The new fund offer (NFO) is open for subscription until August 22 and will reopen for sale and repurchase on August 28.
The investment objective of the scheme is to replicate the Nifty Bank Index by investing in its constituent securities in the same proportion to provide returns, before expenses, that closely track the total return of the Nifty Bank Index, subject to tracking errors.
Also Read | Best tax saving mutual funds or ELSS to invest in August 2024
The scheme will be benchmarked against the Nifty Bank Index and will be managed by Nemish Sheth.
The scheme will offer both regular and direct plans with growth options only. An exit load of 0.25% applies if redeemed within 15 days of the allotment date. There will be no exit load for redemptions made after 15 days from the allotment date.
The minimum lump-sum investment amount is Rs 1,000, with subsequent investments in multiples of Re 1. For SIPs, the minimum is Rs 100, with increments of Re 1 and a minimum of six installments. STP requires a minimum investment of Rs 500, while SWP requires a minimum of Rs 200. Additional purchases have a minimum amount of Rs 1,000, with subsequent investments in multiples of Re 1.
The scheme will allocate 95-100% to securities in the Nifty Bank Index (including stocks and index derivatives) and 0-5% to debt, money market instruments, and mutual funds.
Also Read | Global MFs underperform with just 3% return in 2024. Will they bounce back?
The scheme is suitable for investors looking to create long-term wealth by investing in equity and equity-related instruments within the Nifty Bank Index. The principal invested in the scheme is classified as being at “very high” risk according to the scheme’s riskometer.
