10 Best-Performing Stocks In Nasdaq ETF As Index Tops 11,000

The latest broad market rally has pushed the tech-heavy Nasdaq Composite Index to new record highs above the 11,000 milestone. The Nasdaq's march from 10,000 to 11,000 has been the fastest-ever in 20 years. The benchmark hit 10,000 on June 10 and took 40 trading days to climb to the 1,000 point.

With this, the Nasdaq Composite soared more than 60% since hitting a Mar 23 low, outperforming the other major indices. The S&P 500 and the Dow Jones Industrial Average index have climbed 50% and 47%, respectively. Most of the gains were driven by surging technology stocks, especially the mega-cap and the so-called FAANG stocks. These tech companies strengthened on stay-at-home trends.

Better-than-expected earnings and unprecedented stimulus have added to the strength, leading to a spike in stocks. Additionally, hopes of more stimuli and the positive development in coronavirus vaccines by a number of biotech and pharma companies instilled confidence.

As a result, Invesco QQQ (QQQ - Free Report), which serves as a proxy to the index, has gained 29.7% so far this year. Let’s take a closer look at the fundamentals of QQQ.

QQQ in Focus

This ETF provides exposure to the 103 largest domestic and international non-financial companies listed on the Nasdaq by tracking the Nasdaq 100 Index. Information technology accounts for 48.3% of the assets, while communication services and consumer discretionary holds 19.3% and 18.2% share, respectively. QQQ is one of the largest and most popular ETFs in the large-cap space with AUM of $126.8 billion and average daily volume of around 37.5 million shares. It charges investors 20 bps in annual fees. The fund has a Zacks ETF Rank #1 (Strong Buy) with a Medium risk outlook.

Though most of the stocks in the fund’s portfolio have delivered strong returns so far this year, a few are the real stars, having gained more than 50%. Below we have highlighted the 10 best-performing stocks in the ETF with their respective positions in the fund’s basket:

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