Invesco QQQ Doesn't Own a Single Bank, and That's Not the Only Thing the Nasdaq-100 Leaves Out

The Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100 index, excludes all financial companies and any stocks not primarily listed on Nasdaq. This means major banks like JPMorgan Chase and Wells Fargo, as well as NYSE-listed companies like Berkshire Hathaway, Visa, and Oracle, are absent from the fund. Despite missing the entire financial sector (11.5% of the S&P 500), QQQ has delivered superior long-term returns of 21% annually over 10 years compared to 13% for financial sector funds, though it underperformed in certain years like 2022 and 2024.