For broad US tech and growth, NDQ is the largest at $9.5 billion and U100 is the cheapest Nasdaq 100 fund at 0.18%. The standout sub-theme was semiconductors: SEMI returned +109% over the year to 30 September 2026. Australian tech (ATEC) fell 33%. Before adding any tech ETF, check your global fund: technology is already 30% of VGS, and NDQ shares 40% of its holdings with it.
Check what you already own
Technology has driven most of the global share market's gains over the past decade, so a broad global fund is already a big tech fund. Information technology is 30.2% of VGS, and its top holdings are NVIDIA, Apple, Microsoft and Alphabet.
How much of a tech ETF you may already own
If you hold IVV, more than half of NDQ is already in your portfolio. Adding NDQ on top raises your bet on the same handful of giants, rather than adding something new. Sub-themes like cybersecurity overlap far less. Read more in the ETF concentration problem.
The four buckets of tech ETFs
- Nasdaq core. The 100 largest non-financial companies on the Nasdaq exchange, or a concentrated "FANG" basket. The default way to tilt towards US tech and growth. NDQ, HNDQ, U100, FANG.
- Global technology sector. Pure technology companies worldwide, without Amazon or Tesla. TECH, VTEK.
- Sub-themes. One slice of tech: chips, cybersecurity, cloud, robotics or AI. SEMI, HACK, BUGG, CLDD, RBTZ, ROBO.
- Regional tech. Asian chip makers and platforms, or ASX-listed software. ASIA, ATEC.
A huge spread between the winners and losers
Bucket 1: the Nasdaq core
| ETF | What it holds | Fee | Size | 1 year | 5 years (a year) |
|---|---|---|---|---|---|
| NDQ | Nasdaq 100 | 0.48% | $9.5bn | +16.6% | +15.3% |
| HNDQ | Nasdaq 100, hedged | 0.51% | $1.0bn | +22.3% | +13.1% |
| U100 | Nasdaq 100 style | 0.18% | $0.1bn | +12.8% | n/a |
| FANG | 10 US tech giants | 0.35% | $1.8bn | +10.6% | +20.9% |
Total returns to 30 September 2026; 5-year figures are per year. Source: TMX Australia monthly funds report.
NDQ is the default: 100 companies, very easy to trade, and +104.1% over five years. U100 offers similar exposure for well under half the fee, though it is far smaller and its index is not identical. HNDQ removes the currency effect, which helped over the past year as the Australian dollar rose. FANG holds just ten stocks in roughly equal weights, from Palantir to Meta, which made it the best five-year performer and also the most concentrated. Compare NDQ vs HNDQ, NDQ vs FANG and FANG vs FHNG.
How much rides on NVIDIA, Apple and Microsoft
Bucket 2: global technology
TECH picks about 40 tech companies it rates as attractively priced, so its biggest holdings are only around 4% each and include names like Cognizant and Autodesk. That diversification has cost it: +46.4% over five years, well behind NDQ. VTEK, launched by Vanguard in March 2026, tracks the whole global tech sector for 0.23% a year, with NVIDIA, Apple and Microsoft at more than a third of the fund. A hedged version, VTKH, is also available. See ASIA vs TECH and MOAT vs TECH.
Bucket 3: sub-themes
- Semiconductors. SEMI holds 30 chip companies including NVIDIA, Micron, TSMC and AMD. It returned +109.0% in a year and +352.0% over five, turning $10,000 into about $45,200. Chip stocks are also among the most cyclical in the market and have fallen 40% or more in past downturns. See VGS vs SEMI and SEMI vs SMHG.
- Cybersecurity. HACK ($1.7 billion) holds CrowdStrike, Palo Alto Networks, Cisco and Fortinet, and returned +102.5% over five years. BUGG is cheaper at 0.47% vs 0.67%. Compare HACK vs BUGG or browse the cybersecurity ETFs page.
- Robotics and AI. ROBO returned +17.6% over the year, but RBTZ fell 4.9% and is slightly negative over five years. Newer AI funds such as GXAI and AINF have only short records. See ROBO vs RBTZ and the AI ETFs page.
- Cloud. CLDD is roughly flat over five years, a reminder that a popular theme does not guarantee returns.
Bucket 4: Asian and Australian tech
ASIA holds 50 Asian tech companies, led by SK hynix, Samsung and TSMC, and returned +55.4% over the year and +124.8% over five. It adds chip makers and Chinese platforms that US-focused funds miss. Compare ASIA vs VAE.
ATEC holds ASX-listed tech, including Computershare, Pro Medicus, Xero, WiseTech and REA Group. It fell 33.0% over the year and is down 5.5% over five years. Australian tech is a small, concentrated corner of the market, and a few company results can move the whole fund. See IOZ vs ATEC.
What $10,000 grew to by September 2026
Fees, risks and how investors use them
- Fees. Broad Nasdaq funds cost 0.18% to 0.51%; themes 0.45% to 0.69%. On $100,000 over 20 years, NDQ's 0.48% costs about $33,300 against $12,800 for U100, assuming 7% a year before fees.
- Concentration. Three companies make up a fifth to a third of most Nasdaq and tech funds.
- Valuation and drawdowns. Tech fell sharply in 2022. Past winners can stall for years.
- Currency. Unhedged funds rise and fall with the Australian dollar.
Many investors treat a Nasdaq fund as a growth tilt alongside a broad global fund, and keep narrow themes like chips or cybersecurity to small satellite positions. If you are drawing an income in retirement, remember that tech funds pay little in distributions. For more ideas, see how to invest in the AI boom with ASX ETFs, or browse every fund on the technology ETFs page.
Compare tech ETFs side by side →
Common questions
What is the best Nasdaq ETF in Australia?
NDQ is the largest and most traded at $9.5 billion, with +104.1% over five years to 30 September 2026. U100 offers similar exposure for 0.18% vs 0.48%. HNDQ is the currency-hedged version. They suit different priorities: size, cost or currency.
Should I hold NDQ and VGS together?
They share about 40% of their holdings, and IVV and NDQ share about 53%. Holding both increases your weight in the largest US tech companies. That suits investors who want a deliberate growth tilt, not those seeking extra diversification.
Is there a semiconductor ETF on the ASX?
Yes. SEMI from Global X holds 30 chip companies and returned +109.0% over the year to 30 September 2026. SMHG from VanEck is a newer option. Chip stocks are highly cyclical, so both can fall sharply.
Why did ATEC fall so much?
ATEC holds about 40 ASX-listed tech companies, led by Computershare, Pro Medicus, Xero and WiseTech. It fell 33.0% in the year to 30 September 2026 as several of its largest holdings fell. A handful of company results can move the whole fund.
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.