ICICI Prudentials Nifty Metal ETF: Your Gateway to the Metal Industry
Aug 01, 2024
ICICI Prudential Mutual Fund has launched ICICI Prudential Nifty Metal ETF
It is open-ended Exchange Traded Fund tracking Nifty Metal Index.
The investment objective of the scheme is to provide returns before expenses that correspond to the total return of the underlying index subject to tracking errors. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.
Under normal circumstances, ICICI Prudential Nifty Metal ETF will hold an allocation of 95% to 100% in Equity and Equity related securities of companies constituting the underlying index (Nifty Metal Index) and 0% to 10% in Money market instruments including TREPs.
[Read: Metals & Mining Mutual Funds: A Smart Way to Invest in the Commodity Boom]
ICICI Prudential Nifty Metal ETF will follow a passive investment strategy. The corpus of the Scheme will be invested in stocks constituting the underlying index in the same proportion as in the Index and endeavour to track the benchmark index. A very small portion (0-5% of the Net Assets) of the fund may be kept liquid to meet the liquidity and expense requirements.
The performance of the Scheme may not commensurate with the performance of the underlying index on any given day or over any given period. Such variations are commonly referred to as the tracking error. The scheme intends to maintain a low tracking error by closely aligning the portfolio in line with the index. The Scheme would invest in stocks comprising the underlying index and endeavour to track the benchmark index.
ICICI Prudential Nifty Metal ETF is benchmarked against the Nifty Metal TRI
ICICI Prudential Nifty Metal ETF will be managed by Mr Nishit Patel and Ms Priya Sridhar.
SBI Innovative Opportunities Fund is open for subscription from August 01, 2024 to August 12, 2024. The fund will reopen for continuous sale and repurchase within 5 business days.
Currently, there are no plans/options under the Scheme.
The minimum subscription amount is Rs 1,000/- and in multiples of Re. 1 thereafter.