Axis Mutual Fund has launched a New Fund Offer – Axis S&P 500 ETF Fund of Fund (an open ended fund of fund investing in Exchange Traded Funds replicating S&P500 TRI, subject to tracking errors). Mr. Vinayak Jayanath will be managing the fund and the minimum investment amount is Rs. 500 and in multiples of Re. 1/- thereafter. The exit load is 0.25% if redeemed/switched-out within 30 Days from the date of allotment or Nil if redeemed within 30 Days of allotment. NFO It has an open date of 22nd March 2023 and a close date of 05th April 2023.
The Axis S&P 500 ETF Fund of Fund is a passive investment strategy that aims to invest at least 95% of the net assets in units/shares of overseas Exchange Traded Funds. Fund of Funds invest in offshore mutual fund schemes, providing diversification and risk mitigation.
The Index tracks the performance of 500 large companies listed on the US stock exchange, providing global exposure and sector agnostic representation. Low cost passive exposure allows investors to take low cost exposure in US market and potentially benefit from INR depreciation. Chandresh Nigam, MD & CEO, Axis AMC said, “The new scheme’s approach aligns with our philosophy of ‘Responsible Investing’ and we believe, will be a notable addition to our portfolio of products.”
