Ticker: PPINDX100 · PPFAS Alternate Asset Managers IFSC · IFSCA/Retail/2025-26/006 · Launched: March 20, 2026
Unlike the PPFAS S&P 500 FoF (which uses a physical ETF), this fund invests in a synthetic ETF — the Invesco NASDAQ-100 Swap UCITS ETF. A synthetic ETF delivers index returns via a swap agreement with a bank counterparty, not by holding the underlying stocks. This introduces counterparty risk in addition to market risk. UCITS regulations require collateral of 90%+ of NAV, making this a regulated and well-understood structure — but you should understand what you own before investing. See the detailed explanation below.
| Full Name | Parag Parikh IFSC NASDAQ 100 Fund of Fund |
| Fund Manager | Mr. Akshay Falgunia |
| AMC | PPFAS Alternate Asset Managers IFSC Pvt. Ltd. |
| IFSCA Reg. No. | IFSC/Retail/2025-26/006 |
| Structure | Open-ended passive Fund of Funds (FoF) |
| Underlying ETF | Invesco NASDAQ-100 Swap UCITS ETF Acc — synthetic replication (99.96% of portfolio) |
| Benchmark | Nasdaq 100 Notional Net Total Return Index |
| Currency | USD |
| Min. Investment | USD 5,000 · Additional: USD 500 |
| TER | 0.30% (fund) + 0.20% (underlying ETF) = 0.50% all-in |
| Exit Load | None — no entry or exit load |
| NAV (Apr 30, 2026) | LT post-tax: 112.08 · ST post-tax: 108.60 |
| NFO Allotment Date | March 20, 2026 (same day as S&P 500 sibling) |
| Dealing | Daily NAV · Daily subscription and redemption |
| Contact | ifscfme@ppfas.com |
The Invesco NASDAQ-100 Swap UCITS ETF does not hold Apple, Microsoft, Nvidia, or any other Nasdaq 100 constituent. Instead, it enters a swap agreement with a bank counterparty. Under this agreement, the counterparty promises to pay the ETF the daily return of the Nasdaq 100 Net Total Return Index, in exchange for a fee. The ETF holds a "substitute basket" of securities as collateral.
What this means for you: Your economic return mirrors the Nasdaq 100 index (net of the 0.20% ETF fee). You are not exposed to the individual performance of Apple or Nvidia — you are exposed to the index as a whole. What you are additionally exposed to, that a physical ETF investor is not, is counterparty risk: if the swap bank defaults, the ETF may not receive its full return for that period.
Why this is well-managed under UCITS: European UCITS regulations require synthetic ETFs to hold collateral worth at least 90% of NAV at all times. The Invesco ETF operates within these rules. Invesco is one of the world's largest ETF providers. This is not an obscure or unregulated product — it is a mainstream UCITS instrument used by institutional and retail investors globally.
Bottom line: The counterparty risk is real but regulated and manageable. For most investors, the practical impact over a full market cycle is negligible — the index return is what you get, the collateral structure protects against catastrophic default. However, sophisticated investors should understand the structure before choosing this over the physical S&P 500 sibling.
The fund has been live for only ~6 weeks as of April 30, 2026. The +13.94% since inception reflects a period when US technology stocks were in a strong bull run — not a representative long-term return. The tracking difference (~0.80–0.85%) is slightly wider than the S&P 500 sibling due to the synthetic ETF structure and the European/US market window gap. Longer-term performance data will accumulate as the fund matures. Do not extrapolate these early returns.
IT + Communication Services = 65.5% of the index. The Nasdaq 100 excludes Financials (the second-largest S&P 500 sector at 12.5%) and has far less Health Care and Industrials. This is a concentrated technology bet — not a broad market index. The top 10 companies in the Nasdaq 100 (Apple, Microsoft, Nvidia, Amazon, Meta, Alphabet, Tesla, Broadcom, TSMC, Netflix) account for approximately 50–55% of the index.
The PPFAS Nasdaq 100 FoF does one thing: gives you concentrated US technology exposure. That is both its appeal and its risk. Over the 6-week inception period ending April 2026, it returned +13.94% vs the S&P 500 sibling's +10.02% — because US tech was on a tear. Over a full cycle, that relationship will not be linear.
Who this is for: Investors who specifically want US tech as a satellite allocation (10–20% of global equity), understand that 65% IT/Comm Services concentration means high correlation to a single theme, and can hold through drawdowns of 30–40%+ in tech bear markets. Not a diversified core holding.
Our view: For most investors building a global allocation from scratch, start with the S&P 500 FoF. Add Nasdaq 100 only if you want to tilt toward tech with conviction — not as the default "which PPFAS fund should I pick?"
| Factor | Nasdaq 100 FoF | S&P 500 FoF |
|---|---|---|
| All-in TER | 0.50% p.a. | 0.35% p.a. |
| Exit load | None | None |
| Since inception | +13.94% | +10.02% |
| AUM (Apr 2026) | USD 7.44M | USD 6.43M |
| ETF type | Synthetic (swap) | Physical |
| No. of stocks | 100 (tech-heavy) | 500 (all sectors) |
| IT + Comm Services | ~65% | ~43% |
| Financials, Healthcare | Low / Excluded | 22%+ (diversified) |
Both funds share the same AMC, fund manager (Akshay Falgunia), NFO date (March 20, 2026), and no exit load. The difference is entirely in what you're betting on and how much you're paying for it.
We help you decide between S&P 500 and Nasdaq 100, and handle the LRS / KYC process end to end.
Who can invest:
Resident Indians (via LRS) NRI OCI Eligible non-individualsCheck before investing:
US/Canada persons — verify FATCAThe choice between these two funds depends on your risk appetite, portfolio context, and how much tech concentration you're comfortable with. We'll help you decide — honestly.
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