Groww Mutual Fund has filed a draft document with Sebi for Nifty 500 Momentum 50 ETF Fund, an open-ended scheme tracking the Nifty 500 Momentum 50 Index – TRI.

The investment objective of the scheme will be to generate long-term capital growth by investing in securities of the Nifty 500 Momentum 50 Index in the same proportion/weightage with an aim to provide returns before expenses that track the total return of Nifty 500 Momentum 50 Index, subject to tracking errors.

The scheme will be benchmarked against Nifty 500 Momentum 50 Index TRI. The scheme will be managed by Abhishek Jain.

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