Publish Date:
DSP Mutual Fund introduces – DSP Nifty IT ETF
It is an open-ended scheme replicating/ tracking Nifty IT Index.
Accordingly, the investment objective of the scheme is to provide returns that, before expenses, correspond to the total return of the underlying index (Nifty IT TRI), subject to tracking errors. There is no assurance or guarantee that the investment objective of the scheme would be achieved.
Under normal circumstances, DSP Nifty IT ETF will hold an allocation of 95% to 100% of its assets in Equity and Equity Related Securities of companies constituting Nifty IT Index, the Underlying Index and 0% to 5% in Cash and Cash Equivalents.
As per the Scheme Information Document, DSP Nifty IT ETF aims to invest in the constituent of Nifty IT Index, subject to tracking errors. The scheme will neither try to beat the index it tracks nor take active approach in times when markets seem to be over/under valued. The fund house does not make any judgments about the investment merit of a particular stock or a particular industry segment nor will it attempt to apply any economic, financial or market analysis. Since the scheme is an exchange traded fund, it will only invest in the security constituting the underlying index.
DSP Nifty IT ETF’s performance will be benchmarked against Nifty IT TRI.
The scheme will be managed by Mr Anil Ghelani and Mr Diipesh Shah.
The NFO opens for subscription on June 21, 2023 and closes on July 03, 2023. The schemes will reopen for continuous sale and repurchase within 5 business days from the date of allotment.
The fund's face value is Rs 10/- per unit. The units will be issued at premium equivalent to the difference between allotment price and the face value of Rs 10/-. The minimum subscription amount is Rs 5,000/- and in multiples of Re. 1/- thereof.
Currently, there are no plan/options available under the Scheme.