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US Tech / Nasdaq

Betting on US technology

IntermediateLong termTOB 0.12%

Exposure to the 100 largest tech companies on the Nasdaq. High historical returns but higher volatility than a global ETF.

⚠️ High sector concentration: this fund invests mainly in US tech. Volatility is significantly higher than a global ETF. Exceptional past returns (~13%/year) do not guarantee future performance.

Key facts

TOB0.12%on purchase and sale
Weighted average TER0.33%annual management fees
Securities (~)~100companies worldwide
Historical return~13.2% / yr2005–2025
Reynders taxNot applicable
DividendsAuto-reinvested

Exceptional performance driven by US tech giants. High volatility (-33% in 2022). Past performance is not indicative of future results

Portfolio composition

CNDX100%Acc.

iShares Nasdaq 100 UCITS ETF (Acc)

ISIN: IE00B53SZB19

TER 0.33%View on justETF↗

Average yearly return

Index · EUR · gross · past performance
1 yr
+10.8%
3 yrs
+18.5%
5 yrs
+17.2%
10 yrs
+18.1%

Source: Nasdaq-100 Index (EUR, total return). Annualized returns to end-2025, EUR, gross of Belgian taxes (TOB, précompte mobilier, CGT) and ETF fees (TER). Past performance does not guarantee future results.

Why this strategy?

  • 1The Nasdaq-100 in detail: CNDX replicates the 100 largest non-financial companies listed on the Nasdaq — dominated by Apple, Microsoft, Nvidia, Amazon, Meta, Alphabet. These top 10 values represent ~50% of the index.
  • 20.12% TOB and accumulating fund: dividends automatically reinvested, reduced TOB on purchase and sale.
  • 3Exceptional but volatile historical performance: ~13%/year between 2005 and 2025, but also -33% in 2022 alone. This strategy is for investors with a long horizon and high volatility tolerance.
  • 4Sector concentration: about 65% of the fund is in the technology sector — very strong exposure to a single sector and a single country (United States).

Alternatives & comparisons

EQQQ

Invesco EQQQ Nasdaq-100 UCITS ETF

TER 0.30%TOB 0.12%Dist.
IE0032077012↗

Advantages

  • +Same Nasdaq-100 index
  • +One of the oldest Nasdaq ETFs in Europe (launched in 2002)
  • +Very high liquidity

Disadvantages

  • −Distributing ETF — 30% withholding tax on paid dividends
  • −0.30% TER — slightly higher than CNDX
  • −Distributing = tax-inefficient in Belgium
Verdict : Same index, but distributing = 30% withholding tax on dividends. Prefer CNDX for Belgian tax efficiency.
XNAS

Xtrackers Nasdaq-100 UCITS ETF 1C

TER 0.20%TOB 0.12%Acc.
IE000CNSFAR2↗

Advantages

  • +0.20% TER — lower than EQQQ
  • +Accumulating fund
  • +0.12% TOB

Disadvantages

  • −Lower liquidity than CNDX and EQQQ
  • −More recent, shorter history
Verdict : Good accumulating alternative with intermediate TER if CNDX is not available at your broker.
CSPX

iShares Core S&P 500 UCITS ETF Acc

TER 0.07%TOB 0.12%Acc.
IE00B5BMR087↗

Advantages

  • +Broader US exposure (500 companies vs 100)
  • +Very low TER (0.07%)
  • +Less volatile than the Nasdaq

Disadvantages

  • −Less tech concentration — lower potential returns
  • −Includes financial, energy sectors, etc.
Verdict : If you want US exposure but with less tech sector concentration — an S&P 500 diversifies more for the same total cost.

Tax disclaimer

0.12% TOB on purchase and sale. 10% capital gains tax on annual net gains exceeding the €10,000 exemption — only the excess above this threshold is taxed at 10%. The unused portion of the exemption can be carried forward (maximum €1,000 per year over 5 years), allowing to reach an exemption ceiling of €15,000 in a given year. Accumulating funds: no annual withholding tax on automatically reinvested dividends. Rates used are indicative — past performance does not guarantee future results.
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