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Thursday, September 10, 2009

HDFC Gold Fund files offer document with Sebi

An open ended Gold Exchange Traded fund

HDFC Mutual Fund has launched new fund named as HDFC Gold Fund (HGETF), an open ended Gold Exchange Traded fund. Each unit of HGETF will be issued at a face value of Rs 100 plus premium equivalent to the difference between the allotment price and the face value of Rs 100. Each unit is approximately equal to one gram of gold.

The investment objective of the scheme is to generate returns that are in line with the performance of gold (and gold related instruments including derivatives-as and when permitted by Sebi), subject to tracking error.

Minimum subscription amount is Rs. 5, 000 and any amount thereafter per application during the NFO period. The minimum application amount for the authorized participants during NFO period: Application for subscription of HGETF units in creation unit size only through cheque/draft. Each creation unit will consist of Rs 1000 units of HGETF and 1 unit of HGETF will be approximately equal to one gram of gold.

The scheme will invest 90-100% in gold bullion (investments in gold related instruments including derivatives will be made as and when permitted by Sebi to invest in gold related instruments). The scheme will invest 0-10% in debt securities and money market instruments (investment in securitised debt shall not normally exceed 10% of the net assets of the scheme).

The scheme seeks to collect a minimum subscription amount of Rs. 1 crore.

Benchmark index for the scheme is domestic price of physical gold.

The fund manager of the scheme will be Anil Bamboli.

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