Exchange-traded products tracking Nasdaq indexes gained $331 billion in assets in the year ended September 30. These investments are bought and sold on exchanges. Market appreciation supplied $190 billion, or about 57% of that increase; net investor inflows supplied $141 billion, a SnowRock calculation from Nasdaq's filing shows.
Nasdaq operates exchanges and licenses indexes, measures of how groups of investments perform. Investment firms use these benchmarks to design products and pay Nasdaq licensing fees, which can depend on product assets. Nasdaq also receives payments for calculating indexes for other providers.
Where the $331 billion asset increase came from
Exchange-traded products tracking Nasdaq indexes
| Asset movement | Amount |
|---|---|
| Assets at the start of the twelve months | $829 billion |
| Net inflows | $141 billion |
| Net market appreciation | $190 billion |
| Assets on September 30, 2026 | $1,160 billion |
U.S. dollars in billions, twelve months ended September 30, 2026. Covers exchange-traded products tracking Nasdaq indexes.
Nasdaq Form 10-Q, Index revenue drivers. SnowRock calculations use the reported rounded amounts.
Net inflows are contributions after withdrawals. The 57% measures appreciation's share of the asset increase, rather than an investment return.
The Nasdaq-100, for example, measures 100 of the largest non-financial companies listed on Nasdaq. Its methodology sets eligibility and weighting rules, including which securities qualify and how the size of a company affects its place in the calculation.
Index supplied about 48% of Nasdaq’s net revenue increase
Nasdaq announced its third-quarter results on October 22. Index revenue rose 39% from a year earlier, reaching $286 million. Quarterly net inflows reached a record $49 billion.
Quarterly revenue growth
| Measure | Q3 2025 | Q3 2026 | Increase |
|---|---|---|---|
| Index revenue | $206 million | $286 million | $80 million |
| Company net revenue | $1,315 million | $1,481 million | $166 million |
U.S. dollars in millions, July through September. Net revenue deducts transaction-based expenses, before other operating costs.
Nasdaq's revenue detail. SnowRock subtracts the two reported quarters to calculate each increase.
The $80 million Index increase supplied about 48% of the company's $166 million net revenue increase, after increases and declines across its other businesses.
Average assets in these exchange-traded products reached $1.108 trillion during the quarter, up about 43% from $777 billion a year earlier. The September 30 balance was higher, at $1.160 trillion.
Nasdaq attributed Index growth to higher average assets and volume-based revenue, fees tied to trading activity. Its filing does not apportion the extra $80 million among market appreciation, new investor money and other activity.
