Aditya Birla Sun Life Mutual Fund (ABSLMF) has launched Aditya Birla Sun Life Banking ETF, an open ended ETF tracking Nifty Bank Index. The fund seeks to mirror returns of a bank index.
In a press release, A. Balasubramanian, MD & CEO, Aditya Birla Sun Life AMC said, “Nifty Bank has outperformed and been a lead sector performer compared to broader indices across all time frames. NPAs seem to have bottomed out for the sector and profits are expected to rise as reflected in the earnings estimate of CY2019 and CY2020. The government too has taken multiple steps to inspire market confidence and stimulate growth by way of liquidity infusion, corporate tax cut, PSU bank consolidation and recapitalization. These measures augur well for the banking sector and its performance.”
“ETFs are the funds listed and traded on stock exchanges like shares. Due to the unique structure of ETFs, all types of investors, whether retail or institutional, long-term or short-term, can use it to their advantage. Investors can complement their core equity portfolio with this kind of a financial instrument”, added Balasubramanian.
Aditya Birla Sun Life Banking ETF will be managed by Lovelish Solanki.
