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IDBI Mutual Fund to launch Nifty Junior Index Fund

IDBI Mutual Fund is launching its fourth fund, the 'IDBI Nifty Junior Index Fund', on Thursday. The fund will be benchmarked against the CNX Nifty Junior Index and is  an open-ended passively managed fund.

The funds in this scheme will be invested in stocks comprising the CNX Nifty Junior Index according to the same weightage that these stocks have in the Index. It is expected that the returns will be in line with the performance of the total returns of the CNX Nifty Junior Index. This would be the 23rd ETF to be listed on the bourses.

The scheme has a growth and dividend plan and carries a 1% exit load if redeemed before one year and will re-open for continuous subscription on 27 September 2010.

The funds may also be invested in derivative instruments such as Futures and Options linked to stocks comprising the index or linked to the CNX Nifty Junior Index.

IDBI Mutual Fund already has an 'IDBI Nifty Index Fund' which was launched in May 2010. IDBI Mutual Fund manages a corpus of Rs941 crore.

Benchmark Mutual Fund's 'Junior BeES' is one other similar scheme which tracks the Nifty Junior Index.

ICICI Prudential Mutual Fund recently launched its 'ICICI Prudential Nifty Junior Index Fund' in June this year. As on July 2010, the fund has managed to mop-up a paltry Rs6 crore.
 

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