US100 is a CFD instrument based on Nasdaq-100 futures contract. It tracks the performance of the Nasdaq-100 Index, which includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market. Quoted in US dollars (USD) and measured in index points, this benchmark is heavily weighted toward technology tech stocks such as Nvidia, Alphabet or Apple and corporate innovation leaders. 

Investors and market participants access the Nasdaq 100 through financial instruments such as index-tracking ETF products, or CFD, leveraged and risky instruments like US100. Understanding how this index operates helps market participants navigate its liquidity, market structure, and overall price movements.

Key Takeaways

• US100 entity: The instrument represents the most active futures contract based on the Nasdaq-100 index, which tracks 100 of the largest non-financial constituents on the Nasdaq Stock Market.
• Price drivers: Corporate earnings from mega-cap tech stocks, Federal Reserve interest rate decisions, macroeconomic data and changes in investors sentiment or positioning drive overall price movements.
• Exposure options: Market participants gain market exposure to Nasdaq 100 via index-tracking ETF funds, futures contracts, or leveraged CFD instruments such as US100.

Data Block — US100 (Nasdaq-100)

• Full Instrument Name: US100 (based on the most active futures contract on Nasdaq 100)
• Ticker / Symbol: US100 
• Asset Class: CFD instrument 
• Listing Market / Exchange: Nasdaq Stock Market (underlying stocks); calculated and published by Nasdaq, Inc.
• Quote Currency: USD
• Trading Unit: Index points
• Futures Exchange: CME (E-mini Nasdaq-100 / Micro E-mini Nasdaq-100) 
• Price Drivers: Mega-cap technology earnings, technology breakthroughs and trends, Federal Reserve interest rates/monetary policy, equity risk sentiment, US macroeconomic data
• Exposure Types: Index-tracking ETF / Index futures / Index CFD
• Methodology / Provider: Nasdaq, Inc.; modified market capitalization weighting, periodic rebalancing 
• Inception Year: 1985 (base value) 

What is the US100 (Nasdaq-100)?

US100 is the trading symbol for the CFD contract based on Nasdaq-100 index futures, a benchmark tracking 100 of the largest non-financial companies listed on the Nasdaq stock exchange, quoted in USD in index points. The Nasdaq 100 is calculated and published by Nasdaq, Inc., serving as one of the primary equity gauges for global financial markets. 

While the underlying equities trade on the Nasdaq Stock Market, financial brokers display the price using specific quote symbols such as: US100, NAS100, NDX or US Tech 100. Market participants frequently encounter different symbols depending on the charting software or brokerage platform they use. These varying acronyms represent the exact same underlying basket of non-financial equity holdings.

The Nasdaq-100 differs fundamentally from broader market indices like the Nasdaq Composite or even S&P 500. While the Composite contains several thousand securities including financial sector firms, the Nasdaq 100 strictly excludes financial institutions such as commercial and investment banks. What’s interesting, despite having "100" in its name, the Nasdaq-100 occasionally contains more than 100 individual stock tickers. As of August 2026 the index holds 102 distinct equity tickers representing 100 distinct corporate entities

What moves the US100 price?

The value of the US100 is primarily driven by futures market, focused on corporate earnings and market sentiment surrounding mega-cap technology stocks, Federal Reserve interest rate policy, and US macroeconomic data. Because a handful of large corporate entities hold substantial weight in the underlying basket, quarterly financial results from major technology firms exert a immediate influence on overall price performance.

Interest rate dynamics set by the Federal Reserve play a decisive role in valuing technology equities. Growth-oriented companies depend heavily on future projected cash flows. When central bank interest rates rise, the discount rate applied to future earnings increases, which can place downward pressure on high-valuation growth stocks. Conversely, expectations of interest rate cuts or accommodative monetary policy often boost investor sentiment across the technology sector.

Macroeconomic reports also serve as key price drivers on a weekly basis. Key statistics affecting short-term market movements include:

• Consumer Price Index (CPI) & inflation metrics: High inflation figures raise expectations of tighter central bank policy, impacting growth asset valuations.
• Non-Farm Payrolls (NFP) & labor statistics: Employment strength influences central bank decisions regarding interest rate trajectories.
• Institute for Supply Management (ISM) indices: The ISM Manufacturing and ISM Services surveys provide forward-looking indicators of business activity, demand, employment, and investment trends across the US economy. 
• Gross Domestic Product (GDP) reports: Broader economic growth figures indicate general market health and corporate revenue outlooks.

Market movements occurring on specific trading days are routinely tied to macroeconomic releases or earnings announcements from top index constituents. Understanding these fundamental mechanisms provides context when assessing index pullbacks or rallies.

Nasdaq 100 companies & weighting

The Nasdaq 100 is weighted by modified market capitalization, meaning the largest technology companies carry the highest proportion of index weight, which Nasdaq periodically adjusts through rebalancing. This weighting methodology ensures that market-capitalization dominance determines individual stock influence while preventing a single component from overwhelming the entire index structure.

While technology stocks account for the majority of the allocation, the index also incorporates leading companies from consumer discretionary, communication services, healthcare, and industrial sectors. However, financial companies remain strictly excluded according to index rules.

