NFO Alert: Zerodha Mutual Fund launches Gold ETF FoF
Zerodha Mutual Fund has announced the launch of the Zerodha Gold ETF FoF, an open-ended fund-of-funds scheme that invests in units of Gold ETFs.
The new fund offer (NFO) for the scheme will open for subscription on October 25 and will close on November 8.
The scheme's investment objective is to seek capital appreciation by investing in units of Gold ETFs. It will be benchmarked against the domestic price of physical gold and will be managed by Shyam Agarwal and Kedarnath Mirajkar.
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The minimum application amount is Rs 500, with subsequent investments in multiples of Re 1. The minimum redemption amount shall be ‘any amount’ or ‘any number of units’ as requested by the investor at the time of redemption. For monthly SIPs, the minimum application amount is Rs 500, with a minimum of one installment.
The scheme will invest 95-100% in units of Gold Exchange Traded Funds (ETFs) and 0-5% in debt securities and money market instruments. The investment strategy of the scheme is to passively invest in Gold ETFs, remaining invested in the underlying scheme regardless of the prevailing gold price or future outlook for this asset class.
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