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Friday, September 18, 2009

ICICI Prudential Gold Exchange Traded Fund files offer document with Sebi

An open-ended exchange traded fund

ICICI Prudential Mutual Fund has filed an offer document with Securities and Exchange Board of India (SEBI) to launch ICICI Prudential Gold Exchange Traded Fund, an open-ended exchange traded fund. The new fund offer (NFO) price for the scheme is Rs.100 each plus premium equivalent to the difference between the allotment price and the face value during the NFO.

ICICI Prudential Gold Exchange Traded Fund seeks to provide investment returns that, before expenses, closely track the performance of domestic prices of Gold derived from the LBMA AM fixing prices. However, the performance of the scheme may differ from that of the underlying gold due to tracking error.

The scheme would invest 90-100% of asset in gold bullion and instruments with gold as underlying asset. 0-10% in debt & money market instruments (including cash & cash equivalent).

The minimum application for issue of units shall be made for a minimum of Rs 5000 plus in multiples of Re 1 in cash (by way of demand draft and cheque) during the NFO. After the NFO, units will be created in a minimum size of 1000 gold units through Authorised Participants and Large Investors.

During the NFO period of the plans under the scheme, each Plan seeks to raise a minimum subscription of Rs. 1 Lakh.

ICICI Prudential Gold Exchange Traded Fund will be benchmarked against the domestic price of gold as derived from the LBMA AM fixing prices.

The scheme will be managed by Chaitanya Pande.

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