NFO Alert: Groww Mutual Fund launches Nifty Midcap 150 Index-based 2 passive funds

Groww Mutual Fund has announced the launch of two passive schemes based on the Nifty Midcap 150 Index – Groww Nifty Midcap 150 Index Fund and Groww Nifty Midcap 150 Index Fund.

The New Fund Offer (NFO) for both schemes is open for subscription and will close on November 11. The funds will reopen for continuous sale and repurchase on or before November 25.

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The performance of the funds will be benchmarked against the Nifty Midcap 150 Index TRI. They will be managed by Shashi Kumar, Nikhil Satam, and Aakash Chauhan.

The funds will allocate 95–100% of their assets to the constituents of the Nifty Midcap 150 Index and 0–5% to money market instruments, debt securities, and/or units of debt or liquid schemes of domestic mutual funds.

According to the fund’s riskometer, the principal invested in both schemes will be subject to very high risk.Groww Nifty Midcap 150 Index Fund is an open-ended scheme tracking the Nifty Midcap 150 Index – TRI. The investment objective of the fund is to generate long-term capital growth by investing in securities comprising the Nifty Midcap 150 Index, in the same proportion or weightage, with an aim to provide returns before expenses that closely track the index, subject to tracking errors.The minimum investment amount for an initial purchase is Rs 500 and in multiples of Re 1 thereafter for purchases and switch-ins. For monthly SIPs, the minimum investment amount is Rs 500 and in multiples of Re 1.

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Groww Nifty Midcap 150 ETF is an open-ended scheme tracking the Nifty Midcap 150 Index – TRI. The investment objective of the scheme is to generate long-term capital growth by investing in securities comprising the Nifty Midcap 150 Index, in the same proportion or weightage, with an aim to provide returns before expenses that closely track the total returns of the index, subject to tracking errors.

The minimum investment amount is Rs 500 and in multiples of Re 1 thereafter. Units will be allotted in whole figures, and any balance amount will be refunded, even if it falls below the minimum amount.