Motilal Oswal S&P 500 Index Fund Direct Growth NAV hits ₹32.35

The fund’s Net Asset Value (NAV) closed at ₹32.3549 on June 17 2026, marking the latest price level for investors tracking the U.S. S&P 500 through an Indian mutual‑fund wrapper【1】. At the same time, the scheme’s assets under management totalled roughly ₹4,580 crore as of May 31 2026, underscoring its rapid growth since launch just over six years ago.

Fund performance and cost structure

Since its inception — approximately 6 years 2 months ago — the Motilal Oswal S&P 500 Index Fund Direct‑Growth has delivered an average annual return of 21.38 %, outpacing many domestic equity funds over the same period【1】. The fund’s expense ratio of 0.58 % is deducted from assets daily, reducing net returns to investors but remaining in line with typical index‑fund fees in India【1】. No lock‑in period applies, and the scheme is classified as “Very High risk” because it is fully exposed to foreign equity markets【1】.

Portfolio composition

The fund’s holdings are heavily weighted toward large‑cap U.S. technology names, with NVIDIA (7.82 %), Apple (6.98 %), Microsoft (5.09 %) and Amazon (4.03 %) together accounting for roughly 24 % of assets【1】. Sector exposure is dominated by Capital Goods (23.03 %), Services (20.28 %) and Technology (11.17 %), while foreign‑equity exposure sits at 98.43 % of the portfolio【1】. Minor allocations include a 0.65 % position in repos and small stakes in foreign REITs and mutual funds【1】.

Risk and liquidity considerations

As an international index fund, the scheme mirrors the performance of the S&P 500 subject to tracking error【1】. The high concentration in U.S. tech stocks amplifies volatility, especially in periods of sector‑specific turbulence. The fund’s liquidity is supported by its sizable AUM, but investors should be aware that currency fluctuations and U.S. market movements directly affect returns.

What to watch

• U.S. CPI data (next release — scheduled for early July) – inflation trends will influence the S&P 500 and, by extension, the fund’s performance.
• Federal Reserve policy meetings – any change in interest‑rate outlook can shift equity valuations and affect the fund’s tracking error.
• Quarterly earnings of top holdings (e.g., NVIDIA, Apple) – earnings surprises often drive short‑term price swings in the underlying index.

The Motilal Oswal S&P 500 Index Fund Direct‑Growth offers Indian investors a direct conduit to U.S. equity performance, delivering strong historical returns but carrying the inherent volatility of a high‑beta, foreign‑focused portfolio. Future market dynamics, especially U.S. macro data, will determine whether its tracking remains effective and its high‑risk label stays justified.