Motilal Oswal Mutual Fund files draft document for Nifty India Defence ETF
Motilal Oswal Mutual Fund has filed a draft document with Sebi for a defence fund, Motilal Oswal Nifty India Defence ETF.
In the last one year, Nifty India Defence — TRI has offered an absolute return of 157%, making it attractive among mutual funds.
Motilal Oswal Nifty India Defence ETF will be an open-ended fund replicating/tracking the Nifty India Defence Total Return Index.
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The investment objective is to provide returns that, before expenses, closely correspond to the total returns of the securities as represented by Nifty India Defence Total Return Index — subject to tracking error.
The scheme will be benchmarked against Nifty India Defence Total Return Index. The minimum investment amount and for the additional purchase will be Rs 500 and in multiples of Re 1 thereafter.
There is no maximum limit on the investment amount and the final unit allotment will be subject to the deduction of applicable stamp duty and transaction charges, where applicable. The scheme will be managed by Swapnil Mayekar, Rakesh Shetty.
The scheme will allocate 95-100% in constituents of Nifty India Defence Index and 0-5% in units of liquid schemes and money market instruments.
The maximum total expense ratio (TER) permissible under Regulation 52 (6) © will be up to 1%.
The scheme will be suitable for investors seeking returns that correspond to the returns of the Nifty India Defence Total Return Index, subject to tracking
