Axis Mutual Fund, one among the fastest growing fund houses in India, announced the launch of their New Fund Offer – Axis S&P 500 ETF Fund of Fund (an open ended fund of fund investing in Exchange Traded Funds replicating S&P 500 TRI, subject to tracking errors). The new fund will adhere to the S&P 500 TRI (INR) benchmark. Vinayak Jayanath would be managing the fund and the minimum investment amount is Rs. 500 and in multiples of Re. 1/- thereafter. The exit load is if redeemed/switched-out within 30 Days from the date of allotment – 0.25% and if redeemed/switched-out within 30 Days of allotment – Nil.
This Fund of Fund endeavours to invest at least 95% of the net assets in units/shares of overseas Exchange Traded Funds replicating S&P 500 TRI, subject to the availability of Eligible Investment Amount and the remaining in Debt and Money Market investments. (Please refer to SID for detailed Asset Allocation & Investment Strategy and other scheme related features available at www.axismf.com). In the mutual fund structure, investors can look to invest through various systematic options like SIPs, STP’s & lumpsum investments.
Some Key Attributes of the Fund includes Global Exposure, Sector Agnostic Representation and Low Cost Passive Exposure. Chandresh Nigam, MD & CEO, Axis AMC said, “In India, Fund of Funds can be considered as an interesting entry point for investors with a longer investment horizon and who wish to diversify their portfolio from a global standpoint.”
The NFO opens for subscription from March 22, 2023 to April 05, 2023.