Key points covered:

1. There are five main routes for an Indian investor to access global markets. Mutual funds, direct stock investing, GIFT City funds, private markets, and theme-based portfolios. There is no single best option.

2. Within mutual funds, there are three distinct types. Feeder funds, India-based international ETFs, and funds with partial international exposure.

3. The SEBI overseas investment cap of USD 7 billion means fewer than half of international funds are open at any given time. As of early 2026, only 28 funds and 6 ETFs accept fresh investments.

4. Feeder funds use a two-layer structure. Your money flows into an Indian fund, which invests into an overseas master fund. Edelweiss US Technology FoF, one of the best performers in this category, puts 96% of assets into the JPMorgan US Technology Fund and charges 1.51% annually on its direct plan, compared to 0.78% charged by the underlying JPMorgan fund directly.

5. India-based international ETFs offer a cheaper alternative at 0.5 to 0.6% annually. For smaller amounts, the difference versus buying US ETFs directly is minimal after accounting for transaction costs. For larger amounts, the lower expense ratio of direct US ETFs starts to compound meaningfully.

6. Both feeder funds and India-based ETFs are taxed as specified mutual funds under Section 50AA. Gains held under 24 months are taxed at your slab rate. Gains held over 24 months are taxed at 12.5%.