Mumbai: HSBC Mutual Fund is set to launch an open-ended fund of fund scheme called HSBC Brazil Equity Fund. The fund has filed an offer document with the market regulator, the Securities and Exchange Board of India. The fund's performance will be benchmarked to the MSCI Brazil 10/40 Index. The minimum application amount is Rs 10,000. Bovespa, the Brazilian benchmark equity index, was the third-best performer among emerging markets in 2009 after China and Russia. While some Indian funds have partial exposure to Latin American countries, the HSBC's fund will be the first one exclusively for the South American market. Commodity companies have a high weight in the Bovespa. Last week, Benchmark Mutual Fund launched its first international exchange-traded fund, the Hang Seng BeES, based on the Hong Kong stock exchange's Hang Seng index. In July 2009, JPMorgan Asset Management had launched Greater China Equity Offshore Fund, while in September, Mirae Asset Global Investment launched its Mirae Asset China Advantage Fund. HSBC's primary investment objective is to provide long-term capital appreciation by investing in units/shares of HSBC Global Investment Fund's Brazil Equity Fund, states the offer document. The scheme may also invest in units of similar overseas mutual fund schemes. Some part of the corpus will also be invested in money market instruments and/or units of liquid mutual fund schemes (to meet liquidity requirements from time to time).