Axis Mutual Fund today announced the launch of their new fund– ‘Axis Consumption ETF’.
The scheme will shut for subscription on September 13. Deepak Agarwal and Viresh Joshi would be the fund managers of the scheme.
It is an open-ended Exchange Traded Fund tracking NIFTY India Consumption Index. The fund seeks to track returns by investing in a basket of NIFTY India Consumption Index stocks and aims to achieve returns of the stated index, subject to tracking error, it said in a press release.
Minimum Investment (NFO) Rs. 5,000 and in multiples of Rs.1 thereafter. The benchmark will be Nifty India Consumption TRI Index
Chandresh Nigam, MD & CEO, Axis AMC, said, “Through the launch of Axis Consumption ETF, we aim to provide our consumers with an investment option that has proof of growth and strong returns. The consumption market has remained strong, gained traction and grown consistently over the last few decades. I believe Axis Consumption ETF is a good opportunity for investors to gain exposure as well as a steady and continued long-term growth in the market.”
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