Mumbai: Motilal Oswal Mutual Fund today announced the launch of its open-ended MOSt Shares NASDAQ 100 index ETF. It would be India’s first US equities ETF tracking NASDAQ 100 Index. “We are pleased to introduce to the Indian investors another unique, first of its kind ETF. Motilal Oswal MOSt Shares NASDAQ-100 ETF provides a good diversification option and access to leading global companies listed on the NASDAQ Stock Market” said Nitin Rakesh, MD & CEO, Motilal Oswal Mutual Fund.
The ETF is rupee denominated & does not fall under foreign Investment cap of US $ 200,000 limit. The fund will be traded during Indian market hours.
Investor need it seeks to fulfil - The fund is meant for investors who wish to diversify their portfolio in US markets, particularly in blue chip technology stocks.
Distribution: The scheme will be open in 600 cities. It will be marketed through all channels like IFAs, private banks, national distributors and stock brokers. The fund plans run a campaign across TV, print and outdoor media.
NFO Date: 16 March 2011 to 23 March 2011
Listing: NSE and BSE on 1 April 2011
Unit allotment: The units will be allotted before 31st March 2011 so that investors can benefit from double indexation.
Benchmark Index: NASDAQ-100 Index
Tax: The ETF will be taxed as ‘Investment other than equity oriented fund’ (i.e. debt taxation with indexation benefits)
Pricing (per Unit): NFO - 1/1000th of NASDAQ-100 Index value in INR
STT: Not Applicable
Expense ratio: 1 per cent
Minimum Investment: Rs 10,000 during NFO and 1 unit on an ongoing basis
Empanelled IFAs: More than 200
Listing: 1 April 2011
