ICICI Prudential Mutual Fund has announced the launch of the ICICI Prudential Nifty Oil & Gas ETF, an open-ended exchange-traded fund that tracks the Nifty 50 Index. The scheme is open for subscription from July 8 to July 18, 2024.
The fund aims to provide investors with exposure to the oil and gas sector, which is a crucial driver of economic growth. The investment objective is to deliver returns corresponding to the Nifty Oil & Gas Index, subject to tracking error.
This upcoming NFO is the first mutual fund in the market offering exposure to the Nifty Oil & Gas sector, providing investors with a new option to diversify their portfolios. The scheme involves no entry load, and there will be no exit load for units sold through the secondary market.
The investments will be managed by Nishit Patel and Priya Sridhar, and the scheme’s performance will be benchmarked against the Nifty Oil & Gas TRI. Investors should note that the scheme is classified as “Very High Risk” and is suitable for those willing to understand the associated risks.
According to ICICI Prudential AMC, the ICICI Prudential Nifty Oil & Gas ETF is designed to allow investors to capitalize on the resurgence in global interest in the oil and gas sector, which presents a significant investment opportunity due to growing demand and consumption.
