SBI Mutual Fund has launched SBI Gold Exchange Traded Scheme (SBI GETS) an open ended gold exchange traded fund
The new fund offer (NFO) period for the scheme will be open from March 30, 2009 to April 28, 2009. The NFO price is Rs 100 per unit. (View - New Fund Offers open NOW)
The investment objective of the fund is to seek to provide returns that closely correspond to returns provided by price of gold through investment in physical Gold. However, the performance of the scheme may differ from that of the underlying asset due to tracking error.
The scheme seeks to raise Rs 1 crore as minimum target amount during NFO
The scheme offers only growth options. During the NFO period, the minimum application amount will be Rs. 5,000 and in multiples of Rs. 1 thereafter.
During the NFO period, the scheme will charge entry load of 2.50% for application size up to Rs 25 lakhs, 1.50% for application size of Rs 25 lakhs to Rs 50 lakhs and 1% for application amount of Rs 50 lakh to Rs 1 crore. For application amount above Rs 1 crore, there will be no entry load. There is no exit load.
The scheme will invest 90%-100% in gold and gold bullion with medium to high risk profile and 0-10% in debt and money market instruments, with low risk profile. Benchmark of the scheme is the price of the gold
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