SBI Mutual Fund has launched SBI ETF Consumption, an open-ended scheme tracking Nifty India Consumption Index.
The investment objective of the scheme is to provide returns that closely correspond to the total returns of the securities as represented by the underlying index subject to tracking error.
In a press release, Vinay M. Tonse, MD & CEO, said, “The fund offers a good opportunity as India’s potential for domestic consumption is very large and continues to be a strong growth story.”
DP Singh, Chief Business Officer, said, “Consumption has grown consistently over the last few decades and is expected to provide value to investors in the long term as well.’’
Nifty India Consumption Index comprises 30 companies representing the domestic consumption sector including consumer non-durables, healthcare, auto, telecom services, pharmaceuticals, hotels, media & entertainment.
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