The question
Indian investors reach the S&P 500 and the Nasdaq-100 in three ways: an index fund that buys US shares directly, a fund of funds (FoF) that buys an overseas ETF, or an Indian-listed ETF and the FoF built on it. This post compares them on what they cost, how closely they followed their index, and how much of the return was the rupee.
Returns are for Direct plans, Growth option, from NAVs dated 8 October 2025 to 8 October 2026 and 6 October 2023 to 8 October 2026, so every fund covers the same days; each fund's own page runs to its latest NAV and can differ slightly. Expense ratios are AMFI's disclosures of early October 2026, and assets are AMFI's July to September 2026 average.
About 10 points came from the dollar
| Price index | 1 year | 3 years (a year) |
|---|---|---|
| S&P 500, in dollars | 14.98% | 21.70% |
| Nasdaq-100, in dollars | 22.24% | 27.08% |
| US dollar against the rupee | 8.99% | 5.15% |
| S&P 500, in rupees | 25.31% | 27.96% |
| Nasdaq-100, in rupees | 33.22% | 33.62% |
The dollar went from ₹88.78 to ₹96.76 over the year, on the rates on our currency page. That lifted the S&P 500's 14.98% to 25.31% in rupees, so about 10.3 of the 25.31 points came from the currency. For the Nasdaq-100 it was about 11.0 of 33.22. Our post on international funds and the rupee breaks this down for the whole category, and Nifty 50 vs S&P 500 vs Nasdaq-100 runs the comparison year by year.
These are price indices. The funds also collect dividends, after US withholding tax, which is why a fund can match or slightly beat the price index after its fee.
The trackers, side by side
| Fund (Direct, Growth) | Holds | TER | AUM (₹ crore) | 1 year | 3 years (a year) |
|---|---|---|---|---|---|
| Motilal Oswal S&P 500 Index Fund | US shares | 0.64% | 4,581 | 25.67% | 28.27% |
| Navi US Total Stock Market FoF | Overseas ETF | 0.07% | 1,089 | 25.27% | 28.33% |
| ICICI Prudential NASDAQ 100 Index Fund | US shares | 0.63% | 3,572 | 33.04% | 33.61% |
| Motilal Oswal Nasdaq 100 ETF | US shares, listed in India | 0.60% | 13,832 | 33.46% | 33.68% |
| Kotak US Specific Equity Passive FoF | Overseas ETF | 0.34% | 4,500 | 34.87% | 34.39% |
| Navi NASDAQ100 US Specific Equity Passive FoF | Overseas ETF | 0.26% | 1,253 | 33.38% | 33.84% |
| Aditya Birla Sun Life US Equity Passive FoF | Overseas ETF | 0.34% | 521 | 34.79% | 34.28% |
| Invesco India EQQQ Nasdaq-100 ETF FoF | Overseas ETF | 0.47% | 473 | 34.70% | 34.29% |
| Axis NASDAQ 100 US Specific Equity Passive FoF | Overseas ETF | 0.29% | 219 | 34.46% | 33.81% |
The Kotak, Aditya Birla Sun Life, Invesco and Axis FoFs all name the Nasdaq-100 TRI as their benchmark in their scheme summaries; Navi's total-market FoF follows the broader CRSP US Total Market Index.
The direct index funds tracked almost exactly. ICICI Prudential's Nasdaq fund returned 33.61% a year over three years against 33.62% for the price index in rupees. Motilal Oswal's S&P 500 fund returned 28.27% against 27.96%. Dividends roughly paid their fee. The head-to-head page sets the two side by side.
The FoFs look ahead of the index, and that is mostly timing. Their NAVs rest on ETF prices and exchange rates taken at different times from the US close; Invesco's EQQQ, for one, is listed in London. On 8 October 2026, the last day in the window, the Nasdaq-100 fell 1.4%, and a fund priced earlier in the day would have missed part of it. Over a year, one day's move like that is enough to put a fund a point ahead or behind. For the same reason, daily tracking error against the US close says little about them.
