Benchmark Asset Management is launching Junior BeES - an exchange traded fund (ETF) benchmarked to CNX Nifty Junior Index. It will be the second ETF from Benchmark AMC, the first being Nifty BeES, launched last year. It will be invested in all the 50 scrips, which constitute the Index in the proportion of weightage given to them in the index. CNX Nifty Junior Index consists of 50 most liquid stocks outside S&P CNX Nifty Index. CNX Nifty Junior Index consists of high quality, mid-cap stocks, which are high return, high-risk stocks.
The fund would be open for initial public offer from February 6, 2003 to February 14, 2003. The minimum investment amount is Rs 10,000 and in multiples of Rs.1,000. The minimum investment for taking index exposure through the Junior BeES will be only one unit (around 1/10th of Nifty). The fund would have an expense ratio of 1%.
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