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HDFC Mutual Fund has launched the New Fund Offer (NFO) of HDFC Banking ETF, an open ended passively managed alternate traded fund (ETF) which endeavors to trace and supply related returns to its benchmark- NIFTY Bank Index. The scheme will put money into NIFTY Bank Index corporations, in the identical proportion because the underlying index.
The NFO of HDFC Banking ETF opens at the moment and can shut on August 14. The scheme can be managed by Krishan Kumar Daga.
Minimum utility quantity through the NFO interval is ₹5,000.
The scheme’s portfolio will make investments 95% to 100% in securities coated by NIFTY Bank Index and zero to five% in debt securities & cash market devices.
The NIFTY Bank Index was launched in September 2003. NIFTY Bank Index has a file of over 20 years. It tracks the efficiency of 12 most liquid banking shares comprising each personal and PSU banks from giant and midcap corporations within the NIFTY 500 Index.
The 12 shares include- HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, SBI, IndusInd Bank, Bandhan Bank, Federal Bank, RBL Bank, Bank of Baroda, IDFC First Bank and Punjab National Bank.
The models of HDFC Banking ETF can be listed as an Exchange Traded Fund on NSE and /or BSE.
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