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Union Mutual Fund has filed offer document with SEBI to launch an open-ended scheme named ‘Union Gold ETF'. The New Fund Offer price would be approximately equal to 1/100,000th of the value of the 1kg gold price. Exit load will be Nil. The Scheme does not offer any Plans/Options for investment and seeks to collect a Minimum Target Amount of Rs 5 crore.

The performance of the scheme will be benchmarked against Domestic Price of Physical Gold. The minimum application amount is Rs 1,000 per application and in multiples of Re 1 thereafter.

The investment objective of the Scheme is to generate returns corresponding to the domestic prices of physical gold before expenses, by investing in physical gold, subject to tracking error.