Axis Mutual Fund on Tuesday launched an open-ended fund of ETF -- wherein the underlying investments comprise U.S. treasury securities -- and is expecting to garner at least Rs 100 crore in the opening week.
The seventh largest fund house expects to mop up at least Rs 500 crore from the U.S. treasury dynamic bond ETF in the next one year.
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The fund house said the NFO, which will be managed by Vinayak Jayanath, will close on Dec. 19.
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If redeemed/switched-out within one month from the date of allotment, the fund house will charge an exit load of 0.25%, it said, adding that if redeemed after one month from the date of allotment, there will be no such charges.
The ETF is benchmarked against the Bloomberg U.S. intermediate treasury index, and has the primary investment objective of providing regular income by investing in units of overseas ETFs, B Gop Kumar, the chief executive of the company, said.
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