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@jennifermartin Yes, the NAV is calculated based on the previous day's close of S&P 500. This does not provide much of an edge. The index may move in any direction the next day.

@billmcenaney How did you try to invest? I invested through MFU, paid using NEFT, and got units allotted at the NAV of 1st.

@zashmaster Tracking error is standard deviation of difference between fund return and index return. A fund can have zero tracking error even with a high TER, if the difference in return is consistent. So tracking error being lower than TER is nothing to worry about. In fact tracking error is...