ICICI Prudential Mutual Fund has launched ICICI Prudential S&P BSE 500 ETF FOF. The offering aims to provide returns that closely correspond to the total return of the underlying ETF, ICICI Prudential S&P BSE 500 ETF, subject to tracking errors, it said in a press release.
S&P BSE 500 index is designed to be a broad representation of the Indian market. Consisting of the top 500 companies listed at BSE Ltd., the index covers all major industries in the Indian economy. S&P BSE 500 ETF FOF provides an opportunity for investors looking for a broader asset allocation in their portfolio across market caps.
The product may yield diversification benefits with an aim to generate wealth over the long term for the investors.
Speaking on the launch of the product, Chintan Haria, Head- Product Development & Strategy, ICICI Prudential AMC said, “ICICI Prudential S&P BSE 500 ETF FOF provides investors exposure to a vast universe of stocks under BSE 500 that captures more than 90 percent of the market cap of companies listed on a stock exchange. This product is suitable for investors aiming to capitalize on the wealth creation opportunities for future goals by diversifying investments with a long-term view.”
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