Nasdaq grows 9%. My ETF grows just 1.7%. Is this a scam?

A reader recently got in touch with us, frustrated and surprised about this fact: Between April 8 and April 11, the Nasdaq-100 index in the US surged from 17,090 to 18,690—a gain of 9.36 per cent. But during the same period, Motilal Oswal Nasdaq 100 ETF, which tracks this index, rose only 1.7 per cent on the Indian stock exchange — from Rs 164 to Rs 167. Even after accounting for a mild rupee depreciation, the returns appeared significantly lower than expected.