₹7,531 crore in assets under management (AUM), which tracks the performance of the Nasdaq 100 index. Another large passive fund, the Motilal Oswal S&P 500 Index Fund, also remains open for fresh investments. It tracks the broader S&P 500 rather than the Nasdaq 100, which is dominated by US technology stocks.
Mirae Asset NYSE FANG+ ETF also remains available for trading, as does the ICICI Prudential Nasdaq 100 Index Fund, which has ₹1,113 crore in AUM. Franklin India Feeder Franklin US Opportunities Fund, the third-largest international fund with ₹3,568 crore in AUM, is also open for subscription. The FoF invests in Franklin Templeton’s US Opportunities Fund.
Other actively managed funds that remain open for subscription include ICICI Prudential US Bluechip Equity Fund, Edelweiss US Technology FoF (which invests in JP Morgan’s US Technology Fund), PGIM India Global Equity Opportunities Fund, and Edelweiss Greater China Equity Off-shore Fund. Many of these international funds are fairly new, having been launched during the stock market rebound in 2020. Technology-focused international funds did exceedingly well in the past year.
Data from Value Research shows Mirae Asset NYSE FANG+ ETF delivered returns of 76.3% over this period. The fund tracks performance of 10 US technology stocks, including Facebook (Meta), Amazon, Netflix and Google (Alphabet). The biggest gains were delivered by AI chipmaker Nvidia, which saw its market cap cross $2 trillion with gains of 249% in a year.
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