Quantum Computing ETFs: D-Wave-Free Options for Investors

The quantum computing industry is expected to grow from $4 billion in 2024 to $72 billion in 2035, according to McKinsey analysts. D-Wave Quantum Inc. has seen its share price plateau, but rallied by 52% in a five-day span in September 2025. Two of the three ETFs explored do not hold D-Wave shares due to concerns about overvaluation, lack of profitability, and technical limiting factors. The Invesco Dorsey Wright Technology Momentum ETF and Spear Alpha ETF are focused on companies with momentum and offer active management, respectively.

The quantum computing industry is poised for significant growth, with McKinsey analysts predicting it could reach up to $72 billion by 2035, up from $4 billion in 2024 3 Quantum Computing ETFs to Know—And Why 2 Don’t Hold D-Wave^[1]. As the industry matures, investors have several options to capitalize on this burgeoning field, including exchange-traded funds (ETFs) that provide exposure to quantum computing companies. However, not all ETFs include D-Wave Quantum Inc. (NYSE: QBTS), a leading player in the space, due to various reasons.

Invesco Dorsey Wright Technology Momentum ETF (NASDAQ: PTF)

The Invesco Dorsey Wright Technology Momentum ETF focuses on companies with strong relative performance compared to their peers. As of mid-September 2025, PTF's 40 holdings do not include D-Wave Quantum. This could be due to the company's recent share price plateau, which may disqualify it from the fund's momentum-based criteria. PTF has seen mixed performance, returning about 4% year-to-date (YTD) and 25% over the last 12 months 3 Quantum Computing ETFs to Know—And Why 2 Don’t Hold D-Wave^[1].

Spear Alpha ETF (NASDAQ: SPRX)

The Spear Alpha ETF offers active management and includes companies from industries that stand to benefit from quantum tech developments, such as AI and enterprise digitalization. Despite not being specifically focused on quantum computing, SPRX includes D-Wave rivals like IONQ (NYSE: IONQ) and Rigetti Computing (NASDAQ: RGTI). However, D-Wave is absent from the fund's portfolio. This could be due to concerns about D-Wave's annealing technology or other technical limiting factors. SPRX has performed exceptionally well, with YTD returns topping 45% and a 12-month return of about 82% 3 Quantum Computing ETFs to Know—And Why 2 Don’t Hold D-Wave^[1].

Defiance Quantum ETF (NASDAQ: QTUM)

The Defiance Quantum ETF is one of the few funds that include D-Wave Quantum. With an annual fee of 0.40% and a broader portfolio of 78 holdings, QTUM offers investors diversified exposure to the quantum computing space. The fund includes global names like Arqit Quantum (NASDAQ: ARQQ) from the U.K. and other machine learning and tech niches. QTUM has returned more than 29% YTD and almost 76% in the last year 3 Quantum Computing ETFs to Know—And Why 2 Don’t Hold D-Wave^[1].

Conclusion

Investors seeking exposure to the quantum computing industry have several ETF options, each with its own focus and risk profile. While two of the three ETFs explored do not hold D-Wave Quantum shares, investors should consider the reasons behind these exclusions and weigh the potential benefits and risks of each fund. As the industry continues to grow and evolve, it is essential for investors to stay informed about the latest developments and adjust their portfolios accordingly.

References

3 Quantum Computing ETFs to Know—And Why 2 Don’t Hold D-Wave^[1] https://www.investing.com/analysis/3-quantum-computing-etfs-to-knowand-why-2-dont-hold-dwave-200667399