Nas100
Family XII · Other terms
Not to be confused with us30, dxy, stock index.
NAS100 is a stock index covering the 100 largest non-financial companies listed on the Nasdaq Stock Market, weighted by market capitalisation. It is quoted as a price index, so it reflects changes in constituent share prices rather than total return including dividends. The index is published by Nasdaq and is widely used as a benchmark for large-cap technology and growth stocks.
Construction and weighting
The index is a modified market-capitalisation weighted index. Each constituent's weight is proportional to its market capitalisation, subject to caps that limit the influence of the largest members and prevent excessive concentration. The composition is reviewed periodically, and companies may be added or removed according to eligibility rules covering listing venue, liquidity and financial status.
Because the weighting is by market capitalisation, the largest companies by value have the greatest effect on the index level. A percentage move in a heavily weighted constituent therefore moves the index more than the same percentage move in a smaller one.
Worked example
Suppose the index has a divisor of 10,000,000 and three constituents with the following market capitalisations and prices. The index level is the sum of adjusted market capitalisations divided by the divisor.
If Constituent A rises 10% while the others are unchanged, the total adjusted market capitalisation increases by 200 billion, and the index level rises to 370,000, a gain of approximately 5.7%.
Trading and quotation
The index is calculated in real time during Nasdaq trading hours and is quoted in index points, not in a currency. It cannot be bought or sold directly; exposure is obtained through derivative contracts, exchange-traded funds or other instruments that track it. Contract specifications, tick sizes, trading hours and margin requirements vary by venue and jurisdiction, so the terms of any particular instrument must be checked with the relevant exchange or provider.
Often confused with
- us30
- US30 is a nickname for a price index that tracks 30 large, publicly listed U.S. companies, most commonly the Dow Jones Industrial Average, and is offered by brokers as a tradable cash or derivative product.
- dxy
- The DXY is an index of the U.S. dollar's value against a fixed basket of six foreign currencies, weighted to reflect their historical importance in U.S. trade.
- stock index
- A stock index is a calculated number that tracks the aggregate price performance of a defined basket of equities, serving as a statistical benchmark rather than a tradable instrument itself.