|Aditya Birla Sun Life Mutual Fund has launched a new fund named as Aditya Birla Sun Life Banking ETF, an open ended exchange traded fund tracking Nifty Bank Index. The new fund offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 16 October 2019 to 22 October 2019.
The investment objective of the Scheme is to provide returns that, before expenses, closely correspond to the total returns of the securities as represented by the Nifty Bank Index.
The scheme Plans/ Options Not Available
The scheme would invest 95% to 100% of assets in stocks comprising Nifty Bank Index with medium to high risk profile and would invest upto 5% of assets in debt/money market instruments with low risk profile.
The minimum application amount is Rs 5000 and in multiples of Rs 1000 thereafter during the NFO period.
The fund seeks to collect a minimum subscription (minimum target) amount of Rs 10 crore under the scheme during the NFO period.
Entry and exit load charge will be nil.
Benchmark Index for the scheme is Nifty Bank Index
The fund manager of the scheme will be Lovelish Solanki.
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