Axis Mutual Fund has launched an open-ended Exchange Traded Fund tracking NIFTY India Consumption Index. The new fund offer opens for subscription on August 30 and closes on September 13.
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.
The minimum investment during NFO is Rs 5,000 and in multiples of Rs 1 thereafter. The fund will be benchmarked against Nifty India Consumption TRI Index.
The NIFTY India Consumption Index comprises a diversified grouping of companies across sectors like Consumer Non-durables, Healthcare, Auto, Telecom Services, Pharmaceuticals, Hotels, Media & entertainment, etc. that reflect the essence of consumption in India today across essentials and discretionary spending. The NIFTY India Consumption Index comprises the 30 largest consumption-oriented companies by free-float market capitalization.
