

The NASDAQ-100 has historically delivered strong capital appreciation, but typically yields around 1% or less through traditional dividends.

QQIA aims to bridge that gap by converting some of that growth potential into consistent cash flow.

Reduced Volatility

Another advantage comes from the options premiums received by the fund.

Because investors pay these premiums upfront, they can provide a cushion if the market declines.

While this doesn’t eliminate losses, it can help reduce volatility compared with holding the NASDAQ-100 directly.

Exposure to the AI and Technology Boom

As mentioned earlier, the portfolio is heavily exposed to major technology companies and AI-related businesses.

For investors who believe AI will remain a key growth driver over the coming years, QQIA provides a way to gain exposure while also generating income.

The Drawbacks

Capped Upside Potential

The biggest downside is that investors won’t fully participate in a strong bull market.

Because QQIA sells options to generate income, some of the upside is effectively given away in exchange for those option premiums.

If the NASDAQ-100 experiences a huge rally, a traditional tracker fund is likely to outperform.

Limited Protection During Major Market Crashes

Although the option premiums can soften smaller declines, they won’t provide significant protection during a severe and prolonged market downturn.

Investors should still expect the fund to be exposed to equity market risk.

Higher Costs

QQIA has a Total Expense Ratio (TER) of 0.29%.

For comparison, a passive fund such as VUSA, which tracks the S&P 500, has a TER of approximately 0.07%.

For anyone unfamiliar with the term, a TER is simply the annual fee charged for managing and operating the fund.

To put this into perspective:

• £1,000 invested in QQIA would cost around £2.90 per year.

• £1,000 invested in VUSA would cost around £0.70 per year.

While QQIA is more expensive, I don’t think the fee is excessive when you consider the additional management involved and the income the fund is targeting.

My Thoughts on QQIA

Regular readers will know that I’m already invested in JEQP, the UK equivalent of JEPQ, and it has performed well for me so far.

That naturally made me curious about QQIA as a potential alternative.

What I really like about QQIA is its dual strategy. It feels like you’re getting a bit of the best of both worlds.

You’re still getting exposure to the growth potential of the NASDAQ-100, but you’re also receiving an attractive level of income at the same time.

That combination is quite appealing, especially for investors looking to build a portfolio that can generate cash flow without completely sacrificing growth.

That said, there is one important risk.

QQIA is still a very new fund. It only launched earlier this year, which means there isn’t a huge amount of performance history to analyse. Because of that, there is naturally more uncertainty compared with more established ETFs.

Despite that, I do think I’ll be allocating some capital to QQIA.

If the strategy performs as intended, I get exposure to any continued strength in the NASDAQ-100 while also potentially receiving an 8% to 10% yield. That’s a combination I find difficult to ignore.

My plan is to continue investing in both JEQP and QQIA, then compare their performance over time. That should help me determine which fund deserves a larger allocation in the future.

A large portion of my portfolio is currently focused on growth stocks, so adding another income-generating ETF helps create a little more balance.

It also means that if markets go through a period of slower growth, I’ll still have investments producing cash flow in the background.

For that reason, I’m genuinely excited to add QQIA to my portfolio and I’ll also be keeping an eye out for other income-focused ETFs in the future.

What Do You Think?

I’d love to hear your thoughts on QQIA.

Do you think it’s a fund with long-term potential?

Do you prefer JEPQ or JEQP?

Do you think funds like QQIA will become increasingly popular as more investors look to generate income from technology stocks?

Leave a comment below and let me know your thoughts.

And if you enjoyed this article, please subscribe to Building Wealth Over Time so you don’t miss future ETF reviews and portfolio updates.

Thanks for reading, and I’ll see you in the next one.

Jason
Building Wealth Over Time

P.S I track everything using Snowball, which enables me to monitor my portfolio performance and stay accountable to my goals.

👉 Track your own investing journey: [Snowball Analytics Link]

Affiliate disclosure: I may earn a commission if you sign up using the link above.

This Substack is reader-supported. To receive new posts and support my work, consider becoming a free or paid subscriber.

^{Screen shot taken Monday 5th October 2026}

Welcome back to Building Wealth Over Time.

Here’s my weekly portfolio update covering the period from 28 September to 2 October.

Overall, it was another positive week for the portfolio despite plenty of volatility in the market. The portfolio grew by 1%, which equated to £558.75, taking the overall value from £56,132.92 to £56,691.67.

There was no additional money invested this week, no major trades were made, and dividends weren’t included in the figures. All of the growth came purely from market performance.

Portfolio Snapshot

As mentioned, a lot of this week’s gains were driven by continued optimism around AI and spending on technology infrastructure.

Top Performers

The standout performer this week was SMGB (VanEck Semiconductor UCITS ETF), which rose by £326, representing a 3.78% gain.

That was followed by XLKQ (Invesco Technology S&P US Select Sector UCITS ETF), which gained £248.40, representing a 1.64% increase.

Between them, these two ETFs accounted for the majority of this week’s growth.

I also want to give another shout-out to my clean energy ETF, the First Trust Nasdaq Clean Edge Smart Grid Infrastructure ETF (FGRD).

