HNDQ and NDQ are both BetaShares ETFs tracking the Nasdaq-100 Index — they hold identical underlying stocks. The only difference is currency treatment: NDQ is unhedged, meaning AUD/USD movements affect returns; HNDQ hedges back to Australian dollars at a small additional cost. NDQ charges 0.48% p.a.; HNDQ charges 0.48% p.a. General information only — not financial advice.
See live data and the fee gap in our HNDQ vs NDQ comparison tool.
Key findings (as at Q2 2026)
- NDQ and HNDQ are both Betashares ETFs that track the Nasdaq-100 Index. They hold the same companies.
- NDQ charges 0.48% p.a. and HNDQ charges 0.48% p.a.. The higher MER on HNDQ reflects the cost of the hedging overlay.
- NDQ is 100% US-listed, so the hedging decision is essentially a pure AUD/USD question — simpler than for a broader fund such as VGS.
- General information only, not financial advice.
NDQ and HNDQ are the unhedged and AUD-hedged versions of the same Betashares Nasdaq-100 fund. They hold the same approximately 101 non-financial companies listed on the Nasdaq, in the same weights. The investment question they ask Australian investors is narrower than for a broad fund like VGS: because every holding is US-listed, the hedging decision is essentially "do I want AUD/USD exposure on top of US tech-heavy share exposure, or not?" This article walks through the trade-off. General information only, not financial advice.
At a glance
| NDQ | HNDQ | |
|---|---|---|
| Full name | Betashares Nasdaq 100 ETF | Betashares Nasdaq 100 ETF — Currency Hedged |
| Index tracked | Nasdaq-100 | Nasdaq-100 (AUD Hedged) |
| Currency exposure | Unhedged (AUD/USD) | Hedged to AUD |
| Holdings | 101 | 101 |
| MER | 0.48% p.a. | 0.48% p.a. |
| Fund size (Q2 2026) | $8.7B | $760M |
| Trailing yield | approximately 1% | approximately 1.6% |
| Distributions | Semi-annual | Semi-annual |
| Franking credits | No | No |
What is NDQ?
NDQ is the Betashares Nasdaq 100 ETF, listed on the ASX since May 2015. It tracks the Nasdaq-100 Index, which holds the 100 largest non-financial companies on the Nasdaq exchange. Technology makes up roughly half the fund, with consumer discretionary and communication services accounting for most of the remainder. Every holding is US-listed.
What is HNDQ?
HNDQ is the same index exposure, with a currency hedge layered on top. Betashares uses rolling foreign-exchange forward contracts to neutralise the AUD/USD exposure that NDQ carries. Same companies, same weights, same index — currency stripped out.
The only difference: AUD/USD
For an Australian investor in NDQ, two factors drive the AUD value of the holding: the share-price performance of the underlying US companies, and the AUD/USD exchange rate. If the Nasdaq-100 rises 15% in USD but the AUD strengthens 10%, the AUD return is materially lower. If the AUD weakens, the unhedged return is boosted. HNDQ removes that second factor and leaves the investor with the local-currency share-price return.
Why the hedging question is starker for the Nasdaq-100
VGS spreads currency exposure across the US, Japan, the UK, the eurozone and other developed markets, so the AUD/foreign-currency mix is somewhat diversified. NDQ is 100% US, so the hedging decision is essentially a single bet on AUD/USD over the holding period. That makes it more black-and-white than the same decision for a broad global fund.
MER and cost
NDQ costs $48/yr per $10,000 and HNDQ costs $48/yr per $10,000. The gap reflects the operational cost of running the currency overlay. The compounding impact of this gap is visible in the ETFLens Fee Calculator, which models the difference over 10, 20 and 30 years.
Distributions
Both funds distribute semi-annual. NDQ's trailing yield is approximately 1% and HNDQ's is approximately 1.6%. Nasdaq-100 yields are low in absolute terms because the underlying companies tend to reinvest earnings rather than pay large dividends. The cost and gain/loss of running the hedge in HNDQ can flow through distributions, which is why the two yields can diverge from year to year even though the underlying dividend stream is the same.
Performance
NDQ has returned 24.9% over one year, 24.2% p.a. over three years and 16.5% p.a. over five years. HNDQ has returned 38.2% over one year, 25.7% p.a. over three years and 12.6% p.a. over five years. Past performance is not a reliable indicator of future returns. The differences over each period reflect the AUD/USD path, not stock selection.
Who may suit NDQ
NDQ may suit you if you want concentrated exposure to the largest non-financial US tech and growth companies and accept that AUD/USD will add to or subtract from the return along the way. A weakening AUD has historically amplified NDQ's USD gains in AUD terms; a strengthening AUD has had the opposite effect.
Who may suit HNDQ
HNDQ may suit you if your objective is to track the local-currency Nasdaq-100 return specifically, without the AUD/USD layer — for example, investors who plan to draw on the portfolio in AUD in the relatively near term, or who want the holding to behave like a USD-denominated investment expressed in AUD. The trade-off is the higher MER and the loss of any benefit if the AUD weakens.
This is general information only and not a recommendation to buy or not buy either fund. Consider seeking advice from a licensed financial adviser who can assess your specific circumstances.
See the full side-by-side breakdown: holdings overlap, sector exposure and fee difference in dollars.
Compare HNDQ vs NDQ on ETFLens →General information only. Not financial advice. This article does not consider your personal financial situation, objectives or needs. Past performance is not a reliable indicator of future returns. MER and fund size data reported from fund manager disclosures, reviewed quarterly. Always check the current PDS for the most recent fee and holdings information before investing. ETFLens does not hold an Australian Financial Services Licence. Always read the relevant PDS and consider seeking advice from a licensed financial adviser (AFS licence holder) before making any investment decisions.