Nasdaq 100 rebalance adds space and AI names; SpaceX may join

The Nasdaq 100 completed its June quarterly rebalance, shifting the index toward next-generation hardware, high-performance AI infrastructure and space technology. Nasdaq announced the changes on June 11 and made them official on June 22. SpaceX, which went public on June 12, could be added to the index and to Invesco’s QQQ and QQQM as soon as early July under updated fast-track rules.

Index additions were Astera Labs, CoreWeave, Nebius Group N.V., Rocket Lab and Teradyne. Removals were Charter Communications, Cognizant Technology Solutions, Insmed, Versik Analytics and Zscaler. The changes replace five legacy technology and telecom companies with firms tied to AI infrastructure and commercial space activity.

ETFs that track the Nasdaq 100 adjusted holdings to match the new constituent list. Invesco’s QQQ and the lower-cost QQQM will reflect the index’s new weights. Covered-call and options-overlay ETFs tied to the Nasdaq 100, including the NEOS Nasdaq 100 High Income ETF (QQQI), ProShares Nasdaq-100 High Income ETF (IQQQ) and Goldman Sachs Nasdaq-100 Premium Income ETF (GPIQ), recalibrated both equity positions and options exposure to limit tracking error. Those funds buy the underlying stocks and sell call options to generate income, so changes in the index require managers to adjust both stock allocations and options positions.

The Invesco QQQ trust is among the most actively traded equity ETFs, with 20-day average daily volume in the tens of millions of shares. That trading volume increases the scale of automated flows when index-linked funds and derivatives-based strategies rebalance to match the new index composition.

Nasdaq’s updated fast-track inclusion rules allow very large, newly listed companies to enter the Nasdaq 100 on an accelerated schedule. Under the new guidance, SpaceX could be added in the first week of July. Adding SpaceX would increase the index’s exposure to industrial and satellite communications activity and change sector weightings that have been concentrated in software and semiconductors.

Wealth managers and financial advisers are reviewing client allocations and preparing for the index changes and any further adjustments if SpaceX is added next month. An industry symposium scheduled for June 25 will include sessions on implications for QQQM and other equity strategies for the remainder of the year.