
Motilal Oswal Mutual Fund has launched its first fund, MOSt Shares M50 -- Motilal Oswal Exchange Traded Fund. It is an open-ended Exchange Traded Fund (ETF). It is India's first fundamentally weighted ETF based on the Nifty.
The performance of the scheme will be benchmarked against MOSt 50 Index and S&P CNX Nifty Index. MOSt 50 Index is a fundamentally-enhanced index based on S&P CNX Nifty Index (Nifty). The index includes all 50 constituents of the Nifty. The scheme will allocate 90 to 100 per cent of assets in securities constituting the MOSt 50 Index (which would have medium to high risk profile). The balance up to 10 per cent will be allocated to debt and money market instruments (which would have low to medium risk profile).
The minimum application amount is Rs 10,000 .The scheme offers only the growth option. No entry or exit load is applicable to this scheme.
The fund manager for this scheme is Rajnish Rastogi. The new fund offer will open for subscription on June 30, 2010 and close on July 19, 2010.