Benchmark Mutual Fund is planning an exchange-traded fund to track the S&P 500 Index, Financial Chronicle reports. The proposed fund has an investment objective to provide returns that, before expenses, closely correspond to the returns provided by S&P 500 by investing in ETFs based on the S&P 500 Index.

The S&P 500 BeES will use the rupee adjusted S&P 500 Index as the benchmark for the scheme. Vishal Jain, Benchmark MF’s CIO, will manage the investments in foreign securities under the ETF.

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