Key Highlights

  • U100 (ASX:U100) holds 102 Nasdaq-style US companies, with Nvidia at 10.72% and Apple at 9.52%.
  • LNAS (ASX:LNAS) gives geared long exposure through futures, with a futures position of about 228%.
  • SNAS (ASX:SNAS) gives geared inverse exposure through short futures, with a futures position of about 240%.
  • Management fees are 0.18% for U100 and 1.00% for both LNAS and SNAS.

Three ASX-listed funds give Australian investors different ways to take a view on the Nasdaq 100. U100 (ASX:U100) traded at $16.13 during the trading session on 30 October 2026, down 2.06%. LNAS (ASX:LNAS) traded at $11.05, down 6.27%, and SNAS (ASX:SNAS) traded at $11.22, up 6.14%. The three span an unlevered holding, a geared long position and a geared inverse position.

U100: Owning the Nasdaq 100 Mega Caps

U100 holds 102 companies, with technology at 65.15% of sector weights. Its largest holdings are Nvidia (10.72%), Apple (9.52%) and Microsoft (7.46%), and the top ten make up 54.38%. The United States accounts for 95.75% of exposure. Fund size is $103.95 million and fees are 0.18%.

LNAS: Geared Long Exposure

LNAS takes its stock exposure through an E-mini Nasdaq 100 futures contract at about 228% of the fund, with cash offsetting the borrowing. Technology makes up 60.23% of the underlying sector mix. Fund size is $77.17 million and fees are 1.00%. The fund does not state an annual yield.

SNAS: Geared Inverse Exposure

SNAS takes its exposure through short E-mini Nasdaq 100 futures, with the position at about 240% of the fund. It holds no Nasdaq shares directly. Fund size is $72.04 million and fees are 1.00%. The fund does not state an annual yield.

Comparing the Stock Exposure

U100 owns the stocks, so its holdings move with the Nasdaq 100's largest companies. LNAS and SNAS reach the same companies through futures, with LNAS moving in the same direction as the index and SNAS in the opposite direction. The three therefore share the same stock universe but express it in very different ways.

Fund Facts Compared

SNAS: admitted 13 July 2020, benchmark NASDAQ 100 TR USD, fees 1.00%; U100: admitted 23 August 2023, benchmark Global X US 100 NR USD, fees 0.18%; LNAS: admitted 13 July 2020, benchmark NASDAQ 100 TR USD, fees 1.00%.

Which Nasdaq 100 Exposure Fits

U100 gives a direct stock holding in the index's largest names, LNAS a geared version in the same direction and SNAS a geared version in reverse. The three products share one stock universe but differ sharply in how much of it they hold and which way it pulls the fund.