NFO Alert: Edelweiss Mutual Fund launches Edelweiss Silver ETF; all you need to know

livemint.com:

Edelweiss Mutual Fund announced the launch of the Edelweiss Silver ETF. The scheme opened for public subscription on November 16, 2023, and will close on November 20, 2023.

The scheme re-opens for continuous sale and repurchase not later than November 24, 2023. This is an open-ended exchange-traded fund replicating/tracking the domestic prices of silver.

The scheme aims to achieve returns consistent with the performance of domestic silver prices while accounting for tracking error. It’s important to note that there is no guarantee that the scheme will meet its investment objective, and it does not provide assurances or guarantees regarding returns.

Investors can invest under the scheme with a minimum investment of ₹5000 per plan/option and in multiples of Re 1. There is no upper limit for investment.

Under normal circumstances, the asset allocation of the scheme will be as follows:InstrumentsIndicative allocations(% of total assets)Risk ProfileSilver & silver related instruments95% to 100%Moderate Risk to High RiskDebt and Money Market Instruments0% to 5%Low Risk to Moderate Risk To date, many asset management companies (AMCs) have launched such silver exchange-traded funds, thus, allowing inclined investors to avail of returns corresponding to the total returns of the securities in this particular index. These include:Name of the fund houseName of the fundAditya Birla Sun Life Silver ETFNippon India Silver ETFHDFC Silver ETFAxis Mutual FundAxis Silver ETFICICI Prudential Mutual FundICICI Prudential Silver ETFKotak Mahindra Mutual FundKotak Silver ETFDSP Mutual FundDSP Silver ETFUTI Mutual FundUTI Silver ETF The performance of the scheme will be benchmarked against the domestic price of silver (based on LBMA silver daily