Published 1 September 2026
In short: CNX1 is the iShares Nasdaq 100 UCITS ETF, accumulating share class. This CNX1 review covers what it tracks, its concentration, and how it compares with its Invesco rival. It tracks the Nasdaq-100, the 100 largest non-financial companies on the Nasdaq exchange, which makes it a concentrated, technology-heavy fund led by the US mega-caps.
The ongoing charge is 0.30%, and because it is accumulating, the dividends are reinvested inside the fund rather than paid out. As with any Nasdaq-100 fund, the main thing to understand is concentration: this is a focused bet on big US growth and tech, not a broad market fund.
New to Trading 212?
Our promo code gets you a free fractional share. Just make sure you use it within your first 10 days.
Check out our Trading 212 Promo Code
*Capital at Risk. Sponsored content. Terms apply.
What CNX1 Is and What It Tracks
CNX1 follows the Nasdaq-100 Index: the 100 largest non-financial companies listed on Nasdaq.
In practice that means a portfolio dominated by the biggest US technology and growth names, such as Nvidia, Apple, Microsoft, Amazon and Alphabet, with a heavy tilt to technology and communications and no financials at all.
A small number of giant companies can account for a large slice of the fund. This makes CNX1 a focused growth holding rather than a diversified core.
CNX1 at a Glance
- Full name: iShares Nasdaq 100 UCITS ETF (Accumulating)
- Index: Nasdaq-100
- Holdings: around 100 companies
- Ongoing charge (OCF): 0.30%
- Dividends: accumulating (reinvested inside the fund)
- Domicile: Ireland
- Launched: January 2010
- Ticker / ISIN: CNX1 / IE00B53SZB19
- Distributing alternative: EQQQ (Invesco)
What Does CNX1 Hold?
The Nasdaq-100 leaves out financials and weights everything by size, so CNX1 concentrates in a cluster of enormous technology and consumer-technology companies.
Its ten largest positions alone can make up a very large portion of the fund, and technology plus communications dominate the sector mix.
In other words, CNX1 is not a bet on the broad economy but a concentrated position in the biggest US growth firms.
That focus is what has driven its strong recent returns, and it is also what makes it riskier than a diversified tracker.
How Has CNX1 Performed?
The Nasdaq-100 has been one of the best-performing mainstream indices of the past decade, carried by the surge in big technology.
It has also been notably more volatile than the wider market, with steeper falls in downturns such as the dot-com crash and the 2022 sell-off.
CNX1 inherits both sides of that: higher potential returns and a bumpier journey. Anyone buying it should expect sharper swings than a global fund and should resist reading a strong recent run as a guarantee.
Past performance shows you the fund’s temperament, nothing more.
CNX1 Is an Accumulating Fund
CNX1 is the accumulating share class, so any dividends are reinvested inside the fund automatically rather than paid out as cash.
The Nasdaq-100’s yield is low anyway, since it is growth-focused, so the income component is minor either way.
The practical benefit of the accumulating structure is that there is no reinvesting to think about. For the income paid as cash instead, the Invesco equivalent EQQQ is distributing.
Outside an ISA, note that an accumulating fund’s reinvested dividends remain taxable and a little more work to track.
What Are the Main Risks?
- Concentration. Around 100 companies, weighted to a few mega-caps, with no financials. The biggest names dominate performance.
- Volatility. Expect larger swings and deeper drawdowns than a broad market fund.
- Sector risk. A heavy technology tilt means a tech downturn is a whole-fund event.
- Valuation and currency. Growth valuations can compress sharply, and as US holdings, sterling moves affect your sterling returns.
CNX1 Pros and Cons
For: hands-off exposure to the biggest US growth and technology companies with automatic compounding, a strong historical record, one of the largest and most liquid Nasdaq-100 funds in Europe, and a clear role as a growth satellite.
Against: heavy concentration, higher volatility, no financials, a higher fee than a plain tracker (0.30%), and full single-country, single-sector risk. It is generally used as a modest satellite around a diversified core rather than as a standalone holding.
CNX1 vs EQQQ: How Does It Compare?
The head-to-head is with EQQQ, Invesco’s Nasdaq-100 ETF. They track the same index at the same 0.30% charge; CNX1 is accumulating, EQQQ is distributing.
CNX1 suits automatic compounding, EQQQ suits cash income. CNX1 is the larger fund by assets; EQQQ has the longer track record, dating back to 2002. The EQQQ review covers the Invesco version. The how to buy the Nasdaq 100 in the UK guide puts both in context.
For broader, less concentrated US exposure, an S&P 500 fund holds 500 companies including financials, as in VUSA vs VUAG.
For where a Nasdaq fund fits among the other main categories, see the best ETFs UK guide.
How to Buy CNX1
CNX1 is listed on the London Stock Exchange and available on most UK platforms.
On Trading 212 there is no dealing commission and no account fee, so costs stay low even on a satellite holding. New to the platform? How to buy ETFs on Trading 212 runs through the whole process.
A Stocks & Shares ISA shelters any gains from UK tax and avoids the accumulating-fund tax admin.
Disclosure: some links to Trading 212 on this site are affiliate links, meaning a commission may be earned if an account is opened. This does not affect the price paid. Capital at risk.
CNX1 Review FAQ
Is CNX1 a Good Investment?
That is a personal call, tied to an investor’s goals and how it fits alongside everything else they hold. Factually, CNX1 offers concentrated exposure to large US growth and technology companies, with the trade-off of higher concentration and volatility than a broad tracker.
Does CNX1 Pay Dividends?
Not as cash. CNX1 is the accumulating share class, so any dividends are reinvested inside the fund automatically. The distributing alternative is EQQQ.
What Is the Difference Between CNX1 and EQQQ?
They track the same Nasdaq-100 index at the same 0.30% charge. CNX1 (iShares) is accumulating; EQQQ (Invesco) is distributing.
Is CNX1 Too Concentrated?
It is certainly concentrated: around 100 companies, heavily weighted to technology and to a handful of mega-caps, with no financials. Whether that is right for you depends on your appetite for that focused exposure.
Is CNX1 More Volatile Than an S&P 500 Fund?
Generally yes. The Nasdaq-100 is narrower and more technology-heavy than the S&P 500, so it has tended to swing more in both directions.
Should CNX1 Be My Only Fund?
Most investors would say no. Its concentration makes it better suited as a growth satellite alongside a diversified core than as a complete portfolio.
This article is for information and education only and is not financial advice. It does not take account of individual circumstances. The value of investments can fall as well as rise and investors may get back less than they invest. Anyone unsure about their own situation should speak to a regulated financial adviser.
Sources: iShares Nasdaq 100 UCITS ETF (CNX1). Figures are taken from the fund providers and can change; always confirm the current details before acting. Last updated August 2026.