SpaceX Is Joining the Nasdaq-100 This Week. What This Means for Invesco QQQ Investors.
Yahoo Finance ·
Space Exploration Technologies ( SPCX 0.97% ) , otherwise known as SpaceX, is joining the Nasdaq-100 index today. This means that exchange-traded funds (ETFs) tracking the index, including the Invesco QQQ Trust ( QQQ +1.43% ) , will soon own the stock indirectly. J.P. Morgan, part of JPMorgan Chase , expects this index inclusion to trigger about $4.3 billion in passive buying from index-tracking funds. Although this will serve as a clear near-term demand catalyst for SpaceX, Invesco QQQ Trust investors are also getting exposure to a founder-controlled company with a limited number of publicly traded shares (float) and an unprofitable business. Invesco QQQ Trust tracks the Nasdaq-100, which includes the 100 largest non-financial companies listed on Nasdaq.
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