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Edelweiss MF launches BSE Internet Economy Index Fund; check key details
It is India's first index fund offering exposure to the BSE Internet Economy Index. The index covers 11 sub-industries, including e-retail, internet and catalogue retail, e-learning, digital entertainment, financial technologies and other digitally driven sectors.
The BSE Internet Economy Index comprises the top 20 companies selected from the BSE 500 based on their six-month average market capitalisation.
Investors can invest a minimum amount of ₹100 and in multiples of ₹1 thereafter. According to the scheme information document (SID), if the units are redeemed or switched out on or before 30 days from the date of allotment, an exit load of 0.10 per cent will be charged. However, no exit load will be charged, if units are redeemed after 30 days from the date of allotment.
The investment objective of Edelweiss BSE Internet Economy Index Fund is to provide returns that, before expenses, closely correspond to the total returns of the BSE Internet Economy Total Return Index, subject to tracking errors. However, there is no assurance or guarantee that the investment objective of the scheme will be achieved, as per the SID.
Bhavesh Jain and Bharat Lohati serve as the designated fund managers for the scheme.
There are some risk factors associated with the scheme such as heavy reliance on a single sector means that poor performance in that area can lead to substantial losses, according to the SID.
According to the riskometer, the principal invested in the scheme will be at very high risk.
Radhika Gupta, managing director and chief executive officer at Edelweiss Mutual Fund said that India's digital economy is growing four times faster than its overall GDP, and is expected to achieve rapid and transformative growth.
"With increasing internet penetration and tech adoption across sectors, we see a compelling opportunity for investors to participate in this digital revolution," Gupta said.
The fund offers investors an opportunity to invest in a pure-play internet and digital economy-focused portfolio, she added.
Edelweiss BSE Internet Economy Index Fund: Who should invest?
According to the SID, the Edelweiss BSE Internet Economy Index Fund is suitable for investors seeking long-term capital appreciation along with passive investment in equity and equity-related securities replicating the composition of the BSE Internet Economy Total Returns Index, subject to tracking errors. However, "investors should consult their financial advisers if in doubt about whether the product is suitable for them," it said.
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