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Birla Sun Life Asset Management Company Ltd announced the launch of an open-ended gold exchange traded fund, Birla Sun Life Gold ETF. The new fund offer will close on May 9 and has a window of 15 days, said a release from the company. The minimum application amount is Rs 6,000 and in multiples of Rs 2,000 thereafter for an application. The fund will invest in gold with 99.5 per cent purity sourced from London Bullion Market approved refineries.
This is the eleventh gold ETF to enter the ETF space in India. Other mutual fund house which have gold ETFs are Benchmark, UTI, HDFC, ICICI, Kotak, Axis, Reliance, Religare, SBI and Quantum.
