A few public, rules-based “subset of the Nasdaq-100” studies are available that (1) use a subset of the Nasdaq-100 as a changing universe over time and (2) report ≥20% CAGR over windows of at least five years:

1) Nasdaq’s own “Nasdaq-100 Top 30™ (NDX30)” nasdaq.com - Unlocking mega cap growth with the nasdaq top
• What it is: An official Nasdaq index that always holds the top 30 names from the Nasdaq-100 (modified cap-weighting), reconstituted/rebalanced quarterly—constituents are dropped/added as the NDX membership changes.
• Period & stats reported: 15 years (Jun 30, 2010 → Jun 30, 2025): 21.3% annualized, Sharpe 0.93, max drawdown 36%.
• Where they say it tracks a changing NDX: “Constituents removed from NDX are dropped from NDX30 simultaneously … reconstituted and rebalanced every quarter.”

2) iMarketSignals — “Profiting From Trading The Stocks Of The Invesco QQQ Trust: (iM-Top5(QQQ)Select)” Profiting From Trading The Stocks Of The Invesco QQQ Trust: (iM-Top5(QQQ)Select) | iMarketSignals
• What it is: A disclosed stock-selection model that ranks the Nasdaq-100 (explicitly using a point-in-time universe that mirrors QQQ’s holdings over time) and buys the top 5 based on a published rule set (Greenblatt + quality + simple fundamental filters), with a minimum 4-week hold rule.
• Period & stats reported:
o 2000–2020: 22.5% CAGR (vs. QQQ 5.8%), max DD –53%; assumes 0.12% trading cost per trade.
o 2009–2020: 28.5% CAGR (vs. QQQ 21.2%).
• Where they say it uses changing NDX membership: “The universe … is the Nasdaq 100 Index … Portfolio123 point-in-time universe ‘Nasdaq 100’,” and they show the universe matches QQQ’s evolving constituents.
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3) Logical Invest — “NASDAQ 100 Strategy” logical-invest.com - Nasdaq strategy
• What it is: A rules-based strategy that selects four stocks from the Nasdaq-100 using a risk-adjusted momentum/mean-reversion ranking; the page notes the picks change as the NDX membership changes. (It can allocate part to Treasuries/Gold for drawdown control, but the core stock sleeve is a rotating subset of NDX.)
• Period & stats reported: On the live strategy page, the 5-year CAGR is shown as 22.9% (with additional risk stats like Sharpe), updated through Aug 11, 2025.
• Where they say it uses changing NDX membership: “The model chooses four individual stocks from the NASDAQ 100 stock index. So depending on what stocks are in the NASDAQ 100, the stock rotation … might include the new ones.”

So if anyone wants to play with them, have a go.