First Trust NASDAQ ABA Community Bank Index Fund (QABA) Holdings
QABA holdings summary
as of Oct 25, 2026- Holdings
- 158 positions listed
- Top 10 weight
- 26.2% of net assets
- Effective holdings
- 73 equal-weight equivalent
- Largest holding
- WTFC 4.15% Wintrust Financial Corporation
- Annual turnover
- 23.6% of the portfolio traded
Top 1026.2%
Top 2548.4%
Top 5069.6%
Top 10090.1%
All QABA holdings
158 holdings
| # | Name | ||||||
|---|---|---|---|---|---|---|---|
| 1 | WTFC | Wintrust Financial Corporation | Financial Services | 4.15% | $3.6M | $9.72B | 11.6 |
| 2 | CBC | Central Bancompany, Inc. | Financial Services | 3.44% | $3.0M | $8.00B | 18.1 |
| 3 | CBSH | Commerce Bancshares, Inc. | Financial Services | 3.24% | $2.8M | $7.99B | 13.6 |
| 4 | UBSI | United Bankshares, Inc. | Financial Services | 2.78% | $2.4M | $6.36B | 12.7 |
| 5 | HWC | Hancock Whitney Corporation | Financial Services | 2.53% | $2.2M | $5.86B | 14.3 |
| 6 | OZK | Bank OZK | Financial Services | 2.31% | $2.0M | $5.03B | 7.6 |
| 7 | EBC | Eastern Bankshares, Inc. | Financial Services | 2.20% | $1.9M | $4.87B | 11.9 |
| 8 | TFSL | TFS Financial Corporation | Financial Services | 1.97% | $1.7M | $4.58B | 45.4 |
| 9 | CATY | Cathay General Bancorp | Financial Services | 1.78% | $1.5M | $4.00B | 11.7 |
| 10 | FULT | Fulton Financial Corporation | Financial Services | 1.78% | $1.5M | $4.28B | 10.8 |
| 11 | FFIN | First Financial Bankshares, Inc. | Financial Services | 1.74% | $1.5M | $4.37B | 16.3 |
| 12 | CVBF | CVB Financial Corp. | Financial Services | 1.73% | $1.5M | $3.85B | 15.3 |
| 13 | WSFS | WSFS Financial Corporation | Financial Services | 1.73% | $1.5M | $3.92B | 12.8 |
| 14 | BANF | BancFirst Corporation | Financial Services | 1.65% | $1.4M | $3.66B | 14.7 |
| 15 | WSBC | WesBanco, Inc. | Financial Services | 1.63% | $1.4M | $3.57B | 10.7 |
| 16 | INDB | Independent Bank Corp. | Financial Services | 1.57% | $1.4M | $3.78B | 11.8 |
| 17 | FIBK | First Interstate BancSystem, Inc. | Financial Services | 1.49% | $1.3M | $3.32B | 10.8 |
| 18 | HMST | HomeStreet Inc | Financial Services | 1.45% | $1.3M | — | — |
| 19 | SFNC | Simmons First National Corporation | Financial Services | 1.42% | $1.2M | $3.19B | — |
| 20 | TOWN | TowneBank | Financial Services | 1.39% | $1.2M | $3.24B | 17.8 |
| 21 | SBCF | Seacoast Banking Corporation of Florida | Financial Services | 1.37% | $1.2M | $3.15B | 21.0 |
| 22 | FFBC | First Financial Bancorp. | Financial Services | 1.36% | $1.2M | $3.31B | 11.1 |
| 23 | CLBK | Columbia Financial, Inc. | Financial Services | 1.29% | $1.1M | $2.88B | 18.4 |
| 24 | FHB | First Hawaiian, Inc. | Financial Services | 1.28% | $1.1M | $3.04B | 10.8 |
| 25 | FBNC | First Bancorp | Financial Services | 1.13% | $983,124.40 | $2.50B | 18.7 |
| 26 | NBTB | NBT Bancorp Inc. | Financial Services | 1.13% | $977,913.03 | $2.64B | 12.4 |
| 27 | FRME | First Merchants Corporation | Financial Services | 1.10% | $952,464.19 | $2.49B | 12.7 |
| 28 | TRMK | Trustmark Corporation | Financial Services | 1.08% | $937,611.79 | $2.61B | 11.4 |
| 29 | BUSE | First Busey Corporation | Financial Services | 1.04% | $904,432.76 | $2.43B | 12.2 |
| 30 | BANR | Banner Corporation | Financial Services | 1.04% | $899,221.39 | $2.48B | 11.2 |
