The Nasdaq-100 Index represents, essentially, the largest 100 companies (ex-Financials) listed on the Nasdaq Stock Market. The total market cap of those companies adds to around $31.5 trillion.
The index uses Industry Classification Benchmark (ICB) sector classifications. ICB puts many of the companies in the Tech sector, including Nvidia, Apple, Alphabet and Microsoft, but notably, Tesla and Amazon are included in the Consumer Discretionary sector.
Most of the fund exposures are in ETFs ($587 bln). QQQ and QQQM combined make up nearly 70% of total NDX-benchmarked ETF market capitalization. But there are dozens of other ETFs, including many that use Nasdaq-100 options to add income or protect downside risk and some levered ETFs to provide additional up or downside beta.
Across all NDX products and constituents, the total notional traded on an average day in 2025 was nearly $0.8 trillion. Only around 30% of that liquidity comes from the 100 underlying companies. And of that, Nvidia and Tesla saw outsized impact, with both trading over $30 billion on an average day.
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By Phil Mackintosh, Nasdaq Chief Economist, and Pranay DurejaDerivatives and QIS Index Research, Nasdaq Global Indexes
We recently talked about how the Nasdaq-100 (NDX) ecosystem has changed and expanded in the 40 years
