U100 ETF Australia: Global X's US Giants ETF Explained

🇺🇸 What is U100?🔗

🎯 The essential: U100 is the Global X US 100 ETF, issued by Global X Management (AUS) Limited, part of the global Mirae Asset group. It tracks the Global X US 100 Index, giving you 100 of the largest innovative US companies from both the NYSE and the Nasdaq in a single ASX-listed ticker.

The index is constructed by Mirae Asset Global Index and selects the 100 largest innovative companies listed on US exchanges, weighted by market capitalisation. Think of it as a concentrated slice of the biggest names in American business.

U100 launched on 21 August 2023, so it has just over three years of live performance history as of mid-2026, which is worth keeping in mind. It is domiciled in Australia as a managed investment scheme, so it falls under Australian regulatory and tax rules. As at 27 August 2026 the fund had assets under management of roughly $103 million (source: Global X fund page, subject to change).

🔍 What's inside U100?🔗

The fund holds 100 large US companies, rebalanced quarterly. The top 10 holdings as at 28 August 2026 are below, and they are subject to change, so always check the Global X fund page for current data.

The top 10 alone account for roughly 55% of the fund. That is a lot of eggs in a small number of baskets, and most of those baskets are in tech. By sector, semiconductors make up around 34%, packaged software around 23%, internet software and services around 14%, telecommunications equipment around 13% and internet retail around 7% (source: Global X fund page, subject to change).

The concentration is the point. U100 is not trying to be a broad market fund. It is deliberately tilted toward the largest, most innovative US companies, and right now that means semiconductors and software dominate. When mega-cap US tech runs hot, U100 tends to run with it. When the sector corrects, U100 corrects hard. NVIDIA alone sits above 11% of the fund, so a rough quarter for one stock is felt across the whole holding. That is not a criticism, just the reality of what you are buying.

🏷️ The management fee🔗

That said, fee alone is not the whole story. The two funds track different indices, have different track records and are run by different managers, so the comparison below is worth reading before you decide.

🥊 U100 vs NDQ🔗

This is the question most people are actually asking. Here is a fair side-by-side. It is not a recommendation either way.

The index difference is the key one. NDQ tracks the Nasdaq-100, the 100 largest non-financial companies listed specifically on the Nasdaq. U100 tracks the Global X US 100 Index, which pulls the 100 largest innovative companies from both the NYSE and the Nasdaq, so it can include NYSE-listed names that NDQ cannot. In practice the overlap is very high, and both are dominated by the same mega-cap tech names, but they are not identical and will not always perform identically. NDQ has been running since 2015, so it has a decade of live data. U100 launched in August 2023 and does not, at least not yet. The fee gap is real and favours U100, but cheaper does not automatically mean better.

💱 Currency risk🔗

U100 is unhedged. The fund holds US-listed companies priced in US dollars, but your units are priced in Australian dollars, so the AUD/USD exchange rate directly affects your returns. If the Australian dollar falls against the US dollar, your U100 units are worth more in AUD terms even if the underlying stocks have not moved, which lifts your returns. If the AUD rises, the opposite happens and it drags on returns.

This cuts both ways. Over the past decade a weaker Australian dollar has generally been a tailwind for unhedged US funds, but that is not guaranteed to continue. U100 does not offer a hedged share class, so if you want to remove that currency variable our hedged vs unhedged guide is worth a read.

🪙 Distributions and tax🔗

U100 pays distributions semi-annually, twice a year. Global X has reported a 12-month yield figure above 12% (source: Global X fund page, subject to change), but that needs unpacking. The figure includes all distribution components, not just income from dividends, and it can include capital gains distributions from the fund's rebalancing. The yield can be lumpy and will vary from year to year, so do not treat it as a reliable income stream in the way you might a bond or a term deposit.

On tax, a few points worth knowing (general information only, not tax advice). As an Australian-domiciled fund, U100 falls under Australian tax rules. US-sourced dividends are subject to US withholding tax before they reach the fund, which then passes the net amount to you. You declare distributions in your Australian tax return using the statement Global X provides. If you sell your units, any gain is a capital gains tax event, and holding for at least 12 months may make you eligible for the 50% capital gains tax discount as an individual. Keep good records and speak to a registered tax agent about your own situation.

🛒 How to buy U100🔗

U100 trades on the ASX under the ticker U100 during normal trading hours, and you buy it through any standard ASX brokerage account such as CommSec, SelfWealth, Stake or Pearler. Place a market order or a limit order, just as you would for any ASX-listed share or ETF. Check the fund page for the latest net asset value before you buy, so you have a sense of fair value versus the live market price.

❓ Frequently asked questions🔗