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India Infoline Asset Management Company has launched its first product — an open-ended exchange-traded (ETF) fund — IIFL Nifty ETF. The new fund offer opens on September 28 and close on October 12.
The investment objective of this fund is to provide returns, before fees and expenses, which correspond as closely as possible to the total returns from securities on S&P CNX Nifty, subject to tracking error, said the company in a statement.
IIFL Nifty ETF will invest in securities which are constituents of the S&P CNX Nifty Index in the same proportion as that of the index, it further added.
The scheme will invest 95-100 per cent of its corpus in equity instruments while 0-5 percent will go in debt and money-market instruments. The minimum investment into the scheme should be Rs 5,000 and in multiples of Re 1 thereafter. The scheme is also available as a systematic investment plan, though only after NFO closes.
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