| 31 | SYBT | Stock Yards Bancorp, Inc. | Financial Services | 1.01% | $879,591.91 | $2.38B | 15.3 |
| 32 | MBIN | Merchants Bancorp | Financial Services | 0.94% | $818,618.91 | $2.24B | 9.8 |
| 33 | NWBI | Northwest Bancshares, Inc. | Financial Services | 0.93% | $804,548.22 | $2.19B | 14.4 |
| 34 | WAFD | Washington Federal, Inc. | Financial Services | 0.93% | $803,940.23 | $2.16B | 9.2 |
| 35 | TBBK | The Bancorp, Inc. | Financial Services | 0.89% | $770,413.77 | $2.02B | 9.3 |
| 36 | EFSC | Enterprise Financial Services Corp | Financial Services | 0.88% | $768,416.08 | $2.17B | 11.9 |
| 37 | SRCE | 1st Source Corporation | Financial Services | 0.85% | $740,361.55 | $2.07B | 12.3 |
| 38 | CHCO | City Holding Company | Financial Services | 0.83% | $719,255.51 | $1.99B | 15.5 |
| 39 | GABC | German American Bancorp, Inc. | Financial Services | 0.82% | $713,523.01 | $1.88B | 13.1 |
| 40 | HOPE | Hope Bancorp, Inc. | Financial Services | 0.76% | $659,672.22 | $1.72B | 13.0 |
| 41 | TCBK | TriCo Bancshares | Financial Services | 0.74% | $645,775.24 | $1.66B | 12.5 |
| 42 | STBA | S&T Bancorp, Inc. | Financial Services | 0.74% | $645,514.67 | $1.72B | 13.0 |
| 43 | FSUN | FirstSun Capital Bancorp | Financial Services | 0.74% | $645,254.10 | $1.67B | 22.7 |
| 44 | QCRH | QCR Holdings, Inc. | Financial Services | 0.72% | $626,232.61 | $1.62B | 11.7 |
| 45 | CASH | Pathward Financial, Inc. | Financial Services | 0.67% | $578,548.60 | $1.52B | 9.1 |
| 46 | RBCAA | Republic Bancorp, Inc. | Financial Services | 0.66% | $575,334.93 | $1.81B | 14.1 |
| 47 | BFC | Bank First Corporation | Financial Services | 0.66% | $574,726.93 | $1.64B | 19.2 |
| 48 | CNOB | ConnectOne Bancorp, Inc. | Financial Services | 0.66% | $572,208.11 | $1.53B | 9.9 |
| 49 | ESQ | Esquire Financial Holdings, Inc. | Financial Services | 0.65% | $566,388.75 | $1.44B | 19.6 |
| 50 | AMAL | Amalgamated Financial Corp. | Financial Services | 0.65% | $563,609.35 | $1.41B | 12.7 |
| 51 | OCFC | OceanFirst Financial Corp. | Financial Services | 0.64% | $559,092.83 | $1.53B | 19.8 |
| 52 | LKFN | Lakeland Financial Corporation | Financial Services | 0.64% | $554,315.75 | $1.44B | 13.3 |
| 53 | BHRB | Burke & Herbert Bank & Trust Company | Financial Services | 0.61% | $529,822.32 | $1.41B | 11.4 |
| 54 | WABC | Westamerica Bancorporation | Financial Services | 0.61% | $525,826.94 | $1.42B | 13.6 |
| 55 | HBT | HBT Financial, Inc. | Financial Services | 0.58% | $499,856.96 | $1.29B | 15.1 |
| 56 | FMBH | First Mid Bancshares, Inc. | Financial Services | 0.57% | $496,122.15 | $1.32B | 12.3 |
| 57 | PEBO | Peoples Bancorp Inc. | Financial Services | 0.56% | $484,309.71 | $1.32B | 11.1 |
| 58 | OSBC | Old Second Bancorp, Inc. | Financial Services | 0.55% | $475,102.97 | $1.27B | 14.1 |
| 59 | PFBC | Preferred Bank | Financial Services | 0.54% | $465,288.22 | $1.24B | 9.7 |
| 60 | CTBI | Community Trust Bancorp, Inc. | Financial Services | 0.53% | $464,072.24 | $1.36B | 12.6 |
| 61 | HFWA | Heritage Financial Corporation | Financial Services | 0.48% | $417,951.64 | $1.13B | 13.1 |
| 62 | UVSP | Univest Financial Corporation | Financial Services | 0.48% | $417,691.07 | $1.14B | 11.9 |
| 63 | FSBC | Five Star Bancorp | Financial Services | 0.47% | $410,047.73 | $1.05B | 12.7 |
