Reliance Capital Asset Management Ltd. has launched India’s fourth physically-backed gold exchange-traded fund (ETF). The fund will invest 90% of its assets in physical gold and related instruments, while the remaining will go into debt and money market instruments, bonds and government securities. Kotak Mahindra, Benchmark and UTI Mutual are three domestic mutual funds which offer gold ETFs, and are collectively worth Rs.3.25 billion with a gold holding 3.38 tonnes, as of end-September. Subscriptions to the Reliance ETF will remain open till November 1, 2007.