News:-The fund will track the CNX Bank Index, which has 12 liquid and large Indian banking stocks.The scheme's asset allocation will be 90 per cent in the equities of its Index and rest 10 per cent in other equities or debt instruments.
Scheme Details:Issue Opening Date : May 12, 2008Issue Closing Date : May 30, 2008Fund Category : Exchange Traded Fund Fund Type : Open-end, Exchange traded Benchmark : CNX Bank Index Cost : The fund has 2.25per cent entry load during NFO. Investors will incur brokerage on sale and purchase after listing of the ETF.Minimum Investment : Rs 5000(During the NFO)
Sectoral fund. New investors can avoid. Existing investors who want to add banking flavour to their portfolio can considering investing a small portion of their portfolio. Comparable ETF's that exist are Benchmark BEES, PSU bank BEES and Kotak Bank ETF.