Betashares Nasdaq 100 ETF (ASX: NDQ) is an AUD-unhedged fund tracking the Nasdaq-100 Index, holding around 101 of the largest non-financial companies listed on the Nasdaq. It charges a 0.48% management fee, distributes income semi-annual, and is dominated by large US technology and growth names including Nvidia, Apple, Microsoft, Amazon and Alphabet.
Key facts
| Ticker | ASX: NDQ |
| Full name | Betashares Nasdaq 100 ETF |
| Issuer | BetaShares |
| Benchmark index | Nasdaq-100 Index |
| Currency exposure | AUD unhedged (USD underlying) |
| Management fee (MER) | 0.48% p.a. |
| Listed since | 2015 |
| Net assets (AUM) | $8.7B |
| Holdings | 101 |
| Top 10 concentration | approximately 47% |
| Distribution frequency | Semi-annual |
| Distribution yield (trailing) | approximately 1% |
| Domicile | Australia |
Figures as at Q2 2026. Live numbers are on the NDQ detail page.
Pros and cons
Pros
- Single-trade access to large US technology and growth companies in AUD on the ASX
- AUD-unhedged — adds to AUD returns when the Australian dollar weakens
- High daily trading volumes and tight spreads
- Listed since 2015; familiar mega-cap holdings
Cons
- 0.48% management fee is high relative to broad US ETFs such as IVV (0.04%)
- Highly concentrated — the top 10 holdings are approximately 47% of the fund
- Heavy technology and growth tilt; minimal financials exposure by index design
- Semi-annual distributions with a low yield — less useful for income
- Higher volatility than a broad-market US ETF
What does NDQ invest in?
NDQ aims to track the Nasdaq-100 Index — the largest non-financial companies listed on the Nasdaq stock exchange. Despite the technology reputation, the index spans communication services, consumer, healthcare and industrials companies, but it excludes financial-sector listings by design. The index uses a modified market-cap weighting with caps on the largest constituents; in practice it remains concentrated, with the top 10 holdings approximately 47% of the fund.
Sector breakdown
| Sector | Weight |
|---|---|
| Information Technology | 56.9% |
| Communication Services | 14% |
| Consumer Discretionary | 11.6% |
| Consumer Staples | 7.3% |
| Health Care | 3.8% |
| Industrials | 3.4% |
| Utilities | 1.2% |
| Materials | 1.1% |
| Energy | 0.6% |
| Financials | 0.2% |
Largest holdings
The largest holdings are Nvidia Corp (8.94%), Apple Inc (7.31%), Microsoft Corp (5.15%), Amazon.com Inc (4.68%), Micron Technology Inc (3.74%), Alphabet Inc (3.73%), Alphabet Inc (3.45%), Tesla Inc (3.43%), Advanced Micro Devices Inc (3.32%), Broadcom Inc (3.26%). The fund holds the underlying US shares directly via a sub-custodian and is AUD-unhedged, so returns depend on both US share performance and the AUD/USD exchange rate.
Performance
NDQ delivered high returns over the period since 2015, driven by a strong run in US mega-cap technology. That period was unusually favourable for the index and may not repeat. Historical annualised total returns in AUD to Q2 2026:
| Period | Return (total, AUD) |
|---|---|
| 1 year | 24.9% |
| 3 years (p.a.) | 24.2% p.a. |
| 5 years (p.a.) | 16.5% p.a. |
Past performance is not a reliable indicator of future returns.
The exposure is volatile: NDQ experienced a sharp drawdown during the 2022 technology sell-off, a useful reminder of the risk embedded in a concentrated, single-style fund. Longer-run and since-inception figures are on the NDQ detail page.
Fees and costs
- Management fee (MER): 0.48% p.a.
- Cost on $10,000: approximately $48/yr per $10,000 — compared with about $4/yr per $10,000 for IVV
- Buy/sell spread: a small percentage of trade value, set by the issuer
- Brokerage: depends on your broker
- US withholding tax: 15% on US dividends, generally reclaimable as a foreign income tax offset
The fee is higher than broad US ETFs because of the more specialised exposure. Investors who only want broad US market exposure can use IVV (0.04%) or VTS (0.03%) and accept less technology concentration in return. Model the long-run fee difference with the ETF fee calculator.
Tax treatment
Because NDQ holds US companies, the tax picture is different from an Australian-shares ETF. There are no franking credits — US companies do not pay Australian company tax, so no franking flows through to unit holders.
- US dividend withholding tax of 15% is withheld at source under the Australia–US tax treaty. Australian residents can generally claim this back as a foreign income tax offset (FITO) on their Australian return; broker tax statements or a service such as Sharesight calculate it.
- Capital gains realised inside the fund when the index rebalances may be distributed to unit holders alongside income.
- AMIT structure: distribution components are attributed to unit holders, and cost-base adjustments may apply at year-end.
The practical effect for accumulation investors is that NDQ's after-tax yield is close to its (low) cash yield: the FITO recovers the US withholding, but there is no franking gross-up. Tax outcomes depend on your individual circumstances; consider a registered tax agent.
NDQ vs alternatives
The decision around NDQ is mostly about how much US technology concentration you want relative to broad US exposure.
NDQ vs IVV
IVV tracks the broader US market (the S&P 500) at a much lower fee (0.04% versus 0.48%), with approximately 91% estimated overlap of listed top holdings. IVV also holds financials, healthcare, energy and industrials that NDQ excludes. See NDQ vs IVV.
