{"id":66267,"date":"2023-09-28T03:08:02","date_gmt":"2023-09-28T07:08:02","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/the-nasdaq-100-is-wildly-popular-its-also-deeply-flawed\/"},"modified":"2023-09-28T03:08:05","modified_gmt":"2023-09-28T07:08:05","slug":"the-nasdaq-100-is-wildly-popular-its-also-deeply-flawed","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=66267","title":{"rendered":"The Nasdaq 100 Is Wildly Popular. It\u2019s Also Deeply Flawed."},"content":{"rendered":"
\n
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<\/p>\n<\/figure><\/div>\n

If you want proof that most investors are irrational performance chasers, you\u2019d be hard-pressed to find better evidence than the popularity of funds tracking the Nasdaq 100 index. <\/p>\n

Most indexes are designed to capture as broad a swath of the market as possible, a narrowly defined specific stock sector such as technology, or a stock factor such as growth or value. But the Nasdaq 100 is neither fish nor fowl, tracking the 100 largest nonfinancial stocks listed on the Nasdaq stock exchange. <\/p>\n

\n

With $196 billion in assets,
\n Invesco QQQ
\n (ticker: QQQ) is the largest Nasdaq 100 exchange-traded fund and the fifth-largest ETF in the U.S. It has been a stellar performer, up an annualized 17.2% in the past 10 years and 33.6% this year, thanks to weightings in artificial-intelligence stocks like
\n Nvidia
\n (NVDA). Its popularity has led to many other Nasdaq-related funds being launched, some leveraged, others hedged, such as the rapidly growing
\n J.P. Morgan Nasdaq Equity Premium Income
\n (JEPQ), which uses options and has already captured $5.5 billion since its May 2022 launch. <\/p>\n

\u201cThey\u2019re some pretty head-scratching flaws with how this index is constructed,\u201d says Ryan Jackson, a research analyst at Morningstar. In June, Jackson published an article titled \u201cChoosing a Better Index ETF,\u201d recommending that instead of the Invesco QQQ, investors should purchase traditional growth index funds such as
\n Vanguard Growth
\n (VUG) and
\n iShares Core S&P U.S. Growth
\n (IUSG). If they\u2019re more sector-focused, he argued, they could buy pure tech funds such as
\n Technology Select Sector SPDR
\n (XLK) or
\n Vanguard Information Technology
\n (VGT). <\/p>\n

Jackson\u2019s biggest problem with the Nasdaq index is that it is limited to only 100 stocks that trade on a specific exchange. \u201cWhen you think about sensible [index] investment criteria, you want to make sure you\u2019re trying on as large of an opportunity set as possible, and you\u2019re not constraining yourself for any non-obvious reasons,\u201d he says.<\/p>\n

<\/p>\n

<\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Fund \/Ticker <\/th>\nMorningstar Category<\/th>\nAssets (bil)<\/th>\nYTD Return<\/th>\n3-Yr Return<\/th>\n10-Yr Return<\/th>\nExpense Ratio<\/th>\n<\/thead>\n
Invesco QQQ \/ QQQ<\/b><\/td>\nLarge Growth<\/td>\n$198.3<\/td>\n35.0%<\/td>\n10.2%<\/td>\n17.4%<\/td>\n0.20%<\/td>\n<\/tr>\n
ProShares UltraPro QQQ \/ TQQQ<\/b><\/td>\nTrading\u2014Leveraged Equity<\/td>\n16.6<\/td>\n108.8<\/td>\n5.3<\/td>\n34.5<\/td>\n0.86<\/td>\n<\/tr>\n
Invesco Nasdaq 100 \/ QQQM<\/b><\/td>\nLarge Growth<\/td>\n14.2<\/td>\n35.1<\/td>\nN\/A<\/td>\nN\/A<\/td>\n0.15<\/td>\n<\/tr>\n
JPMorgan Nasdaq Equity Premium Income \/ JEPQ<\/b><\/td>\nDerivative Income<\/td>\n5.4<\/td>\n23.6<\/td>\nN\/A<\/td>\nN\/A<\/td>\n0.35<\/td>\n<\/tr>\n
Victory Nasdaq-100 Index \/ UANQX<\/b><\/td>\nLarge Growth<\/td>\n4.9<\/td>\n34.5<\/td>\n9.6<\/td>\nN\/A<\/td>\n0.70<\/td>\n<\/tr>\n
ProShares UltraPro Short QQQ \/ SQQQ<\/b><\/td>\nTrading\u2014Inverse Equity<\/td>\n4.7<\/td>\n-60.7<\/td>\n-45<\/td>\n-51.8<\/td>\n0.95<\/td>\n<\/tr>\n
ProShares Ultra QQQ \/ QLD<\/b><\/td>\nTrading\u2014Leveraged Equity<\/td>\n4.7<\/td>\n69.3<\/td>\n10.5<\/td>\n28.2<\/td>\n0.95<\/td>\n<\/tr>\n
Rydex Nasdaq-100 \/ RYOCX<\/b><\/td>\nLarge Growth<\/td>\n1.5<\/td>\n34.1<\/td>\n9.0<\/td>\n16.1<\/td>\n1.28<\/td>\n<\/tr>\n
Shelton Nasdaq-100 Index \/ NASDX<\/b><\/td>\nLarge Growth<\/td>\n1.3<\/td>\n34.9<\/td>\n10.1<\/td>\n16.9<\/td>\n0.50<\/td>\n<\/tr>\n
ProShares Short QQQ \/ PSQ<\/b><\/td>\nTrading\u2014Inverse Equity<\/td>\n1.0<\/td>\n-23.4<\/td>\n-12.6<\/td>\n-17.8<\/td>\n0.95<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Note: Returns through Sept. 22; three-year and 10-year returns are annualized.\tN\/A=not applicable<\/p>\n

