ICICI Prudential Mutual Fund launches Silver ETF FOF

ICICI Pru Mutual Fund, which lately launched the nation’s first silver ETF, introduced a Fund of Fund, an open-ended scheme that invests in models of its ICICI Prudential Silver ETF. It is known as ICICI Prudential Silver ETF Fund of Fund.

The new fund supply opens on January 13 and closes on January 27, 2022.

The underlying ETF invests in bodily silver and silver associated devices with Silver. It tracks the efficiency of bodily silver as derived from the LBMA AM fixing costs. The benchmark index for the scheme is the home worth of silver as derived from the LBMA costs.

The FOF construction permits non-Demat traders to take publicity to Silver ETF.

The minimal funding required throughout NFO is as little as ₹100. Those trying to stagger their funding can contemplate investing by the SIP route. As per the press launch, other than funding, silver has in depth software throughout renewable vitality, industrials and electronics, jewelry and many others. The industrial demand for silver as a proportion of whole demand has elevated because of its rising software in fashionable environmental-friendly manufacturing

Speaking on the launch of the product, Mr. Chintan Haria, Head – Product Development & Strategy, ICICI Prudential Mutual Fund mentioned, “In India, historically, folks have been investing in gold and silver within the bodily format. Since silver is cumbersome in nature and therefore troublesome to retailer, we imagine the ETF FOF kind might be one of many most popular methods for traders. By investing by silver ETF FOF, traders needn’t fear about purity, high quality or liquidity of the underlying asset and can be free from storage-related hassles. Given its low correlation with different asset courses, traders can contemplate taking publicity to silver as part of their portfolio diversification train”

In the riskometer, the product factors to the ‘moderately high’ class.

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