| 64 | MBWM | Mercantile Bank Corporation | Financial Services | 0.46% | $397,540.45 | $1.01B | 10.3 |
| 65 | BFST | Business First Bancshares, Inc. | Financial Services | 0.45% | $393,284.50 | $1.02B | 11.1 |
| 66 | HBNC | Horizon Bancorp, Inc. | Financial Services | 0.45% | $388,246.85 | $999.2M | — |
| 67 | NBN | Northeast Bank | Financial Services | 0.44% | $382,774.91 | $1.07B | 9.8 |
| 68 | CFFN | Capitol Federal Financial, Inc. | Financial Services | 0.44% | $379,040.10 | $1.01B | 12.6 |
| 69 | CCNE | CNB Financial Corporation | Financial Services | 0.43% | $372,786.46 | $1.01B | 10.5 |
| 70 | EGBN | Eagle Bancorp, Inc. | Financial Services | 0.43% | $370,875.62 | $864.2M | — |
| 71 | NBBK | NB Bancorp, Inc. | Financial Services | 0.42% | $361,495.16 | $957.9M | 13.1 |
| 72 | TRST | TrustCo Bank Corp NY | Financial Services | 0.41% | $353,156.98 | $924.8M | 15.1 |
| 73 | MCBS | MetroCity Bankshares, Inc. | Financial Services | 0.41% | $352,027.85 | $1.01B | 12.2 |
| 74 | CAC | Camden National Corporation | Financial Services | 0.40% | $347,077.05 | $948.3M | 10.8 |
| 75 | FMNB | Farmers National Banc Corp. | Financial Services | 0.39% | $342,473.67 | $906.5M | 10.3 |
| 76 | HAFC | Hanmi Financial Corporation | Financial Services | 0.39% | $340,302.27 | $922.7M | 10.5 |
| 77 | THFF | First Financial Corporation | Financial Services | 0.39% | $336,654.31 | $881.8M | 10.4 |
| 78 | ORRF | Orrstown Financial Services, Inc. | Financial Services | 0.37% | $325,276.16 | $819.4M | 9.4 |
| 79 | FCBC | First Community Bankshares, Inc. | Financial Services | 0.37% | $323,712.75 | $922.8M | 15.4 |
| 80 | CCBG | Capital City Bank Group, Inc. | Financial Services | 0.36% | $313,029.45 | $839.9M | 13.6 |
| 81 | GSBC | Great Southern Bancorp, Inc. | Financial Services | 0.36% | $310,944.90 | $850.6M | 13.0 |
| 82 | IBCP | Independent Bank Corporation | Financial Services | 0.36% | $309,989.49 | $733.5M | 10.3 |
| 83 | MPB | Mid Penn Bancorp, Inc. | Financial Services | 0.35% | $301,477.59 | $913.1M | 12.6 |
| 84 | FISI | Financial Institutions, Inc. | Financial Services | 0.33% | $288,275.46 | $774.7M | 9.8 |
| 85 | PGC | Peapack-Gladstone Financial Corporation | Financial Services | 0.33% | $288,014.89 | $769.0M | 15.1 |
| 86 | SPFI | South Plains Financial, Inc. | Financial Services | 0.33% | $287,841.18 | $820.1M | 11.9 |
| 87 | SMBC | Southern Missouri Bancorp, Inc. | Financial Services | 0.32% | $281,587.53 | $772.9M | 10.9 |
| 88 | SHBI | Shore Bancshares, Inc. | Financial Services | 0.32% | $275,333.89 | $752.5M | 11.4 |
| 89 | WASH | Washington Trust Bancorp, Inc. | Financial Services | 0.31% | $271,338.51 | $706.9M | 12.9 |
| 90 | CWBC | Community West Bancshares | Financial Services | 0.30% | $264,650.59 | $698.6M | 14.6 |
| 91 | PFIS | Peoples Financial Services Corp. | Financial Services | 0.30% | $263,434.61 | $683.7M | 12.1 |
| 92 | VB | VersaBank | Financial | 0.30% | $263,347.75 | — | — |
| 93 | AROW | Arrow Financial Corporation | Financial Services | 0.30% | $262,392.33 | $682.6M | 11.9 |
| 94 | CASS | Cass Information Systems, Inc. | Industrials | 0.30% | $261,002.63 | $698.6M | 19.7 |
| 95 | CCB | Coastal Financial Corporation | Financial Services | 0.30% | $260,915.78 | $642.3M | — |
