ICICI Prudential Mutual fund launches consumption ETF

ICICI Prudential Mutual Fund has announced the launch of ICICI Prudential Consumption ETF, an open-ended Index Exchange Traded Fund tracking the Nifty India Consumption Index.

The scheme aims to provide returns that closely correspond to the total return of the underlying index, subject to tracking errors. The NFO is open for subscription and will close on October 25.

The scheme will have a diversified portfolio of organizations addressing domestic consumption sectors, for example, consumer non-durables, healthcare services, auto, hotels, and so forth the minimum investment requirement during NFO is Rs 1,000 (or more in products of Re. 1/ -).

“ICICI Prudential Consumption ETF is the newest edition to our sector/thematic ETF item bouquet. Through this contribution an investor gets exposure to 30 enormous and mid-cap organizations that are engaged in goods and products used consistently to all age groups,” said Chintan Haria, Head-Product Development and Strategy, ICICI Prudential AMC.

“With India being one of the quickest growing economies, there is tremendous potential for growth across the household and industrial consumption segments. An investor can consider this offering as a part of their equity allocation,” said Haria.