HIGHBuilt-inProduct / Revenue mix
73%
Nasdaq-100 core indices
“10-K Item 1: 'More than 100 ETPs worldwide track Nasdaq-100 core indices, which had $640 billion in assets tracking the indices as of December 31, 2025, or 73% of total AUM.'”
NDAQ · Concentration risk · 10-K extracted
Nasdaq (NDAQ) concentration risks
Updated
The most significant concentration Nasdaq discloses is Nasdaq-100 core indices at 73%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
Show full disclosure ▾Hide full disclosure ▴
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. The TrendMatrix editorial team frequently holds personal long-term positions in securities discussed. We disclose positions held at the time of publication on each piece. We maintain a trading-window policy: we do not initiate or close positions in the same direction as a TrendMatrix publication within 24 hours before or 72 hours after publication.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security. Our sole compensation is subscription revenue.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
Source: Nasdaq’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH1
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyCustomer
Market Services customers
“10-K Item 1A: 'our Market Services businesses receive revenues from a relatively small number of customers concentrated in the financial industry'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile combines a product-level dominance and a moderate customer-side dependency across its businesses. The most quantifiable exposure is within the index licensing segment: more than 100 ETPs worldwide track Nasdaq-100 core indices, which had $640 billion in assets tracking those indices as of December 31, 2025, representing 73% of total assets under management. This is a high-share structural exposure by disclosed size — the Nasdaq-100 franchise is a deliberate and durable feature of the business model, not a single-customer dependency. However, a sustained rotation out of technology-weighted benchmark strategies, fee compression, or the rise of competing index alternatives could affect a large portion of the index licensing revenue base. Layered on this is a moderate customer dependency in the Market Services segment: revenues in that business are derived from a relatively small number of customers concentrated in the financial industry, a medium-share dependency by disclosed size. No individual customer names or specific percentages are provided in the filing language. Together, the profile is two-dimensional: a high-share structural index tilt and a moderate, unnamed customer dependency in trading and market infrastructure services. The index exposure is the more quantifiable and potentially more consequential variable, tied to broad passive investing trends. The Market Services customer concentration adds a layer of idiosyncratic sensitivity to the mix but is secondary in the disclosed picture.
For the engine’s reasoning on NDAQ’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Financial Data & Stock Exchanges
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| FDS | FactSet Research Systems Inc. | 2 | 1 | 0 | 3 |
| NDAQ● | Nasdaq, Inc. | 1 | 1 | 0 | 2 |
| CBOE | Cboe Global Markets, Inc. | 1 | 0 | 0 | 1 |
| ICE | Intercontinental Exchange Inc. | 1 | 0 | 0 | 1 |
| CME | CME Group Inc. | 0 | 0 | 1 | 1 |
| COIN | Coinbase Global, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.