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Summary: Nvidia's shares tumbled in a week as its board opened an inquiry into its chief executive. If you hold a US fund through an Indian mutual fund, how hard were you hit? The answer has less to do with Nvidia than you might think. And for ETF buyers, a different number deserves a closer look.
Nvidia, the AI chip maker, has been sliding for weeks. In the week to November 11 alone, its shares fell 13 per cent. The next day, its chief executive, Jensen Huang, resigned amid a board inquiry, and the stock lost another 4.3 per cent.
If you own a US-focused mutual fund, your hit over that week was much smaller. Most funds that invest in US shares lost between 1 and 3.2 per cent. Three even rose: Mirae Asset NYSE FANG+ ETF FoF (up 7.9 per cent), Motilal Oswal Nasdaq 100 FoF (up 4.0) and Mirae Asset S&P 500 Top 50 ETF FoF (up 3.2).
Thinking of adding to a US fund? Nothing has changed since last week. Only two of the 60 international funds take new investors, Baroda BNP Paribas Aqua and PGIM India Global Select Real Estate Securities, and neither focuses on the US.
Open to new investors this week
| Fund / Invests in | One-time sum | New SIP | Existing SIP | 1Y (%) | 3Y (%) | 5Y (%) |
|---|---|---|---|---|---|---|
| Baroda BNP Paribas Aqua FoF / Global water theme | Open | Open | Open | 14 | 16.6 | 8.3 |
| PGIM India Global Select Real Estate Securities FoF / Global real estate securities | Open | Shut | Open | 14 | 16.8 | - |
| Direct plans. Returns and subscription status as on November 11, 2026. | ||||||
One stock can only do so much
Think of a fund as a basket of shares. Seven of India's 60 international funds track the Nasdaq 100, more than any other index. In that basket of about 100 companies, Nvidia is about 8 per cent. So a 13 per cent fall in Nvidia costs the basket about one per cent. Most of the seven funds lost between 1.1 and 1.3 per cent.
Smaller baskets lean harder on Nvidia. It is about 10 per cent of the NYSE FANG+, which holds just 10 companies, and about 12 per cent of the S&P 500 Top 50. The Mirae Asset funds that track these two lost 2.2 and 2.4 per cent of their value.
That’s the quiet strength of a mutual fund: the more companies it owns, the less any one can hurt you. Some Indian funds that invest partly abroad own Nvidia too. Of the 14 we listed in October, five hold it directly, led by Edelweiss Technology at 4.7 per cent. The other four, DSP Multi Asset Allocation, Axis Innovation, Franklin India Technology and DSP Value, hold between 0.9 and 1.4 per cent, so Nvidia’s fall cost them about 0.2 per cent or less.
Indian buyers paid more, not less
ETFs trade on the stock exchange like shares, so their price can drift away from what they own.
This week it drifted up. The Mirae Asset NYSE FANG+ ETF's holdings lost value, but its price rose 7.9 per cent. Buyers now pay Rs 148 for every Rs 100 of shares it holds, up from Rs 135 a week ago and a one-year average of about Rs 124.
Nvidia wasn't the reason. The Motilal Oswal Nasdaq Q50 ETF owns no Nvidia at all, yet buyers now pay about Rs 201 for Rs 100 of shares it holds, up from Rs 186. People wanted US tech at any price. The three funds that rose own these ETFs.
The bigger risk is the price you pay
Nvidia's fall cost the FANG+ ETF about 1.3 per cent of its value. But if its price slipped back to its usual Rs 124, buyers would lose about 17 per cent, even if no share it owns moved.
Nvidia's story is still unfolding, but the maths won't change. In a Nasdaq 100 fund, every 10 per cent move in Nvidia shifts your fund's value by less than one per cent. The price of an ETF can swing far more.
Nvidia fell, yet most US ETFs got pricier
| ETF | Nvidia's share of fund (%) | Value (NAV), 1 week (%) | Price, 1 week (%) | Extra paid over value (Premium, in %) | Premium, a week ago (%) | 1-year premium average (%) |
|---|---|---|---|---|---|---|
| Motilal Oswal Nasdaq Q50 ETF | Nil | -2 | 5.6 | 100.8 | 86.3 | 29.3 |
| Mirae Asset S&P 500 Top 50 ETF | 12.1 | -2.4 | 3.2 | 52.1 | 43.9 | 25.2 |
| Mirae Asset NYSE FANG+ ETF | 10 | -2.2 | 7.9 | 48.4 | 34.5 | 23.8 |
| Mirae Asset Hang Seng TECH ETF | Nil | 1.3 | 1.6 | 35.6 | 35.2 | 21.2 |
| Motilal Oswal NASDAQ 100 ETF | 8 | -1.2 | 4 | 16.8 | 11 | 12.3 |
| Nippon India ETF Hang Seng BeES | Nil | 0.7 | -0.4 | 4.2 | 5.4 | 11.5 |
| Data as on November 11, 2026. Nvidia's share as on October 31, 2026. | ||||||
So what should you do?
If an SIP is still running in one of your US funds, one company's bad week is no reason to stop it.
If you want to buy the dip through an ETF, check the price before the news. Of the four US ETFs, the Motilal Oswal NASDAQ 100 ETF is the closest to fair, at about Rs 117 for Rs 100 of shares. FANG+ and the S&P 500 Top 50 cost about Rs 150.
One stock's bad week tells you little about whether a fund is right for you. Value Research Fund Advisor looks at everything you own and plans the rest around your goals.
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