MASTER MIND FINNASSET: IDBI Nifty 50 Exchange Traded Fund Floats On

Saturday, August 20, 2016

IDBI Nifty 50 Exchange Traded Fund Floats On

NFO period is from 01 September to 07 September 2016

IDBI Mutual Fund has launched a new fund named as IDBI Nifty 50 Exchange Traded Fund, an open ended index exchange traded fund. The (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 01 September to 07 September 2016.

The investment objective of the scheme is to provide returns that closely correspond to the total returns of the securities as represented by the underlying index (Nifty 50 Index), subject to tracking error, by holding the constituents of Nifty 50 Index in the portfolio in same proportion as that of the Index.

The scheme shall invest 95%-100% of assets in securities covered by the Nifty 50 Index with medium to high risk profile and invest upto 5% of assets in money market instruments (with residual maturity not exceeding 91 days) including CBLO and units of IDBI Liquid Fund with low to medium risk profile.

The minimum application amount is Rs 5000 and in multiple of Re 1 thereafter.

The fund seeks to collect a minimum subscription (minimum target) amount of Rs 10 crore under the scheme during the NFO period.

Entry load: Not applicable.

Exit load: Nil.

Benchmark Index for the scheme is Nifty 50 Index.

The fund manager of the scheme is Anshul Mishra.

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