Nasdaq-100 performance hinges on a handful of large technology companies given the index's market-cap weighting. Equal weighting and covered calls are two ways funds alter that concentration.
The Nasdaq-100 Index tracks 100 of the largest non-financial companies listed on the Nasdaq Stock Market, weighted by market capitalisation. Most of the nine funds here aim to follow some version of that index, but the list includes structural outliers: Global X NASDAQ 100 Covered Call ETF ($QYLD) writes call options over the Nasdaq-100 rather than simply holding it, and First Trust NASDAQ-100 Ex-Technology Sector Idx Fd ($QQXT) excludes any stocks the index classifies as technology.
How we built this list: We selected these funds based on their industry or investment category and ordered them by assets under management. Prices are updated daily, and the list and supporting content are reviewed roughly every quarter. All data is sourced from Stake. This list isn't a recommendation and isn't ordered by suitability.
ETF Name | Ticker | Share Price | AUM | Expense Ratio | In Watchlists |
|---|---|---|---|---|---|
Invesco QQQ Trust, Series 1 | $749.58 | $501.84B | 0.20% | 30464 | |
Invesco NASDAQ 100 ETF | $308.69 | $110.22B | 0.15% | 11332 | |
Fidelity NASDAQ Composite Index ETF | $107.11 | $10.94B | 0.21% | 413 | |
Global X NASDAQ 100 Covered Call ETF | $18.63 | $8.48B | 0.60% | 2845 | |
First Trust NASDAQ-100 Select Equal Weight ETF | $163.66 | $1.91B | 0.57% | 123 | |
Direxion NASDAQ-100 Equal Weighted Index ETF | $121.39 | $1.47B | 0.35% | 346 | |
Invesco NASDAQ Next Gen 100 ETF | $44.45 | $1.18B | 0.15% | 635 | |
Invesco Nasdaq Internet ETF | $50.72 | $530.8M | 0.60% | 126 | |
First Trust NASDAQ-100 Ex-Technology Sector Idx Fd | $95.89 | $138.6M | 0.58% | 4 |
Past performance is not a reliable indicator of future performance.
Source: Stake market data. Figures in US$. Data updated as of 2 October 2026.
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1. Invesco QQQ Trust, Series 1 ($QQQ)
Invesco QQQ Trust, Series 1 (QQQ) share price over the last year: started at US$605.73, ended at US$749.58, a change of +23.7%. Range over the period: high US$749.58, low US$558.28. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: US$749.58 · Daily: 1.0% · AUM: US$501.84B · MER: 0.20%
Invesco QQQ Trust, Series 1 ($QQQ) aims to track the Nasdaq-100 Index, which covers 100 of the largest non-financial companies listed on the Nasdaq Stock Market, weighted by market capitalisation. Both domestic U.S. companies and international ones can qualify, with listing status and size the main criteria. The non-financial screen means banks, insurers and similar financial-sector companies are excluded from the index by design.
Because the index weights by market capitalisation, the largest companies carry the most influence within $QQQ's portfolio. The fund is designed to replicate the index's results before fees and expenses are applied.
2. Invesco NASDAQ 100 ETF ($QQQM)
Invesco NASDAQ 100 ETF (QQQM) share price over the last year: started at US$249.33, ended at US$308.69, a change of +23.8%. Range over the period: high US$308.69, low US$229.87. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: US$308.69 · Daily: 1.0% · AUM: US$110.22B · MER: 0.15%
The Nasdaq-100 Index covers 100 of the largest non-financial companies listed on the Nasdaq Stock Market, and Invesco NASDAQ 100 ETF ($QQQM) is designed to track it. The fund commits at least 90% of its assets to the securities that make up that index. Eligibility is determined by market cap, so the composition shifts as companies grow large enough to enter the top 100 – or fall out of it.
The index isn't limited to U.S. companies – it draws from both domestic and international businesses listed on Nasdaq. The non-financial filter is a fixed structural feature: banks, insurers and similar companies are excluded from the 100 slots regardless of their size.
