ICICI Prudential MF has added ICICI Prudential Silver ETF and ICICI Prudential Silver ETF Fund of Fund (FOF), to its basket of open-ended schemes.
The ETF will invest in physical silver and silver related instruments. The FOF will invest similarly through ICICI Prudential Silver ETF.
The benchmark index for the schemes is domestic price of silver as derived from the LBMA prices. The minimum investment under both schemes is Rs. 100.
Referring to the launch of ICICI Prudential Silver ETF FOF, Chintan Haria, Head - Product Development & Strategy, ICICI Prudential MF said, “In India, traditionally, people have been investing in gold and silver in the physical format. Since silver is bulky in nature and hence difficult to store, we believe the ETF FOF form will be one of the preferred ways for investors.”
He further added, “By investing through silver ETF FOF, investors need not worry about purity, quality or liquidity of the underlying asset and is also free from storage related hassles. Given its low correlation with other asset classes, investors can consider taking exposure to silver as a part of their portfolio diversification exercise”.
ICICI Prudential Silver ETF is open for subscription until January 19, 2022
ICICI Prudential Silver ETF FOF will open on January 13, 2022 and will close on January 27, 2022.
