The Nasdaq 100 implemented its June quarterly rebalance, which shifts the tide for “the Qs.” Namely, the Invesco QQQ Trust (QQQ ) and its cost-efficient sibling, the Invesco Nasdaq 100 ETF (QQQM ). This standard indexing procedure in the Nasdaq’s biggest names typically triggers a massive, multi-billion-dollar wave of automated portfolio realignments across the globe. Of course, many investors are wondering if the latest rebalance will also include a certain aerospace company that’s been generating much buzz as of late: SpaceX.
Key Takeaways
- The June Nasdaq 100 rebalance forced covered-call ETFs to adjust their underlying baskets to minimize tracking error.
- The reshuffle added five innovation-focused firms — including CoreWeave and Rocket Lab — while removing five legacy tech companies.
- Thanks to fast-track rules, newly public SpaceX could join the Nasdaq 100 and QQQ suites as early as July.
Recent Nasdaq 100 Additions and Removals
Announced on June 11 and made official today, the latest reshuffle represents a clear thematic pivot toward next-generation hardware, high-performance AI infrastructure, and space technology (a potential SpaceX teaser of sorts). That said, a total of five companies cycled into the prestigious index framework, replacing five legacy tech and telecom mainstays, as shown below.
| Index Additions | Index Removals |
|---|---|
| Astera Labs, Inc. (ALAB) | Charter Communications, Inc. (CHTR) |
| CoreWeave, Inc. (CRWV) | Cognizant Technology Solutions Corp. (CTSH) |
| Nebius Group N.V. (NBIS) | Insmed Incorporated (INSM) |
| Rocket Lab Corporation (RKLB) | Versik Analytics, Inc. (VRSK) |
| Teradyne, Inc. (TER) | Zscaler, Inc. (ZS) |
Source: Google Gemini
See More: QQQ State of Play: Challengers Emerge After Structural Shift
The Covered Call Derivative Wave
Evidenced by its heavy volume and scant expense ratio of 15 basis points, QQQ is an easy favorite among traders. That, in turn, translates into portfolio shifts in options-based ETFs that also use the Nasdaq 100 as its underlying investment strategy.
| Ticker | Name | ADV (20-Day) | Max Volume (20-Day) |
|---|---|---|---|
| VOO | Vanguard S&P 500 ETF | 10,274,580.00 | 19,974,200.00 |
| IVV | iShares Core S&P 500 ETF | 11,653,900 | 25,291,420.00 |
| SPY | SPDR S&P 500 ETF Trust | 58,516,940 | 93,989,420 |
| VTI | Vanguard Total Stock Market ETF | 3,740,082 | 6,894,653 |
| QQQ | Invesco QQQ Trust Series 1 | 48,776,980.00 | 99,606,570.00 |
Source: VettaFi Pro
Covered call ETFs such as the NEOS Nasdaq 100 High Income ETF (QQQI ), the ProShares Nasdaq-100 High Income ETF (IQQQ ), and the Goldman Sachs Nasdaq-100 Premium Income ETF (GPIQ ) saw structural realignments as a result of the Nasdaq 100 rebalance. Because these derivative-overlay funds dynamically buy the underlying equity basket while selling call options to generate yields, any shift in the Nasdaq 100’s core matrix directly impacts their options positioning. Portfolio managers across these suites likely recalibrated their equity sleeves to ensure tracking alignment with the Nasdaq 100, ensuring that income-seeking investors in these funds see minimal tracking error following the rebalance.
Fast-Tracking SpaceX
Of course, there’s another burning question: What about SpaceX? Following its historic IPO on the Nasdaq on June 12, the aerospace pioneer is fast-tracking its path toward the benchmark index, thanks to new indexing rules. Updates to the Fast-Track Inclusion rule could be aptly dubbed the “SpaceX Rule.”
The updated indexing guidelines are now able to include exposure to these generational megacap IPOs on an accelerated timeline. The Nasdaq 100, in particular, could see SpaceX added as soon as the first week of July. This impending inclusion will allow QQQ and QQQM to add the commercial aerospace giant, which will alter the sector composition of the index. SpaceX would essentially add a massive, pure-play industrial and satellite communications anchor into a benchmark that’s typically dominated by software and semiconductors.
QQQ Suite Takes Center Stage
As wealth managers, advisors, and investors digest the implications of changing index weights, as well as the inclusion of SpaceX, the timing for education is critical. That said, it’s an ideal opportunity to join the VettaFi Midyear Market Outlook Symposium June 25, where one of the topics discussed will be the Qs, namely QQQM. Summarily, thought leadership from Invesco will anchor a deep-dive session into equity strategies for the second half of the year.
Equities won’t be the only topic discussed during the symposium. This timely webinar will help provide a roadmap for how navigate the final six months of 2026 in fixed income, country-specific equities, autocallable ETFs, and more.
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