ATEC vs NDQ: Australian Tech vs Nasdaq ETF (2026)

Quick answer: ATEC and NDQ are both BetaShares tech ETFs with the same 0.48% fee, but they're very different investments. ATEC holds Australian-listed "technology" companies, many of them online classifieds, software and service businesses: Computershare, Xero, Pro Medicus, TechnologyOne, Carsales, REA and WiseTech. NDQ holds the 100 largest Nasdaq companies, led by NVIDIA, Apple and Microsoft. To 30 September 2026, ATEC returned −33.3% over one year and −1.4% a year over five; NDQ returned 17.5% and 16.7% a year.

ATEC and NDQ side by side

	ATEC	NDQ
What it holds	ASX-listed technology companies (S&P/ASX All Technology Index)	100 largest non-financial companies on the Nasdaq
Management fee	0.48%	0.48%
Fund size	A$564m (16 Oct 2026)	A$9.45b (15 Oct 2026)
Largest holdings	Computershare 10.5%, Xero 8.5%, Pro Medicus 8.0%, TechnologyOne 7.9%, Carsales 7.6%	NVIDIA 8.2%, Apple 7.7%, Microsoft 6.1%, Micron 4.4%, Amazon 4.2%
Currency	Australian companies, no currency effect	US companies, unhedged

Sources: BetaShares ATEC page, BetaShares NDQ page.

Returns

	1 year	3 years (p.a.)	5 years (p.a.)
ATEC	−33.28%	4.85%	−1.40%
NDQ	17.45%	24.40%	16.74%

To 30 September 2026, after fees (ATEC, NDQ). Past returns don't predict future returns.

5-year return to 30 September 2026 (% p.a.)

ATEC (Australian tech)-1.4% p.a.

NDQ (Nasdaq 100)16.74% p.a.

Why the gap is so large

Different kinds of "tech". ATEC's index covers ASX companies classified as technology, plus tech-enabled businesses. Its sector split is 55.3% information technology, 18.1% communication services, 10.9% industrials, 10.7% health care and 5.0% financials. In practice that means share registries (Computershare), accounting and enterprise software (Xero, TechnologyOne), logistics software (WiseTech), medical imaging software (Pro Medicus), data centres (NextDC) and online marketplaces (Carsales, REA, Seek). NDQ is dominated by the global platforms and chipmakers that have driven most of the US market's gains.

Valuation risk. Many of ATEC's holdings are growth companies priced on expectations of future earnings. When those expectations or interest rates move against them, prices can fall sharply, as they did over the year to September 2026.

Concentration. Both funds lean on a handful of names. ATEC's top 10 make up about 73% of the fund. NDQ's top five alone are about 30%.

Currency. NDQ's returns are in Australian dollars but its companies are priced in US dollars, so a falling Australian dollar adds to its returns. ATEC has no currency effect.

Which suits which investor

NDQ if you want exposure to the large US technology platforms. It's the more established and much larger fund. Our Nasdaq ETF comparison covers NDQ against its alternatives.
ATEC if you specifically want Australian tech companies, perhaps because you already hold plenty of US tech through VGS, IVV or NDQ, and you accept a concentrated, volatile local sector fund.
Neither as a core holding. Both are sector funds. A broad Australian fund such as VAS already holds most of ATEC's larger companies, and a global fund such as VGS already holds NDQ's. Check the overlap before adding either; how many ETFs should you hold explains how.

Use the ETF Calculator to see how a small sector position changes your portfolio's long-run outcome.

Tax

Both are Australian-domiciled. ATEC distributions may carry some franking credits from Australian companies; NDQ's are mostly foreign income. Gains on sale use the 50% CGT discount for gains up to 30 June 2027 (units held over 12 months), then indexation with a 30% minimum rate under the 2027 CGT changes. See the Capital Gains Tax Calculator.

Frequently asked questions

What does the ATEC ETF hold?

ASX-listed technology and tech-enabled companies tracking the S&P/ASX All Technology Index. Its largest holdings in October 2026 were Computershare, Xero, Pro Medicus, TechnologyOne, Carsales, Codan, REA Group, WiseTech Global and NextDC.

Is ATEC or NDQ better?

They do different jobs at the same 0.48% fee. NDQ holds the 100 largest Nasdaq companies and returned 16.7% a year over the five years to September 2026. ATEC holds Australian tech companies and returned −1.4% a year over the same period. NDQ is the broader, larger fund; ATEC is a concentrated bet on local tech.

Why has ATEC fallen?

ATEC returned −33.3% in the year to 30 September 2026. Many of its holdings are growth companies priced on expected future earnings, which tend to fall sharply when growth expectations or interest rates move against them. Its top 10 holdings make up about 73% of the fund.

Does VAS already hold ATEC's companies?

Mostly, yes. Large companies such as Computershare, Xero, Pro Medicus, REA Group and WiseTech are in the ASX 300, which VAS tracks, although at smaller weights than in ATEC.

Related calculators and guides

This article is for general information only and does not constitute financial, tax or legal advice. Individual circumstances vary. Consult a registered tax agent or licensed financial adviser before making decisions based on this information.