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Aditya Birla Sun Life Mutual Fund launches banking ETF

The fund will have zero entry or exit load and the units of the scheme can be bought or sold from the exchanges on all trading days at prevailing listed price.

ET Online|
Oct 16, 2019, 04.25 PM IST
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Aditya Birla Sun Life AMC has launched Aditya Birla Sun Life Banking ETF, an open-ended exchange traded fund (ETF) tracking Nifty Bank Index. The new fund offer (NFO) is open for subscription. It will close on October 22.

Aditya Birla Sun Life Banking ETF will be managed by Lovelish Solanki, Fund Manager, Aditya Birla Sun Life Mutual Fund.

The fund will have zero entry or exit load and the units of the scheme can be bought or sold from the exchanges on all trading days at prevailing listed price. The minimum application amount for this fund is Rs 5,000, and in multiples of Rs 1,000, thereafter, during the NFO period.

"Nifty Bank has outperformed and been a lead sector performer compared to broader indices across all time frames. NPAs seem to have bottomed out for the sector and profits are expected to rise as reflected in the earnings estimate of CY2019 and CY2020. The government too has taken multiple steps to inspire market confidence and stimulate growth by way of liquidity infusion, corporate tax cut, PSU bank consolidation and recapitalization. These measures augur well for the banking sector and its performance. Aditya Birla Sun Life Banking ETF is a great addition to our bouquet of ETF offerings which already has Nifty, Nifty Next 50, Sensex & Gold ETFs", said A. Balasubramanian, MD & CEO, Aditya Birla Sun Life AMC.

"ETFs are the funds listed and traded on stock exchanges like shares. Due to the unique structure of ETFs, all types of investors, whether retail or institutional, long-term or short-term, can use it to their advantage. Investors can complement their core equity portfolio with this kind of a financial instrument", added Balasubramanian.

A popular investment instrument internationally, exchange traded funds (ETFs) are gaining ground in India. ETFs are the funds listed and traded on stock exchanges like any other stock on the stock exchanges.

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