SBI Mutual Fund launched its scheme SBI Gold Exchange Traded Scheme; the new fund offer period for the scheme remains open from 30th March, 2009 to 28th April, 2009.
The investment objective of the fund is to seek to provide returns that closely correspond to returns provided by price of gold through investment in physical gold. However the performance of the scheme may differ from that of the underlying asset due to tracking error. Currently the scheme offers growth option and the minimum application amount will be Rs. 5000.
The entry load for investment amount up to Rs.25 lakhs an entry load of 2.50 per cent will be charged; for investment of Rs. 25 lakhs to Rs. 50 lakhs, entry load of 1.50 per cent will be charged. An entry load of 1 per cent will be charged for application amount of Rs.50 lakhs to Rs.1 crore. There will be no entry load charged for investment amount more than Rs.1crore and the scheme also does not charge any exit load. The scheme will be managed by Mr. Ritesh Sheth and will be benchmarked against prices of gold.
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