Axis MF extends new fund offer of Nifty ETF from June 21 to June 27

Axis Mutual Fund has extended the new fund offer of Axis Nifty ETF to June 27,  a notice from the fund house said today.

Earlier, the initial offer of the open-ended exchange traded fund was to close on June 21. The scheme was launched on June 13.

The investment objective of Axis Nifty ETF is to closely correspond to the total returns of the Nifty 50 Index, subject to tracking errors.

The creation unit size under the Scheme is 5,000 units and in multiples thereof with a pricing per unit of approximately one-tenth of Nifty Index Value.

An Exchange Traded Fund (ETF) tracks a basket of securities just like an index fund and ETFs trades like a common stock on a stock exchange.

The Nifty 50 Index in the last five years has offered a CAGR of 14.33 percent as on May 31, 2017 with one year CAGR at 17.91 percent and since inception (inception date November 3, 1995) CAGR at 11.06 percent.

Ashish Naik will be the fund manager of Axis Nifty ETF.