Motilal Oswal Nifty 100 ETF vs NJ Arbitrage Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
Motilal Oswal Nifty 100 ETF is an ETF fund and NJ Arbitrage Fund is an Arbitrage fund. In the year to 30-10-2026, Motilal Oswal Nifty 100 ETF returned −9.1% and NJ Arbitrage Fund (Direct) returned 6.5%. Motilal Oswal Nifty 100 ETF charges 0.68% a year and NJ Arbitrage Fund 1.05%. Their portfolios overlap 44.4%: they hold 43 of the same securities.
Motilal Oswal Nifty 100 ETF
ETF
- 1 year return
- −9.1%
- Expense ratio
- 0.68%
- NAV
- ₹24.13
Which is better, Motilal Oswal Nifty 100 ETF or NJ Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- NJ Arbitrage returned more over 1 year: 6.5% against −9.1%.
- Motilal Oswal Nifty 100 ETF costs less: 0.68% a year against 1.05%.
- NJ Arbitrage fell less in its worst fall since 16-10-2025: −0.7% against −15.0%.
- Motilal Oswal Nifty 100 ETF holds more in large companies: 98.0% of the fund in large caps against 71.5%.
- Their portfolios overlap 44.4%: 43 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | Motilal Oswal Nifty 100 ETF | NJ Arbitrage Fund |
|---|---|---|
| Fund house | Motilal Oswal Mutual Fund | NJ Mutual Fund |
| Category | ETF | Arbitrage |
| AUM | ₹16 Cr (30-09-2026) | Not available |
| NAV | ₹24.13 | ₹13.25 (Direct) |
| Expense ratio (Direct) | Not available | 1.05% |
| Expense ratio (Regular) | Not available | 1.64% |
| Riskometer | Very High | Low |
| Benchmark | Nifty 100 TRI | Nifty 50 Arbitrage Index |
| Launch date | 16-10-2025 | 01-08-2022 |
| Minimum investment | Ongoing Basis: On Exchange: Investors can buy/sell units of the Scheme in round lots of 1 unit and in multiples thereof. Directly with the Mutual Fund: For Eligible investors: Transactions must be in multiple of unit creation size and the execution value | ₹5,000 |
| Lock in | None | None |
| Fund managers | Swapnil Mayekar, Dishant Mehta, Rakesh Shetty | Dhaval Patel, Viral Shah, Jaimin Ilavia |
| Exit load | Nil | Nil |
Motilal Oswal Nifty 100 ETF vs NJ Arbitrage: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| Motilal Oswal Nifty 100 ETF | +1.00% | −5.44% | −3.26% | −9.06% | -- | -- | -- |
| NJ Arbitrage Fund (Direct) | +0.52% | +1.47% | +3.12% | +6.46% | +6.82% | -- | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
Motilal Oswal Nifty 100 ETF vs NJ Arbitrage: Year-wise Returns
| Year | Motilal Oswal Nifty 100 ETFMotilal Oswal Nifty 100 ETF | NJ ArbitrageNJ Arbitrage |
|---|---|---|
| 2026to date | −9.75% | +5.24% |
| 2025 | -- | +6.37% |
| 2024 | -- | +7.68% |
| 2023 | -- | +7.41% |
Motilal Oswal Nifty 100 ETF vs NJ Arbitrage: Rolling Returns
Every holding period of both funds, against Nifty 100 TRI, the benchmark of Motilal Oswal Nifty 100 ETF
Motilal Oswal Nifty 100 ETF vs NJ Arbitrage: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 16-10-2025 to 30-10-2026: 13 instalments, ₹1,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Motilal Oswal Nifty 100 ETFMotilal Oswal Nifty 100 ETF | ₹1,30,000 | ₹1,23,641 | −₹6,359 | −8.4% |
| NJ ArbitrageNJ Arbitrage Fund (Direct) | ₹1,30,000 | ₹1,34,669 | ₹4,669 | 6.3% |
Motilal Oswal Nifty 100 ETFMotilal Oswal Nifty 100 ETF
NJ ArbitrageNJ Arbitrage Fund (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
Motilal Oswal Nifty 100 ETF vs NJ Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Motilal Oswal Nifty 100 ETF | NJ Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.06% | +6.46% |
| Standard deviation | 14.04% | 1.83% |
| Sharpe ratio | -1.02 | 0.66 |
| Sortino ratio | -1.35 | 1.02 |