| 96 | BCAL | Southern California Bancorp | Financial Services | 0.30% | $259,352.37 | $699.6M | 11.8 |
| 97 | RRBI | Red River Bancshares, Inc. | Financial Services | 0.28% | $243,891.98 | $666.8M | 14.6 |
| 98 | MSBI | Midland States Bancorp, Inc. | Financial Services | 0.28% | $242,068.00 | $668.6M | 20.7 |
| 99 | CBNK | Capital Bancorp, Inc. | Financial Services | 0.28% | $241,981.14 | $645.2M | 11.6 |
| 100 | ACNB | ACNB Corporation | Financial Services | 0.28% | $241,025.73 | $644.2M | 12.0 |
| 101 | CARE | Carter Bankshares, Inc. | Financial Services | 0.27% | $235,206.37 | $699.8M | 5.2 |
| 102 | HIFS | Hingham Institution for Savings | Financial Services | 0.27% | $232,166.40 | $644.8M | 9.8 |
| 103 | KRNY | Kearny Financial Corp. | Financial Services | 0.26% | $228,171.02 | $566.7M | 15.7 |
| 104 | FBIZ | First Business Financial Services, Inc. | Financial Services | 0.26% | $222,438.52 | $590.1M | 10.8 |
| 105 | BWB | Bridgewater Bancshares, Inc. | Financial Services | 0.25% | $219,745.98 | $574.4M | 11.2 |
| 106 | SFST | Southern First Bancshares, Inc. | Financial Services | 0.25% | $218,964.27 | $566.5M | 12.9 |
| 107 | CIVB | Civista Bancshares, Inc. | Financial Services | 0.25% | $218,703.71 | $558.3M | 10.0 |
| 108 | UNTY | Unity Bancorp, Inc. | Financial Services | 0.25% | $218,356.28 | $567.8M | 9.3 |
| 109 | NRIM | Northrim BanCorp, Inc. | Financial Services | 0.23% | $202,027.33 | $523.9M | 9.5 |
| 110 | BSRR | Sierra Bancorp | Financial Services | 0.23% | $196,468.54 | $513.2M | 11.6 |
| 111 | WTBA | West Bancorporation, Inc. | Financial Services | 0.22% | $189,693.76 | $497.5M | 13.0 |
| 112 | BWFG | Bankwell Financial Group, Inc. | Financial Services | 0.21% | $186,219.52 | $522.5M | 12.2 |
| 113 | OBT | Orange County Bancorp, Inc. | Financial Services | 0.21% | $181,355.57 | $498.6M | 10.4 |
| 114 | COFS | ChoiceOne Financial Services, Inc. | Financial Services | 0.21% | $180,487.01 | $495.0M | 9.0 |
| 115 | HBCP | Home Bancorp, Inc. | Financial Services | 0.21% | $178,315.61 | $518.7M | 11.0 |
| 116 | 73V0 | PONCE FIN. GROUP DL -01 | Financial Services | 0.20% | $171,280.26 | — | — |
| 117 | FMAO | Farmers & Merchants Bancorp, Inc. | Financial Services | 0.20% | $170,932.84 | $486.5M | 12.2 |
| 118 | CZNC | Citizens & Northern Corporation | Financial Services | 0.19% | $166,676.89 | $457.3M | 17.3 |
| 119 | RBB | RBB Bancorp | Financial Services | 0.19% | $166,329.47 | $435.6M | 10.6 |
| 120 | PLBC | Plumas Bancorp | Financial Services | 0.19% | $163,897.49 | $432.2M | 12.1 |
| 121 | FRBA | First Bank | Financial Services | 0.19% | $163,723.78 | $440.6M | 10.4 |
| 122 | CBK | Commercial Bancgroup, Inc. | Financial Services | 0.19% | $163,550.07 | $433.1M | 10.8 |
| 123 | BMRC | Bank of Marin Bancorp | Financial Services | 0.18% | $156,949.01 | $427.7M | — |
| 124 | USCB | USCB Financial Holdings, Inc. | Financial Services | 0.18% | $154,951.31 | $412.9M | 14.3 |
| 125 | PCB | PCB Bancorp | Financial Services | 0.18% | $152,519.34 | $392.3M | 9.7 |
| 126 | NECB | Northeast Community Bancorp, Inc. | Financial Services | 0.17% | $150,347.94 | $380.4M | 8.9 |
| 127 | FNLC | The First Bancorp, Inc. | Financial Services | 0.17% | $150,000.52 | $387.8M | 10.2 |
