Motilal Oswal launches first passive fund tracking the S&P 500 Index

Motilal Oswal Asset Management Company on Tuesday announced the launch of an open-ended scheme tracking US's S&P 500 Index.The fund will provide an opportunity to invest in one of the world's most popular indices. It will provide Indian investors exposure to the performance of leading 500 compes listed in the United States.

The S&P 500 Index is widely regarded as the best single gauge of large-cap US equities and covers about 80 per cent of the available market. The S&P 500 Index is the world's largest index with a track record of 63 years, making it one of the oldest indices in the world.

"It is the world's A group or the world's large cap index composed of some of the biggest global compes. And we at Motilal Oswal Asset Management Company are happy to provide access," said Managing Director and CEO Aashish Somaiyaa.

Motilal Oswal S&P 500 Index Fund will be launched on April 15 and will remain open for subscription till April 23.

Pratik Oswal, Head of Passive Funds at Motilal Oswal Asset Management Company, said the fund that is present in almost every investor's portfolio in the United States and a great way to start the process of international diversification -- helping Indian investors fight rupee depreciation as well as portfolio volatility.

"It was the first-ever passive fund launched (way back in 1975) and the biggest one today," he said in a statement.

( With inputs from ANI )