QQQ vs NDQ: How Australians Can Buy Nasdaq-100 Exposure

By Daniel Okafor

Invesco's QQQ charges 0.18% a year. Betashares' ASX-listed NDQ charges 0.48%. That 30-basis-point gap is the first number Australian investors see when they compare the two Nasdaq-100 trackers, and it is often the last number they should weigh alone.

QQQ is not listed on the ASX. Australians can buy it, but only through a broker with US market access. A standard ASX-only account, including on CommSec, will not carry the ticker. The local alternatives are Betashares NDQ and its currency-hedged sibling HNDQ, which trade in Australian dollars during ASX hours.

What is QQQ, exactly?

QQQ is a passively managed ETF listed on Nasdaq since 10 March 1999. It tracks the Nasdaq-100 Index, which holds 100 of the largest non-financial companies on the exchange, weighted by modified market capitalisation, reconstituted annually in December and rebalanced quarterly. Financial firms are excluded by design.

As of 10 November 2026, Invesco's data showed a total expense ratio of 0.18%, about US$464 billion in net assets, 102 holdings and a 30-day average volume of roughly 51 million shares. Invesco, citing Bloomberg, said QQQ was the second-most traded ETF in the United States by average daily volume as of 30 June 2026.

Concentration is the index's defining feature. As of 30 October 2026, the main Australian fund tracking the same index held 57.9% of its portfolio in information technology. HNDQ's largest underlying holdings, as at 11 November 2026, included Apple at 8.4%, Nvidia at 6.8%, Microsoft at 6.3%, Amazon at 4.7% and Micron at 4.1%, excluding cash.

How do you buy QQQ from Australia?

The route requires more paperwork than an ASX trade:

• Open a brokerage account with US market access; check FX conversion fees and US commissions.
• Complete a Form W-8BEN. Without it, a withholding agent may withhold at the statutory 30% rate on US-source dividends.
• Convert Australian dollars to US dollars, paying an FX spread both in and out.
• Place orders during US hours: 1:30 a.m. to 8:00 a.m. AEDT in Sydney in mid-November.
• Keep records of trades, dividends, withholding tax and FX conversions for the Australian tax return.

On small or regular contributions, those currency costs can outweigh the fee saving, the source notes.

What do NDQ and HNDQ offer?

NDQ, launched 26 May 2015, tracks the Nasdaq-100 before fees and is Australian-domiciled. As at 11 November 2026, Betashares reported fees and costs of 0.48% a year, net assets of about A$9.21 billion and a net asset value of A$60.18 a unit, with semi-annual distributions. Betashares states no W-8BEN is needed.

HNDQ, launched 20 July 2020, invests in NDQ and hedges currency back to the Australian dollar. It charged 0.51% a year as at 11 November 2026. Hedging removes one uncertainty and adds another: the hedge has a cost and can be imperfect.

What did the 11 November 2026 session show?

The Cboe Volatility Index closed at 17.49 on 11 November 2026, down about 10.1% from 19.46, according to Yahoo Finance. The Nasdaq Composite rose 1.60% to 25,466.19 and the S&P 500 gained 1.31%, led by AI-linked and semiconductor names. CoreWeave jumped about 25% after raising its 2026 outlook.

The author, JavanshirAcademy, reads that cautiously. "My view on QQQ is neutral with caution over the next one to three months," the analysis states. "The latest fall in the VIX tells me option protection got cheaper. It does not tell me the risk has gone away."

Three arguments support that stance. The rebound rested on one company's results. Implied volatility tends to fall slowly and jump suddenly. And volatility-targeting strategies can mechanically add equity exposure as volatility drops, then reverse when it turns.

What are the risks?

Betashares' NDQ page shows a one-year return of 2.22% and a one-month return of −7.70% to 30 October 2026, after fees, in Australian dollars. Concentration, currency and volatility sit closest to the surface: unhedged Australian investors run the companies and the exchange rate as two positions at once, and US estate tax can arise on US-situs assets, though Australia has an estate-tax treaty with the United States.

Invesco also offers QQQM, a lower-cost, lower-volume US-listed alternative. Leveraged and inverse products are not long-term substitutes. Investors weighing the cheaper headline fee against the all-in cost of US access will need to check current figures with each issuer before acting.