Benchmark Asset Management plans to launch India’s first exchange-traded fund (ETF) tracking silver as part of a strategy to expand its bouquet of passively managed funds.
Sebi regulations restrict mutual funds from investing in commodities other than gold. But they can invest in global funds tracking any commodity, a path that Benchmark hopes to follow. The fund house filed initial papers with the Sebi to launch Silver Benchmark Exchange-Traded Scheme, which will invest at least 90 per cent of its assets in units of overseas mutual funds tracking silver.
In February, Benchmark sought the regulator’s nod to launch four fund of funds that would mainly invest in foreign exchange-traded funds (ETFs) tracking clean energy, private equity, commodities and water indices.
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Do you have latest information on the new ETFs?
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