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NASDAQ 100 Index Fund Launched By ICICI Prudential Mutual Fund

ICICI Prudential Mutual Fund has announced the launch of ICICI Prudential NASDAQ 100 Index Fund, an open-ended index fund replicating the NASDAQ-100 index. The scheme provides exposure to 100 largest global non-financial companies and aims to track returns of the NASDAQ-100 Index, subject to tracking error.
“ICICI Prudential NASDAQ 100 Index Fund is the first global based offering in our passive universe. It is an open ended index fund that aims to track the NASDAQ-100 index and replicate the performance of its constituents. 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 & Strategy, ICICI Prudential AMC. The Nasdaq-100 Index®is one of the world’s preeminent large-cap growth indexes and is home to some of the most innovative companies globally. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. The index composition is reviewed on an annual basis in December. In terms of weightages; the index is largely skewed towards technology stocks (44%). The constituents of NASDAQ 100 index have grown the value of their patents by 900% since May 2007.

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