Best Nasdaq 100 ETF : live comparison and overlap analysis
Which Nasdaq 100 ETFs are available in Europe ? Comparison of funds (CNDX, PANX, PUST, NDXH), overlap with an S&P 500 ETF, EUR/USD hedging, sector selectivity, FAQ.
The Nasdaq 100 index in brief
The Nasdaq 100 tracks the 100 largest non-financial capitalizations listed on the NASDAQ. Designed in 1985, it has become the flagship US tech index : Apple, Microsoft, NVIDIA, Amazon, Alphabet, Meta, Tesla and Broadcom are top constituents.
Weighting is by adjusted capitalization, with a cap mechanism triggered quarterly to prevent any single stock from exceeding roughly 24%. Despite this cap, the technology sector (Information Technology plus Communication Services per GICS) accounts for around 60% of the index.
This sector concentration distinguishes the Nasdaq 100 from the S&P 500 : while the S&P 500 is pulled by tech, the Nasdaq 100 is defined by it. Consumer staples, industrials and healthcare are under-represented or absent.
Comparison of available Nasdaq 100 ETFs
Data from our live database. The displayed TER is the annual management cost ; AUM represents assets under management.
| Ticker | Issuer | TER | Distribution | PEA |
|---|---|---|---|---|
| PANX Amundi PEA US Tech Screened UCITS ETF Acc | Amundi | 0.30 % | Accumulating | PEA |
| PUST Amundi PEA Nasdaq-100 UCITS ETF Acc | Amundi | 0.30 % | Accumulating | PEA |
| NDXH Amundi Nasdaq-100 Swap UCITS ETF EUR Hedged Acc | Amundi | 0.30 % | Accumulating | PEA |
| CNDX iShares NASDAQ 100 UCITS ETF USD (Acc) | BlackRock | 0.33 % | Accumulating | — |
Nasdaq 100 ETF rankings
Descriptive rankings computed on live data : fund size (assets under management) and listed fees (TER). Each criterion tells a different story : the largest is not always the cheapest.
Largest by AUM
Ranked by assets under management
- 1CNDX21.2 B€
iShares NASDAQ 100 UCITS ETF USD (Acc)
- 2981 M€
- 3415 M€
Nasdaq 100 and S&P 500 : near-total overlap
The 100 Nasdaq 100 stocks are, almost entirely, already in the S&P 500 (exceptions are rare, such as Booking Holdings or AstraZeneca depending on the period). Weighted overlap between a Nasdaq 100 ETF and an S&P 500 ETF frequently exceeds 55%.
Combining the two therefore does not bring diversification : it is a deliberate over-weight of US tech. Our simulator helps quantify this over-exposure precisely for two ETFs of your choice.
Overlap between ETFs tracking the Nasdaq 100
When several ETFs track the same index, their overlap is mechanically very high. The matrix below computes the real overlap from current holdings (with physical proxy resolution for PEA-eligible synthetic ETFs).
Criteria to differentiate them
When overlap between two ETFs tracking the same index exceeds 95%, the following criteria become the actual differentiators.
Listed TER and compounded cost
Total Expense Ratio is deducted yearly from the fund's assets. Over 20 years, the gap between a 0.07% and 0.38% TER represents several thousand euros on a €50,000 investment, all else being equal.
Replication method
Physical replication directly holds the index securities. Synthetic replication uses a swap : a counterparty commits to deliver the index performance. Synthetics are required to make non-EU equity ETFs eligible for the French PEA.
PEA eligibility and proxy mechanism
A PEA-eligible synthetic ETF holds European equities (to satisfy the PEA quota) and receives the target index performance via swap. To compute real overlap, our tool resolves each synthetic to its reference physical ETF tracking the same index.
AUM and liquidity
High AUM (above €500M) typically ensures tight bid/ask spreads and a low fund closure probability. Very small ETFs (below €50M) carry a liquidation risk.
Listing currency and distribution policy
An ETF listed in USD with an EUR/USD hedge has an implicit hedging cost. A distributing (D) ETF pays dividends to the cash account ; an accumulating (C) ETF reinvests them automatically. Within the French PEA the taxation is unaffected ; in a standard brokerage account distribution triggers withholding tax.
Per tax wrapper
In PEA (French tax wrapper)
PEA-eligible Nasdaq 100 ETFs (PANX, PUST) are synthetic : they hold a basket of European equities and sign a swap to deliver Nasdaq 100 performance. It is one of the few ways for a PEA holder to access pure US tech performance.