The ETF delivered another strong week, rising by £49.12, which represented a 3.27% increase.

What’s particularly interesting for me is that the wider AI story is starting to go beyond just semiconductors and software companies. Investors are beginning to look at where all of this additional energy demand is going to come from.

As AI expands and data centres continue to consume more electricity, themes such as energy security, grid modernisation, energy distribution and alternative power sources are becoming increasingly important.

Why Did the Portfolio Perform Well?

Semiconductors Continue to Lead

SMGB benefited from renewed strength across the semiconductor sector, as investors remain focused on the long-term demand being created by AI and data centre expansion.

Semiconductors remain one of the key building blocks of the AI revolution, and that continued to support the sector this week.

Technology Stocks Remained Resilient

Technology stocks also remained resilient, which helped drive gains in XLKQ.

Despite ongoing concerns around valuations and the broader economy, investors continue to back large technology companies due to their earnings strength and leadership positions within AI.

AI and Energy Are Becoming Increasingly Connected

The strong performance of FGRD reinforces a trend I’ve mentioned in previous updates.

As data centres consume more electricity, more investment will be needed in power grids, energy distribution networks and wider electrical infrastructure.

Some of the major holdings within the ETF include:

• Schneider Electric

• Eaton

• ABB

• Quanta Services

• Johnson Controls

These businesses are helping build the infrastructure needed to support future energy demand.

For me, AI is no longer just a technology story. It’s increasingly becoming an energy and infrastructure story as well.

Stocks That Lagged Behind

Not everything moved higher this week.

Meta declined by 3.05%, while Netflix fell by 5.67%.

Even so, the strength of the ETF positions more than compensated for these individual stock declines.

It also reinforced one of the key benefits of ETF investing.

When you invest in individual stocks, there’s often greater upside potential, but there’s also greater risk. With ETFs, you’re investing in a basket of companies. If one stock has a poor week, other holdings can help offset those losses.

That’s one of the reasons why ETFs continue to form the core of my portfolio.

What I Learned This Week

The biggest lesson this week wasn’t really about ETF selection or portfolio strategy.

It was more about the psychology of investing.

Over the last couple of months, there have been periods where some of my stocks and funds have fallen back, and I’ll be honest, there were times where I started questioning whether I needed to pause investing, or at least significantly reduce.

I found myself thinking:

“Should I change strategy?”

“Should I stop investing for a while?”

“Is Investing really going to build me wealth?”

Part of that comes down to life. We’ve all got bills to pay, and at the moment I’ve got a lot of expenses competing for my money. When markets are falling at the same time, it’s easy to start doubting yourself.

But I decided to keep going.

Looking back now, I’m glad I did.

As my portfolio starts moving in the right direction again and the numbers are becoming healthier, it’s reminded me that investing is often about consistency more than anything else.

A few months ago it was uncomfortable opening my portfolio and seeing positions sitting in the red. Now I’m starting to see things recover again, and it genuinely makes me feel more positive and excited about investing.

The lesson for me is simple:

Trust the process.

Stay consistent.

Keep investing if you can.

And remember that sometimes you’ve just got to weather the storm and push through the uncomfortable periods to get to the good ones.

ETF Spotlight: QQIA

The ETF I’ll be analysing this week is the Invesco Nasdaq 100 Income Advantage UCITS ETF (QQIA).

Over the past few weeks I’ve listened to several podcasts and watched a number of YouTube videos discussing this ETF.

I’ve been looking for alternative to the popular income ETF JEQP known as JEPQ in the US, which has become known for delivering attractive monthly income while maintaining exposure to large technology companies.

QQIA is still relatively new, so my research remains at an early stage. However, my first impressions have been positive.

What I Like

• Forward yield of approximately 8.87%

• Monthly income distributions

• Exposure to leading Nasdaq 100 technology companies

• Potential for capital growth alongside income

Potential Risks

• Yields are not guaranteed and can fluctuate

• Covered calls may limit upside during strong bull markets

• The ETF has only recently launched and has a limited track record

• Assets under management remain relatively small at around €9 million

Overall, QQIA looks like an interesting option for income-focused investors who want exposure to the Nasdaq 100 while also generating regular income.

I’m still researching it, but so far I like what I’m seeing and will be exploring it in more depth in a future post.

Final Thoughts

Another positive week and another step forward.

The portfolio added £558.75, but more importantly it reinforced a lesson that’s easy to forget during market downturns: consistency matters.

Some weeks will be great. Some weeks will be disappointing. Most wealth isn’t built from timing the market perfectly. It’s built from sticking to a plan and being consistently over a long period of time.

For now, I’ll continue focusing on my long-term strategy and letting time do the heavy lifting.

Thanks for reading.

Jason
Building Wealth Over Time

P.S I track everything using Snowball, which enables me to monitor my portfolio performance and stay accountable to my goals.

👉 Track your own investing journey: [Snowball Analytics Link]

Affiliate disclosure: I may earn a commission if you sign up using the link above.

Welcome to Building Wealth Over Time.

Through this Substack and my YouTube channel, I’ll be documenting my journey towards what I hope will ultimately be financial freedom.

