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Global X, an exchange traded fund provider known for its alternative or niche product styles, launched the first ETFs linked to two new benchmark indices tracking Nasdaq stocks.

Global X NASDAQ 500 ETF (NYSEArca: QQQV) tries to reflect the performance of the NASDAQ 500 Index, which tracks 500 of the largest domestic and international companies listed on the Nasdaq Stock Market, based on market-cap. QQQV has an expense ratio of 0.48%.

QQQV’s sector allocations include: Technology 60.46%, Consumer Discretionary 16.66%, Health Care 13.22%, Industrials 4.22%, Consumer Staples 2.35%, Telecommunications 1.35%, Materials 1.04% and Energy 0.67%.

Top holdings include: Apple (NasdaqGS: AAPL) 11.17%, Microsoft (NasdaqGS: MSFT) 6.65%, Oracle (NasdaqGS: ORCL) 4.83%, Google (NasdaqGS: GOOG) 4.72% and Intel (NasdaqGS: INTC) 3.91%.

Global X NASDAQ 400 Mid-Cap ETF (NYSEArca: QQQM) tries to reflect the performance of the NASDAQ 400 Index, which tracks the top 400 domestic and international mid-cap companies on the Nasdaq Stock Market – the companies make up the next 400 securities by market-cap after the NASDAQ 100 Index. QQQM has an expense ratio of 0.48%.

QQQM’s sector allocations include: Technology 37.31%, Health Care 21.73%, Consumer Discretionary 18.09%, Industrials 10.46%, Materials 3.69%, Energy 3.04%, Telecommunications 2.97% and Consumer Staples 2.68%.

Top holdings include: Pharmasset (NasdaqGS: VRUS) 1.47%, Perrigo Co. (NasadaqGS: PRGO) 1.22%, Hansen Natural Co. (NasdaqGS: HANS) 1.15%, Avago Technologies (NasdaqGS: AVGO) 1.06% and Nuance Communications (NasdaqGS: NUAN) 1.03%.

According to a press release, companies in both the indices have shown strong earnings growth and have shown profitability over the past five or more years. From January 1 to September 30, 2011, both the NASDAQ 500 and 400 Indices have outperformed the S&P 500 and 400 by more than 3%.

“We are pleased to be pairing with NASDAQ OMX, a recognized leader in the development of innovative indices, to bring these products to market,” Bruno del Ama, CEO of Global X Funds, said in the press release. “Both new funds expand the coverage beyond the NASDAQ 100 Index, providing greater diversification and possibly capturing the next Apple or Google.”

“NASDAQ OMX and Global X Funds share a common goal to provide investors with the chance to access some of the world’s most innovative companies and these new indexes and ETFs are the latest examples of that commitment,” John Jacobs, Executive V.P. at the NASDAQ OMX Global Index Group, said.

Max Chen contributed to this article.

Disclosure: None

Source: Global X Launches Nasdaq ETFs