What is NAS100? Complete NASDAQ 100 Guide for SA Traders (2026)

TL;DR

NAS100 is the CFD on the NASDAQ 100, an index of the 100 largest non-financial companies on the NASDAQ stock exchange. Heavily tech-weighted (the top five companies make up over 40% of the index), it’s one of the most traded instruments by South African retail forex traders. NAS100 is not the same thing as NASDAQ Composite (3,000+ companies) or NASDAQ 100 Futures (the institutional contract). What your broker calls NAS100 or US100 is a derivative tracking the index, you never own the underlying shares.

NAS100 vs NASDAQ Composite vs NASDAQ 100 Futures

The three are confused everywhere. Here’s the cleanest separation:

NASDAQ Composite is the broad index of all 3,000-plus companies listed on the NASDAQ stock exchange. It’s what financial news headlines reference. It is not directly tradeable as a single CFD on retail platforms.

NASDAQ 100 (NAS100) is a sub-index of the 100 largest non-financial NASDAQ-listed companies, weighted by modified market capitalisation. This is the index your “NAS100” or “US100” CFD tracks. It includes virtually all major US tech companies and excludes financial-services firms by design.

NASDAQ 100 Futures (NQ) is the CME-traded futures contract on the NAS100 index. It runs almost 24 hours and is used by institutional traders. Retail forex CFDs labelled NAS100 mirror NQ prices outside cash hours and the NAS100 index price during cash hours.

When a SA broker lists “NAS100” or “US100,” you’re trading a CFD that mirrors the NASDAQ 100 index value. You never own any of the underlying shares; you’re entering a contract with your broker whose price moves with the index.

What does NAS100 stand for?

NAS100 is short for NASDAQ 100, the 100-stock sub-index of the NASDAQ stock exchange. Some brokers use US100 instead. Both tickers refer to the same underlying index, with identical price feeds and trading characteristics.

The naming convention varies by broker. Exness uses “USTEC” or “NAS100” depending on account type. FXTM uses “NAS100”. IC Markets uses “US100”. Vantage uses both. The product is the same; the ticker labelling is a broker convention.

The 100 companies, and why 5 of them drive the index

NAS100 is weighted by modified market capitalisation, which means the largest companies have the heaviest influence on the index price. As of 2026, the top 10 holdings represent roughly 55% of the index, and the top 5 alone represent over 40%.

Top 5 by weight (approximately): Apple ~9%, Microsoft ~8%, NVIDIA ~8%, Amazon ~6%, Alphabet (Google A + C) ~6%.

Top 6-10: Meta Platforms ~4%, Broadcom ~3%, Tesla ~3%, Costco ~2%, Netflix ~2%.

Sector breakdown (approximate): Technology 50%, Communication Services 16%, Consumer Discretionary 14%, Healthcare 6%, Consumer Staples 5%, Industrials 4%, Utilities 1%, Financials 0% (excluded by design).

The practical implication: when AAPL, MSFT, NVDA, AMZN, or GOOGL release earnings, NAS100 moves hard. When Meta has a bad quarter, the index dips. The “diversification” of holding 100 stocks is partly illusory, the index lives or dies on five names.

How much is 1 point on NAS100?

A “point” on NAS100 is a one-index-value movement. If NAS100 is at 20,500 and moves to 20,501, that’s a 1-point move.

For CFD traders, what matters is the cash value per point per lot. On most SA-accessible brokers: 1 standard lot equals $1 per point; 0.1 mini lot equals $0.10 per point; 0.01 micro lot equals $0.01 per point. For a typical day of NAS100 trading, the index might move 200 to 500 points across the session. A 1-lot position on a 200-point move equals $200 in profit or loss. With 30:1 leverage on a SA-regulated account, that 200-point move on $20,000 of exposure requires only $666 of margin.

This is why NAS100 is popular and dangerous in equal measure. The same volatility that makes it tradeable also wipes accounts when leverage is high and stops are wide.

Trading hours in SAST

NAS100 follows the NASDAQ regular session: 15:30 to 22:00 SAST in summer, 16:30 to 23:00 SAST in winter. CFD trading runs near 24 hours on weekdays from Sunday 23:00 SAST. The first 90 minutes after the open carry roughly half the daily volume.

For the full schedule including pre-market, after-hours, and DST handling, see our What time does NASDAQ open in South Africa guide. For the optimal SA-trader windows, see Best time to trade NAS100 in South Africa.

How to trade NAS100 from South Africa

Three account types give SA traders access to NAS100:

Retail forex/CFD broker. Standard route. Open an account with an FSCA-regulated or offshore broker, fund in ZAR, and trade NAS100 on MT4, MT5, or the broker’s web platform. Spreads are typically 1 to 3 points during cash hours. Leverage 20:1 to 30:1 on FSCA brokers, higher offshore.

Local stockbroker. Buy a NASDAQ 100 ETF (QQQ being the most common) through a SA-licensed stockbroker. You own the ETF directly. No leverage by default. Currency conversion to USD applies. Suits long-term holders, not short-term traders.

International broker. Open an Interactive Brokers or similar account, fund via wire transfer in USD, and trade NAS100 futures or ETFs directly. Highest cost to set up, most flexibility once running. Typically suits traders with larger accounts.

For most SA retail traders, the retail CFD broker is the practical entry. See our best NASDAQ brokers in South Africa and NAS100 brokers guides for shortlist picks.

NAS100 vs S&P 500 vs Dow Jones

NAS100 is the highest-volatility option of the three major US indices. It has the strongest positive correlation to US interest-rate expectations, when rate-cut probabilities rise, NAS100 rises hardest; when rate-hike fears spike, NAS100 falls hardest. SPX500 is broader and more stable. US30 is sector-mixed and reacts more to cyclical news.

For a full comparison of which index suits which SA trader, see our Best Indices to Trade in South Africa guide. For US30 specifically, see US30 trading hours.

Common NAS100 trading mistakes

Three traps catch SA traders trading NAS100 for the first time:

Wrong lot sizing. A 1-lot NAS100 position has more exposure than a 1-lot EUR/USD position. NAS100 moves 200-500 points a day at $1 per point per lot. EUR/USD moves 50-80 pips a day at $10 per pip per lot. Same lot label, very different daily P&L variance.

Trading the open without a plan. The first 15 minutes after the cash open is the highest-volatility window of the day. Stops get run, false breakouts are common, and inexperienced traders frequently enter on the wrong side. Wait 30 minutes for the noise to settle, then trade with the established direction.

Holding through earnings. When Apple, Microsoft, or NVIDIA report quarterly earnings (typically January, April, July, October), NAS100 can gap 200+ points overnight. Holding leveraged positions through earnings without hedging is one of the fastest ways to wipe a NAS100 account.