Key Highlights

  • SNAS (ASX:SNAS) aims to deliver geared inverse exposure to the NASDAQ 100 through short futures contracts.
  • The fund's main position is an E-mini Nasdaq 100 futures contract, shown at about 240% of the portfolio.
  • Management fees and costs are 1.00%, with a fund size of $72.04 million.
  • The fund holds five positions, all derivatives and cash.

Global X Ultra Short Nasdaq 100 Complex ETF (ASX:SNAS) traded at $11.22 during the trading session on 30 October 2026, up 6.14%, with 162,961 units traded. SNAS offers exposure in the opposite direction to the Nasdaq 100: when the index falls, the fund is designed to rise, and when it rises, the fund is designed to fall. It achieves that through short futures and cash rather than shares. The fund was admitted to the ASX on 13 July 2020.

Fund Overview

The fund aims to achieve geared inverse exposure to the Nasdaq 100 index within a target range. Fund size is $72.04 million, with 6,815,168 units on issue. ISIN AU0000087736 and fees are 1.00%.

Stock Exposure and Positions

SNAS does not hold Nasdaq 100 shares. Its exposure comes from an E-mini Nasdaq 100 futures contract for December 2026 delivery, which accounts for about 240.15% of the fund. The negative remaining weight of minus 140.16% reflects the leverage built into the futures position.

Because the position is derivative-based, the fund has no sector or country breakdown in the traditional sense. Its economic exposure is the inverse of the Nasdaq 100's own mix of technology and communication stocks, led by the largest index names.

Session Trading

SNAS traded in a day range of $11.01 to $11.24 with a previous close of $10.57 and average daily volume of about 251,663 units during the session.

How the Portfolio Is Built

The fund is built from derivatives rather than shares. It holds short futures on the Nasdaq 100 and cash, with the futures creating the inverse exposure. Because the futures contract size is larger than the fund's net assets, the position is geared, which is why the futures line shows a weight above 200% of the portfolio.

Rebalancing and rolling the futures contract forward are routine parts of the structure. Investors should understand that the stock exposure is indirect: the fund gains when the Nasdaq 100's constituents fall and loses when they rise.

SNAS achieves its inverse exposure by holding short futures contracts with a notional size larger than the fund's cash, which is the source of the gearing. Futures positions are rolled forward as they approach expiry, and the cash balance is used to meet margin requirements.

That structure means the stock exposure is indirect. The fund does not own Nasdaq stocks, but its value responds to the index's daily movements through the futures.

Key Facts

The fund was admitted to the ASX on 13 July 2020 and is benchmarked to the NASDAQ 100 TR USD index. Its ISIN is AU0000087736, and management fees and costs are 1.00% a year. Fund size is $72.04 million, with 6,815,168 units on issue.

What the Exposure Means

SNAS is a specialised instrument for investors wanting inverse exposure to Nasdaq 100 stocks, expressed through geared futures. Its value responds to the index's largest technology and communication names in the opposite direction, which makes it very different from holding Nasdaq stocks outright.