Mumbai, Sept 2:Axis Mutual Fund on Friday said it has launched the Axis Silver ETF (an open ended scheme replicating/tracking domestic price of Silver) and Axis Silver Fund of Fund (FoF) (an open ended fund of fund scheme investing in units of Axis Silver ETF).
Pratik Tibrewal, Fund Manager, Commodities, will be managing the Axis Silver ETF and the minimum application amount would be Rs 500 per application and in multiples of Re 1 thereafter.
Aditya Pagaria, Fund Manager, Fixed Income, will be managing the Axis Silver FoF and the minimum application amount be Rs 500 and in multiples of Re 1 per application in the ETF an Rs 5,000 and in multiples of Re 1 thereafter in the FoF.
Both the funds will be benchmarked against the LBMA Silver daily spot AM fixing price and both NFOs open for subscription on September 2 and close on September 15.
Chandresh Nigam, MD and CEO, Axis AMC, said: ?Silver’s interesting proposition wherein it has the ability to act as an industrial commodity as well as a precious metal is one of the key factors that we believe will drive its significance. Now that investors have access to investing in Silver via ETFs, it will further increase the metal’s value as a promising asset class in the future.
“With the launch of Axis Silver ETF and Axis Silver FoF, we aim to seamlessly integrate available market opportunities with an investment strategy that allows investors to gain distinctive exposure to the metal. The new scheme’s approach aligns with our philosophy and we believe, will be a notable addition to our portfolio of products.?
(UNI)
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