| Maximum drawdown | −15.0% (31-03-2026) | −0.7% (31-08-2026) |
| Beta | 1.00 | -- |
| Alpha | −0.38% | -- |
From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | Motilal Oswal Nifty 100 ETF | NJ Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −7.74% | +6.84% |
| Standard deviation | 13.84% | 1.20% |
| Sharpe ratio | -0.94 | 0.58 |
| Sortino ratio | -1.25 | 0.88 |
| Maximum drawdown | −15.0% (31-03-2026) | −0.7% (31-08-2026) |
| Beta | 1.00 | -- |
| Alpha | −0.41% | -- |
From daily NAVs, 16-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
Motilal Oswal Nifty 100 ETF
NJ Arbitrage Fund (Direct)
Nifty 100 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Motilal Oswal Nifty 100 ETF | −15.0% | 02-01-2026 | 31-03-2026 | Not yet | -- | −10.5% |
| NJ Arbitrage Fund (Direct) | −0.7% | 03-08-2026 | 31-08-2026 | 01-09-2026 | 1 days | −0.0% |
| Nifty 100 TRI | −14.9% | 02-01-2026 | 30-03-2026 | Not yet | -- | −10.1% |
From daily values since 16-10-2025, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Motilal Oswal Nifty 100 ETF
NJ Arbitrage Fund (Direct)
Nifty 100 TRI
Against Nifty 100 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Motilal Oswal Nifty 100 ETF | 99% | 101% | 0.15% |
| NJ Arbitrage Fund (Direct) | 22% | -13% | 17.32% |
From month-end values since 16-10-2025. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
Motilal Oswal Nifty 100 ETF vs NJ Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Motilal Oswal Nifty 100 ETF, September 2026; NJ Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 44.4%
- Held by both
- 43
- Only in Motilal Oswal Nifty 100 ETF
- 57
- Only in NJ Arbitrage
- 28
| Security | % of Motilal Oswal Nifty 100 ETF | % of NJ Arbitrage |
|---|---|---|
| Reliance Industries Limited | 6.15% | 6.48% |
| HDFC Bank Limited | 8.41% | 5.56% |
| Bharti Airtel Limited | 4.14% | 5.73% |
| ICICI Bank Limited | 7.34% | 3.43% |
| Kotak Mahindra Bank Ltd | 2.38% | 7.11% |
| ITC Limited | 1.96% | 2.03% |
| Mahindra & Mahindra Limited | 2.04% | 1.86% |
| Bajaj Finance Ltd | 2.03% | 1.60% |
| Sun Pharmaceutical Industries Limited | 1.49% | 4.20% |
| Axis Bank Limited | 2.73% | 1.47% |
| State Bank of India | 3.07% | 1.41% |
| Tata Steel Limited | 1.18% | 1.30% |
| UltraTech Cement Limited | 1.01% | 2.08% |
| Larsen & Toubro Limited | 3.41% | 0.84% |
| Eicher Motors Limited | 0.77% | 1.19% |
| Asian Paints Limited | 0.84% | 0.77% |
| Adani Enterprises Limited | 0.76% | 4.06% |
| Infosys Limited | 2.72% | 0.70% |
| NTPC Limited | 1.19% | 0.68% |
| Adani Power Limited | 0.66% | 1.64% |
| SBI Life Insurance Company Limited | 0.59% | 1.38% |
| Tata Power Company Limited | 0.47% | 0.49% |
| HDFC Life Insurance Company Limited | 0.43% | 0.37% |
| Pidilite Industries Limited | 0.35% | 0.47% |
| Jio Financial Services Limited | 0.55% | 0.35% |
| Bank of Baroda | 0.33% | 1.61% |
| Tata Motors Passenger Vehicles Limited | 0.46% | 0.33% |
| Canara Bank | 0.31% | 3.16% |
| Punjab National Bank | 0.30% | 0.42% |
| Vodafone Idea Limited | 0.28% | 6.08% |
| Divi's Laboratories Limited | 0.92% | 0.28% |
| Hindustan Aeronautics Limited | 0.69% | 0.27% |
| Grasim Industries Limited | 0.90% | 0.26% |
| Ambuja Cements Limited | 0.18% | 0.77% |
| Power Grid Corporation of India Limited | 0.91% | 0.17% |
| Hindalco Industries Limited | 1.06% | 0.14% |
| Tata Consumer Products Limited | 0.48% | 0.13% |
| Solar Industries India Limited | 0.37% | 0.13% |
| InterGlobe Aviation Limited | 0.87% | 0.10% |
| Torrent Pharmaceuticals Limited | 0.55% | 0.08% |
| Titan Company Limited | 1.47% | 0.07% |
| JSW Steel Limited | 0.93% | 0.04% |
