Kotak Mutual Fund Launches Kotak Midcap 50 ETF

Kotak Mutual Fund on Thursday launched an exchange-traded fund (ETF) named Kotak Midcap 50 ETF, an open-end program that will track the Nifty Midcap 50 Index.

The new fund is benchmarked against the Nifty Midcap 50 Index TRI.

The program’s new fund offering (NFO) is open for subscription from today and will close on January 20. Investors can invest a minimum amount of Rs 5,000 during the NFO period.

“With the economy on the mend over the past year, many mid-cap companies have improved their performance over this period and should deliver better returns going forward, which would bode well for investors. medium and long-term investors,” Nilesh said. Shah, Group Chairman and Managing Director, Kotak Mahindra Asset Management Company.

“With valuations of the underlying index having declined over the past few months following recent bouts of correction in the broader market, now is an opportune time to invest in the Kotak Midcap 50 ETF,” said Shah added.

The Kotak Midcap 50 ETF will replicate the Nifty Midcap 50 Index, which comprises the top 50 companies based on the full market capitalization of the Nifty Midcap 150 Index, with preference given to stocks for which derivative contracts are available on the National Stock Exchange. .

Dolores W. Simon