Source: Morningstar<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

The non-obvious reason for the Nasdaq 100\u2019s unique construction: Companies must pay listing and ongoing annual fees to Nasdaq to be on its exchange. Without such payments, companies are excluded from the benchmark, and their stocks don\u2019t receive investor dollars from Nasdaq index ETFs. <\/p>\n

\u201cThis is just Nasdaq, the exchange business, helping out Nasdaq, the index provider,\u201d Jackson says. \u201cThe whole purpose [of the index\u2019s design] was to drive up awareness of the Nasdaq exchange.\u201d <\/p>\n

In an emailed response, Nasdaq\u2019s Jennifer Lawson wrote: \u201cThe Nasdaq-100 Index has a history of unrivaled performance compared to other indexes, and it has consistently performed substantially higher when compared to leading US Large Cap Growth benchmarks. Since the end of year 2007 through June 30, 2023, the Nasdaq 100…was up 750%, and the Russell 1000 Growth…463%.\u201d <\/p>\n

Invesco cited similar performance data in its response to Barron\u2019s<\/em>.<\/p>\n

But past performance shouldn\u2019t be the primary reason investors choose a benchmark, says Rodney Comegys, global head of Vanguard\u2019s Equity Index Group, which oversees some $5 trillion in index products. <\/p>\n

\u201cI don\u2019t want people to choose [an index fund] because of performance chasing. I want them to have a sound investment reason for doing it,\u201d he says. Historically, stocks that have outperformed in the past tend to underperform in the future, a concept known as \u201creversion to the mean.\u201d <\/p>\n

Morningstar categorizes the Invesco QQQ ETF as a Large Growth index fund, though the fund leaves out major companies that qualify as growth stocks in Vanguard\u2019s and iShares\u2019 ETFs, such as
\n Salesforce
\n (CRM),
\n Visa
\n (V), and
\n Mastercard
\n (MA), because those stocks aren\u2019t listed on the Nasdaq. <\/p>\n

For the same reason, the fund excludes
\n Oracle
\n (ORCL) as well as Salesforce, which are included by pure tech funds such as Technology Select Sector SPDR and Vanguard Information Technology. All four of Jackson\u2019s recommended alternative ETFs also have lower annual fees than the Invesco QQQ\u2019s 0.20%.<\/p>\n

Lawson declined to comment on Nasdaq\u2019s listing fees. Regarding the absence of non-Nasdaq-listed stocks from the benchmark, she stated: \u201cAn index or strategy being classified as large-cap growth doesn\u2019t mean it has to include every single large-cap growth company.\u201d<\/p>\n

The designers of other popular indexes don\u2019t charge exchange-listing fees to be included in their benchmark. Instead, they apply either purely quantitative stock selection criteria or have an arm\u2019s-length relationship with their firms\u2019 other business interests. At S&P Dow Jones Indices, for instance, an investment committee selects the stocks in the S&P 500, but the committee doesn\u2019t require any listing payment to be included in the index. <\/p>\n

Moreover, the selection criteria is quantitative for S&P\u2019s factor indexes like S&P 900 Growth, which invests in large companies with higher-than-average sales and earnings growth and is tracked by the iShares Core S&P US Growth ETF.<\/p>\n

The S&P index committee \u201cmaintains an index methodology and undertakes the index rebalances that are outlined in publicly available documents,\u201d says Hamish Preston, head of U.S. equities at S&P Dow Jones Indices. \u201cThere\u2019s a clear separation from that side of the house versus the commercially facing people, such as myself.\u201d<\/p>\n

Similarly, in selecting benchmarks for its ETFs, Vanguard is careful that the designers have a rational investment objective and an arm\u2019s-length relationship with its construction. <\/p>\n

Email: <\/strong>editors@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

If you want proof that most investors are irrational performance chasers, you\u2019d be hard-pressed to find better evidence than the popularity of funds tracking the Nasdaq 100 index. Most indexes are designed to capture as broad a swath of the market as possible, a narrowly defined specific stock sector such as technology, or a stock […]<\/p>\n","protected":false},"author":1,"featured_media":66268,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-66267","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nThe Nasdaq 100 Is Wildly Popular. 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