Quantum computing developers and the chip companies beside them, and the distance from milestone to revenue.
The quantum frontier is one of 22 market stories StoryVector measures. 25 US ETFs carry it, with $7 billion between them; the largest holder, QTUM, holds 92.7% of its capital. This week it ranks 8th of 22 for attention, in the WARM band.
Its level among all 22 on the fixed 25 to 60 scale. The band is where the level sits this week, not a direction.
Its ETFs ranked among the narratives, lowest to highest. The white notch is this one; the thin tick is where broad US ETFs would sit. Measured and past, not a forecast.
What the story is about, where its attention comes from, what sets it off, and what it shares ETFs with. This week it was measured on 5 of the six channels, and the channel chart is drawn only when all six report.
Quantum computing is still early. Are the milestones a path to a product, or a run of headlines?
Better error correction, bigger machines and deals with governments and chipmakers mark real progress toward commercial computers, and revenue is starting.
The milestones are research results. Useful machines are years away, and the listed companies trade on announcements.
What would separate them. Who pays, and for what. Customers paying for computing time and working systems fit the first reading. Grants, research contracts and demos fit the second.
One ETF, QTUM, holds most of the capital here, pairing quantum developers with chip and computing companies. We measure the attention and the capital, not the timeline.
25 ETFs carry this narrative; 22 have it as their main one. Here is how its capital divides among them.
The asset-weighted return of the unlevered ETFs that carry this narrative, against broad US ETFs. Measured and past, not a forecast.
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| The quantum frontierits ETFs, unlevered | +7.8% | +0.2% | +42.2% | – | – | – |
| rank among the narratives | 4th of 22 | 13th of 22 | 2nd of 22 | – | – | – |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualized. Rank is among the narratives with a full record for the period. A dash means the narrative’s ETFs do not cover the whole period.
Total return on the market price, each distribution reinvested on its ex-date. The narrative is the asset-weighted return of the unlevered ETFs that carry it; the market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
3 categories, each claimed by a written rule. The bar is each one’s share of the capital. The table names what decides each.
| Category | ETFs | Capital | Share of the ETFs | Share of the capital |
|---|---|---|---|---|
| Quantum ETFsThe wider chip and computing market, and progress in quantum hardware for the smaller holdings | 4 | $6.0 bn | 18% | 91.8% |
| Levered and inverse wrappersThe day-to-day path of single quantum companies and two quantum baskets, which a daily reset compounds | 17 | $0.5 bn | 77% | 7.8% |
| Pure-play quantumMilestones and contracts at quantum developers with little revenue, and what it costs them to raise money | 1 | under $0.1 bn | 5% | 0.3% |
The widest gap: levered and inverse wrappers, 77% of the ETFs and 7.8% of the capital.
What issuers have listed with this as the main narrative, by wrapper.
What issuers have listed, not what anyone expects. A wrapper can be listed before anyone wants it, so a count of ETFs and a share of capital answer different questions.
25 US ETFs carry it. The largest holders of its capital are QTUM (92.7%), WQTM (5.8%) and CHPX (0.5%).
QTUM, with 92.7% of the capital in ETFs carrying the story; the top five hold 99.9%.
Its attention level is 53.4 on a scale of 25 to 60, 8th of 22 this week, in the WARM band. The level averages six channels: search, video, news, forums, investor boards and reference pages.
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