Mumbai: Motilal Oswal Mutual Fund has filed an offer document with the Securities and Exchange Board of India (SEBI) to launch a new scheme called Motilal Oswal MOSt Shares Midcap ETF (MOSt Shares Midcap).
The open-ended exchange traded fund (ETF) will invest in securities which are constituents of CNX Midcap Index in proportion to the weights of each of the company’s shares. The index consists of shares of 100 companies, including Aditya Birla Nuvo, Adani Power, Balrampur Chini, HT Media, IDBI Bank and Shipping Corporation of India.
The fund will invest a minimum of 95 per cent of total assets in stocks constituting CNX Midcap and up to 5 per cent in debt and money market instruments. The scheme will be managed by fund manager Rajnish Rastogi.
Motilal Oswal’s first fund MOSt Shares M50 had assets under management of Rs 315.82 crore as on October 31, 2010 and the return since inception (July 2010) then was 10.29 per cent.
