Groww Mutual Fund files draft document for Nifty India Defence ETF
The objective of the scheme is to achieve long-term capital growth by investing in securities of the Nifty India Defence Index in the same proportion/weightage, aiming to replicate the total return of the index before expenses, subject to tracking errors.
The scheme will be benchmarked against the Nifty India Defence Index- Total Return Index and will be managed by Abhishek Jain.
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View Details» <div data-placement=«Mid Article Thumbnails» data-target_type=«mix» data-mode=«thumbnails-mid» style=«min-height:400px; margin-bottom:12px;» class=«wdt-taboola» id=«taboola-mid-article-thumbnails-111826648»>The maximum Total Expense Ratio (TER) permissible under Regulation 52(6)© is up to 1%. The fund creates or redeems units of the scheme in large sizes known as 'Creation Unit Size'. Each 'Creation Unit' consists of 16,000 units of the scheme
The minimum application amount is Rs 500, and subsequent investments must be in multiples of Re 1. Units will be allotted in whole numbers, with any remaining balance below the minimum amount refunded.
The scheme will invest 95-100% in constituents of the Nifty India Defence Index and 0-5% in money market instruments/debt securities, Instruments, and/or units of debt/liquid schemes of domestic mutual funds.
The Groww Nifty India Defence ETF will be managed passively with investments in stocks in the same proportion as in the Nifty India Defence Index. The investment strategy of the scheme will be to invest in a basket of securities forming part of the Nifty India Defence Index in a similar weight proportion.
The investment strategy would revolve around reducing the tracking error to the least