| Shriram Finance Limited | 1.07% | 0.03% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 44.4% means 44.4% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in Motilal Oswal Nifty 100 ETF
| Security | % of fund |
|---|---|
| Eternal Limited | 1.80% |
| Tata Consultancy Services Limited | 1.62% |
| Hindustan Unilever Limited | 1.29% |
| Maruti Suzuki India Limited | 1.21% |
| Adani Ports and Special Economic Zone Limited | 1.09% |
Largest holdings only in NJ Arbitrage Fund
| Security | % of fund |
|---|---|
| 364 Days Tbill (MD 03/12/2026) | 2.61% |
| 364 Days Tbill (MD 29/10/2026) | 2.55% |
| 182 Days Tbill (MD 08/10/2026) | 2.13% |
| Biocon Limited | 2.01% |
| 364 Days Tbill (MD 02/10/2026) | 1.28% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Motilal Oswal Nifty 100 ETF | NJ Arbitrage |
|---|---|---|
| Equity | 100.0% | 80.4% |
| Debt | 0.0% | 14.6% |
| Cash and others | -0.0% | 5.1% |
Market cap of stocks
| Market cap | Motilal Oswal Nifty 100 ETF | NJ Arbitrage |
|---|---|---|
| Large Cap | 98.0% | 71.5% |
| Mid Cap | 2.0% | 6.9% |
| Small Cap | 0.0% | 1.9% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | Motilal Oswal Nifty 100 ETF | NJ Arbitrage |
|---|---|---|
| Banks | 25.1% | 26.8% |
| Telecom - Services | 4.4% | 12.1% |
| Petroleum Products | 7.0% | 6.5% |
| IT - Software | 6.7% | 1.6% |
| Pharmaceuticals & Biotechnology | 4.3% | 6.6% |
| Automobiles | 6.4% | 3.4% |
| Finance | 6.2% | 2.5% |
| Metals & Minerals Trading | 0.8% | 4.1% |
The six largest sectors of each fund's stocks, % of the fund.
Motilal Oswal Nifty 100 ETF vs NJ Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Motilal Oswal Nifty 100 ETF | NJ Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 1.05% |
| Base expense ratio (Direct) | 0.00% | 0.25% |
| Total expense ratio (Regular) | Not available | 1.64% |
| Base expense ratio (Regular) | 0.45% | 0.75% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
Motilal Oswal Nifty 100 ETF vs NJ Arbitrage Fund: Frequently Asked Questions
What is the difference between Motilal Oswal Nifty 100 ETF and NJ Arbitrage Fund?
Motilal Oswal Nifty 100 ETF is an ETF fund, NJ Arbitrage Fund is an Arbitrage fund, run by Motilal Oswal Mutual Fund and NJ Mutual Fund. Their portfolios overlap 44.4%. Motilal Oswal Nifty 100 ETF charges 0.68% a year and NJ Arbitrage Fund 1.05%.
Which has given higher returns, Motilal Oswal Nifty 100 ETF or NJ Arbitrage Fund?
Over 1 year: Motilal Oswal Nifty 100 ETF −9.06%, NJ Arbitrage Fund +6.46%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Motilal Oswal Nifty 100 ETF or NJ Arbitrage Fund?
Motilal Oswal Nifty 100 ETF charges less: 0.68% a year against 1.05%. These are the total expense ratios reported to AMFI.
How much do Motilal Oswal Nifty 100 ETF and NJ Arbitrage Fund overlap?
44.4%. They hold 43 of the same securities, the largest shared ones being RELIANCE, HDFCBANK, BHARTIARTL. From each fund's latest monthly portfolio.
Which is riskier, Motilal Oswal Nifty 100 ETF or NJ Arbitrage Fund?
On SEBI's riskometer, Motilal Oswal Nifty 100 ETF is rated Very High and NJ Arbitrage Fund Low. Over 1 years, the standard deviation of daily returns was 14.04% and 1.83% a year.
Can I invest in both Motilal Oswal Nifty 100 ETF and NJ Arbitrage Fund?
Yes. 44.4% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Motilal Oswal Nifty 100 ETF and NJ Arbitrage Fund?
Motilal Oswal Nifty 100 ETF: Swapnil Mayekar, Dishant Mehta, Rakesh Shetty. NJ Arbitrage Fund: Dhaval Patel, Viral Shah, Jaimin Ilavia.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.