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NFO Alert! Groww MF launches BSE Power ETF; here's all you need to know
According to the scheme information document (SID), the investment objective of the scheme is to generate long-term capital growth by investing in securities of the BSE Power Index in the same proportion, to provide returns before expenses that track the total return of the BSE Power Index, subject to tracking errors. However, there can be no assurance that the investment objective of the scheme will be achieved. The Groww BSE Power ETF will be managed passively with investments in stocks in the same proportion as in the BSE Power Index (TRI). The Scheme will invest at least 95 per cent of its net assets in Equity and equity-related instruments of the BSE Power Index (TRI).
Some of the key constituents of the BSE Power index include NTPC, Power Grid, Suzlon Energy, Tata Power, Adani Power, Bharat Heavy Electricals, ABB India, Adani Green Energy and Siemens.
During the NFO, investors can invest a minimum of ₹500 and in multiples of ₹1 thereafter, with units allotted in whole numbers and any remaining amount refunded. After the NFO, only Market Makers and Large Investors (with transactions over ₹25 crores) can buy or redeem units directly from the Mutual Fund in creation unit sizes.
According to the SID, post-NFO, the ETF will be listed on the National Stock Exchange (NSE). If units are redeemed, no exit load will be charged.
Nikhil Satam, Aakash Chauhan, and Shashi Kumar are the designated fund managers for the scheme.
As per the riskometer, the principal invested in the scheme will be at very high risk.
Groww BSE Power ETF: Who should invest?
According to the SID, the fund is suitable for investors seeking long-term capital appreciation and investment in equity and equity-related instruments of the BSE Power Index. However, investors should consult their financial advisers if in doubt about whether the product is suitable for them.
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