# Major Bank Earnings to Test Concentration in Dow Jones Industrial Average ETF

- URL: https://stocks.freetheai.org/news/major-bank-earnings-to-test-concentration-in-dow-jones-industrial-average-etf-54fd28
- Published: 2026-10-12T18:02:36Z
- Category: earnings; sentiment: mixed; impact: medium
- Symbols: [AMEX:DIA](https://stocks.freetheai.org/symbols/AMEX-DIA), [NYSE:GS](https://stocks.freetheai.org/symbols/NYSE-GS), [NYSE:JPM](https://stocks.freetheai.org/symbols/NYSE-JPM), [NYSE:C](https://stocks.freetheai.org/symbols/NYSE-C), [NYSE:WFC](https://stocks.freetheai.org/symbols/NYSE-WFC)
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Upcoming quarterly financial results from major U.S. banks will put the SPDR Dow Jones Industrial Average ETF Trust (DIA) in focus. The fund holds 26.31% of its portfolio in financial sector stocks, with Goldman Sachs Group Inc. (GS) and JPMorgan Chase & Co. (JPM) together making up 14.07% of the total index ETF.

Because the Dow Jones Industrial Average uses a price-weighted methodology, nominal share price determines portfolio weighting rather than total market capitalization. As a result, Goldman Sachs Group Inc. (GS) represents the fund's largest single holding at 10.23%, while JPMorgan Chase & Co. (JPM) accounts for 3.84%. A 5% price change in Goldman Sachs stock creates a 0.51 percentage point move in the ETF's return, compared to a 0.19 percentage point impact from the same move in JPMorgan Chase.

Investors will monitor whether upcoming quarterly reports can stabilize the sector following a 13% drop in the KBW Bank Index from its August peak. Expectations for JPMorgan Chase include earnings rising 17% to $5.93 per share on $51.23 billion in revenue. For Goldman Sachs, revenue in Global Banking & Markets is projected to reach $11.86 billion, though management previously signaled potential expense increases exceeding $500 million alongside softening trading activity.

## Key points

- Goldman Sachs Group Inc. and JPMorgan Chase & Co. make up 14.07% of the SPDR Dow Jones Industrial Average ETF Trust portfolio.
- Goldman Sachs is the largest holding in the ETF with a 10.23% weighting due to the Dow's price-weighted calculation structure.
- A 5% movement in Goldman Sachs shares impacts the ETF return by roughly 0.51 percentage points.
- JPMorgan Chase earnings are projected to rise 17% to $5.93 per share on revenue of $51.23 billion.
- The KBW Bank Index declined 13% from its August high, placing extra attention on upcoming major bank reports.

## Questions and answers

### Why does Goldman Sachs have such a large weighting in the Dow ETF?

The Dow Jones Industrial Average uses a price-weighted structure, giving companies with higher individual share prices greater influence in the index regardless of their overall market value.

### How much do Goldman Sachs and JPMorgan Chase make up in DIA?

Goldman Sachs represents 10.23% of the SPDR Dow Jones Industrial Average ETF Trust, while JPMorgan Chase accounts for 3.84%, combining for 14.07% of the total fund.

### What are the earnings projections for JPMorgan Chase?

Earnings for JPMorgan Chase are expected to increase 17% to $5.93 per share, with total revenue forecast at $51.23 billion.