AI needs chips, power, copper and machines, and each sits in a different ETF. In the year to 30 September 2026, chips won by a mile: SEMI rose 109%. Copper (WIRE +38%) and AI infrastructure (AINF +28%) also beat NDQ (+17%). Uranium (URNM −15%) and defence tech (DTEC −18%) fell. Most of these funds share almost nothing with NDQ.
The idea: own what AI consumes
The easy way to invest in AI is to buy the Nasdaq. NDQ is the largest technology ETF on the ASX at $9.5 billion, and its top holdings are Apple, NVIDIA, Microsoft and Alphabet. But those companies are largely the customers of the AI build-out. They are spending hundreds of billions on data centres, and that money flows to suppliers that NDQ barely owns:
- Chips to train and run AI models.
- Electricity and grid equipment to power data centres.
- Copper and critical minerals for cabling, cooling and batteries.
- Uranium, as nuclear power is pitched as a steady, low-carbon supply for data centres.
- Robots, AI in physical form.
- Cybersecurity and defence tech, to protect and apply it.
If you are just starting out, our step-by-step guide on how to invest in the AI boom explains how much AI your existing ETFs already hold. This article maps everything else.
The scoreboard
The AI supply chain, ranked by 1-year return
Over three years the picture is broader. Chips still lead by far, but copper, cybersecurity and critical minerals each roughly doubled, ahead of NDQ.
What $10,000 grew to over three years
Layer by layer: every fund
| ETF | Fee | Size | 1 year | 3 years (a year) |
|---|---|---|---|---|
| Chips | ||||
| SEMI Global X | 0.45% | $1.1bn | +109.0% | +56.9% |
| SMHG VanEck | 0.35% | $5m | new, August 2026 | |
| ASIA Betashares | 0.67% | $1.5bn | +55.4% | +43.5% |
| AI software | ||||
| GXAI Global X | 0.57% | $284m | +24.8% | n/a |
| CLDD Betashares | 0.67% | $42m | +12.3% | +11.6% |
| Power, grid, copper | ||||
| AINF Global X | 0.57% | $202m | +27.5% | n/a |
| WIRE Global X | 0.65% | $916m | +38.1% | +31.0% |
| XMET Betashares | 0.69% | $140m | +26.2% | +25.8% |
| CPPR Global X | 0.39% | $17m | new, April 2026 | |
| Uranium | ||||
| URNM Betashares | 0.69% | $324m | −15.0% | +3.5% |
| ATOM Global X | 0.69% | $136m | −18.9% | +13.5% |
| URAN VanEck | 0.59% | $14m | new, October 2025 | |
| Robotics | ||||
| ROBO Global X | 0.69% | $323m | +17.6% | +14.8% |
| RBTZ Betashares | 0.57% | $294m | −4.9% | +9.6% |
| HMND Global X | 0.57% | $6m | new, March 2026 | |
| Cybersecurity | ||||
| HACK Betashares | 0.67% | $1.7bn | +25.8% | +27.0% |
| BUGG Global X | 0.47% | $25m | +20.4% | +19.6% |
| Defence tech | ||||
| DTEC Global X | 0.50% | $112m | −17.5% | n/a |
Total returns to 30 September 2026; 3-year figures per year. Source: TMX Australia monthly funds report.
Chips: the clear winner so far
SEMI holds 30 semiconductor companies, with NVIDIA, Micron, TSMC, AMD and Broadcom each about 10%, plus SK hynix and ASML. It returned 352% over five years. SMHG is a newer, cheaper alternative at 0.35% that holds more Asian chip makers, including Samsung. Asian funds such as ASIA and IKO rode the same wave through TSMC, Samsung and SK hynix; our Asia and emerging markets guide covers that side. Compare SEMI vs SMHG.
Power, grid and copper: the picks and shovels
A large AI data centre can use as much electricity as a small city, and it needs a great deal of copper. AINF is built around this: about 29% utilities, 25% materials (copper miners such as Southern Copper, Freeport and Teck) and the rest in network and electrical equipment makers such as Arista, Amphenol, Schneider Electric and ABB.
