InvestNow Launches Foundation Series Nasdaq-100 Fund Catered To Kiwi Investors

InvestNow has announced the launch of the Foundation Series Nasdaq-100 Fund, which offers exposure to the Nasdaq-100 Index® through a Portfolio Investment Entity (PIE) fund structure, with market-leading low fees and added tax advantages.

The new fund charges a management fee of just 0.15% per annum, a 0.50% transaction fee on all buy orders (entry fee) and 0.50% on all sell orders (exit fee).

It is the tenth offering in InvestNow’s low-cost Foundation Series Funds range, and the first time that New Zealand investors can get exposure to the Nasdaq-100® within a PIE fund.

“The Nasdaq-100® is one of the world’s preeminent large-cap growth indexes, and by capturing exposure through a low-cost, tax-efficient PIE fund, it can help reduce expenses and therefore enhance returns for Kiwi investors,” says InvestNow Senior Portfolio Manager Jason Choy.

“Direct investors into other funds that track the Nasdaq-100® face a marginal tax rate of up to 39%. Through a PIE fund however, investors’ tax rate is capped at just 28%, which can help sidestep an up to 40% higher tax bill in real terms. The advantages are considerable, and I wouldn’t be surprised if this ends up being one of the most popular funds we offer.”

The Foundation Series Nasdaq-100 Fund offers exposure to the 100 largest non-financial companies listed on the Nasdaq Stock Market, which includes tech heavyweights such as Apple, Tesla, NVIDIA and Microsoft.

“These are some of the world’s largest and fastest growing companies. I’m thrilled we can offer investors exposure to the Nasdaq-100® in such a novel way; that we can partner with such global investment giants underlines our expertise and our product offering,” Choy adds.

InvestNow started its low-cost Foundation Series Funds range in 2020, which have an average management fee of just 0.16% per annum. Currently the Foundation Series Funds have around $500m in funds under management.

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