Beware : a Nasdaq 100 ETF added to an MSCI World or S&P 500 ETF in the same PEA creates mechanical 50% to 70% overlap. The marketed diversification is largely illusory.
In a standard brokerage account
In a standard brokerage account, Irish physical Nasdaq 100 ETFs (CNDX) replicate the index by directly holding the 100 securities. Typical TER : 0.30% to 0.33%.
EUR-hedged versions (NDXH) cover currency risk but add a cost that can exceed 1% per year during EUR/USD interest rate divergence. Hedging is rarely a long-term winner relative to unhedged exposure.
Our Nasdaq 100 podium
Multi-criteria global ranking on 7 weighted criteria : TER, AUM, share price, 1Y performance vs peers, replication vs index, accumulating vs distributing, track record. Methodology detailed at the bottom of the block.
Amundi Nasdaq-100 Swap UCITS ETF EUR Hedged Acc
Amundi PEA US Tech Screened UCITS ETF Acc
Amundi PEA Nasdaq-100 UCITS ETF Acc
Ranking methodology
Global score out of 100 computed from 7 weighted criteria, aggregated from the ETF Overlap live database. Synthetic and physical ETFs are scored on the same grid.
- TER (30%) : lower is better, normalized on the range observed for this index.
- AUM (25%) : assets under management, log scale to avoid crushing mid-sized ETFs.
- Track record (10%) : number of years since launch, normalized.
- Share price (10%) : lower is better. A low unit price (e.g. €5 for WPEA vs €640 for CW8) makes regular investments (DCA) easier and reduces order rounding friction.
- 1Y performance vs peers (10%) : 12-month gross performance ranked across all ETFs tracking the same index. Top performer scores 100, lowest scores 0. Computed from closing prices in our base.
- Replication vs index (10%) : distance to the pool median performance, used as a proxy for the index return. An ETF whose return drifts significantly above or below the median reflects looser replication (hedging, aggressive sampling, hidden costs). 100 = on median, 0 = maximum observed deviation.
- Accumulating vs distributing (5%) : 100 for accumulating ETFs (acc), 0 for distributing (dist). Accumulating reinvests dividends automatically and avoids annual dividend taxation in standard brokerage accounts.
This ranking is a multi-criteria synthesis, not a personalized recommendation. It depends on the freshness of AUM, TER, price and performance data in our base.
Frequently asked questions
What is the difference between Nasdaq 100 and NASDAQ Composite ?
The Nasdaq 100 contains the 100 largest non-financial capitalizations listed on the NASDAQ. The NASDAQ Composite contains all NASDAQ-listed securities (over 3,000), including small caps and financial stocks. European ETFs almost exclusively replicate the Nasdaq 100, which is more accessible and more liquid.
Does a Nasdaq 100 ETF overlap with an S&P 500 ETF ?
Largely yes. The 100 Nasdaq 100 stocks are almost all included in the S&P 500 (which holds 500). Weighted overlap reaches 50% to 70% depending on capitalization variations. Our simulator computes the exact overlap between two specific ETFs. Combining the two further concentrates the portfolio on US tech.
Does the Nasdaq 100 include all tech stocks ?
No. The Nasdaq 100 explicitly excludes financial companies (insurance, banking, narrow fintech), but includes non-tech companies listed on NASDAQ (PepsiCo, Costco, Mondelez, Starbucks…). Conversely, tech leaders listed on NYSE such as IBM or Oracle are not in the index.
PANX, PUST, CNDX : what practical difference ?
CNDX is an Irish iShares physical ETF listed in USD, accessible in standard brokerage accounts. PANX (Amundi) and PUST (Invesco) are PEA-eligible synthetic ETFs. Their mutual overlap exceeds 99% since they track the same index. The differentiator lies in TER, AUM, listing currency and distribution policy.
Why does the Nasdaq 100 cap certain stocks ?
Without capping, a mega-cap like Apple or Microsoft could weigh over 25% of the index, posing a regulatory diversification issue for UCITS funds (10%/40% limits). The cap, triggered quarterly, brings the top position around 24% and redistributes the excess to other components.
Is the Nasdaq 100 riskier than an MSCI World ETF ?
Historically, Nasdaq 100 volatility is 5 to 10 points higher than MSCI World volatility. Its sector concentration (tech, communication) explains most of this gap : during a tech downturn (like 2000-2002 or 2022), declines tend to be sharper. Conversely, tech bull phases amplify its performance.
Check your ETF overlap
Enter two tickers to instantly see their overlap.
e.g. VWCE, CSPX, IWDA, EIMI…
More guides