Motilal Oswal Mutual Fund NFO: Motilal Oswal Mutual Fund has announced the launch of Motilal Oswal S&P BSE Financials X Bank 30 Index Fund. It is an open-ended scheme replicating/tracking the total returns of S&P BSE Financials ex Bank 30 Total Return Index. The subscription to this scheme has opened on July 14.
New Fund Offer Opening Date
According to the statement issued by Motilal Oswal Mutual Fund, this New Fund Offer (NFO) will open on 14 July 2022 and close on 22 July 2022. This will be the first of its kind passive fund, aimed at providing exposure to the financial services sector excluding banks.
The index will comprise the top 30 non-banking financial stocks of the S&P BSE 250 Large Midcap Total Return Index, with a maximum stock weightage of 15 per cent. The index will be rebalanced half yearly in June and December. Currently, the index includes stocks from housing finance companies, NBFCs, exchanges, asset management companies, insurance, card payments and fintech.
Starting with an investment of 500
According to the mutual fund company, during NFO, investors can invest a minimum of Rs 500 and after that in multiples of Rs 1. Investors can buy and sell units of the scheme by logging on to the Financial Advisor or the company’s website. Such investors who want long term capital growth can invest in this scheme. However, it does not guarantee returns.