Aditya Birla Sun Life Mutual Fund has launched a new fund named as Aditya Birla Sun Life Nifty Next 50 ETF, an open ended debt scheme tracking Nifty Next 50 Index. The new fund offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 11 December 2018 to 17 December 2018.

The investment objective of the scheme is to provide returns that closely correspond to the total returns of securities as represented by Nifty Next 50, subject to tracking errors.

The scheme Plans/ Options Not Available

The scheme would invest 95% to 100% of assets in equities and equity linked instruments covered by the underlying index with medium to high risk profile and would invest upto 5% of assets in cash/money market instruments and units of liquid mutual fund with low risk profile.

The minimum application amount is Rs 5000 and in multiples of Rs 1000 thereafter during the NFO period.

The fund seeks to collect a minimum subscription (minimum target) amount of Rs 10 crore under the scheme during the NFO period.

Entry and exit load charge will be nil.

Benchmark Index for the scheme is Nifty Next 50 Index

The fund manager of the scheme will be Lovelish Solanki.