| 128 | FRST | Primis Financial Corp. | Financial Services | 0.17% | $145,136.57 | $383.6M | 7.2 |
| 129 | ISTR | Investar Holding Corporation | Financial Services | 0.16% | $142,530.89 | $397.1M | 11.9 |
| 130 | CHMG | Chemung Financial Corporation | Financial Services | 0.16% | $142,270.32 | $388.2M | 11.6 |
| 131 | NWFL | Norwood Financial Corp. | Financial Services | 0.16% | $140,706.91 | $366.3M | 11.6 |
| 132 | TSBK | Timberland Bancorp, Inc. | Financial Services | 0.16% | $139,056.64 | $354.1M | 11.4 |
| 133 | PKBK | Parke Bancorp, Inc. | Financial Services | 0.16% | $137,406.38 | $380.4M | 8.4 |
| 134 | WSBF | Waterstone Financial, Inc. | Financial Services | 0.16% | $135,321.83 | $357.9M | 11.5 |
| 135 | MVBF | MVB Financial Corp. | Financial Services | 0.16% | $134,800.70 | $378.4M | 9.8 |
| 136 | AVBH | Avidbank Holdings, Inc. | Financial Services | 0.15% | $131,239.59 | $339.7M | — |
| 137 | FSBW | FS Bancorp, Inc. | Financial Services | 0.14% | $124,464.82 | $352.6M | 10.3 |
| 138 | BCML | BayCom Corp | Financial Services | 0.14% | $124,377.96 | $340.2M | 26.0 |
| 139 | FVCB | FVCBankcorp, Inc. | Financial Services | 0.14% | $123,335.69 | $315.6M | 12.2 |
| 140 | NEWT | NewtekOne, Inc. | Financial Services | 0.14% | $122,119.70 | $318.0M | 5.0 |
| 141 | JMSB | John Marshall Bancorp, Inc. | Financial Services | 0.13% | $116,213.49 | $323.2M | 13.2 |
| 142 | FCCO | First Community Corporation | Financial Services | 0.13% | $114,128.94 | $305.9M | 12.1 |
| 143 | ISBA | Isabella Bank Corporation | Financial Services | 0.13% | $110,046.70 | $280.1M | 13.5 |
| 144 | ATLO | Ames National Corporation | Financial Services | 0.12% | $105,964.46 | $284.9M | 12.5 |
| 145 | NKSH | National Bankshares, Inc. | Financial Services | 0.12% | $105,964.46 | $277.6M | 13.7 |
| 146 | MYFW | First Western Financial, Inc. | Financial Services | 0.12% | $102,229.65 | $287.6M | 15.8 |
| 147 | OVLY | Oak Valley Bancorp | Financial Services | 0.12% | $101,708.51 | $285.6M | 12.0 |
| 148 | WNEB | Western New England Bancorp, Inc. | Financial Services | 0.12% | $101,708.51 | $272.0M | 16.3 |
| 149 | FRAF | Franklin Financial Services Corporation | Financial Services | 0.12% | $100,839.95 | $282.3M | 11.5 |
| 150 | FXNC | First National Corporation | Financial Services | 0.11% | $97,278.85 | $267.3M | 12.3 |
| 151 | FBLA | FB Bancorp, Inc. | Financial Services | 0.11% | $93,891.46 | $238.7M | 96.7 |
| 152 | PEBK | Peoples Bancorp of North Carolina, Inc. | Financial Services | 0.11% | $91,372.64 | $235.8M | 12.2 |
| 153 | EFSI | Eagle Financial Services Inc | Financial Services | 0.10% | $90,504.07 | $248.4M | 13.2 |
| 154 | GBFH | GBank Financial Holdings Inc. | Financial Services | 0.10% | $89,722.37 | $254.3M | 13.7 |
| 155 | INBK | First Internet Bancorp | Financial Services | 0.10% | $84,945.28 | $224.1M | — |
| 156 | MRBK | Meridian Corporation | Financial Services | 0.10% | $83,468.73 | $220.8M | 10.1 |
| 157 | OVBC | Ohio Valley Banc Corp. | Financial Services | 0.09% | $79,820.77 | $216.7M | 15.3 |
| 158 | OPBK | OP Bancorp | Financial Services | 0.09% | $78,257.36 | $220.3M | 7.6 |
Weights as a percentage of net assets. Value held = weight × net assets ($86.9M). Market cap and P/E from each company's latest fundamentals (U.S.-listed stocks).
