Publish Date:
ICICI Prudential Mutual Fund has launched ICICI Prudential S&P BSE 500 ETF FOF.
It is an open-ended fund of funds scheme investing in units of underlying scheme - ICICI Prudential S&P BSE 500 ETF.
ICICI Prudential S&P BSE 500 ETF FOF (the Scheme) is a Fund of Funds scheme with the primary objective to generate returns by investing in units of underlying scheme - ICICI Prudential S&P BSE 500 ETF. There can be no assurance or guarantee that the investment objectives of the Scheme would be achieved.
Under normal circumstances, ICICI Prudential S&P BSE 500 ETF FOF will hold an allocation of 95% to 100% of its assets in Units of ICICI Prudential S&P BSE 500 ETF, and 0% to 5% of its assets in Units of Liquid schemes/ Money Market Instruments (with maturity not exceeding 91 days), including Tri-Party Repo.
As per the Scheme Information Document, ICICI Prudential S&P BSE 500 ETF FOF would endeavor to provide investment returns linked to the underlying scheme. The Scheme intends to achieve its investment objective by investing in units of underlying scheme - ICICI Prudential S&P BSE 500 ETF and Debt & Money Market Instruments.
The AMC shall endeavor that the returns of the Scheme will replicate the returns generated by underlying scheme and is not expected to deviate more than 2% on an annualized basis, net of recurring expenses in the Scheme. The deviation of returns from the scheme benchmark return may be on account of the tracking error of underlying scheme and expense ratio.
The Scheme will invest in the units of underlying scheme directly or through secondary market. The Scheme can also invest in debt securities.
ICICI Prudential S&P BSE 500 ETF FOF’s performance will be benchmarked against S&P BSE 500 Index.
It will be managed by Mr Kayzad Eghlim and Mr Nishit Patel.
The NFO opens for subscription on November 12, 2021, and closes on November 26, 2021. The scheme will reopen for continuous Sale and Repurchase within 5 business days from the date of allotment.
The fund’s NAV is priced at Rs 10/- per unit during the NFO period. The minimum subscription amount is Rs 1,000 and in multiples of Re 1 thereafter.
The fund offers Regular Plan and Direct Plan having Growth Option and Payout of Income Distribution cum Capital Withdrawal Option (Re-investment and Pay-out facility).