Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Mutual Funds / News/  ICICI Prudential MF launches Nasdaq 100 index fund
BackBack

ICICI Prudential MF launches Nasdaq 100 index fund

The NFO for ICICI Prudential NASDAQ 100 Index Fund will close on 11 October. As of 31 August, the top five constituents of the Nasdaq 100 index were Apple, Microsoft, Amazon, Alphabet, and Facebook

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

NEW DELHI: Asset management company (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 offer exposure to 100 largest leading non-financial companies globally.

ICICI Prudential Nasdaq 100 Index Fund is the first offering in ICICI Prudential MF’s passive universe.

The Nasdaq 100 Index reflects companies across major industry groups, including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. The index is largely skewed towards technology stocks (44%).

According to ICICI Prudential Mutual Fund, US markets provide investors with opportunity to invest in themes such as cloud computing, e-commerce, artificial intelligence, among others, and which are not readily available in domestic markets.

“Nasdaq 100 index mainly includes innovation led technology and communications services companies; many of which are part of our day to day lives like Apple, Microsoft, Facebook, Alphabet, Facebook, Netflix, Starbucks. This offering is suitable for investors looking for geographical diversification in their equity allocation in index funds," said Chintan Haria, head-product development and strategy, ICICI Prudential AMC.

Passive investing is the most basic form of putting one’s money in mutual funds and the purpose of this style of investment is to mirror the index and not beat it.

The new fund offer (NFO) for ICICI Prudential NASDAQ 100 Index Fund will close on 11 October.

The fund house highlighted that Nasdaq 100 index has grown four times in last two decades and has relatively lower correlation with Indian equity indices.

As of 31 August, the top five constituents of the Nasdaq 100 index were Apple (11.35%), Microsoft (10.15%), Amazon (7.66%), Alphabet (4.18%) and Facebook (4.05%).

The minimum investment in the scheme during the NFO period is Rs1,000, and in multiples of Re1, thereafter. The scheme has no exit load.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Mutual Fund news and updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 28 Sep 2021, 01:40 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App