3. Fidelity NASDAQ Composite Index ETF ($ONEQ)
Fidelity NASDAQ Composite Index ETF (ONEQ) share price over the last year: started at US$89.79, ended at US$107.11, a change of +19.3%. Range over the period: high US$107.32, low US$81.82. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: US$107.11 · Daily: 1.1% · AUM: US$10.94B · MER: 0.21%
The Nasdaq Composite Index covers every common stock listed on the Nasdaq Stock Market – a far wider universe than the Nasdaq-100 that most funds in this list follow. Fidelity NASDAQ Composite Index ETF ($ONEQ) is designed to match that index's price and yield performance. Because the Composite holds thousands of stocks, $ONEQ uses statistical sampling techniques rather than buying every constituent outright, aiming to replicate the index's returns without holding each name individually.
4. Global X NASDAQ 100 Covered Call ETF ($QYLD)
Global X NASDAQ 100 Covered Call ETF (QYLD) share price over the last year: started at US$17.07, ended at US$18.63, a change of +9.1%. Range over the period: high US$18.63, low US$16.70. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: US$18.63 · Daily: 0.3% · AUM: US$8.48B · MER: 0.60%
Global X NASDAQ 100 Covered Call ETF ($QYLD) is designed to track the CBOE NASDAQ-100 BuyWrite Index rather than the Nasdaq-100 itself. That index is built around a covered call strategy: it holds Nasdaq-100 stocks and systematically writes call options over them. Writing a call option involves selling the right to buy the index at a set price, collecting a premium in exchange for capping gains above that level. $QYLD uses a replication approach to follow this index, making its structure quite different from a fund that simply holds Nasdaq-100 stocks outright.
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5. First Trust NASDAQ-100 Select Equal Weight ETF ($QQEW)
First Trust NASDAQ-100 Select Equal Weight ETF (QQEW) share price over the last year: started at US$142.82, ended at US$163.66, a change of +14.6%. Range over the period: high US$167.03, low US$123.05. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: US$163.66 · Daily: 0.2% · AUM: US$1.91B · MER: 0.57%
First Trust NASDAQ-100 Select Equal Weight ETF ($QQEW) aims to track the NASDAQ-100 Select Equal Weight Index, a narrower cut of the Nasdaq-100. Rather than taking all 100 companies, the index selects the 50 with the highest combined quality and growth scores.
Each of those 50 positions is weighted equally, so no single company holds an outsized share of the portfolio the way a market-cap approach would produce. The 0.57% MER reflects that active filtering and rebalancing work behind the index construction.
6. Direxion NASDAQ-100 Equal Weighted Index ETF ($QQQE)
Direxion NASDAQ-100 Equal Weighted Index ETF (QQQE) share price over the last year: started at US$102.73, ended at US$121.39, a change of +18.2%. Range over the period: high US$124.69, low US$96.06. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: US$121.39 · Daily: 0.6% · AUM: US$1.47B · MER: 0.35%
The Direxion NASDAQ-100 Equal Weighted Index ETF ($QQQE) tracks the Nasdaq-100 Equal Weighted Index, which covers the same 100 large non-financial companies as the standard Nasdaq-100 but gives each one an identical slice of the portfolio. That means no single stock or sector dominates the mix the way it would in a market-cap-weighted version of the index.
Most Nasdaq-100 funds let the largest companies carry the most weight, so $QQQE's equal-weighting approach is a meaningful structural difference. The fund carries a 0.35% management expense ratio.
7. Invesco NASDAQ Next Gen 100 ETF ($QQQJ)
Invesco NASDAQ Next Gen 100 ETF (QQQJ) share price over the last year: started at US$36.36, ended at US$44.45, a change of +22.2%. Range over the period: high US$46.78, low US$34.52. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: US$44.45 · Daily: 0.7% · AUM: US$1.18B · MER: 0.15%
The NASDAQ Next Generation 100 Index covers the 100 largest Nasdaq-listed companies that fall outside the Nasdaq-100 – the next tier down by market capitalisation. Invesco NASDAQ Next Gen 100 ETF ($QQQJ) aims to track that benchmark. The fund is designed to hold at least 90% of its assets in those constituent securities, making it structurally distinct from the Nasdaq-100 funds that make up most of this list.
