Invesco QQQ Doesn’t Own a Single Bank, and That’s Not the Only Thing the Nasdaq-100 Leaves Out
JPMorgan Chase and Wells Fargo each released third-quarter results on Tuesday, and the two banks made more than $21 billion between them. JPMorgan’s net income grew 6% year over year to $15.3 billion, and Wells Fargo’s climbed around 6% to almost $6 billion.
Investors in the Invesco QQQ Trust (NASDAQ:QQQ) didn’t own a slice of either one. The popular exchange-traded fund (ETF) tracks the Nasdaq-100, and the index doesn’t admit banks — or any other company classified as financial, for that matter.
And banks aren’t the only thing missing. Some of the biggest companies in the U.S. stock market are absent for a reason that has nothing to do with what they sell.
Source: www.fool.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.