NFO Watch: ICICI Prudential Mutual Fund launches ICICI Prudential Nifty Oil and Gas ETF

ICICI Prudential Mutual Fund has announced the launch of the ICICI Prudential Nifty Oil & Gas ETF. The new fund offer (NFO) for this scheme is open for subscription and will close on July 18.

The fund aims to provide returns that correspond to those of the Nifty Oil & Gas Index, subject to tracking errors.

"ICICI Prudential Nifty Oil & Gas ETF is designed to provide investors with access to a sector that is pivotal to the economy and is currently undervalued. The oil and gas sector is the driving force of modern economic growth, and with growing demand and consumption, it presents a significant investment opportunity. Our ETF aims to allow investors to capitalise on the resurgence in global interest in this sector," Speaking on the launch of the product, Chintan Haria, Principal - Investment Strategy at ICICI Prudential Mutual Fund.

The minimum application amount during the NFO is Rs 100 (plus in multiples of Re 1).

The scheme will be benchmarked against Nifty Oil & Gas TRI and will be managed by Nishit Patel and Priya Sridhar. The authorized participant(s)/ investor(s) can buy/sell units of the scheme in creation unit size of 2,70,000 units and multiples thereof.

The scheme is suitable for investors who are seeking long-term wealth creation and want an exchange-traded fund that aims to provide returns that correspond to the returns provided by the Nifty Oil & Gas Index, subject to tracking error.