Axis Mutual Fund launches Axis Nasdaq 100 fund of fund

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 in 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 ₹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).

The NASDAQ 100 Index includes 100 of the largest non-financial companies on the NASDAQ stock market, based on market capitalization. It is home to global growth and innovation.

The current NASDAQ 100 Index is a tech-heavy index and has exposure to new economy sectors such as healthcare, technology, and consumer. It is predominantly led by some of the most innovative and rapidly expanding non-financial companies across the world that generate the bulk of their revenue from different countries. In addition to giving the benefit of global exposure and potentially reducing concentrated geographical risk for investors, NASDAQ-100 may also work as a hedge against INR depreciation.