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Shares of the Invesco NASDAQ Next Gen 100 ETF (NASDAQ:QQQJ) fell 0.8% during mid-day trading on Wednesday. The fund traded as low as $44.50 and last traded at $44.72. It had closed at $45.06 the day before.
About 112,259 shares changed hands. This is about 36% less than the average daily volume of 175,039 shares, so the move came on quieter trading than usual.
QQQJ is an exchange-traded fund, or ETF. It follows the Nasdaq Next Generation 100 Index, which is made up of 100 large non-financial companies listed on Nasdaq that are not yet in the main Nasdaq-100 Index. In simple words, the fund holds companies that could be the next to join the bigger index.
Some of its larger holdings include Natera, eBay and Revolution Medicines.
The ETF's 50-day average price is about $45.06, and its 200-day average is about $43.13. This means the fund is trading just under its short-term trend and still above its longer-term trend. Over the past 52 weeks, its price has ranged from about $34 to about $47. The fund has a market value of about $1.19 billion and a beta of 1.13, which means it moves a little more than the overall market.
Some large investors have added to their positions. Royal Bank of Canada now owns 125,398 shares of the ETF, worth about $4.5 million, after buying 48,220 more shares. Other firms, such as Retirement Financial Solutions LLC, have also raised or started stakes in the fund.
A drop of less than 1% is a small move. Investors will likely watch how the ETF's top holdings perform, since the fund's price follows its basket of mid-sized growth companies. Broader market news and interest rate decisions may also affect these stocks.
This article is for information only and is not financial advice. ETF prices can go up and down, and you can lose money.
