• Axis Mutual Fund launched a targeted fundraiser Nasdaq 100 TRI, which can simulate the performance of the index.
  • The NASDAQ 100 index includes the 100 largest non-financial companies and is a technology-heavy index.
  • The index is heavily weighted to information technology and then to consumer discretionary, communications, consumer staples, healthcare, manufacturing and services.

Axis Mutual Fund launched the Axis NASDAQ 100 Fund, a deal that was completed on Thursday. It will essentially replicate the performance of the US-based Nasdaq 100 TRI by investing in units of ETFs or exchange-traded funds.

Hitesh Das, an equity fund manager at the fund organization will manage this fund.

The NASDAQ 100 index includes the 100 largest non-financial companies and is a technology-heavy index. The index is largely dominated by some of the world’s most innovative and rapidly expanding non-financial companies that generate a significant portion of their revenue from various countries.

Its main focus is on IT, followed by consumer discretionary, communications, consumer staples, healthcare, industrial and service sectors.

The housing fund says the fund can also act as a hedge against INR depreciation.

“With global boundaries slowly fading, investors are eager to access some of the global growth stories, which were previously not easily possible. With the Axis NASDAQ 100 Fund, we present investors with an opportunity to gain global exposure,” said Chandresh. Nigam, MD and CEO at Axis Asset Management Company.

ETFs are a type of funds that track an underlying index and are bought and sold like stocks on the market.

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