Axis Mutual Fund has launched Axis Banking ETF. The ETF will invest in India’s top 12 listed banks. Currently, the banking index which the fund will track has 83.3% exposure to private banks and 11.7% exposure to PSU banks.
In a press release, the fund house said that the weight of banking in the Indian markets has been going up steadily over the last decade and it is now the largest sector in the key equity market benchmarks such as Nifty 50. Even in recent quarters, banking sector has shown resilience despite the pandemic, said the company.
Chandresh Kumar Nigam, MD & CEO, Axis MF said, “We want to develop, introduce and provide the products that are relevant in the current context. Accordingly, we recognize the need to offer investors a choice of strategies including robust passive products.”
