ICICI Prudential Mutual Fund has launched an open-ended index fund replicating the Nasdaq 100 index

ICICI Prudential MF launches Nasdaq 100 index fund

NEW DELHI: Asset administration firm (AMC) ICICI Prudential Mutual Fund has launched an open-ended fund replicating the Nasdaq 100 index. The scheme, which opened for subscription on 27 September, will provide publicity to 100 largest main non-financial corporations globally.

ICICI Prudential Nasdaq 100 Index Fund is the primary providing in ICICI Prudential MF’s passive universe.

The Nasdaq 100 Index displays corporations throughout main trade teams, together with laptop {hardware} and software program, telecommunications, retail/wholesale commerce and biotechnology. The index is essentially skewed in the direction of know-how shares (44%).

In accordance with ICICI Prudential Mutual Fund, US markets present buyers with alternative to spend money on themes similar to cloud computing, e-commerce, synthetic intelligence, amongst others, and which aren’t available in home markets.

“Nasdaq 100 index primarily contains innovation led know-how and communications companies corporations; a lot of that are a part of our daily lives like Apple, Microsoft, Fb, Alphabet, Fb, Netflix, Starbucks. This providing is appropriate for buyers on the lookout for geographical diversification of their fairness allocation in index funds,” mentioned Chintan Haria, head-product improvement and technique, ICICI Prudential AMC.

Passive investing is probably the most fundamental type of placing one’s cash in mutual funds and the aim of this type of funding is to reflect the index and never beat it.

The brand new fund provide (NFO) for ICICI Prudential NASDAQ 100 Index Fund will shut on 11 October.

The fund home highlighted that Nasdaq 100 index has grown 4 occasions in final twenty years and has comparatively decrease correlation with Indian fairness indices.

As of 31 August, the highest 5 constituents of the Nasdaq 100 index have been Apple (11.35%), Microsoft (10.15%), Amazon (7.66%), Alphabet (4.18%) and Fb (4.05%).

The minimal funding within the scheme in the course of the NFO interval is Rs1,000, and in multiples of Re1, thereafter. The scheme has no exit load.

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