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Motilal Oswal Asset Management on Thursday announced the launch of an open ended exchange traded fund — MOSt Shares NASDAQ-100.
This fund is India's first US equities based exchange traded fund (ETF) which will track the NASDAQ-100 index, said a release from the asset management company.
The new fund offer will open for subscription on March 16 and close on March 23. The minimum investment into the scheme is Rs. 10,000 and in multiples of Re 1, thereafter.
“The aim of the scheme is to provide Indian investors with pockets of growth, other than India,” said Mr Nitin Rakesh, Managing Director and CEO, Motilal Oswal Asset Management Company.
Overseas Opportunity
The scheme will provide Indian investors with an opportunity to gain access to the top 100 domestic and international non-financial securities which are listed on the NASDAQ 100.
Of the 100 stocks, 40 are of technology companies which have a total weightage of 60.34 per cent. The company with the highest weightage in the index is Apple Inc, with a weightage of 20.51 per cent.
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