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 offering aims to provide returns that closely correspond to the total return of the underlying index, subject to tracking errors.
The scheme opens for subscription on October 18, 2021, and closes on October 25, 2021.
The ETF seeks to provide exposure to a diversified portfolio of companies representing domestic consumption sectors such as Consumer Non-durables, Healthcare, Auto, Hotels, etc. Nifty India Consumption Index is a diversified portfolio of companies representing the domestic consumption sector which includes sectors like Consumer Non-durables, Healthcare, Auto, Telecom Services, Pharmaceuticals, Hotels, Media & Entertainment, etc. Apart from being from the consumption sector, companies that are a part of the index derive more than 50% of its revenue from domestic markets (other than export income). The index is rebalanced semi-annually.
