Axis Mutual Fund launches ‘Axis NASDAQ 100 Fund of Fund’
Mumbai, October 08, 2022: Axis Mutual Fund, one of the leading asset management companies in India announced the launch of the Axis NASDAQ 100 Fund of Fund (an open ended fund of fund scheme investing in units of ETFs focused on the Nasdaq 100 TRI). The fund would focus on replicating the performance of the NASDAQ 100 TRI by investing ETFs whose primary objective would be to track/replicate the performance of the Nasdaq 100 TRI, subject to tracking errors. The minimum application amount would be INR 500 per application and in multiples of INR 1/- thereafter. With Hitesh Das (Fund Manager – Overseas Investments) helming the Axis NASDAQ 100 Fund of Fund, the fund would be benchmarked against the NASDAQ 100 TRI (INR).
Salient features of the Axis NASDAQ 100 Fund of Fund
- The fund would be investing in some overseas NASDAQ-100 ETFs tracking NASDAQ 100 Index such as the Xtrackers Nasdaq 100 UCITS ETF, iShares NASDAQ 100 UCITS ETF, Invesco EQQQ NASDAQ-100 UCITS ETF
- These ETFs have historically demonstrated their ability for comparatively lower tracking error, thereby benefiting the fund
- Access to some of the largest non-financial companies
- Opportunity to leverage top global expertise
- Better execution capabilitiesChandresh Nigam, MD & CEO, Axis AMC said, “As investors are maturing and taking an active interest in their wealth creation journey, the paradigms of asset allocation are changing dynamically as well. With global boundaries slowly blurring, investors are eager to gain access to some international growth stories, which was earlier not feasible so seamlessly. With the Axis NASDAQ 100 Fund of Fund, we are presenting investors with the opportunity to gain global exposure. We are confident that the fund’s philosophy and underlying structure will make it a valuable addition for investors.” The NFO opens for subscription on 7th Oct, 2022 and closes on 21st Oct, 2022.