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Summary: One fund house let lump sums back into an international fund this week. But the bigger move happened on the stock exchange, where one ETF's price ran far ahead of the shares it owns. Who is still buying at these levels, and where can you invest at NAV?
PGIM India reopened its Global Select Real Estate Securities FoF on October 8, as it had announced. It now takes lump sums, though new SIP registrations stay shut. That makes it one of two international funds out of India's 60 taking lump sums, alongside Baroda BNP Paribas Aqua. Four funds take new SIPs: Aqua and Invesco's three, which cap them at Rs 10 lakh per PAN a day. No other fund house changed its terms this week.
The bigger change came on the stock exchange. Premiums on India-listed global ETFs climbed across the board, and the Motilal Oswal Nasdaq Q50 ETF now costs more than twice the value of the shares it holds.
Where the doors stand this week
| Fund / Invests in | Lump sum | New SIP | Limit per PAN per day | 1Y (%) | 3Y (%) | 5Y (%) |
|---|---|---|---|---|---|---|
| Baroda BNP Paribas Aqua FoF / Global water theme | Open | Open | None stated | 8.7 | 15.9 | 8.7 |
| PGIM India Global Select Real Estate Securities FoF / Global real estate securities | Open | Shut | None stated | 9.6 | 15.5 | - |
| Invesco India Pan European Equity FoF / Large European companies | Shut | Open | Rs 10 lakh | 25 | 21.3 | 14.9 |
| Invesco India Global Equity Income FoF / Global dividend payers | Shut | Open | Rs 10 lakh | 15.6 | 23.7 | 17 |
| Invesco India Global Consumer Trends FoF / Global consumer companies | Shut | Open | Rs 10 lakh | -1.9 | 27.1 | 6 |
| Direct plans. Returns in per cent as on October 7, 2026. Subscription status as on October 8, 2026. | ||||||
The Q50's premium nearly doubled
The Nasdaq Q50's premium, the gap between its price and its NAV, went from 63 per cent on September 30 to 110 per cent on October 7. Over the week its NAV rose 2.9 per cent while its price rose 33 per cent, 18 per cent of it on October 7 alone, when it traded as high as Rs 263.04 before closing at Rs 258.57.
The rise came on heavy trading. Rs 70 crore of Q50 units changed hands on October 7, about 14 times its 52-week average of Rs 5.1 crore a day. The premium is still below its September 18 peak of 235 per cent, but the slide to 57 per cent by September 28 has now been more than undone. The same day, the NSE cautioned investors that some international ETFs trade at steep premiums to their NAVs and risk sharp falls unrelated to the shares they hold.
Three Mirae ETFs climbed with it
The Mirae Asset NYSE FANG+ ETF's premium rose from 34 to 59 per cent, the S&P 500 Top 50 ETF's from 46 to 66 per cent and the Hang Seng TECH ETF's from 25 to 32 per cent. For FANG+ and Hang Seng TECH, these are the highest closing premiums of the past 52 weeks. FANG+ also traded Rs 32.5 crore a day over the last five sessions, more than four times its 52-week average of Rs 7.4 crore. The Mirae Asset NYSE FANG+ ETF FoF, Mirae Asset S&P 500 Top 50 ETF FoF and Mirae Asset Hang Seng TECH ETF FoF own these ETFs and move with their prices. They are shut to new money, but instalments of SIPs registered earlier still go through, so those investors are buying at these levels too.
Two ETFs held steady. The Motilal Oswal NASDAQ 100 ETF stayed at 13 per cent, close to its 52-week average of 12 per cent, while the Nippon India ETF Hang Seng BeES traded 4.5 per cent above value, well under its average of 13 per cent.
Global ETFs: the Q50 now costs 110 per cent over value
| ETF | NAV (Rs) | Price (Rs) | Premium (%) | Prem. Sep 30 (%) | 52-wk avg prem. (%) | 52-wk avg daily trading (Rs cr) |
|---|---|---|---|---|---|---|
| Motilal Oswal Nasdaq Q50 | 123.09 | 258.57 | 110.1 | 62.6 | 22 | 5.1 |
| Mirae Asset S&P 500 Top 50 | 70.53 | 116.81 | 65.6 | 45.6 | 22 | 3.4 |
| Mirae Asset NYSE FANG+ | 186.01 | 295.01 | 58.6 | 33.9 | 21.1 | 7.4 |
| Mirae Asset Hang Seng TECH | 17.41 | 23 | 32.1 | 25.2 | 20.1 | 2.1 |
| Motilal Oswal NASDAQ 100 | 294.73 | 332.06 | 12.7 | 12.7 | 12.2 | 24.1 |
| Nippon India Hang Seng BeES | 443.16 | 463.23 | 4.5 | 2.2 | 13 | 7.5 |
| NSE close over same-day NAV, as on October 7, 2026. 52-week averages: October 8, 2025 to October 7, 2026. | ||||||
So what now?
At NAV, the choice this week is narrow: two funds take lump sums and four take new SIPs, and none of them is a US stock fund. The exchange route to US shares is open, but at a steep price. Rs 100 of US shares costs Rs 210 through the Q50 and Rs 113 through the Nasdaq 100 ETF.
That extra amount is a price you pay, not a return you earn. If the Q50's premium vanished tomorrow and its 50 stocks stood still, its price would fall 52 per cent.
A price can run far ahead of what a fund owns, as it did this week. Value Research Fund Advisor looks at what you hold, tells you which funds belong in your portfolio, and plans the rest around your goals.
Ask Value Research 
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