During the main sales season, Axis Mutual Fund hopes to raise Rs 100 crore from its Nasdaq 100 fund of funds, a company official said on Thursday.
According to the fund house, which announced the NFO on Thursday, the open-ended fund of fund scheme will invest in overseas units of exchange traded funds (ETFs)
the Nasdaq 100 index and will be open for subscription from Friday through October 21.
When questioned about the corpus being sought, Raghav Iyengar, the chief business development officer at the fund house, said to PTI, "We are trying to raise at least Rs 100 crore from the new offering within the new fund offer period."
including the Xtrackers Nasdaq 100 UCITS ETF, iShares Nasdaq 100 UCITS ETF, and Invesco EQQQ Nasdaq-100 UCITS ETF, among others.
He stated that the new fund of funds will be managed by Hitesh Das, who is the fund manager for Axis AMC's international investments, and will invest in some overseas exchange-traded funds (ETFs) tracking the Nasdaq 100 index