Here's a fun bit of Wall Street rivalry for you: the New York Stock Exchange is making a direct play for the tech benchmark crown. It's launching a new index called the NYSE 100 Index, and there's an ETF from Global X ETFs—the Global X NYSE 100 ETF (NYSX)—that tracks it. This is a pretty clear shot across the bow of the famous Nasdaq-100 Index.
The lineup for this new index reads like a who's who of modern mega-caps: Nvidia Corp (NVDA), Alphabet Inc (GOOGL), Meta Platforms Inc (META), Tesla Inc (TSLA), and Amazon.com, Inc (AMZN). But the move signals something bigger than just another list of big stocks. It's an attempt to shift how Wall Street defines "technology" itself, aiming to capture a much broader universe of innovation that now stretches far beyond the traditional Silicon Valley playbook.
A Broader Take On Tech
Think about it. Legacy benchmarks like the Nasdaq-100 were built around a narrower, more traditional definition of the tech sector. The NYSE 100 Index is betting that definition is outdated. It includes both the core technology firms and what it calls "tech-enabled" companies across industries like payments, e-commerce, communication services, and consumer platforms.
Sure, stalwarts like Apple, Inc (AAPL), Microsoft Corp (MSFT), and Intel Corp (INTC) once defined the cutting edge. But today's innovation ecosystem is everywhere. It's in digital payments, social media, cloud infrastructure, and online storefronts. The index reflects that shift. Alongside the megacap leaders, it also brings in companies like Mastercard Inc (MA), Shopify Inc (SHOP), and Figma Inc (FIG). It's a nod to the simple fact that technology is now deeply embedded across the entire economy, not siloed in one sector.
The NYSX ETF: Built to Adapt
The NYSX ETF tracks this new index, offering exposure to 100 U.S.-listed companies across multiple exchanges, including the NYSE and Nasdaq. It's built using a modified float-adjusted market capitalization methodology, but it also factors in things like liquidity, price-to-sales ratios, and revenue growth. The goal is to tilt toward companies that combine sheer scale with real business momentum.
Here's a key feature that could make it interesting: quarterly reconstitution. Most major indexes reconstitute annually or semi-annually. A quarterly schedule is designed to fast-track the inclusion of hot IPOs and emerging disruptors. In theory, this means the ETF's holdings could evolve more quickly than a traditional benchmark, which might lag in adding the next big thing. It's built for a world where new giants can emerge fast.
