Axis Mutual Fundlaunched a fund of funds focused on Nasdaq 100TRI, which would replicate the performance of the index.
- The NASDAQ 100 Index includes 100 of the largest non-financial companies and is a technology-heavy index.
- The index has a major weighting in information technology, followed by consumer discretionary, communications, consumer staples, healthcare, industrials and utilities.
Axis Mutual Fund on Thursday launched Axis NASDAQ 100 Fund of Fund, an open-end program. It will primarily replicate the performance of the US-based Nasdaq 100 TRI by investing in shares of ETFs or exchange-traded funds.
Hitesh Das, an equity fund manager from the fund house, will manage this fund.
The NASDAQ 100 Index includes 100 of the largest non-financial companies and is a technology-heavy index. The index is primarily driven by some of the most innovative and rapidly growing non-financial companies around the world that generate the bulk of their revenues in different countries.
Its primary weighting is in information technology, followed by consumer discretionary, communications, consumer staples, healthcare, industrials and utilities.
The fund house says the fund can also function as a hedge against INR depreciation.
“With global borders slowly blurring, investors are eager to gain access to some international growth stories that weren’t possible before in such a seamless way. With the Axis NASDAQ 100 fund of funds, we offer investors the opportunity to gain global exposure,” said Chandresh Nigam, MD and CEO of Axis Asset Management Company.
ETFs are a type of fund that track an underlying index and are bought and sold like a stock market.
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