Why Invesco QQQ and the Nasdaq-100 Exclude Major Banks and Key Stocks
Yahoo Finance ·
JPMorgan Chase and Wells Fargo reported their third-quarter financial results on Tuesday, generating a combined profit exceeding $21 billion. JPMorgan posted a 6% year-over-year rise in net income to reach $15.3 billion, while Wells Fargo advanced roughly 6% to approach $6 billion. Yet, shareholders of the Invesco QQQ Trust ETF held zero shares in either institution. This widely held exchange-traded fund mirrors the Nasdaq-100, an index that strictly bars banks and any other entities categorized within the financial sector. Furthermore, financial institutions are not the sole omissions; several premier American corporations are absent due to criteria unrelated to their commercial offerings. Although QQQ trades around $742 and has advanced approximately 21% in 2026 at the time of writing, these exclusions do not warrant avoiding the fund. Even so, understanding what the ETF leaves out remains essential before treating it as a proxy for the entire equity market.
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JPMorgan and Wells Fargo reported net incomes of $15.3 billion and approximately $600 million respectively in the third quarter, achieving 6% year-over-year growth. On the other hand, the Invesco QQQ ETF tracking the Nasdaq-100 index does not include financials, thus receiving no benefit from these strong banking earnings. While QQQ has risen about 21% going into 2026 and trades around $742, investors must recognize the limitations of its constituents since it does not represent the broader stock market.
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- Banks — JPMorgan and Wells Fargo recorded Q3 net incomes of $15.3 billion and about $600 million respectively, achieving 6% year-over-year growth and strengthening profitability.
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The strong Q3 earnings of JPMorgan and Wells Fargo demonstrated the robust profitability of the banking sector. However, because QQQ tracks the Nasdaq-100 and excludes financial institutions due to index inclusion rules, a structural divergence occurs where the profitability improvements of these major banks are not reflected in the ETF returns at all.
Investors should review their portfolios by comparing the additional upside potential of bank stocks driven by future interest rate changes against the tech-focused growth momentum concentrated in QQQ. Investors must understand that QQQ cannot serve as a complete alternative to the broader market and should establish diversification strategies based on the inclusion of the financial sector.
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