NDQ vs VGS
VGS holds global developed-market equities across many countries at 0.18%, with the US the largest region. Estimated overlap with NDQ is approximately 80% of listed top holdings — a broader, lower-fee way to capture much of the same large-cap exposure. See VGS vs NDQ.
NDQ vs HACK
HACK is a thematic global cybersecurity ETF rather than a broad index, with approximately 6% estimated overlap of listed top holdings. It is a narrower, theme-specific exposure. See NDQ vs HACK.
NDQ vs FANG
FANG is a smaller, more concentrated basket of US technology leaders, with approximately 78% estimated overlap of listed top holdings. NDQ is broader across the Nasdaq-100. See NDQ vs FANG.
Who NDQ may suit, and who it may not
May suit
- Long-horizon investors wanting concentrated US technology and growth exposure on the ASX
- Investors complementing a broad core (such as VGS or IVV) with a technology tilt
- Investors who specifically want unhedged AUD exposure
May not suit
- Investors uncomfortable with large drawdowns in weak years for technology
- Investors who already hold heavy US weights via VGS, BGBL, IVV, DHHF or VDHG (check the Overlap Checker)
- Income-focused investors — the yield is low and distributions are semi-annual
- Investors seeking the lowest possible management fee
These are general descriptions of common situations, not personal recommendations. Whether NDQ is appropriate depends on your individual circumstances, which ETFLens cannot assess.
How to buy NDQ
NDQ trades on the ASX during normal market hours and can be bought through any Australian broker. CHESS-sponsored holding is available through CHESS-sponsoring brokers; some brokers use a custodian model instead. NDQ distributes semi-annual, and a Distribution Reinvestment Plan (DRP) is available. Because franking credits are zero, the 45-day franking rule does not apply here; normal at-risk rules apply to US dividend income and FITO claims.
Frequently asked questions
What kind of ETF is NDQ?
NDQ is a single-asset-class ETF giving ASX investors access to large US technology and growth companies through the Nasdaq-100, in a single AUD-denominated trade. It is concentrated and AUD-unhedged. Whether it suits your situation depends on how much technology-concentration risk you want and what US exposure you already hold. General information only, not financial advice.
What does NDQ invest in?
NDQ holds approximately 101 of the largest non-financial companies listed on the Nasdaq, weighted by a modified market-cap method. The largest sector is Information Technology at approximately 56.9%, followed by Communication Services. Financials are largely excluded by the index methodology. General information only, not financial advice.
What is the MER of NDQ?
The management expense ratio (MER) of NDQ is 0.48% per annum. On a $10,000 holding that is approximately $48/yr per $10,000, compared with about $4/yr per $10,000 for IVV at 0.04%. General information only, not financial advice.
Does NDQ pay franking credits?
No. NDQ holds US companies, which do not pay Australian company tax, so no franking credits flow through. US dividends are subject to 15% US withholding tax under the Australia–US tax treaty, which Australian residents can generally claim as a foreign income tax offset (FITO) at tax time. General information only, not financial advice.
How often does NDQ pay distributions?
NDQ distributes semi-annual. The yield is typically low — around 1% as at Q2 2026 — because most of the underlying companies reinvest earnings rather than paying dividends. Distributions vary and are not guaranteed. General information only, not financial advice.
Is NDQ currency hedged?
No. NDQ is AUD-unhedged, so your return depends on both the Nasdaq-100 performance in US dollars and the AUD/USD exchange rate. A falling Australian dollar adds to the AUD return; a rising one subtracts from it. General information only, not financial advice.
How does NDQ compare with IVV?
They serve different purposes. IVV is broad US market exposure (the S&P 500) at 0.04%; NDQ is concentrated Nasdaq-100 exposure at 0.48%, with approximately 91% estimated overlap of their listed top holdings. Some investors hold both to combine broad-market and technology-tilted exposure. General information only, not financial advice.
How volatile is NDQ?
NDQ is more volatile than a broad-market US ETF because it is concentrated in technology and growth companies. It experienced a sharp drawdown during the 2022 technology sell-off and can move substantially from year to year. Past performance is not a reliable indicator of future returns. General information only, not financial advice.
Does NDQ have an AUD-hedged version on the ASX?
There is no direct AUD-hedged Nasdaq-100 ETF on the ASX as at 2026. Investors seeking less currency exposure sometimes use a currency-hedged broad-market US ETF such as IHVV for a less concentrated alternative. General information only, not financial advice.
Where can I see the live NDQ holdings and price?
Live price, full holdings, distributions and performance are on the ETFLens NDQ detail page, with data reviewed quarterly. General information only, not financial advice.
Related links
- NDQ vs IVV
- VGS vs NDQ
- NDQ vs HACK
- NDQ vs FANG
- NDQ live data and holdings
- ETF Overlap Checker
- VAS ETF Review
Last updated: May 2026. Holdings, fees and returns are reviewed quarterly; live price and assets update on the NDQ detail page.
General information only. This review provides general information about NDQ (Betashares Nasdaq 100 ETF) and does not take into account your personal objectives, financial situation or needs. It is not personal financial product advice and not a recommendation to buy, hold or sell any security. ETFLens does not hold an Australian Financial Services Licence (AFSL). Before investing you should read the latest Product Disclosure Statement (PDS) and Target Market Determination (TMD) at betashares.com.au, consider whether the product is appropriate for your circumstances, and consider seeking advice from a licensed financial adviser. Past performance — including the strong returns since 2015 — is not a reliable indicator of future returns. NDQ is a concentrated, single-country, single-style fund and can experience large drawdowns.