Axis Mutual Fund has announced the launch of Axis Nifty Midcap 50 Index Fund, an open-ended index fund tracking the Nifty Midcap 50 Index. The new fund offer (NFO) opened for subscription on Thursday and will close on 21 March.
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The rank of any F&O constituent in the Nifty Midcap 150 Index based on entire market capitalisation is among the top Nifty Midcap 30. In case of any shortfall (if F&O stocks are not available for inclusion in the index), securities with the highest average daily turnover will be selected from the top 30 non-F&O constituents in the Nifty Midcap 150 Index based on entire market capitalisation.
The Axis Nifty Midcap 50 Index Fund follows a rule-based passive investing strategy to deliver market-linked returns.
