Axis Mutual Fund has rolled out an open-ended fund-of-funds scheme, India Infoline reports. The Axis Gold Fund aims to produce returns similar to those generated by Axis Gold ETF. Anurag Mittal will serve as portfolio manager.

The scheme, which offers growth and dividend options, shall invest between 95 percent and100 percent in the units of gold exchange-traded funds (ETFs) with medium risk profile and the remainder in money market instruments with low to medium risk profile.

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