NFO Alert: Edelweiss Mutual Fund launches BSE Internet Economy Index Fund
Edelweiss Asset Management Limited has introduced the Edelweiss BSE Internet Economy Index Fund, an open-ended index fund replicating the BSE Internet Economy Total Return Index. The NFO is open for subscription from April 25 to May 9, offering investors exposure to India's burgeoning digital economy, expected to reach USD 1 trillion by 2030.
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Edelweiss Asset Management Limited has announced the launch of Edelweiss BSE Internet Economy Index Fund – an open-ended index fund replicating the BSE Internet Economy Total Return Index The new fund offer or NFO of the scheme will open for subscription between April 25 and May 9.Also Read | NFO Insight: Motilal Oswal Infrastructure Fund opens. Time to add to your MF mix? The index spans 11 sub-industries, including e-retail, internet and catalogue retail, e-learning, digital entertainment, financial technologies and other digitally driven sectors, offering investors targeted exposure to India's internet-led growth story.India is among the top two countries globally in multiple dimensions of digital adoption. The country's digital economy is set to become a USD 1 trillion opportunity by 2030, due to a solid network strengthening its digital marketplace.The BSE Internet Economy Index Fund is best-suited for those who want to invest in this growth story. The fund selectively invests in stocks forming part of the BSE 500 and stocks belonging to pre-defined sub-industries to be part of its portfolio, Edelweiss Asset Management said in a press release.The index consists only of Internet Economy-linked stocks, having no allocation towards IT and software companies, making it a pure play and attractive for investors who want to invest in businesses that are aligned towards India's digital and internet economy.Also Read | Nifty Bank surges 10% in 1 month to hit 52-week high level. Time to shift focus towards banking sector? "India's digital economy is growing 4x 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. The Edelweiss BSE Internet Economy Index Fund is a one-of-its-kind offering that allows investors an opportunity to invest in a pure-play internet and digital economy-focused portfolio,' said Radhika Gupta , MD & CEO, Edelweiss Mutual Fund The scheme's investment objective is to provide returns before expenses that closely correspond to the total returns of the BSE Internet Economy Total Return Index, subject to tracking errors. The index, which comprises the top 20 companies selected from the BSE 500 based on their six-month average market capitalisation, represents India's rapidly growing digital ecosystem.Edelweiss BSE Internet Economy Index Fund promises a prudent opportunity for investors looking to diversify their portfolio based on the growth of the Indian digital economy scheme. Investors can begin investing in this fund with a minimum investment amount of Rs 100, hereafter with additional investments in multiples of Re 1. The scheme would be managed by Bhavesh Jain and Bharat Lahoti.
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