SBI Mutual Fund today announced the launch of SBI-ETF Sensex Next 50, an open-ended equity scheme, tracking S&P BSE Sensex Next 50 Index. The scheme aims to generate returns that closely correspond to the total returns of the securities as represented by the underlying index.
The NFO opens for subscription on September 05 and closes on September 17.
The scheme would invest up to a minimum of 95 per cent in securities covered by S&P BSE Sensex Next 50 Index, which have a medium to high risk profile while for the residual 5%, the scheme will look to invest into money market instruments, which have a low risk profile.
Navneet Munot, Chief Investment Officer, SBI MF said, “We have built a strong capability in the passive investment side and the launch of SBI-ETF Sensex Next 50 is another step in that direction. The scheme offers investors the opportunity to invest in these high-growth 50 stocks through a cost-efficient and convenient manner. The advantage for retail investors to invest in ETFs includes transparency, liquidity, diversification, flexibility and cost effectiveness.”
Raviprakash Sharma, who is a CA from ICAI and a charter holder from CFA Institute, USA will manage this fund.
