SBI Mutual Fund NFO: SBI Silver ETF Fund of Fund launches; know key details and who should invest?

SBI Silver ETF Fund of Fund: SBI Mutual Fund is the largest AMC in India with many schemes in the market. The mutual fund house launched a new mutual fund offer today as SBI Silver ETF Fund of Fund. The fund that falls in the ETF mutual fund category will track the domestic price of silver (based on London Bullion Market association (LBMA) Silver daily spot fixing price.

The open-ended scheme that offers growth option has Rs 5,000 as the minimum investment. The fund will remain open till July 5, while the scheme will reopen five days after the allotment. 

Fund objective 

The objective of the fund is to provide returns that closely correspond to returns provided by SBI Silver ETF. However, there can be no assurance that the investment objective of the scheme will be realised, says the fund house.

Fund manager  

Harsh Sethi is the fund manager of the new mutual fund scheme.

Stamp duty

As per SEBI, a 0.005 per cent stamp duty will be levied on purchase of mutual funds, including lump sum, SIP, STP, and dividend reinvestment.

Exit load

For exit on or before 15 days from the date of allotment is 1 per cent, while there is exit load for exit after 15 days from the date of allotment.

Who should invest in new fund?

The SBI Mutual Fund house says that the product is suitable for investors who are seeking long-term capital appreciation and investment in SBI Silver ETF.

Fund's benchmark

SBI Silver ETF Fund of Fund will be benchmarked against the domestic price of silver (based on London Bullion Market association (LBMA) Silver daily spot fixing price), as per the fund house.