ICICI Prudential Mutual Fund has launched a new fund named as ICICI Prudential S&P BSE 500 ETF, an open ended ETF replicating / tracking S&P BSE 500 Index. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 03 May to 07 May 2018.

The investment objective of the scheme is to provide returns before expenses that closely correspond to the total return of the underlying index subject to tracking errors.

The scheme will invest 95% - 100% of assets in Securities of companies constituting the underlying index (S&P BSE 500 Index) with medium to high risk profile and invest upto 5% of assets in Units of Liquid schemes, Money Market Instruments (with maturity not exceeding 91 days), including CBLO, cash & cash equivalents with low to medium risk profile.

The minimum application amount is Rs 5000 and in multiples of Re 1 thereafter.

The fund seeks to collect a minimum subscription amount of Rs 10 crore under the scheme during the NFO period.

Entry load and exit load charge are not applicable for the scheme.

Benchmark Index for the scheme is S&P BSE 500 Index.

The fund manager of the scheme is Kayzad Eghlim.