The new fund offer of the scheme is open for subscription and will close on August 21. The scheme will re-open for continuous sale and repurchase within five business days from the date of allotment units on or before.
The scheme will be benchmarked against S&P BSE Housing Index (Total Return Index). The scheme will be managed by Devender Singhal, Satish Dondapati, and Abhishek Bisen.
The investment objective of the scheme is to replicate the composition of the S&P BSE Housing Index and to generate returns that are commensurate with the performance of the S&P BSE Housing Index, subject to tracking errors. The scheme will follow a passive investment strategy with investments in stocks in the same proportion as in S&P BSE Housing Index.
The scheme will invest 95-100% in equity and equity-related securities covered by the S&P BSE Housing Index and 0-5% in debt and money market instruments.
The minimum subscription amount is Rs 5,000 and in multiples of Re 1 for purchases and of Re 0.01 for switches. The minimum amount for SIP is Rs 500 (subject to a minimum of 10 SIP instalments of Rs 500 each). The scheme will offer a regular plan and direct plan – with growth and IDCW options. The scheme is suitable for investors who are seeking long term capital growth. At present, there is one more scheme in the market which tracks S&P BSE Housing Index (Total Return Index). UTI Mutual Fund launched UTI S&P BSE Housing Index Fund in June 2023 only. The scheme has offered 5.96% since inception.