8. Invesco Nasdaq Internet ETF ($PNQI)
Invesco Nasdaq Internet ETF (PNQI) share price over the last year: started at US$55.90, ended at US$50.72, a change of −9.3%. Range over the period: high US$56.94, low US$42.90. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: US$50.72 · Daily: 0.3% · AUM: US$530.8M · MER: 0.60%
The Invesco Nasdaq Internet ETF ($PNQI) tracks an index made up of internet companies, a narrower mandate than the Nasdaq-100 that most other funds in this list follow. The fund seeks to hold at least 80% of its total assets in internet company common stocks, with at least 90% in stocks from its underlying index. That focus keeps the portfolio within the internet company universe rather than spread across all non-financial Nasdaq industries.
Most of the other funds here aim to follow the full Nasdaq-100. $PNQI's mandate is deliberately tighter, covering internet companies only rather than the broader spread of non-financial names that populate that index.
9. First Trust NASDAQ-100 Ex-Technology Sector Idx Fd ($QQXT)
First Trust NASDAQ-100 Ex-Technology Sector Idx Fd (QQXT) share price over the last year: started at US$99.35, ended at US$95.89, a change of −3.5%. Range over the period: high US$104.67, low US$95.56. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: US$95.89 · Daily: 0.3% · AUM: US$138.6M · MER: 0.58%
First Trust NASDAQ-100 Ex-Technology Sector Idx Fd ($QQXT) aims to track the NASDAQ-100 Ex-Tech Sector Index – a benchmark built from the Nasdaq-100 constituents that aren't classified as technology. The fund takes the same starting universe as a standard Nasdaq-100 product and removes the technology-classified names. What remains is then held on an equal-weighted basis, meaning each stock gets a similar allocation rather than the largest names dominating by market capitalisation.
That equal-weighting is a structural difference from how the standard Nasdaq-100 operates. As the article intro notes, the Nasdaq-100 itself is weighted by market capitalisation, which concentrates exposure in the biggest companies. Equal weighting spreads allocations more evenly across the remaining constituents, so no single holding crowds out the others.
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Common questions
How do I invest in Nasdaq ETFs in New Zealand?
All nine funds in this list trade on U.S. exchanges, so you access them through a share trading platform that supports U.S. markets. Transactions settle in USD, meaning your NZD converts at the prevailing exchange rate when you buy or sell. It's worth checking how each platform records ownership, since some use nominee or custodial arrangements rather than direct registration.
What are the key risks of Nasdaq ETFs?
Sector concentration is a real factor. Several funds in this list track the Nasdaq-100, which allocates heavily to a small number of large technology companies, so a tech-specific downturn can hit harder than it would in a broader index. Currency movement matters too: these funds hold U.S.-listed securities priced in USD, and currency hedging isn't part of any of the strategies here, so NZD/USD moves flow directly through to the NZD value of the investment. Funds with smaller asset bases can also carry wider trading costs and a higher risk of closure if they don't attract sufficient assets over time.
What's the difference between a market-cap weighted and an equal-weighted Nasdaq ETF?
In a market-cap weighted fund, the biggest companies by total market value take up the most room in the portfolio – a handful of the largest technology names can account for a significant portion of the index. An equal-weighted approach gives each company the same starting weight, which reduces that concentration. The trade-off is that equal-weighted funds need to rebalance more frequently as prices move, which typically means higher portfolio turnover.
Why do the management fees vary so much across these funds?
The MERs in this list run from 0.15% to 0.60%. Funds that track a well-defined index with minimal turnover tend to sit at the lower end. Funds using more complex strategies – such as covered calls or a narrower screen focused on internet companies – carry higher operating costs, and those costs flow through to a higher MER.
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Disclaimer
Past performance is not a reliable indicator of future performance. When you invest, your capital is at risk. You should consider your own investment objectives, financial situation, and particular needs before making an investment decision. The value of your investments can go down as well as up and you may receive back less than your original investment. As always, do your own research and consider seeking appropriate financial advice before investing.
This is not personal financial advice nor a recommendation to invest in the securities listed. Any advice provided by Stake is of general nature only and does not take into account your specific circumstances. Trading and volume data from the Stake investing platform is for reference purposes only, the investment choices of others may not be appropriate for your needs and is not a reliable indicator of performance.
Please refer to hellostake.com/pricing for the fees that apply. When you trade securities priced in another currency, currency conversion fees may apply and movements in the exchange rate may affect your returns.
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This article combines AI and human review from our analysts to bring you accurate, informative investing content at speed. For questions or suggestions, contact stakedesk@stake.com.au.
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