To maintain structural balance, Nasdaq, Inc. conducts regular quarterly reviews alongside an annual rebalancing schedule. During special circumstances, an extraordinary rebalancing may be triggered if top-tier components exceed predefined weight thresholds.

Tech Concentration During the 2022 Drawdown

The structural concentration of the Nasdaq 100 was clearly demonstrated during the global monetary tightening cycle in 2022. As the Federal Reserve raised benchmark interest rates rapidly from near-zero levels, valuation multiples across mega-cap growth equities contracted significantly. 

Because top-weighted technology stocks experienced simultaneous declines, the Nasdaq-100 registered a major annual drawdown exceeding 30%, illustrating how heavy sector weightings amplify index trends during systemic rate shifts.

The AI Bull Market Since Late 2022

The current bull market in the Nasdaq 100 has been largely driven by the rapid commercialization of AI following the public launch of ChatGPT in November 2022. The breakthrough accelerated expectations for a new technology investment cycle, leading investors to reprice companies expected to benefit from growing demand for AI infrastructure, cloud computing, semiconductors, and enterprise software.

As a result, AI-related mega-cap technology companies became the primary drivers of Nasdaq-100 performance. Despite periodic corrections and higher interest rates, the AI investment theme has remained intact through 2026, supported by continued growth in capital expenditure on AI data centres, strong corporate earnings, and rising adoption of generative AI across industries.

Alway remember that past performance does not indicate future outcomes. 

Nasdaq 100 vs Nasdaq Composite

The Nasdaq-100 tracks the 100 largest non-financial companies on the Nasdaq stock exchange, whereas the Nasdaq Composite includes nearly all of the thousands of stocks listed on the exchange, including financial sector firms. This operational distinction creates differing volatility profiles, sector distributions, and market performance metrics between the two indices.

The primary structural differences center on eligibility criteria and diversification:

• Scope of listings: The Nasdaq Composite tracks over 3,000 listed entities, whereas the US100 is limited to approximately 100 non-financial market leaders.
• Sector representation: The Nasdaq Composite includes banking, insurance, and brokerage firms; the Nasdaq-100 completely excludes financial corporations.
• Concentration of capital: The top ten constituents in the Nasdaq 100 account for a significantly higher percentage of total market valuation than the top ten constituents in the broader Nasdaq Composite.

Market participants seeking exposure to specific index benchmarks often evaluate financial products designed to track these baskets. For example, index-tracking ETF structures allow investors to trade units that aim to replicate the price performance of the underlying Nasdaq-100 without purchasing individual component stocks separately.

How the US100 is traded

Investors cannot buy an index directly, so trading occurs through derivative contracts and tracking funds, with the US100 available during regular Nasdaq 100 stock market hours and extended futures market sessions. The index is based on the most active Nasdaq 100 futures contract.

The main trading windows depend on the choice of instrument:

• Regular stock market session: Official US cash equity hours run from 09:30 to 16:00 Eastern Time (ET), during which underlying index equities trade and usually liquidity is very high.
• Extended session: Derivative markets operate nearly 24 hours per day on business days, allowing market participants to respond to earnings announcements and global macroeconomic developments outside standard exchange hours.

Trading instruments like CFD contracts allow market participants to speculatively position for both rising and falling prices. Leveraged products require margin deposits rather than full cash backing, which magnifies both potential gains and financial risks.

US100 Trading Hours

The US100 index is available for trading 23 hours a day, from Monday to Friday, with a daily one-hour trading break.

• Trading hours: Monday–Friday, 00:00–23:00 (platform time)
• Daily trading break: 23:00–00:00 (platform time)
• Weekend: The market is closed throughout Saturday and Sunday.

The daily one-hour break is a scheduled maintenance period during which the US100 is unavailable for trading. Trading resumes at 00:00 on each trading day.

Ways to gain exposure to the Nasdaq 100

Traders and investors can gain market exposure to the US100 through three primary vehicle types: index-tracking ETF funds and index CFD instruments, each featuring distinct cost structures and risk profiles. Choosing an appropriate instrument depends on trading objectives, investment horizons, capital requirements, and risk tolerance.

Primary instruments for acquiring market exposure include:

• Index-Tracking ETF funds: Exchange-traded funds hold physical shares or derivative positions to match index performance. Investors purchase ETF units through brokerage accounts, incurring ongoing management expenses (Total Expense Ratio or TER). This vehicle is commonly used for medium- to long-term holding strategies without leverage.
• Index CFD (Contracts for Difference): Financial derivatives that allow speculation on index price movements without owning underlying asset shares. CFD instruments such as US100 or US500 are based on futures contracts and offer flexible position sizing, leveraged exposure, and continuous pricing outside regular exchange hours, but incur overnight financing charges (swap rates) for positions held past daily market closes.

Remember about understanding leverage and concentration risk. Trading US100 derivatives involves unique structural risks that require careful risk management:

Leverage Risk: Derivative instruments like CFD contracts utilize leverage, meaning small adverse price movements can lead to rapid capital losses exceeding initial margin deposits.

Sector Concentration: Because the benchmark is heavily concentrated in technology companies, broad industry downturns or regulatory shifts impacting the tech sector can generate higher volatility than broader multi-sector market indices.