NDQ, SEMI and AINF own very different businesses
WIRE is a pure copper miners fund, about 40 companies including Teck, Hudbay, Southern Copper, BHP and Freeport. XMET spreads across copper, lithium and rare earths, including Lynas. Miners swing with commodity prices: WIRE fell 5.7% and XMET 10.5% in September alone. See also GDX vs WIRE and the critical minerals ETFs page.
Uranium: a long-term story, a hard year
Nuclear power has been promoted as a reliable supply for data centres, and uranium funds rallied on that idea. But in the year to 30 September 2026 URNM fell 15% and ATOM 19%, and both dropped more than 9% in September. They are quite different funds, only about 20% the same: URNM is concentrated in miners and physical uranium (Sprott Physical Uranium, Cameco, NexGen and Kazatomprom make up about 57%), while ATOM spreads wider into nuclear technology and engineering. Compare URNM vs ATOM or browse the uranium ETFs page.
Robotics, cybersecurity and defence tech
- Robotics. ROBO (79 holdings, small equal-ish weights) beat RBTZ (more concentrated, about a third Japanese, led by Intuitive Surgical, Keyence and FANUC) by more than 22 points last year. They overlap by only 27%. Compare ROBO vs RBTZ.
- Cybersecurity. HACK ($1.7 billion, led by CrowdStrike, Palo Alto and Cisco) has doubled over three years. BUGG is cheaper at 0.47%. See HACK vs BUGG and the cybersecurity ETFs page.
- Defence tech. DTEC's biggest holding is Palantir, an AI software company, but most of the fund is traditional defence contractors. Our DFND vs ARMR vs DTEC comparison explains why all three defence funds fell.
How much do these overlap with NDQ?
Most AI supply chain funds add something new
That is useful diversification, but it is also a different kind of risk. Copper and uranium funds move with commodity prices and mining costs, not with Microsoft's earnings.
Putting it together
None of these funds is a core holding. For most portfolios they are satellites, each a few per cent, held beside a broad core of Australian and global shares. Some investors pick one layer they understand best. Others spread across two or three layers, such as chips plus power and copper, so they are not relying on a single link in the chain. Every fund here is unhedged, charges 0.35 to 0.69%, and has shown it can fall 15 to 20% in a year.
To see how these themes ranked against gold, crypto, healthcare and clean energy, read every theme ETF on the ASX. Or browse the AI and robotics and technology ETFs pages.
Compare SEMI, AINF, WIRE and URNM side by side →
Common questions
What is the best performing AI ETF on the ASX?
SEMI, the Global X Semiconductor ETF, returned 109% in the year to 30 September 2026 and about 57% a year over three years. Past returns do not predict future ones, and a fund that concentrated can fall just as sharply.
Is there a copper ETF on the ASX?
Yes. WIRE (Global X Copper Miners, 0.65%) is the largest at $916 million and rose 38% last year. CPPR is a newer, cheaper pure-play copper miners fund at 0.39%. Both hold mining shares, not physical copper.
Why did uranium ETFs fall when AI is booming?
The data shows the falls, not the cause. Uranium prices and mining shares can move on supply news, policy and sentiment regardless of AI demand. URNM fell 15% and ATOM 19% in the year to 30 September 2026.
Does NDQ hold chip companies?
Yes, including NVIDIA, Micron, AMD and Broadcom, but only about 28% of SEMI overlaps with NDQ, because SEMI also holds companies outside the Nasdaq 100, such as TSMC and SK hynix.
Joshua Stega is a financial adviser with 20 years' experience and the founder of ETF Adviser. He built ReviewETF to make every Australian ETF easy to find and compare.
General information only. It does not take into account your objectives, financial situation or needs. Consider the PDS and TMD before investing. Past performance is not a reliable indicator of future performance. Data as at 30 September 2026.