My goal is simple: build a portfolio worth over £1 million and, one day, generate enough income from it to live off my investments. Along the way, I’ll be sharing the wins, the mistakes, the lessons learned, and everything in between.

How It Started

To give you a bit of background, my interest in investing actually started long before I bought my first stock.

Back in the early days, I was obsessed with property. I spent countless hours researching buy-to-let investing and was convinced that becoming a property investor was the route to building wealth. The challenge, however, was the capital required to get started.

At the time, I had purchased my first home and was looking at how I could eventually move into purchasing more as Buy-to-let investments, but the numbers required always made it a big commitment.

During the period, I had a friend who would regularly speak about investing in stocks. It wasn’t a completely new concept to me. As a child, I used to look at stock prices on Teletext with my Mum and, somehow, I’d pick stocks that often ended up doing well. Whether it was skill or sheer luck, I still don’t know.

But in 2018, I finally decided to take the plunge.

My First Investments

In February 2018, I invested in six companies that I believed had strong competitive advantages and bright futures ahead of them.

My portfolio looked like this:

• Microsoft: 3 shares for just over £200

• PepsiCo: 1 share for around £92

• Netflix: 1 share for around £200

• Amazon: 1 share for just over £1,000

• Meta (then Facebook): 5 shares for around £653

• Alphabet (Google): 1 share for just under £780

The plan was to keep investing consistently into these businesses. I genuinely believed in them, and at the time I had more disposable income than I do now. Instead of letting cash sit in a bank account, I wanted my money working for me.

Unfortunately, life had other plans.

That investment in February 2018 turned out to be the first and only investment I made for several years.

The Cost of Doing Nothing

While those investments performed well, I sometimes look back with a sense of frustration. Not because I picked the wrong companies, but because I stopped.

Had I continued investing consistently into those businesses, I’d be in a much stronger financial position today.

Looking at those original investments now:

• Google was purchased for just under £780 and is worth over £5,000 today, a gain of approximately 565%.

• Amazon was bought for just over £1,000 and is now worth more than £3,700, a gain of around 261%.

• Meta grew from roughly £653 to over £2,700, an increase of 318%.

• Microsoft increased from around £200 to roughly £1,159, a gain of 457%.

• Netflix rose from around £200 to £524, an increase of 160%.

• PepsiCo has been the laggard. The share was purchased for £92 and is now worth around £95, a gain of only 3.25%, although it has paid dividends consistently along the way.

The biggest lesson wasn’t about stock picking.

The lesson was that consistency matters far more than finding the perfect investment.

Getting Back Into Investing

A few years ago, I decided it was time to start investing seriously again.

I began reading more about investing and listening to people such as Warren Buffett and Charlie Munger. During Covid there was also a huge explosion of investment content on YouTube, which encouraged me to become more financially educated and take investing more seriously.

This time, rather than picking individual stocks, I decided to keep things simple and invest regularly into the S&P 500 through VUSA.

For the last few years, I’ve been consistently dollar-cost averaging into that position.

Over time I started diversifying into other ETFs as well, including XLKQ, which has performed well for me.

More recently, I’ve become interested in themes such as energy security and clean energy, which led me to invest in the First Trust Nasdaq Clean Edge Smart Grid Infrastructure ETF (GRID/FGRD).

Why I’ve Gone Big on AI

More recently, I’ve made what some might consider a much higher-conviction investment.

I’ve gone heavily into an AI-focused ETF, ticker symbol SMGB.

Performance has been mixed. At one point it was doing exceptionally well, then it stalled for a period, but it has recently started moving higher again.

The reason I’ve concentrated my investments here is simple.

I feel like I’ve seen this story before.

Back in 2018, I bought positions in companies like Microsoft, Amazon, Meta and Google because I believed they were shaping the future. I was right about the companies, but I wasn’t consistent enough with my investing.

This time, I don’t want to make that same mistake.

I understand the arguments that AI could be in a bubble. There is certainly plenty of hype.

But I also believe we’re still in the early stages of what AI will ultimately become. Every month, it seems to be finding its way into more products, more industries and more aspects of daily life.

Will there be volatility? Absolutely.

Will there be setbacks? Almost certainly.

But over the long term, I believe the trend is upwards, and I want to be positioned to benefit from it.

What’s Next?

The purpose of Building Wealth Over Time is to document the journey in real time.

I’ll be sharing:

• Portfolio updates

• Stock and ETF research

• Investment ideas I’m exploring

• Lessons learned along the way

• The highs and the lows

Most importantly, I want to be completely transparent.

This isn’t about pretending to be an investing guru. It’s about documenting a real journey towards financial freedom and hopefully inspiring others to take control of their own financial future.

So if that sounds interesting, please subscribe, follow along, and join me on the journey.

Let’s see where this goes.

Welcome to Building Wealth Over Time.

P.S I track everything using Snowball, which enables me to monitor my portfolio performance and stay accountable to my goals.

👉 Track your own investing journey: [Snowball Analytics Link]

Affiliate disclosure: I may earn a commission if you sign up using the link above.