Axis mutual fund has launched a new fund Axis NASDAQ 100 Fund of Fund, an open-ended scheme that invests in ETFs focused on the NASDAQ 100 TRI. The fund will target ETFs replicating the NASDAQ 100 TRI performance, subject to tracking errors.
The Axis NASDAQ 100 Fund of Fund is benchmarked against the NASDAQ 100 TRI. It plans to invest in overseas ETFs that track the NASDAQ 100 Index. The tech-heavy NASDAQ 100 Index includes the top 100 non-financial companies based on market capitalisation.
The fund house said it offers immense opportunities to access some of the largest non-financial companies, leverage top global expertise, and better execution capabilities to generate wealth. Commenting on the scheme, Chandresh Nigam, managing director & chief executive officer of Axis Mutual Fund, said, with the Axis NASDAQ 100 Fund of Fund, we are presenting investors with the opportunity to gain global exposure. The NASDAQ 100 Index is led by some of the world’s most innovative and rapidly expanding non-financial companies that generate the bulk of their revenue from shores. Besides giving global exposure, the NASDAQ-100 could also act as a hedge against the depreciating rupee. The NFO opens for subscription on 7th Oct, 2022 and closes on 21st Oct, 2022.