ICICI Prudential AMC to launch thematic ETFs going ahead
Mumbai: ICICI Prudential Mutual Fund is planning to come up with thematic ETFs (exchange traded funds) in consumption and financial services space in the future to increase its share of assets coming from this space, a top company official said.
"We are planning to come up with thematic ETFs in the space of consumption, infrastructure and financial services in the future. We have already received approval for launching consumption focused ETF," Senior Vice President & Head (Products & Communication) of ICICI Prudential MF, Himanshu Pandya told the agency here.
He also said the company is planning to strengthen its presence in ETF space.
Currently, the mutual fund house has an asset under management under various ETFs of around Rs 200 crore. The total equity assets managed by the AMC is around Rs 16,000 crore.
Exchange traded fund (ETF) is a security that tracks an index, a commodity or a portfolio of assets like an index fund, but trades like a stock on an exchange.
Globally, ETFs are very popular among investors and are slowly catching up among domestic investors.
Meanwhile, the fund house has recently launched 'ICICI Prudential CNX 100 ETF', which is an open ended index exchange traded fund that constitutes 100 most liquid large cap stocks listed on the NSE.
As per the company, the new fund qualifies for tax benefits under RGESS (Rajiv Gandhi Equity Savings Scheme).