What is the difference between ICICI Nasdaq 100 index and Motilal Oswal 100 Nasdaq FoF?

Nope, there is a difference.
While both funds endeavor to provide returns linked to Nasdaq 100 index, way they invest is different.
ICICI pru one is an index fund and invest money directly in Nasdaq 100 stock. That is they buy the US stocks directly
Whereas, MO is a FOF and it does not buy US stocks directly but instead buy MO nasdaq 100 etf (MON100) units from Indian market. MON100 is an ETF and it buys US stocks. So MO FOF holds US stocks indirectly through MON100 ETF

Now this is interesting part. In normal times, this would not have happened. Or at least not as visibly as it is happening now.
But then these are not normal times :slight_smile:
As most MFs have surpassed the foreign investment limit set by RBI, they are unable to make fresh investment in foreign stocks and have stopped inflows.
But MON100 ETF continues to trade on Indian exchanges an investor are buying it at premium (currently it is trading at almost 10% premium to its actual value)
more details here:

So this is driving up the price on MON100 etf, which in turn is driving up MO FOF return.

Hope this helps :slight_smile: