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| Edited By: DNA Web Team |Source: DNA Web Desk |Updated: Sep 06, 2022, 10:17 AM IST
Axis Mutual Fund, India’s seventh largest fund house, launched a silver exchange-traded fund called Axis Silver ETF and Axis silver Fund of Fund on September 2.
Axis Silver ETF is an open ended scheme replicating/tracking domestic price of Silver and Axis Silver Fund of Fund which is an open ended fund scheme investing in units of Axis Silver ETF.
The Axis Silver ETF will be managed by Pratik Tibrewal, Fund Manager, Commodities and the minimum application amount would be ₹500 per application and in multiples of ₹1 thereafter.
Aditya Pagaria, Fund Manager, Fixed Income will be managing the Axis Silver FoF and the minimum application amount be ₹500 and in multiples of Re 1 per application in the ETF & ₹5,000 and in multiples of ₹1 thereafter in the FoF.
Both the funds will be benchmarked against the LBMA Silver daily spot AM fixing price and the subscription for the NFOs are open till September 15.
Investing in silver in physical form can be challenging with respect to corrosion over time, safety, purity, etc. Thanks to an ETF (Exchange Traded Fund) that seeks to produce returns consistent with the performance of physical silver in local prices, subject to tracing error, investors can now choose to invest in the precious metal. Silver FoF investments provide exposure for investors without Demat accounts (Fund of Fund).
Chandresh Nigam, MD & 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.”
