Mutual Fund News : Axis S&P BSE Sensex Index Fund: Invests in the Indian Market Leader

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Axis Mutual Fund launches – Axis S&P BSE Sensex Index Fund

It is an open-ended Index Fund tracking the S&P BSE Sensex TRI

Accordingly, investment objective of the scheme is to provide returns before expenses that corresponds to the total returns of the S&P BSE Sensex TRI subject to tracking errors. However, there is no assurance that the investment objective of the Scheme will be achieved. However, there can be no assurance that the investment objective of the Scheme will be realized.

Under normal circumstances, Axis S&P BSE Sensex Index Fund will hold an allocation of 95% to 100% in Securities covered by S&P BSE Sensex TRI and 0% to 5% in Securities covered by S&P BSE Sensex TRI.

[Read: Navigating the Market Landscape: How to Approach Equity Mutual Funds in 2024?]

As per the Scheme Information Document, Axis S&P BSE Sensex Index Fund would invest in stocks comprising the underlying index and shall track the benchmark index.

The Scheme shall invest in stocks forming part of the underlying Index in the same ratio as per the index to the extent possible and to that extent follow a passive investment strategy, except to the extent of meeting liquidity and expense requirements.

Events like the constituent stocks becoming illiquid in the cash market, the exchange changing the constituents, a large dividend going ex but lag in its receipts, etc. tend to increase the tracking error. The Scheme may also invest in debt and money market instruments, in compliance with Regulations to meet liquidity and expense requirements.

Axis S&P BSE Sensex Index Fund’s performance will be benchmarked against S&P BSE Sensex TRI

The scheme will be managed by Mr Karthik Kumar and Mr Ashish Naik.

The NFO opens for subscription on February 08, 2024 and closes on February 22, 2024. The schemes will reopen for continuous sale and repurchase Within five business days of allotment date.

The minimum subscription amount is Rs 500/- and in multiples of Re.1/- thereof.

The scheme offers Regular Plan and Direct Plan each plan offers Growth option and Income Distribution cum capital withdrawal Option (IDCW).