ICICI Prudential Mutual Fund has announced the launch of 'Nifty Financial Services Ex-Bank ETF, an open-ended exchange traded fund tracking the Nifty Financial Services Ex-Bank Index.
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The new fund offer (NFO) is open for subscription till November 25.
The scheme is designed to reflect the behaviour and performance of top 30 companies of Financial Services Sector except banks, based on free float market capitalization from Nifty 500 Index.
Speaking on the launch of the product, Chintan Haria, Head- Product Development & Strategy, ICICI Prudential AMC said, “Financial Services have a huge contribution in Indian economy becoming one of the fastest growing major economies of the world. There is an increasing participation from all parts of the society in credit, investments and insurance and as a result the sector is poised to witness an unprecedented boom."
"We are also in the middle of a digital revolution that has contributed to the growth of financial services companies who are adapting to this change faster. The sector is on rise and the road thus far has been paved by various reforms, FDI policy relaxation, tax exemptions, etc. which will further encourage the industry to spend on expansion. Investors must take tap into this universe of companies and gain from their growth through ICICI Prudential Nifty Financial Services Ex-Bank ETF," Haria said.
Rapid growth witnessed by Financial Services Sector
(Source: IBEF, NSE, MFI Explorer; Data as on October 31, 2022)
Index Performance
The Nifty Financial Services Ex-Bank index has outperformed both Nifty 50 index and Nifty Bank index over last 10 years as seen in the charts below.
(Source: MFI Explorer; Data as on 31st October 2022; CAGR is Compounded annual growth rate. The Total Return Variant of the Index has been used. The performance figures pertain to the Index and do not in any manner indicate the returns/performance of the Scheme. Past performance may or may not be sustained in the future.)
Index Methodology
(Source: NSE)
Why should investors consider ICICI Prudential Nifty Financial Services Ex-Bank ETF?
(Edited by : Anshul)
First Published: Nov 17, 2022 8:00 PM IST
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