QABA sector breakdown
| Sector | Weight | Holdings | Largest |
|---|---|---|---|
| Financial Services | 99.3% | 156 | WTFC, CBC, CBSH |
| Financial | 0.3% | 1 | VB |
| Industrials | 0.3% | 1 | CASS |
Sum of the weights of the holdings in each sector.
QABA top industries
Banks - Regional
99.1%
Banks
0.3%
Specialty Business Services
0.3%
Banks - Regional
0.2%
QABA overlap with other ETFs
| ETF | Fund | Overlap | Shared holdings | Expense ratio |
|---|---|---|---|---|
| IWM | iShares Russell 2000 ETF | 6.3% | 149 of 1,962 | 0.19% |
| VTI | Vanguard Total Stock Market ETF | 0.3% | 157 of 2,941 | 0.03% |
| VXUS | Vanguard Total International Stock ETF | 0.1% | 3 of 8,035 | 0.05% |
| SPY | SPDR S&P 500 ETF | 0.0% | 0 of 502 | 0.09% |
| QQQ | Invesco QQQ ETF | 0.0% | 0 of 101 | 0.17% |
| DIA | SPDR Dow Jones Industrial Average ETF | 0.0% | 0 of 30 | 0.16% |
Overlap = sum over shared holdings of the smaller of the two weights. 100% means identical portfolios.
About the QABA portfolio
First Trust NASDAQ ABA Community Bank Index Fund holds 158 positions. The ten largest make up 26.2% of the fund and the top 50 69.6%, so it behaves like a portfolio of about 73 equally weighted stocks. The biggest positions are Wintrust Financial Corporation (4.15%), Central Bancompany, Inc. (3.44%), Commerce Bancshares, Inc. (3.24%), United Bankshares, Inc. (2.78%), Hancock Whitney Corporation (2.53%).
By sector, Financial Services is 99.3%, Financial is 0.3%, Industrials is 0.3%. Holdings data is from the fund's latest portfolio as reported by EODHD on October 25, 2026; positions change as the fund rebalances.
Related: QABA chart, QABA performance, QABA dividends, QABA valuation, QABA overview.
QABA holdings FAQ
How many holdings does QABA have?
QABA holds 158 positions as of October 25, 2026.
What are the top 10 holdings of QABA?
The ten largest holdings are Wintrust Financial Corporation (4.15%), Central Bancompany, Inc. (3.44%), Commerce Bancshares, Inc. (3.24%), United Bankshares, Inc. (2.78%), Hancock Whitney Corporation (2.53%), Bank OZK (2.31%), Eastern Bankshares, Inc. (2.20%), TFS Financial Corporation (1.97%), Cathay General Bancorp (1.78%), Fulton Financial Corporation (1.78%). Together they are 26.2% of the fund.
What percentage of QABA is Wintrust Financial Corporation?
Wintrust Financial Corporation is the largest holding at 4.15% of net assets, about $3.6M of the fund's $86.9M.
Which sector is the largest in QABA?
Financial Services is the largest sector at 99.3%, followed by Financial (0.3%) and Industrials (0.3%), based on the sectors of the individual holdings.
How concentrated is QABA?
The top 10 holdings are 26.2% of the fund. By the effective number of holdings (1 divided by the sum of squared weights) QABA behaves like a portfolio of about 73 equally weighted stocks.