The S&P/ASX All Technology Index: Here’s what investors need to know, and the 5 top stocks in it!

In the last 12 months, the S&P/ASX All Technology Index celebrated 6 years since inception and has netted a return of 27% vs the ASX 200’s 7% gain as of September 24, 2025. We thought it was about time to write about this indice. Specifically how has it performed over time, the role it plays in the ecosystem, how investors can access it via ETFs and what companies are part of it?

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The S&P/ASX All Technology Index’s history

The S&P/ASX All Technology Index was launched in February 2020. It aimed to provide a broader, more investable benchmark for “technology‑oriented” companies listed on the ASX. The index doesn’t just cover the traditional “Information Technology” sector — it also includes companies in sub‑industries across GICS sectors like healthcare tech, communication services, interactive media, and digital/online businesses that have a reasonable technology component.

The aim was both to help investors track and find the best companies, but to give incentive for other tech companies to list on the ASX. The aspiration was to show the ASX was serious about attracting tech companies.

How does it work?

It is market‑capitalisation weighted, subject to liquidity and investability screens, and includes smaller and emerging tech names (i.e. from outside the ASX 200, even the All Ords) that meet the criteria.

The index is rebalanced quarterly, with additions and deletions based on eligibility (market cap, liquidity, classification). The last update was earlier in September and saw the addition of Elsight (ASX:ELS), Energy One (ASX:EOL), Eroad (ASX:ERD) and Fineos (ASX:FCL). But it is heavily concentrated with just over 40 stocks and the top 10 make up nearly 80% of the indice – more on them shortly.

Over the 5‑year period ending mid‑2024, the index delivered ~12.7% p.a. and ~14.6% p.a. over 10 years. In 2023 it outperformed all Australian sectors with a ~36.0% total return. In the 12 months to September 24, 2025, there was a 27% return.

How investors can access it via ETFs

The key way is the BetaShares S&P/ASX Australian Technology ETF (ASX:ATEC) which tracks the indice in the same way any other indice-tracking ETF would. This is easier for investors than buying many or all of the stocks in the indice, but does leave them exposed to broader movements.

What companies are part of the S&P/ASX All Technology Index?

Let’s look at the top 5 companies in the indice which make up 45% of it.

1. Pro Medicus (ASX:PME) (10.09%)

Pro Medicus may appear to some investors to be a healthcare company first, but it is also a tech company and so has its place in this indice. Pro Medicus’ products use networks of customers’ facilities or cloud services to quickly transfer imaging data to a specific office or computer, to subsequently view and analyse the images.

Investors love the company because it has made a lot of money (i.e. high margins) even with a relatively small penetration of the US market. In FY25, PME generated $213m in revenue and an $115m profit, representing a >50% margin and growth of 40% from the year before.

2. CAR Group (ASX:CAR) (9.43%)

Formerly known as Carsales, the company changed its name as it expanded its horizons beyond its namesake Australia-focused platform to the point where it makes more than half its revenue outside Australia. It has also diversified from cars and has platforms that sell boats, bikes, machinery, caravans and trucks.

Car Group benefits from a ‘network effect’ where it gets more and more beneficial for its users as it attracts more and more of them. This is similar to Domain (ASX:DHG) and Rea Group (ASX:REA) which are real estate classified sites. It made $1.2bn revenue (up 8%) and a $377m profit (up 10%).

3. Xero (ASX:XRO) (8.84%)

Xero has various software for businesses with help with various accounting tasks. Not just keeping and monitoring the books, but paying bills, managing inventory, sending invoices and even storing files. It has grown because it has built a product suite far superior to competitors, some through its own development and others through M&A activity.

In FY25, it made NZ$2.1bn in revenue (up 23%), a $227.8m profit (up 30% from the year before and marking the second straight year of profitability) and 4.4m subscribers. Yet, Xero has its eyes on the future. The company believes the TAM (Total Addressable Market) is NZ$100bn and that is just the top 3 jobs its software is used for – Accounting, Payroll and Payments. Adjacent Tasks, including other tasks such as inventory, CRM and project management, could be another $39bn.

4. Computershare (ASX:CPU) (8.69%)

Computershare (ASX:CPU) specialises in various financial administration services including share registration needed in capital markets, corporate trust services, employee equity plans, and global capital markets. It is a $20bn company that has gained 44% in the last year. In FY25, the company grew revenues by 7% to US$2.3bn and its NPAT by 72% to US$607m.

5. WiseTech (ASX:WTC) (8.57%)

WiseTech has lost a lot of admirers with the Richard White saga but is still a major ASX tech stock. WiseTech’s main product is CargoWise One, a Cloud-based end-to-end logistics execution platform that freight forwarders and other logistics companies can use to manage their businesses. The product is sold in a subscription model and is customisable to meet customer needs.

While the Richard White saga is over, investor doubt about the US$3.2bn acquisition of e2open remains. e2open, like WiseTech’s platforms, has platforms used to create documents needed for customs officials but has some features WiseTech’s software lacks in supply chain planning, procurement, trade compliance and channel management.

Richard White declared the deal was,’ a strategically significant step in achieving our expanded vision to be the operating system for global trade and logistics’. But analysts and investors hated the deal as the company had lower margins and worry about the price paid, nearly 10x the previous highest acquisition. Even some customers went to the point of lobbying the ACCC to block the deal on the basis that it would lessen competition.

As the ACCC did not, it seemed our regulator was wooed by WTC’s arguments that there were several existing providers available – a list the Australian Border Force had available to would-be importers. But sour grapes amongst some in the market remain and with the company’s share price in the red over the last 12 months, it is hard to argue they don’t have the upper hand right now.