DMS Funds is replacing the underlying CNX indexes on which its DMS India Midcap Index Fund and DMS India Bank Index Fund are based with two new indices from NASDAQ OMX Global Indexes.
DMS Funds is a mutual fund company offering funds based on stock exchange and sector benchmark indexes in developing markets.
The new DMS NASDAQ India MidCap Index Fund (DAIMX-A Shares/DIIMX-I Shares) seeks to replicate as closely as possible, before fees and expenses, the price and performance of the NASDAQ India Mid-Cap Sector Capped 20 Index. The NASDAQ India Mid-Cap Sector Capped 20 Index comprises mid-cap stocks with no individual sector exposure exceeding 20 per cent. These companies represent a broad spectrum of rapidly growing industries essential to India's continued economic growth and serve as a benchmark for the midcap portion of Indian stocks. The earlier DMS India Midcap Index Fund tracked the CNX Midcap Index comprising 100 midcap companies listed on the NSE.
The new DMS NASDAQ India Bank Index Fund (DAIBX-A Shares/DIIBX-B Shares) seeks to replicate as closely as possible, before fees and expenses, the price and performance of the NASDAQ India Banks Index, which comprises the largest banks listed on Indian exchanges and serves as a benchmark for the capital market performance of India's banking sector. The earlier DMS India Bank Index Fund tracked the CNX India Bank Index.
"At DMS Funds we're committed to providing U.S. investors with the opportunity to easily access the investment potential inherent in the world's most investable developing markets. We're thrilled to have NASDAQ OMX Global Indexes working with us to let us efficiently deliver on this commitment. The launch of the new DMS Funds' India midcap and bank index funds deepens our relationship with NASDAQ OMX Global Indexes and ensures DMS Funds' investors access to developing markets indexes from a brand they trust, that is synonymous with innovation and quality," says Peter Kohli, DMS Funds chief executive and chief investment officer.
"We are pleased to be working with DMS Funds on building India indexes for the benefit of their investors," says David Krein, head of research, NASDAQ OMX Global Indexes. "Our rules-based, transparent index methodologies are perfectly-suited for delivering these exposures to DMS's investors."
