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Axis Mutual Fund announced the launch of Axis Silver ETF, an open ended scheme replicating/tracking domestic price of Silver and Axis Silver Fund of Fund, an open ended fund of fund scheme investing in units of Axis Silver ETF, today.
Both Axis Silver ETF and Axis Silver Fund of Fund will be benchmarked against the LBMA Silver daily spot am fixing price. Both new fund offers (NFOs) will be open for subscription on September 2 and close on September 15.
At least half a dozen mutual fund houses are in the race to launch exchange traded funds and fund of funds based on silver; SEBI gave its go-ahead to silver ETFs in September 2021.