A FoF's TER is only one layer. The expense ratio shown for a FoF is its own fee; the overseas ETF it holds charges another, which comes out of the ETF's price. Navi's 0.07% is not the whole cost of owning the US market through it.
When the FoF follows a premium, not the index
Three FoFs hold an ETF listed in India, and their NAVs move with that ETF's price on the exchange. When an ETF cannot issue new units, buyers can push its price above its NAV, and the FoF's NAV rises with that premium.
| Pair (Direct, Growth) | FoF, 1 year | ETF NAV, 1 year | FoF, 3 years (a year) | ETF NAV, 3 years (a year) |
|---|---|---|---|---|
| Mirae Asset S&P 500 Top 50 and its ETF | 61.37% | 20.78% | 51.44% | 29.57% |
| Mirae Asset NYSE FANG+ and its ETF | 64.96% | 28.59% | 65.30% | 42.92% |
| Motilal Oswal Nasdaq 100 FoF and the ETF above | 34.02% | 33.46% | 39.00% | 33.68% |
Over the year, Mirae's S&P 500 Top 50 FoF gained 33.6% more than the ETF it holds, and 59.7% more since October 2023. The FANG+ FoF gained 28.3% more over the year. That extra is not earnings from American companies. It is what other buyers were willing to pay above the ETF's value, and it can go into reverse. It did for the Motilal Oswal pair: from 8 September to 8 October 2026 the FoF fell 5.7% while the ETF's NAV rose 6.3%.
The supply squeeze comes from regulation. SEBI caps the whole industry's overseas investment at US$7 billion (summary of the limits), and when a fund house reaches its share it stops taking new money or creating new ETF units. The Mirae FoF comparison page shows how far the two have moved together.
What this does not tell you
Whether a fund is open. Several of these have at times stopped lump sums or SIPs because of the limit. Check before planning around one.
What the rupee does next. A stronger rupee would take return away by the same arithmetic. The guide to currency risk in international funds covers it.
What an ETF's premium is today. Our data holds NAVs, not exchange prices, so we can see the premium change through the FoF but not its level.
None of this is a recommendation to buy or sell any fund. Every scheme here is on the overseas fund-of-funds page or the index fund page, and the international funds guide explains the structures.
Frequently asked questions
How much did S&P 500 index funds return in India in the last year?
Motilal Oswal S&P 500 Index Fund (Direct Growth) returned 25.67% from 8 October 2025 to 8 October 2026. The S&P 500 rose 14.98% in dollars and the dollar rose 8.99% against the rupee, which together make 25.31% in rupees before dividends.
Why did Mirae Asset's S&P 500 Top 50 fund of funds return 61% in a year?
Its NAV rose 61.37% in the year to 8 October 2026, while the NAV of the ETF it holds rose 20.78%. The fund of funds values its ETF units at their exchange price, which moved far above the ETF's NAV. That premium is not a return from US companies, and it can shrink.
Which Nasdaq-100 fund has the lowest expense ratio?
Among the Direct plans compared here, Navi's Nasdaq-100 fund of funds charges 0.26% and Axis's 0.29%, but both also bear the fee of the overseas ETF they hold. ICICI Prudential's Nasdaq 100 Index Fund, which buys the shares directly, charges 0.63% with no second layer.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
Keep reading
Low-volatility and quality index funds: costs compared
Index funds and ETFs on four low-volatility and quality indices charge 0.25% to 0.79% and track within 0.36% a year. Fees decide the gap. As of 9 October 2026.
Momentum index funds compared: fees, lag and size
Eight Nifty200 Momentum 30 index funds charge 0.68% to 1.02% and trailed their index by 0.64 to 1.20 points in the year to 9 October 2026.
Nifty 500 and Total Market index funds compared
Nine index funds track the Nifty 500 or Nifty Total Market, at fees of 0.17% to 0.71%. Motilal Oswal's holds 64% of their ₹4,856 crore. Data to 9 October 2026.